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

Jaime Dimon, CEO of JPMorgan Chase, and Haris Karonis, CEO of Viva Wallet. Photos via Getty Images.

JPMorgan Raised Concerns About Fintech Viva Wallet With Bank of Greece

By Michael Roddan · Feb 15, 2024 10:11am PST

JPMorgan approached Greece’s central bank last year with concerns about “serious governance failings” at Viva Wallet, a Greek fintech company it partly owns, as well as “misconduct” of the firm’s chief executive and co-founder Haris Karonis, according to allegations filed in a U.K. court. In a lawsuit filed... JPMorgan approached Greece’s central bank last year with concerns about “serious...

Subscriber Survey

Readers Are More Optimistic About Tech Than Any Point in the Past Year

By Akash Pasricha · Feb 15, 2024 8:00am PST

Readers of The Information are more optimistic about prospects for the technology sector than they have been at any time in the past year, according to our latest monthly survey. More than 62% of respondents to the survey said they expect conditions for technology companies to improve over the next six months, the highest proportion expecting... Readers of The Information are more optimistic about prospects for the technology sector than...

Photo by Bloomberg via Getty Images.

No, Sam Altman Isn’t Raising Trillions of Dollars For Chips

By Stephanie Palazzolo · Feb 15, 2024 7:00am PST · 1 comment

Contrary to popular belief, OpenAI CEO Sam Altman isn’t raising trillions of dollars for a large project to develop new server chips for artificial intelligence. A Wall Street Journal report last week that implied Altman was seeking up to $7 trillion worth of capital for what sounds like a joint venture to end all joint ventures caused... Contrary to popular belief, OpenAI CEO Sam Altman isn’t raising trillions of dollars for a large...

Jim Bankoff, co-founder and CEO of Vox Media. Photo by Jerod Harris/Getty Images.

Revenue Declines for Vox Media, Bustle in 2023 Reflects Wider Media Struggles

By Sahil Patel · Feb 15, 2024 6:00am PST

Jim Bankoff, co-founder and CEO of Vox Media. Photo by Jerod Harris/Getty Images.

Revenue Declines for Vox Media, Bustle in 2023 Reflects Wider Media Struggles

By Sahil Patel · Feb 15, 2024 6:00am PST

Advertising is no country for small digital media firms. Vox Media, the privately held firm that owns outlets such as New York magazine, The Verge and Eater, saw revenue fall roughly 15% in 2023, dragged down by weaker ad sales, according to people familiar with the matter. Similarly, Bustle Digital Group, which owns Bustle, Nylon and W... Advertising is no country for small digital media firms. Vox Media, the privately held firm that...

Outside the 9th Circuit Court of Appeals in Pasadena, Calif. last March, protesting the proposed Rio Tinto copper mine in Arizona. Photo: Wally Skalij/Los Angeles Times/Getty

The Electric: Let’s Debate Before We Dig Up the Earth, Book Argues

By Steve LeVine · Feb 15, 2024 4:30am PST

In the 1870s, according to legend, a group of Apache warriors jumped to their deaths from a 4,700-foot cliff in Arizona rather than surrender to U.S. Army soldiers who were closing in on them. Today, descendants of the warriors return to the site—dotted with rock carvings and known as Apache Leap—for sacred rites. But in the early 2000s, Ernest... In the 1870s, according to legend, a group of Apache warriors jumped to their deaths from a...

Photo via Adobe Stock.

Instacart Shows Up Uber on Handling Stock Comp

By Martin Peers · Feb 14, 2024 5:00pm PST

Good things come to those who wait—including, we now know, Uber shareholders. The ride-hailing firm’s decision to launch a $7 billion stock buyback program sent the already rallying stock up another 15% to around $79.15. Since the stock was trading as low as $40 last October, Uber CEO Dara Khosrowshahi should be pleased. But taking the glass... Good things come to those who wait—including, we now know, Uber shareholders. The ride-hailing...

