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

Is Web3 Still Trending?; Polkadot’s Bold Statement

Is Web3 Still Trending?; Polkadot’s Bold Statement

By Aidan Ryan · Jan 4, 2023 2:30pm PST · 1 comment

With the industry in a definitive crypto winter (for more on the 2022 chaos, read Akash’s retelling in last week’s newsletter), one notable casualty has been the term Web3 itself. The buzzword, which refers to the vision of a third generation, decentralized internet, had spread like wildfire and came to serve as shorthand for describing... With the industry in a definitive crypto winter (for more on the 2022 chaos, read Akash’s...

Photos by Getty Images; Shutterstock. Art by Mike Sullivan

Creator Economy

Four Ways the Creator Economy Will Change This Year

By Kaya Yurieff · Jan 4, 2023 2:18pm PST

What will 2023 bring for the creator economy? For creators, I expect more opportunities to make money from offline businesses, but lower payouts as advertising rates fall. For the big apps, expect cool features like Netflix-style dubbing to become more popular. What will 2023 bring for the creator economy? For creators, I expect more opportunities to make...

T.J. Rodgers, executive chair of Enovix, at the company's Fremont, CA. headquarters. Photo: Courtesy Enovix

The Electric: Enovix Chair Tries to Calm Investors, But Company’s Stock Tanks

By Steve LeVine · Jan 4, 2023 1:09pm PST

T.J. Rodgers, executive chair of silicon battery developer Enovix, on Tuesday set out to reassure investors that the company had a path to scale up its promising technology. It didn’t work. On Wednesday, Enovix shares fell roughly 45% to an all-time low of $6.50 before recovering slightly later in the day. In all, shares have declined about 80%... T.J. Rodgers, executive chair of silicon battery developer Enovix, on Tuesday set out to reassure...

Art by Getty Images/Shane Burke.

Musk’s Server Cuts at Twitter Could Inspire Other CEOs

By Erin Woo and Aaron Holmes · Jan 4, 2023 12:41pm PST · 7 comments

Art by Getty Images/Shane Burke.

Musk’s Server Cuts at Twitter Could Inspire Other CEOs

By Erin Woo and Aaron Holmes · Jan 4, 2023 12:41pm PST · 7 comments

Elon Musk has won plaudits in some quarters of Silicon Valley for slashing Twitter’s headcount and ending its remote-work policy. Now Musk’s latest target for cost cutting is drawing fresh attention from cost-conscious CEOs at companies across the globe. Since taking over Twitter just over two months ago, Musk has slashed... Elon Musk has won plaudits in some quarters of Silicon Valley for slashing Twitter’s...

Illustration by Matheus Costa

There Is So Much Tech Talent Up for Grabs Right Now

By Kirthiga Reddy · Jan 4, 2023 9:00am PST · 4 comments

Denial, anger, bargaining, depression and acceptance—the five stages of grief. With more than 150,000 tech employees across the globe affected by layoffs last year alone, the cuts have hit wide and deep. For millennials and Gen Z, losing a job is a new experience. Those whose immigration status is tied to their employment know additional... Denial, anger, bargaining, depression and acceptance—the five stages of grief. With more...

Goldman Sachs' plan to scrap big pieces of its unprofitable digital bank, Marcus, is viewed as a warning sign by some tech workers in finance. Photo by Bloomberg.

Wall Street’s War for Tech Talent Is Cooling Off

By Lauren Tara LaCapra · Jan 4, 2023 6:00am PST

Financial firms have spent years beefing up their rosters of tech workers, getting into bidding wars with the likes of Apple and Google for top coders, engineers and product developers. But with deal activity stalled and tech companies laying off workers by the thousands, Wall Street’s war with Silicon Valley over tech talent has cooled. ... Financial firms have spent years beefing up their rosters of tech workers, getting into bidding...

Photo via Bloomberg

Five Things to Watch in Tech in 2023

By Jessica E. Lessin · Jan 3, 2023 5:04pm PST · 2 comments

Welcome to 2023 and a very happy new year. I’ve been covering technology for almost two decades, and I can’t think of a year that’s been more consequential than the current one. Everywhere you look, the guard is changing, and there’s no clear idea what’s next. So for my first Briefing of the year, I wanted to lay out some of the big themes... Welcome to 2023 and a very happy new year. I’ve been covering technology for almost two decades,...

