The Briefing by Martin Peers, Jessica Lessin and the team at The Information

Five times/week

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.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

Personal finance expert Ramit Sethi. Photo: Chris Newhard

Creator Economy

The Personal Finance Blogger With His Own Netflix Show

By Kaya Yurieff · May 8, 2023 2:00pm PDT

Ramit Sethi started a website called “I Will Teach You To Be Rich” from his dorm room at Stanford University in 2004 to help teach his college friends about money. Now 40, he has a best-selling book of the same name, a podcast, 500,000 Instagram followers, and most recently, a new show on Netflix, which began streaming last month. In the... Ramit Sethi started a website called “I Will Teach You To Be Rich” from his dorm room at Stanford...

Partner Content

Summit Recap: Gen Z and the Creator Economy Panel

By The Information Partnerships · May 8, 2023 12:19pm PDT

The elder members of Gen Z are now 26 years old. That means they have considerable purchasing power—and they turn to their fellow Gen Z creators for product recommendations. How can brands tap into that power and meaningfully connect with young creators and their audiences? Annie Goldsmith, reporter for the The Information, sat down to... The elder members of Gen Z are now 26 years old. That means they have considerable purchasing...

Google and Microsoft’s Other AI Race: Server Chips

By Anissa Gardizy · May 8, 2023 7:00am PDT · 9 comments

Amazon, Microsoft and Google are known for their software, but now they are collectively spending billions of dollars to develop and produce microchips to power servers and artificial intelligence. As the companies’ AI and cloud rivalries grow, the chip projects are becoming a critical part of their strategy to reduce costs and win over... Amazon, Microsoft and Google are known for their software, but now they are collectively spending...

Photo by Getty

Small VCs May Struggle to Find New Lenders in Wake of Bank Collapses

By Michael Roddan and Kate Clark · May 8, 2023 6:00am PDT · 3 comments

Photo by Getty

Small VCs May Struggle to Find New Lenders in Wake of Bank Collapses

By Michael Roddan and Kate Clark · May 8, 2023 6:00am PDT · 3 comments

Since the collapse of Silicon Valley Bank, Rocky Gor, the founder and CEO of Los Angeles–based loan marketplace Capx, has been approached by a handful of small venture capital firms with a problem: No one will lend to them. In the past, these VC firms relied on a specialized credit line offered by SVB and a handful of other banks,... Since the collapse of Silicon Valley Bank, Rocky Gor, the founder and CEO of Los...

Enovix Chair T.J. Rodgers. Photo: Courtesy Valeta Rodgers

The Electric: An Afternoon With Chip Tycoon T.J. Rodgers on His Latest Act—Batteries

By Steve LeVine · May 8, 2023 4:30am PDT

In the 1980s and 1990s, Silicon Valley revolved around semiconductors, and T.J. Rodgers stood out. The company he founded, Cypress Semiconductor, was relatively small, but a 1991 BusinessWeek cover story showcased him as “The Bad Boy of Silicon Valley,” and The New York Times declared him “Silicon Valley’s most flamboyant cowboy capitalist.”... In the 1980s and 1990s, Silicon Valley revolved around semiconductors, and T.J. Rodgers stood...

Art by Clark Miller

Into the Metaverse

Hands Up, This Is a (Virtual) Robbery!

By Lauren Tara LaCapra · May 6, 2023 7:00am PDT · 2 comments

Until late last year, Bank of America branch staffers would learn how to handle a potential stick-up through guidebooks and online videos. Today, tellers are immersed in a 3D virtual reality environment, in which a gunman aims a weapon at them or furtively hands them a threatening note demanding money. The bank measures tellers’ reactions... Until late last year, Bank of America branch staffers would learn how to handle a potential...

Taking Stock of Sequoia’s Miserable Year

Taking Stock of Sequoia’s Miserable Year

By Jon Steinberg · May 6, 2023 7:00am PDT

Hi, welcome to your Weekend.You won't find many venture investors who are shedding tears for Roelof Botha. As only the fourth person to lead Sequoia Capital over the past 51 years, Botha now occupies a seat at the very highest echelons of the trade. But despite his lofty perch, little has gone easy for Botha since he was handed the reins... Hi, welcome to your Weekend.You won't find many venture investors who are shedding tears for...

