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

MoonPay's booth at the Bitcoin 2021 Convention in Miami. Photo by Getty.

How MoonPay Employees Missed Out on the Crypto Boom

By Aidan Ryan · Aug 3, 2023 6:00am PDT · 2 comments

As the crypto investing boom was reaching a fever pitch in 2021, crypto payment startup MoonPay—known for its flashy celebrity endorsements—was barreling toward a blockbuster fundraising. Investors including Tiger Global Management and Coatue Management invested $555 million at a whopping $3.4 billion valuation in a deal that allowed... As the crypto investing boom was reaching a fever pitch in 2021, crypto payment startup...

One sailor died and seven were injured jumping overboard when the car carrier Fremantle Highway, ferrying 498 EVs and more than 3,000 other vehicles, caught fire last week near the Netherlands. Photo: Dutch Coast Guard/Anadolu/Getty

The Electric: A New Concern for EVs: Fires Aboard Transport Ships

By Steve LeVine · Aug 3, 2023 4:30am PDT

Shipping companies have urged international maritime regulators to create safety rules for transporting electric vehicles after a spate of fires aboard freighters carrying EVs, including one last week near the Netherlands that killed a crew member and injured seven others. In the latest accident, the 650-foot Fremantle Highway caught fire... Shipping companies have urged international maritime regulators to create safety rules for...

Photo via Shutterstock

DoorDash and Shopify Offer E-commerce Bright Spots

By Nick Wingfield · Aug 2, 2023 5:00pm PDT

Anybody hunting for dark signs about consumer spending will have to look somewhere other than a couple of earnings reports from e-commerce companies today. DoorDash, for example, said its food-delivery business hit all-time highs in terms of revenue, gross value of orders on its marketplace and total orders. The company said revenue jumped 33%... Anybody hunting for dark signs about consumer spending will have to look somewhere other than a...

At Pinterest, Talk of Creators Fades as AI Rises (Chart)

At Pinterest, Talk of Creators Fades as AI Rises (Chart)

By Alex Perry · Aug 2, 2023 3:58pm PDT

At Pinterest, Talk of Creators Fades as AI Rises (Chart)

Creator Economy

At Pinterest, Talk of Creators Fades as AI Rises (Chart)

By Alex Perry · Aug 2, 2023 3:58pm PDT

The buzzwords that executives drop during their companies’ quarterly conference calls provide a window into management’s interest at the moment, or at least what they want investors to hear. At Pinterest, executives led by CEO Bill Ready have been effusive about artificial intelligence lately—and as the chart above shows, they’ve spent much less... The buzzwords that executives drop during their companies’ quarterly conference calls provide a...

Photo via Clutter.com.

Storage Startup Clutter, Running Out of Cash, Sells Itself at Steep Discount

By Natasha Mascarenhas · Aug 2, 2023 10:56am PDT · 13 comments

Late last month, the CEO of storage and moving startup Clutter emailed some of the company’s investors to say the firm was in dire straits: Clutter, which had been valued at a reported $600 million in 2019 and garnered investments from SoftBank and Sequoia, had essentially run out of cash. To stay alive, it struck a deal to be sold for... Late last month, the CEO of storage and moving startup Clutter emailed some of the...

Photo by Shutterstock

Why CZ Wanted to Shut Down Binance.US

By Aidan Ryan · Aug 2, 2023 9:00am PDT

Changpeng Zhao really wants to cut off all ties to the U.S.I scooped yesterday that Zhao pushed to shut down Binance.US, the U.S. offshoot of the global exchange Binance. The decision shows just how far Zhao is willing to go to help preserve the image of the global exchange, which is the largest in the world. A spokesperson for Binance.US... Changpeng Zhao really wants to cut off all ties to the U.S.I scooped yesterday that Zhao pushed...

Disney CEO Robert Iger. Photo by Getty.

Disney’s New Boss Sounds a Lot Like the Old Boss

By Andrew A. Rosen · Aug 2, 2023 9:00am PDT · 1 comment

Disney CEO Robert Iger surprised investors recently when he revealed that the company’s traditional television business, including the ABC network and ESPN, “may not be core” to its future. Selling the linear networks would leave Disney’s future primarily in its parks and direct-to-consumer businesses. The irony is that... Disney CEO Robert Iger surprised investors recently when he revealed that the company’s...

