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

Evangelists of Two Different Silicon Valleys

Evangelists of Two Different Silicon Valleys

By Jon Steinberg · Aug 12, 2023 7:00am PDT · 1 comment

Heads up, Weekenders: The Information is asking subscribers how much time and money they spend on their various fitness and wellness routines. Please fill out our completely anonymous Brain-Body Investment survey (done in five minutes, tops), and we'll share the results soon. Thanks for participating! Hi, welcome to your Weekend.... Heads up, Weekenders: The Information is asking subscribers how much time and money they spend on...

After presiding over the largest cutbacks in company history, Alphabet CFO Ruth Porat made it clear to CEO Sundar Pichai last February that she was ready for change. Photos Getty

Is Ruth Porat’s New Job at Alphabet a Coronation or a Last Dance?

By Anita Raghavan · Aug 12, 2023 6:00am PDT · 6 comments

In February, after Alphabet had put the finishing touches on the technology giant’s 2023 plan, CEO Sundar Pichai and Chief Financial Officer Ruth Porat sat down to brainstorm about the future of the organization and its people. One of the people the two discussed was Porat herself, according to sources familiar with the conversation. The... In February, after Alphabet had put the finishing touches on the technology giant’s 2023...

Photo by Getty

Why Apple Remains on Top

By Martin Peers · Aug 11, 2023 4:30pm PDT

These must be lonely times for iPhone haters. Apple’s share of the mobile market has been growing, according to IDC, which has insulated the company a little from the shrinkage in the smartphone market. (Those damn iPhones are just so easy to use!) As the 2.4% iPhone sales decline in its recently reported June-quarter results showed, though,... These must be lonely times for iPhone haters. Apple’s share of the mobile market has been...

Modular co-founder Chris Lattner. Image via YouTube

Modular, AI Startup Challenging Nvidia, Discusses Funding at $600 Million Valuation

By Kate Clark, Aaron Holmes and Stephanie Palazzolo · Aug 11, 2023 4:21pm PDT

Modular co-founder Chris Lattner. Image via YouTube

Modular, AI Startup Challenging Nvidia, Discusses Funding at $600 Million Valuation

By Kate Clark, Aaron Holmes and Stephanie Palazzolo · Aug 11, 2023 4:21pm PDT

Modular, a startup whose software aims to loosen Nvidia’s chokehold over in-demand artificial intelligence chips, has been in talks with investors including General Catalyst to raise Series A funding that would value it at roughly $600 million, according to two people with knowledge of the deal discussions. The new capital would come less... Modular, a startup whose software aims to loosen Nvidia’s chokehold over in-demand...

Art by Clark Miller.

The New Ballgame

The Next Frontier for Sports Betting: Your TV

By Daniel Kaplan · Aug 11, 2023 11:00am PDT · 4 comments

For all the ways sports gambling has infiltrated American life since the Supreme Court legalized the industry five years ago, there was one area where betting still did not exist: within actual sports broadcasts. Bettors couldn’t watch a game on Fox or ESPN and point their remote at an on-screen button to place a wager. But all that is... For all the ways sports gambling has infiltrated American life since the Supreme Court legalized...

How to Save ESPN. Barstool’s Bad (Good?) Example

By Jessica E. Lessin · Aug 11, 2023 10:29am PDT

It is not, shall we say, boom times in the media business. Even ESPN—the crown jewel, cash cow, you name it—of the business is on shaky ground. And it is freaking people—at least media people—out. So I had to ask the squad what they think? What saves live sports coverage? That, a snazzy new video introduction from Wizard... It is not, shall we say, boom times in the media business. Even ESPN—the crown jewel, cash...

Andreessen Horowitz general partner Katherine Boyle wants "American dynamism" on the lips of both lawmakers and founders. Art by Clark Miller

American Dynamo: An ‘Iconic’ Andreessen Horowitz Investor Is Turning Heads in Defense Tech

By Margaux MacColl · Aug 11, 2023 9:00am PDT · 3 comments

On November 16, 2022, Silicon Valley came to Washington—specifically, to the airy, upscale Italian restaurant Piccolina da Centrolina, where the evening’s co-host, Andreessen Horowitz general partner Katherine Boyle, was waiting. It was the night before Andreessen’s American Dynamism summit, and Boyle had helped convene around... On November 16, 2022, Silicon Valley came to Washington—specifically, to the airy, upscale...

