Web Summit Kicks off in Lisbon as Tech Leaders Weigh Trump’s Return

The closing ceremony of Web Summit, in Lisbon, Portugal, November 16, 2023. (Reuters)
The closing ceremony of Web Summit, in Lisbon, Portugal, November 16, 2023. (Reuters)
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Web Summit Kicks off in Lisbon as Tech Leaders Weigh Trump’s Return

The closing ceremony of Web Summit, in Lisbon, Portugal, November 16, 2023. (Reuters)
The closing ceremony of Web Summit, in Lisbon, Portugal, November 16, 2023. (Reuters)

Lisbon will this week play host to Europe’s biggest annual tech conference, Web Summit, where industry leaders and lawmakers will weigh the pros and cons of Donald Trump’s return to the White House.

Senior executives from firms such as Apple, Microsoft, and Meta will join high-ranking officials from Europe for debates about the future of artificial intelligence, social media regulation, and the impact a second Trump presidency may have on the continent.

Trump has previously promised he could end the war between Ukraine and Russia within 24 hours of taking office. Days after Trump's re-election, two senior Ukrainian government officials, Alex Bornyakov and Mykhailo Fedorov, will take to the stage to discuss how the country has continued innovating in the face of conflict.

John Adam, chief revenue officer at software development firm Aimsoftpro, is among those attending. About 70% of the company’s workforce is still based in Ukraine, with the rest having relocated around Europe after the war’s outbreak in 2022.

“There’s mixed feelings because the Trump approach looks like it’s more geared towards the present lines of conflict, which is not an ideal scenario for Ukraine, and there’s a reluctance to accept that. At the same time, we would like this to have an endpoint,” he said.

THE X FACTOR

While not expected to attend, tech billionaire and vocal Trump supporter Elon Musk will be a recurring theme, from his role in Ukraine via satellite service Starlink to his success with space exploration firm SpaceX and controversial stewardship of social media platform X, formerly Twitter.

One panel will debate how Europe might develop a homegrown rival to SpaceX; another whether Musk “destroyed Twitter". Joe Benarroch, who quit his role as X’s de facto spokesperson and head of business operations in June, will join a panel titled “What to do about social media”.

While the EU has tried forcing online platforms to clamp down on harmful content, Trump’s election may lead to them reducing moderation efforts, according to Mark Weinstein, founder of privacy-focused social media platform MeWe, who will share the stage with Benarroch on Wednesday.

“Historically, Trump has been highly critical of online moderation,” he said. “To avoid political retribution, major social networks are likely to continue the trend of becoming significantly more permissive with content they allow on their platforms.”



Samsung Electronics Changes Chip Chiefs after Chairman Lee Confronts ‘Crisis’

The company logo is displayed at the Samsung news conference at the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. (Reuters)
The company logo is displayed at the Samsung news conference at the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. (Reuters)
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Samsung Electronics Changes Chip Chiefs after Chairman Lee Confronts ‘Crisis’

The company logo is displayed at the Samsung news conference at the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. (Reuters)
The company logo is displayed at the Samsung news conference at the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. (Reuters)

Samsung Electronics sought to inject impetus into its memory and foundry chip units by appointing new leaders on Wednesday, as it scrambles to catch SK Hynix and Taiwan's TSMC in the booming AI chip market.

The world's biggest memory chipmaker reavowed its faith in semiconductor chief Jun Young-hyun by naming him co-CEO and bestowing direct control of its struggling memory chip business.

Samsung also made US chip head Han Jin-man president and head of its foundry business making customer-designed chips.

However, Samsung kept Chung Hyun-ho, second-in-command to Chairman Jay Y. Lee, as head of its Business Support Task Force and appointed a former CFO as Chung's deputy. That disappointed some analysts who argued for change among the biggest decision makers whose missteps they said made Samsung slow to embrace AI.

Samsung's share price closed down 3.4% as the reshuffle did little to calm concern about how the technology giant will navigate risk associated with the protectionist policies of US President-elect Donald Trump.

Even before Trump's election triumph, Samsung's stock had been falling due to investor concern that it lags rivals as supplier to leading AI chip designer Nvidia.

Chip chief Jun takes on direct oversight of the memory chip business having headed the overall semiconductor division since May in an appointment Samsung said would tackle a "chip crisis".

Profit in the division plunged 40% in the third quarter from the second, with Samsung saying AI chip business had suffered a delay with a "major" customer - with analysts naming Nvidia as the likely customer. Samsung has since said it has made headway.

The extra responsibility indicates "Samsung is backing Jun's strategy to regain its competitiveness," said KB Securities' head of research Jeff Kim.

Still, with Chung remaining head of the Business Support Task Force - widely regarded as Lee's de facto secretariat involved in key decision-making - there are questions as to whether the reshuffle will address concerns about leadership, said Park Ju-gun, head of corporate analysis firm Leaders Index.

Joining the Business Support Task Force is President and CFO Park Hark-kyu, with a new CFO yet to be announced.

As well as catching up in AI and stemming a stock price decline, management has to contend with slowing profit growth and intensifying competition from Chinese rivals.

"I am fully aware that there are grave concerns about the future of Samsung recently," Chairman Lee said this week during a final hearing of an accounting fraud trial where he is a defendant. He has denied wrongdoing.

Wednesday's appointments also included a new chief technology officer of the foundry business and an executive tasked with finding new growth areas.

Samsung said the reshuffle is aimed at overcoming business uncertainty, revamping its organization and raising the technological competitiveness of its chip business.