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

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

Ford CEO Jim Farley. Photo: Getty

The Electric: Musk Has Quit $25,000 EVs, but His Rivals Haven’t

By Steve LeVine · Jul 4, 2024 4:30am PDT

Tesla CEO Elon Musk has given up, at least for now, on his vision of a $25,000 electric vehicle, but rival Western carmakers have picked up his idea, and at least five of them plan to release EVs in that price range in the coming year or two. Tesla CEO Elon Musk has given up, at least for now, on his vision of a $25,000 electric vehicle,...

The Saks Fifth Avenue department store in New York. Photo by Bloomberg via Getty.

Amazon’s Luxury Deal Poses a Quandary for FTC

By Martin Peers · Jul 3, 2024 3:30pm PDT · 3 comments

Andy Jassy has a July 4 gift for Federal Trade Commission chair Lina Khan. Amazon is, according to The Wall Street Journal, planning to back HBC, owner of the Saks department store chain, in the acquisition of rival upscale chain Neiman Marcus. Yes, that’s right. The online retailing goliath, blamed by many for crushing old-fashioned... Andy Jassy has a July 4 gift for Federal Trade Commission chair Lina Khan. Amazon is, according...

Photo via Nathaniel Popper.

The Information Welcomes Nathaniel Popper as Bureau Chief for AI, Enterprise Software

By The Information · Jul 3, 2024 2:21pm PDT

The Information is pleased to announce Nathaniel Popper as bureau chief for our artificial intelligence and enterprise coverage. He will help our team report on an electrifying period for AI and the industries that surround it, getting inside the companies shaping it and helping readers to separate hype from reality. Popper has been at the... The Information is pleased to announce Nathaniel Popper as bureau chief for our artificial...

Investors Mary Meeker and Chamath Palihapitiya. Photos by Getty

Why Mary Meeker and Chamath Palihapitiya Are Bullish on the Creator Economy

By Kaya Yurieff · Jul 3, 2024 1:30pm PDT

Investors Mary Meeker and Chamath Palihapitiya. Photos by Getty

Creator Economy

Why Mary Meeker and Chamath Palihapitiya Are Bullish on the Creator Economy

By Kaya Yurieff · Jul 3, 2024 1:30pm PDT

Between investors Mary Meeker and Chamath Palihapitiya’s latest reports referencing the power of creators—we are so back!This week, Meeker released the first edition of her widely-read internet report in more than four years. She focused on artificial intelligence and education, but spilled quite a bit of ink on how a young generation of... Between investors Mary Meeker and Chamath Palihapitiya’s latest reports referencing the power of...

The VC Firms With the Most to Gain—or Lose—From AI

By Julia Hornstein and Abubakar Idris · Jul 3, 2024 12:16pm PDT · 1 comment

In the past two years, almost 200 venture capital firms have invested in young generative artificial intelligence companies without knowing exactly how those bets would pay off. Now it seems likely that several won’t. The technology has created winners such as OpenAI, but it’s also spawned a growing number of startups that could... In the past two years, almost 200 venture capital firms have invested in young generative...

Harvey's Gabe Pereyra and Winston Weinberg. Photo: Harvey.

Harvey Nears New, Smaller Deal With GV After Its Acquisition Plans Collapse

By Kate Clark and Stephanie Palazzolo · Jul 3, 2024 7:05am PDT · 1 comment

One month ago, we broke the news that Harvey, a startup that sells AI-powered legal software, was looking to raise $600 million in funding at a valuation of at least $2 billion. The firm told investors that it planned to use some of the capital to acquire vLex, a 25-year-old legal research firm majority-owned by private equity firm Oakley... One month ago, we broke the news that Harvey, a startup that sells AI-powered legal software, was...

Microsoft Chairman and CEO, Satya Nadella. Photo by Ethan Miller/Getty Images.

Why Microsoft Shouldn’t Be the Top Choice for AI-Focused Investors

By Anita Ramaswamy · Jul 3, 2024 6:00am PDT · 6 comments

Microsoft is second only to Nvidia in the eyes of investors looking to benefit from the generative artificial intelligence boom. But its deluxe valuation suggests the market is underestimating the challenges it could face in its AI expansion, including possible profit margin declines or losing market share in enterprise software. Those looking... Microsoft is second only to Nvidia in the eyes of investors looking to benefit from the...