David Wadhwani, president of Adobe's digital media business. Photo by Getty.

Pro Weekly: Behind Adobe's Matrix Magic

By Akash Pasricha · Aug 11, 2023 8:00am PDT

David Wadhwani, president of Adobe's digital media business. Photo by Getty.

Pro Weekly: Behind Adobe's Matrix Magic

By Akash Pasricha · Aug 11, 2023 8:00am PDT

Let’s talk about the matrix. No, not “The Matrix”—rather, Adobe’s matrix.My colleague Kalley published an org chart earlier this week outlining the 64 people with power at Adobe. Artificial intelligence is front and center for the company, with multiple C-suite executives managing people working on AI initiatives, including Firefly, the company’... Let’s talk about the matrix. No, not “The Matrix”—rather, Adobe’s matrix.My colleague Kalley...

Databricks co-founder and CEO Ali Ghodsi. Photo by Bloomberg.

Without IPOs, Some Startup Workers Pay Steep Price to Get Cash

By Cory Weinberg · Aug 11, 2023 6:00am PDT · 3 comments

Some Databricks employees and executives sitting on valuable stock options in the decade-old startup are considering going to extraordinary lengths to turn their private stakes into $30 million in cash. Investors say they have discussed a deal that would lend the employees money in exchange for a share in the proceeds of their stock if the... Some Databricks employees and executives sitting on valuable stock options in the decade-old...

Photo by Getty.

What ByteDance’s Financial Picture Tells Us

By Jessica E. Lessin · Aug 10, 2023 5:00pm PDT

There is something to the phrase “Follow the money.” Looking at the finances of a company can go a long way toward clearing up certain unanswered questions. And this is especially important for private enterprises, who don’t regularly disclose such information.And so, when Jing and Juro today reported extensive details about ByteDance’s... There is something to the phrase “Follow the money.” Looking at the finances of a company can go...

Braid founders Chris Piro and Matthew Cahill. Credit: Mike Sullivan

Creator Economy

The Startup That Lets Fans Shoot a Quick Text to Their Favorite Creator

By Alex Perry · Aug 10, 2023 4:25pm PDT · 8 comments

While creators can quickly build audiences on YouTube and TikTok, they often find it hard to keep up communication with their fans. That’s encouraged some to embrace email publishing services such as Substack and Beehiiv. The founders of startup Braid want to make those direct connections to fans through text messaging.Braid, founded by ex-... While creators can quickly build audiences on YouTube and TikTok, they often find it hard to keep...

GGV Capital Managing Partner Hans Tung. Photo via Getty.

GGV’s ByteDance Sale Won’t Solve Its China Dilemma

By Kate Clark · Aug 10, 2023 3:32pm PDT

GGV Capital Managing Partner Hans Tung. Photo via Getty.

GGV’s ByteDance Sale Won’t Solve Its China Dilemma

By Kate Clark · Aug 10, 2023 3:32pm PDT

For a long time the debate around American venture capital investment in China has centered on Sequoia Capital, the blue-chip VC firm that’s earned billions of dollars from its overseas investments. But since Sequoia announced in June that it would split from its Chinese counterpart, the spotlight has expanded to a cohort of smaller firms that... For a long time the debate around American venture capital investment in China has centered on...

ByteDance's Singapore office. Photo by Bloomberg.

ByteDance’s China Business Is Slowing, Putting Spotlight on TikTok

By Jing Yang and Juro Osawa · Aug 10, 2023 9:13am PDT

ByteDance might be best known globally as the parent company of TikTok, but the bulk of its money comes from its home base of China, thanks to its Chinese video app Douyin. But previously unreported internal data shows that the tech giant’s red-hot pace of growth in China has slowed markedly, underscoring the importance of TikTok for the... ByteDance might be best known globally as the parent company of TikTok, but the bulk of its money...

Art by Shane Burke.

Revenue Is a Dirty Word in the Land of AI; Biden Takes a Swing at China

By Stephanie Palazzolo · Aug 10, 2023 7:00am PDT

It’s been a tough year for tech startups. In the midst of down rounds and deep layoffs, tech CEOs and VCs have been careful to emphasize profitability and strong financials above all else. Except, that is, for startups having anything to do with generative AI. The most recent example, as my colleagues Natasha Mascarenhas, Erin Woo and I ... It’s been a tough year for tech startups. In the midst of down rounds and deep layoffs, tech CEOs...

