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

Photo via AP.

Is Enthusiasm For Meta’s Llama Slowing Down?

By Kalley Huang · Aug 22, 2024 7:00am PDT · 5 comments

To compete with OpenAI and other artificial intelligence developers, Meta Platforms CEO Mark Zuckerberg needs cloud providers like Amazon Web Services to convince businesses to use Meta’s AI model Llama.So far, that has been a mixed bag, as my colleagues reported on Wednesday. And we just noticed another potentially troubling sign about Llama’s... To compete with OpenAI and other artificial intelligence developers, Meta Platforms CEO Mark...

Photos via Adobe/Getty.

E-commerce Startups Switch Gears as Shakeout Looms

By Ann Gehan · Aug 22, 2024 6:00am PDT

Last fall, after marketing software company Klaviyo went public at a market value of more than $9 billion, leaders at rival Attentive were cheerful about their own initial public offering prospects. At an all-hands meeting, executives told staff the Klaviyo debut showed that public markets could understand a company in the wonky business of... Last fall, after marketing software company Klaviyo went public at a market value of more than $9...

Former Cuberg CEO Richard Wang, who was let go in February. Photo: David Paul Morris/Bloomberg/Getty

The Electric: The Death of Cuberg Reflects a Battery Industry Shakeout

By Steve LeVine · Aug 22, 2024 4:30am PDT

Northvolt’s decision this week to shut down Cuberg, its lithium-metal battery division, is another dramatic sign of a shakeout in the next-generation battery industry—a business that was so hot a few years ago that it seemed almost any startup could attract venture investment. It’s the second U.S. lithium-metal battery startup to fail in the... Northvolt’s decision this week to shut down Cuberg, its lithium-metal battery division, is...

Jim Gorman. Photo via Getty.

Ex-Morgan Stanley Chief Gorman Gets Hardest Job in Business: Finding Iger Successor

By Martin Peers · Aug 21, 2024 5:00pm PDT

Jim Gorman. Photo via Getty.

Ex-Morgan Stanley Chief Gorman Gets Hardest Job in Business: Finding Iger Successor

By Martin Peers · Aug 21, 2024 5:00pm PDT

Uh-oh. This doesn’t seem good. Disney on Wednesday announced that board member Jim Gorman, a former CEO of Morgan Stanley, would take the reins of the board’s succession planning committee from Disney chair Mark Parker. This is the committee charged with what is apparently the hardest job in the Western world: finding a lasting successor for CEO... Uh-oh. This doesn’t seem good. Disney on Wednesday announced that board member Jim Gorman, a...

Loren Gray has a part in the upcoming Netflix film “Incoming,” which comes out on Friday. Photo: Spyglass Media Group, LLC and Artists Road, LLC/Courtesy of Netflix

Creator Economy

TikTok Queen Loren Gray on Landing Her First Netflix Role

By Kaya Yurieff · Aug 21, 2024 2:05pm PDT

Loren Gray is one of the original queens of TikTok, finding early success on its predecessor app Musical.ly in 2015 when she was just 13 years old. Now Gray is the latest social media star to break into traditional acting. She was cast in Netflix’s new film “Incoming,” slated for release Friday, which centers on a group of high school... Loren Gray is one of the original queens of TikTok, finding early success on its predecessor app...

Tenstorrent CEO Jim Keller. Photo by Bloomberg via Getty

Nvidia’s Aggressive Sales Tactics Will Backfire, Says Rival

By Stephanie Palazzolo and Amir Efrati · Aug 21, 2024 12:23pm PDT · 8 comments

The U.S. Department of Justice is investigating accusations by customers and rivals of Nvidia, including Advanced Micro Devices, that the artificial intelligence chip designer is behaving in an anti-competitive way, including in how it bundles its products. One longtime rival argues that while Nvidia’s sharp-edged tactics don’t... The U.S. Department of Justice is investigating accusations by customers and rivals of Nvidia,...

The California State Capitol. Photo by Arturo Holmes via Getty.

The Friends and Foes of California’s AI Legislation

By Rocket Drew · Aug 21, 2024 7:00am PDT

If you follow a lot of tech and venture capitalists on X, you’d get the sense that all founders and investors are in violent opposition to SB 1047. The proposed bill moving through the California legislature would regulate large artificial intelligence makers by requiring them to hire outside auditors, ensuring the companies are testing their... If you follow a lot of tech and venture capitalists on X, you’d get the sense that all founders...

