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

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Recent Editions

Art by Mike Sullivan.

Amazon’s Shrinking Cloud Gaming Service Could Be the Next Stadia

By Theo Wayt · Feb 17, 2023 6:00am PST · 1 comment

Amazon’s attempt to build out a videogame streaming service is losing steam, with its library of games quickly shrinking less than a year after its launch. That’s raising questions about whether it could go the way of Google’s Stadia, which shut down last month. Amazon’s cloud-based service, Luna, has seen its library... Amazon’s attempt to build out a videogame streaming service is losing steam, with its...

Susan Wojcicki. Photo by Bloomberg.

I Was Wrong About Susan Wojcicki

By Jessica E. Lessin · Feb 16, 2023 5:00pm PST

I remember the day, nine years ago, when Susan Wojcicki took over as CEO of YouTube. I didn’t think it would go well. And I was wrong. As a tech reporter on the Google beat, I had known Wojcicki for a while and had followed her for even longer. She had been the 16th employee at the company—basically as closely tied to the history of Google... I remember the day, nine years ago, when Susan Wojcicki took over as CEO of YouTube. I didn’t...

Susan Wojcicki announced she would step down as YouTube CEO. Photo via Bloomberg

Creator Economy

Susan Wojcicki’s YouTube Legacy

By Kaya Yurieff · Feb 16, 2023 3:22pm PST · 1 comment

It’s the end of an era at YouTube. In a surprise announcement Thursday, CEO Susan Wojcicki said she’s stepping down after nearly 25 years at Google and nine years helming the popular video-sharing site. Neal Mohan, YouTube’s chief product officer, will be the new head of the company. Wojcicki said she would focus on family, health and personal... It’s the end of an era at YouTube. In a surprise announcement Thursday, CEO Susan Wojcicki said...

Photo by Shutterstock.

Who’s to Blame for Venture Capital’s Bloat?

By Kate Clark · Feb 16, 2023 2:09pm PST · 4 comments

Photo by Shutterstock.

Who’s to Blame for Venture Capital’s Bloat?

By Kate Clark · Feb 16, 2023 2:09pm PST · 4 comments

After I published last week’s column, which said limited partners were still pissed off at venture capitalists for misplaced bets made during the funding boom, my phone buzzed with a string of texts from a prominent venture capitalist.“LPs propagated all of this.” “They are just as accountable.”“Who gave Tiger all the money?”It’s a... After I published last week’s column, which said limited partners were still pissed off at...

ServiceTitan's co-founders Ara Mahdessian (left) and Vahe Kuzoyan. Photo by ServiceTitan.

ServiceTitan Burned $170 Million in Cash in 2022

By Maria Heeter · Feb 16, 2023 1:59pm PST · 5 comments

ServiceTitan, a startup that sells software to help plumbers and electricians run their businesses, burned through more than $170 million in cash last year, according to an email sent to employees. The red ink amounted to more than a third of ServiceTitan’s $460 million in revenue for the 12 months ending in January, the email... ServiceTitan, a startup that sells software to help plumbers and electricians run their...

Art by Clark Miller.

We’re Reliving the Start of the Smartphone Era, This Time with AI

By Ryan Broderick · Feb 16, 2023 9:00am PST · 13 comments

Last week, both Microsoft and Google gave demos of their new artificial intelligence–powered search assistants. Microsoft’s Bing Chat sits inside its Bing search engine and Edge web browser, while Google’s Bard chatbot will do its thing on the same page where Google’s standard search results appear. Microsoft seems to... Last week, both Microsoft and Google gave demos of their new artificial...

Photo by Getty.

PayPal and Shopify See Big Business in Returns. Merchants Want to Fix the Problem Themselves

By Ann Gehan · Feb 16, 2023 6:08am PST · 7 comments

Thanks to Amazon, shoppers have grown accustomed to easy, free returns. That’s created a headache for small online sellers, who have been increasingly struggling to shoulder the cost. Several software and payments companies, including PayPal and Shopify, are trying to help. They offer services to help brands salvage revenue by convincing... Thanks to Amazon, shoppers have grown accustomed to easy, free returns. That’s created a...