Meta CEO Mark Zuckerberg. Photo by Getty

Behind Meta’s ‘Made in USA’ AR Glasses: a Military-Grade Material

By Wayne Ma · Aug 10, 2023 6:00am PDT

Meta Platforms plans to build only around a thousand units of the first generation of its augmented-reality glasses due out next year, a tiny batch that it will just use for internal development and to demonstrate the device to the public. And yet, to build the glasses, Meta is using a convoluted and expensive arrangement involving factories in... Meta Platforms plans to build only around a thousand units of the first generation of its...

Proterra's bus manufacturing factory in Greenville, S.C. Photo: Courtesy Proterra

The Electric: The Valley of Death Takes Out Another EV Maker

By Steve LeVine · Aug 10, 2023 4:30am PDT

Proterra's bus manufacturing factory in Greenville, S.C. Photo: Courtesy Proterra

The Electric: The Valley of Death Takes Out Another EV Maker

By Steve LeVine · Aug 10, 2023 4:30am PDT

In May, Michael Shlisky, an analyst with investment bank D.A. Davidson, listened to electric truck and bus manufacturer Proterra’s first-quarter earnings call and was impressed: Just a few months earlier, the Burlingame, Calif., company’s share price had been in free fall, plunging 79% in six weeks, in part because it had been burning through... In May, Michael Shlisky, an analyst with investment bank D.A. Davidson, listened to electric...

Disney CEO Bob Iger. Photo by Getty.

Iger’s More Sober Tone Reflects Entertainment’s Existential Crisis

By Martin Peers · Aug 9, 2023 5:02pm PDT · 1 comment

Disney CEO Bob Iger must be wishing he was at Disney’s Magic Kingdom theme park (“a land where fantasy reigns”) in Florida right now. His tone on Wednesday afternoon’s June-quarter earnings conference call was noticeably more sober than in the past, perhaps reflecting the existential crisis facing the entertainment industry. Not only are the... Disney CEO Bob Iger must be wishing he was at Disney’s Magic Kingdom theme park (“a land where...

Photo via Getty.

Amazon Offers Sellers AI Tool to Write Product Descriptions

By Theo Wayt · Aug 9, 2023 2:58pm PDT

Amazon is rolling out an artificial intelligence tool for sellers on its marketplace that will write copy for product listings, a company spokesperson confirmed, marking one of the first examples of Amazon integrating large-language models into its e-commerce business. While Amazon’s highest-profile AI tools are ones its cloud unit, Amazon... Amazon is rolling out an artificial intelligence tool for sellers on its marketplace that will...

Photo via Shutterstock

Creator Economy

More Creators Have Trouble With Facebook Payments; TikTok’s New Trust & Safety Leader

By Kaya Yurieff · Aug 9, 2023 2:21pm PDT

You have to wonder what’s going on with the systems Meta Platforms uses to pay creators. Some this week have seen an alert that their accounts are restricted from making money due to “unusual activity.” That follows a glitch we covered last week that vastly inflated Facebook creators’ estimated earnings from posting Reels with licensed music.... You have to wonder what’s going on with the systems Meta Platforms uses to pay creators. Some...

Tome founders Keith Peiris (left) and Henri Liriani (right). Photo via YouTube/Greylock.

Tome, AI Startup Founded by Ex-Meta Managers, Discusses Fundraising at $600 Million Valuation

By Natasha Mascarenhas, Stephanie Palazzolo and Erin Woo · Aug 9, 2023 1:15pm PDT · 14 comments

Tome founders Keith Peiris (left) and Henri Liriani (right). Photo via YouTube/Greylock.

Tome, AI Startup Founded by Ex-Meta Managers, Discusses Fundraising at $600 Million Valuation

By Natasha Mascarenhas, Stephanie Palazzolo and Erin Woo · Aug 9, 2023 1:15pm PDT · 14 comments

Tome, a startup that uses artificial intelligence to make it easier to create and design presentations, has talked to investors about raising new money that could double its valuation to up to $600 million, according to two people with direct knowledge of the discussions. The new financing could amount to $60 million, according to one of the... Tome, a startup that uses artificial intelligence to make it easier to create and design...