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

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Cava Is No Cure for IPO Indigestion

By Cory Weinberg · Jun 15, 2023 5:02pm PDT

Fast-casual Mediterranean chain Cava, celebrating its public debut, handed out spicy falafel outside the New York Stock Exchange earlier today. Investors must like feta. The company’s stock finished the day up 99% from its initial public offering selling price. That’s a positive sign for the dormant IPO market, no doubt. But those venture... Fast-casual Mediterranean chain Cava, celebrating its public debut, handed out spicy falafel...

Meta Platforms CEO Mark Zuckerberg. Photo by Getty

Meta Wants Companies to Make Money Off Its Open-Source AI, in Challenge to Google

By Sylvia Varnham O'Regan, Jon Victor and Amir Efrati · Jun 15, 2023 2:24pm PDT · 9 comments

Meta Platforms CEO Mark Zuckerberg and his deputies want other companies to freely use and profit from new artificial intelligence software Meta is developing, a decision that could have big implications for other AI developers and businesses that are increasingly adopting it. Meta is working on ways to make the next version of its open-source... Meta Platforms CEO Mark Zuckerberg and his deputies want other companies to freely use and profit...

A pool party at a past Cannes festival. Photo by Getty.

Creator Economy

Creators Take on Cannes

By Kaya Yurieff · Jun 15, 2023 2:07pm PDT · 1 comment

This weekend, I’m heading to the Cannes Lions International Festival of Creativity, the glitzy and celebrity-studded advertiser conference in the south of France where creators have become a growing presence. Major platforms favored by creators will be at the conference, including Meta Platforms, TikTok, YouTube, Snap and Spotify. Many of... This weekend, I’m heading to the Cannes Lions International Festival of Creativity, the glitzy...

Healthcare workers at an SSM Health hospital—a former CareRev client—in Oklahoma City in 2020. Photo by Getty Images

CareRev Plans to Cut Roughly a Third of Staff

By Paris Martineau · Jun 15, 2023 1:10pm PDT · 1 comment

Healthcare workers at an SSM Health hospital—a former CareRev client—in Oklahoma City in 2020. Photo by Getty Images

CareRev Plans to Cut Roughly a Third of Staff

By Paris Martineau · Jun 15, 2023 1:10pm PDT · 1 comment

CareRev, a healthcare startup that raised around $100 million from investors during the pandemic, is in the process of laying off nearly 100 employees—or about a third of its corporate workforce—according to one person with direct knowledge of the plans and another who was briefed on them. The cuts follow the departure of CareRev... CareRev, a healthcare startup that raised around $100 million from investors during the pandemic,...

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The End of Megafunds

By Kate Clark · Jun 15, 2023 10:45am PDT · 6 comments

Megafunds may be a relic of another era in venture capital. That’s not a bad thing. Insight Partners has reduced the target of its next fund 25% to $15 billion, the Financial Times first reported this week. Other firms, like Tiger Global Management and TCV, aren’t on track to meet their initial ambitious targets either.There aren’t enough... Megafunds may be a relic of another era in venture capital. That’s not a bad thing. Insight...

Art by Clark Miller.

The Law Is Coming for AI—But Maybe Not the Law You Think

By M.R. Leiser · Jun 15, 2023 9:00am PDT · 9 comments

While the approval of the AI Act in the European Parliament on Wednesday will no doubt go down in history as a day of reckoning for generative artificial intelligence, it was not the first. That honor belongs to March 31, when, citing a lack of compliance with various European data protection provisions, Italy’s data protection authority... While the approval of the AI Act in the European Parliament on Wednesday will no doubt go down in...

Subscriber Survey

The Information Readers Report More Flexible Workplace Policies

By Kalley Huang · Jun 15, 2023 8:00am PDT

Even as big companies tighten their belts and startup funding remains at a trickle, readers of The Information report more flexible and employee-friendly workplace policies. Nearly half of respondents to The Information’s survey this month said their equity started vesting within six months. In 2021, when The Information conducted a... Even as big companies tighten their belts and startup funding remains at a trickle, readers of...

