The market rally today will be heavy on tech giants as Google announced the roll out of its Privacy Sandbox on Android after Apple’s lead in April last year. According to Anthony Chavez, the VP Android product management, the multi-year initiative is an effort to enhance Google’s privacy policy on data sharing with third parties. Contrary to Apple’s model, Google’s approach is not to “bluntly restrict existing technologies used by developers and advertisers… Our goal with the Privacy Sandbox on Android is to develop effective and privacy enhancing advertising solutions, where users know their information is protected, and developers and businesses have the tools to succeed on mobile,” Chavez said.
Although Google seeks to collaborate with digital advertisement techs, the move is set to hit hard on the techs given their dependence on advertising as they make adjustments and re-strategize their footprint in ads revenue generation. On Wednesday, Facebook shed 2.02%, which is expected to continue in the short-run following the news, not to forget that Apple’s data privacy is expected to wipe out $10 billion of Facebook’s revenues derived from digital ads.
Google’s stock is expected to rise having gained $22.59 on Wednesday to close at $2,754.76. This is embedded on the rising demand for better handling of private data by tech firms. In a time where the dark web has been maximizing data exchanges with advertisers, giving back power to consumers on data sharing is a big win. Google is also expected to undertake a 20:1 stock split in July 15, a move that would see the stock join in the DJIA.
Disney is also expected to continue on a rising streak following the appointment of Mike White to lead the company’s metaverse strategy. It was the top gainer on the Dow having added 1.05%. Disney patented the metaverse technology for theme parks in January 2022. Tech giants like Facebook and Microsoft have bet very high on metaverse as the internet of tomorrow, expected to disrupt the old way of internet experiences. Metaverse combines several tech elements such as VR, AR, blockchain and video, enabling users to live and experience a digital universe. Microsoft released its latest innovations targeting corporates, Dynamics 365 Connected Spaces and Mesh for Microsoft Teams, in November last year.
Facebook is on top gear to incorporate the metaverse technology amidst revenue threats on digital advertising. On Tuesday, Mark unveiled the company’s new set of internal values in a Facebook post: “move fast”, “focus on long-term impact”, “build awesome things”, “live in the future”, “be direct and respect your colleagues” and “Meta, Metamates and Me”. The new set of values will be a map for the company as it rebuilds itself to take advantage of the increasingly dynamics in the internet world.
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