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

Traders work on the floor of the New York Stock Exchange during morning trading on February 14 in New York City. Photo by Michael M. Santiago/Getty Images.

AI Investor Rush Harks Back to ZIRP Days

By Martin Peers · Feb 16, 2024 4:05pm PST · 1 comment

It’s beginning to feel a bit like early 2021. Investor enthusiasm for AI startups has surged again, after a brief respite, as we reported today. One great example from our story: Perplexity AI has received unsolicited offers valuing the firm at more than $1 billion—just a month after its last funding round valued it at half that. Meanwhile, ... It’s beginning to feel a bit like early 2021. Investor enthusiasm for AI startups has surged...

7 Trillion Reasons Why

By Jessica E. Lessin · Feb 16, 2024 2:08pm PST · 6 comments

After a week of going full Vision Pro, the Lessins' reaction may surprise you. (It certainly surprised me.) This week's podcast covered all of that and zoomed out with some predictions about how this next tech battleground will play out. Plus, our take on the string of AI headlines this week. And the return of Pop Culture Corner! ... After a week of going full Vision Pro, the Lessins' reaction may surprise you. (It...

Iosotaluno photo courtesy of Match Group. Art by Clark Miller.

‘I Want My Daughters to Be on Tinder’: A New CEO Hopes to Make Everyone Fall in Love Again

By Annie Goldsmith · Feb 16, 2024 9:00am PST · 3 comments

Faye Iosotaluno initially envisioned her family’s December trip to New Zealand as a holiday-time sojourn, but a week before they left, she learned they’d have another reason to celebrate. She’d gotten the top job at Tinder, after a lengthy stretch as its chief operating officer. For Iosotaluno, the role would mean a plunge... Faye Iosotaluno initially envisioned her family’s December trip to New Zealand as a...

Pro Weekly: Rising Shares Lift Readers' Views of Tech Giants

Pro Weekly: Rising Shares Lift Readers' Views of Tech Giants

By Akash Pasricha · Feb 16, 2024 8:00am PST

Pro Weekly: Rising Shares Lift Readers' Views of Tech Giants

Pro Weekly: Rising Shares Lift Readers' Views of Tech Giants

By Akash Pasricha · Feb 16, 2024 8:00am PST

Readers of The Information are optimistic about the tech sector: More than 62% of respondents to our most recent survey expect conditions to improve over the next six months, the highest such percentage since we began asking that question a year ago. The favorable outlook extends to most of the 14 big tech companies we ask about each... Readers of The Information are optimistic about the tech sector: More than 62% of respondents to...

Art by Shane Burke.

Scale, Anthropic Show Pickup in AI Venture Deals

By Cory Weinberg, Kate Clark, Natasha Mascarenhas and Stephanie Palazzolo · Feb 16, 2024 6:00am PST · 2 comments

For a brief period at the start of this year, it looked like venture capitalists’ hunger for artificial intelligence startups was ebbing, spooked by lofty prices and increasing competition from big companies like Google. But in recent weeks, investors have shown the kind of unbridled enthusiasm that colored much of last year—and... For a brief period at the start of this year, it looked like venture capitalists’ hunger...

Michael Moritz at a conference in 2019. Photo by Alex Flynn/Bloomberg via Getty Images

Sequoia Pressures Former Leader Moritz to Leave Klarna Board Seat

By Maria Heeter, Cory Weinberg and Kate Clark · Feb 15, 2024 7:11pm PST · 6 comments

Sequoia Capital is pushing for one of its most venerated former partners, Michael Moritz, to step down from his personal board position at the “buy now, pay later” company Klarna. Sequoia partner Matthew Miller in recent days asked shareholders at Klarna to remove Moritz from the board of directors, a person with direct knowledge of... Sequoia Capital is pushing for one of its most venerated former partners, Michael Moritz, to step...

Sam Altman. Photo by Sipa via AP Images.

So Where’s That New OpenAI Board?

By Jessica E. Lessin · Feb 15, 2024 5:08pm PST · 1 comment

Last November, one of the most important private technology businesses in the world—OpenAI—nearly collapsed overnight over a governance crisis. Its nonprofit board announced to the world that it had lost confidence in CEO Sam Altman’s ability to lead, and it ousted him. Most of the people who worked there threatened to quit. Altman was brought... Last November, one of the most important private technology businesses in the world—OpenAI—nearly...

