Valve’s reputation at risk

A lawsuit claims that the Steam store squeezes developers just like other marketplace apps ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Here’s your wrap of the latest must-read tech news. For more expansive and analytical coverage from around the globe, get the Tech In Depth newsletter. Market Snapshot NVIDIA Corp $211.14 -1.5% Universal Music Group NV €19.50 +0.4% QUALCOMM Inc $251.02 +3.2% Market data as of 11:44 PM ET. Data is subject to provider delays. Your watchlist Top Stories Ackman’s bid rejected: Universal Music rebuffed an unsolicited purchase offer from Bill Ackman’s Pershing Square. The board said the bid undervalued the music company. OpenAI’s bankers: The AI company has spoken with banks including Citigroup and JPMorgan Chase about working on its upcoming initial public offering. They could join Goldman Sachs and Morgan Stanley on the preparations for the IPO. SK Hynix’s new fan: The Janus Henderson Investors’ Global Technology Leaders Fund plans to own shares of the South Korean AI memory chip maker. Richard Clode, a co-manager of the high-performing fund, says it’s a smart bet. Top Reads SpaceX Said to Cut IPO Value Goal to at Least $1.8 Trillion SpaceX is currently targeting a valuation of at least $1.8 trillion in its initial public offering, according to people familiar with the matter, as Elon Musk’s rocket and artificial intelligence company nears its debut. The Nightmare of Finding a Summer Internship in the Age of AI An important rite of passage for college students is slipping away as companies use AI for more busywork and prepare for a future with fewer entry-level positions. Anthropic Co-Founders Worth $8 Billion Each After Funding Round Anthropic PBC’s latest funding round has vaulted the AI firm’s seven founders into the ranks of the world’s 500 richest people, the most from one company to be added in a single day in Bloomberg Billionaires Index history. Beyond The Brief Valve founder Gabe Newell has always enjoyed a reputation as a gamer-friendly executive, focused on providing good titles to customers rather than squeezing every last ounce of profit out of the business, Austin Carr writes in today’s Tech In Depth. But a lawsuit filed by developers accuses Valve of unfairly forcing them to pay high portions of their revenue on the company’s Steam platform — allegations similar to those leveled at Apple and Google in their separate antitrust cases, he writes. Get the Tech In Depth newsletter for analysis and scoops about the business of technology from Bloomberg’s journalists around the world. New From Bloomberg Get the AI Today newsletter — chronicling the disruptions and threats of AI on businesses, workers, governments and economies with analysis from Bloomberg’s global newsroom. This Week In Game On Yacht Club Games director and co-founder Sean Velasco said everyone on his team wanted to price long-awaited Mina the Hollower at $20, Jason Schreier writes in this week’s Game On. Why Velasco agreed to the budget price for the first original game for the studio since 2014 is among the subjects he discussed with Schreier in the interview. Sign up for the Game On newsletter to go deep inside the video game business with reporting and analysis from Jason Schreier. Before You Go... Huge AI Bonuses in South Korea Spark Fight Over Sharing Tech Wealth Payouts at Samsung have raised questions over how to share the windfall from the AI boom. Read more We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Tech In Brief newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |