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

Like most of the West's other next-gen battery makers, Sweden's Northvolt is struggling to scale production. Photo: Shutterstock.

The Electric: The Clock Ticks for Next-Gen Western Battery Startups

By Steve LeVine · Jul 29, 2024 4:30am PDT

Four years ago, a flurry of Western next-generation battery-manufacturing startups caught the attention of investors, promising to lead a transformation of electric vehicle propulsion that would make the cars go longer distances and charge faster. Today, though, almost all these companies have vastly narrowed their ambitions or seem to be in... Four years ago, a flurry of Western next-generation battery-manufacturing startups caught the...

Subscriber Survey

Harris Expands Lead Over Trump in New Reader Survey

By Scott Thurm · Jul 27, 2024 7:30am PDT · 23 comments

Vice President Kamala Harris has more support among The Information readers than President Joe Biden did before he dropped out of the presidential race, according to our latest survey. Asked who they would vote for if the election were held today, survey respondents favored Harris over former President Donald Trump 76% to 19%. In a similar... Vice President Kamala Harris has more support among The Information readers than President Joe...

Will Zuck’s Embrace of ‘Badass’ Trump Haunt Him?

Will Zuck’s Embrace of ‘Badass’ Trump Haunt Him?

By Abram Brown · Jul 27, 2024 7:00am PDT

Welcome, Weekenders! In this newsletter:• The Big Read: A lawyer who thinks social media and asbestos have a lot in common • The Top 5: New water toys that tech moguls love• Power and Influence: Kamala Harris’ Silicon Valley hive is fired up• Revisiting: The Parker Conrad–David Sacks feud • Plus: What eels say... Welcome, Weekenders! In this newsletter:• The Big Read: A lawyer who thinks social media and...

Art by Clark Miller

The New Water Toys That Tech Moguls Love

By Annie Goldsmith · Jul 27, 2024 6:00am PDT · 2 comments

Art by Clark Miller

The New Water Toys That Tech Moguls Love

By Annie Goldsmith · Jul 27, 2024 6:00am PDT · 2 comments

Look past Crissy Field on the Presidio shoreline, and you might spot Ariel Poler, co-founder of Reveri Health, and some of his friends—10 to 20 small sails dotting the San Francisco Bay, riding a cargo ship’s wake. They’re not kitesurfing or windsurfing: They’re wing foiling. It’s a new water sport that’s made a real splash over the past... Look past Crissy Field on the Presidio shoreline, and you might spot Ariel Poler, co-founder of...

Zuckerberg’s Open Source AI Manifesto

By Jessica E. Lessin · Jul 26, 2024 3:06pm PDT

This week on More or Less, we took a deep dive into Mark Zuckerberg's latest open source AI crusade and what's missing from the strategy. Plus, the Morins school the Lessins on Brat and all the latest in pop culture. Hope you enjoy! Apple Spotify This week on More or Less, we took a deep dive into Mark Zuckerberg's latest open source AI...

John McEnroe, David Zaslav and Dustin Hoffman at a Los Angeles Lakers game in March. Photo by Allen Berezovsky/Getty.

Why Warner’s NBA Suit Is Pointless

By Martin Peers · Jul 26, 2024 3:00pm PDT

David Zaslav may be persona non grata the next time he shows up to an NBA game. Warner Bros. Discovery, which Zaslav runs, filed suit Friday against the league over its rejection of WBD’s offer to renew its longstanding deal to air NBA games. Whatever the merits of WBD’s argument, this doesn’t seem likely to end well for Zaslav.The fundamental... David Zaslav may be persona non grata the next time he shows up to an NBA game. Warner Bros....

Photo via Stord.

Logistics Startup Stord Buys Part of Pitney Bowes’ E-Commerce Business

By Ann Gehan and Theo Wayt · Jul 26, 2024 12:44pm PDT

Logistics startup Stord is acquiring the e-commerce fulfillment services operations of publicly traded shipping services company Pitney Bowes, according to an internal memo sent to Pitney Bowes staff. It’s the second acquisition so far this year by the Kleiner Perkins– and Founders Fund–backed startup, which aims to help... Logistics startup Stord is acquiring the e-commerce fulfillment services operations of publicly...

