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

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The Briefing

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

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Recent Editions

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Apple’s Weak Forecast, AWS’ Profit Rockets

By Martin Peers · Oct 31, 2024 5:00pm PDT

Nothing particularly frightening emerged from the two big tech goliaths that reported September quarterly results tonight, Apple and Amazon. But they offered nothing particularly cheery, either.For both companies, the updates had a mix of good and bad news. Apple, for instance, reported 6% top-line growth for the September quarter, its best... Nothing particularly frightening emerged from the two big tech goliaths that reported September...

Food creator Nick DiGiovanni. Photo: Aaron Idelson

Creator Economy

The Food Creator Who Has Sold 1 Million Jars of Salt

By Kaya Yurieff · Oct 31, 2024 4:00pm PDT

After competing on “MasterChef” in 2019, Nick DiGiovanni started posting videos on YouTube, including an elaborate dessert he planned if he’d made it to the finale, and on TikTok where he started going viral for making mini gourmet meals for his pet hamster, Pesto. Now 28, he turned that TV appearance and initial momentum on social... After competing on “MasterChef” in 2019, Nick DiGiovanni started posting videos on YouTube,...

Photos via Shutterstock

Why Nvidia Could Back XAI

By Kate Clark and Natasha Mascarenhas · Oct 31, 2024 1:03pm PDT · 2 comments

Few are as skilled, and quick, as Elon Musk at raising capital—billions of dollars, no less. But if there’s one constant in Musk’s fundraising strategy, it’s that he often changes the details of a round at the last minute. Take the latest process to raise money for his 18-month-old artificial intelligence startup, xAI. Representatives of... Few are as skilled, and quick, as Elon Musk at raising capital—billions of dollars, no less. But...

Art by Clark Miller

Let Startup Employees Invest in Other Startups

By Nathan H. Leung · Oct 31, 2024 9:00am PDT · 8 comments

Art by Clark Miller

Let Startup Employees Invest in Other Startups

By Nathan H. Leung · Oct 31, 2024 9:00am PDT · 8 comments

For about 18 months, between mid-2021 and early 2023, I may have been one of Silicon Valley’s youngest—and poorest—angel investors. How? By passing the test to become a licensed investment adviser, then registering my own advisory firm. This allowed me to bypass the longstanding rule that only the wealthy—people with a... For about 18 months, between mid-2021 and early 2023, I may have been one of Silicon...

Shaun Maguire. Photo via Sequoia Capital.

Why Sequoia’s Shaun Maguire is Betting on a Year-Old AI Video Startup

By Aaron Holmes · Oct 31, 2024 7:00am PDT

Sequoia partner Shaun Maguire has risen to prominence over the past year for his friendship with Elon Musk, which has helped the firm get in on highly-coveted rounds in SpaceX and X. Through X, Sequoia also stands to get a stake in xAI, Musk’s artificial intelligence lab. Maguire’s latest bet is on Decart, a startup that one day hopes to... Sequoia partner Shaun Maguire has risen to prominence over the past year for his friendship with...

Big Tech Shareholders Play the Waiting Game on AI Returns

By Kevin McLaughlin, Aaron Holmes and Jon Victor · Oct 31, 2024 6:00am PDT · 3 comments

Will Microsoft, Google and Meta's outsize investments in artificial intelligence produce outsize profits? Perhaps, but shareholders realized this week they'll have to wait longer to find out. September quarter reports from several big tech companies showed that while their business and consumer customers spent more on conversational AI... Will Microsoft, Google and Meta's outsize investments in artificial intelligence produce...

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Meta and Microsoft Disappoint Investors

By Martin Peers · Oct 30, 2024 5:00pm PDT

Danger, danger! That’s the message Wall Street sent Meta Platforms tonight, as investors sold off shares in the company in the wake of its predictably healthy third-quarter earnings result. They perhaps weren’t thrilled that Meta plans to lift capital expenditures significantly again next year, on top of a projected increase this year of as much... Danger, danger! That’s the message Wall Street sent Meta Platforms tonight, as investors sold off...

