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

Photo via Shutterstock/Art by Shane Burke.

To Fight Ban Bill, TikTok’s Best Hopes Lie in First Amendment Challenge

By Erin Woo and Juro Osawa · Mar 25, 2024 1:44pm PDT · 6 comments

When then-President Donald Trump tried to ban Chinese-owned app WeChat in 2020, hundreds of WeChat users banded together to sue. They argued that WeChat was a vital communications tool for many elderly Chinese Americans. The tactic worked and the court blocked the ban. Now TikTok, which is facing a potential ban in a bill now before the Senate,... When then-President Donald Trump tried to ban Chinese-owned app WeChat in 2020, hundreds of...

Photo by Bloomberg.

The Big Interview

‘Sober’ IPO Market Is Over, Says Top Morgan Stanley Banker

By Cory Weinberg · Mar 25, 2024 12:36pm PDT · 1 comment

Many of the big investors weighing Reddit’s initial public offering weren’t convinced by the company’s pitch in the weeks leading up to the listing, fretting about the firm’s lack of profits or uncertainty around big licensing deals for its data. But the doubts dissipated for many by the time Reddit’s bankers closed the deal, which valued the... Many of the big investors weighing Reddit’s initial public offering weren’t convinced by the...

Photo via Adobe Stock

New RAG Techniques are Generative AI’s Greatest Hope

By Stephanie Palazzolo · Mar 25, 2024 7:30am PDT

As time goes on and some buyers of generative AI grow disillusioned with the meager returns they’ve seen, many are experimenting with new ways to eke better performance out of large language models without paying up for the latest, state-of-the-art LLM.One way to do this is through a technique called retrieval augmented generation, which aims to... As time goes on and some buyers of generative AI grow disillusioned with the meager returns they’...

Art by Mike Sullivan

Meta Pursues AI Talent With Quick Offers, Emails From Zuckerberg

By Kalley Huang and Jon Victor · Mar 25, 2024 6:00am PDT

Art by Mike Sullivan

Meta Pursues AI Talent With Quick Offers, Emails From Zuckerberg

By Kalley Huang and Jon Victor · Mar 25, 2024 6:00am PDT

To better compete for artificial intelligence researchers, Meta Platforms is making unconventional moves, including extending job offers to candidates without interviewing them and relaxing a longstanding practice of not increasing compensation for employees threatening to leave. In a sign of how seriously the social media company is taking the... To better compete for artificial intelligence researchers, Meta Platforms is making...

In March 2023, Musk and his 16 top executives on Tesla Investor Day. Photo: Via YouTube

The Electric: Thinking the Unthinkable—Tesla Without Elon Musk

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

For months after Elon Musk’s 2022 acquisition of Twitter, investors voiced increasing concerns about his capacity to juggle the leadership of both the social media platform and Tesla, the electric vehicle manufacturer where he is CEO. So in March 2023, Musk organized a live demonstration of why he could effectively run both companies: At Tesla’s... For months after Elon Musk’s 2022 acquisition of Twitter, investors voiced increasing concerns...

Benchmark partner Peter Fenton via Getty

Benchmark to Lead Investment in AI Video Startup HeyGen at $440 Million Valuation

By Stephanie Palazzolo and Kate Clark · Mar 23, 2024 12:26pm PDT · 1 comment

HeyGen, a three-year-old startup that uses artificial intelligence to generate avatars and voices for videos, is raising $60 million at a pre-investment valuation of $440 million, six times higher than the startup’s valuation four months ago, according to a person with direct knowledge of the round. Benchmark, the early-stage venture... HeyGen, a three-year-old startup that uses artificial intelligence to generate avatars and voices...

The Billionaires Trying to Save Our Worlds

The Billionaires Trying to Save Our Worlds

By Abram Brown · Mar 23, 2024 7:00am PDT

Welcome, Weekenders! In this newsletter:Inside Jeff Bezos’ plan for Blue Origin to rocket past Elon Musk’s SpaceXThey counsel Zuckerberg and advise Sam Altman: our picks of the top lawyers for startupsPlus: “3 Body Problem”; a startup’s glowing Frankenplant; and an unshakable source of American anxietyOver the last few days, I’ve spent much of... Welcome, Weekenders! In this newsletter:Inside Jeff Bezos’ plan for Blue Origin to rocket past...

