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

More or Less: Hollywood and AI. What IS Threads?

By Jessica E. Lessin · Jul 21, 2023 11:57am PDT · 3 comments

There was a moment in this week's episode that made me realize (yet again) that we are in interesting and important times. It was when Sam said, "It's not typical that you see VCs write down an investment in the same quarter they made it." He was talking about struggling AI startups, a big topic this week, along with the... There was a moment in this week's episode that made me realize (yet again) that we are...

Art by Clark Miller

Threading the Needle: Social Media Power Users Are Divided About Threads

By Chris Stokel-Walker · Jul 21, 2023 11:00am PDT · 12 comments

When Chris Messina joined Google back in 2010 as a user experience designer, he was placed within a team devoted to making Google+, the company’s big bet in social media, a success. The network, launched in 2011, was designed to bring Google’s might to the world of social media and supplant some of the big beasts of the time,... When Chris Messina joined Google back in 2010 as a user experience designer, he was placed within...

Stripe president and co-founder John Collison, as imagined in front of his Abbey Leix estate in the Irish midlands. Photo-illustration by Clark Miller

John Collison’s Land Grab: A Stripe Co-Founder Grows in Power

By Cory Weinberg · Jul 21, 2023 9:00am PDT · 11 comments

Visitors to the Abbey Leix estate in County Laois, Ireland, must drive on an unkempt gravel road that leads through a thick forest and past a derelict corn mill to get to the giant old house in the country’s midlands. Stephen Kinsella, an Irish economist, made the journey last May at the invitation of a friend who had recently purchased... Visitors to the Abbey Leix estate in County Laois, Ireland, must drive on an unkempt gravel road...

Pro Weekly: The Information Readers Turn Bullish on Tech

Pro Weekly: The Information Readers Turn Bullish on Tech

By Kalley Huang · Jul 21, 2023 8:00am PDT

Pro Weekly: The Information Readers Turn Bullish on Tech

Pro Weekly: The Information Readers Turn Bullish on Tech

By Kalley Huang · Jul 21, 2023 8:00am PDT

Welcome back!On Thursday, we published results from our monthly subscriber survey, revealing a sunnier outlook for the technology industry among readers of The Information.Nearly half of respondents—47%—said conditions for technology companies would improve over the next six months, while about a fifth—19%—said they would worsen. In June,... Welcome back!On Thursday, we published results from our monthly subscriber survey, revealing a...

Ryan Breslow. Photo by Getty

Bolt Probed by SEC, Investors Over Statements Made During Fundraising

By Erin Woo · Jul 21, 2023 7:10am PDT · 6 comments

The Securities and Exchange Commission subpoenaed e-commerce software startup Bolt and sent a notice to co-founder and former CEO Ryan Breslow last year over their past statements to current and potential investors, according to an April 2023 letter from a lawyer representing two of Bolt’s major investors. Brian Reinken of WestCap... The Securities and Exchange Commission subpoenaed e-commerce software startup Bolt and sent a...

Cameo CEO Steven Galanis. Photo by Getty

At Cameo, Deep Layoffs Followed a Dash for Cash

By Kaya Yurieff, Natasha Mascarenhas and Kate Clark · Jul 21, 2023 6:08am PDT · 4 comments

Last week, things finally seemed to be stabilizing for employees of Cameo—an online marketplace where people can pay supporting cast members of “Seinfeld” and other celebrities to record personalized video messages. After two rounds of layoffs in 2022 that had gutted the size of its staff, Cameo had flown dozens of employees to... Last week, things finally seemed to be stabilizing for employees of Cameo—an online...

Tim Cook peacing out. Photo by Getty.

For Big Tech in Europe, This Time Seems Different

By Jessica E. Lessin · Jul 20, 2023 5:00pm PDT · 2 comments

With another set of headlines about tech companies threatening to pull their products from the U.K. or the EU rather than comply with new regulations, I have to wonder: Will it actually happen? Because that would be an interesting shift.Today, Apple said it would remove FaceTime and iMessage from its products in the U.K. if the government goes... With another set of headlines about tech companies threatening to pull their products from the...

