Trump media launches Truth+ TV streaming on web and app, study shows teen social media use causes anxiety and depression, and other notable stories from this week
Welcome to “StockTok,” The Fly’s weekly recap of Wall Street’s reactions to social media stock news.
AI CLUSTER: Arista Networks (ANET) said that Meta Platforms (META) has deployed the Arista 7700R4 Distributed Etherlink Switch for its latest Ethernet-based AI cluster. “It’s useful to reflect on how we arrived at this point and the strength of the partnership with Meta,” Arista said. “The AI market changed when ChatGPT burst onto the world and created an unprecedented stir about cognitive AI’s power, impact, and benefits that started to resonate with the wider world. Arista’s partnership with Meta on co-development dates back to the “7368X4″ minipack 100G system released in 2018, followed by successive iterations of OCP-inspired systems that are widely deployed. However, Arista’s experience in HPC, AI and machine learning goes back to the company’s original foundation when many of the first customers were building large compute networks to process workloads – for Oil and Gas, Research, Medical, Finance and others. What characterized the networking requirements in 2008 are not so different from those in 2024 – non-blocking performance, high-speed interfaces, traffic management tools, monitoring and visibility. What has changed is the scale. A typical HPC cluster in 2010 was running at 10G Ethernet, with several hundred nodes connected to a network of modular 7500E series systems. In 2024, the de facto speed is 400G Ethernet, with interconnects running at 800G, and the scale of the AI cluster has increased to many thousands of compute nodes, each containing multiple XPUs. As large AI language models (LLM) expand, higher bandwidths and ever-more challenging workloads are best suited to Ethernet-the debate on IB is resolved!” Arista’s blog comes as shares have seemingly come under some pressure following Meta’s Minipack 51.2T switch announcement, but Wells Fargo thinks “any concerns are misplaced.” The firm has an Overweight rating and $390 price target on Arista shares.
HARMFUL EFFECTS OF SOCIAL MEDIA: Meta must face a lawsuit by dozens of state attorneys general alleging it knowingly contributed to a youth mental health crisis by getting kids hooked on social media, Bloomberg’s Rachel Graf and Isaiah Poritz reported. A federal judge in California on Tuesday sided with the attorneys general in allowing some of the claims over Meta’s Facebook and Instagram platforms to proceed in sprawling litigation over the harmful effects of social media, the authors write.
NETWORK INTERFACE CONTROLLER: Marvell Technology (MRVL) announced the development of FBNIC, a custom 5nm network interface controller ASIC in collaboration with Meta to meet the company’s infrastructure and use case requirements. The FBNIC board design will also be contributed by Marvell to the Open Compute Project community. FBNIC combines a customized network controller designed by Marvell and Meta, a co-designed board, and Meta’s ASIC, firmware and software. This custom design delivers capabilities, optimizes performance, increases efficiencies, and reduces the average time needed to resolve potential network and server issues.
TRUTH+ TV ON THE WEB: Trump Media & Technology Group (DJT) announced that it has successfully launched its Truth+ TV streaming service on the web. At player.truthsocial.tv, Truth Social account holders can now access the full range of Truth+ streaming options on computers, laptops, and mobile phones, while a limited version of Truth+ remains available directly on the Truth Social platform. Viewers without a Truth Social account can create one at the player.truthsocial.tv website.
SOCIAL MEDIA USE STUDY: Academics from Oxford University carrying out a global study of teenage mental health are finding that social media use in teenagers is strongly correlated to higher anxiety and depression, as NHS data shows the number of children being treated by mental health services has surged in recent years, The Financial Times’ Laura Hughes and Amy Borrett wrote. John Gallacher, professor of cognitive health, who is leading the work, said their initial work had found about 60% of 16- to 18-year-olds spent between two and four hours a day on social media sites and that “We found a linear relationship between higher rates of anxiety and depression and time spent networking on social media sites.” The study said the top five most frequently used social media platforms were Instagram, Snapchat (SNAP), TikTok, WhatsApp and YouTube (GOOGL).
TRUTH+ TV APP: Trump Media announced that it has successfully launched an app for Android mobile devices to access the Truth+ TV streaming platform. Now available in the Google Play Store, “Truth+ offers TV programming to Android users focusing on news, entertainment, faith-based content, weather, documentaries, children’s content, and more, featuring both linear TV channels and Video on Demand,” the company said.
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Originally Posted October 16, 2024 – StockTok: Judge rules Meta must face attorneys general lawsuit
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