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

Art by Clark Miller.

The Overlapping Galaxies of Delian Asparouhov

By Margaux MacColl · Jun 9, 2023 9:00am PDT · 2 comments

Delian Asparouhov, newly minted Founders Fund partner and co-founder of Varda Space Industries, is obsessed with speed. As a hobby, he’s getting his pilot’s license, hoping to eventually fly a fighter jet. On the ground, he prefers to listen to audiobooks at triple the normal tempo. And when he started Varda in late 2020, he set a... Delian Asparouhov, newly minted Founders Fund partner and co-founder of Varda Space Industries,...

Photo by Getty.

Pro Weekly: More Generative AI Companies for Our Database

By Kalley Huang · Jun 9, 2023 8:00am PDT

Welcome back!This week, we added seven companies to The Information’s Generative AI Database, which now includes 46 companies building generative artificial intelligence technology or services. Six of the new entrants develop their own AI models, which ingest large amounts of data to learn patterns, even though building and training these models... Welcome back!This week, we added seven companies to The Information’s Generative AI Database,...

Photo via Shutterstock.

Inside the Culture Clash at JPMorgan and WePay

By Michael Roddan · Jun 9, 2023 6:00am PDT · 2 comments

When JPMorgan Chase struck a $400 million deal to buy WePay in late 2017, it pledged that the Bay Area fintech would become “Chase’s payments innovation incubator in Silicon Valley,” helping the country’s biggest bank compete with surging startups Stripe and Square and payments companies like PayPal. But it didn’t... When JPMorgan Chase struck a $400 million deal to buy WePay in late 2017, it pledged that the Bay...

New York City this week. Photo by Getty.

Why the Return to the Office Is Inevitable

By Martin Peers · Jun 8, 2023 5:00pm PDT · 33 comments

New York City this week. Photo by Getty.

Why the Return to the Office Is Inevitable

By Martin Peers · Jun 8, 2023 5:00pm PDT · 33 comments

For proponents of a return to working in the office, it’s two steps forward and one step back. The haze of Canadian smoke that hung over New York City and other parts of the East Coast this week gave people a reason to stay inside. Some schools shuttered their doors. People on the streets have been wearing masks. Yes, it has felt a bit like... For proponents of a return to working in the office, it’s two steps forward and one step back....

Photo via Shutterstock

Creator Economy

Twitch Capitulates, Reddit May Not

By Isabelle Sarraf · Jun 8, 2023 4:01pm PDT

Well, that was fast! Twitch on Wednesday walked back its new branded content guidelines that restricted how streamers on the livestreaming platform are allowed to display paid promotion.The new rules, released just one day earlier, would have prevented or limited popular ad formats that streamers embed in their livestreams, including video,... Well, that was fast! Twitch on Wednesday walked back its new branded content guidelines that...

Emad Mostaque. Photo via YouTube/Scale.ai

Stability AI Drama Spotlights VC Accountability

By Kate Clark · Jun 8, 2023 3:04pm PDT · 5 comments

Will the startup Stability AI be the first spectacular flameout of the new AI boom? That’s what I was asking myself as I read Forbes’ investigation into the three-year-old generative AI company, which raised $100 million at a valuation that last fall reached $1 billion. Without going into exhaustive detail, the article alleged the startup’s... Will the startup Stability AI be the first spectacular flameout of the new AI boom? That’s what I...

Art from Unsplash

Rise of New Open-Source AI Model Sparks Startup Acquisition Talks

By Jon Victor and Amir Efrati · Jun 8, 2023 1:58pm PDT · 3 comments

In recent weeks, open-source software funded by the United Arab Emirates burst on the artificial intelligence scene as one of the most promising challengers to proprietary large-language models developed by OpenAI and Google. The value of the UAE-backed software, known as Falcon, became clear when one of the key researchers behind it was... In recent weeks, open-source software funded by the United Arab Emirates burst on the artificial...

Art by Clark Miller.