Credit: Shane Burke

How Eight Social Networks Have Treated Disappearing Stories

By Alex Perry · Jul 20, 2023 3:00pm PDT · 1 comment

Credit: Shane Burke

Creator Economy

How Eight Social Networks Have Treated Disappearing Stories

By Alex Perry · Jul 20, 2023 3:00pm PDT · 1 comment

As the chart above shows, most social networks have dabbled with a feature, often dubbed disappearing stories, that lets users post photos or videos that are set to disappear off the app after a set amount of time, typically 24 hours. Twitch earlier this month announced it was jumping into the fray. The offering from Amazon-owned Twitch... As the chart above shows, most social networks have dabbled with a feature, often dubbed...

Roelof Botha of Sequoia Capital. Photo by Getty

Sequoia Exits Add to Pressure on Junior Dealmakers

By Kate Clark · Jul 20, 2023 12:42pm PDT · 2 comments

Five partners have exited Sequoia Capital, I reported yesterday, one of the biggest personnel shake-ups at the legendary venture capital firm in recent history. It’s a sign of what’s coming for the broader industry. The departures included three junior dealmakers, or partners with less experience. Two of them, Kais Khimji and Daniel Chen,... Five partners have exited Sequoia Capital, I reported yesterday, one of the biggest personnel...

Julia Black, Stephanie Palazzolo and Natasha Mascarenhas. Photos courtesy of the subject and Zola Yi.

The Information Expands Startups, Weekend and AI Coverage

By The Information Staff · Jul 20, 2023 10:32am PDT

We are pleased to announce three new hires that will deepen our coverage of venture capital and startups, The Weekend’s feature stories, and artificial intelligence. Natasha Mascarenhas joined our venture capital and startups team in San Francisco, where she breaks news and delivers features on the most influential Silicon Valley investors... We are pleased to announce three new hires that will deepen our coverage of venture capital and...

iPhone 14 series go on sale on September 16, 2022 in Shanghai. Photo by Getty

Apple Struggling With Manufacturing Larger Screen for iPhone 15 Pros

By Wayne Ma · Jul 20, 2023 9:22am PDT

Apple is facing challenges assembling its two upcoming new iPhone models, the iPhone 15 Pro and Pro Max, which could lead to a shortage of units at launch in September, according to two people with direct knowledge of the issue. Apple’s suppliers are using a new manufacturing process for the two models, the most expensive of the upcoming... Apple is facing challenges assembling its two upcoming new iPhone models, the iPhone 15 Pro and...

Threads Cuts Into Twitter Use Among The Information Readers

By Kalley Huang · Jul 20, 2023 8:00am PDT

Subscriber Survey

Threads Cuts Into Twitter Use Among The Information Readers

By Kalley Huang · Jul 20, 2023 8:00am PDT

Threads, Meta Platforms’ competitor to Twitter, attracted 100 million sign-ups within five days of its launch earlier this month—including many readers of The Information. A narrow majority of respondents to The Information’s most recent survey said they had used Threads. Most seemed pleased. Roughly 80% of Threads users rated... Threads, Meta Platforms’ competitor to Twitter, attracted 100 million sign-ups within five...

Sequoia China's Neil Shen. Photo by Getty

Sequoia Capital China in Talks for New $2.8 Billion Fund, Defying Malaise

By Jing Yang and Juro Osawa · Jul 20, 2023 6:00am PDT

Sequoia Capital’s Chinese affiliate, which is preparing to split from the Silicon Valley venture firm, is in talks to raise around 20 billion yuan ($2.8 billion) for a new Chinese currency fund from domestic backers including the government of the city of Hangzhou, according to a person with direct knowledge of the matter. Hangzhou’s... Sequoia Capital’s Chinese affiliate, which is preparing to split from the Silicon Valley...

China's Chery plans to use a sodium-ion battery in its iCar. Photo: Qilai Shen/Bloomberg/Getty

The Electric: A Startup Emerges to Produce Sodium-ion Batteries in the U.S.

