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

The State Street Global Advisors building in Boston. Photo by Scott Eisen/Bloomberg via Getty Images.

State Street is Rebuilding Digital Assets Team, Signaling Optimism About Crypto

By Yueqi Yang · Jun 3, 2024 7:16am PDT

Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which plans to offer crypto custody service, less than six months after cutting jobs in the department. The move reflects growing confidence that crypto and tokenized assets will become more integrated into the financial system. The bank is pressing ahead... Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which...

Div Garg, co-founder and CEO of MultiOn, at the GenAI Summit in San Francisco May 29. Photo by Bloomberg via Getty Images.

Could This Startup Be Amazon’s Horse in the Agent Race?

By Anissa Gardizy · Jun 3, 2024 7:10am PDT

Artificial intelligence that automates multi-step tasks on the web, such as organizing and booking a trip, is still under development. But it may be only a matter of months before big developers such as Google, Meta Platforms, OpenAI and others release such time-saving tools.We’ve been wondering where Amazon will be in this race, and how it... Artificial intelligence that automates multi-step tasks on the web, such as organizing and...

Etsy CEO, Josh Silverman. Photo by Getty

How Etsy is Trying To Win Back Shoppers Amid Rise of Temu and Shein

By Ann Gehan · Jun 3, 2024 6:00am PDT · 1 comment

Etsy has a problem. For about the past year, the site, which pitches itself as a place to buy unique goods like handmade jewelry and custom clothing, has become overrun with products from overseas sellers that are also listed—often for less money—on newer bargain sites like Temu. In recent months, Etsy has been developing more tools... Etsy has a problem. For about the past year, the site, which pitches itself as a place to buy...

China's CATL displays a sodium-ion battery at a Beijing exposition in December. Photo: Li He/Xinhua/Getty

The Electric: AI Chatbots Get a Boost From a Sodium-Ion Battery

By Steve LeVine · Jun 3, 2024 4:30am PDT

China's CATL displays a sodium-ion battery at a Beijing exposition in December. Photo: Li He/Xinhua/Getty

The Electric: AI Chatbots Get a Boost From a Sodium-Ion Battery

By Steve LeVine · Jun 3, 2024 4:30am PDT

Artificial intelligence chatbots such as OpenAI’s ChatGPT and Google’s Gemini consume several times as much power as an ordinary Google search, and the insatiable tech companies are demanding yet more from them at a scale that can overwhelm the grid. Artificial intelligence chatbots such as OpenAI’s ChatGPT and Google’s Gemini consume several...

Art by Mike Sullivan

Inside the Collapse of Synapse: Missing Funds Were Known to Investors, Banks for Years

By Michael Roddan · Jun 1, 2024 8:00am PDT · 1 comment

Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno have lost access to their money as a result of this month’s collapse of a little-known fintech called Synapse Financial Technologies. Synapse, which supplies some of the basic plumbing that allows startups to offer banking services, filed for... Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno...

What Happens After Melinda's Billion-Dollar Gift?

What Happens After Melinda's Billion-Dollar Gift?

By Abram Brown · Jun 1, 2024 7:00am PDT

Welcome, Weekenders! In this newsletter:A Wall Street titan with Sequoia money The very best ghostwriters for conjuring a bestsellerPlus: When crooks fell in love with an FBI messaging app; the tech that sparked a toe-curling scandal; and a joyous apocalypse.Melinda French Gates is wasting no time apparently. Less than a month after ... Welcome, Weekenders! In this newsletter:A Wall Street titan with Sequoia money The ...

Art by Clark Miller

The Very Best Ghostwriters For Conjuring a Bestseller

By Diane Harris · Jun 1, 2024 6:00am PDT · 1 comment

You’re a successful founder or C-suite exec at the pinnacle of your career, looking to climb one more mountain: the bestseller list. Whether you want to write a book to share the lessons you’ve learned, launch a personal platform or cement your legacy, a great ghostwriter—one who can channel your voice, act as a thought partner... You’re a successful founder or C-suite exec at the pinnacle of your career, looking to...

