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

Cris Valenzuela, CEO of Runway. Photo by Nicole Pereira.

Don’t Mortgage Your Future to Microsoft, Says Coatue’s Chief Investment Officer—And What Else You Missed from Our Private Capital Conference

By Stephanie Palazzolo · Apr 10, 2024 7:00am PDT

Artificial intelligence wasn’t the stated theme of The Information’s Private Capital Conference on Tuesday at the New York Stock Exchange but it was the topic on everyone’s lips. Artificial intelligence wasn’t the stated theme of The Information’s Private Capital Conference...

Funding for Generative AI Startups Shifts to Applications

By Akash Pasricha · Apr 10, 2024 6:00am PDT · 2 comments

In the world of generative artificial intelligence startups, chatbots are so 2023. This year, entrepreneurs and venture capitalists are building and backing new applications of the emerging technology, including humanlike robots and voice generators. In the first quarter, venture capitalists plowed more than $2.2 billion into startups tracked by... In the world of generative artificial intelligence startups, chatbots are so 2023. This year,...

Juliet de Baubigny of BDT & MSD Partners and Tony Kim of BlackRock on Tuesday.

Private Capital Conference

Highlights From The Information’s Private Capital Conference

By The Information Staff · Apr 9, 2024 6:54pm PDT

Investors at The Information’s Private Capital Conference Tuesday said the shakeout in valuations the past two years has given them more opportunities to find attractive deals—even in beaten-down sectors such as e-commerce. But tech founders face higher hurdles to go public and many initial public offerings remain far off, even for... Investors at The Information’s Private Capital Conference Tuesday said the shakeout in...

Left to right: The Information's Kate Clark and Cory Weinberg; Akrati Johari, Chief Growth Officer and Head of ZXData at Zanbato; and Gaurav Mathur, founding partner at Pinegrove Capital Partners. Photo by Nicole Pereira.

General Atlantic and Mubadala Send Positive Signals About Market

By Martin Peers · Apr 9, 2024 5:15pm PDT

Left to right: The Information's Kate Clark and Cory Weinberg; Akrati Johari, Chief Growth Officer and Head of ZXData at Zanbato; and Gaurav Mathur, founding partner at Pinegrove Capital Partners. Photo by Nicole Pereira.

General Atlantic and Mubadala Send Positive Signals About Market

By Martin Peers · Apr 9, 2024 5:15pm PDT

The stock market is setting records, partly due to enthusiasm about artificial intelligence, a sector where valuations have soared. The IPO market isn’t back to where it was before interest rates started rising. Yet some investors are more upbeat about investment conditions than they’ve been in a while, judging from comments at our Private... The stock market is setting records, partly due to enthusiasm about artificial intelligence, a...

Ibrahim Ajami at The Information's Private Capital Conference Tuesday.

Private Capital Conference

Mubadala Capital’s Ajami Says Firm Is Going on ‘Offense’

By Becky Peterson · Apr 9, 2024 4:54pm PDT · 3 comments

Mubadala Capital, the investment arm of a giant Abu Dhabi sovereign wealth fund, is “moving into offense,” according to Ibrahim Ajami, Mubadala’s head of venture investments. “We’re leaning in,” he said, adding that the days of passive investing in vehicles like SoftBank’s Vision Fund are over. Speaking... Mubadala Capital, the investment arm of a giant Abu Dhabi sovereign wealth fund, is “moving...

Anton Levy, co-president, General Atlantic, left. Philippe Laffont, founder Coatue Management, right. Photos by Nicole Pereira.

General Atlantic Sees Value in Chinese Startups; Coatue Tries to Avoid AI Exuberance

By Abubakar Idris · Apr 9, 2024 3:14pm PDT

The stock market is near a record high. Six public tech companies are worth more than $1 trillion. Even bitcoin has made a comeback! But the titans of private capital aren’t over the moon with optimism yet. That may be because they’re still working through the hangover of the zero-interest-rate funding boom in their own portfolios. “... The stock market is near a record high. Six public tech companies are worth more than $1...