Salesforce CEO Marc Benioff. Photo by Bloomberg via Getty

Salesforce to Invest in Nvidia Chip Reseller at More Than $1 Billion Valuation

By Kate Clark and Stephanie Palazzolo · Feb 14, 2024 4:23pm PST · 4 comments

Nvidia’s hot streak with artificial intelligence chips, which have been in high demand globally, is also lifting a slew of companies that resell the chips. Together AI, a startup that helps AI developers access Nvidia server chips to train and tweak their AI models, is raising more than $100 million in new funding that values the... Nvidia’s hot streak with artificial intelligence chips, which have been in high demand...

Photo via Getty Images.

What We Learned From Our Creator Takeover List

By Kaya Yurieff · Feb 14, 2024 2:02pm PST

Photo via Getty Images.

Creator Economy

What We Learned From Our Creator Takeover List

By Kaya Yurieff · Feb 14, 2024 2:02pm PST

We just released a new list for subscribers to The Information Pro that identifies the most likely targets for takeovers in the creator economy this year. We focused on companies that haven’t raised much if any money since inking seed or earlier rounds more than two years ago. These companies are most likely to face a cash crunch and be open to... We just released a new list for subscribers to The Information Pro that identifies the most...

OpenAI's Sam Altman and Mira Murati. Photos via Getty Images.

OpenAI Develops Web Search Product in Challenge to Google

By Aaron Holmes and Amir Efrati · Feb 14, 2024 1:33pm PST · 15 comments

OpenAI has been developing a web search product that would bring the Microsoft-backed startup into more direct competition with Google, according to someone with knowledge of OpenAI’s plans. The search service would be partly powered by Bing, this person said. OpenAI has been developing a web search product that would bring the Microsoft-backed startup...

Meta Cuts Funding for Fact-Checking on WhatsApp as Elections Loom

By Kalley Huang and Sylvia Varnham O'Regan · Feb 14, 2024 1:13pm PST · 1 comment

Meta Platforms is reducing payments to news organizations that fact-check potential misinformation on WhatsApp, including around elections, according to three people with knowledge of the situation. The cuts mean fewer fact-checkers will monitor election-related discussions on the global messaging app in a year when around half of the... Meta Platforms is reducing payments to news organizations that fact-check potential...

Creator Economy Database

45 Creator Economy Startups That Could Be for Sale This Year

By Kaya Yurieff and Abubakar Idris · Feb 14, 2024 7:00am PST

Many creator economy startups have found themselves in a precarious position in the aftermath of the pandemic funding boom. Some have laid off staff or cut costs to stay afloat, while others are running on fumes, forcing them to scramble for new capital, find buyers or close altogether. The most vulnerable are those that haven’t raised... Many creator economy startups have found themselves in a precarious position in the aftermath of...

Ali Ghodsi. Photo via YouTube.

Databricks CEO On What It Takes to Turn LLMs Into a Big Business

By Stephanie Palazzolo · Feb 14, 2024 7:00am PST · 1 comment

Ali Ghodsi. Photo via YouTube.

Databricks CEO On What It Takes to Turn LLMs Into a Big Business

By Stephanie Palazzolo · Feb 14, 2024 7:00am PST · 1 comment

Ali Ghodsi, the CEO of Databricks, a $43 billion-valuation enterprise software firm, had lots to say about OpenAI and the potential challenges it faces in a conference call with The Information subscribers yesterday. (One new challenge it's likely wrestling with is the departure of high-profile researcher Andrej Karpathy, as we scooped... Ali Ghodsi, the CEO of Databricks, a $43 billion-valuation enterprise software firm, had lots to...

Life House CEO Rami Zeidan. Art by Clark Miller

A Hospitality Startup’s Promises Fall Short for Hotel Customers

By Paris Martineau · Feb 14, 2024 6:00am PST · 3 comments

A little over a year ago, Brittany Doyle had high hopes for the Taos Motor Lodge, a renovated, 28-room motel in New Mexico’s high desert that she was opening. To help her run the business, Doyle signed a contract with Life House, a hospitality startup that has raised over $100 million from Tiger Global Management, Trinity Ventures and... A little over a year ago, Brittany Doyle had high hopes for the Taos Motor Lodge, a renovated,...