By Steve LeVine · Jul 20, 2023 4:30am PDT

A former executive of battery cell maker Enovix has launched a startup to develop low-cost sodium-ion batteries, a new segment of the industry that does not use increasingly scarce lithium. The startup is among the first using the chemistry outside China, the world’s biggest producer of lithium-ion batteries, which has quickly taken a large lead... A former executive of battery cell maker Enovix has launched a startup to develop low-cost...

Photo by Shutterstock.

Netflix’s Q2 Results Don’t Support Stock Rally

By Martin Peers · Jul 19, 2023 5:00pm PDT

The bulls are back in Netflix stock, even if the growth isn’t. Netflix on Wednesday reported just 2.7% higher revenue in the second quarter, below what it had projected, confirming that it’s now firmly in the class of slow-growing TV companies. Even excluding the impact of foreign exchange fluctuations, revenue grew just 6%—nothing to write home... The bulls are back in Netflix stock, even if the growth isn’t. Netflix on Wednesday reported just...

Karat co-founders Will Kim (left) and Eric Wei. Photo courtesy of company

Card Startup Karat Raises $70 Million, Bucking Funding Trend

By Kaya Yurieff · Jul 19, 2023 2:40pm PDT

Karat co-founders Will Kim (left) and Eric Wei. Photo courtesy of company

Creator Economy

Card Startup Karat Raises $70 Million, Bucking Funding Trend

By Kaya Yurieff · Jul 19, 2023 2:40pm PDT

Even after funding for creator economy startups collapsed, some companies have been able to raise new capital, we reported last month. The latest is Karat. The startup, which offers business credit cards and financial services for creators, on Wednesday announced $70 million in Series B funding, including $30 million in debt financing from... Even after funding for creator economy startups collapsed, some companies have been able to raise...

Netflix co-CEO Greg Peters speaking at an event in Barcelona in early March. Photo by Getty

Netflix Signs Up 1.5 Million U.S. Subscribers for Ad Tier So Far

By Sahil Patel · Jul 19, 2023 10:25am PDT

Around 1.5 million people in the U.S. have signed up to pay for Netflix’s tier of service that carries ads, the streaming service has told advertisers in the past two weeks, according to industry executives. That’s a tiny fraction of both Netflix’s total U.S. subscribers and the roughly 30 million subscribers who pay for... Around 1.5 million people in the U.S. have signed up to pay for Netflix’s tier of service...

Chart by Shane Burke.

Coinbase's Stock Rally Looks Overheated

By Akash Pasricha · Jul 19, 2023 9:30am PDT

Coinbase investors might be getting ahead of themselves. Coinbase shares, which have been on a tear lately, are now trading at a valuation not seen since fall 2021. Coinbase is currently trading at 8.3 times its next 12 months expected revenue (all data courtesy of Koyfin). The last time it consistently traded at that rich a multiple was... Coinbase investors might be getting ahead of themselves. Coinbase shares, which have been on a...

Mike Moritz (left) and Mike Vernal (right). Photos via Getty Images and Wikimedia.

Shake-Up at Sequoia as Five Partners Exit

By Kate Clark · Jul 19, 2023 9:12am PDT · 3 comments

Five Sequoia Capital partners have left the firm, the biggest shakeup to the storied venture firm’s leadership since its leader Roelof Botha took over a year ago. Sequoia on Wednesday told its limited partners that longtime partner Michael Moritz would leave and focus on the firm’s independent wealth management business, Sequoia... Five Sequoia Capital partners have left the firm, the biggest shakeup to the storied venture...

Art by Clark Miller

OpenAI Wants to Harness AI. It Should Pause Instead

By Liron Shapira · Jul 19, 2023 9:00am PDT · 11 comments

Art by Clark Miller

OpenAI Wants to Harness AI. It Should Pause Instead

By Liron Shapira · Jul 19, 2023 9:00am PDT · 11 comments

Earlier this month, OpenAI announced a new “superalignment team” with a goal to “solve the core technical challenges of superintelligence alignment in four years.” Ilya Sutskever, OpenAI’s co-founder and chief scientist, will make this research his core focus, and the company said it would dedicate 20% of its... Earlier this month, OpenAI announced a new “superalignment team” with a goal to...