Andy Jassy. Photo by Jerod Harris/Getty Images.

Amazon’s Stock Record as Jassy Approaches Three-Year CEO Anniversary

By Martin Peers · Jul 2, 2024 4:59pm PDT

Andy Jassy. Photo by Jerod Harris/Getty Images.

Amazon’s Stock Record as Jassy Approaches Three-Year CEO Anniversary

By Martin Peers · Jul 2, 2024 4:59pm PDT

Happy anniversary, Andy Jassy! Well, almost. On Friday, the Amazon CEO will celebrate the third anniversary of his ascension to the top job. And this year Jassy has something to really celebrate.Amazon’s stock closed today at $200, its highest point ever. It’s also 14% higher than when Jassy took the reins, which might not sound like a lot but,... Happy anniversary, Andy Jassy! Well, almost. On Friday, the Amazon CEO will celebrate the third...

Left to right: Peter Fenton, Eric Vishria, Sarah Tavel, Chetan Puttagunta and Victor Lazarte.

In Benchmark’s New Era, Expect More of the Same

By Kate Clark · Jul 2, 2024 3:45pm PDT

The Benchmark of today is nothing like the Benchmark of 1995, the year the storied venture capital firm behind Uber, Twitter and Snap was founded. At least that’s what its five partners maintain in a new letter to limited partners, which details its plan to raise another $425 million fund. To underscore the change, Benchmark is calling its... The Benchmark of today is nothing like the Benchmark of 1995, the year the storied venture...

Photo by Kaya Yurieff.

Creator Economy

Did Cannes Lions Steal VidCon's Thunder?

By Kaya Yurieff · Jul 2, 2024 2:37pm PDT

VidCon was certainly missing some of its pizzazz this year. The annual creator economy conference in Anaheim, Calif. felt light on brands, which previously have shelled out big bucks for interactive pop-up experiences. The big tech companies also had a scaled-back presence. Instagram and YouTube skipped hosting big parties altogether, and... VidCon was certainly missing some of its pizzazz this year. The annual creator economy conference...

Cristóbal Valenzuela, CEO of Runway, at The Information's Private Capital Conference in April. Photo by Nicole Pereira.

Runway, an AI Video Startup, in Talks With General Atlantic for $4 Billion–Valuation Fundraise

By Stephanie Palazzolo · Jul 2, 2024 11:48am PDT

Runway, already the best funded among a cluster of startups developing artificial intelligence software to generate videos for Hollywood and more amateur filmmakers, is trying to strengthen that lead with a new round of financing. The firm is in talks with investors to raise $450 million at about a $4 billion valuation, according to a person... Runway, already the best funded among a cluster of startups developing artificial intelligence...

Photo via Getty Images.

What Counts As Open-Source?

By Kalley Huang · Jul 2, 2024 7:00am PDT

Photo via Getty Images.

What Counts As Open-Source?

By Kalley Huang · Jul 2, 2024 7:00am PDT

When Meta Platforms’ chief artificial intelligence scientist Yann LeCun last month posted on LinkedIn about Meta’s strategy of releasing its large language models for free, some commenters praised its approach, saying it was “reshaping industry collaborations.” Others disagreed with LeCun’s description of the strategy as “open-source.”“They... When Meta Platforms’ chief artificial intelligence scientist Yann LeCun last month posted on...

From left: Court Coursey, Eric Schmidt and Derek Rundell. Photos by Getty.

Eric Schmidt’s Split With Advisor Reveals Complex Deals With Ex-Girlfriends

By Michael Roddan and Cory Weinberg · Jul 2, 2024 6:00am PDT · 9 comments

As résumés go, Derek Rundell’s is a doozy. The self-described serial entrepreneur briefly worked as a consultant for Michael Jackson, the late pop star, and he wrote, directed and acted in “Zombie Sitter,” a low-budget movie about a preteen navigating a post-apocalyptic world following a meteor shower that has... As résumés go, Derek Rundell’s is a doozy. The self-described serial...

The European Commission’s Margrethe Vestager and Thierry Breton in March. Photo by Kenzo Tribouillard/AFP via Getty.

