ZickZack

The issue with the internet is that it did take place in texas as well: The news article was available in texas, so the news corp can be sued there. Basically the argument is: "Media Matters harmed X's brand in texas using misleading information" (you can read their arguments for filing in texas under the "Jurisdiction and Venue" section of their filing).

Also remember that this is currently X's wish list: Media Matters can file for a change in venue.

Edit: Quick update.

Looking at their filing, the case will probably fail under a motion for summary judgment: They basically agree with Media Matters that they did show ads under extremist's posts. They simply argue that you need to push the twitter algorithm to its limits by doomscrolling for a long time until the algorithm fails. However, this doesn't make any of the facts provided by Media Matters (https://www.mediamatters.org/twitter/musk-endorses-antisemitic-conspiracy-theory-x-has-been-placing-ads-apple-bravo-ibm-oracle) wrong.

Surely a company should be governed by the laws of the state in which they are based

This is not true and wouldn't make why sense: let's say you are a delivery company and one of your drivers runs over a dog in Texas. The lawsuit can be filed in Texas, regardless of whether your company is in Texas, California, or even outside the united states. The place you are incorporated in doesn't change the damages or laws you violated when running over the dog. Of course you can also move the venue to the state the company is based in.

You cannot (generally) move it to another state, since that state doesn't even have jurisdiction over any part of the incident.

The internet is just special in the sense that really something that happened on the internet happened everywhere on earth at the same time, meaning any venue is a place where potential damages were accrued.

You are vastly overestimating the amount of storage you need since you are looking at some download which itself has to choose the encoding (which is independent of whatever youtube does: youtube absolutely crushes the quality).
Most estimates assume that youtube has 1 exabyte of storage, let's say we buy this in bulk from retail (which we wouldn't do: you wait as long as possible since storage prices are going down and retail stores would give you the finger if you ordered and exabyte worth).
Let's take that number and run with it:
Buying retail, you can get Seagate Exos X20 20TB drives for 280€, 1 exabyte is 1Mio terabyte, meaning we have 1_000_000/20 * 280 = 14 Mio € (you'd need machines to put those into but you also wouldn't buy the entire thing upfront, and using retail prices either).

Compute also isn't that big of a deal if you do it correctly: the expensive part in video hosting is usually video encoding since to get small video sizes you need to spend compute beforehand to compress it.
However, you can shift this in significant parts to the user by implementing the transcoding in WASM and running this clientside (see e.g. https://www.w3.org/2021/03/media-production-workshop/talks/qiang-fu-video-transcoding.html) in that case users would compress locally in the browser before uploading (this presumably wouldn't even take longer than normal uploads for most people since you trade off transcoding time against upload time).
There are still other compute expenses but those are much more limited.
These mechanisms don't (at least to my knowledge) exist in peertube yet, but would be possible.

The actually expensive part is always the actual networking: Networking is one of the few things that actually get more expensive at scale due to the complexity explosion, rather than cheaper (e.g. having dedicated transcoding hardware drops in price per user since you have higher utilization).
Networking quickly runs into bottlenecks where you have to account for all the covariances between datasets in the network.
Basically to increase the amount of e.g. storage available everything in the network needs to be increased (from the local machines connections, over the cables and switches up to routers and outgoing connections) due to you increasing the density at one point, you have to increase the network everywhere.
That's why networking dwarfs everything: you just get crushed by networking being the bottleneck between your increasingly dense devices.

The clue behind peertube is that this is not as extreme of an effect due to

1. federation (certain connections just aren't dense due to the overall network topology being distributed)
2. torrents

The latter is the important part: instead of having network cost rising (super) linearly to the amount of users you have it rise linearly to the amount of simultaneous unique videos.
This is a much smaller number which means you do not need to compete in that space, which is the dominant cost factor. (if you have a method where one user can retain the video and share it without actively watching that same video, you can probably get real-world sublinear scaling)

Mind you, the costs involved here are still large, but not insurmountably large, especially considering there is not one unique organisation that would have to pay for the entire thing and its not an upfront expense. Fundamentally though the system is built such that it won't be crushed as users flood into the network.

There are certain things you are allowed to use cookies for even without asking for permission (i.e. they wouldn't even need to tell you about them). These are effectively the kinds of things that are necessary for your website to work in the first place: For instance if you have a dark and a light mode and you want people to change this even without logging in, another example is language settings (this is why sites like e.g. duckduckgo can have a "settings" tab despite the fact you are not logged into anything).

The rule-of-thumb is that everything that is directly related to the functionality of your website is fair even without asking (they are "essential").
Of course the specifics are a little more tricky: For instance you could have a shop in which you can put things into your "shopping basket" without being logged in. This is fine since it's core functionality. However, if you use that same cookie to also inform your recommendation algorithm, you could get into trouble. Another aspect is 3rd party cookies: These, while not theoretically always requiring permissions, in practice do need expressed permission since you, as the website host, cannot guarantee what happens with these cookies (and 3rd party cookies are, in general, an easy way to track users, which isn't core functionality for most websites).