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

Art by Clark Miller

The Ben Horowitz Paradox

By Julia Black · Oct 11, 2024 9:00am PDT · 3 comments

On the night of Sept. 21, a group of Black entrepreneurs, investors and Congressional Black Caucus members navigated a labyrinth of gated security to reach a megamansion with views of the Las Vegas Strip. Their hosts: venture capitalist Ben Horowitz, his wife Felicia and Rep. Steven Horsford, chair of the Democratic congressional group. As... On the night of Sept. 21, a group of Black entrepreneurs, investors and Congressional Black...

Left, Demi Guo and Chenlin Meng, the co-founders of Pika. Right, Anthony Woods, Raj Dutt and Torkel Ödegaard, co-founders of Grafana Labs. Photos via Lightspeed Venture Partners.

Pro Weekly: The Latest on Our Most Promising Startups

By Akash Pasricha · Oct 11, 2024 8:00am PDT · 1 comment

Welcome back!October is an exciting time in our newsroom. Every year, we probe our sources and assemble The Information’s list of the 50 most promising startups. The 2024 list—our fifth edition—will appear later this month. Ahead of that, I revisited our previous years’ lists to see how our picks are doing. You can track all 200 of our prior... Welcome back!October is an exciting time in our newsroom. Every year, we probe our sources and...

Art by Clark Miller.

ByteDance’s CFO Is IPO Ready, but the Company Isn’t

By Jing Yang and Juro Osawa · Oct 11, 2024 5:00am PDT · 4 comments

Until Julie Gao joined ByteDance as chief financial officer two years ago, she was one of the highest-profile initial public offering lawyers in Asia. Over the course of 20 years, she helped take public a succession of Chinese tech giants, including JD.com, Temu parent PDD Holdings and Meituan. The one company Gao hasn’t been able to take... Until Julie Gao joined ByteDance as chief financial officer two years ago, she was one of the...

Pfizer CEO Albert Bourla. Photo via Getty.

The E-Mail Miscue That Undercut a $1 Billion Corporate Activism Campaign

By Cory Weinberg · Oct 10, 2024 5:00pm PDT

Pfizer CEO Albert Bourla. Photo via Getty.

The E-Mail Miscue That Undercut a $1 Billion Corporate Activism Campaign

By Cory Weinberg · Oct 10, 2024 5:00pm PDT

It’s become well understood that the high-stakes political world more closely mirrors the satire “Veep” than the prestige-draped “The West Wing.” Behind the pomp, circumstance and power are humans who, like all of us, are prone to bumbling mistakes. The same thing can be said, it seems, about highly choreographed, stealthy... It’s become well understood that the high-stakes political world more closely mirrors the satire...

Elad Gil. Photo via Getty

Elad Gil’s Latest AI Bet Is in Health

By Kate Clark and Stephanie Palazzolo · Oct 10, 2024 4:14pm PDT

The boom in artificial intelligence funding has extended into the healthcare sector, where startups are developing generative AI tools to improve patient care.Abridge, a six-year-old startup that uses AI to transcribe doctors’ conversations with their patients, is raising $250 million at a valuation of $2.5 billion before the investment,... The boom in artificial intelligence funding has extended into the healthcare sector, where...

Art by Mike Sullivan.

Once-Hot Bagel Startup Has Dough Troubles

By Ann Gehan · Oct 10, 2024 2:32pm PDT · 3 comments

Earlier this year, when healthy-bagel startup BetterBrand was looking to raise more capital, things seemed to be going well. The firm told investors revenue was on track to roughly double this year, and it was expanding into Europe. But founder and CEO Aimee Yang thought the company should be valued at between $250 million and $300 million,... Earlier this year, when healthy-bagel startup BetterBrand was looking to raise more capital,...

Photo via Getty.

Fidelity Plans First Fund That May Use Blockchain

By Yueqi Yang · Oct 10, 2024 2:20pm PDT · 2 comments

Investing giant Fidelity Investments is laying the groundwork to launch a money market fund that may trade on a blockchain in the future. It’s the latest effort by a big traditional money manager to explore using the technology to speed up financial transactions and widen the audience for its products. Fidelity on Sept. 26 filed paperwork... Investing giant Fidelity Investments is laying the groundwork to launch a money market fund that...

