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

TSMC CEO C. C. Wei, center, at the company's annual shareholder meeting in Taiwan in 2020. Photo by Bloomberg

Apple’s Latest Chip Could Help TSMC Gain an Edge on Intel in New Battleground

By Stephen Nellis · Mar 15, 2022 10:28am PDT · 1 comment

When Apple Inc. introduced its newest computer last week—a boxy desktop machine called Mac Studio—the star of the show was the powerful chip at the heart of it. But that chip, the M1 Ultra, isn’t new at all. It consists of two existing Apple chips—the M1 Max, which powers Apple’s high-end MacBook Pro... When Apple Inc. introduced its newest computer last week—a boxy desktop machine called Mac...

Photo by Bloomberg

Startups to Watch

Five Cloud Startups Going After AWS’ Blind Spots

By Kevin McLaughlin · Mar 15, 2022 6:00am PDT · 4 comments

Amazon Web Services has built a commanding lead in the cloud computing market by listening to what services and features its customers want and then delivering them. But some application developers believe AWS, in its relentless pursuit of Fortune 500 customers to fuel revenue growth, has become more aligned with corporate IT departments than... Amazon Web Services has built a commanding lead in the cloud computing market by listening to...

Amy Wu, Head of FTX Ventures. Photo by FTX Ventures. Art by Akash Pasricha.

FTX Ventures’ Amy Wu on Startup Valuations and Rate Hikes; Stellar Foundation Backs Early Stage Startups

By Akash Pasricha · Mar 14, 2022 6:20pm PDT

The Federal Reserve is expected to raise the federal funds target rate this week by a quarter percentage point, from 0%-0.25%, and major banks have forecast it will steadily raise rates to as high as 2% this year. One way of valuing companies, using discounted cash flows, suggests these rising rates should compress private valuations even among... The Federal Reserve is expected to raise the federal funds target rate this week by a quarter...

Foxconn employees walking past a company facility in Shenzhen. Photo by Bloomberg.

China Covid Lockdowns Cast Shadows on Apple

By Martin Peers · Mar 14, 2022 5:00pm PDT

Foxconn employees walking past a company facility in Shenzhen. Photo by Bloomberg.

China Covid Lockdowns Cast Shadows on Apple

By Martin Peers · Mar 14, 2022 5:00pm PDT

What a year this is turning out to be. If war and inflation wasn’t enough, we’ve still got Covid-19 doing its thing. Whoever sent the memo that the pandemic is waning apparently left China off the distribution list. Yet another Covid-inspired lockdown in China has closed Foxconn factories in Shenzhen until at least March 20. That’s bad news for... What a year this is turning out to be. If war and inflation wasn’t enough, we’ve still got...

David Dobrik, Credit: Killer Films

Creator Economy

Casey Neistat on Chronicling David Dobrik’s Rise and Fall; Facebook Sets Up a TikTok Account; Bob Iger Joins Genies

By Kaya Yurieff · Mar 14, 2022 2:07pm PDT

I’ve been at South by Southwest, which is back in person for the first time since 2019. This is my first time going to the tech and arts festival in Austin, Tex., but longtime attendees tell me the conference isn’t as packed as usual. There’s less hustle and bustle at events and in hotel lobbies, and companies are putting on fewer pop-ups on... I’ve been at South by Southwest, which is back in person for the first time since 2019. This is...

Peter Moore pictured with Liverpool FC's 2019 Champions League trophy. Photo: AP.

Metaverse Partnerships and Skepticism Trickle Out of SXSW

By Mathew Olson · Mar 14, 2022 11:01am PDT

Why did Peter Moore, a former games industry executive who most recently enjoyed a few years as CEO of Liverpool FC, travel to a massive dance music festival in Las Vegas last fall? He was there on a mission, establishing a bond with the festival’s organizers Insomniac Events while drinking in the atmosphere—and wondering how it could be... Why did Peter Moore, a former games industry executive who most recently enjoyed a few years as...

From left: Apple's Tim Cook, Erik Neuenschwander, Craig Federighi, Eddy Cue and Phil Schiller. Photos by Bloomberg. Art by Mike Sullivan

Inside Apple’s Decision to Blow Up the Digital Ads Business

By Wayne Ma · Mar 14, 2022 6:00am PDT · 7 comments

For years, Apple CEO Tim Cook has been the most vocal privacy champion among all of big tech’s top leaders. But within Apple, a decision to curtail ad tracking of iPhone users in 2020 sparked an intense debate about just how far to push privacy changes poised to upend the digital advertising industry. On one side of the discussions... For years, Apple CEO Tim Cook has been the most vocal privacy champion among all of big...

