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

Fast CEO Domm Holland (center) at his office. Credit: Fast

Fast, the Troubled Fintech Startup, Is Shutting Down

By Jessica E. Lessin and Malique Morris · Apr 5, 2022 10:27am PDT · 10 comments

Update, April 6: The Information tracked Fast's rise and fall. Read our in-depth look at its over-the-top spending and rapid-fire hiring that masked the startup's chronic struggles. One-click checkout startup Fast is shutting down entirely and will discontinue its products and brand, according to several people familiar... Update, April 6: The Information tracked Fast's rise and fall. Read our in-depth...

Art by Josh Brill

China’s ‘Little Nvidia’ Has a Big Secret: Its Homegrown AI Chip Isn’t

By Juro Osawa and Stephen Nellis · Apr 5, 2022 8:09am PDT · 3 comments

Chinese microchip startup Moore Threads has a short history many Silicon Valley counterparts would envy. Within 100 days of its founding in October 2020, the Beijing-based company was worth more than $1 billion on paper after raising hundreds of millions of dollars from marquee investors including Sequoia Capital China and TikTok’s owner,... Chinese microchip startup Moore Threads has a short history many Silicon Valley counterparts...

Illustration by Jesus Escudero

The Tech Tussle Over Gartner’s ‘Magic Quadrant’

By Kevin McLaughlin · Apr 5, 2022 6:00am PDT · 6 comments

Jay Chaudhry wasn’t happy when the interlopers arrived in his space—one of the most coveted corners in all of tech. The corner in question was part of a chart called a Magic Quadrant, published by Gartner. The tech research firm used it to show how the products made by Chaudhry’s company—a cybersecurity firm,... Jay Chaudhry wasn’t happy when the interlopers arrived in his space—one of the most...

Fractal CEO Justin Kan (Photo courtesy of Fractal)

Justin Kan on What The Axie Infinity Hack Means for Blockchain Gaming

By Akash Pasricha · Apr 4, 2022 6:50pm PDT

Fractal CEO Justin Kan (Photo courtesy of Fractal)

Justin Kan on What The Axie Infinity Hack Means for Blockchain Gaming

By Akash Pasricha · Apr 4, 2022 6:50pm PDT

Justin Kan founded Twitch for people playing video games, but his new startup, Fractal, is for people making them. On Friday, the company announced it raised $35 million in a seed round led by Paradigm and Multicoin Capital. I spoke with Kan about the startup’s strategy helping game developers mint NFTs and trade them, and about other big trends... Justin Kan founded Twitch for people playing video games, but his new startup, Fractal, is for...

Elon Musk. Photo by Bloomberg

What is Elon Musk Hiding?

By Martin Peers · Apr 4, 2022 5:00pm PDT

You could call it Elon Musk’s Twitter Mystery. The world’s most talkative CEO has suddenly turned coy. Yes, he revealed today that he had bought a 9.2% stake in Twitter. But he said not a word on Twitter about it. And he made the disclosure in a way that allowed him to hide how he paid for the stake. As it likely cost him at least $2.4 billion,... You could call it Elon Musk’s Twitter Mystery. The world’s most talkative CEO has suddenly turned...

Activision Blizzard offices in Irvine, California. Photo: Bloomberg

Microsoft-Activision Review to Include Impact on Consumer Data, Game Developers

By Josh Sisco · Apr 4, 2022 4:18pm PDT

Federal regulators reviewing Microsoft’s proposed $69 billion takeover of Activision Blizzard are looking beyond the access Microsoft’s rivals will have to popular games like “Call of Duty” to such issues as the deal’s impact on consumer data and the market for game developers, according to people familiar with the... Federal regulators reviewing Microsoft’s proposed $69 billion takeover of Activision...

Dayslice CEO and co-founder Ishita Arora. Photo: Dayslice

Creator Economy

Dayslice, a Calendly Rival for Solopreneurs, Raises From Upfront; Women’s Social App Peanut Launches Creator Network

By Kaya Yurieff · Apr 4, 2022 2:26pm PDT

Dayslice, a new software startup providing virtual storefronts for solopreneurs, raised $6 million in pre-seed and seed funding led by Upfront Ventures, The Information is the first to report. Other investors included Founder Collective, Ground Up Ventures, The House Fund and former Stripe COO Claire Hughes Johnson. The company, which... Dayslice, a new software startup providing virtual storefronts for solopreneurs, raised $6...

A person using an HTC Vive headset to play a VR racing simulator. Photo: Bloomberg.

HTC’s Vive-Centered Metaverse Push; Epic’s Upcoming Unreal Event

By Mathew Olson · Apr 4, 2022 11:00am PDT

A person using an HTC Vive headset to play a VR racing simulator. Photo: Bloomberg.