Photo by Shutterstock

Post-Pandemic Slump Ends for Roblox but Not Shopify

By Martin Peers · Feb 15, 2023 5:00pm PST

Photo by Shutterstock

Post-Pandemic Slump Ends for Roblox but Not Shopify

By Martin Peers · Feb 15, 2023 5:00pm PST

Greetings!The pandemic hangover may be ending, at least for some. Roblox’s fourth-quarter report today showed that at least one of the Covid-19 boomers whose business flatlined once people resumed normal life is growing solidly again. Roblox’s bookings rose 17% in the fourth quarter from a year earlier, after declining in the first half of 2022.... Greetings!The pandemic hangover may be ending, at least for some. Roblox’s fourth-quarter report...

Photo: Jellysmack

Creator Economy

Jellysmack Aims to Cut 200 French Workers

By Mahira Dayal · Feb 15, 2023 3:16pm PST · 1 comment

Jellysmack, a startup providing video services for creators whose headcount swelled to more than 1,000 last year, is aiming to cut up to 208 employees based in France, a spokesperson confirmed. The company was started by three French entrepreneurs in 2016 and has kept a large operation in the country even as it’s hired more people in New... Jellysmack, a startup providing video services for creators whose headcount swelled to more than...

SEC Chair Gary Gensler. Photo by Bloomberg.

Regulators Take a Big Swing at Crypto—and Executives Vow to Fight Back

By Aidan Ryan · Feb 15, 2023 3:00pm PST · 3 comments

Here come the regulators. Right after I was last in your inbox, the crypto exchange Kraken announced it would shut down its staking services in the U.S. It also agreed to a $30 million settlement with the Securities and Exchange Commission over its staking services, which the agency alleged was offered and sold as an unregistered security.... Here come the regulators. Right after I was last in your inbox, the crypto exchange Kraken...

Eight Research Papers That Set Off the AI Boom

By Jon Victor · Feb 15, 2023 6:00am PST · 4 comments

For years before artificial intelligence chatbot ChatGPT became a household name, a breakthrough that enabled it existed as little more than a 2017 research paper that only a small group of software engineers could understand. Eight seminal AI papers published in the last eight years by researchers at Google, Microsoft, Meta Platforms,... For years before artificial intelligence chatbot ChatGPT became a household name, a...

Stripe founders Patrick Collison, left, and John Collison. Photo by Bloomberg.

Stripe Burned Through More Than $500 Million in Cash Last Year

By Cory Weinberg · Feb 15, 2023 5:16am PST · 2 comments

Stripe founders Patrick Collison, left, and John Collison. Photo by Bloomberg.

Stripe Burned Through More Than $500 Million in Cash Last Year

By Cory Weinberg · Feb 15, 2023 5:16am PST · 2 comments

Stripe burned through more than $500 million of cash last year as its revenue growth rate fell sharply, people familiar with the matter said. The previously undisclosed figures paint a clearer picture about how quickly the payments giant lost steam after a pandemic-fueled growth frenzy. Stripe’s net revenue growth slowed to about 18% in... Stripe burned through more than $500 million of cash last year as its revenue growth rate fell...

Photo by Getty Images

The Good News for Tech IPO Hopefuls

By Jessica E. Lessin · Feb 14, 2023 5:00pm PST

Sentiment around a long-awaited return for tech initial public offerings has certainly turned—or at least subtly shifted—in the last week. The previous mood among several investors I have spoken with could have been summed up as: “No way that’s happening anytime soon.” Now it’s more like: “You know, there may just be an opening in a quarter or... Sentiment around a long-awaited return for tech initial public offerings has certainly turned—or...