Hurricane Milton Brings Out Creators' Worst Instincts

Hurricane Milton Brings Out Creators' Worst Instincts

By Kaya Yurieff · Oct 10, 2024 2:00pm PDT · 1 comment

Hurricane Milton Brings Out Creators' Worst Instincts

Creator Economy

Hurricane Milton Brings Out Creators' Worst Instincts

By Kaya Yurieff · Oct 10, 2024 2:00pm PDT · 1 comment

Ahead of Hurricane Milton’s landfall in Florida, some local creators decided to stay put—and use the natural disaster as an opportunity to capture some prime viewership. These terrifying videos of wind-whipped trees and troubled skies are hard to pass up. But they also show creators playing to the internet’s worst instincts.“Shit is looking... Ahead of Hurricane Milton’s landfall in Florida, some local creators decided to stay put—and use...

Art by Clark Miller; Photos by Erin Beach for The Information.

WTF: Women in Tech, Media and Finance

From AI to Chelsea Clinton’s Plea, Inside The Information’s Latest WTF Summit

By Abram Brown · Oct 10, 2024 12:37pm PDT

Amid a roomful of Silicon Valley elite this week, a Clinton made a rousing call to action by recounting a tragedy: the story of Amanda Zurawski, a young Texan woman left infertile after a botched abortion procedure. “This is what we’re doing to women in America,” said Chelsea Clinton, daughter of Bill and Hillary, founder of... Amid a roomful of Silicon Valley elite this week, a Clinton made a rousing call to action by...

Geoff Hinton. Photo by Getty.

OpenAI Turns a Profit…in 2029 Maybe; Post-Murati Personnel Moves; Hinton Shades Altman

By Amir Efrati and Rocket Drew · Oct 10, 2024 7:00am PDT

Howdy! Amir and Rocket here. Before we get to today’s column, please read this phenomenal piece from Aaron about Microsoft CEO Satya Nadella’s market analysis methods. Hint: they involve an absurd number of meetings and calls with people outside his company. It’s a leadership masterclass.Onto today’s issue…When we told you in July that ... Howdy! Amir and Rocket here. Before we get to today’s column, please read this phenomenal...

Marissa Mayer, right, speaks at The Information's Women in Tech, Media and Finance Summit. Photo by Erin Beach for The Information.

WTF: Women in Tech, Media and Finance

Google Breakup, Voter Turnout, Venture Cash Crunch: WTF Highlights

By The Information Staff · Oct 10, 2024 6:30am PDT

Technology is in a state of rapid change. Google faces a historic antitrust breakup. Advances in artificial intelligence are minting multibillion-dollar startups. And venture capital is still grappling with the hangover of the 2021 boom. Speakers at The Information’s Women in Tech, Media and Finance summit had opinions on them all. Chelsea... Technology is in a state of rapid change. Google faces a historic antitrust breakup. Advances in...

Chart by Shane Burke.

Meta Bulls Are Overvaluing Zuckerberg’s Vision

By Anita Ramaswamy · Oct 10, 2024 6:00am PDT · 14 comments

Chart by Shane Burke.

Meta Bulls Are Overvaluing Zuckerberg’s Vision

By Anita Ramaswamy · Oct 10, 2024 6:00am PDT · 14 comments

Investors may be viewing Meta Platforms’ stock through rose-tinted glasses. Meta’s shares have soared over 70% this year, more than those of any other big tech stock except Nvidia, giving Meta a premium valuation next to comparable stocks such as Alphabet’s. Shares of the Facebook and Instagram parent now trade at 14.2 times... Investors may be viewing Meta Platforms’ stock through rose-tinted glasses. Meta’s...

An Arcadium Lithium brine operation in Argentina. Photo: Courtesy Arcadium.

The Electric: Rio Tinto Gets a Big Lithium Asset but No Relief From Price Woes

By Steve LeVine · Oct 10, 2024 4:30am PDT

Rio Tinto’s proposed $6.7 billion acquisition of Arcadium Lithium follows a monthlong surge in the share prices of lithium producers, a rare bright spot in the battered battery metals sector, where raw ore prices have dropped almost 90% over the last two years. But any euphoria over the deal could prove short-lived: It won’t address the global... Rio Tinto’s proposed $6.7 billion acquisition of Arcadium Lithium follows a monthlong surge in...

Bret Taylor, co-founder and chief executive officer of Sierra, left, and Clay Bavor, co-founder of Sierra. Photo by Bloomberg via Getty Images

Bret Taylor’s AI Agent Startup Nears Deal That Could Value It at Over $4 Billion

By Kate Clark and Stephanie Palazzolo · Oct 9, 2024 5:50pm PDT · 1 comment

Sierra, an artificial intelligence startup co-founded by former Salesforce co-CEO Bret Taylor, is raising hundreds of millions of dollars in new funding led by growth-stage investor Greenoaks Capital, according to two people who have knowledge of the deal. The new financing will at least triple the company’s valuation, which was $1... Sierra, an artificial intelligence startup co-founded by former Salesforce co-CEO Bret Taylor, is...