Reddit CEO Steve Huffman at the New York Stock Exchange on Thursday. Photo by Bloomberg via Getty Images.

Reddit’s Big Winner Bets That The Best is Yet to Come

By Martin Peers · Mar 22, 2024 3:23pm PDT

Reddit CEO Steve Huffman at the New York Stock Exchange on Thursday. Photo by Bloomberg via Getty Images.

Reddit’s Big Winner Bets That The Best is Yet to Come

By Martin Peers · Mar 22, 2024 3:23pm PDT

Anyone who was thinking of taking their company public this year must be feeling more upbeat today. Shares of Reddit, the newest social media firm to go public, finished the week up 35% from the company’s IPO price, having lost only a bit of Thursday’s opening-day pop on Friday. Meanwhile, shares of Astera Labs, an artificial intelligence data... Anyone who was thinking of taking their company public this year must be feeling more upbeat...

Art by Clark Miller

The Absolute Best Attorneys for Startups

By Annie Goldsmith · Mar 22, 2024 12:00pm PDT · 12 comments

Find the right lawyer and they can fill many roles: advisor, defender—let’s be real—therapist. In recent decades, the white-shoe law firms that once mostly catered to—and chased—blue-chip industrial companies, conglomerates and banks have set up practices targeting startups, and as Silicon Valley has boomed, plenty... Find the right lawyer and they can fill many roles: advisor, defender—let’s be...

Cameo CEO Steven Galanis. Photo by Getty.

Cameo Valuation Plunges at Least 90% in ‘Cramdown’ Funding Round

By Cory Weinberg and Kaya Yurieff · Mar 22, 2024 11:47am PDT · 1 comment

Cameo authorized a $28 million round of funding last week that will drastically reduce its valuation, the company told shareholders, reflecting a big slowdown in the celebrity video shoutout app’s business. The funding, led by existing investor Valor Equity Partners, would value the company at less than $100 million, measured after the... Cameo authorized a $28 million round of funding last week that will drastically reduce its...

How (Not?) to Exit Your AI Company, Analyzing the New Google-Apple Tie Up

By Jessica E. Lessin · Mar 22, 2024 10:42am PDT

There are weeks when it is really fun to be a reporter! And then even more fun to discuss what is happening with your friends! This was one of those. Lots of AI news, a Reddit IPO and more. I hope you enjoy! Apple Spotify There are weeks when it is really fun to be a reporter! And then even more fun to discuss what is...

Art by Clark Miller

Jeff Bezos Readies Blue Origin for Its Biggest Test

By Nick Wingfield and Becky Peterson · Mar 22, 2024 9:00am PDT · 1 comment

Art by Clark Miller

Jeff Bezos Readies Blue Origin for Its Biggest Test

By Nick Wingfield and Becky Peterson · Mar 22, 2024 9:00am PDT · 1 comment

At some point during the second half of this year, Jeff Bezos, Amazon’s founder, will stuff his feet into a pair of cowboy boots and, if everything goes as planned, watch as a rocket made by his space startup, Blue Origin, blasts off from Cape Canaveral Space Force Station in Florida. The boots are a good luck charm that Bezos wears... At some point during the second half of this year, Jeff Bezos, Amazon’s founder, will stuff...

Photo via Shutterstock

Pro Weekly: Creators' Influence on Shopping

By Akash Pasricha · Mar 22, 2024 8:00am PDT

Yesterday, we published the results of our March subscriber survey, in which more than half of the 742 respondents said they had bought goods or services through social media. Another result that interested me: 53% of respondents said a creator had inspired them to buy something, regardless of whether they bought it on social media or not.... Yesterday, we published the results of our March subscriber survey, in which more than half of...

Rippling founder and CEO, Parker Conrad. Photo by Bloomberg via Getty Images.

In HR Software Battle, Rippling Makes Up Ground Against Deel—At a Cost

By Abubakar Idris and Natasha Mascarenhas · Mar 22, 2024 6:00am PDT

Rippling, a human-resources software startup valued at more than $11 billion, was a relative latecomer to the business of helping companies hire staff overseas. Now its expansion into dozens of countries, including the U.K. and Ireland, is starting to pay off. The eight-year-old startup’s annual recurring revenue roughly doubled to more... Rippling, a human-resources software startup valued at more than $11 billion, was a relative...

