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

California’s Effort to Regulate AI Would Stifle Innovation

By Lauren Wagner · Jun 5, 2024 9:22am PDT · 3 comments

The artificial intelligence boom has ignited an intense response from regulators that will shape the future of AI startups, platforms and open source. President Joe Biden last year issued an executive order on AI and the EU has its AI Act. In the first half of 2024, state lawmakers across the U.S. have introduced 745 AI-related bills—10... The artificial intelligence boom has ignited an intense response from regulators that will shape...

Why AWS’ Fat Margins Are Here to Stay

By Anita Ramaswamy · Jun 5, 2024 7:28am PDT · 3 comments

If you’re an investor who’s turned negative on Amazon Web Services because of its much-reported growth slowdown of 2023, you might want to look again. While the pioneer of cloud computing is no longer posting red-hot topline expansion numbers, growth picked up meaningfully in the first quarter. Meanwhile, its profit margins are... If you’re an investor who’s turned negative on Amazon Web Services because of its...

Photo by Moor Studio via Shutterstock

The, Um, Psychology of, Like, AI-Generated Voices; Effective Altruists Strike Back at OpenAI

By Stephanie Palazzolo · Jun 5, 2024 7:00am PDT

OpenAI’s forthcoming artificial intelligence-powered voice assistant, which allows users to speak with ChatGPT on their phone, has generated tremendous buzz in the industry, and not just because of ScarJo. That’s because developing AI models that can understand human voices and generate realistic AI voices is a lot harder than you might think.... OpenAI’s forthcoming artificial intelligence-powered voice assistant, which allows users to speak...

Photo courtesy Ionic Materials.

Next-Gen Battery Developer Ionic Materials Closes Down

By Steve LeVine · Jun 4, 2024 10:10pm PDT

Photo courtesy Ionic Materials.

Next-Gen Battery Developer Ionic Materials Closes Down

By Steve LeVine · Jun 4, 2024 10:10pm PDT

In another setback for a maker of a next-generation electric vehicle battery, Massachusetts battery developer Ionic Materials let go virtually its entire workforce on Tuesday, closed down and made plans to sell its equipment and other assets, according to multiple former employees. The company fired more than 40 employees, two of whom said they... In another setback for a maker of a next-generation electric vehicle battery, Massachusetts...

Elon Musk. Photo by Apu Gomes/Getty Images.

Musk’s Chip Maneuvers Won’t Sway Tesla Vote

By Martin Peers · Jun 4, 2024 5:00pm PDT · 1 comment

Say what you will about Elon Musk, at least he is consistent. CNBC broke news today about Musk redirecting a shipment of Nvidia’s highly valued AI chips from Tesla to Musk’s privately held X and xAI, crystallizing concerns that some Tesla shareholders have about Musk’s divided loyalties. Once again, we have evidence that in his management of... Say what you will about Elon Musk, at least he is consistent. CNBC broke news today about Musk...

Left to right: Mark Goldberg, Kristina Shen and Ethan Kurzweil. Photos via Index Ventures, Andreessen Horowitz and Bessemer Venture Partners.

Venture Capitalists Defy Funding Slump to Launch New Firms

By Natasha Mascarenhas · Jun 4, 2024 3:15pm PDT · 3 comments

Over the past year, a wave of venture capitalists have left their firms as the industry wrestles with a steep correction. Now several are launching their own firms, shrugging off the worst market to raise new VC funds in a decade. Former Andreessen Horowitz general partner Kristina Shen, former Index Ventures partner Mark Goldberg and outgoing... Over the past year, a wave of venture capitalists have left their firms as the industry wrestles...

via WndrCo

Jeffrey Katzenberg on the Long, Steep Road to Raising a VC Fund

By Kate Clark · Jun 4, 2024 3:00pm PDT

Hollywood veteran Jeffrey Katzenberg has raised $460 million for his investment firm WndrCo’s first set of dedicated venture capital funds, including a $60 million seed fund. The new fund stands out in a tepid year for VC fundraising—and shows Katzenberg’s name has plenty of pull with investors. That’s despite the collapse of Quibi, the... Hollywood veteran Jeffrey Katzenberg has raised $460 million for his investment firm WndrCo’s...

