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 Midjourney

How Artificial Intelligence Will Change in 2024

By Stephanie Palazzolo · Dec 28, 2023 7:00am PST

Welcome to the last AI Agenda of 2023! Since launching five months ago, we’ve written 88 issues (wow!) covering everything from the GPU chip wars to the reckoning that young AI startups are facing. (For a summary of highlights and lowlights, check out yesterday’s issue.) Thanks for sticking with us through it all.With an upcoming election,... Welcome to the last AI Agenda of 2023! Since launching five months ago, we’ve written 88 issues...

A Shein warehouse in Indiana. Photo by Scott Olson/Getty Images.

Shein Taps Political Heavyweights to Help Win Over Washington Critics

By Ann Gehan · Dec 28, 2023 7:00am PST · 2 comments

As Shein prepares to go public, it is looking for help in winning over its biggest critics in Washington. With that in mind, the China-founded fast fashion giant has tapped political heavyweights as advisers. David Dreier, a former longtime Republican representative and key architect of the North American Free Trade Agreement, has been playing a... As Shein prepares to go public, it is looking for help in winning over its biggest critics in...

The People With Power at AI Startup Cohere

By Akash Pasricha · Dec 28, 2023 6:00am PST

Artificial intelligence startup Cohere develops large language models that businesses can use to streamline tasks, much like its better-known rivals OpenAI and Anthropic. But Cohere has a far more conventional corporate structure. The engineering-heavy organization brings together young AI research talent with experienced managers from big tech... Artificial intelligence startup Cohere develops large language models that businesses can use to...

he New York Times Building. Photo via Shutterstock.

New York Times Co.’s OpenAI-Microsoft Suit Is a Negotiating Tactic

By Cory Weinberg · Dec 27, 2023 5:00pm PST · 4 comments

he New York Times Building. Photo via Shutterstock.

New York Times Co.’s OpenAI-Microsoft Suit Is a Negotiating Tactic

By Cory Weinberg · Dec 27, 2023 5:00pm PST · 4 comments

The biggest news on a slow news day in a slow news week is about the news. That’s the way the news people want it.The New York Times Co. grabbed the lonely spotlight Wednesday morning with a lawsuit against OpenAI and Microsoft, seeking compensation for the ChatGPT developer’s use of the newspaper’s articles to train ChatGPT. The lawsuit is an... The biggest news on a slow news day in a slow news week is about the news. That’s the way the...

Kai-Fu Lee. Photo by Hou Yu/China News Service via Getty Images.

Q&A

Chinese VC and AI Founder Predicts Shakeout in China’s AI Sector

By Juro Osawa and Jing Yang · Dec 27, 2023 12:35pm PST

China’s generative artificial intelligence startup sector is going through the “qualifying round,” according to Kai-Fu Lee, a venture capitalist and former president of Google China, who earlier this year founded 01.AI, a Beijing-based startup developing large language models, which last month raised a funding round at a $1... China’s generative artificial intelligence startup sector is going through the...

Photo via Ideogram

The Year’s Top Moments and What We’re Watching For Next Year

By Stephanie Palazzolo · Dec 27, 2023 7:00am PST · 2 comments

Looks like the holiday cheer is over for OpenAI.This morning, the New York Times Co. sued the model developer and Microsoft for copyright infringement, claiming that OpenAI used millions of their articles to train AI chatbots without permission. In filing the lawsuit, the Times Co. is ratcheting up the pressure on the two tech firms. In the... Looks like the holiday cheer is over for OpenAI.This morning, the New York Times Co. sued the...

Jamie Dimon, CEO of JPMorgan Chase, and Haris Karonis, CEO and co-founder of Viva Wallet. Photos via Getty.

JPMorgan Clashes With Partly Owned Greek Fintech

By Michael Roddan · Dec 27, 2023 6:00am PST · 1 comment

It’s been just 12 months since JPMorgan Chase spent $800 million to buy 49% of Greek fintech startup Viva Wallet, in an effort to expand the bank’s reach into the small business payments sector across Europe. But already the two companies appear to have fallen out. Two of JPMorgan’s three representatives on Viva’s board... It’s been just 12 months since JPMorgan Chase spent $800 million to buy 49% of Greek...

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 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

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

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

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

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

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

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...