At Norilsk Nickel's plant in Nadezhda, Russia. Norilsk produces 15%-20% of the world's battery-grade nickel. Photo: Andrey Rudakov/Bloomberg

Winners and Losers From Russia’s War, Spike in Oil Prices

By Steve LeVine · Mar 13, 2022 2:00pm PDT

At Norilsk Nickel's plant in Nadezhda, Russia. Norilsk produces 15%-20% of the world's battery-grade nickel. Photo: Andrey Rudakov/Bloomberg

Winners and Losers From Russia’s War, Spike in Oil Prices

By Steve LeVine · Mar 13, 2022 2:00pm PDT

Welcome back to The Electric! Save the date: Tesla and China are far in the lead in the global electric vehicle race. How to compete against them? One way is to invent an entirely new battery that bypasses the assumptions on which almost everyone else is relying. For the next live chat, I’m delighted to host Mujeeb Ijaz, founder and CEO of... Welcome back to The Electric! Save the date: Tesla and China are far in the lead in the...

Photographs by Bloomberg. Art by Mike Sullivan.

The Other Sides of Sunny Balwani

By Jon Steinberg · Mar 12, 2022 8:00am PST

Hi, welcome to your Weekend!Anita Raghavan’s investigation into the life of Sunny Balwani began with a photograph. While googling around for images of the reclusive ex-president of Theranos, who went on trial this week for his part in the Elizabeth Holmes scandal, Anita stumbled over a 1988 yearbook from the University of Texas at Austin. There,... Hi, welcome to your Weekend!Anita Raghavan’s investigation into the life of Sunny Balwani began...

Moscow. Photo by Bloomberg.

Russia Pullout Costs Add to First-Quarter Pressures for Tech Firms

By Martin Peers · Mar 11, 2022 5:00pm PST

The stragglers are still reporting their fourth-quarter numbers, but it’s time to focus on what the first and second quarters will bring. And it’s not shaping up to be good. Rising inflation, supply chain constraints and labor shortages are the macro factors bearing down on many, if not most, companies, although they’re surely baked into stock... The stragglers are still reporting their fourth-quarter numbers, but it’s time to focus on what...

Workers from Instacart, the same-day grocery delivery service, receive instructions at a grocery store. Photo by AP.

Fidelity, T. Rowe Mark Down Instacart Stake by Up to 18%

By Berber Jin · Mar 11, 2022 1:59pm PST · 1 comment

Some large investors in Instacart have marked down the value of their stakes in the privately held grocery-delivery company by as much as 18% since it raised funds a year ago at a $39 billion post-investment valuation, previously unreported figures show. The moves indicate that the recent sell-off in technology stocks may be starting to affect... Some large investors in Instacart have marked down the value of their stakes in the privately...

Art by Haejin Park.

Making Sense of Zappos CEO Tony Hsieh’s Tragic Pursuit of Happiness

By Annie Goldsmith · Mar 11, 2022 12:00pm PST · 2 comments

Art by Haejin Park.

Making Sense of Zappos CEO Tony Hsieh’s Tragic Pursuit of Happiness

By Annie Goldsmith · Mar 11, 2022 12:00pm PST · 2 comments

This is 10 Questions, a new column in which we ask tech authors to pull back the covers on their recently released books. Interviews have been edited and condensed for clarity. Zappos CEO Tony Hsieh was widely regarded by his tech peers and employees as a fun-first visionary. It’s why he located his company’s headquarters in Las Vegas, why the... This is 10 Questions, a new column in which we ask tech authors to pull back the covers on their...

Illustration by Jesus Escudero.

How NFTs Are Fueling a Sports Memorabilia Boom

By Mary Pilon · Mar 11, 2022 12:00pm PST · 1 comment

Timur Celikel, a 39-year-old software engineer in San Diego, isn’t much of a sports fan. In his youth, he followed the Padres a bit, and he still has some boxes of baseball cards collecting dust in storage. But for the last decade or so, his interest in anything athletic has felt at best dormant. Then a year ago, a friend introduced him to... Timur Celikel, a 39-year-old software engineer in San Diego, isn’t much of a sports fan. In his...

Photograph by Bloomberg. Art by Mike Sullivan.

