Good morning, tech enthusiasts. Netflix wants to join the trillion-dollar club alongside Apple, Amazon, and Microsoft—and its co-CEO says the company is on track, thanks to a rapidly evolving business model.

But as the streaming wars intensify and growth slows, can Netflix sustain the breakneck pace needed to reach that audacious milestone?

In today’s tech rundown:

• Netflix eyes trillion-dollar club

• Bezos’ Slate unveils $25K EV

• EU fines Apple and Meta $800M

• Meta CTO says AI will kill off apps

• Quick hits on other major news

LATEST DEVELOPMENTS

NETFLIX

🤑 Netflix eyes trillion-dollar club

Image source: Ideogram/The Rundown

The Rundown: Netflix co-CEO Ted Sarandos just confirmed the streaming giant’s ambitious goal to hit a $1T market valuation by 2030, which he says could be within reach if the company continues its current trajectory.

The details:

• Netflix aims to more than double its revenue from around $39B in 2024 to $78B by the end of the decade, with operating profits tripling to $30B.

• Currently valued near $450B, Netflix aims to grow its global subscriber base, targeting 410M users by 2030—up from 302M at the end of 2024.

• It also plans to expand its advertising revenue to $9B annually, leveraging its ad-supported subscription tier alongside core paid memberships.

• Sarandos added that Netflix accounts for only about 5% of the $650B consumer expenditure in its market segments, highlighting room for growth.

Why it matters: Netflix’s trillion-dollar ambition is challenged by fierce global competition from major players like Amazon Prime Video and Disney+, slow growth in saturated markets, and the high costs of producing and licensing original content—leaving analysts to suggest the company will need “perfect execution” to reach its goal.

SLATE AUTO

🛻 Bezos’ Slate unveils $25K EV

Image source: Slate Auto

The Rundown: Jeff Bezos-backed Slate Auto just unveiled its first electric pickup—a no-frills, $25K two-seater called the “Truck,” marking a radical departure from the tech-heavy norm in the EV market.

The details:

• The new electric pickup is defined by its utilitarian approach: there’s no touchscreen, no built-in stereo, and no paint—just a gray composite body.

• It features manual crank windows, physical HVAC knobs, and a universal phone mount with USB ports, allowing owners to “bring your own tech.”

• Options are a standard 52.7kWh battery for 150 miles of range or an 84.3kWh battery for up to 240 miles; with 201 horsepower and 195 lb-ft of torque.

• Set for 2026 delivery, Slate will come with over 100 accessories—including gear racks, upgraded lights, vinyl wraps (instead of paint), and decal kits.

Why it matters: The base model comes as a two-seater pickup, but customers can bolt on kits to convert it into a five-seat SUV or a fastback crossover. Built in Michigan, the truck also sidesteps import tariffs, pushing the price down to $20K after federal tax credits—which would make it the cheapest EV on the market.

APPLE and META

🇪🇺 EU fines Apple and Meta $800M

Image source: Ideogram/The Rundown

The Rundown: After a long battle, the European Commission decided to fine Apple €500M and Meta €200M, totaling $798M, for breaking digital antitrust rules—with investigations against X still underway.

The details:

• The EU enforced fines under the new Digital Markets Act (DMA), which aims to curb the power of digital “gatekeepers” and foster fairer competition in tech.

• Apple was fined for preventing developers from steering users toward alternative, potentially cheaper offers outside its App Store.

• Meta’s fine stemmed from its "pay or consent" model, requiring users to pay for ad-free access to socials or consent to data collection for targeted ads.

• Both companies have criticized the EU’s decisions, with Apple arguing it has been unfairly targeted and Meta claiming the rules disadvantage US firms.

Why it matters: The fines are modest relative to the companies’ revenues but signal a sharp escalation in the EU’s push to rein in Big Tech and promote fairer competition. The Trump administration, however, called them economic extortion and warned of possible retaliatory tariffs.

META

☄️ Meta’s CTO: AI will kill off apps

Image source: Meta/Facebook

The Rundown: Meta’s Chief Technology Officer, Andrew “Boz” Bosworth, said this week that advances in AI could render traditional apps obsolete, massively disrupting how people interact with technology. Cue the smart glasses.

The details:

• Bosworth said that AI agents will eliminate the need for branded apps by allowing users to accomplish tasks simply by describing to AI what they want.

• Speaking on a podcast, he added that AI-powered interfaces and reasoning models will disrupt the software-as-a-service paradigm.

• While beneficial for consumers, the CTO said the shift poses a significant challenge for companies that rely on brand recognition and app monetization.

• He also said that he believes smart glasses will eventually replace smartphones as the primary way people interact with digital information.

Why it matters: While Bosworth acknowledges this transition will be disruptive—especially for mid-sized software firms caught between nimble AI-native startups and tech giants—he sees it as a net positive for consumers, ushering in a new era where technology is more adaptive, intuitive, and focused on real-world problem-solving.

QUICK HITS

📰 Everything else in tech today

Elon Musk's Neuralink is reportedly planning to raise about $500M at a pre-money valuation of $8.5B for its brain chip implant tech.

Intel is reportedly preparing to announce a sweeping restructuring that will eliminate more than 20% of its global workforce, around 21K jobs.

YouTube marked its 20th anniversary this week, two decades after co-founder Jawed Karim uploaded the first clip, called “Me at the zoo,” on the platform.
 
UK regulators are tightening requirements for social media platforms to implement stricter age-assurance tools to protect children, or face £18M ($24M) fines.

Meta rolled out live translations in four languages for its Ray-Ban smart glasses, along with the ability to send messages and make calls through Instagram.

Uber and Volkswagen announced a partnership to deploy thousands of fully autonomous ID. Buzz electric vans as robotaxis across the U.S. over the next decade.

WhatsApp introduced a new feature, “Advanced Chat Privacy,” that blocks others from exporting chats, auto-downloading media, and using messages for AI features.

Meta started rolling out ads to 320M monthly active users of Threads after testing it in select regions, including the U.S. and Japan.

OpenAI’s head of ChatGPT reportedly said that the company would be interested in buying Chrome should Google be forced to sell it as part of its ongoing antitrust suit.

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Rowan, Jennifer, and Joey—The Rundown’s editorial team