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

Left to right: Peter Fenton, Eric Vishria, Sarah Tavel, Chetan Puttagunta and Victor Lazarte.

In Benchmark’s New Era, Expect More of the Same

By Kate Clark · Jul 2, 2024 3:45pm PDT

The Benchmark of today is nothing like the Benchmark of 1995, the year the storied venture capital firm behind Uber, Twitter and Snap was founded. At least that’s what its five partners maintain in a new letter to limited partners, which details its plan to raise another $425 million fund. To underscore the change, Benchmark is calling its... The Benchmark of today is nothing like the Benchmark of 1995, the year the storied venture...

Photo by Kaya Yurieff.

Creator Economy

Did Cannes Lions Steal VidCon's Thunder?

By Kaya Yurieff · Jul 2, 2024 2:37pm PDT

VidCon was certainly missing some of its pizzazz this year. The annual creator economy conference in Anaheim, Calif. felt light on brands, which previously have shelled out big bucks for interactive pop-up experiences. The big tech companies also had a scaled-back presence. Instagram and YouTube skipped hosting big parties altogether, and... VidCon was certainly missing some of its pizzazz this year. The annual creator economy conference...

Cristóbal Valenzuela, CEO of Runway, at The Information's Private Capital Conference in April. Photo by Nicole Pereira.

Runway, an AI Video Startup, in Talks With General Atlantic for $4 Billion–Valuation Fundraise

By Stephanie Palazzolo · Jul 2, 2024 11:48am PDT

Runway, already the best funded among a cluster of startups developing artificial intelligence software to generate videos for Hollywood and more amateur filmmakers, is trying to strengthen that lead with a new round of financing. The firm is in talks with investors to raise $450 million at about a $4 billion valuation, according to a person... Runway, already the best funded among a cluster of startups developing artificial intelligence...

Photo via Getty Images.

What Counts As Open-Source?

By Kalley Huang · Jul 2, 2024 7:00am PDT

Photo via Getty Images.

What Counts As Open-Source?

By Kalley Huang · Jul 2, 2024 7:00am PDT

When Meta Platforms’ chief artificial intelligence scientist Yann LeCun last month posted on LinkedIn about Meta’s strategy of releasing its large language models for free, some commenters praised its approach, saying it was “reshaping industry collaborations.” Others disagreed with LeCun’s description of the strategy as “open-source.”“They... When Meta Platforms’ chief artificial intelligence scientist Yann LeCun last month posted on...

From left: Court Coursey, Eric Schmidt and Derek Rundell. Photos by Getty.

Eric Schmidt’s Split With Advisor Reveals Complex Deals With Ex-Girlfriends

By Michael Roddan and Cory Weinberg · Jul 2, 2024 6:00am PDT · 9 comments

As résumés go, Derek Rundell’s is a doozy. The self-described serial entrepreneur briefly worked as a consultant for Michael Jackson, the late pop star, and he wrote, directed and acted in “Zombie Sitter,” a low-budget movie about a preteen navigating a post-apocalyptic world following a meteor shower that has... As résumés go, Derek Rundell’s is a doozy. The self-described serial...

The European Commission’s Margrethe Vestager and Thierry Breton in March. Photo by Kenzo Tribouillard/AFP via Getty.

Meta Falls Afoul of Europe’s Regulators

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

Maybe tech companies need to put European regulators on their boards! The European Commission on Monday added Meta Platforms to the list of companies that are not complying with its new Digital Markets Act. The agency doesn’t like the fact that Meta is giving Europeans the choice of either paying a subscription fee for Facebook and Instagram, or... Maybe tech companies need to put European regulators on their boards! The European Commission on...

Art by Clark Miller

Protect Open-Source AI From Attacks by Big Tech

By Jai Ramaswamy · Jul 1, 2024 9:00am PDT · 2 comments

The U.S.––the world’s innovation hub and leader in cutting-edge artificial intelligence––risks ceding its leadership through policy missteps driven by Big Tech’s outsize influence. In Washington and across the country, Big Tech wants to shape regulations to extend its dominance. That includes efforts to... The U.S.––the world’s innovation hub and leader in cutting-edge artificial...

David Luan, cofounder of Adept. Photo via Greylock.

