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Tech stocks fell as investors questioned whether massive AI spending can translate into enough profit growth.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Britain's Competition Tribunal approved a $4 billion lawsuit against Apple over its iCloud
00:06storage service, Consumer Group. Which, said Tuesday, according to Reuters, the Competition
00:12Appeal Tribunal granted a collective proceedings order earlier in June, allowing Which to represent
00:18Apple users after rejecting Apple's attempt to block parts of the case. Which filed the claim
00:23in November 2024 and argues Apple abused a dominant position by trapping users of iPhones
00:29and other devices into iCloud. The group says Apple restricted how certain files could be
00:34stored, tied iCloud to iOS devices, and steered users toward its own service. Apple has previously
00:40rejected the allegations. The case covers nearly 40 million UK iCloud users, with estimated
00:46damages of around $4 billion. For all things money, visit Benzinga.com.