Photo via YouTube/Google for Startups.

Founders of Collapsed Job-Training Startup Misled VCs, Investor Alleges

By Natasha Mascarenhas · Jun 15, 2023 7:14am PDT · 6 comments

Photo via YouTube/Google for Startups.

Founders of Collapsed Job-Training Startup Misled VCs, Investor Alleges

By Natasha Mascarenhas · Jun 15, 2023 7:14am PDT · 6 comments

In the span of a few months, Bitwise Industries, a job training startup that raised more than $100 million from investors including JP Morgan Chase, Goldman Sachs and Kapor Capital, has gone from an unlikely success story with hundreds of employees to a firm near bankruptcy targeted by multiple lawsuits, including allegations that its founders... In the span of a few months, Bitwise Industries, a job training startup that raised more than...

LinkedIn CEO Ryan Roslansky. Photo by AP

LinkedIn Plans Streaming Video Ad Push

By Sahil Patel · Jun 15, 2023 6:00am PDT · 1 comment

Major advertisers and nearly every big TV network have jumped into the market for ads on video-streaming services. Now LinkedIn, the social network for professionals, is trying to get in on the act as well. The Microsoft-owned business is about to start testing an ad product that will allow marketers to target LinkedIn users when they’re... Major advertisers and nearly every big TV network have jumped into the market for ads on...

Margrethe Vestager via Getty

Why the European Antitrust Case Against Google Might or Might Not Matter

By Martin Peers · Jun 14, 2023 5:00pm PDT

Margrethe Vestager must have been getting a little antsy. The European Commission antitrust boss has been relatively quiet lately even as her British counterpart has been throwing punches at big tech companies, including by forcing Meta Platforms to divest Giphy and then blocking Microsoft’s purchase of Activision. In contrast, the Europeans... Margrethe Vestager must have been getting a little antsy. The European Commission antitrust boss...

A panel at VidCon 2022. Photo by Getty.

Creator Economy

Who’s Headed to VidCon Next Week

By Isabelle Sarraf · Jun 14, 2023 2:44pm PDT · 1 comment

Next week will be a busy one for the creator economy: Kaya is headed to the South of France for the Cannes Lions International Festival of Creativity, the splashy annual beachside event for advertisers, while my colleague Erin will be reporting at VidCon in Anaheim, Calif.Kaya will give you the download on Cannes in tomorrow’s newsletter. Today,... Next week will be a busy one for the creator economy: Kaya is headed to the South of France for...

Ripple CEO Brad Garlinghouse. Photo by Getty

Why a Ripple Win Isn’t a Free Pass for Coinbase

By Aidan Ryan · Jun 14, 2023 10:00am PDT · 1 comment

Ripple CEO Brad Garlinghouse. Photo by Getty

Why a Ripple Win Isn’t a Free Pass for Coinbase

By Aidan Ryan · Jun 14, 2023 10:00am PDT · 1 comment

In the week since the Securities and Exchange Commission filed its lawsuit against Coinbase, buzz has been building in the crypto community about another case that could derail the security regulator’s sweeping crackdown.Ripple Labs has been locked in its own battle with the SEC since 2020 over whether $1.3 billion in sales of xrp, the token... In the week since the Securities and Exchange Commission filed its lawsuit against Coinbase, buzz...

Art by Shutterstock, Mike Sullivan

Why YouTube Could Give Google an Edge in AI

By Jon Victor · Jun 14, 2023 6:00am PDT

Google last month upgraded its Bard chatbot with a new machine-learning model that can better understand conversational language and compete with OpenAI’s ChatGPT. As Google develops a sequel to that model, it may hold a trump card: YouTube. The video site, which Google owns, is the single biggest and richest source of imagery, audio and... Google last month upgraded its Bard chatbot with a new machine-learning model that can better...

