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

Ledger CEO Pascal Gauthier. Photo by Getty.

The Volatility of Crypto Customer Loyalty

By Akash Pasricha · May 24, 2023 9:00am PDT

Crypto fans are freaking out! What else is new? Over the past week, the crypto hardware wallet maker Ledger came under fire for a product update that customers worried could jeopardize the safety of their digital assets. That prompted an apology from the company over how the change was communicated. And this is a familiar rhythm for crypto... Crypto fans are freaking out! What else is new? Over the past week, the crypto hardware wallet...

Photo by Tony Webster via Flickr

After Years of Resistance, AWS Opens Checkbook for Open-Source Providers

By Kevin McLaughlin and Anissa Gardizy · May 24, 2023 8:00am PDT · 2 comments

Several years ago, providers of open-source software had a beef with Amazon Web Services. They complained that AWS was selling cloud-based versions of their software, depriving them of hundreds of millions of dollars in annual revenue. The dispute was a public relations nightmare for AWS and risked inviting trouble from competition regulators.... Several years ago, providers of open-source software had a beef with Amazon Web Services. They...

Art by Mike Sullivan

Venture Capitalists Face Pressure to Divest From China

By Kate Clark · May 24, 2023 6:00am PDT · 5 comments

Silicon Valley venture capitalists are coming to terms with a new reality: Their once-prized China investments may be victims of a simmering cold war. As tensions between the U.S. and China have risen, some firms have sought ways to distance themselves from China’s tech scene. NEA, a VC firm whose Chinese investments date back two decades... Silicon Valley venture capitalists are coming to terms with a new reality: Their once-prized...

BuzzFeed CEO Jonah Peretti. Photo by Getty.

BuzzFeed’s Chatbot Mistake, Bing’s Big Goal

By Jessica E. Lessin · May 23, 2023 5:00pm PDT

BuzzFeed CEO Jonah Peretti. Photo by Getty.

BuzzFeed’s Chatbot Mistake, Bing’s Big Goal

By Jessica E. Lessin · May 23, 2023 5:00pm PDT

It’s been refreshing to hear BuzzFeed CEO Jonah Peretti declare that the era of media riding social media is over. But it’s depressing to hear his views on what’s next.Today, BuzzFeed announced a chatbot that helps people find recipes and said it hopes to charge subscription fees for similar services in the future. It’s part of the company’s... It’s been refreshing to hear BuzzFeed CEO Jonah Peretti declare that the era of media riding...

Photo via Dylan Huey. Art by Mike Sullivan.

Creator Economy

The Exclusive College Club Training Student Influencers

By Isabelle Sarraf · May 23, 2023 2:58pm PDT

At the University of Southern California, college kids aren’t just making TikTok videos for fun in their dorms: they’re teaching each other how to go viral. Reach, a social media and content creator club that started at USC, has cultivated a community of over 500 college students nationally who want to be influencers, digital marketers or work... At the University of Southern California, college kids aren’t just making TikTok videos for fun...

Art by Clark Miller.

Black Founders Needed SVB

By Rodney Williams · May 23, 2023 9:00am PDT · 1 comment

My first SXSW was 11 years ago. Arriving there in 2012 with just an idea for my first company—a secure communications platform called Lisnr—was scary, to say the least. I wasn’t on any event lists. But more than that, there wasn’t any programming aimed at encouraging Black founders, or even seemingly any desire to do so.... My first SXSW was 11 years ago. Arriving there in 2012 with just an idea for my first...

Chart by Mike Sullivan.

Enterprise Software’s Laggards: Firms Growing Slowly And Still Burning Cash

By Akash Pasricha · May 23, 2023 7:47am PDT · 1 comment

It’s the age-old refrain in American business: You have to spend money to make money. And it’s particularly true of the tech industry, where startups pour millions into untested new businesses and technologies. Investors usually don’t mind companies burning cash as long as they’re growing quickly—but some enterprise... It’s the age-old refrain in American business: You have to spend money to make money. And...

Photo by Bloomberg

Google and OpenAI’s Next Battleground: Firefox?

By Jon Victor · May 23, 2023 6:00am PDT · 1 comment

Photo by Bloomberg

Google and OpenAI’s Next Battleground: Firefox?