Real answer from OpenAI's ChatGPT. Credit: Shane Burke

Microsoft and OpenAI Working on ChatGPT-Powered Bing in Challenge to Google

By Aaron Holmes · Jan 3, 2023 4:39pm PST · 7 comments

Real answer from OpenAI's ChatGPT. Credit: Shane Burke

Microsoft and OpenAI Working on ChatGPT-Powered Bing in Challenge to Google

By Aaron Holmes · Jan 3, 2023 4:39pm PST · 7 comments

Microsoft could soon get a return on its $1 billion investment in OpenAI, creator of the ChatGPT chatbot, which gives humanlike text answers to questions. Microsoft is preparing to launch a version of its Bing search engine that uses the artificial intelligence behind ChatGPT to answer some search queries rather than just showing a list of... Microsoft could soon get a return on its $1 billion investment in OpenAI, creator of the ChatGPT...

What We Learned in Year Two of the Creator Economy Database

Creator Economy

What We Learned in Year Two of the Creator Economy Database

By Mahira Dayal · Jan 3, 2023 2:51pm PST · 1 comment

For the first time since The Information launched its Creator Economy Database in mid-2021, we now have two straight years of funding for startups that serve online influencers. The numbers show both the exuberance that energized founders and investors—and some of the wariness that set in late last year.First, the headline numbers: total funding... For the first time since The Information launched its Creator Economy Database in mid-2021, we...

From left, TikToker Khabe Lame, YouTube star MrBeast, Instagram head Adam Mosseri, YouTuber Jackie Aina, TikTok stars Addison Rae and Zach King, Twitch streamer Ninja. Photos via YouTube, Bloomberg and Getty.

Creator Economy Database

The Creator Economy’s Next Chapter: Living With Less

By Mahira Dayal · Jan 3, 2023 10:09am PST · 1 comment

The creator economy will have to learn to live with less this year. Headed into 2023, startups that support online influencers don’t have the cash bulwark they did a year ago. Venture capital investors sank $2.5 billion into creator economy startups last year, down 50% from 2021, according to an analysis of The Information’s Creator... The creator economy will have to learn to live with less this year. Headed into 2023, startups...

Apple CEO Tim Cook. Photoillustration by Getty Images/Shutterstock and Shane Burke

Inside the Tech Powering Apple’s Envelope-Pushing, Risky Mixed Reality Headset

By Wayne Ma · Jan 3, 2023 6:00am PST · 12 comments

Apple’s mixed-reality headset has become the iPhone maker’s most hotly anticipated new product of 2023. It may also be the riskiest. The headset, which Apple has yet to formally announce, will be jam-packed with features Apple will have to get just right if the product is going to have the kind of revolutionary impact the original... Apple’s mixed-reality headset has become the iPhone maker’s most hotly anticipated...

The Electric Quarterly: In 2022, the U.S. Raced Into the Battery Game, but Dark Clouds Loom Ahead

The Electric Quarterly: In 2022, the U.S. Raced Into the Battery Game, but Dark Clouds Loom Ahead

By Steve LeVine · Jan 1, 2023 2:00pm PST

The Electric Quarterly: In 2022, the U.S. Raced Into the Battery Game, but Dark Clouds Loom Ahead

The Electric Quarterly: In 2022, the U.S. Raced Into the Battery Game, but Dark Clouds Loom Ahead

By Steve LeVine · Jan 1, 2023 2:00pm PST

At the start of 2022, China was the clear global leader in producing electric vehicles and batteries and processing the minerals that make them work. The U.S., by contrast, had plans for few battery factories and virtually no factories to process the necessary raw materials. A year later, the rest of the world is scrambling to respond to an... At the start of 2022, China was the clear global leader in producing electric vehicles and...

In Praise of Real (Not Tweetable) Conversations

In Praise of Real (Not Tweetable) Conversations

By Jon Steinberg · Dec 31, 2022 7:00am PST

Hi, welcome to the last Weekend of 2022!Because everyone’s feeling nostalgic for auld lang syne (rough translation: before everything sucked), we wanted to reflect on some lessons from the recent past. So this week, the team asked some of the smartest people in tech about the conversations that stuck with them the most from 2022. My... Hi, welcome to the last Weekend of 2022!Because everyone’s feeling nostalgic for auld lang syne...