Photo by Picture Alliance via Getty.

Google’s Slow-Motion Drama

By Martin Peers · Oct 9, 2024 5:00pm PDT

We’re at the point in the Google antitrust battle where the story has stalled. Not much real news is going to happen for a while. We got blaring headlines late on Tuesday night about the government’s latest filing in the search case (the one Google has already lost but awaits penalties for). The headlines emphasized the government’s desire to... We’re at the point in the Google antitrust battle where the story has stalled. Not much real news...

Amazon's Udit Madan. Photo by Bloomberg via Getty Images

Amazon Management Cuts Will Apply to Fewer Workers Than in Some Forecasts

By Theo Wayt · Oct 9, 2024 4:17pm PDT

Amazon's Udit Madan. Photo by Bloomberg via Getty Images

Amazon Management Cuts Will Apply to Fewer Workers Than in Some Forecasts

By Theo Wayt · Oct 9, 2024 4:17pm PDT

In September, Amazon CEO Andy Jassy made waves when he announced a plan to sharply reduce the number of managers at the internet giant, partly to combat the bureaucracy creeping into its culture. It turns out Jassy’s plan will affect far fewer managers than some outside the company had expected. Amazon’s efforts to cut back the... In September, Amazon CEO Andy Jassy made waves when he announced a plan to sharply reduce the...

Art by Clark Miller; Nadella image via Getty

Nadella’s Network: How Microsoft’s CEO Avoids Getting Disrupted

By Aaron Holmes · Oct 9, 2024 3:34pm PDT · 10 comments

Earlier this year, Aravind Srinivas’ phone rang. Satya Nadella, Microsoft’s CEO, wanted to dish with Srinivas—CEO of Perplexity, an artificial intelligence–powered search engine startup—on the biggest competitor they had in common: Google. Days earlier, Google had announced several upgrades to Gemini, its generative... Earlier this year, Aravind Srinivas’ phone rang. Satya Nadella, Microsoft’s CEO,...

Andy Dunn, Pie's founder. Photo via Pie.

Creator Economy

Bonobos Co-Founder Puts New Twist on Creator Funds

By Ann Gehan · Oct 9, 2024 3:12pm PDT

Pie, an app for hosting and finding group activities started by Bonobos co-founder Andy Dunn, is taking a page from the creator economy to promote events in the real world.The startup has already seen users flock to events like Sunday Morning Club, which features activities like beach yoga and cold plunges and attracts more than 500 RSVPs... Pie, an app for hosting and finding group activities started by Bonobos co-founder Andy Dunn...

OpenAI CEO Sam Altman. Photo by Getty

OpenAI Projections Imply Losses Tripling to $14 Billion in 2026

By Cory Weinberg · Oct 9, 2024 2:17pm PDT · 14 comments

OpenAI’s newest investors have signed up for a bumpy and expensive ride. The company’s projections suggest it won’t turn a profit until 2029, when its revenue would hit $100 billion. Before it gets to that point, losses could rise as high as $14 billion in 2026, nearly triple this year’s expected loss, according to an... OpenAI’s newest investors have signed up for a bumpy and expensive ride. The...

Speakers at The Information's 2024 WTF conference. Left to right: Liz Reid, VP and Head of Search at Google; Jennifer Tejada, CEO and Chairperson at PagerDuty; and Daniela Amodei, President and co-founder of Anthropic. Photos by Erin Beach for the Information.

Confronting the Challenges of AI

By Kalley Huang · Oct 9, 2024 7:05am PDT

Speakers at The Information's 2024 WTF conference. Left to right: Liz Reid, VP and Head of Search at Google; Jennifer Tejada, CEO and Chairperson at PagerDuty; and Daniela Amodei, President and co-founder of Anthropic. Photos by Erin Beach for the Information.

Confronting the Challenges of AI

By Kalley Huang · Oct 9, 2024 7:05am PDT

Welcome back! Kalley here, reporting from The Information’s Women in Tech, Media and Finance Summit in Yountville, Calif., on Monday and Tuesday. Artificial intelligence was a major theme this year, unsurprisingly. Our speakers wrestled with some of the biggest questions gripping the industry: how developers will make money after... Welcome back! Kalley here, reporting from The Information’s Women in Tech, Media and Finance...