Photo by Justin Sullivan/Getty Images

AI Euphoria Disappears From Public Market

By Martin Peers · May 31, 2024 3:30pm PDT

Photo by Justin Sullivan/Getty Images

AI Euphoria Disappears From Public Market

By Martin Peers · May 31, 2024 3:30pm PDT

What happened to all that AI euphoria we were hearing about for much of the past year? A big sell-off in enterprise software stocks this week dragged down names from Microsoft to Salesforce to Adobe. It demonstrated just how jittery investors are about the state of the software market. That makes sense: Executives at Salesforce, UIPath and other... What happened to all that AI euphoria we were hearing about for much of the past year? A big...

The Big Ass Calendar… and Other Things NOT to Google

By Jessica Lessin · May 31, 2024 3:12pm PDT · 1 comment

While I was off discussing AI and media, the rest of the More or Less gang was.... discussing AI and media! I loved this podcast (as a listener) and know you will too. And Brit, I want my office back! Have a great weekend. Apple Spotify While I was off discussing AI and media, the rest of the More or Less gang was.... discussing AI...

Art by Clark Miller

Mega-billionaire Ken Griffin Wants to Own Our World

By Michelle Celarier · May 31, 2024 9:00am PDT

The popular image of Ken Griffin is that of a master manipulator of financial markets, the bogeyman of a generation of memestockers who spin conspiracy theories about his company, Citadel Securities, interfering with their ability to trade shares of GameStop. But two decades ago, when his hedge fund was still young, Griffin was the one who... The popular image of Ken Griffin is that of a master manipulator of financial markets, the...

Eric Lefkofsky, founder and CEO of Tempus AI. Photo by Kevin Dietsch/Getty Images

Pro Weekly: The IPO Pipeline Grows

By Akash Pasricha · May 31, 2024 8:00am PDT

There’s still no sign of marquee private companies such as Stripe or Databricks listing shares on the stock market anytime soon. But slowly, the pipeline of initial public offering candidates is growing after a quiet few years, according to The Information’s Tech IPO Tracker. Our data suggests that 19 companies are likely to go public... There’s still no sign of marquee private companies such as Stripe or Databricks listing shares on...

Salesforce CEO Marc Benioff. Photo by Bloomberg via Getty Images.

Why the Enterprise Software Stock Sell-Off Is Overdone

By Anita Ramaswamy · May 31, 2024 6:00am PDT · 9 comments

Salesforce CEO Marc Benioff. Photo by Bloomberg via Getty Images.

Why the Enterprise Software Stock Sell-Off Is Overdone

By Anita Ramaswamy · May 31, 2024 6:00am PDT · 9 comments

You’d almost think the long-anticipated AI reckoning for enterprise software has finally come, judging from how some stocks have fallen in recent days. Shares of Salesforce, Workday and UiPath, among others, have dropped by more than 20% since those companies warned customers were wary about committing to long-term software deals. While... You’d almost think the long-anticipated AI reckoning for enterprise software has finally...

Scene from last year's Consensus conference. Photo by Bloomberg via Getty Images.

At Consensus, Crypto Seizes a Political Opportunity

By Yueqi Yang · May 30, 2024 5:00pm PDT

I’ve been in Austin all week, attending the biggest annual crypto conference, Consensus, along with 15,000 other people. The parties—particularly those at BBQ restaurants—were packed. And the vibe all week has been cautiously optimistic, in contrast with a year ago when the industry was merely trying to survive through the aftermath of FTX’s... I’ve been in Austin all week, attending the biggest annual crypto conference, Consensus, along...

