The Briefing by Martin Peers, Jessica E. Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica E. Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Figma CEO Dylan Field during the company's initial public offering last month. Photo via Getty

The Funny Math Behind a Key Software Metric

By Anita Ramaswamy · Aug 22, 2025 7:31am PDT · 8 comments

The rise of artificial intelligence has turned the software industry into a minefield for investors. To address the risks, some are relying more on a metric known as net revenue retention to pick winners and avoid losers. In its simplest form, NRR, also known as net dollar retention, compares annual revenue from a year ago to now. The number can... The rise of artificial intelligence has turned the software industry into a minefield for...

Art by Clark Miller; Getty Images.

Struggling Snap Considers Outside Funding for AR Glasses

By Kaya Yurieff, Erin Woo and Jemima McEvoy · Aug 22, 2025 6:09am PDT · 2 comments

For nearly as long as Evan Spiegel has run Snap Inc., his big bet has been on Spectacles, the company’s augmented reality glasses. All together, he has poured $3 billion into the effort—a fraction of what Mark Zuckerberg at Meta Platforms has invested in wearable technology, but a major expense for a company of Snap’s modest size. Spiegel... For nearly as long as Evan Spiegel has run Snap Inc., his big bet has been on Spectacles, the...

Photo via Getty

What Rent the Runway’s Lender Takeover Means

By Martin Peers · Aug 21, 2025 5:10pm PDT

Some companies should never go public—or maybe even exist. Rent the Runway might be in that group. The clothing-rental subscription service—one of a bunch of mid-sized online shopping companies to go public in recent years—says its mission “is to power women to feel their best every day.” How about trying to make money? After years of steady... Some companies should never go public—or maybe even exist. Rent the Runway might be in that...

Image via Getty

Nvidia Orders Halt to H20 Production After China Directive Against Purchases

By Qianer Liu · Aug 21, 2025 4:59pm PDT · 2 comments

Image via Getty

Nvidia Orders Halt to H20 Production After China Directive Against Purchases

By Qianer Liu · Aug 21, 2025 4:59pm PDT · 2 comments

Nvidia has told some of its component suppliers to suspend production work related to the H20, its chip tailor-made for the Chinese market, according to two people with direct knowledge of the communications. The directive comes weeks after the Chinese government told local tech companies to stop buying the chips due to alleged security... Nvidia has told some of its component suppliers to suspend production work related to the H20,...

Photo by Getty.

Ex-OpenAI Staff Launch Fund as OpenAI ‘Mafia’ Spreads

By Natasha Mascarenhas · Aug 21, 2025 4:17pm PDT

Over the last two years, several ex-OpenAI employees have left to found new startups. Now some former researchers at the ChatGPT maker are starting venture funds, extending a history of alums from buzzy startups who jump into investing. The latest example of this is Zero Shot Fund, started this summer by a group of former OpenAI employees... Over the last two years, several ex-OpenAI employees have left to found new startups. Now some...

Art by Clark Miller

Meta Signs $10 Billion-Plus Cloud Deal With Google

By Kevin McLaughlin and Kalley Huang · Aug 21, 2025 3:48pm PDT · 2 comments

Google has struck a major cloud computing deal with Meta Platforms, according to two people familiar with the matter. As part of the agreement, the social media giant will use Google Cloud’s servers, storage, networking and other services, one of the people said. The deal—worth more than $10 billion over six years, the person said—is... Google has struck a major cloud computing deal with Meta Platforms, according to two people...

Google CEO Sundar Pichai, left, and Sam Altman. Photos via Getty

OpenAI Is Challenging Google—While Using Its Search Data

By Amir Efrati, Stephanie Palazzolo and Natasha Mascarenhas · Aug 21, 2025 2:42pm PDT · 1 comment

As it tries to unseat Google, OpenAI is relying on search data from an unlikely source: Google. OpenAI has been using Google search results scraped from the web to help power ChatGPT responses, according to two people with knowledge of it. As it tries to unseat Google, OpenAI is relying on search data from an unlikely source: Google. ...

Trey Ogilvie and Conduit Commerce employees Rohan Shah, Anand Prabhu and Rahul Sinha (left to right).

One E-Commerce Startup Makes a Bet on TikTok Shop

By Ann Gehan · Aug 21, 2025 2:00pm PDT

Trey Ogilvie and Conduit Commerce employees Rohan Shah, Anand Prabhu and Rahul Sinha (left to right).

