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

The New York Stock Exchange on December 20. Photo by Roy Rochlin/Getty Images.

Beaten-Up Stocks Roar in Year-End Rally

By Martin Peers · Dec 26, 2023 5:00pm PST

The year is ending on an upbeat note for the market, thanks to the Federal Reserve’s interest rate ceasefire. Among the biggest beneficiaries are small tech companies that were among the hardest hit by the market’s plunge over the past couple of years. Shopify, Snap, Coinbase and Affirm have rocketed since late September, rising between 50% and... The year is ending on an upbeat note for the market, thanks to the Federal Reserve’s interest...

Daniela Amodei, president of Anthropic, and CEO Dario Amodei. Photo via YouTube/Bessemer Venture Partners.

Anthropic Projects At Least $850 Million in Annualized Revenue Rate Next Year

By Maria Heeter and Stephanie Palazzolo · Dec 26, 2023 2:37pm PST · 4 comments

Anthropic, an OpenAI rival backed by Amazon and Google, has projected it will generate more than $850 million in annualized revenue by the end of 2024, according to two people with knowledge of its financial picture. Just three months ago, Anthropic told some investors it was generating revenue at a $100 million annualized rate and expected that... Anthropic, an OpenAI rival backed by Amazon and Google, has projected it will generate more than...

Elon Musk. Photo by Antonio Masiello via Getty Images.

Musk’s xAI Incorporates as Benefit Corporation With ‘Positive Impact’ Goal

By Becky Peterson · Dec 26, 2023 1:02pm PST · 1 comment

Elon Musk’s artificial intelligence startup, xAI, is following in the footsteps of rivals OpenAI and Anthropic in opting for an unusual corporate structure. xAI has been organized in Nevada as a for-profit benefit corporation, a structure that allows the company to prioritize having a positive impact on society over its obligations to... Elon Musk’s artificial intelligence startup, xAI, is following in the footsteps of rivals...

Sam Altman, CEO of OpenAI, on December 12. Photo by Kevin Mazur/Getty Images for TIME.

OpenAI Passes the Hat; Midjourney Takes the Cake

By Jon Victor · Dec 26, 2023 7:10am PST

Sam Altman, CEO of OpenAI, on December 12. Photo by Kevin Mazur/Getty Images for TIME.

OpenAI Passes the Hat; Midjourney Takes the Cake

By Jon Victor · Dec 26, 2023 7:10am PST

OpenAI CEO Sam Altman is back to doing what he does best: raising money. The ChatGPT creator has had preliminary conversations about a $100 billion-valuation fundraising, Bloomberg reported Friday, even though its tender offer at a $86 billion valuation isn’t yet complete. Given Altman’s past comment that OpenAI may need to raise $100... OpenAI CEO Sam Altman is back to doing what he does best: raising money. The ChatGPT creator has...

Reddit CEO and co-founder Steve Huffman. Photo via Shutterstock.

Reddit Falls Short of Ad Growth Targets Ahead of Likely 2024 IPO

By Cory Weinberg and Sahil Patel · Dec 26, 2023 6:00am PST · 1 comment

If the market for initial public offerings recovers in the new year, one company that aims to go public early on is Reddit. An IPO will put the spotlight on the prospects for Reddit’s advertising business, which has fallen short of ambitious growth targets outlined by executives two years ago. Reddit expects to finish this year with... If the market for initial public offerings recovers in the new year, one company that aims to go...

The Man Who Fights X's Battles

The Man Who Fights X's Battles

By Jon Steinberg · Dec 23, 2023 6:00am PST

Hi, welcome to your Weekend.Hard to believe it’s been 14 months since Elon Musk walked into Twitter’s headquarters in San Francisco with his infamous "let that sink in" wash basin. Feels like 14 years, to be honest. In the time since, at least three-quarters of the company has been fired or has voluntarily departed. Those ranks include almost... Hi, welcome to your Weekend.Hard to believe it’s been 14 months since Elon Musk walked into...

Art by Clark Miller

The Top 5: Last-Gasp Holiday Gifts

By Annie Goldsmith · Dec 23, 2023 6:00am PST

Face it: You’re long past most “arrive by Christmas” shipping deadlines. To alleviate your procrastinator’s panic, we sourced five gift ideas you can purchase online mere minutes before you’re supposed to bestow them. Sometimes experiences are the greatest (and easiest) gift for the person who has everything. Face it: You’re long past most “arrive by Christmas” shipping deadlines. To...

