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

Stripe CEO Patrick Collison. Photo by Getty.

Stripe Lays Off Dozens, Mostly in Recruiting

By Cory Weinberg and Maria Heeter · Jun 29, 2023 11:08am PDT · 1 comment

Stripe has laid off a few dozen employees, most of them recruiters, in its human resources department. The staff cuts, while affecting a tiny percentage of the company’s roughly 7,000-person workforce, are part of a broader wave of belt tightening in tech, even as the pace of larger layoffs has abated. Stripe’s cuts in the recruiting... Stripe has laid off a few dozen employees, most of them recruiters, in its human resources...

Illustration by Laurent Hrybyk.

How Amazon Is Taming Its Customers’ Returns Addiction

By Theo Wayt · Jun 29, 2023 6:04am PDT · 1 comment

When Amazon announced Wednesday that customers could soon start dropping off items they wanted to return at nearly 1,000 Staples stores, it touted the partnership as part of its decadeslong quest to make online shopping as easy as possible for consumers. In reality, the Staples partnership is the result of a years-long effort by a team inside... When Amazon announced Wednesday that customers could soon start dropping off items they wanted to...

Amid "production hell," Tesla built a gigantic tent outside its Fremont, Calif. headquarters for Model 3 manufacturing overflow. Photo: David Paul Morris/Bloomberg/Getty

The Electric: The EV Industry Confronts the Valley of Death

By Steve LeVine · Jun 29, 2023 4:30am PDT

Two years ago, a wave of electric vehicle, battery and mining companies went public with boasts of coming profits. Today, things look very different. Just this week, Lordstown Motors filed for bankruptcy protection, the U.K.’s Cornish Lithium warned that it might go bust, and Ford, whose EV division will lose $3 billion this year, reportedly... Two years ago, a wave of electric vehicle, battery and mining companies went public with boasts...

President Joe Biden holds a microchip. Photo by Getty.

The Risks of Cutting Off China

By Martin Peers · Jun 28, 2023 5:00pm PDT · 3 comments

President Joe Biden holds a microchip. Photo by Getty.

The Risks of Cutting Off China

By Martin Peers · Jun 28, 2023 5:00pm PDT · 3 comments

The Great Wall dividing the U.S. from China is about to get higher. A Wall Street Journal report that the Biden administration is considering further tightening exports of artificial intelligence chips to China triggered a sell-off in chip stocks on Wednesday. Shares of Nvidia, the dominant provider of chips for generative AI, fell 1.8%. To be... The Great Wall dividing the U.S. from China is about to get higher. A Wall Street Journal report...

Naveen Rao (left), CEO of MosaicML, and Ali Ghodsi (right), CEO of DataBricks. Photos by Getty.

How Databricks CEO Justifies Paying $1.3 Billion for a Young AI Startup

By Aaron Holmes · Jun 28, 2023 3:31pm PDT · 5 comments

When enterprise software firm Databricks revealed on Monday it would pay $1.3 billion for a two-year-old artificial intelligence startup, MosaicML, the deal looked overpriced. Databricks is paying 65 times Mosaic’s $20 million in annual recurring revenue, a measure of customer commitments to pay for its software, according to Databricks... When enterprise software firm Databricks revealed on Monday it would pay $1.3 billion for a...

Alex Cooper, host of Call Her Daddy, at Spotify's Art of the Interview Session on June 20 in Cannes, France. Photo by Getty.

Creator Economy

Spotify’s Video-Podcast Surge

By Isabelle Sarraf · Jun 28, 2023 2:23pm PDT

For the past three years, Spotify has been trying to beef up its video podcasts as it tries to keep up with the TikTok-driven explosion in short-form video. The efforts are starting to show some progress. The music streaming service now hosts more than 100,000 podcast shows that publish video episodes, a 40% increase from March though still a... For the past three years, Spotify has been trying to beef up its video podcasts as it tries to...

Art by Clark Miller.