Meta Falls Afoul of Europe’s Regulators

By Martin Peers · Jul 1, 2024 5:00pm PDT · 1 comment

Maybe tech companies need to put European regulators on their boards! The European Commission on Monday added Meta Platforms to the list of companies that are not complying with its new Digital Markets Act. The agency doesn’t like the fact that Meta is giving Europeans the choice of either paying a subscription fee for Facebook and Instagram, or... Maybe tech companies need to put European regulators on their boards! The European Commission on...

Art by Clark Miller

Protect Open-Source AI From Attacks by Big Tech

By Jai Ramaswamy · Jul 1, 2024 9:00am PDT · 2 comments

The U.S.––the world’s innovation hub and leader in cutting-edge artificial intelligence––risks ceding its leadership through policy missteps driven by Big Tech’s outsize influence. In Washington and across the country, Big Tech wants to shape regulations to extend its dominance. That includes efforts to... The U.S.––the world’s innovation hub and leader in cutting-edge artificial...

David Luan, cofounder of Adept. Photo via Greylock.

With Adept Deal, Amazon Copies Microsoft; Do Businesses Really Need GPT-5?

By Stephanie Palazzolo · Jul 1, 2024 7:00am PDT · 6 comments

David Luan, cofounder of Adept. Photo via Greylock.

With Adept Deal, Amazon Copies Microsoft; Do Businesses Really Need GPT-5?

By Stephanie Palazzolo · Jul 1, 2024 7:00am PDT · 6 comments

I never thought I’d say this about a nearly 50-year-old company, but Microsoft is turning out to be a trendsetter.First, Microsoft’s $10 billion investment and partnership with OpenAI early last year prompted rival cloud providers to team up with conversational artificial intelligence developers—namely, Amazon Web Services’ similar pact with ... I never thought I’d say this about a nearly 50-year-old company, but Microsoft is turning out to...

Noam Shazeer. Photo by Getty.

Character, a Chatbot Pioneer, Mulls Deals With Rivals Google and Meta

By Kalley Huang · Jul 1, 2024 6:00am PDT

A year ago, Character.AI had the wind at its back. Founded by two artificial intelligence pioneers from Google, the startup had launched AI chatbots that offered what its far larger rivals hadn’t yet provided: something fun. Millions of people had signed up for its website and apps, intrigued by the chance to text with facsimiles of anime... A year ago, Character.AI had the wind at its back. Founded by two artificial intelligence...

At the groundbreaking for a Northvolt gigafactory in Heide, Germany, in March. Photo: Getty

The Electric: Northvolt’s Setback Points to a Broader Threat to EV and Battery Startups

By Steve LeVine · Jul 1, 2024 4:30am PDT · 2 comments

After two Tesla veterans launched Northvolt in 2017, the Swedish battery developer rapidly became Europe’s most prominent champion in the race to develop local electric vehicle and battery industries. Though it had never made a battery, the company announced a whirlwind of plans for vertical integration—plants across Europe and in Canada that... After two Tesla veterans launched Northvolt in 2017, the Swedish battery developer rapidly became...

Art by Clark Miller

The High-Tech Spas Well-Pampered Techies Love

By Annie Goldsmith · Jun 29, 2024 6:00am PDT

A massage, then maybe a dip in the pool? If that’s your idea of a spa day, then this will really get your brain twisted into knots: These days, the coolest, most exclusive spas are downright space age and come complete with amenities like high-definition cameras to assess scalp health, compression suits to promote healthy drainage of... A massage, then maybe a dip in the pool? If that’s your idea of a spa day, then this will...

Art by Clark Miller

Silicon Valley’s Trump Shift Begins Now

By Abram Brown · Jun 29, 2024 6:00am PDT · 1 comment

Art by Clark Miller

Silicon Valley’s Trump Shift Begins Now

By Abram Brown · Jun 29, 2024 6:00am PDT · 1 comment

Welcome, Weekenders! In this newsletter:The fame, feud and fortune behind billionaire Alexandr WangThe best high-tech spasPlus: An apocalypse found; a marvelous, murderous melodrama; and requiem for a reality TV star.Until this moment, it was hard to know how seriously to take Donald Trump’s emerging courtship of Silicon Valley... Welcome, Weekenders! In this newsletter:The fame, feud and fortune behind billionaire Alexandr...