Mark Zuckerberg. Photo via AP.

Meta’s Search for AI Clout Takes It Into New Terrain

By Sylvia Varnham O'Regan, Theo Wayt and Aaron Holmes · Aug 21, 2024 6:00am PDT

Mark Zuckerberg. Photo via AP.

Meta’s Search for AI Clout Takes It Into New Terrain

By Sylvia Varnham O'Regan, Theo Wayt and Aaron Holmes · Aug 21, 2024 6:00am PDT

Meta Platforms knows how to get brands like Away and Temu to buy advertisements on Facebook and Instagram. If the company’s CEO, Mark Zuckerberg, is to succeed at his goal of becoming a leader in artificial intelligence, though, Meta’s going to have to quickly learn a new skill: how to pitch software to big businesses. Zuckerberg... Meta Platforms knows how to get brands like Away and Temu to buy advertisements on Facebook and...

Bolt CEO, Ryan Breslow. Photo via YouTube/Axios.

Bolt’s Breslow Plots His Return

By Martin Peers · Aug 20, 2024 5:00pm PDT

You really can’t beat tech industry founders (and a few venture capitalists) when it comes to setting new standards of chutzpah. The latest example? As my colleague Erin Woo scooped today, Bolt founder Ryan Breslow is proposing to return as CEO of the once-hot e-commerce startup. He claims to have the backing of an overseas investor who would... You really can’t beat tech industry founders (and a few venture capitalists) when it comes to...

Photo via Adobe Stock/Freepik.

The Brouhaha Over Cash Distributions

By Julia Hornstein · Aug 20, 2024 4:22pm PDT · 1 comment

A report from Carta published last week showed just how little venture capital funds have returned in cash to investors, adding to the disappointment in the asset class over the past few years. But a number of venture capitalists—and even some limited partners—say those findings aren’t as bad as they look. To recap, Carta, which sells... A report from Carta published last week showed just how little venture capital funds have...

Bolt co-founder, Ryan Breslow. Photo via Getty.

Some Bolt Investors Balk at Founder’s Costly Attempt to Return as CEO

By Erin Woo · Aug 20, 2024 4:09pm PDT · 7 comments

Ryan Breslow’s proposed return as CEO of Bolt, a commerce software firm that became one of the biggest symbols of investor overexuberance during the pandemic-fueled tech boom, would carry a high cost for existing investors. The deal proposed by Breslow and the company’s current CEO also would reward Breslow with lots of cash for... Ryan Breslow’s proposed return as CEO of Bolt, a commerce software firm that became one of...

Influencer Deja Foxx spoke at the DNC on Monday. Photo by Al Drago/Bloomberg via Getty.

The DNC’s Creator Play

By Kaya Yurieff · Aug 20, 2024 2:18pm PDT

Influencer Deja Foxx spoke at the DNC on Monday. Photo by Al Drago/Bloomberg via Getty.

Creator Economy

The DNC’s Creator Play

By Kaya Yurieff · Aug 20, 2024 2:18pm PDT

Democrats are trying to one up Republicans when it comes to creators this election cycle. The Democratic National Convention invited more than 200 influencers to the nearly weeklong event, which kicked off on Monday in Chicago. That’s double the number invited to the Republican National Convention last month. It’s the first time either... Democrats are trying to one up Republicans when it comes to creators this election cycle. The ...

Amazon co-founder Jeff Bezos at an NFL game in 2022. Photo by Getty

Bezos Has No Plans to Bid on Celtics

By Nick Wingfield · Aug 20, 2024 1:00pm PDT

Jeff Bezos has no plans to bid on the Boston Celtics, according to a person close to Bezos. Since Monday, sports media has been abuzz about the possibility that the billionaire founder of Amazon was considering making an offer for the team, after podcaster Bill Simmons gave credence to the rumors in an episode of his show. But according to the... Jeff Bezos has no plans to bid on the Boston Celtics, according to a person close to Bezos. Since...

Bolt CEO, Ryan Breslow. Photo via Getty.