By Jon Victor · May 23, 2023 6:00am PDT · 1 comment

The race between Google, OpenAI and Microsoft for chatbot supremacy has only just begun. But the companies may soon compete to put their artificial intelligence–powered chatbots in front of nearly 200 million people who use Mozilla’s Firefox web browser each month. Mozilla plans to prominently feature a chatbot like Google’s... The race between Google, OpenAI and Microsoft for chatbot supremacy has only just begun. But the...

Photo by Bloomberg.

Europe’s Meta Ruling Tangles Web

By Martin Peers · May 22, 2023 5:00pm PDT

If you’re prone to narcolepsy, don’t try reading the European Data Protection Commission report on Meta Platforms’ data transfers, which led to today’s $1.3 billion fine of the Facebook owner. The report is so dry it makes the Sahara look like a rainforest. That’s a pity because it’s dealing with something of significance to everyone in the... If you’re prone to narcolepsy, don’t try reading the European Data Protection Commission report...

Loann Kaji, Ryan Kaji and Shion Kaji. Photo by Getty.

Creator Economy

Pocket.watch’s Streaming Expansion

By Isabelle Sarraf · May 22, 2023 2:09pm PDT

Pocket.watch, a TI 50 startup and entertainment company that helps young YouTube stars such as 11-year-old Ryan Kaji develop original shows, games and toys, is bringing its ad-free streaming service to Comcast’s Xfinity X1 and Stream platforms this summer. The move will bring kid creator content to Comcast’s 16 million customers.Ryan and... Pocket.watch, a TI 50 startup and entertainment company that helps young YouTube stars such...

Shou Zi Chew, CEO of TikTok. Photo by Bloomberg

TikTok Says U.S. Survival Plan is Going Forward. Its Cloud Provider Isn’t So Sure

By Anissa Gardizy · May 22, 2023 7:30am PDT · 1 comment

TikTok’s leaders have spent much of this year telling Washington insiders the company was moving forward with Project Texas, a plan to run the viral video app in a way that alleviates U.S. government concerns about potential meddling by China. The reality isn’t so simple. Project Texas requires Oracle, the app’s cloud provider,... TikTok’s leaders have spent much of this year telling Washington insiders the company was...

Graphic by Shane Burke. Photos via Shutterstock/Wikimedia.

How Meta’s Acquisition of Giphy Went South

By Sylvia Varnham O'Regan and Maria Heeter · May 22, 2023 6:00am PDT · 1 comment

Graphic by Shane Burke. Photos via Shutterstock/Wikimedia.

How Meta’s Acquisition of Giphy Went South

By Sylvia Varnham O'Regan and Maria Heeter · May 22, 2023 6:00am PDT · 1 comment

When a U.K. antitrust regulator initially ordered Meta Platforms to sell Giphy 18 months ago, it hoped to ensure that the startup—a library for animated images known as GIFs—would prosper as an independent company. Instead, Giphy’s once-promising business has atrophied under Meta’s ownership, making finding a buyer a tall... When a U.K. antitrust regulator initially ordered Meta Platforms to sell Giphy 18 months ago, it...

Zeng "Robin" Yuqun, CEO of CATL, the world's largest battery company. Photo: Qilai Shen/Bloomberg

The Electric: Welcome to CATL's World

By Steve LeVine · May 22, 2023 4:30am PDT

In April 2022, Chinese battery manufacturer Contemporary Amperex Technology Ltd. announced a blockbuster deal in Indonesia: With local partners, it would spend $6 billion on a complex on North Maluku island that would mine nickel, process it into electrodes and then manufacture electric vehicle batteries. There would even be a factory to recycle... In April 2022, Chinese battery manufacturer Contemporary Amperex Technology Ltd. announced a...

The Great Pickleball Gold Rush

The Great Pickleball Gold Rush

By Jon Steinberg · May 20, 2023 6:00am PDT

Hi, welcome to your Weekend.Not everyone can be Josh Harris, the private equity mogul who just dropped $6 billion to purchase the NFL’s Washington Commanders. Most people who want a piece of a pro sports franchise have to start a little lower. Enter pickleball. A sport you probably hadn’t heard of before it became a thing around five... Hi, welcome to your Weekend.Not everyone can be Josh Harris, the private equity mogul who just...

Art by Clark Miller.