States Are Taking Baby Steps Toward Protecting Kids Online

By James P. Steyer · Jun 8, 2023 9:00am PDT

Art by Clark Miller.

States Are Taking Baby Steps Toward Protecting Kids Online

By James P. Steyer · Jun 8, 2023 9:00am PDT

Seat belts protect children in cars. Safety standards protect children from faulty or dangerous toys. All these are the result of regulatory mandates. And yet for far too long, social media companies have been allowed to develop addictive design features such as endless scroll, autoplay and push alerts that keep kids and teens hooked on their... Seat belts protect children in cars. Safety standards protect children from faulty or dangerous...

Peng Zhao, CEO of Citadel Securities. Photo by Bloomberg.

Wall Street Firm Citadel Securities Courts AI Startups for Trading Edge

By Jon Victor and Cory Weinberg · Jun 8, 2023 6:00am PDT · 2 comments

Citadel Securities, a prominent high-frequency trading firm, has told startup founders and investors it is looking to license software from artificial intelligence startups working on large-language models or to buy stakes in them, according to two people with knowledge of the conversations. The discussions highlight how interest in the latest... Citadel Securities, a prominent high-frequency trading firm, has told startup founders and...

Chris Licht. Photo by Getty.

The Real CNN Drama is Cable News' Growing Irrelevance

By Martin Peers · Jun 7, 2023 5:00pm PDT

To paraphrase Tolstoy, each unhappy TV channel is unhappy in its own way. And as illustrated by the leadup to the Wednesday exit of CNN’s CEO, Chris Licht, the cable news channel hasn’t been a happy place lately. That’s not likely to change now that Licht is gone. Beyond the gossipy drama behind his departure is the reality that CNN and its... To paraphrase Tolstoy, each unhappy TV channel is unhappy in its own way. And as illustrated by...

Creator Brian Brushwood. Photo: Bizarre Magic, Inc.

Creator Economy

After Vine and Google+ Shut Down, a Creator Embraces Email

By Kaya Yurieff · Jun 7, 2023 3:00pm PDT

Brian Brushwood’s online career illustrates how regularly social apps go up in smoke. The magician, who spent 15 years touring college campuses, started to post video clips of his life on the road online in 2006. He amassed more than one million followers on six-second video app Vine and one million followers on Google+. Then, both shut... Brian Brushwood’s online career illustrates how regularly social apps go up in smoke. The...

Jonah Peretti. Photo by Getty.

BuzzFeed Considers Sale of Complex Networks

By Sahil Patel · Jun 7, 2023 12:08pm PDT

Jonah Peretti. Photo by Getty.

BuzzFeed Considers Sale of Complex Networks

By Sahil Patel · Jun 7, 2023 12:08pm PDT

BuzzFeed is exploring a potential sale of Complex Networks, a digital media firm it acquired when going public in late 2021 for nearly $300 million, according to people familiar with the matter. The move, which follows a decline in Complex’s revenues over the past couple of years, is a sign of the challenges facing BuzzFeed, once a... BuzzFeed is exploring a potential sale of Complex Networks, a digital media firm it acquired when...

Binance CEO Changpeng Zhao and Coinbase CEO Brian Armstrong. Photos by Getty

Breaking Down the SEC’s Double Whammy

By Aidan Ryan · Jun 7, 2023 9:30am PDT

The Securities and Exchange Commission started the week off with a one-two punch, filing lawsuits against Binance on Monday and Coinbase on Tuesday. The sweeping lawsuits shared some key charges, including that each company operates an unregistered securities exchange, but the Binance lawsuit contained other damning allegations,... The Securities and Exchange Commission started the week off with a one-two punch, filing lawsuits...

Sam Altman. Photo by Getty

This Is How Sam Altman Works the Press and Congress. I Know From Experience.

By Jessica Lessin · Jun 7, 2023 9:00am PDT · 10 comments

Sam Altman is warning me about an unsettling new technology with dangers of misuse.“It’s one of those things, the more you think about it, the more ways you can figure out a creep could abuse it,” he said. The industry must propose solutions, he argued, to “keep from getting legislated out of business.”Sound familiar? Sam Altman is warning me about an unsettling new technology with dangers of misuse.“It’s one of...