Art by Clark Miller.

Hacking Mother’s Day: What Tech Leaders Are Buying the Moms in Their Lives

By Annie Goldsmith · May 6, 2023 6:01am PDT

Art by Clark Miller.

Market Research

Hacking Mother’s Day: What Tech Leaders Are Buying the Moms in Their Lives

By Annie Goldsmith · May 6, 2023 6:01am PDT

Dallin Bills’ family has a very specific Mother’s Day ritual. The Battery Ventures principal and his three kids, ages 7, 5 and 1, cut out hearts from colorful construction paper. On each paper heart, the group writes down their favorite things about their mom, Kayla, such as “I like it when Mom swings me on the swing” and... Dallin Bills’ family has a very specific Mother’s Day ritual. The Battery Ventures...

A presentation at Amazon's NewFront Conference on May 1. Photo by Getty.

Amazon Plans to Generate Photos and Videos for Advertisers Using AI

By Theo Wayt · May 5, 2023 1:45pm PDT

Amazon is building a team to work on artificial intelligence tools that will generate photos and videos for merchants to use in advertising campaigns on its platform, a company spokesperson confirmed, efforts that could help diversify its ad business. Amazon's ad business has grown by double-digit percentages every quarter since Amazon... Amazon is building a team to work on artificial intelligence tools that will generate photos and...

Stills from Pizza Later's "Pepperoni Hug Spot" commercial, Kris Kashtanova's Burning Man video and Ammaar Reshi's World War II movie trailer—all created entirely with AI.

How AI Built This

Staring at the Black Hole Sun: Generative AI Artists Deconstruct Their Viral Videos

By Margaux MacColl · May 5, 2023 11:43am PDT · 4 comments

Will AI video kill the radio star? Judging from the surge of artificial intelligence–generated beer commercials and “Star Wars”–themed Wes Anderson trailers popping up on social feeds this week, it just might. The AI video onslaught began officially in late March, when Runway, an AI startup newly valued at $1.5 billion,... Will AI video kill the radio star? Judging from the surge of artificial...

Instacart CEO Fidji Simo. Photo by Bloomberg.

Instacart’s Growth Slowed in First Quarter

By Cory Weinberg · May 5, 2023 10:42am PDT · 3 comments

Instacart has long primed itself for a much-watched public debut, keeping its regulatory filings up to date and improving profits. But one new factor may delay a public debut: a slowdown in growth. In the first quarter, Instacart saw its gross order volume grow between 5% and 10% compared to the same period last year, people briefed on the... Instacart has long primed itself for a much-watched public debut, keeping its regulatory filings...

Roelof Botha, senior steward of Sequoia Capital. Photo-illustration by Clark Miller for The Information (photo Getty)

Sequoia Capital’s Mighty Struggle

By Kate Clark and Abram Brown · May 5, 2023 9:00am PDT · 5 comments

Roelof Botha, senior steward of Sequoia Capital. Photo-illustration by Clark Miller for The Information (photo Getty)

Sequoia Capital’s Mighty Struggle

By Kate Clark and Abram Brown · May 5, 2023 9:00am PDT · 5 comments

One day in March, Sequoia Capital assembled a show of force: a private summit on artificial intelligence hosted at the firm’s airy offices in San Francisco’s Mission District. Around 100 people gathered—a who’s who of tech’s hottest sector, including OpenAI CEO Sam Altman; Kevin Scott, Microsoft’s chief... One day in March, Sequoia Capital assembled a show of force: a private summit on artificial...

Pro Weekly: More Shuffling in the Org Charts

Pro Weekly: More Shuffling in the Org Charts

By Kalley Huang · May 5, 2023 8:00am PDT

Welcome back!Last week, we detailed how cost cutting had shaken up management at Amazon and Meta Platforms. Snap too is shuffling its ranks, while Google parent Alphabet now has its two sometimes-squabbling artificial intelligence labs working together. We continually update our Org Charts for 40 companies, sometimes without publishing stories... Welcome back!Last week, we detailed how cost cutting had shaken up management at Amazon and Meta...

