The Briefing by Martin Peers, Jessica E. Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica E. 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

Photo by David Paul Morris/Bloomberg via Getty Images

Sumo Logic Cuts Staff After Francisco Partners Takeover

By Paris Martineau and Maria Heeter · Jun 10, 2023 7:30am PDT · 8 comments

Data analytics software company Sumo Logic made widespread layoffs this week, according to people familiar with the matter and an email to staff viewed by The Information, less than a month after private equity firm Francisco Partners bought the company for $1.7 billion. The exact size of the cuts couldn’t be learned. Chief Executive Joe... Data analytics software company Sumo Logic made widespread layoffs this week, according to people...

Why We Must Love A Moonshot

Why We Must Love A Moonshot

By Jon Steinberg · Jun 10, 2023 7:00am PDT

Hi, welcome to your Weekend.Jon, our intrepid Weekender in Chief, is out. I’m happily subbing for him. Indeed, I feel particularly energized this week after spotting something I haven’t seen in what feels like for-ev-er: an actually audacious piece of technology—that might never take off. I’m talking, of course, about Apple’s newly debuted... Hi, welcome to your Weekend.Jon, our intrepid Weekender in Chief, is out. I’m happily subbing for...

Oracle co-founder talks to Elon Musk in Miami in May. Photo by Getty

Oracle’s Answer to the Microsoft-OpenAI Alliance: Cozying Up to Cohere

By Anissa Gardizy · Jun 9, 2023 2:08pm PDT

Oracle has invested in Cohere, an artificial intelligence startup that competes with OpenAI, the startup said on Thursday. What Cohere didn’t say: Oracle plans to make the startup a centerpiece of its strategy to catch up to bigger cloud rivals that sell services powered by large-language models. Steve Miranda, a senior Oracle executive,... Oracle has invested in Cohere, an artificial intelligence startup that competes with OpenAI, the...

Marc Andreessen. Photo: Bloomberg.

Andreessen Horowitz Merges Fintech and Consumer Teams After Some Bets Fizzle

By Kate Clark and Erin Woo · Jun 9, 2023 12:32pm PDT · 1 comment

Marc Andreessen. Photo: Bloomberg.

Andreessen Horowitz Merges Fintech and Consumer Teams After Some Bets Fizzle

By Kate Clark and Erin Woo · Jun 9, 2023 12:32pm PDT · 1 comment

Andreessen Horowitz has combined its finance and consumer investment teams into one, merging what were two of the hottest pandemic-era investment categories that have since cooled. The investment firm’s leaders have encouraged the combined team, led by general partner Alex Rampell, to pursue artificial intelligence deals, two people... Andreessen Horowitz has combined its finance and consumer investment teams into one, merging what...

TikTok CEO Shou Zi Chew. Photo: Getty

U.S. Federal Agencies Cut TikTok Ad Spending

By Sahil Patel and Erin Woo · Jun 9, 2023 11:40am PDT · 1 comment

Parts of the federal government are pulling back from advertising on TikTok, according to an advertising executive who works with government agencies, as the U.S. government restricts federal employees’ and contractors’ use of the app, a unit of China’s ByteDance. Last week, NASA, the Department of Defense and the General... Parts of the federal government are pulling back from advertising on TikTok, according to an...

Art by Clark Miller

Rave on the Nile: The Secretive Jetsetters Rethinking the Future of Travel

By Annie Goldsmith · Jun 9, 2023 11:00am PDT · 6 comments

On a warm night last month, pop singer Mike Posner was working to whip up a crowd gathered in front of the Great Pyramids. “Is anybody out there aliiive?” he yelled from a stage. The 200-person group let out an affirmative whoop. Posner, clad completely in white from headscarf down, launched into a rendition of his pop-chart hit... On a warm night last month, pop singer Mike Posner was working to whip up a crowd gathered in...

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

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

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

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

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

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

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 E. Lessin · Jun 7, 2023 9:00am PDT · 10 comments

Sam Altman. Photo by Getty

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

By Jessica E. 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...