Axios

A Texas law aimed at punishing social media companies if they "censor" users will go into effect for now, a three-person panel of federal appeals court judges ruled on Wednesday.

Why it matters: The move, which stays a lower court order that temporarily blocked the law, is a win for Republicans who claim social media companies have waged a campaign to silence conservative ideas and beliefs.

Somewhere in Omaha, Warren Buffett and Charlie Munger must be smiling, as the upheaval in cryptocurrency punctuates their disdain for the sector.

Why it matters: Crypto’s been more of an undercard to what ails the broader market, but it’s slowly moving from undercard to a main event. A lot of small investors piled into crypto as the market boomed – money they may not be able to recover if they’re not ‘hodl-ing’ for the long-term.

Electronic Arts is planning “three big launches” of mobile games this year, CEO Andrew Wilson has told investors.

Why it matters: After years of plans and hints, some of the biggest franchises in console and PC gaming are coming to phones this year.

The Senate has voted to confirm Alvaro Bedoya to the Federal Trade Commission, giving Democratic chair Lina Khan a majority at the agency after a long wait.

Why it matters: Khan can now move forward with the aggressive pro-competition agenda she's planned, with three Democratic members sitting on the five-member commission.

Google on Wednesday announced a new affordable smartphone, the Pixel 6a, as well as a set of noise-canceling Pixel Buds Pro headphones and its first Pixel smartwatch.

Why it matters: Google is increasing its investment in developing its own hardware and incorporating technology from its Fitbit acquisition.

The crypto market has been in a downward trajectory since November, but venture investors — and the crypto companies they've backed in Q1 — do not seem to have gotten the memo, per new data from CB Insights.

Why it matters: With the sharp market dive in recent days, expect numbers to look different going forward.

Facebook parent Meta on Wednesday said it would be withdrawing its earlier request for policy guidance from the independent Oversight Board it helped create and fund on its content moderation decisions related to Russia’s war in Ukraine.

Why it matters: Meta says it's withdrawing the request due to "ongoing safety and security concerns," but it didn't specify what those concerns were, or why they would prohibit it from moving forward with the request.

Remote hiring startup Deel has raised new venture capital funding at a $12 billion valuation, after having been valued at $5.5 billion last fall, Axios has learned from multiple sources.

Why it matters: This price increase stands in stark contrast to plummeting tech valuations in the public markets.

"Look out below" is the new mantra for tech valuations. So let's peek at how that's playing in the deals universe, as investors try to determine the sharpness of those falling knives:

Private equity: This is widely being viewed as a buying opportunity, with PE pros kicking tires on tech companies they previously viewed as overvalued.

Chicken Soup for the Soul Entertainment, a consumer video and entertainment company, said Wednesday that it plans to acquire Redbox, the struggling video rental company, in an all-stock transaction.

Why it matters: The deal gives Chicken Soup for the Soul Entertainment direct-to-consumer distribution. It gives Redbox much-needed liquidity after its business took a hit due to COVID.

For nearly a decade now, veteran technologist Steve Perlman has been trying to sell the world on pCell, a complicated but potentially far speedier way to make use of crowded wireless airwaves.

• Now, for the first time, Perlman's Artemis has a commercial customer for the technology, with San Jose's SAP Center, home to the San Jose Sharks arena, installing a private pCell network.

Michigan native and former Detroit radio host Josh "Bru" Brubaker is one of the contestants on season four of the popular reality show "The Circle."

The big picture: Bru — as he's known on social media and on air — started posting videos about his radio work on TikTok during the pandemic. Two years later, his account, @bruontheradio, has over 4 million followers.

Regulators around the world are exploring forcing Big Tech companies to pay more for the internet service they rely on to make their billions.

Why it matters: A growing number of governments think tech giants should up their contributions to the basic internet service that makes their success possible. That money could prop up local economies or help close the digital divide.