Microsoft CEO Satya Nadella

Microsoft Lays Off 150 Cloud Sales Specialists

By Kevin McLaughlin · Feb 14, 2023 3:20pm PST

Microsoft last week laid off around 150 employees from a team tasked with convincing medium-size companies to adopt cloud services such as Azure server rentals and Microsoft 365 productivity apps, said a person with direct knowledge of the matter. The cuts to that team, known as digital cloud acquisition, indicate that the plan hasn’t gone... Microsoft last week laid off around 150 employees from a team tasked with convincing medium-size...

Creator Thomas Frank. Photo: Frank

Creator Economy

The YouTuber Making $1 Million Selling Notion ‘Templates’

By Mahira Dayal · Feb 14, 2023 2:59pm PST

Influencers who dish out tips on improving daily routines—from early morning pilates to swilling trendy health drink Athletic Greens—are increasing in popularity. Among these, Denver-based Thomas Frank has carved out a lucrative niche: selling customized set-ups for people using Notion, the note-taking and list-making app. Frank, 31, said... Influencers who dish out tips on improving daily routines—from early morning pilates to swilling...

An Instacart shopper holds his badge. Photo by Shutterstock.

Instacart Plans Small-Business Service, Taking Aim at Amazon and Walmart

By Theo Wayt · Feb 14, 2023 2:01pm PST

An Instacart shopper holds his badge. Photo by Shutterstock.

Instacart Plans Small-Business Service, Taking Aim at Amazon and Walmart

By Theo Wayt · Feb 14, 2023 2:01pm PST

Instacart is gearing up to launch a version of its site tailored to small businesses, a person familiar with the matter said, representing a challenge to Amazon and Walmart as the delivery giant looks to boost revenue ahead of potentially going public. The small-business offering, which the company is developing under the name Instacart... Instacart is gearing up to launch a version of its site tailored to small businesses, a person...

Reddit CEO Steve Huffman. Photo by Getty.

Reddit Aims for IPO in Second Half as Market’s Gears Quietly Turn

By Cory Weinberg · Feb 14, 2023 12:30pm PST · 4 comments

Social media company Reddit is far from profitability but has its sights set on finally going public later this year—likely in the second half, people familiar with the matter said. Reddit and other firms including Instacart are keeping their initial public offering paperwork up to date, priming them for potential debuts when market... Social media company Reddit is far from profitability but has its sights set on finally going...

Art by Clark Miller.

Self-Driving Cars Are Doing More Harm Than Good

By Paris Marx · Feb 14, 2023 9:00am PST · 42 comments

Apple has long been known for marrying hardware and software to create tech products that bring delight to millions of people around the world, so when rumors started spreading nearly a decade ago that it, too, had decided to chase the elusive goal of developing an autonomous vehicle, it seemed the iPhone maker might have a good chance of... Apple has long been known for marrying hardware and software to create tech products that bring...

Salesforce Tower in San Francisco. Photo by Bloomberg

Twitter Cuts Salesforce Bill 75% as More Buyers Scrutinize Software Spending

By Kevin McLaughlin and Erin Woo · Feb 14, 2023 6:00am PST · 7 comments

Twitter last month cut its contract for Salesforce’s customer-management software by 75%, to $5 million a year from $20 million, after reducing its workforce by roughly the same percentage, according to a person with direct knowledge. The move highlights the pain for enterprise software providers as some of their key customers—other... Twitter last month cut its contract for Salesforce’s customer-management software by 75%,...

Photo by Bloomberg

Google and Oracle’s Uber Boost Reignites a Classic Tech Debate

By Martin Peers · Feb 13, 2023 5:00pm PST · 1 comment

Photo by Bloomberg

Google and Oracle’s Uber Boost Reignites a Classic Tech Debate

By Martin Peers · Feb 13, 2023 5:00pm PST · 1 comment

Another Travis Kalanick legacy is disappearing from Uber. The ride-hailing and food-delivery firm revealed on Monday that it was shifting most of its computing work off its own data centers to the public cloud, reversing an Uber policy that has been in place since the company’s earliest days under co-founder Kalanick. That’s a big deal,... Another Travis Kalanick legacy is disappearing from Uber. The ride-hailing and food-delivery firm...