Scene and Heard

While Hollywood Writers Fret About AI, Visual Effects Workers Welcome It

By Scott Alan Lucas · May 20, 2023 6:00am PDT · 7 comments

Is there anybody here who is afraid of AI taking their job?” Visual effects veteran James Blevins, whose credits include “The Mandalorian,” “Icarus,” “Air Force One” and “Space Jam,” was speaking last Wednesday to a crowd of several hundred people at the Hollywood offices of FYI, the... Is there anybody here who is afraid of AI taking their job?” Visual effects veteran James...

What'll you have? Expensify CEO and founder David Barrett has high hopes for his workspace-cafe-lounge concept in San Francisco. Art by Clark Miller

A Lounge, an Office and a Strike Against Silicon Valley’s ‘Factory Mentality’

By Jon Steinberg · May 19, 2023 11:00am PDT · 20 comments

What'll you have? Expensify CEO and founder David Barrett has high hopes for his workspace-cafe-lounge concept in San Francisco. Art by Clark Miller

A Lounge, an Office and a Strike Against Silicon Valley’s ‘Factory Mentality’

By Jon Steinberg · May 19, 2023 11:00am PDT · 20 comments

On May 9, Expensify issued a quarterly earnings report that even its likable longtime CEO couldn’t soften. It had been a “nuclear winter” for the economy, David Barrett told shareholders. There were silver linings for his expense management software company, but “don’t get me wrong, this quarter sucked.” His... On May 9, Expensify issued a quarterly earnings report that even its likable longtime CEO...

From left, Major League Pickleball owners Dude Perfect, Heidi Klum, Eva Longoria, Gary Vaynerchuk, Mark Cuban, Naomi Osaka, Kate Upton, David Dobrik, LeBron James and Tom Brady. Photo-composite by Clark Miller. Gary Vaynerchuk by Michael Nagle/Bloomberg, Kate Upton by Humberto Vidal, Lebron James by Ashley Landis-Pool/Getty Images.

The Hot New Trophy Asset: A Pro Pickleball Team

By Abram Brown · May 19, 2023 9:00am PDT · 10 comments

It was power lunch hour in midtown Manhattan and Central Park’s new pickleball courts had filled up with the type of sporty executives who once preferred to talk business over 18 holes of golf. I’d gone to paddle around with Samin Odhwani, an investor at NBA star Kevin Durant’s 35 Ventures, and hear about one of the... It was power lunch hour in midtown Manhattan and Central Park’s new pickleball courts had...

Photo by Bloomberg

Pro Weekly: Twitter’s Intern and Our IPO Tracker’s New Winners and Losers

By Kalley Huang · May 19, 2023 8:00am PDT

Since Elon Musk purchased Twitter for $44 billion in October, he and his deputies have aggressively cut jobs and slashed costs. During that process, Twitter’s internship program was canceled. But Twitter now has one intern: Arjun Chimni, who was hired as a corporate functions intern in April, according to The Information’s reporting. That’s... Since Elon Musk purchased Twitter for $44 billion in October, he and his deputies have...

Art by Mike Sullivan.

YouTube Undercuts Amazon on Streaming Push

By Sahil Patel · May 19, 2023 6:00am PDT

YouTube and Netflix are the most-watched streaming services in America. But it is Amazon that has come closest to building a streaming version of cable TV with its Prime Video Channels service, which lets Prime subscribers easily sign up for a wide range of streaming services run by other companies. It’s an enormously profitable business,... YouTube and Netflix are the most-watched streaming services in America. But it is Amazon that has...

Apple CEO Tim Cook. Photo by Bloomberg.

Don’t Dismiss Apple’s Mixed-Reality Headset Just Yet

By Jessica E. Lessin · May 18, 2023 5:00pm PDT · 3 comments

Apple CEO Tim Cook. Photo by Bloomberg.

Don’t Dismiss Apple’s Mixed-Reality Headset Just Yet

By Jessica E. Lessin · May 18, 2023 5:00pm PDT · 3 comments

When I attended a press event showcasing the Apple Watch back in 2015, I wasn’t impressed. I didn’t really care about the custom gold alloys the company bragged about or think that people would buy it for a price that would go as high as $10,000 (for the very fancy version).Of course, I was wrong about the overall product. Today, the Apple Watch... When I attended a press event showcasing the Apple Watch back in 2015, I wasn’t impressed. I didn...