MrBeast winning a Nickelodeon Kids' Choice Award in 2023. Photo by Monica Schipper/Getty Images.

MrBeast Hires Exec Who Managed SoftBank’s Deal Spree

By Kaya Yurieff · Jun 4, 2024 2:08pm PDT

MrBeast winning a Nickelodeon Kids' Choice Award in 2023. Photo by Monica Schipper/Getty Images.

Creator Economy

MrBeast Hires Exec Who Managed SoftBank’s Deal Spree

By Kaya Yurieff · Jun 4, 2024 2:08pm PDT

MrBeast has a new chief operating officer for his holding company: Jeffrey Housenbold, a former SoftBank Vision Fund managing partner who backed companies including DoorDash and took Shutterfly public as CEO in 2006. Housenbold’s background and new title indicates that MrBeast has high ambitions for his growing business empire, which... MrBeast has a new chief operating officer for his holding company: Jeffrey Housenbold, a former...

Partner Content

Event Recap: Open Source Safety, Shallow Fakes and What’s Next in Responsible AI

By The Information Partnerships · Jun 4, 2024 11:11am PDT

As the artificial intelligence boom continues, questions about safety and ethics are more important than ever. In partnership with Salesforce, Aaron Holmes of The Information held a virtual panel to discuss the intersection of safety, technology and regulatory frameworks for AI with three powerhouses in the industry: Kathy Baxter, principal... As the artificial intelligence boom continues, questions about safety and ethics are more...

Chart by Shane Burke.

How Long Can OpenAI’s First-Mover Advantage Last?

By Stephanie Palazzolo · Jun 4, 2024 7:00am PDT · 1 comment

As companies like OpenAI, Anthropic, Google and Meta Platforms race to leapfrog each other with marginally faster, cheaper or more accurate large language models, a number of developers have told me that these LLMs are beginning to reach parity when it comes to performance.And now, new exclusive data from Kruze Consulting, a finance and HR... As companies like OpenAI, Anthropic, Google and Meta Platforms race to leapfrog each other with...

Apple CEO Tim Cook introduces Apple tv in 2019. Photo by Getty.

Apple Held Talks With China Mobile to Bring Apple TV+ to China

By Wayne Ma · Jun 4, 2024 7:00am PDT

Apple was in talks last year to launch its Apple TV+ video streaming service in China via a deal with China Mobile, the country’s largest telecommunications provider, according to people with knowledge of the matter. If successful, the talks would make Apple TV+ the only U.S. streaming service to be available in China, one of the... Apple was in talks last year to launch its Apple TV+ video streaming service in China via a deal...

ByteDance's Singapore headquarters. Photo by Roslan Rahman/AFP via Getty Images.

ByteDance Seeks to Raise up to $800 million for Car Marketplace Unit

By Jing Yang, Qianer Liu and Juro Osawa · Jun 4, 2024 5:22am PDT

ByteDance's Singapore headquarters. Photo by Roslan Rahman/AFP via Getty Images.

ByteDance Seeks to Raise up to $800 million for Car Marketplace Unit

By Jing Yang, Qianer Liu and Juro Osawa · Jun 4, 2024 5:22am PDT

TikTok parent ByteDance is raising between $700 million and $800 million for its online auto information and marketplace business Dongchedi, according to three people with direct knowledge of the matter, in preparation for an initial public offering for the unit. Plans for an eventual IPO are part of a bigger plan by the Chinese tech giant to... TikTok parent ByteDance is raising between $700 million and $800 million for its online auto...

Photo by Roman Tiraspolsky via Adobe Stock.

Spotify’s Price Rise Makes Apple Music More Appealing

By Martin Peers · Jun 3, 2024 5:00pm PDT

Who said inflation was moderating? Spotify on Monday announced its second price increase in less than a year: The two price rises together total between 20% and 30%, depending on the tier. Jacking up prices so much in such a short period of time is a gutsy move by CEO Daniel Ek, whose company has long struggled to make any real money, due to its... Who said inflation was moderating? Spotify on Monday announced its second price increase in less...

