Soccer’s global governing body FIFA is close to an agreement with Apple to give the tech company worldwide television rights for a new, month-long club tournament, the New York Times reported on Monday.

The deal with Apple could be announced as soon as this month and valued at around $1 billion, a quarter of the $4 billion FIFA had first estimated, the report said, citing three people familiar with the matter.

The potential agreement would give the company’s streaming business an edge amid competition among streaming services providers to lap up rights for widely watched sporting events in a bid to add subscribers.

If the deal goes through, this would mark the first time that FIFA has agreed to a single worldwide contract, the report said.

Senior executives at FIFA, however, have raised concerns over the possibility of “free-to-air rights”, which would make the event only available to subscribers of Apple TV+, according to the report. It is unclear whether the deal includes any such rights.

Sponsors have also been reluctant to commit the $150 million that FIFA is seeking for sponsorship packages, the report said.

The 32-team event will be held next year between June 15 and July 13. Usually, no major events are scheduled during this period to allow players to rest in the off-season a year before the World Cup, according to the report.

FIFA has faced criticism from players unions for not consulting them before making announcements about the event, according to the report.

For most of 2023 and early 2024, investors in the market-leading Magnificent 7 Big Tech stocks reaped major returns.

“As a general practice, FIFA does not confirm or deny commercial discussions,” a spokesperson for the governing body said in response to Reuters’ request for a comment. Apple declined to comment. 

Traders who bet against the “Magnificent 7” group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla, Ortex data showed.

The chip designer shed almost 14% last week to clock its worst weekly fall in over 19 months, helping short sellers rake in more than $3 billion in profit.

Tesla whose shares have lagged peers in the coveted group this year, also tumbled by an equal margin, leading to $3 billion in profits for short sellers.

Overall, the “Magnificent 7” shed close to $1 trillion in market capitalization last week, according to LSEG data.

Tesla, Meta Platforms Alphabet and Microsoft will be in focus this week as the companies gear up to deliver their quarterly numbers.

“Weak iPhone sales data, poor delivery numbers from Tesla and regulatory pushback in the EU and the USA may all be weighing on sentiment, but the impact of the markets’ view on the direction of interest rates cannot be underestimated, either,” AJ Bell investment director Russ Mould said.

“Investors will be looking to six of them for reassurance when they report quarterly numbers,” Mould added. 

The International Olympic Committee (IOC) has announced the use of Artificial Intelligence (AI) technology for the first time in Olympic competitions.

With the commencement of the Paris Olympics drawing near, the International Olympic Committee (IOC) has unveiled an agenda incorporating AI technology into various services and tools, aimed at enhancing the Paris Olympics experience.

IOC President Thomas Bach introduced several AI-based services and tools that will be utilized to enhance the Paris Olympics.

These services range from social media monitoring to athlete training and broadcasting, all set to play a crucial role in the competitions starting from July 26.

Bach emphasized the IOC’s commitment to ensuring the uniqueness of the Olympic Games. He stated, “We are taking steps to ensure the individuality of the Olympic Games, and we have always been leaders in bringing change.”

He further explained that with the rapid advancement of digital technology, particularly AI technology, they are once again at the forefront of transformation.

It is said to be the first time that a formal plan has been established for the use of AI in a significant event of the sports world.

It is being suggested that AI has the potential to replace humans in every field, but in the sports arena, athletes will always be the epitome of performance, although AI will assist them.

The IOC’s partner company Intel will provide assistance in utilizing AI technology. The company’s AI-designed apps will be used in various Paris venues, allowing spectators to witness their favorite athletes in action through immersive experiences.

Additionally, AI-designed Olympic videos will be transformed into 3D digital novelties that will be accessible at the Olympic Museum, offering visitors a unique insight into the Olympics.

Another tool will enhance the quality of live TV signals to 8K resolution/60 frames per second/HD, which will be broadcasted worldwide within seconds, thus significantly improving the live streaming experience.