Apple iPod Co-Inventor Tony Fadell on Combating Addictive Quality of Technology
Apple is responding after two major investors penned a letter to the tech giant, calling on it to combat smartphone addiction among kids. Apple announced it will make parental controls more robust. iPod co-inventor and one of the lead designers of the iPhone Tony Fadell explains ways people, and businesses can combat addictive quality of technology.
"Now we are dealing with the unintended consequences of this technology," said Fadell. "Today we do not have the information at our fingertips to allow us to see what our digital life looks like." Fadell explains its imperative for companies to give us our data back to us, to blend it with our personal data to better understand and improve the way we use technology.
In a statement to USA Today Tuesday Apple said, "Apple has always looked out for kids, and we work hard to create powerful products that inspire, entertain, and educate children while also helping parents protect them online."
"This is an adults issue as well as a kids issue, so we have to think broader," says Fadell. "I'm sure they'll do the right thing. Hopefully Google and others do the same thing."
A Senate bill unveiled on Wednesday looks to tackleonline safety for children by regulating Big Tech and social media platforms to deter users from content that can harm their mental health. Irene Ly, a policy counsel for the age-based ratings and review organization Common Sense Media, joined Cheddar News to break down the potential of the Kids Online Safety Act. "We can't be imposing such a big burden on parents to be doing it all on theirselves," Ly said. "I think you also have to keep in mind that parents often didn't grow up with social media, so they don't understand what it's like to be addicted to social media or really understand how they work."
While many still remain skeptical about the metaverse, big tech firms and even one big bank are ready to expand their virtual worlds. Facebook parent company has pivoted so hard it will now call its employees 'Metamates,' and even JPMorgan Chase has created its own digital lounge on one virtual platform. While the sector remains young, there seems to be significant investment opportunity, especially with companies like Nvidia. Adam Johnson, a portfolio strategist at Adviser Investments, joins Closing Bell to discuss which companies could win in this space, consumer appetite, and more.
Marc Blinder, Co-Founder and CEO of Aikon, joins Cheddar News' Closing Bell, where he discusses how his company is helping businesses use blockchain applications without needing to learn the intricacies of the new technology.
Senators Richard Blumenthal (D-Conn.) and Marsha Blackburn (R-Tenn.) have introduced a new bill to afford greater protection to minors on social media. The genesis of the Kids Online Safety Act came from a Facebook whistleblower case exposing the harm apps can have on the mental health of young girls.
Ride share competitors Uber and Lyft both posted their fourth quarter earnings days apart from each other. Both companies have been trying to get back on their feet after taking some pandemic-related hits, but the Omicron variant had other ideas as the year came to a close, with each company taking a hit in ridership in December. Lance Ippolito, head trader at The Future of Wealth explains how Uber and Lyft measured up this earnings period and why Uber may still have an edge over the competition.
