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

Chart by Shane Burke

Creator Economy

The Creator Economy Database Goes Global; Trevor Noah’s Take on Podcasts

By Isabelle Sarraf · Jun 20, 2023 3:18pm PDT

Our latest update to the Creator Economy Database comes with a major overhaul of the data we report for startups based outside the U.S. For the first time, we’ve included detailed information about the funding rounds and lead investors for private creator companies headquartered outside of the U.S. Here’s what we found:• Singapore-based BandLab,... Our latest update to the Creator Economy Database comes with a major overhaul of the data we...

Nat Friedman, left, and Daniel Gross. Photos by Microsoft and Getty

Billion-Dollar AI Venture Fund Offers Elusive Nvidia Chips to Win Deals

By Kate Clark · Jun 20, 2023 2:19pm PDT

Nat Friedman and Daniel Gross, a pair of founders turned startup investors, set the venture capital world abuzz last week by announcing a novel tactic to win over founders: offering them access to a huge number of free servers equipped with the most advanced chips for training machine-learning models. It turns out the duo also quietly raised an... Nat Friedman and Daniel Gross, a pair of founders turned startup investors, set the venture...

Left to right: musicians thekid.ACE, PinkPantheress, beabadoobee and Tokimonsta. Art by Shane Burke.

Creator Economy Database

Creator Startup Funding Breaks Quarterly U.S. Losing Streak

By Isabelle Sarraf and Kalley Huang · Jun 20, 2023 10:41am PDT

It’s still incredibly hard to raise venture capital as the founder of a creator economy startup—unless you’re offering services for independent musicians. Creator economy startups in the U.S. raised $151.5 million in venture funding in the second quarter of this year so far, down 82% year over year, according to an update from... It’s still incredibly hard to raise venture capital as the founder of a creator economy...

OpenAI CEO Sam Altman. Photo by Getty

OpenAI Considers Creating an App Store for AI Software

By Aaron Holmes and Jon Victor · Jun 20, 2023 6:00am PDT · 11 comments

OpenAI CEO Sam Altman. Photo by Getty

OpenAI Considers Creating an App Store for AI Software

By Aaron Holmes and Jon Victor · Jun 20, 2023 6:00am PDT · 11 comments

OpenAI—an early mover in releasing chatbots powered by large-language models—is contemplating another initiative to extend its influence in the world of artificial intelligence. The company is considering launching a marketplace in which customers could sell AI models they customize for their own needs to other businesses, according... OpenAI—an early mover in releasing chatbots powered by large-language models—is...

Kate Jhaveri, global head of marketing for TikTok, speaks in Cannes Monday. Photo by Getty.

Creator Economy

TikTok and Cost Cuts at Cannes

By Kaya Yurieff · Jun 19, 2023 8:24am PDT

I’m at the bustling Cannes Lions advertising festival in the south of France, where the sun is strong and the rosé is flowing. The mood feels buoyant, even as the advertising world has pulled back on spending and tech companies reel from bruising mass layoffs. Some attendees are sharing Airbnbs with colleagues or staying far from the venue... I’m at the bustling Cannes Lions advertising festival in the south of France, where the sun is...

Inside the CEO Switch at Twitch

Inside the CEO Switch at Twitch

By Jon Steinberg · Jun 17, 2023 6:00am PDT

Hi, welcome to your Weekend.On Wednesday night, while editing Annie’s thoroughly delightful cover story on new Twitch CEO Dan Clancy, I hopped over to Clancy’s Twitch page, just to see if he was livestreaming. To my surprise and delight, he was.Almost two hours into a four-and-a-half hour jam session and open-mic night, the CEO sat facing... Hi, welcome to your Weekend.On Wednesday night, while editing Annie’s thoroughly delightful cover...

Art by Clark Miller

Market Research

The Electric Vehicle Newbie’s Guide to Summer Road Tripping

By Tim Stevens · Jun 17, 2023 6:00am PDT · 6 comments

Road trip season is upon us, and with electric vehicle sales up almost 50% so far in 2023, there’s a good chance that wherever you’re going, you won’t need gasoline. But you will need to recharge, and that’s where things can get complicated. I have been testing EVs for well over a decade and have driven thousands of miles... Road trip season is upon us, and with electric vehicle sales up almost 50% so far in 2023,...

Tiger Global management partners Chase Coleman, left, and Scott Shleifer

Tiger Global Raises $2.7 Billion, 55% Less Than Target Set Last Fall

By Natasha Mascarenhas · Jun 16, 2023 3:49pm PDT

Tiger Global management partners Chase Coleman, left, and Scott Shleifer

Tiger Global Raises $2.7 Billion, 55% Less Than Target Set Last Fall

By Natasha Mascarenhas · Jun 16, 2023 3:49pm PDT

Tiger Global Management, a New York-based investment firm that became a symbol of the recent startup funding boom and bust, has raised $2.7 billion, according to a pair of securities filings it filed on Friday. Taken together, the capital is 55% less than the $6 billion goal it set for the new fund as of last fall and is 79% less than the... Tiger Global Management, a New York-based investment firm that became a symbol of the recent...

Art by Clark Miller

Jennifer Pahlka Hasn’t Given Up on Fixing the Government

By Nancy Scola · Jun 16, 2023 11:00am PDT · 8 comments

It was in spring 2017 that Jennifer Pahlka, then a member of the Pentagon’s new Defense Innovation Board, found herself in a darkened U.S. military base watching a young analyst study aerial footage of a suspicious car. Well, the analyst was trying to parse the images: The Pentagon was relying on clunky, outdated software to highlight the... It was in spring 2017 that Jennifer Pahlka, then a member of the Pentagon’s new Defense...

CEO Dan Clancy in the livestreaming studio at Twitch's San Francisco headquarters. Photograph by Carolyn Fong for The Information

Twitch’s New CEO Tries to Strike the Right Chords

By Annie Goldsmith · Jun 16, 2023 9:00am PDT · 1 comment

I will start with John Denver,” said Dan Clancy. “There’s one note that’s kind of high, so I mangle it a little. But that’s OK. Part of doing this is being comfortable mangling a note or two.” Clancy, CEO of the $45 billion livestreaming platform Twitch, then launched into an emphatic keyboard rendition of... I will start with John Denver,” said Dan Clancy. “There’s one note that’s...

Pro Weekly: How Investor Sentiment Reacts to the News

Pro Weekly: How Investor Sentiment Reacts to the News

By Kalley Huang · Jun 16, 2023 8:00am PDT

Welcome back!Thursday, we published results from our monthly reader survey. Readers of The Information remain split on their outlook for Silicon Valley, with roughly equal numbers of respondents saying conditions will improve, worsen or stay the same.Respondents last month were more optimistic about most of the 14 companies our survey asks... Welcome back!Thursday, we published results from our monthly reader survey. Readers of The...

Photo by Getty.

How the SEC Could Cripple Crypto Venture Capitalists

By Aidan Ryan · Jun 16, 2023 6:00am PDT · 3 comments

Photo by Getty.

How the SEC Could Cripple Crypto Venture Capitalists

By Aidan Ryan · Jun 16, 2023 6:00am PDT · 3 comments

The Securities and Exchange Commission’s lawsuits against both Coinbase and Binance have sparked an intense debate about its effort to regulate the crypto markets. But another aspect of the SEC’s crackdown has drawn less attention—proposed rules that could make it nearly impossible for some crypto-focused venture capitalists to... The Securities and Exchange Commission’s lawsuits against both Coinbase and Binance have...

Photo by Getty

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,...

Photo by Getty

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...