Photo by Tayfun Coskun/Anadolu via Getty Images.

I Was Wrong. We Haven’t Reached Peak AI Frenzy.

By Kate Clark · Feb 15, 2024 4:16pm PST · 3 comments

Photo by Tayfun Coskun/Anadolu via Getty Images.

I Was Wrong. We Haven’t Reached Peak AI Frenzy.

By Kate Clark · Feb 15, 2024 4:16pm PST · 3 comments

After Sam Altman’s sudden firing last year, I argued the chaos that followed his short-lived ouster would inject a healthy dose of caution into venture investments in artificial intelligence companies. I figured we’d finally reached the peak of the AI venture capital frenzy when a threatened employee exodus from OpenAI risked sending the value... After Sam Altman’s sudden firing last year, I argued the chaos that followed his short-lived...

Creator Alix Earle (right) and her partner, Miami Dolphins wide receiver Braxton Barrios (left) at the 2024 Super Bowl. Photo by Getty Images.

Creator Economy

MrBeast's Audience Is Big. The Super Bowl Is Bigger

By Sahil Patel · Feb 15, 2024 2:06pm PST

Earlier this week Nielsen, the TV measurement firm, reported that 123.7 million people in the U.S. watched this year’s Super Bowl. The TV broadcast, which aired on CBS, averaged 120.3 million viewers, which made it the largest audience for a single telecast in U.S. TV history. (An additional 2.3 million viewers watched the Spanish-language... Earlier this week Nielsen, the TV measurement firm, reported that 123.7 million people in the...

Jaime Dimon, CEO of JPMorgan Chase, and Haris Karonis, CEO of Viva Wallet. Photos via Getty Images.

JPMorgan Raised Concerns About Fintech Viva Wallet With Bank of Greece

By Michael Roddan · Feb 15, 2024 10:11am PST

JPMorgan approached Greece’s central bank last year with concerns about “serious governance failings” at Viva Wallet, a Greek fintech company it partly owns, as well as “misconduct” of the firm’s chief executive and co-founder Haris Karonis, according to allegations filed in a U.K. court. In a lawsuit filed... JPMorgan approached Greece’s central bank last year with concerns about “serious...

Subscriber Survey

Readers Are More Optimistic About Tech Than Any Point in the Past Year

By Akash Pasricha · Feb 15, 2024 8:00am PST

Readers of The Information are more optimistic about prospects for the technology sector than they have been at any time in the past year, according to our latest monthly survey. More than 62% of respondents to the survey said they expect conditions for technology companies to improve over the next six months, the highest proportion expecting... Readers of The Information are more optimistic about prospects for the technology sector than...

Photo by Bloomberg via Getty Images.

No, Sam Altman Isn’t Raising Trillions of Dollars For Chips

By Stephanie Palazzolo · Feb 15, 2024 7:00am PST · 1 comment

Photo by Bloomberg via Getty Images.

No, Sam Altman Isn’t Raising Trillions of Dollars For Chips

By Stephanie Palazzolo · Feb 15, 2024 7:00am PST · 1 comment

Contrary to popular belief, OpenAI CEO Sam Altman isn’t raising trillions of dollars for a large project to develop new server chips for artificial intelligence. A Wall Street Journal report last week that implied Altman was seeking up to $7 trillion worth of capital for what sounds like a joint venture to end all joint ventures caused... Contrary to popular belief, OpenAI CEO Sam Altman isn’t raising trillions of dollars for a large...

Jim Bankoff, co-founder and CEO of Vox Media. Photo by Jerod Harris/Getty Images.

Revenue Declines for Vox Media, Bustle in 2023 Reflects Wider Media Struggles

By Sahil Patel · Feb 15, 2024 6:00am PST

Advertising is no country for small digital media firms. Vox Media, the privately held firm that owns outlets such as New York magazine, The Verge and Eater, saw revenue fall roughly 15% in 2023, dragged down by weaker ad sales, according to people familiar with the matter. Similarly, Bustle Digital Group, which owns Bustle, Nylon and W... Advertising is no country for small digital media firms. Vox Media, the privately held firm that...