Creator Economy

One E-Commerce Startup Makes a Bet on TikTok Shop

By Ann Gehan · Aug 21, 2025 2:00pm PDT

TikTok Shop, the short-form video app’s e-commerce platform, made a big splash nearly two years ago when it first launched in the U.S. Even though it’s reduced the initial deep discounts for shoppers and sellers, quieting some of the initial buzz over the service, some startups are still betting TikTok’s social shopping features will grow.One is... TikTok Shop, the short-form video app’s e-commerce platform, made a big splash nearly two years...

Subscriber Survey

The Information Survey: Two in Three Readers Have Taken Self-Driving Cars

By Shane Burke · Aug 21, 2025 1:03pm PDT · 1 comment

Two out of three subscribers to The Information who responded to a survey have taken a ride in a self-driving car—and nearly 99% of riders were satisfied with the experience. The survey results are the latest confirmation that after years of development and testing, self-driving cars are finally revving up. Two out of three subscribers to The Information who responded to a survey have taken a ride in a...

Sam Altman. Photo via Getty

Why AI Still Feels Pricy

By Aaron Holmes and Kevin McLaughlin · Aug 21, 2025 10:30am PDT

Our Wednesday story about rising costs of businesses that pay for advanced artificial intelligence from OpenAI and Anthropic stirred strong reactions from readers. OpenAI researcher Aidan McLaughlin wondered aloud where we had gotten the idea that state-of-the-art AI was supposed to get cheaper. The answer: his boss, Sam Altman. OpenAI... Our Wednesday story about rising costs of businesses that pay for advanced artificial...

Crusoe CEO Chase Lochmiller speaks onstage at the All-In and Hill & Valley Forum on July 23 in Washington, D.C. Image via Getty.

OpenAI’s Data Center Provider in Talks to Raise Money at $10 Billion Valuation

By Anissa Gardizy and Natasha Mascarenhas · Aug 21, 2025 8:44am PDT

Crusoe, the developer behind OpenAI’s first Stargate data center, is discussing raising funds at a $10 billion valuation—more than three times its valuation less than a year ago, according to two people with direct knowledge of the fundraising talks. The seven-year-old company wants to raise at least $1 billion to fulfill its ambitions to... Crusoe, the developer behind OpenAI’s first Stargate data center, is discussing raising funds at...

Bret Taylor, CEO of Sierra and chairman of OpenAI's board.

Sierra CEO and OpenAI Chair on Rising AI Costs, GPT-5, and AI Data Wars

By Stephanie Palazzolo · Aug 21, 2025 7:15am PDT

Bret Taylor, CEO of Sierra and chairman of OpenAI's board.

Sierra CEO and OpenAI Chair on Rising AI Costs, GPT-5, and AI Data Wars

By Stephanie Palazzolo · Aug 21, 2025 7:15am PDT

If there’s one thing the artificial intelligence industry hasn’t been lacking in recently, it’s news. So on Wednesday’s episode of TITV, our editor-in-chief Jessica Lessin asked Bret Taylor, CEO of customer-support agent firm Sierra, and Winston Weinberg, CEO of legal agent startup Harvey, for their thoughts on recent developments ranging from ... If there’s one thing the artificial intelligence industry hasn’t been lacking in recently, it’s...

Art by Clark Miller.

Solana Gets Respectable and Sets Its Sights on Wall Street

By Yueqi Yang · Aug 21, 2025 6:00am PDT

Solana, the wild younger sibling of the crypto world, wants to be taken seriously. Best known for memecoins and its connection to crypto exchange FTX, the blockchain is getting close to breaking into mainstream finance. The U.S. Securities and Exchange Commission, which has turned crypto-friendly under President Donald Trump, is expected to... Solana, the wild younger sibling of the crypto world, wants to be taken seriously. Best known for...

Mohamad Yassine, CEO of Predictive Horizons. Photo: Vanessa Harp

Exclusive From The Electric: In a Startup, Tesla Veterans Attack Detroit's Warranty Crisis

By Steve LeVine · Aug 21, 2025 4:30am PDT

Last year, Ford paid out $5.8 billion in warranty claims on its vehicles, a 22% increase over 2023. General Motors spent $4.5 billion on such claims, 12% more than its 2023 number. And Tesla paid $1.45 billion, a 19% year-on-year increase.Detroit has a car repair problem going back to the 1970s. It was one reason Japanese carmakers managed to... Last year, Ford paid out $5.8 billion in warranty claims on its vehicles, a 22% increase over...

