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

Photo via Ramp

Ramp’s Down Round and Why Startups Should Let Employees Cash Out

By Kate Clark · Aug 17, 2023 12:53pm PDT · 1 comment

Since it was founded in 2019, credit card startup Ramp has won over investors with a blistering pace of growth. As card payment volume surged, the startup’s valuation exploded from $1 billion in early to 2021 to over $8 billion last year, thanks to investments from Thrive Capital and Redpoint Ventures, among others. Those heady times are... Since it was founded in 2019, credit card startup Ramp has won over investors with a blistering...

Photo by Getty.

As Doubts About WeWork’s Future Rise, Landlords Look for Backup Tenants

By Alex Perry · Aug 17, 2023 10:44am PDT · 5 comments

Landlords leasing spaces to WeWork have been increasingly approaching rival venture- and private equity–backed office rental startups, such as Codi, Industrious and Serendipity Labs, to gauge their interest in taking over WeWork spaces ahead of a possible WeWork bankruptcy, say industry executives. One challenge for landlords, however, is... Landlords leasing spaces to WeWork have been increasingly approaching rival venture- and private...

Photo via Ramp.

Fintech Ramp is Raising Capital at $5.5 Billion Valuation, Down 30%

By Kate Clark · Aug 17, 2023 8:16am PDT · 5 comments

Fintech startup Ramp is raising several hundred million from investors at a $5.5 billion valuation, measured before the investment, according to two people familiar with the matter. That’s a 32% cut to the $8.1 billion at which Ramp was valued at in early 2022, reflecting how startup values have fallen in the past two years. Thrive Capital... Fintech startup Ramp is raising several hundred million from investors at a $5.5 billion...

Photos courtesy of Llion Jones and David Ha.

A Godfather of Transformers Launches Lab Developing More Adaptable AI Models; Databricks and OpenAI in Dealmaking Mode

By Stephanie Palazzolo · Aug 17, 2023 7:00am PDT

Photos courtesy of Llion Jones and David Ha.

A Godfather of Transformers Launches Lab Developing More Adaptable AI Models; Databricks and OpenAI in Dealmaking Mode

By Stephanie Palazzolo · Aug 17, 2023 7:00am PDT

Much to the dismay of antsy bankers and investors, it doesn’t look like Databricks, which has aided the rise of artificial intelligence software in the business world, will be going public anytime soon.Instead, the company, which sells tools for building machine-learning models, has been chatting with investors about potentially raising hundreds... Much to the dismay of antsy bankers and investors, it doesn’t look like Databricks, which has...

Illustration by Clark Miller.

Wall Street Turns to AI to Solve WhatsApp Compliance Nightmare

By Michael Roddan · Aug 17, 2023 7:00am PDT

The Securities and Exchange Commission’s latest crackdown on Wall Street bankers and traders’ use of encrypted apps is sparking interest in whether large-language models and other artificial intelligence tools can catch Wall Street workers talking in code about something they shouldn’t be—or switching to an encrypted app... The Securities and Exchange Commission’s latest crackdown on Wall Street bankers and...

From left, Alphabet CFO Ruth Porat, Verily CEO Stephen Gillett, and Alphabet CEO Sundar PIchai.

Alphabet’s Verily Moves Toward Spinoff as Revenue Surges

By Jon Victor · Aug 17, 2023 6:00am PDT · 1 comment

Alphabet’s biggest “other bet,” part of the blue-sky investment projects carved off from the company’s Google ad-based empire several years ago, is moving toward the exits. Stephen Gillett, CEO of Verily, an Alphabet subsidiary that aims to apply data analytics to healthcare, told employees this month that by... Alphabet’s biggest “other bet,” part of the blue-sky investment projects...

In September, Lucid Motors plans to release the 419-mile, rear-wheel-drive Air Pure, whose battery efficiency will be 4.7 miles per kilowatt hour, the highest in the industry. Photo: Courtesy Lucid

The Electric: Lucid Touts Its Vehicles' Efficiency

By Steve LeVine · Aug 17, 2023 4:30am PDT · 1 comment

Most auto companies and their customers are obsessed with how far electric vehicles will go on a charge. To be taken seriously, most carmakers think an EV should have 250 to 300 miles of range; 400 to 500 miles on a charge is the ultragold standard. EVs that deliver such long range are kings of the hill.Lucid Motors says this thinking is all... Most auto companies and their customers are obsessed with how far electric vehicles will go on a...

