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Threads, the new Meta-owned rival to Twitter, reached 100 million sign-ups within five days of launching, CEO Mark Zuckerberg said. The rapid rise in numbers puts Threads ahead of ChatGPT as the fastest growing online platform ever. The generative AI tool reached 100 million users around two months after launch, a feat quickly eclipsed by the new social media platform. “That’s mostly organic demand, and we haven’t even turned on many promotions yet,” Zuckerberg said in a Threads post.

Foxconn, the Taiwanese manufacturer of iPhones, will shift its focus towards electric cars in the future, in the face of strained relations between the United States and China. Chairman Young Liu told the BBC in an interview that the firm will bet big on electric cars as it moves supply chains away from China. “We hope peace and stability will be something the leaders of these two countries will keep in mind,” Liu said.

Meta has been issued a record 1.2 billion euro fine ($1.3 billion) by a European Union privacy regulator for the way it handles user data when transferring it between Europe and the United States. The fine has been handed out by Ireland’s Data Protection Commission and is the largest fine ever imposed by the EU’s General Data Protection Regulation law.

Shares of Alphabet, the parent company of Google, are trading at their highest price since last August, as the company made major announcements about its artificial intelligence offerings at its developer conference. The stock closed at $116.57, up 4.3% on Thursday after the company announced it was rolling out its generative AI offering to its core search engine and other products.

IBM will halt hiring in non-customer-facing positions that could be carried out by artificial intelligence, the company’s CEO Arvind Krishna told Bloomberg. Krishna said the job cuts will primarily affect roles such as human resources. “I could easily see 30% of that getting replaced by AI and automation over a five-year period,” he said. If 30% of the company’s HR department were cut that would mean a loss of roughly 7,800 jobs.

The government of the United Kingdom has published a draft bill that would give its independent competition regulator extended powers to fine Big Tech companies for competition abuses. The Digital Markets, Competition and Consumers bill is specifically targeted at companies with annual revenues of at least $31 billion globally, or £1 billion in the U.K., and will also give the regulator greater powers to investigate and block acquisitions.

TV-streaming company Netflix posted a mixed quarterly financial report this week, as it pushed back the rollout of its new password-sharing crackdown initiative. Netflix originally said the rollout, which will make it much tougher for users to share their passwords with others, would take place in the first quarter, but the company now says it will happen in the second quarter.

Alphabet CEO Sundar Pichai said society will need to adapt to the new capabilities of AI, and “every product of every company” will be impacted by the technology. Pichai talked at length about the impact of AI in an interview with CBS’s 60 Minutes this weekend.

The PC market suffered a disappointing first quarter, with two analysts reporting worldwide shipments of desktops and laptops were down around 30% compared to the same period last year. IDC reported that shipments dropped 29% to 56.9 million units, while Canalys calculated a 32.6% drop to 54 million units. All of the major manufacturers were hit by double digit drops, but Apple appears to be the worst affected. Apple shipments were down 40.5% according to IDC and 45.5% in Canalys research.

Elon Musk’s Twitter appears to be entering a new phase of changes and unrest, as the social media platform announced major alterations to its algorithms after a week of mostly bad news. This week, Musk announced Twitter will only show verified accounts on its “For You” timeline, in an apparent attempt to combat bots. The change means only users with paid-for accounts will be recommended by the Twitter algorithm, along with brands and government officials.