From left to right: Yamini Rangan, Melanie Perkins, Satya Nadella, Adam Selipsky, and Mamoon Hamid. Photos via Getty and Wikimedia. Art by Shane Burke.

AI Shakes Up the 30 Most Powerful Enterprise Software Execs and Investors

By Anissa Gardizy, Aaron Holmes, Jon Victor, Kate Clark and Amir Efrati · Aug 2, 2023 8:00am PDT · 1 comment

From left to right: Yamini Rangan, Melanie Perkins, Satya Nadella, Adam Selipsky, and Mamoon Hamid. Photos via Getty and Wikimedia. Art by Shane Burke.

AI Shakes Up the 30 Most Powerful Enterprise Software Execs and Investors

By Anissa Gardizy, Aaron Holmes, Jon Victor, Kate Clark and Amir Efrati · Aug 2, 2023 8:00am PDT · 1 comment

The rise of artificial intelligence that can understand or mimic language has upended the power balance in enterprise software this year. Some executives have become more powerful, others have become less relevant, and a new cohort of company operators and investors is suddenly pulling the strings as customers incorporate the new AI software. ... The rise of artificial intelligence that can understand or mimic language has upended the power...

Photo by Shane Burke/generated by Midjourney.

What Happened at the Big Machine Learning Confab

By Stephanie Palazzolo · Aug 2, 2023 7:20am PDT

Thousands of machine learning researchers, founders and venture capitalists flooded the sandy beaches of Oahu last week for the International Conference on Machine Learning. Notable attendees included John Schulman, an OpenAI co-founder and head of its reinforcement learning team; OpenAI researcher Noam Brown, known for creating the first AI to... Thousands of machine learning researchers, founders and venture capitalists flooded the sandy...

Microsoft CEO Satya Nadella. Photo by Getty.

The Bill Comes Due for Microsoft’s AI Push

By Aaron Holmes · Aug 2, 2023 6:00am PDT · 4 comments

For the past year, Microsoft has been racing to add capacity to its Azure cloud computing platform, especially for customers seeking to train and run artificial intelligence applications. Now the cost of that effort is becoming visible. Microsoft’s capital expenditures—primarily purchases of hardware and software—in the second... For the past year, Microsoft has been racing to add capacity to its Azure cloud computing...

Dara Khosrowshahi. Photo by Getty.

Uber Investors Ought to Look at the Big Picture

By Akash Pasricha · Aug 1, 2023 5:00pm PDT · 1 comment

Uber shareholders kicked the ride-hailing giant in the shins today for what some may have considered lackluster revenue growth. They ought to be celebrating! Finally, at long last, Uber’s operations are profitable.The company this morning said it generated $9.23 billion in revenue in the second quarter, a little more than $100 million less than... Uber shareholders kicked the ride-hailing giant in the shins today for what some may have...

Changpeng Zhao, CEO of Binance. Photo by AP.

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

By Aidan Ryan · Aug 1, 2023 3:40pm PDT

Changpeng Zhao, CEO of Binance. Photo by AP.

Binance CEO Changpeng Zhao Pushed to Shutter U.S. Exchange

By Aidan Ryan · Aug 1, 2023 3:40pm PDT

Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange’s U.S. offshoot earlier this year, showing how far he was willing to go in order to protect the much larger global exchange amid mounting regulatory scrutiny, two people familiar with the matter told The Information. The Binance.US board of directors, for... Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange’s U.S....

Forefront founder and CEO Jordyn Weaver. Photo courtesy of subject

Creator Economy

A New Startup Connects Creators with Black-Owned Businesses

By Kaya Yurieff · Aug 1, 2023 3:20pm PDT

Sales at Black-owned businesses fell 51% in January 2022 vs. a year earlier, undoing some gains made by Black entrepreneurs after George Floyd’s murder in 2020 sparked national discussions about institutional racism. Jordyn Weaver sees an opportunity to boost Black-owned businesses again with the launch of her new Atlanta-based startup Forefront... Sales at Black-owned businesses fell 51% in January 2022 vs. a year earlier, undoing some gains...

NFL Sunday Ticket on YouTube graphic during the 2023 NFL Draft on April 27. Photo by AP.