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How Fraudsters Are Using TikTok to Spread Online Scams

By Ann Gehan · Oct 30, 2024 4:12pm PDT

Photo via Getty

Creator Economy

How Fraudsters Are Using TikTok to Spread Online Scams

By Ann Gehan · Oct 30, 2024 4:12pm PDT

Online retailers are battling the rise of “refund groups” that carry out scams on a large scale, often coordinating through apps like Telegram, as I reported this morning. One of the most interesting aspects of this trend is how fraudsters, rather than trying to keep scams under wraps, are eager to broadcast them online. So how did we get... Online retailers are battling the rise of “refund groups” that carry out scams on a large scale,...

Elon Musk, photo by Getty.

Musk’s XAI Has Discussed Raising $5 Billion at $45 Billion Valuation

By Kate Clark, Natasha Mascarenhas and Stephanie Palazzolo · Oct 30, 2024 1:04pm PDT

Elon Musk’s artificial intelligence startup xAI has discussed raising $5 billion from investors at a valuation of about $45 billion, according to a person familiar with the discussions. Investors could include a mix of returning backers, including Valor Equity Partners. Existing investors Sequoia Capital, Andreessen Horowitz and Vy Capital... Elon Musk’s artificial intelligence startup xAI has discussed raising $5 billion from investors...

Photo via Adobe/Shane Burke

Seven Acquisitions That Could Happen in 2025

By Stephanie Palazzolo · Oct 30, 2024 7:40am PDT · 2 comments

As we wrapped up our generative AI takeover list and our fifth annual most promising startups list, I got to thinking: how many of the companies will still be independent a year from now?Already, this year has seen a flurry of acquisitions and quasi-acquisitions as startups look for a safe haven in the arms of larger tech companies. And there... As we wrapped up our generative AI takeover list and our fifth annual most promising startups...

Andrey Khusid, CEO of Miro. Photo by Getty.

Productivity Startup Miro To Lay Off Roughly 18% of Staff

By Jon Victor · Oct 30, 2024 6:24am PDT · 7 comments

Miro, a startup which sells productivity software for businesses and was last valued at $17.5 billion, told employees Wednesday that it plans to lay off roughly 18% of its workforce or around 275 employees. The layoffs are the latest example of how startups focused on selling niche business software are suffering as customers get more selective... Miro, a startup which sells productivity software for businesses and was last valued at $17.5...

Art by Mike Sullivan via Midjourney.

Empty Boxes, Phony Tracking Numbers: How Organized Scam Artists Are Ripping Off Merchants

By Ann Gehan · Oct 30, 2024 6:00am PDT · 3 comments

Art by Mike Sullivan via Midjourney.

Empty Boxes, Phony Tracking Numbers: How Organized Scam Artists Are Ripping Off Merchants

By Ann Gehan · Oct 30, 2024 6:00am PDT · 3 comments

Last summer, online cookware brand Made In saw customers’ requests for refunds nearly double in terms of dollar value in just a month. Soon after, instead of returned merchandise, empty envelopes and boxes filled with junk, like plastic toys, began to show up at Made In’s fulfillment center. Made In executives realized that the surge... Last summer, online cookware brand Made In saw customers’ requests for refunds nearly...

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Google Cloud’s Surge

By Martin Peers · Oct 29, 2024 5:00pm PDT · 2 comments

Google may have calmed some nerves on Wall Street on Tuesday. It delivered a third-quarter result showing a sharp acceleration in Google Cloud’s growth rate, to a bumper 35%, from 29% in the second quarter. CEO Sundar Pichai credited that performance in part to the company’s AI portfolio, which he said was helping it win new customers as well as... Google may have calmed some nerves on Wall Street on Tuesday. It delivered a third-quarter result...

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Creator Economy

Snap, YouTube Highlight Strength in Subscriptions

By Sylvia Varnham O'Regan · Oct 29, 2024 3:41pm PDT

It’s time for internet companies to report their quarterly results. One takeaway so far? While digital advertising is still most important for Snapchat and YouTube, subscription revenue is driving growth. Here’s the rundown:SnapThe company’s subscription service, Snapchat+, now has 12 million subscribers, up from 11 million subscribers last... It’s time for internet companies to report their quarterly results. One takeaway so far? While...