What We Got Right and Wrong in ‘23 and Calls for ‘24

By Jessica E. Lessin · Dec 22, 2023 6:11pm PST

What We Got Right and Wrong in ‘23 and Calls for ‘24

By Jessica E. Lessin · Dec 22, 2023 6:11pm PST

2024 is going to be a big year for tech. And already, the More or Less gang is taking opposite sides on the launches to come. For our final episode of 2023, it was fun to look ahead (and back) on a wild, wild year. To what we got right and wrong and to a very happy holiday. Episode below, and we'll see you in 2024. ... 2024 is going to be a big year for tech. And already, the More or Less gang is taking opposite...

Photo via Shutterstock

Lionsgate’s SPAC Deal Makes It an Appealing Target for Tech Buyers

By Martin Peers · Dec 22, 2023 3:00pm PST · 1 comment

If you think about it, all the traditional entertainment companies—including Disney, Warner Bros. Discovery, NBCUniversal and Paramount Global—theoretically could be acquisition targets next year. But only one will be properly positioned to maximize its appeal to a tech firm like Apple, Amazon or Netflix. That one is Lionsgate, which owns a wide... If you think about it, all the traditional entertainment companies—including Disney, Warner Bros....

Photo via Getty

Why Cisco is Paying a High Price to Acquire a Cloud Networking Startup

By Anissa Gardizy · Dec 22, 2023 12:51pm PST · 2 comments

Cisco Systems’ acquisition of Isovalent, a cloud networking and security startup backed by Google and Microsoft, announced on Thursday, suggests that the enterprise software stock rebound is also boosting startup valuations in the sector. Cisco, a pioneer in data center networking equipment that has shifted to serve cloud customers, is... Cisco Systems’ acquisition of Isovalent, a cloud networking and security startup backed by...

Nick Pickles photo by Mark Wilson/Getty Images. Art by Clark Miller.

Musk’s Mouthpiece: How Nick Pickles Fights Governments on Behalf of X

By Nancy Scola · Dec 22, 2023 9:00am PST · 2 comments

Nick Pickles has spent much of the last decade getting beaten up before legislative bodies. But one day this August, appearing via video in Canberra, Australia, he was having a particularly brutal time. The Australian Parliament was wrapping up a long-running inquiry into online child sexual exploitation, and David Shoebridge, a Green Party... Nick Pickles has spent much of the last decade getting beaten up before legislative bodies. But...

Pro Weekly: A Surprising Dip in Sentiment About Tech

Pro Weekly: A Surprising Dip in Sentiment About Tech

By Akash Pasricha · Dec 22, 2023 8:00am PST

Pro Weekly: A Surprising Dip in Sentiment About Tech

Pro Weekly: A Surprising Dip in Sentiment About Tech

By Akash Pasricha · Dec 22, 2023 8:00am PST

We’ve been surveying our readers monthly since February to gauge their sentiment toward the tech industry and 14 well-known tech companies. In general, we’ve found that readers’ outlook tends to track the performance of tech stocks in the weeks prior to the survey. That relationship broke down this month.Stocks have been on a tear since early... We’ve been surveying our readers monthly since February to gauge their sentiment toward the tech...

Art by Mike Sullivan

TikTok Parent’s Gaming Stumble Shows Limits of Founder’s Vision

By Juro Osawa · Dec 22, 2023 6:00am PST · 5 comments

ByteDance founder Zhang Yiming was getting impatient. During a video call with executives from the company’s gaming team in Sept. 2022, he complained about a lack of progress at the division, called Nuverse. He also pointed out that user numbers for the ByteDance-owned Moonton game studio hadn’t grown even though its headcount had... ByteDance founder Zhang Yiming was getting impatient. During a video call with executives from...

Stripe CEO, Patrick Collison. Photo by Erin Beach.