Outside the 9th Circuit Court of Appeals in Pasadena, Calif. last March, protesting the proposed Rio Tinto copper mine in Arizona. Photo: Wally Skalij/Los Angeles Times/Getty

The Electric: Let’s Debate Before We Dig Up the Earth, Book Argues

By Steve LeVine · Feb 15, 2024 4:30am PST

In the 1870s, according to legend, a group of Apache warriors jumped to their deaths from a 4,700-foot cliff in Arizona rather than surrender to U.S. Army soldiers who were closing in on them. Today, descendants of the warriors return to the site—dotted with rock carvings and known as Apache Leap—for sacred rites. But in the early 2000s, Ernest... In the 1870s, according to legend, a group of Apache warriors jumped to their deaths from a...

Photo via Adobe Stock.

Instacart Shows Up Uber on Handling Stock Comp

By Martin Peers · Feb 14, 2024 5:00pm PST

Good things come to those who wait—including, we now know, Uber shareholders. The ride-hailing firm’s decision to launch a $7 billion stock buyback program sent the already rallying stock up another 15% to around $79.15. Since the stock was trading as low as $40 last October, Uber CEO Dara Khosrowshahi should be pleased. But taking the glass... Good things come to those who wait—including, we now know, Uber shareholders. The ride-hailing...

Salesforce CEO Marc Benioff. Photo by Bloomberg via Getty

Salesforce to Invest in Nvidia Chip Reseller at More Than $1 Billion Valuation

By Kate Clark and Stephanie Palazzolo · Feb 14, 2024 4:23pm PST · 4 comments

Salesforce CEO Marc Benioff. Photo by Bloomberg via Getty

Salesforce to Invest in Nvidia Chip Reseller at More Than $1 Billion Valuation

By Kate Clark and Stephanie Palazzolo · Feb 14, 2024 4:23pm PST · 4 comments

Nvidia’s hot streak with artificial intelligence chips, which have been in high demand globally, is also lifting a slew of companies that resell the chips. Together AI, a startup that helps AI developers access Nvidia server chips to train and tweak their AI models, is raising more than $100 million in new funding that values the... Nvidia’s hot streak with artificial intelligence chips, which have been in high demand...

Photo via Getty Images.

Creator Economy

What We Learned From Our Creator Takeover List

By Kaya Yurieff · Feb 14, 2024 2:02pm PST

We just released a new list for subscribers to The Information Pro that identifies the most likely targets for takeovers in the creator economy this year. We focused on companies that haven’t raised much if any money since inking seed or earlier rounds more than two years ago. These companies are most likely to face a cash crunch and be open to... We just released a new list for subscribers to The Information Pro that identifies the most...

OpenAI's Sam Altman and Mira Murati. Photos via Getty Images.

OpenAI Develops Web Search Product in Challenge to Google

By Aaron Holmes and Amir Efrati · Feb 14, 2024 1:33pm PST · 15 comments

OpenAI has been developing a web search product that would bring the Microsoft-backed startup into more direct competition with Google, according to someone with knowledge of OpenAI’s plans. The search service would be partly powered by Bing, this person said. OpenAI has been developing a web search product that would bring the Microsoft-backed startup...

Meta Cuts Funding for Fact-Checking on WhatsApp as Elections Loom

By Kalley Huang and Sylvia Varnham O'Regan · Feb 14, 2024 1:13pm PST · 1 comment

Meta Platforms is reducing payments to news organizations that fact-check potential misinformation on WhatsApp, including around elections, according to three people with knowledge of the situation. The cuts mean fewer fact-checkers will monitor election-related discussions on the global messaging app in a year when around half of the... Meta Platforms is reducing payments to news organizations that fact-check potential...

45 Creator Economy Startups That Could Be for Sale This Year

By Kaya Yurieff and Abubakar Idris · Feb 14, 2024 7:00am PST

Creator Economy Database

45 Creator Economy Startups That Could Be for Sale This Year

By Kaya Yurieff and Abubakar Idris · Feb 14, 2024 7:00am PST

Many creator economy startups have found themselves in a precarious position in the aftermath of the pandemic funding boom. Some have laid off staff or cut costs to stay afloat, while others are running on fumes, forcing them to scramble for new capital, find buyers or close altogether. The most vulnerable are those that haven’t raised... Many creator economy startups have found themselves in a precarious position in the aftermath of...