Dude Perfect raised more than $100 million from Highmount Capital. Photo: Dude Perfect

Creator Economy

What Dude Perfect’s Fundraise Says About the Creator Economy

By Kaya Yurieff · Apr 9, 2024 2:40pm PDT

As creators’ popularity has grown, some of the biggest are now raising capital to transform their online followings into long-lasting media and consumer companies.Dude Perfect, the five-person sports and comedy group that started with a popular YouTube channel, on Tuesday announced an investment from private equity firm Highmount Capital. A... As creators’ popularity has grown, some of the biggest are now raising capital to transform their...

General Atlantic co president Anton Levy. Photo by Nicole Pereira

Say Goodbye to Tiny IPOs, Investors Warn

By Michael Roddan, Theo Wayt and Meredith Mazzilli · Apr 9, 2024 1:09pm PDT · 7 comments

General Atlantic co president Anton Levy. Photo by Nicole Pereira

Private Capital Conference

Say Goodbye to Tiny IPOs, Investors Warn

By Michael Roddan, Theo Wayt and Meredith Mazzilli · Apr 9, 2024 1:09pm PDT · 7 comments

Some of the world’s biggest tech investors have a reality check for companies thinking about going public: While the initial public offering market is showing signs of life, smaller companies that made the cut during the last boom cycle don’t have a shot now. “There were a lot of companies that went public in the last cycle... Some of the world’s biggest tech investors have a reality check for companies thinking...

Philippe Laffont of Coatue talking with Jessica Lessin on Tuesday. Photo by Nicole Pereira.

Private Capital Conference

Coatue’s Laffont Says U.S. and China Need to Provide Clarity on TikTok

By Becky Peterson and Martin Peers · Apr 9, 2024 10:48am PDT

Two big shareholders in ByteDance made their first public comments on the political challenges facing that company’s subsidiary TikTok on Tuesday. Coatue Chief Investment Officer Philippe Laffont, a board member of TikTok parent ByteDance, said the U.S. and China need to “give clarity” about the future of TikTok. Meanwhile,... Two big shareholders in ByteDance made their first public comments on the political challenges...

Tome Co-Founder and CEO Keith Peiris. Photo by Getty.

The AI Presentation Startup Losing Its Rose-Colored Glasses; Musk’s GPU Dreams

By Stephanie Palazzolo · Apr 9, 2024 7:00am PDT

Being a startup founder is hard enough. Add to that the unique obstacles facing the generative AI sector—disappointed buyers, slow revenue growth and the high costs of conversational AI—and many AI founders are realizing that it’s not necessarily the land of free-flowing capital and Nvidia chips.Take Tome, the Bay Area startup, which uses AI to... Being a startup founder is hard enough. Add to that the unique obstacles facing the generative AI...

Art by Mike Sullivan

The Investors Sitting Out the Latest AI Wave—So Far

By Cory Weinberg · Apr 9, 2024 6:00am PDT · 2 comments

Paul Madera’s venture capital firm, Meritech Capital, amassed big returns from betting on private companies such as Facebook and Salesforce that helped power previous technological shifts. But Madera has been steering clear of the tech shift that currently promises to transform the world: generative artificial intelligence. Meritech is one... Paul Madera’s venture capital firm, Meritech Capital, amassed big returns from betting on...

David Ellison. Photo by Getty

With Paramount, Ellison Should Be Careful What He Wishes For

By Martin Peers · Apr 8, 2024 5:00pm PDT

David Ellison. Photo by Getty

With Paramount, Ellison Should Be Careful What He Wishes For

By Martin Peers · Apr 8, 2024 5:00pm PDT

David Ellison should be careful what he wishes for. The son of Oracle chair Larry Ellison is reportedly nearing victory in his bid for TV and film company Paramount Global—to be financed with help from his dad—despite competition from Apollo. The last time there was a takeover battle for Paramount was almost exactly 30 years ago, when Sumner... David Ellison should be careful what he wishes for. The son of Oracle chair Larry Ellison is ...

Meta Platforms to Launch Small Versions of Llama 3 Next Week

By Sylvia Varnham O'Regan · Apr 8, 2024 3:33pm PDT

Meta Platforms is planning to launch two small versions of its forthcoming Llama 3 large-language model next week, according to a Meta employee. The models will serve as a precursor to the launch of the biggest version of Llama 3, expected this summer. Release of the two small models will likely help spark excitement for the forthcoming Llama 3,... Meta Platforms is planning to launch two small versions of its forthcoming Llama 3 large-language...