A Thursday Night Football game between the Jacksonville Jaguars and the New York Jets. Photo by Getty.

How Amazon Misread the NFL Ad Market

By Sahil Patel and Theo Wayt · Jun 7, 2023 6:00am PDT · 1 comment

Last summer, advertising representatives for a national pizza chain in the U.S. met with Amazon ad executives to negotiate a potential sponsorship deal for Amazon Prime Video’s broadcast of “Thursday Night Football.” Amazon executives asked the pizza chain for commitments of up to $12 million for the full season, double what... Last summer, advertising representatives for a national pizza chain in the U.S. met with Amazon...

Roelof Botha. Photo by Getty.

What Sequoia Should Have Said

By Jessica Lessin · Jun 6, 2023 5:00pm PDT · 1 comment

Roelof Botha. Photo by Getty.

What Sequoia Should Have Said

By Jessica Lessin · Jun 6, 2023 5:00pm PDT · 1 comment

I remember my jaw dropping last year when The Information’s Juro Osawa reported that Sequoia China was in talks to raise more than $8 billion in new funding from U.S. investors and others.I was baffled. I just couldn’t imagine that Sequoia, which had picked a slew of winners in the U.S. and China ranging from Google to Meituan, was going to... I remember my jaw dropping last year when The Information’s Juro Osawa reported that Sequoia...

Photo via Getty

Creator Economy

What’s Behind the Redditor API Strike

By Isabelle Sarraf · Jun 6, 2023 4:22pm PDT

People strike over wages, working conditions...and now, apparently, the decision by Reddit to charge developers for access to their users’ jokes, memes and gaming tips. On Monday, the managers of hundreds of forums on Reddit, including some of its most popular ones such as r/gaming and r/music, will take these forums private to protest the... People strike over wages, working conditions...and now, apparently, the decision by Reddit to...

Neil Shen, left, and Roelof Botha. Photos by Getty.

Sequoia Capital’s U.S. Partners May Reap China Gains Even After Split

By Kate Clark, Juro Osawa and Natasha Mascarenhas · Jun 6, 2023 2:09pm PDT · 1 comment

Sequoia Capital on Tuesday told investors that by the first quarter of next year it would fully separate its U.S. and China venture capital operations, ending an 18-year run during which Sequoia Capital China became China’s most successful VC firm and drove outsize returns for Sequoia’s global investors. But the separation, ... Sequoia Capital on Tuesday told investors that by the first quarter of next year it would fully...

Brian Armstrong, CEO of Coinbase. Photo by Bloomberg.

The Best- and Worst-Case Scenarios for Coinbase

By Aidan Ryan · Jun 6, 2023 12:15pm PDT

The Securities and Exchange Commission’s lawsuit against Coinbase today, alleging a wide range of securities violations, kicks off what will likely be a yearslong legal battle that holds the key to Coinbase’s future. If the SEC wins, it will be all but impossible for the crypto giant to do business in the U.S. The SEC alleges that... The Securities and Exchange Commission’s lawsuit against Coinbase today, alleging a wide...

Art by Clark Miller.

Mark Zuckerberg Is the Hero AI Needs

By Steve Weber and Shea Agnew · Jun 6, 2023 9:00am PDT · 9 comments

Art by Clark Miller.

Mark Zuckerberg Is the Hero AI Needs

By Steve Weber and Shea Agnew · Jun 6, 2023 9:00am PDT · 9 comments

From Silicon Valley to Washington, America has suddenly woken up to the risks of artificial intelligence. While Congress is just beginning conversations over how to regulate AI, the technology is advancing at an astonishing pace. Rather than indulge the fantasy that regulation will establish a “responsible” AI trajectory quickly and... From Silicon Valley to Washington, America has suddenly woken up to the risks of artificial...