Photoillustration by Clark Miller

An Asbestos Lawyer’s New Crusade: Suing Social Media Companies

By Paris Martineau · Jul 26, 2024 9:01am PDT · 2 comments

Photoillustration by Clark Miller

An Asbestos Lawyer’s New Crusade: Suing Social Media Companies

By Paris Martineau · Jul 26, 2024 9:01am PDT · 2 comments

In January, after members of the Senate Judiciary Committee had spent hours grilling tech CEOs about their platforms’ effects on children, Missouri Sen. Josh Hawley pounced on Meta Platforms CEO Mark Zuckerberg. Hawley, a Republican firebrand and a vocal tech critic, accused Zuckerberg of ignoring internal company data that suggested... In January, after members of the Senate Judiciary Committee had spent hours grilling tech CEOs...

Pro Weekly: Omens of Past Corrections

Pro Weekly: Omens of Past Corrections

By Akash Pasricha · Jul 26, 2024 8:00am PDT

A large majority of respondents to our July survey said they expect a stock market correction of 10% or more within the next 12 months, and more than half said shares of technology companies are in a bubble. We also asked readers which year since 1980 they think 2024 feels closest to. Their answers also reflected anxiety about a looming... A large majority of respondents to our July survey said they expect a stock market correction of...

This Fintech Stock May Not Be the Deal Its Executives Say It Is

By Anita Ramaswamy · Jul 26, 2024 7:00am PDT · 2 comments

In the world of online lenders, Enova International stands out. It has been growing rapidly, lending more money last year than ever before even as rising interest rates caused competitors to cut back. Meanwhile, Enova executives have repeatedly argued the company’s stock was “undervalued,” and the company has spent heavily on... In the world of online lenders, Enova International stands out. It has been growing rapidly,...

Photo by Bloomberg via Getty.

DoorDash Hires Flexport Executive to Deliver More Than Just Takeout

By Ann Gehan and Theo Wayt · Jul 26, 2024 6:00am PDT

DoorDash is doubling down on its push to deliver more than just takeout noodles and late-night fast food. The company has hired an Amazon veteran and current Flexport executive, Parisa Sadrzadeh, as vice president of strategy and operations, a spokesperson confirmed. Her hire will help boost DoorDash’s efforts to deliver more types of... DoorDash is doubling down on its push to deliver more than just takeout noodles and late-night...

Photo by View Press via Getty.

Google’s Shrinking Ad-Tech Business

By Martin Peers · Jul 25, 2024 5:00pm PDT

Photo by View Press via Getty.

Google’s Shrinking Ad-Tech Business

By Martin Peers · Jul 25, 2024 5:00pm PDT

Quick quiz: Which part of Google’s business has declined for eight straight quarters? If you guessed the Google network business—which sells advertising on other companies’ websites—you deserve an A in Google-nomics.In the second quarter, reported on Tuesday, Google reported that revenue from the network operation shrank 5% even as ad sales on... Quick quiz: Which part of Google’s business has declined for eight straight quarters? If you...

Reid Hoffman. Photo by Kimberly White/Getty.

Reid Hoffman On His ‘Key Mission’ until November

By Natasha Mascarenhas · Jul 25, 2024 3:00pm PDT · 1 comment

While we’re more than three months away from the election, there is no shortage of political squabbles, monologuing and grandstanding in every corner of Silicon Valley. I checked in with one of tech’s most outspoken Democrats, Reid Hoffman, who plans to co-host or host a fundraiser for Vice President Kamala Harris as soon as September,... While we’re more than three months away from the election, there is no shortage of political ...

Reddit CEO, Steve Huffman, during the company's IPO at the New York Stock Exchange on March 21. Photo by Bloomberg via Getty.