Photo by Shutterstock.

Intel’s Scrapped Deal Shows Power of China Antitrust Regulators

By Martin Peers · Aug 16, 2023 5:00pm PDT

Photo by Shutterstock.

Intel’s Scrapped Deal Shows Power of China Antitrust Regulators

By Martin Peers · Aug 16, 2023 5:00pm PDT

Believe it or not, U.S. companies’ biggest antitrust irritant may not be Lina Khan’s Federal Trade Commission. International regulators—mainly in China and Britain—are increasingly elbowing their way into foreign deals that don’t obviously require their attention. The latest example is Intel’s decision on Wednesday to walk away from its $5.4... Believe it or not, U.S. companies’ biggest antitrust irritant may not be Lina Khan’s Federal...

Chart by Shane Burke

Creator Economy

Company Plans YouTuber Trip to Ukraine as Social Media Awareness Drops

By Kaya Yurieff · Aug 16, 2023 3:52pm PDT

When Russia invaded Ukraine in February 2022, the war took over social media as people outside the country posted videos and photos pledging support for the residents. Ordinary people as well as professional creators also published updates from Ukraine, including a livestream of the invasion on Twitch. But 18 months later, it’s no longer a... When Russia invaded Ukraine in February 2022, the war took over social media as people outside...

Databricks CEO Ali Ghodsi. Photo by Bloomberg/Getty.

Databricks, After $380 Million Loss, in Talks to Raise More Cash

By Cory Weinberg and Amir Efrati · Aug 16, 2023 12:59pm PDT · 8 comments

Enterprise software firm Databricks is in early discussions with investors for a new cash infusion, likely totaling hundreds of millions of dollars, as it looks to capitalize on the fervor over artificial intelligence, two people familiar with the matter said. The investment talks come as Databricks has moved closer to break-even, after losing a... Enterprise software firm Databricks is in early discussions with investors for a new cash...

Crypto Startup Investors Go Bargain Hunting

Crypto Startup Investors Go Bargain Hunting

By Aidan Ryan · Aug 16, 2023 9:00am PDT

Unless you’re running an AI startup, it’s tough to raise money these days. That’s especially true for crypto companies, where global venture funding fell by 78% in the first half compared to the same period last year, according to data from PitchBook.Crypto focused venture capitalists still have plenty of money to put to work though, and several... Unless you’re running an AI startup, it’s tough to raise money these days. That’s especially true...

Chart by Shane Burke.

How Eight AI Coding Assistants Stack Up

By Stephanie Palazzolo · Aug 16, 2023 7:00am PDT · 2 comments

Chart by Shane Burke.

How Eight AI Coding Assistants Stack Up

By Stephanie Palazzolo · Aug 16, 2023 7:00am PDT · 2 comments

Hello!One of the earliest companies to commercialize generative AI was GitHub, the Microsoft-owned code repository, which released its AI coding assistant Copilot under preview in June 2021. Powered by OpenAI’s technology, the assistant quickly captured the hearts of developers by giving them a tool that suggests code fragments while they type,... Hello!One of the earliest companies to commercialize generative AI was GitHub, the Microsoft...

The Key People Driving Meta’s Generative AI Work

By Sylvia Varnham O'Regan and Kalley Huang · Aug 16, 2023 6:00am PDT

As Meta Platforms has tried to cut costs and trim headcount over the past year, one area has emerged as an exception: generative artificial intelligence. Caught flat-footed by the explosion of interest in OpenAI’s ChatGPT, Meta scrambled to put together a team in February focused on the buzzy technology in the hopes of deploying it in... As Meta Platforms has tried to cut costs and trim headcount over the past year, one area has...

Photo via Shutterstock.