Art by Clark Miller

Selling Data for AI May Be Publishers’ Salvation

By Tomasz Tunguz · Jun 3, 2024 9:30am PDT · 8 comments

In its first earnings report as a public company, Reddit last month said its average revenue per user in the first quarter rose 8% from a year earlier. The biggest reason: new deals in which Reddit is licensing the billions of words and images on its site to developers of large language models. For the year, Reddit said it expected more than $66... In its first earnings report as a public company, Reddit last month said its average revenue per...

The State Street Global Advisors building in Boston. Photo by Scott Eisen/Bloomberg via Getty Images.

State Street is Rebuilding Digital Assets Team, Signaling Optimism About Crypto

By Yueqi Yang · Jun 3, 2024 7:16am PDT

Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which plans to offer crypto custody service, less than six months after cutting jobs in the department. The move reflects growing confidence that crypto and tokenized assets will become more integrated into the financial system. The bank is pressing ahead... Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which...

Div Garg, co-founder and CEO of MultiOn, at the GenAI Summit in San Francisco May 29. Photo by Bloomberg via Getty Images.

Could This Startup Be Amazon’s Horse in the Agent Race?

By Anissa Gardizy · Jun 3, 2024 7:10am PDT

Div Garg, co-founder and CEO of MultiOn, at the GenAI Summit in San Francisco May 29. Photo by Bloomberg via Getty Images.

Could This Startup Be Amazon’s Horse in the Agent Race?

By Anissa Gardizy · Jun 3, 2024 7:10am PDT

Artificial intelligence that automates multi-step tasks on the web, such as organizing and booking a trip, is still under development. But it may be only a matter of months before big developers such as Google, Meta Platforms, OpenAI and others release such time-saving tools.We’ve been wondering where Amazon will be in this race, and how it... Artificial intelligence that automates multi-step tasks on the web, such as organizing and...

Etsy CEO, Josh Silverman. Photo by Getty

How Etsy is Trying To Win Back Shoppers Amid Rise of Temu and Shein

By Ann Gehan · Jun 3, 2024 6:00am PDT · 1 comment

Etsy has a problem. For about the past year, the site, which pitches itself as a place to buy unique goods like handmade jewelry and custom clothing, has become overrun with products from overseas sellers that are also listed—often for less money—on newer bargain sites like Temu. In recent months, Etsy has been developing more tools... Etsy has a problem. For about the past year, the site, which pitches itself as a place to buy...

China's CATL displays a sodium-ion battery at a Beijing exposition in December. Photo: Li He/Xinhua/Getty

The Electric: AI Chatbots Get a Boost From a Sodium-Ion Battery

By Steve LeVine · Jun 3, 2024 4:30am PDT

Artificial intelligence chatbots such as OpenAI’s ChatGPT and Google’s Gemini consume several times as much power as an ordinary Google search, and the insatiable tech companies are demanding yet more from them at a scale that can overwhelm the grid. Artificial intelligence chatbots such as OpenAI’s ChatGPT and Google’s Gemini consume several...

Art by Mike Sullivan

Inside the Collapse of Synapse: Missing Funds Were Known to Investors, Banks for Years

By Michael Roddan · Jun 1, 2024 8:00am PDT · 1 comment

Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno have lost access to their money as a result of this month’s collapse of a little-known fintech called Synapse Financial Technologies. Synapse, which supplies some of the basic plumbing that allows startups to offer banking services, filed for... Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno...

What Happens After Melinda's Billion-Dollar Gift?

What Happens After Melinda's Billion-Dollar Gift?

By Abram Brown · Jun 1, 2024 7:00am PDT

What Happens After Melinda's Billion-Dollar Gift?

What Happens After Melinda's Billion-Dollar Gift?

By Abram Brown · Jun 1, 2024 7:00am PDT

Welcome, Weekenders! In this newsletter:A Wall Street titan with Sequoia money The very best ghostwriters for conjuring a bestsellerPlus: When crooks fell in love with an FBI messaging app; the tech that sparked a toe-curling scandal; and a joyous apocalypse.Melinda French Gates is wasting no time apparently. Less than a month after ... Welcome, Weekenders! In this newsletter:A Wall Street titan with Sequoia money The ...