Photo by Bloomberg via Getty Images

Google Hires AWS, Microsoft Executives for Cloud Unit

By Anissa Gardizy · May 30, 2024 4:18pm PDT · 1 comment

Google hired two cloud executives from rivals Amazon Web Services and Microsoft as it builds out its artificial intelligence ranks with the goal of boosting its cloud business, according to a person with direct knowledge. Saurabh Tiwary, a former corporate vice president at Microsoft, will join Google Cloud Monday as a general manager of cloud... Google hired two cloud executives from rivals Amazon Web Services and Microsoft as it builds out...

Photo via Midjourney

The Return of the 100X Club

By Kate Clark · May 30, 2024 3:40pm PDT · 4 comments

It’s funny how history has a way of repeating itself. This week, we wrote that artificial intelligence-powered search engine Perplexity is raising more money at a $3 billion valuation in a deal led by Bessemer Venture Partners, a lofty price considering it is generating just over $20 million in annual recurring revenue. That news got... It’s funny how history has a way of repeating itself. This week, we wrote that artificial...

Photo via Midjourney

The AI Video Startups Competing With OpenAI’s Sora

By Abubakar Idris · May 30, 2024 3:22pm PDT

Photo via Midjourney

Creator Economy

The AI Video Startups Competing With OpenAI’s Sora

By Abubakar Idris · May 30, 2024 3:22pm PDT

When OpenAI teased its new text-to-video generator Sora earlier this year, it upped the ante in the race to develop artificial intelligence applications to create art. Since then, Google has unveiled AI video generator Veo, and Erin has reported TikTok is working on an AI feature to create virtual influencers for advertisers, as well. As... When OpenAI teased its new text-to-video generator Sora earlier this year, it upped the ante in...

Art by Shane Burke.

U.S. Commerce Dept. Probes South Korean Chip-Equipment Makers

By Qianer Liu and Laura Mandaro · May 30, 2024 10:15am PDT

The U.S. Commerce Department is probing whether a South Korean maker of parts for machines that produce semiconductors has been selling to Chinese companies that are subject to U.S. sanctions, said two people with knowledge of the investigation. The review signals a new effort by the U.S. government to root out how companies such as Huawei are... The U.S. Commerce Department is probing whether a South Korean maker of parts for machines that...

Art by Clark Miller

To Succeed With AI, Give up Control

By Sarah Hinkfuss · May 30, 2024 9:00am PDT · 4 comments

In 2023, companies large and small engaged in a mania around artificial intelligence to capture a slice of the action. Publicly traded companies mentioned AI more than 30,000 times on earnings calls, and private companies launched their own announcements, pilots and productivity projects. Now, executives are looking for a financial return on... In 2023, companies large and small engaged in a mania around artificial intelligence to capture a...

Photo via Shutterstock

The Cold, Hard Numbers of AI Returns

By Stephanie Palazzolo · May 30, 2024 7:00am PDT · 3 comments

Over and over again, I’ve heard the same mantra from AI founders and big tech execs: 2023 was the year that businesses experimented with AI, but 2024 will be the year they truly put it to use.So for the last five months, we’ve been on the lookout for the cold, hard numbers demonstrating what value businesses and consumers are getting from... Over and over again, I’ve heard the same mantra from AI founders and big tech execs: 2023 was the...

Art by Shane Burke/Shutterstock.

Temu Keeps An Iron Grip on Suppliers, Exposing Itself to U.S. Ban Threat

By Jing Yang · May 30, 2024 6:00am PDT

Art by Shane Burke/Shutterstock.

Temu Keeps An Iron Grip on Suppliers, Exposing Itself to U.S. Ban Threat

By Jing Yang · May 30, 2024 6:00am PDT

As U.S. lawmakers step up efforts to penalize Chinese-owned bargain retail site Temu over the alleged sale of goods made with forced labor on its site, the company is holding fast to its longstanding response: It is a marketplace for independent sellers, just like Amazon and Etsy, and shouldn’t be held responsible for what those merchants... As U.S. lawmakers step up efforts to penalize Chinese-owned bargain retail site Temu over the...