Don’t Fall for the Musk Distraction Machine

By Jessica E. Lessin · Aug 15, 2023 5:00pm PDT · 14 comments

For years, politicians and the public have attacked the leaders of companies like Facebook, Twitter and Google, arguing they had their “thumbs on the scales” of political discourse. Critics worried these companies had too much power over how content was amplified on their sites, were picking winners and losers in elections, and on and on.And so... For years, politicians and the public have attacked the leaders of companies like Facebook,...

How X’s Subscription Offers Compare

Creator Economy

How X’s Subscription Offers Compare

By Alex Perry · Aug 15, 2023 4:01pm PDT · 2 comments

In early August, Elon Musk said X would only take a cut of its creators’ subscription revenue on the platform if their payouts topped $100,000 in lifetime earnings, a more generous offer than Musk’s prior deal, which delayed taking its 10% cut for the first 12 months of a creator’s subscription revenue. The move looked designed to attract more... In early August, Elon Musk said X would only take a cut of its creators’ subscription revenue on...

Recap: Combating Misinformation, Deepfakes and the Proliferation of Generative AI

By The Information Partnerships · Aug 15, 2023 10:00am PDT

Partner Content

Recap: Combating Misinformation, Deepfakes and the Proliferation of Generative AI

By The Information Partnerships · Aug 15, 2023 10:00am PDT

With AI technology progressing, it’s getting increasingly difficult to tell what content is real and what’s not. While many deepfakes are for entertainment purposes, more and more of them are being used to defraud people or influence elections. In partnership with Comcast NBCUniversal LIFT Labs, The Information’s Margaux... With AI technology progressing, it’s getting increasingly difficult to tell...

Photo via Midjourney.

Google Gemini’s Strength May Be Its Greatest Weakness; Don’t Hop on the AI Hiring Train

By Stephanie Palazzolo · Aug 15, 2023 7:00am PDT · 2 comments

Historically (and much to the dismay of people born in May and June), the word “Gemini” has been associated with being “two-faced” or having dual personalities. So it’s somewhat fitting, then, that Google’s upcoming collection of large machine-learning models using that name was born out of the forced marriage of two AI teams, Google... Historically (and much to the dismay of people born in May and June), the word “Gemini” has been...

Alphabet CEO Sundar Pichai in May. Photo via Getty

How Google is Planning to Beat OpenAI

By Jon Victor · Aug 15, 2023 6:00am PDT · 2 comments

In April, Alphabet CEO Sundar Pichai took an unusual step: merging two large artificial intelligence teams—with distinct cultures and code—to catch up to and surpass OpenAI and other rivals. Now the test of that effort is coming, with hundreds of people scrambling to release a group of large machine-learning models—one of the... In April, Alphabet CEO Sundar Pichai took an unusual step: merging two large artificial...

From left: Kai-Fu Lee, Li Ruigang, Richard Zhijian Peng. Photos: Bloomberg via Getty Images

Venture Capital Firms Struggle to Raise Funds in China

By Juro Osawa and Jing Yang · Aug 15, 2023 5:00am PDT · 2 comments

When CMC Capital, a Shanghai-based venture capital and private equity firm, started raising a new fund from global investors in 2021, its target size of more than $1 billion didn’t seem ambitious. The amount was only a tad more than the firm’s previous fund of $950 million. And CMC’s founder, Li Ruigang, is a well-known media... When CMC Capital, a Shanghai-based venture capital and private equity firm, started raising a new...

Image courtesy of Happy Money.

Lending Startups Seek Buyers as Rate Hikes Hobble Growth

By Natasha Mascarenhas and Kate Clark · Aug 14, 2023 6:43pm PDT · 1 comment

Image courtesy of Happy Money.

Lending Startups Seek Buyers as Rate Hikes Hobble Growth

By Natasha Mascarenhas and Kate Clark · Aug 14, 2023 6:43pm PDT · 1 comment

Venture-backed consumer lending startups are starting to fold their cards. Happy Money, an online lending startup formerly known as Payoff, is in talks to sell itself, according to a person with direct knowledge of the matter. The Torrance, Calif.-based company, valued at $1.1 billion in a private financing announced in February last year, has... Venture-backed consumer lending startups are starting to fold their cards. Happy Money, an online...