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

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Recent Editions

Inside the Hyatt Regency hotel. Photo by Erin Woo.

Creator Economy

A Tale of Two VidCons

By Erin Woo · Jun 26, 2023 2:52pm PDT

I’m back in San Francisco and still recovering from last week’s VidCon. (Coffee, Emma Chamberlain-branded or not, sounds extremely compelling right about now.)By the numbers, VidCon was a success. Yesterday, VidCon announced that 55,000 people attended this year’s conference, up 10% from 2022 but still lower than pre-pandemic records.... I’m back in San Francisco and still recovering from last week’s VidCon. (Coffee, Emma...

Art by Mike Sullivan.

OpenAI Plans ChatGPT ‘Personal Assistant for Work,’ Setting Up Microsoft Rivalry

By Aaron Holmes · Jun 26, 2023 12:04pm PDT · 5 comments

In the span of half a year, ChatGPT has become one of the world’s best-known internet brands. Now its creator, OpenAI, has bigger plans for the chatbot: CEO Sam Altman privately told some developers OpenAI wants to turn it into a “supersmart personal assistant for work.” With built-in knowledge about an individual and their... In the span of half a year, ChatGPT has become one of the world’s best-known internet...

Orlando Bravo, founder and managing partner of Thoma Bravo. Photo by Getty.

Inside Thoma Bravo’s Software Playbook

By Rachel Graf · Jun 26, 2023 6:00am PDT · 4 comments

Until two weeks ago, Thoma Bravo had sold just one company worth more than $10 billion in the past three years, when it offloaded Ellie Mae to Intercontinental Exchange for $11 billion in 2020. That drought is why Thoma Bravo’s deal to sell its financial software firm, Adenza, to Nasdaq Inc. for $10.5 billion—nearly twice what it... Until two weeks ago, Thoma Bravo had sold just one company worth more than $10 billion in the...

Several mining companies are seeking to produce lithium from the Salton Sea in California. Photo: Marcio Jose Sanchez/AP

The Electric: Inside the White House Plan to Speed Battery Metals Mining

By Steve LeVine · Jun 26, 2023 4:30am PDT

Several mining companies are seeking to produce lithium from the Salton Sea in California. Photo: Marcio Jose Sanchez/AP

The Electric: Inside the White House Plan to Speed Battery Metals Mining

By Steve LeVine · Jun 26, 2023 4:30am PDT

U.S. auto and battery makers are racing to build battery assembly plants for the transition to electric vehicles. But mining companies and metals processors have moved excruciatingly slowly to establish a domestic supply chain of raw materials and finished electrodes for those batteries. They blame regulators who stretch out permit approvals,... U.S. auto and battery makers are racing to build battery assembly plants for the transition to...

Photo by Getty.

Apollo Leading More Than $1 Billion Debt Deal in Chipmaker Wolfspeed

By Maria Heeter · Jun 25, 2023 9:02am PDT

A group of investors led by Apollo Global Management is making a more than $1 billion debt investment in Wolfspeed, a publicly traded semiconductor maker with a $6 billion market capitalization, according to a person with direct knowledge of the matter. The deal could be announced in the coming days and would be one of the largest direct lending... A group of investors led by Apollo Global Management is making a more than $1 billion debt...

Adobe Flies Towards Generative AI

Adobe Flies Towards Generative AI

By Jon Steinberg · Jun 24, 2023 6:00am PDT

Hi, welcome to your Weekend.For about 11 months after OpenAI released its text-to-image generator Dall-E 2 in April 2022, many of us wondered when Adobe would come to market with a rival product, which could be neatly integrated into design programs like Photoshop, Illustrator and Premiere. The wait felt long, especially considering how... Hi, welcome to your Weekend.For about 11 months after OpenAI released its text-to-image generator...

The DJI Mavic Mini 3 Pro Drone ($669). Art by Clark Miller.

Market Research

Tech on the Trail: Silicon Valley’s Favorite Smart Hiking Gear

By Beth Shapouri · Jun 24, 2023 6:00am PDT · 12 comments

Drew Romero’s hikes were weighing on him, literally. A Reston, VA-based senior software developer for technology consulting company Tkxel, Romero thought heavy accessories—battery packs and bottles of water—would hamstring him on a challenging five-day hike through a remote mountain range in Skardu in the Gilgit-Baltistan... Drew Romero’s hikes were weighing on him, literally. A Reston, VA-based senior software...