The Other Sunny Balwani

By Anita Raghavan · Mar 11, 2022 12:00pm PST · 5 comments

It was a spring day in 2018 outside the Newark, Calif., campus of Theranos. Within months, the company’s founder, Elizabeth Holmes, and its president, Ramesh “Sunny” Balwani, would face felony charges of conspiracy and fraud and the doomed blood diagnostics company they built together would become a Silicon Valley morality tale. While taking a... It was a spring day in 2018 outside the Newark, Calif., campus of Theranos. Within months, the...

Illustration by Jesus Escudero.

Tech’s 4-Day Workweek Revolution

By Mark Matousek · Mar 11, 2022 6:00am PST

In their desperate efforts to retain workers, tech companies have tried offering remote work options. They’re raising cash pay and offering stock sweeteners. Some have even gone so far as to roll out four-day workweeks, which may be the most radical move of all. One-click–checkout startup Bolt and software firm Wildbit are among an... In their desperate efforts to retain workers, tech companies have tried offering remote work...

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

Rising Gas Prices Threaten Uber, Lyft, DoorDash

By Martin Peers · Mar 10, 2022 5:00pm PST

Uber CEO Dara Khosrowshahi. Photo by Bloomberg.

Rising Gas Prices Threaten Uber, Lyft, DoorDash

By Martin Peers · Mar 10, 2022 5:00pm PST

Can Uber and Lyft ever catch a break? Just when investors might have thought it was safe to wade back into the ride-hailing waters, thanks to the decline of Omicron, gas prices take off. That’s going to raise fuel costs for drivers—including those working for both ride-hailing services and food-delivery operations like DoorDash—probably causing... Can Uber and Lyft ever catch a break? Just when investors might have thought it was safe to wade...

A display in the CoinUnited cryptocurrency exchange in Hong Kong. Photo: Bloomberg

LimeWire Adds to Brands Launching NFT Efforts; Stripe Digs Deeper into Crypto

By Aidan Ryan · Mar 10, 2022 4:44pm PST

One main takeaway from my conversation with Volition Capital founding partner and GameStop board member Larry Cheng—published in yesterday’s edition of Crypto Global—is that a strong sense of community is vital to successful NFT initiatives. “You either have to have a very engaged community or you have to have the capacity to build one,” he... One main takeaway from my conversation with Volition Capital founding partner and GameStop board...

Art: Mike Sullivan

Creator Economy

Pinterest Knows You Want to Shop; TikTok-Oracle Déjà Vu; Amazon Hires Influencer Managers

By Mahira Dayal · Mar 10, 2022 4:05pm PST

Pinterest has something other social media platforms don’t: users who often think of the app, first and foremost, as an inspiration for making purchases. People come to the digital scrapbooking app to look for decor and outfits, curating themed boards and following creators for ideas before making purchases. So it’s about time Pinterest... Pinterest has something other social media platforms don’t: users who often think of the app,...

From left to right, Bessemer partners Jeremy Levine, Talia Goldberg, Ethan Kurzweil and Charles Birnbaum. Photo credit: Jerry Yoon.

Venture Firm Bessemer Creates DAO, Earmarks $250 Million for Crypto Deals

By Kate Clark · Mar 10, 2022 11:09am PST

Venture capitalists’ efforts to earn the respect of sought-after cryptocurrency entrepreneurs have reached a new peak: The biggest firms are now starting decentralized autonomous organizations, communities that pool cryptocurrency tokens and vote collectively on the group’s activities. Bessemer Venture Partners is one of the first to... Venture capitalists’ efforts to earn the respect of sought-after cryptocurrency...

Photos featuring the Magic Leap 2 headset. Compute pack and controller not pictured. Credit: Magic Leap.

Magic Leap Steps Into the Future; Niantic Buys 8th Wall

By Mathew Olson · Mar 10, 2022 11:00am PST

Photos featuring the Magic Leap 2 headset. Compute pack and controller not pictured. Credit: Magic Leap.

Magic Leap Steps Into the Future; Niantic Buys 8th Wall

By Mathew Olson · Mar 10, 2022 11:00am PST

Over the past year, Magic Leap has been gradually pulling back the curtain on its new AR device. The company’s future is riding on it. After Magic Leap’s underwhelming hardware debut in 2018 came layoffs, a pivot to enterprise and a CEO change, all while development of this slimmer and lighter follow-up continued. Finally, just last week, I had... Over the past year, Magic Leap has been gradually pulling back the curtain on its new AR device....