Sierra's Bret Taylor, The Information's Jessica Lessin and Harvey's Winston Weinberg.

Why AI Model Makers Might Develop Like Cable and Cellular Companies

By Martin Peers · Aug 20, 2025 5:00pm PDT

Could the artificial intelligence business develop like cable TV or cellular, where the real money is made by apps running on top of internet pipes, rather than by the telecom firms that spent billions building those pipes? That would be a big deal for AI. It implies that AI agent developers will end up more profitable than AI model makers, like... Could the artificial intelligence business develop like cable TV or cellular, where the real...

Sierra’s Bret Taylor and Harvey’s Winston Weinberg: Where the AI Agent War Will Be Won

By Jessica E. Lessin · Aug 20, 2025 3:33pm PDT · 1 comment

Sierra’s Bret Taylor and Harvey’s Winston Weinberg: Where the AI Agent War Will Be Won

By Jessica E. Lessin · Aug 20, 2025 3:33pm PDT · 1 comment

It wasn’t the message I expected to hear from Bret Taylor, a veteran Silicon Valley executive and, yes—an artificial intelligence startup founder—as I interviewed him on The Information’s TITV to discuss his latest startup, Sierra. Taylor, more than anyone else I know in the tech industry, has straddled both big and small tech. I... It wasn’t the message I expected to hear from Bret Taylor, a veteran Silicon Valley executive...

Bella Freud, the creator of the “Fashion Neurosis” video podcast. Photo courtesy of Vox Media

Creator Economy

Vox Media Inks Partnership with Bella Freud’s Podcast

By Kaya Yurieff · Aug 20, 2025 2:09pm PDT

Every episode of Bella Freud’s video podcast begins the same way: A doorbell rings, and she welcomes a guest—ranging from supermodel Kate Moss to designer Christian Louboutin—to lay down on a couch in her London home. A camera attached to the couch captures a flattering angle of the person’s face from above. The setup is a... Every episode of Bella Freud’s video podcast begins the same way: A doorbell rings, and she...

Cursor CEO Michael Truell. Screenshot via YouTube

The Power of Defaults: Why OpenAI, Anthropic and Google Are Courting App Developers

By Stephanie Palazzolo · Aug 20, 2025 7:00am PDT · 1 comment

The debate around whether it’s better to be an AI-powered app that millions of people use, like Cursor, or an AI model like Claude that powers such apps is getting interesting.While Cursor and other customers of AI models are hurting as OpenAI and Anthropic mostly hold model prices steady rather than cutting them—as they have been doing for... The debate around whether it’s better to be an AI-powered app that millions of people use, like ...

Art by Mike Sullivan

The Cost of Buying AI Is Creeping Up, Boosting Microsoft and Other Sellers

By Aaron Holmes · Aug 20, 2025 6:30am PDT · 2 comments

Last year, the cost for businesses to purchase state-of-the-art artificial intelligence was plummeting. Top AI providers such as OpenAI, Anthropic, and Google had slashed the price of their flagship AI models by more than 90% compared to prior years, while DeepSeek and other open-source developers were releasing free yet powerful models. Google... Last year, the cost for businesses to purchase state-of-the-art artificial intelligence was...

Character AI CEO Karandeep Anand. Photo via Flickr/Fortune.

Character.AI in Talks to Sell or Raise Money, a Year After Founders Depart

By Natasha Mascarenhas, Kalley Huang and Valida Pau · Aug 20, 2025 6:00am PDT · 1 comment

Character AI CEO Karandeep Anand. Photo via Flickr/Fortune.

Character.AI in Talks to Sell or Raise Money, a Year After Founders Depart

By Natasha Mascarenhas, Kalley Huang and Valida Pau · Aug 20, 2025 6:00am PDT · 1 comment

Character.AI, the chatbot maker whose founders Google hired as part of a $2.7 billion deal last August, has in recent weeks discussed a sale of the company with potential buyers, bankers and staff, according to three people who have spoken to its executives. The nearly four-year-old startup could try to stick it out as an independent company... Character.AI, the chatbot maker whose founders Google hired as part of a $2.7 billion deal last...