With Adept Deal, Amazon Copies Microsoft; Do Businesses Really Need GPT-5?

By Stephanie Palazzolo · Jul 1, 2024 7:00am PDT · 6 comments

David Luan, cofounder of Adept. Photo via Greylock.

With Adept Deal, Amazon Copies Microsoft; Do Businesses Really Need GPT-5?

By Stephanie Palazzolo · Jul 1, 2024 7:00am PDT · 6 comments

I never thought I’d say this about a nearly 50-year-old company, but Microsoft is turning out to be a trendsetter.First, Microsoft’s $10 billion investment and partnership with OpenAI early last year prompted rival cloud providers to team up with conversational artificial intelligence developers—namely, Amazon Web Services’ similar pact with ... I never thought I’d say this about a nearly 50-year-old company, but Microsoft is turning out to...

Noam Shazeer. Photo by Getty.

Character, a Chatbot Pioneer, Mulls Deals With Rivals Google and Meta

By Kalley Huang · Jul 1, 2024 6:00am PDT

A year ago, Character.AI had the wind at its back. Founded by two artificial intelligence pioneers from Google, the startup had launched AI chatbots that offered what its far larger rivals hadn’t yet provided: something fun. Millions of people had signed up for its website and apps, intrigued by the chance to text with facsimiles of anime... A year ago, Character.AI had the wind at its back. Founded by two artificial intelligence...

At the groundbreaking for a Northvolt gigafactory in Heide, Germany, in March. Photo: Getty

The Electric: Northvolt’s Setback Points to a Broader Threat to EV and Battery Startups

By Steve LeVine · Jul 1, 2024 4:30am PDT · 2 comments

After two Tesla veterans launched Northvolt in 2017, the Swedish battery developer rapidly became Europe’s most prominent champion in the race to develop local electric vehicle and battery industries. Though it had never made a battery, the company announced a whirlwind of plans for vertical integration—plants across Europe and in Canada that... After two Tesla veterans launched Northvolt in 2017, the Swedish battery developer rapidly became...

Art by Clark Miller

The High-Tech Spas Well-Pampered Techies Love

By Annie Goldsmith · Jun 29, 2024 6:00am PDT

A massage, then maybe a dip in the pool? If that’s your idea of a spa day, then this will really get your brain twisted into knots: These days, the coolest, most exclusive spas are downright space age and come complete with amenities like high-definition cameras to assess scalp health, compression suits to promote healthy drainage of... A massage, then maybe a dip in the pool? If that’s your idea of a spa day, then this will...

Art by Clark Miller

Silicon Valley’s Trump Shift Begins Now

By Abram Brown · Jun 29, 2024 6:00am PDT · 1 comment

Art by Clark Miller

Silicon Valley’s Trump Shift Begins Now

By Abram Brown · Jun 29, 2024 6:00am PDT · 1 comment

Welcome, Weekenders! In this newsletter:The fame, feud and fortune behind billionaire Alexandr WangThe best high-tech spasPlus: An apocalypse found; a marvelous, murderous melodrama; and requiem for a reality TV star.Until this moment, it was hard to know how seriously to take Donald Trump’s emerging courtship of Silicon Valley... Welcome, Weekenders! In this newsletter:The fame, feud and fortune behind billionaire Alexandr...

Photo by AP Photo/John Bazemore.

The Pros and Cons of a Second Trump Term for Tech

By Martin Peers · Jun 28, 2024 3:30pm PDT · 16 comments

After Thursday night’s presidential debate, the prospects of another Donald Trump administration seem, well…inevitable. (Don’t shoot the messenger!) For tech folks, that heralds a friendlier regulatory regime toward crypto for sure and probably also toward tech M&A, given the freeze imposed on even the tiniest of deals by President Joe Biden... After Thursday night’s presidential debate, the prospects of another Donald Trump administration...

Photo by Kena Betancur/VIEWpress via Getty.

Amazon’s Bargain Store Would Use Same Trade ‘Loophole’ as Temu, Shein

By Jing Yang and Theo Wayt · Jun 28, 2024 11:41am PDT · 3 comments

Amazon is planning to use the same controversial trade rule as Temu and Shein to import items sold on its upcoming discount section without paying duties, according to a person close to the Amazon team working on the project. While the expected move will help Amazon offer prices that are more competitive with its ascendant rivals,... Amazon is planning to use the same controversial trade rule as Temu and Shein to import items ...