Brian Armstrong, CEO of Coinbase. Photo by Bloomberg.

Brian Armstrong, Crypto’s Reluctant Hero, Gears Up for the Fight of a Lifetime

By Aidan Ryan · May 5, 2023 6:00am PDT · 2 comments

In 2018, Coinbase CEO Brian Armstrong made a trip to Washington in what was one of his first formal visits to meet with lawmakers. Over two days, Armstrong and his team, which included senior policy and communications staff and lobbyists from Franklin Square Group, met with roughly 30 people, including lawmakers, according to two people with... In 2018, Coinbase CEO Brian Armstrong made a trip to Washington in what was one of his first...

Photo by Bloomberg.

Apple Isn’t Growing, but That’s OK (for Now)

By Martin Peers · May 4, 2023 5:00pm PDT

We got a barrage of March-quarter earnings today and they provide a good summary of who’s up and who’s down in tech and media. (Spoiler alert: Apple did fine, but given how weak the smartphone and PC markets are, that’s not saying much). For more details, grab a coffee (or a beer) and relax. Here we go:In ride hailing, Lyft is barely growing and... We got a barrage of March-quarter earnings today and they provide a good summary of who’s up and...

Table: Shane Burke

How Social Media Boosting Features Compare

By Isabelle Sarraf · May 4, 2023 4:57pm PDT

Table: Shane Burke

Creator Economy

How Social Media Boosting Features Compare

By Isabelle Sarraf · May 4, 2023 4:57pm PDT

Most social media platforms have a similar method for users to increase the visibility of their posts: pay to turn existing posts into revenue-generating advertisements. At least, that’s the case for Instagram, Facebook, LinkedIn, Pinterest and TikTok, where users can pay for their post to show up in user’s feeds as an ad. Facebook has... Most social media platforms have a similar method for users to increase the visibility of their...

Social Capital's Chamath Palihapitiya. Photo by Bloomberg

How We Can Regulate AI Even if Congress Won’t Act

By Jillian Goodman · May 4, 2023 4:33pm PDT · 1 comment

Rapid innovations in artificial intelligence have already upended many aspects of our lives, from the way we view and access the internet to how we think about the future of work. It’s only natural, then, that this swift-moving newscycle also upended the agenda for our call with subscribers on the need for AI regulation. In just the three... Rapid innovations in artificial intelligence have already upended many aspects of our lives, from...

A First Republic Bank branch in San Francisco. Photo by Bloomberg.

Apathy Valley

By Kate Clark · May 4, 2023 1:31pm PDT · 1 comment

The biggest bank failure since the financial crisis and the fourth bank failure of the year happened this week. But no one in Silicon Valley seemed to care. That’s probably because they’re all exhausted by the slow-moving train wreck that’s transpired over the past three months. Or because—after the fall of crypto exchange FTX last fall and... The biggest bank failure since the financial crisis and the fourth bank failure of the year...

Sam Altman in Tokyo in April. Photo by AP

OpenAI’s Losses Doubled to $540 Million as It Developed ChatGPT

By Erin Woo and Amir Efrati · May 4, 2023 1:11pm PDT · 9 comments

OpenAI’s losses roughly doubled to around $540 million last year as it developed ChatGPT and hired key employees from Google, according to three people with knowledge of the startup’s financials. The previously unreported figure reflects the steep costs of training its machine-learning models during the period before it started... OpenAI’s losses roughly doubled to around $540 million last year as it developed ChatGPT...

Art by Shane Burke. Photos via Getty and Bloomberg.

Sam Bankman-Fried Is Just Being Rational

By Maria Konnikova · May 4, 2023 9:00am PDT · 5 comments

Art by Shane Burke. Photos via Getty and Bloomberg.

Sam Bankman-Fried Is Just Being Rational

By Maria Konnikova · May 4, 2023 9:00am PDT · 5 comments

When I was researching my book about con artists, I encountered the chief financial officer of a large company who’d been arrested for fixing the books after a series of losses. He seemed like a nice, down-to-earth guy, like someone who was just caught in a bad situation. Yes, he fudged a few numbers to stay afloat—a bad choice, but... When I was researching my book about con artists, I encountered the chief financial officer of a...