Creator Economy

A Future Reddit Opportunity for Creators

By Sahil Patel and Sylvia Varnham O'Regan · Jul 25, 2024 2:00pm PDT

Reddit has a new content and ad revenue-sharing program that it launched with sports leagues including the NFL, the NBA and NASCAR, as we reported earlier this week. The way it works is straightforward: Leagues post videos and other content on Reddit. Advertisers can buy ads against that content and the leagues and Reddit share the ad... Reddit has a new content and ad revenue-sharing program that it launched with sports leagues...

Art by Clark Miller (photos: Getty Images)

Power and Influence

‘A Unicorn Moment’: Inside Kamala Harris’ Reenergized Web of Silicon Valley Investors, Billionaires and Power Brokers

By Abram Brown, Julia Black, Natasha Mascarenhas and Theo Wayt · Jul 25, 2024 11:39am PDT · 9 comments

Democrats with power and money in California are in a Kamala mood. Reid Hoffman, billionaire venture capitalist, has already shifted his attention as a top Joe Biden fundraiser to bringing in cash for the person who has replaced Biden as the Democratic presidential candidate: Vice President Kamala Harris, a Golden State native who was previously... Democrats with power and money in California are in a Kamala mood. Reid Hoffman, billionaire...

Art by Clark Miller

California’s Proposed Regulation Would Strengthen, Not Harm, AI

By AnnaLee Saxenian · Jul 25, 2024 10:28am PDT · 6 comments

Art by Clark Miller

California’s Proposed Regulation Would Strengthen, Not Harm, AI

By AnnaLee Saxenian · Jul 25, 2024 10:28am PDT · 6 comments

Silicon Valley’s success has spawned some pernicious myths, most notably the glorification of the lone entrepreneur working in a garage, unfettered by government oversight. A closely related myth holds that regulation always jeopardizes innovation and technological progress, because government can’t wisely oversee technological... Silicon Valley’s success has spawned some pernicious myths, most notably the glorification...

Photo via AP.

Is OpenAI a Good Business?

By Amir Efrati · Jul 25, 2024 7:00am PDT · 5 comments

In April this year, OpenAI CEO Sam Altman was asked during a talk at Stanford University about our report that his company had lost more than $500 million in 2022, just as it was releasing ChatGPT, and whether he was generally concerned about losses. His answer: "Whether we burn $500 million a year or $5 billion or $50 billion, I don't... In April this year, OpenAI CEO Sam Altman was asked during a talk at Stanford University about...

Art by Mike Sullivan

How Snapchat Struggled to Protect Teens From Drug Dealing, ‘Sextortion’

By Erin Woo · Jul 25, 2024 6:00am PDT

In the spring of 2021, Snap leapt into action. After the teenage son of a television host died from what his parents said were fentanyl-laced Xanax pills purchased on Snapchat—Snap’s social media app—the company declared a “code red,” an expression it uses for its highest-priority projects, according to two people... In the spring of 2021, Snap leapt into action. After the teenage son of a television host died...

Photo: Bloomberg/Getty

The Electric: The Case for Tesla Not to Make Robotaxis

By Steve LeVine · Jul 25, 2024 4:30am PDT · 1 comment

Sales of Tesla’s electric vehicles are falling, its profit margins are shrinking and investors show little near-term faith in CEO Elon Musk’s plan for deploying autonomous Robotaxis. Tesla shares fell 12% Wednesday, one day after a lackluster second-quarter earnings report, trimming what had been a 73% runup since late April. Sales of Tesla’s electric vehicles are falling, its profit margins are shrinking and investors...

Tech investors have recently paid more attention to glitzy generative AI startups than more traditional machine learning companies.

Stock Sell-Off, OneStream and AI

By Cory Weinberg · Jul 24, 2024 5:00pm PDT

Tech investors have recently paid more attention to glitzy generative AI startups than more traditional machine learning companies.

Stock Sell-Off, OneStream and AI

By Cory Weinberg · Jul 24, 2024 5:00pm PDT

Tech investors often embody the distracted boyfriend meme—the stock image where a man looks back admiringly at another woman, to the horror of his girlfriend. In that same vein, investors are always looking for the next hot thing. Companies working on earlier iterations of artificial intelligence technology, like machine learning, must have felt... Tech investors often embody the distracted boyfriend meme—the stock image where a man looks back...