Bolt Founder Breslow to Return as CEO as Part of New Financing

By Erin Woo · Aug 20, 2024 7:36am PDT · 15 comments

As startup founder comebacks go, this may rank as one of the most remarkable. Bolt founder Ryan Breslow is returning as CEO to the embattled e-commerce startup, two and a half years after he stepped down, Bolt interim CEO Justin Grooms told investors in a letter. And he potentially comes with more cash: Grooms said the company is finalizing a... As startup founder comebacks go, this may rank as one of the most remarkable. Bolt founder Ryan...

Photo via Getty

What Could Stop AI Scaling?

By Stephanie Palazzolo · Aug 20, 2024 7:00am PDT · 3 comments

So far, many of the improvements in large language models’ capabilities have stemmed from a surprisingly simple concept: scaling laws. Essentially, researchers have noticed that the more computing power and data you use to train AI models, the better they perform. This realization has pushed labs like OpenAI, Meta Platforms, Anthropic and ... So far, many of the improvements in large language models’ capabilities have stemmed from a...

Arm CEO, Rene Haas. Photo by Annabelle Chih/Bloomberg via Getty.

Arm Stock Is Pricier Than Nvidia’s. It Shouldn’t Be

By Anita Ramaswamy · Aug 20, 2024 6:00am PDT · 1 comment

Arm CEO, Rene Haas. Photo by Annabelle Chih/Bloomberg via Getty.

Arm Stock Is Pricier Than Nvidia’s. It Shouldn’t Be

By Anita Ramaswamy · Aug 20, 2024 6:00am PDT · 1 comment

Since chip-design firm Arm Holdings went public last September, excitement around generative AI has sent its stock soaring, to a high last month of $188, more than triple its initial public offering price. While the stock has since fallen back a bit, investors are still valuing Arm at a big premium to Nvidia both on a multiple of future revenue... Since chip-design firm Arm Holdings went public last September, excitement around generative AI...

Photo by Jonathan Newton/The Washington Post via Getty.

Why Sports TV Joint Venture Is Dead

By Martin Peers · Aug 19, 2024 5:00pm PDT

Sports fans, listen up. If you were planning to sign up for the new Venu sports-streaming service due to launch this fall—to include sports cable channels such as ESPN, TNT and Fox Sports 1, all for the cut-rate price of just $43 a month—think again. Chances are Venu will never see the light of day, thanks to a judge’s ruling on Friday night... Sports fans, listen up. If you were planning to sign up for the new Venu sports-streaming service...

Art by Clark Miller

Giving Fans AI to Riff on Popular Shows

By Andrew A. Rosen · Aug 19, 2024 10:00am PDT

Disney+ and Warner Bros. Discovery’s Max have bet their futures on shows built around Marvel action heroes and George R.R. Martin fantasy novels, or what former WarnerMedia CEO Jason Kilar called “beloved characters and worlds.” But these streaming services, and their legacy media competitors, are struggling. Such shows are... Disney+ and Warner Bros. Discovery’s Max have bet their futures on shows built around...

Photo via Getty.

Red Teams, Bug Bounties and Freelance Hackers

By Rocket Drew · Aug 19, 2024 7:00am PDT

For the past year, an enterprising bunch of freelance hackers has been publicizing on social media how they’ve been able to manipulate the most sophisticated artificial intelligence models. Their “jailbreaks” produce answers that violate the models’ own guardrails, by prompting the models to disclose designs for weapons, drug recipes or sexually... For the past year, an enterprising bunch of freelance hackers has been publicizing on social...

Art by Mike Sullivan/ Midjourney

Investors Undaunted by Spate of AI Acqui-Hires

By Kate Clark · Aug 19, 2024 6:00am PDT · 1 comment

Art by Mike Sullivan/ Midjourney

Investors Undaunted by Spate of AI Acqui-Hires

By Kate Clark · Aug 19, 2024 6:00am PDT · 1 comment

Thomvest Ventures was finishing an early-stage investment in an artificial intelligence startup when the San Francisco–based firm’s managing director, Don Butler, noticed Thomvest’s lawyer had made a subtle change to the fine print of the deal’s term sheet. In a section outlining what would constitute a liquidation event... Thomvest Ventures was finishing an early-stage investment in an artificial intelligence startup...