TikTok Launches New Rewards App to Boost Growth

By Kaya Yurieff · Apr 8, 2024 12:32pm PDT · 1 comment

TikTok’s growth in Europe has slowed down so much that it’s rolling out a new app that gives people financial incentives to watch its videos. The Chinese-owned company is introducing a new app in Spain, France and other countries that will encourage users to watch videos, invite friends to sign up and perform other actions by... TikTok’s growth in Europe has slowed down so much that it’s rolling out a new app...

Katie Haun, founder of Haun Ventures. Photo by Bloomberg via Getty Images.

Haun Ventures Buys the Dip in Chainalysis

By Cory Weinberg · Apr 8, 2024 10:59am PDT

Haun Ventures raised $1.5 billion to invest in crypto startups just before the market collapsed and venture deals slowed dramatically. Now, as the crypto market shows signs of a recovery, Haun is getting active—quietly grabbing a stake in one of the industry’s most high-profile survivors at a steep discount to its peak valuation. The... Haun Ventures raised $1.5 billion to invest in crypto startups just before the market collapsed...

Art by Mike Sullivan

Apple Vision Pro Restrictions Stifle Apps, Some Developers Say

By Wayne Ma · Apr 8, 2024 8:00am PDT · 2 comments

Art by Mike Sullivan

Apple Vision Pro Restrictions Stifle Apps, Some Developers Say

By Wayne Ma · Apr 8, 2024 8:00am PDT · 2 comments

When Apple began developing its Vision Pro headset years ago, the project’s leaders believed its future fortunes hinged on the creativity of app developers outside Apple, just as the iPhone’s success had, said former employees who worked on the project. Increasingly, though, those developers are expressing frustration with the... When Apple began developing its Vision Pro headset years ago, the project’s leaders...

Art by Shane Burke.

Science Fiction Becomes Reality With AI-Powered Mind Reading; The Consequences of the Data Gold Rush

By Jon Victor · Apr 8, 2024 7:30am PDT

As tiny chips and artificial intelligence algorithms become more powerful, a possible future where people control computers just by thinking has become more realistic, according to Brian Otis, the cofounder and former chief technology officer of Alphabet’s Verily life-sciences unit. Otis in February joined Precision Neuroscience as chief... As tiny chips and artificial intelligence algorithms become more powerful, a possible future...

Art by Clark Miller. Demis photo via Getty

Google’s Demis Hassabis Chafes Under New AI Push

By Jon Victor · Apr 8, 2024 6:00am PDT · 7 comments

In early March, Google’s top artificial intelligence executive, Demis Hassabis, tried to rally his team’s spirits after a bruising few weeks. Google had just released Gemini, a chatbot powered by technology from Hassabis’ group and Google’s best shot yet at showing it could catch up to OpenAI’s buzzy ChatGPT.... In early March, Google’s top artificial intelligence executive, Demis Hassabis, tried to...

Randy Parker, CEO of Hyundai America. Photo: Bing Guan/Bloomberg/Getty

The Electric: Hyundai’s U.S. CEO Criticizes Rivals for EV Pullback

By Steve LeVine · Apr 8, 2024 4:30am PDT

For three years, General Motors, Ford and other automakers were all elbows, seeking to outdo one another in their commitment to electric vehicles, backed by tens of billions of dollars each in promised spending. But over the last five or so months, most did a U-turn: They had gotten EVs wrong, many said—customers were not lining up for them in... For three years, General Motors, Ford and other automakers were all elbows, seeking to outdo one...

Is AI Killing Media?

By Jessica E. Lessin · Apr 6, 2024 1:46pm PDT · 1 comment

Is AI Killing Media?

By Jessica E. Lessin · Apr 6, 2024 1:46pm PDT · 1 comment

If there is something that really gets this crew's juices flowing it is, apparently, debating streaming video entertainment! This week's episode features a lively debate about a new trend plus a look at where AI is already disrupting media—and where it probably won't. Enjoy! Apple Spotify If there is something that really gets this crew's juices flowing it is,...