Abraham Shafi, CEO of IRL (left), and Masayoshi Son, CEO of Softbank.

Social App IRL, Which Raised $200 Million, Shuts Down After CEO Misconduct Probe

By Mark Matousek · Jun 23, 2023 3:34pm PDT · 20 comments

Abraham Shafi, CEO of IRL (left), and Masayoshi Son, CEO of Softbank.

Social App IRL, Which Raised $200 Million, Shuts Down After CEO Misconduct Probe

By Mark Matousek · Jun 23, 2023 3:34pm PDT · 20 comments

Last year, the CEO of messaging app IRL repeatedly said it had 20 million monthly active users, who chatted about shared interests and planned real-world events together. Today, a spokesperson for the startup said an investigation by the board of directors concluded 95% of those users were “automated or from bots.” As a result of the... Last year, the CEO of messaging app IRL repeatedly said it had 20 million monthly active users,...

Photo by Getty.

TikTok Inks U.S. Warehouse Partnerships in Bid to Rival Amazon and Temu

By Ann Gehan and Theo Wayt · Jun 23, 2023 11:45am PDT · 4 comments

TikTok has signed logistics deals to ensure that the products people buy on its app arrive smoothly at their front doors—a key part of the video app’s efforts to transform itself into a shopping destination. It’s currently testing the fulfillment services with U.S. sellers, a person familiar with the matter said. TikTok is... TikTok has signed logistics deals to ensure that the products people buy on its app arrive...

Photo-illustration by Clark Miller. Photos by Aurelien Meunier/Getty Images (Victor Wembanyama), Megan Briggs/Getty Images (Cavinder sisters), Bob Levey/Getty Images (Shohei Ohtani)

The New Ballgame

The Messi Model: How One ‘Extraordinary’ Contract Could Shift the Power Balance in Sports

By Daniel Kaplan · Jun 23, 2023 11:00am PDT · 7 comments

Former National Basketball Players Association Executive Director Michele Roberts has never attended a soccer game. She says with a laugh that if Lionel Messi appeared in her Harlem living room, she’d call the police to report an intruder, because unlike most people on the planet, she has no idea what he looks like. But Roberts is... Former National Basketball Players Association Executive Director Michele Roberts has never...

Google CEO Sundar Pichai in May. Photo by Getty Images

AI Boomerang: Google’s Internal Critic Returns From Rival OpenAI

By Jon Victor and Amir Efrati · Jun 23, 2023 9:15am PDT · 4 comments

Jacob Devlin, a prominent artificial intelligence researcher who left Google for rival OpenAI in January after complaining internally about how the company trained its Bard AI chatbot software, has returned to his old job, according to a person with knowledge of the situation. Google’s willingness to hire Devlin back, despite the fact his... Jacob Devlin, a prominent artificial intelligence researcher who left Google for rival OpenAI in...

Adobe chief strategy officer Scott Belsky. Photo-illustration by Clark Miller, using Adobe Firefly.

Can Adobe Catch the AI Bug?

By Margaux MacColl · Jun 23, 2023 9:00am PDT · 1 comment

Adobe chief strategy officer Scott Belsky. Photo-illustration by Clark Miller, using Adobe Firefly.

Can Adobe Catch the AI Bug?

By Margaux MacColl · Jun 23, 2023 9:00am PDT · 1 comment

Six months ago, Adobe’s chief strategy officer, Scott Belsky, was in a New York conference room with around two dozen top marketing executives. They had gathered to discuss how artificial intelligence could transform advertising, allowing them to turn a string of words into a visual ad. At first, Belsky thought they were on the same page... Six months ago, Adobe’s chief strategy officer, Scott Belsky, was in a New York conference...

Photo by Getty.

Pro Weekly: Non-U.S. Creator Startups Face Their Own Funding Struggles

By Kalley Huang · Jun 23, 2023 8:00am PDT

Welcome back!When streetwear company Parade World launched Moetic in July 2022, executives considered its London headquarters a strength. Moetic, a fashion marketplace where creators could launch storefronts with recommended items, could connect with fashion companies across the continent. But as dealmaking slowed last year, Moetic struggled to... Welcome back!When streetwear company Parade World launched Moetic in July 2022, executives...