Participants at the 2024 Future Investment Initiative conference in Riyadh today. Photo via Getty.

At ‘Davos in the Desert,’ It’s ‘AI or Die’

By Kate Clark · Oct 29, 2024 3:00pm PDT

Few conferences are able to gather a more powerful group of finance and tech moguls than Saudi Arabia’s sovereign wealth fund, which sponsors the annual Future Investment Initiative, also known as “Davos in the Desert.” This year’s conference, held this week in Riyadh, has so far featured Elon Musk, SoftBank’s Masayoshi Son, Ben Horowitz,... Few conferences are able to gather a more powerful group of finance and tech moguls than Saudi...

Art by Clark Miller via Midjourney

‘Fear and Skepticism’: AI Automation Arrives for Salespeople

By Jon Victor and Aaron Holmes · Oct 29, 2024 12:01pm PDT · 8 comments

Art by Clark Miller via Midjourney

‘Fear and Skepticism’: AI Automation Arrives for Salespeople

By Jon Victor and Aaron Holmes · Oct 29, 2024 12:01pm PDT · 8 comments

Earlier this year, executives at finance software startup Runway had an idea about how they could boost sales. Using artificial intelligence from OpenAI and other software, Runway’s engineers built a tool that scanned a list of potential corporate customers and drafted custom emails based on information in each of the customers’... Earlier this year, executives at finance software startup Runway had an idea about how they could...

Microsoft CEO Satya Nadella. Photo via Getty.

Microsoft Strikes Deals With OpenAI’s Top Rivals For AI Coding Assistant

By Aaron Holmes · Oct 29, 2024 9:10am PDT

Microsoft is turning up the heat on OpenAI. Microsoft’s developer platform GitHub announced on Tuesday that its wildly popular GitHub Copilot tool—which previously relied entirely on OpenAI models—will now also incorporate AI models from Anthropic and Google. GitHub Copilot will be able to toggle between Anthropic’s Claude 3.5 Sonnet,... Microsoft is turning up the heat on OpenAI. Microsoft’s developer platform GitHub announced on...

Tim Cook at the opening of India's first Apple Store in 2023.

Apple Taps India to Build New iPhone From Ground Up, In a First

By Wayne Ma · Oct 29, 2024 6:00am PDT

When Apple CEO Tim Cook visited China last week, he pledged to government officials that the company would continue to increase its investment in the country, where the vast majority of its products are made, according to the state-run Xinhua news agency. But Apple recently reached a new milestone in its manufacturing efforts in India, which... When Apple CEO Tim Cook visited China last week, he pledged to government officials that the...

Chart by Shane Burke

Why Meta and Apple Have Been Rallying, Unlike Microsoft and Google

By Martin Peers · Oct 28, 2024 5:00pm PDT

Get ready. We’re about to endure three days of earnings reports from five of the six biggest companies in tech—not including Nvidia, which doesn’t report earnings until Nov. 20. What makes these updates more interesting than usual is that investors appear to have wildly varying views of these companies right now, at least judging by their recent... Get ready. We’re about to endure three days of earnings reports from five of the six biggest...

Photo by Getty

Struggling Battery Maker Northvolt Misses Payment to Laid Off Employees

By Steve LeVine · Oct 28, 2024 12:06pm PDT

Photo by Getty

Struggling Battery Maker Northvolt Misses Payment to Laid Off Employees

By Steve LeVine · Oct 28, 2024 12:06pm PDT

Struggling Swedish battery manufacturer Northvolt failed to pay employees of its shuttered Cuberg subsidiary a scheduled final paycheck this month, or for their remaining paid time off, as required by California law, according to four former Cuberg employees. The missed payments came as Northvolt, once the darling of Europe’s clean tech... Struggling Swedish battery manufacturer Northvolt failed to pay employees of its shuttered Cuberg...