OpenAI founding member Andrej Karpathy. Photo via Getty

OpenAI Researcher Andrej Karpathy Departs

By Jon Victor and Amir Efrati · Feb 13, 2024 5:21pm PST · 6 comments

Andrej Karpathy, one of the founding members of OpenAI, has left the company, a spokesperson confirmed. Karpathy, a prominent artificial intelligence researcher, was developing a product he has described as an AI assistant and worked closely with the company’s research chief, Bob McGrew. While ChatGPT has been a hit with consumers, OpenAI... Andrej Karpathy, one of the founding members of OpenAI, has left the company, a spokesperson...

Photo via Adobe Stock

Lyft Shows Proof of Life in Profitable Q4

By Martin Peers · Feb 13, 2024 5:03pm PST · 1 comment

Lyft lives! Well, maybe. The No. 2 ride-hailing firm reported that it generated real cash in the fourth quarter for the first time ever, and its CEO, David Risher, predicted the company would repeat the feat for all of 2024. Initial reaction from Wall Street was euphoric—at one point Lyft shares were up 60% in after-hours trading—but that... Lyft lives! Well, maybe. The No. 2 ride-hailing firm reported that it generated real cash in the...

Canva headquarters in Sydney. Photo by Bloomberg via Getty Images.

Canva CFO Damien Singh Leaves Ahead of Potential IPO

By Cory Weinberg · Feb 13, 2024 4:42pm PST

Canva headquarters in Sydney. Photo by Bloomberg via Getty Images.

Canva CFO Damien Singh Leaves Ahead of Potential IPO

By Cory Weinberg · Feb 13, 2024 4:42pm PST

Damien Singh, chief financial officer of Canva, the design software firm last valued at over $25 billion, has left the company. The departure leaves one of the most closely watched software firms with an important executive position to fill ahead of a potential initial public offering. The Australia-based company said in a note to investors last... Damien Singh, chief financial officer of Canva, the design software firm last valued at over $25...

Databricks CEO Ali Ghodsi

Q&A

Databricks CEO Predicts Major Drop in AI Chip Prices

By Stephanie Palazzolo and Amir Efrati · Feb 13, 2024 4:37pm PST · 10 comments

Nvidia’s stock has been on a tear as major technology firms and app developers clamor for the company’s server chips for artificial intelligence, creating a shortage. But over the next year, prices for these chips, known as graphics processing units, will plummet, throwing a wrench into the business models of numerous major companies... Nvidia’s stock has been on a tear as major technology firms and app developers clamor for...

YouTuber MrBeast. Photo via Getty Images

Creator Economy

MrBeast Gives New Life to X’s Creator Plans

By Kaya Yurieff · Feb 13, 2024 2:41pm PST

Much ink lately has been spilled about MrBeast’s videos getting extra visibility on X, the social network formerly known as Twitter. Jimmy Donaldson, the real name of MrBeast, has expressed confusion himself about why his video of cars got more than 156 million impressions in a week, boosting his earnings from advertising revenue on the video to... Much ink lately has been spilled about MrBeast’s videos getting extra visibility on X, the social...

Google CEO Sundar Pichai. Photo by David Paul Morris/Bloomberg via Getty Images.

For Google, ‘Good Enough’ Gemini AI Could Be Good Enough to Win

By Stephanie Palazzolo and Jon Victor · Feb 13, 2024 7:00am PST

Early reviews are pouring in for Google’s Gemini Ultra, the company’s most advanced large language model that powers a paid version of chatbot Gemini, a rival to ChatGPT. The reviews make us think that after an early scramble to catch up to its Microsoft-backed rival, Google is going to be just fine in this market.The vast majority of developers... Early reviews are pouring in for Google’s Gemini Ultra, the company’s most advanced large...

Photos via Getty Images and Shutterstock.

Private Equity Pushes to Hire the 1 Percenters’ Money Managers

By Francesca Friday · Feb 13, 2024 6:00am PST · 2 comments

Photos via Getty Images and Shutterstock.

Private Equity Pushes to Hire the 1 Percenters’ Money Managers

By Francesca Friday · Feb 13, 2024 6:00am PST · 2 comments

Private equity firms are on the hunt for a red-hot skill set: wealth managers who can convince the richest 1% to invest in PE funds. As the flow of capital from pension funds and endowments has slowed, buyout firms are adding to their ranks of rich individual investors to boost assets under management for potential use in buyouts or other... Private equity firms are on the hunt for a red-hot skill set: wealth managers who can convince...