Roundup: Social media advertising / Oil reserve / AI lawsuit - Greater Baton Rouge Business Report

Roundup: Social media advertising / Oil reserve / AI lawsuit

Targeting minors: Social media companies collectively made over $11 billion in U.S. advertising revenue from minors last year, according to a study from the Harvard T.H. Chan School of Public Health published today. The researchers say the findings show a need for government regulation of social media. Read the full story.

Replenishing: The U.S. has finalized contracts to purchase 3 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale in history last year, the U.S. Department of Energy said on Tuesday. The department says it bought the oil, for delivery to a site in Big Spring, Texas, for an average of $77.31 a barrel, below the average of $95 a barrel that oil sold for in 2022. Read more from Reuters.

Chatbot training: The New York Times is suing OpenAI and Microsoft, trying to end the practice of using its stories to train chatbots. In the federal suit filed today in Manhattan federal court, The Times says OpenAI and Microsoft are advancing their technology through the “unlawful use of The Times’ work to create artificial intelligence products that compete with it” and “threatens The Times’ ability to provide that service.” Read more.