What We Got Wrong—and Right—in a Year of More or Less

By Jessica Lessin · Jun 28, 2024 10:28am PDT

Would Threads would overtake X? Will Sam Altman be toast? After 52 lively episodes, we looked back on some of our big themes, gave ourselves some grades and looked to the next year in tech. Hope you enjoy! Apple Spotify Would Threads would overtake X? Will Sam Altman be toast? After 52 lively episodes, we...

Art by Clark Miller

Fame, Feud and Fortune: Inside Billionaire Alexandr Wang’s Relentless Rise in Silicon Valley

By Cory Weinberg · Jun 28, 2024 9:00am PDT · 7 comments

Art by Clark Miller

Fame, Feud and Fortune: Inside Billionaire Alexandr Wang’s Relentless Rise in Silicon Valley

By Cory Weinberg · Jun 28, 2024 9:00am PDT · 7 comments

In January 2021, Alexandr Wang’s friends and colleagues gathered for a party at his swank South of Market apartment, which featured a 2,000-foot private terrace with a hot tub and views of the San Francisco skyline. Wang, co-founder and CEO of Scale AI, wanted to mark his birthday with a bang: He was turning 24. Wang had spent the holidays... In January 2021, Alexandr Wang’s friends and colleagues gathered for a party at his swank...

Animoca Brands CEO Robby Yung. Photo via Web Summit.

Pro Weekly: Even Crypto Firms Are Thinking IPO

By Akash Pasricha · Jun 28, 2024 8:00am PDT

There are dozens of tech companies hoping to go public, including specialists in enterprise software, retail, artificial intelligence—and most surprisingly, crypto. This week, we reported that Animoca Brands, which owns stakes in more than 400 crypto and metaverse companies, is looking into going public next year. The company was previously... There are dozens of tech companies hoping to go public, including specialists in enterprise...

Art by Clark Miller. Maezawa via Getty Images

Behind the Demise of a Quirky Billionaire’s SpaceX Moon Mission

By Becky Peterson · Jun 28, 2024 6:00am PDT

Yusaku Maezawa had just a few requests for SpaceX. In 2018, the Japanese e-commerce billionaire had agreed to pay SpaceX to fly himself and a crew of eight artists around the moon for a first-of-its-kind project called dearMoon. As part of the deal, Maezawa asked SpaceX to customize the interior of the crew capsule of Starship, the 400-foot-tall... Yusaku Maezawa had just a few requests for SpaceX. In 2018, the Japanese e-commerce billionaire...

The Washington Post's headquarters in Washington D.C. Photo via Shutterstock.

The Washington Post and the Ugly Truth of the Media Business

By Jessica Lessin · Jun 27, 2024 5:00pm PDT

This morning, I read Brian Stelter’s just-published opus in The Atlantic on the travails of The Washington Post and its owner, Jeff Bezos, with much interest.The paper’s business struggles and leadership crisis are a constant closed-door subject among news leaders right now. The piece is excellent and full of details about Bezos’ hands-off... This morning, I read Brian Stelter’s just-published opus in The Atlantic on the travails of The...

Tom Loverro, general partner at IVP. Photo by Christian Grattan/Patrick McMullan via Getty Images.

It’s Time for Startups to ‘Get Responsibly Aggressive’

By Kate Clark · Jun 27, 2024 3:25pm PDT

Tom Loverro, general partner at IVP. Photo by Christian Grattan/Patrick McMullan via Getty Images.

It’s Time for Startups to ‘Get Responsibly Aggressive’

By Kate Clark · Jun 27, 2024 3:25pm PDT

Early last year, venture capitalist Tom Loverro offered a grim prediction. He wrote that a mass extinction event was coming for startups that would make the 2008 financial crisis “look quaint.” At the time, he told companies to reduce expenses through layoffs and focus on survival rather than keeping their valuations high. Now he’s back... Early last year, venture capitalist Tom Loverro offered a grim prediction. He wrote that a mass...