Hollywood’s Pain Is YouTube’s Advertising Gain

By Sahil Patel · Aug 1, 2023 12:45pm PDT · 3 comments

The Hollywood labor strikes have proven a boon for YouTube, with Google’s video-streaming service luring television ad buyers who are worried about committing to traditional TV ads while actors and writers remain on the picket lines. That, combined with YouTube’s push into live sports with National Football League games starting in... The Hollywood labor strikes have proven a boon for YouTube, with Google’s video-streaming...

Photo generated by Midjourney.

The Bear Case Against Large-Language Model Developers

By Stephanie Palazzolo · Aug 1, 2023 7:00am PDT · 3 comments

When Axios on Monday reported on Google’s plan to revamp Assistant—its voice assistant that competes with Apple’s Siri—with technology based on large language models, it got us thinking about a trillion-dollar question that has consumed the tech industry for months. Which software companies will benefit most from the LLM boom: upstart LLM... When Axios on Monday reported on Google’s plan to revamp Assistant—its voice assistant that...

Reed Jobs. Photo via Emerson Collective.

Reed Jobs to Start $400 Million VC Fund, Testing Appetite for New Funds

By Natasha Mascarenhas · Aug 1, 2023 6:55am PDT · 2 comments

Reed Jobs. Photo via Emerson Collective.

Reed Jobs to Start $400 Million VC Fund, Testing Appetite for New Funds

By Natasha Mascarenhas · Aug 1, 2023 6:55am PDT · 2 comments

Reed Jobs, son of late Apple co-founder Steve Jobs and his spouse, philanthropist Laurene Powell Jobs, is leaving his mother’s Emerson Collective to start his own venture capital fund, according to a person with direct knowledge. The 31-year-old Reed Jobs is planning to raise $400 million for the fund he’s calling Yosemite Fund 1,... Reed Jobs, son of late Apple co-founder Steve Jobs and his spouse, philanthropist Laurene Powell...

Plaid’s Leadership Evolves to Prove It’s Not a One-Hit Wonder

By Mark Matousek · Aug 1, 2023 6:00am PDT

Plaid is at a crossroads. The financial technology company has been pushing new services and inking deals with companies such as automakers as it attempts to diversify beyond its business of selling software that connects consumers’ bank accounts to financial services firms like Robinhood and Venmo. Its current structure, mapped out in The... Plaid is at a crossroads. The financial technology company has been pushing new services and...

Photo by Getty.

Iger Produces His Own Disney Drama

By Nick Wingfield · Jul 31, 2023 5:00pm PDT

For those of you still mourning the end of “Succession,” you’re in luck—a new season just unexpectedly dropped. This time, though, it will be presented by Walt Disney, not HBO, in the form of an arrangement in which two onetime Disney heir apparents, Kevin Mayer and Tom Staggs, have returned as advisers to CEO Bob Iger. Officially, Iger—who... For those of you still mourning the end of “Succession,” you’re in luck—a new season just...

Photo via Shutterstock

Creator Economy

Twitch’s Top Streamers Dominate Watch Time

By Kaya Yurieff · Jul 31, 2023 3:02pm PDT · 1 comment

New data shows just how important Twitch’s top streamers are to the livestreaming service. Last month, 10,000 Twitch streamers made up 76% of the hours users watched on the platform, according to Rainmaker.gg, the analytics partner of StreamElements, a creator tools and sponsorships startup. These creators represent just 0.5% of the 2... New data shows just how important Twitch’s top streamers are to the livestreaming service. ...

Coatue co-founder Philippe Laffont. Photo by Getty.

Coatue Raises $331 Million for Early-Stage Fund, 34% Below Target

By Kate Clark · Jul 31, 2023 11:26am PDT · 1 comment

Coatue co-founder Philippe Laffont. Photo by Getty.

Coatue Raises $331 Million for Early-Stage Fund, 34% Below Target

By Kate Clark · Jul 31, 2023 11:26am PDT · 1 comment

Coatue Management has raised $331 million for its third fund focused on early-stage startups, according to a financial filing, a third less than its target and lower than its previous early-stage fund. The smaller than anticipated total shows how the firms that raised huge funds during the pandemic investing boom are falling short of their... Coatue Management has raised $331 million for its third fund focused on early-stage startups,...