Why Stripe’s Recent Investors Are Smiling Now

By Martin Peers · Dec 21, 2023 5:00pm PST

Stripe is back! The payments firm, long a favorite of Silicon Valley investors, is enjoying a rebound in business that is surely making those investors who bought into its March fundraising feel pretty, pretty good. Remember, Stripe raised money at a valuation of just $50 billion, a few billion dollars below its original sought-after pricing... Stripe is back! The payments firm, long a favorite of Silicon Valley investors, is enjoying a...

Art by Mike Sullivan

‘Instability and Chaos’: What SVB and OpenAI Taught Us

By Natasha Mascarenhas · Dec 21, 2023 3:22pm PST · 1 comment

Many investors entered 2023 expecting a holdover of the past year’s doldrums: little dealmaking (except for artificial intelligence), cratering valuations and a growing number of down rounds. They weren’t disappointed—but few if any of them predicted the events that really defined venture capital and startup investing this year: the March... Many investors entered 2023 expecting a holdover of the past year’s doldrums: little dealmaking...

Flexport CEO Ryan Petersen. Photo By Piaras Ó Mídheach/Sportsfile for Collision via Getty Images.

Flexport’s 2024 Goals: Triple Revenue While Slashing Costs

By Theo Wayt · Dec 21, 2023 2:29pm PST

Flexport CEO Ryan Petersen. Photo By Piaras Ó Mídheach/Sportsfile for Collision via Getty Images.

Flexport’s 2024 Goals: Triple Revenue While Slashing Costs

By Theo Wayt · Dec 21, 2023 2:29pm PST

Flexport has set ambitious targets for both revenue growth and cost-cutting in 2024, even as it reels from a sagging freight market and its cash pile continues to shrink. The freight company is targeting $330 million in net revenue in 2024, a dramatic increase from current annualized net revenue of less than $100 million, according to people... Flexport has set ambitious targets for both revenue growth and cost-cutting in 2024, even as it...

Creator Hank Green at The Information’s Creator Economy Summit in April. Photo by Erin Beach

Creator Economy

Creator Economy Year In Review 2023

By Kaya Yurieff · Dec 21, 2023 12:45pm PST · 1 comment

Welcome to the last Creator Economy newsletter of 2023—and what a year it’s been!We published 198 newsletters, bringing you scoops about the millions of dollars Meta Platforms paid creators to use their likeness in AI chatbots; TikTok enlisting creators to lobby on Capitol Hill; and startup M&A, including Passes’ merger with Fanhouse and... Welcome to the last Creator Economy newsletter of 2023—and what a year it’s been!We published 198...

Art by Clark Miller

How to Build Trust in Artificial Intelligence

By Rumman Chowdhury · Dec 21, 2023 9:00am PST · 4 comments

Last month, OpenAI fired and then rehired CEO Sam Altman. When the dust settled, Open AI emerged looking even more like a for-profit corporation than a nonprofit, with a board that is indistinguishable from those of other tech startups—right down to the lack of diversity. This is a clear departure from the company’s 2015 origins as a... Last month, OpenAI fired and then rehired CEO Sam Altman. When the dust settled, Open AI emerged...

Photo by Bloomberg via Getty

VCs Are Acting Strangely in OpenAI and Anthropic Deals

By Amir Efrati · Dec 21, 2023 8:48am PST · 2 comments

It’s one thing for Google, Microsoft and Nvidia to buy shares of mature artificial intelligence startups at inflated prices. But when venture capitalists known for backing young startups do it, we can’t help but scratch our heads and wonder why.Take Menlo Ventures, which is leading an investment in OpenAI’s most comparable rival, Anthropic, my... It’s one thing for Google, Microsoft and Nvidia to buy shares of mature artificial intelligence...

Patrick and John Collison. Photos by Getty.

Stripe Swings to a Profit as Business Rebounds

By Cory Weinberg · Dec 21, 2023 6:00am PST

Patrick and John Collison. Photos by Getty.

Stripe Swings to a Profit as Business Rebounds

By Cory Weinberg · Dec 21, 2023 6:00am PST

Payments giant Stripe, a bellwether of the startup world, kept a lid on spending for engineers and salespeople this year after business slowed in 2022. Now it’s reaping the benefits: as revenue growth has re-accelerated, it’s making money again. Stripe’s net revenues—what the firm takes in from payments it processes after... Payments giant Stripe, a bellwether of the startup world, kept a lid on spending for engineers...