Outgoing Cloudera CEO Rob Bearden. Photo via Cloudera

Cloudera CEO to Depart

By Anissa Gardizy · Jun 13, 2023 5:42pm PDT · 1 comment

Rob Bearden, the CEO of Cloudera, told employees in a virtual town hall meeting on Tuesday that he is stepping down, according to someone with direct knowledge. Bearden said in the meeting that it was his decision to leave the company, and that he had not been fired or forced to leave, the person said. His departure comes two years after the... Rob Bearden, the CEO of Cloudera, told employees in a virtual town hall meeting on Tuesday that...

Photo by Getty

New Revelations About Shopify’s Deliverr Sale Spotlights CEO

By Martin Peers · Jun 13, 2023 5:00pm PDT

When business historians look back at what happened in tech between 2020 and 2022, one subject they’ll likely explore is the mass suspension of disbelief that led venture capitalists, startup founders and big companies to go wild spending money on all sorts of crazy stuff. We’re now living through the retreat from those moves, which we at The... When business historians look back at what happened in tech between 2020 and 2022, one subject...

Dmitry Shapiro (left) and Sean Thielen of GoMeta, parent company of Koji. Photo via GoMeta

Why Two Creator Founders Are Switching to AI

By Kaya Yurieff · Jun 13, 2023 3:46pm PDT · 1 comment

Dmitry Shapiro (left) and Sean Thielen of GoMeta, parent company of Koji. Photo via GoMeta

Creator Economy

Why Two Creator Founders Are Switching to AI

By Kaya Yurieff · Jun 13, 2023 3:46pm PDT · 1 comment

Earlier today, I published a story about how creator economy startups are facing a reckoning after the 2020-2021 VC funding boom that spawned hundreds of startups trying to sell tools and services to creators. As funding has dried up, several creator-related startups—including Popshop Live, Zurp and Moetic—have been looking for buyers, pivoting... Earlier today, I published a story about how creator economy startups are facing a reckoning...

Photo by Getty

AWS Cuts Ties With Fast-Rising Cloud-Sales Partner

By Anissa Gardizy · Jun 13, 2023 10:19am PDT · 1 comment

Amazon Web Services has suddenly cut ties with a key firm that earns commissions for bringing new customers to AWS, according to people with direct knowledge of the situation. The firm, Philadelphia-based Triumph Tech, was among a select number of “premier tier” partners, AWS’s highest designation for partners. The reason for... Amazon Web Services has suddenly cut ties with a key firm that earns commissions for bringing new...

Photo by Getty.

Why Shopify Ditched Its Amazon-Like Delivery Dreams

By Theo Wayt and Ann Gehan · Jun 13, 2023 9:32am PDT · 2 comments

When Shopify last month announced the sale of its delivery operation, it was an abrupt reversal of a strategy to compete with Amazon it had spent four years and billions of dollars developing. Just six months earlier, for instance, top Shopify executives dismissed suggestions from logistics leaders that they scale back their investment to reduce... When Shopify last month announced the sale of its delivery operation, it was an abrupt reversal...

Art by Clark Miller.

How Silicon Valley Can Stretch Its Dollars

By Rob Jesudason · Jun 13, 2023 9:05am PDT · 6 comments

Silicon Valley was perhaps the world’s greatest beneficiary of nearly 15 years of extraordinarily loose monetary policy. From this fertile mix, West Coast venture capitalists and financial institutions spun a finely tuned ecosystem that excelled at converting cheap capital into high valuations. But with interest rates high and quite... Silicon Valley was perhaps the world’s greatest beneficiary of nearly 15 years of...

Illustration by Laurent Hrybyk

A Reckoning Arrives for Creator Economy Startups

By Kaya Yurieff · Jun 13, 2023 6:09am PDT · 4 comments

Illustration by Laurent Hrybyk

A Reckoning Arrives for Creator Economy Startups

By Kaya Yurieff · Jun 13, 2023 6:09am PDT · 4 comments

Two years ago, Dmitry Shapiro and Sean Thielen were so optimistic about the booming creator economy that they pivoted their startup to a new product: a simple tool called Koji that lets influencers more easily link to their online tip jars, merch and other services in their social media bios. Sure, there were already dozens of other startups... Two years ago, Dmitry Shapiro and Sean Thielen were so optimistic about the booming creator...