Illustrations by Clark Miller

The Year In Conversations

‘Looking Back, That Advice Was Extremely Wise’: The Most Impactful Conversations of 2022

By Abram Brown, Margaux MacColl, Annie Goldsmith and Arielle Pardes · Dec 30, 2022 9:00am PST · 4 comments

What was the one conversation you had over the past year that really stuck with you? Maybe it was about tech, or war, or parenting, or Elon Musk. Maybe it was with your best friend, or your mentor, or a fellow entrepreneur, or your dad. But whatever it was, you’ll be carrying it with you into 2023—and probably longer. In a year... What was the one conversation you had over the past year that really stuck with you? Maybe it was...

Photos via Bloomberg, Getty Images and Alexis Ohanian.

The Information’s Best Stories of 2022

By The Information Staff · Dec 30, 2022 6:00am PST · 1 comment

The year 2022 upset so much in tech: Cash stopped flowing, sobriety replaced frenzy and crypto fell off a cliff. Startups buoyed by the record funding boom came apart at the seams, from e-commerce startup Fast to crypto exchange FTX. In between, Elon Musk ruled the internet and even took over our dreams. Say what you will about 2022, it sure did... The year 2022 upset so much in tech: Cash stopped flowing, sobriety replaced frenzy and crypto...

Oracle CEO Safra Catz. Photo: Bloomberg

Tech’s Best and Worst of 2022

By Amir Efrati · Dec 29, 2022 5:28pm PST

Oracle CEO Safra Catz. Photo: Bloomberg

Tech’s Best and Worst of 2022

By Amir Efrati · Dec 29, 2022 5:28pm PST

If last year was euphoric for the business world, this year was humbling—but not for everyone. We felt it was a fitting time to call out some leaders and companies who deserve praise as well as those who deserve shame.Best big tech CEO: Safra Catz. In a year in which most major technology stocks dropped at least 20%, if not 70%, Oracle shares... If last year was euphoric for the business world, this year was humbling—but not for everyone. We...

Illustration by Shane Burke/Shutterstock.

Creator Economy

Creator Economy Year in Review and Our Top Stories

By Kaya Yurieff · Dec 29, 2022 3:06pm PST

This year, we published 201 editions of this newsletter. We covered the shift from boom times to funding shrinking for creator economy startups and brought you news about layoffs and major social platforms rethinking which creator initiatives make the most sense. We’ve also regularly profiled creators and how they’re building businesses,... This year, we published 201 editions of this newsletter. We covered the shift from boom times to...

Bolt founder Ryan Breslow (left), FTX co-founder Sam Bankman-Fried, Fast co-founder Domm Holland (right). Photos by Getty Images.

The Troubled Investments VC Firms Tried to Erase

By Kate Clark · Dec 29, 2022 11:00am PST · 4 comments

There’s no better way to avoid flack for a slew of bad venture capital investments than simply erasing evidence of those deals—right? That’s apparently what a handful of VC partners decided in 2022, a year many will remember for the collapse in startup valuations and several unforgettable blow-ups.In between marking down the value of their... There’s no better way to avoid flack for a slew of bad venture capital investments than simply...

Art by Mike Sullivan via Shutterstock

Modest Proposals

Creator Financing Is Going Mainstream

By Sam Lessin and Megan Lightcap · Dec 29, 2022 9:00am PST · 1 comment

In November 2021, Sam wrote an article outlining experiments we had been doing at Slow Ventures to invest directly in creators and serial entrepreneurs as individuals rather than backing traditional companies. What a difference a year makes. In the last 12 months the idea of directly financing creators has gone from a fringe experiment to... In November 2021, Sam wrote an article outlining experiments we had been doing at Slow...

Photo via Shutterstock.

Silicon Valley Leans on Top Performers to Inspire Slimmed-Down Workforces

By Mark Matousek · Dec 29, 2022 6:05am PST · 4 comments

Photo via Shutterstock.

Silicon Valley Leans on Top Performers to Inspire Slimmed-Down Workforces

By Mark Matousek · Dec 29, 2022 6:05am PST · 4 comments

After slashing headcount and rooting out underperformers, some of Silicon Valley’s biggest employers are leaning more on their best workers to get colleagues to step up their game. Salesforce last month launched a new program aimed at encouraging high-performing salespeople to help out their peers. Meta’s human resources department... After slashing headcount and rooting out underperformers, some of Silicon Valley’s biggest...