Photo via Cohesity

In Battle of Ransomware Protectors, One Firm Burns a Lot of Cash, Another Preps an IPO

By Maria Heeter, Anissa Gardizy and Kate Clark · Jun 23, 2023 6:00am PDT

Four years ago, one of the most intense battles in enterprise software was underway between two startups led by former colleagues: Rubrik and Cohesity. They help businesses manage data, and they also market themselves as offering protection against ransomware attacks. At the time, Rubrik was clearly in the lead, but Cohesity was growing faster... Four years ago, one of the most intense battles in enterprise software was underway between two...

Zenia Mucha. Photo by Getty. Art by Shane Burke.

Can a Hollywood Operator Help TikTok? That Didn’t Go So Well the First Time

By Jessica E. Lessin · Jun 22, 2023 5:17pm PDT · 1 comment

“Terrifying.”That was the word from a longtime Hollywood hand when I asked for the person’s reaction to Disney’s former communications czar, Zenia Mucha, joining TikTok to lead brand marketing and communications. For a little context, Mucha is known as one of the toughest and best communications leaders in the land. For two decades, she ran... “Terrifying.”That was the word from a longtime Hollywood hand when I asked for the person’s...

Photo via VidCon

A TikTok Shake-Up Amid Vidcon Frenzy

By Erin Woo · Jun 22, 2023 4:25pm PDT

Photo via VidCon

Creator Economy

A TikTok Shake-Up Amid Vidcon Frenzy

By Erin Woo · Jun 22, 2023 4:25pm PDT

It’s Erin Woo, reporting from VidCon in Anaheim, Calif.The convention, which kicked off Wednesday night, has drawn thousands of social media creators, industry executives and fans this year. YouTube is back sponsoring the conference which it has done every year there’s been a VidCon except last year, when TikTok took over as main sponsor. Amjad... It’s Erin Woo, reporting from VidCon in Anaheim, Calif.The convention, which kicked off Wednesday...

Reddit CEO Steve Huffman. Photo by Getty

Reddit Sales Growth Slowdown Preceded Fight Over New API Fees

By Cory Weinberg · Jun 22, 2023 2:26pm PDT

A stark business reality faced Reddit before a user uprising engulfed its site this month: slowing sales growth. Reddit’s revenue rose 38% in 2022 to about $670 million last year, two people familiar with the matter said, faster than many other internet ad firms but a steep slowdown from the more than doubling of revenue the company... A stark business reality faced Reddit before a user uprising engulfed its site this month:...

Figma CEO Dylan Field. Photo by Bloomberg via Getty

Antitrust Threat to Figma-Adobe Deal Thwarts Hopes for VC Rebound

By Kate Clark · Jun 22, 2023 12:49pm PDT

Adobe’s $20 billion plan to buy design software startup Figma in September offered Silicon Valley venture capitalists brief relief from the downturn’s tight grip. But they might want to put the champagne away. European regulators plan to launch an investigation of Adobe’s deal, the Financial Times reported earlier this week. A few... Adobe’s $20 billion plan to buy design software startup Figma in September offered Silicon Valley...

V. Pappas. Photo by Getty.

TikTok’s COO Pappas to Quit

By Kaya Yurieff · Jun 22, 2023 10:17am PDT

TikTok's Chief Operating Officer V. Pappas has quit, Pappas told staff on Thursday, according to an email viewed by The Information. At the same time, TikTok CEO Shou Zi Chew announced the elevation of chief of staff Adam Presser to be head of operations, while also revealing that former Disney executive Zenia Mucha will join in a new role... TikTok's Chief Operating Officer V. Pappas has quit, Pappas told staff on Thursday, according...

Photos via Getty and Shutterstock. Art by Shane Burke.

How Meta Stumbled In Quest for Chip Independence

By Sylvia Varnham O'Regan and Wayne Ma · Jun 22, 2023 6:00am PDT · 8 comments

Photos via Getty and Shutterstock. Art by Shane Burke.

How Meta Stumbled In Quest for Chip Independence

By Sylvia Varnham O'Regan and Wayne Ma · Jun 22, 2023 6:00am PDT · 8 comments

Meta Platforms executives always knew this moment would come. Apple’s unveiling of its Vision Pro mixed reality headset early this month puts the spotlight on the looming battle between Apple and Meta over control of the augmented reality and virtual reality market. And for the past five years, Meta has readied itself for the competition... Meta Platforms executives always knew this moment would come. Apple’s unveiling of its...