Bargain Hunting in the Legacy Media Aisle

By Andrew A. Rosen · Jun 28, 2023 10:06am PDT · 10 comments

Last month Netflix poached the co-heads of AMC Networks’ Scripted Programming, responsible for spinoffs of the hit series “The Walking Dead” and “Interview With the Vampire,” as well as Apple TV+’s new drama “Silo.” Executive poaching is nothing new or unusual. But the move raises a provocative... Last month Netflix poached the co-heads of AMC Networks’ Scripted Programming, responsible...

Chart from FTX court filings.

Big Winners of the Bitcoin Boom; FTX’s Messy Web

By Aidan Ryan · Jun 28, 2023 9:00am PDT

Chart from FTX court filings.

Big Winners of the Bitcoin Boom; FTX’s Messy Web

By Aidan Ryan · Jun 28, 2023 9:00am PDT

Bitcoin is having a moment. Since the start of June, the most popular cryptocurrency by market capitalization has surged 12%. That jump has coincided with traditional financial firms, which have long been wary of crypto, embracing bitcoin in a big way. BlackRock, the world’s largest asset manager, applied for a bitcoin exchange-traded fund... Bitcoin is having a moment. Since the start of June, the most popular cryptocurrency by market...

Paul Singer, president and co-CEO of Elliott Management. Photo by Getty.

The Busiest Activist Investors in Tech

By Maria Heeter · Jun 28, 2023 6:00am PDT · 1 comment

It's not surprising that an analysis of activist investors shows Starboard Value and Elliott Management are among the most, well, active of activists. Both feature frequently in high-profile fights ranging from Salesforce to eBay. What is more surprising is that some smaller firms, such as Engaged Capital and Legion Capital Management,... It's not surprising that an analysis of activist investors shows Starboard Value and Elliott...

Photo by Shutterstock

Musk v. Zuckerberg and Silicon Valley’s Dangerous Road

By Jessica E. Lessin · Jun 27, 2023 5:00pm PDT · 4 comments

I’ll just say it: Things are starting to look ridiculous in Silicon Valley again. Two of our most at times admired, at times reviled tech leaders are getting ready to fight each other in a mixed martial arts cage match. And, as The Wall Street Journal reported today, boards and businesses across tech are dealing with a new problem: workplace... I’ll just say it: Things are starting to look ridiculous in Silicon Valley again. Two of our most...

Photo via Shutterstock

Creator Economy

Bloomberg to Publish More Audio on YouTube

By Alex Perry · Jun 27, 2023 3:18pm PDT

The term “pivot to video” has become a shorthand for the ill-fated strategic shifts undertaken by digital media companies such as Buzzfeed and Mic in the middle of the past decade to capitalize on Facebook’s prioritization of videos. Fast forward to 2023, and there’s a new pivot happening—this time with audio. The latest is Bloomberg, the... The term “pivot to video” has become a shorthand for the ill-fated strategic shifts undertaken by...

Jason Auerbach. Photo via Silicon Valley Bank, Getty and Foursquare.

The Software Banker With Private Equity on Speed Dial

By Michael Roddan and Maria Heeter · Jun 27, 2023 6:00am PDT · 1 comment

Jason Auerbach. Photo via Silicon Valley Bank, Getty and Foursquare.

The Software Banker With Private Equity on Speed Dial

By Michael Roddan and Maria Heeter · Jun 27, 2023 6:00am PDT · 1 comment

When Josh Rogers, CEO of data integrity firm Precisely, was looking for a buyer in 2021, he tapped Jason Auerbach, then a top investment banker at UBS. Auerbach ended up helping sell Precisely to private equity firms Clearlake Capital Group and TA Associates. Twelve months later, when Precisely needed to raise money, Auerbach—by this time... When Josh Rogers, CEO of data integrity firm Precisely, was looking for a buyer in 2021, he...

Photo by Getty

Deal Monday Returns With Spate of AI and Enterprise Acquisitions

By Martin Peers · Jun 26, 2023 5:00pm PDT

The deal market lives. For the second time this month, we woke up Monday morning to a big enterprise software acquisition. This time, it was IBM (remember that company?) buying data management firm Apptio for $4.6 billion from Vista Equity Partners. People with long memories of obscure enterprise software firms (you know who you are) will recall... The deal market lives. For the second time this month, we woke up Monday morning to a big...

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

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

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.

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

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

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...