U.S. Attorney General Merrick Garland answers questions during today's press conference announcing an antitrust lawsuit against Apple. Photo by Mandel Ngan/AFP.

What the DOJ Suit Against Apple Means

By Martin Peers · Mar 21, 2024 5:00pm PDT · 2 comments

The Justice Department’s antitrust lawsuit against Apple completes the set of antitrust cases now outstanding against four big tech firms, also including Amazon, Meta Platforms and Alphabet (which faces two, one of which has gone through a trial and is awaiting a judgment). But the Apple case is symbolically important, given how respected and... The Justice Department’s antitrust lawsuit against Apple completes the set of antitrust cases now...

Mustafa Suleyman. Photo by David Paul Morris/Bloomberg via Getty Images.

Microsoft’s Maneuver; Andreessen Horowitz Preps Its Multiplexer Fund

By Kate Clark · Mar 21, 2024 3:04pm PDT

Mustafa Suleyman. Photo by David Paul Morris/Bloomberg via Getty Images.

Microsoft’s Maneuver; Andreessen Horowitz Preps Its Multiplexer Fund

By Kate Clark · Mar 21, 2024 3:04pm PDT

It’s been a busy week. Reddit went public Thursday, marking a rare initial public offering after a two-year winter for new listings. Shares jumped 48% in its first day trading, earning the company a market cap of over $9 billion.That’s a promising sign for IPO-ready, aging unicorns, and good news for Reddit’s backers, especially Condé Nast... It’s been a busy week. Reddit went public Thursday, marking a rare initial public offering after...

Photo via Adobe Stock

Creator Economy

Instagram Shopping Tops TikTok For The Information’s Readers

By Kaya Yurieff · Mar 21, 2024 2:00pm PDT

TikTok has poured hundreds of millions of dollars to coax its U.S. users to shop on the app. But for The Information’s readers, Instagram is still the number one social media destination, according to a new survey of subscribers.About 35% of the 742 respondents said they have shopped using Instagram and 20% said they have shopped on Facebook... TikTok has poured hundreds of millions of dollars to coax its U.S. users to shop on the app. But...

Microsoft CEO Satya Nadella, left, and Inflection CEO Mustafa Suleyman, right. Photos by Getty.

Microsoft Agreed to Pay Inflection $650 Million While Hiring Its Staff

By Jessica E. Lessin, Natasha Mascarenhas and Aaron Holmes · Mar 21, 2024 9:38am PDT · 7 comments

Microsoft doesn’t want its plan to hire two of Inflection AI’s co-founders and most of its 70-person staff to be seen as an acquisition. But it’s still writing a hefty check to the two-year-old artificial intelligence startup. The software giant has agreed to pay Inflection approximately $650 million, mostly in the form of a... Microsoft doesn’t want its plan to hire two of Inflection AI’s co-founders and most...

Subscriber Survey

Instagram a Favored Site for Social Commerce Among The Information Readers

By Akash Pasricha · Mar 21, 2024 9:00am PDT

More than half of The Information’s readers say they’ve bought goods or services through social media, most frequently through Instagram, according to our latest subscriber survey. Survey respondents remain optimistic about the outlook for technology companies, though they are less bullish than they were earlier in the year. In... More than half of The Information’s readers say they’ve bought goods or services...

Photo via Shutterstock

What The Court Will Actually Scrutinize in Elon Musk v. OpenAI; Clearing Up GPT-5’s Timeline

By Kalley Huang · Mar 21, 2024 7:00am PDT

Photo via Shutterstock

What The Court Will Actually Scrutinize in Elon Musk v. OpenAI; Clearing Up GPT-5’s Timeline

By Kalley Huang · Mar 21, 2024 7:00am PDT

Elon Musk’s lawsuit against OpenAI, claiming the ChatGPT creator breached a founding agreement to develop artificial general intelligence for the benefit of humanity, not commercial interests, raises legal questions without clear precedent. It might not get very far.One big question is whether private individuals or companies can sue nonprofit... Elon Musk’s lawsuit against OpenAI, claiming the ChatGPT creator breached a founding agreement to...