HTC’s Vive-Centered Metaverse Push; Epic’s Upcoming Unreal Event

By Mathew Olson · Apr 4, 2022 11:00am PDT

While Meta Platforms continues to scale back its usage of the Oculus brand name, in favor of Quest, HTC appears dead-set on slapping its Vive label on an expanding number of products. But in doing so, HTC risks tarnishing the Vive name if its metaverse expansion flops.Over the weekend, HTC announced two new Vive products that fit into its... While Meta Platforms continues to scale back its usage of the Oculus brand name, in favor of...

Chart by Mike Sullivan.

In a Hot Year for Tech Hiring, Coinbase and Rivian Grew the Fastest

By Mark Matousek · Apr 4, 2022 6:24am PDT

Big hiring sprees could become less common this year as some companies look to keep a lid on costs in advance of a potential downturn. But over the past year, the race was on to see who could grow the fastest. The Information’s Headcount Tracker shows that newly public companies, like Coinbase, Robinhood, and Rivian, won by a long shot. ... Big hiring sprees could become less common this year as some companies look to keep a lid on...

Jeff Dahn's new brainchild is the "century battery." Photo: Courtesy Dalhousie University

Introducing the 36-Million-Mile 'Century Battery' for EVs

By Steve LeVine · Apr 3, 2022 2:00pm PDT

Welcome back to The Electric! You’ve probably heard of the million-mile battery, the effort by automobile companies such as Tesla and General Motors to put electric vehicles with extremely long life on the road. In this week's edition, the inventor of the million-mile battery ups his game with a surprising new concept. Correction: In... Welcome back to The Electric! You’ve probably heard of the million-mile battery, the effort...

What's Behind the Marc Andreessen–Jack Dorsey Crypto Holy War?

What's Behind the Marc Andreessen–Jack Dorsey Crypto Holy War?

By Jon Steinberg · Apr 2, 2022 8:00am PDT

Hi, welcome to your Weekend! It’s been a few months since two Silicon Valley titans started passive-aggressively sniping at each other on Twitter, and I'm still thinking about what it all meant, and why it all started. The war of words, blocks, and memes between Jack Dorsey and Marc Andreessen wasn’t only fascinating because of the... Hi, welcome to your Weekend! It’s been a few months since two Silicon Valley titans started...

Amazon CEO Andy Jassy. Photo by Bloomberg.

Amazon’s Public Shareholders Show Their Hand

By Martin Peers · Apr 1, 2022 5:00pm PDT

Amazon CEO Andy Jassy. Photo by Bloomberg.

Amazon’s Public Shareholders Show Their Hand

By Martin Peers · Apr 1, 2022 5:00pm PDT

It looks like Amazon’s public shareholders are beginning to assert themselves. Amazon disclosed today that last year it got feedback from some shareholders that it should grant smaller equity awards to top executives, with payouts based on their hitting specific performance goals. That’s interesting for a few reasons. One is that the feedback... It looks like Amazon’s public shareholders are beginning to assert themselves. Amazon disclosed...

Art by Clark Miller.

Jack Dorsey, Marc Andreessen and the Makings of a Crypto Holy War

By Joel Stein · Apr 1, 2022 1:00pm PDT · 13 comments

People in Silicon Valley fight about money constantly. They squabble about startup valuations, executive compensation, pro rata rights and who does and does not have three commas in their bank account. But the bigger fight, the one Americans haven’t had since the battle over the gold standard, is about what money itself should be. Which is why... People in Silicon Valley fight about money constantly. They squabble about startup valuations,...

Netflix co-CEO Reed Hastings. Photo by Bloomberg.

Netflix Tells Employees to Be More Careful About Spending, Hiring

By Jessica Toonkel · Apr 1, 2022 12:04pm PDT

Netflix is tightening its belt. In two separate meetings over the past few weeks, Netflix executives cautioned employees to be more mindful about spending and hiring, according to three people familiar with the discussions. The comments, made at an employee town hall on Monday as well as during a management offsite held last month in Anaheim,... Netflix is tightening its belt. In two separate meetings over the past few weeks, Netflix...

Art by Danielle Davis.

A Founder Finds His American Dream on a ‘Blue-Collar Lake’ in New Hampshire

By Annie Goldsmith · Apr 1, 2022 12:00pm PDT

In this week’s Decamped, we chat with Max Makeev, co-founder and chief development officer of Owl Labs, a maker of videoconferencing devices. Makeev moved to Barnstead, N.H., when the pandemic hit. He has implemented a hybrid working model ever since, spending 25% to 40% of his time in his apartment in Somerville, Mass., and the rest at his lake... In this week’s Decamped, we chat with Max Makeev, co-founder and chief development officer of Owl...

Art by Clark Miller.

At the Shoptalk Conference in Las Vegas, E-Retailers Have a Lot of Problems, and the Metaverse Isn’t One of Them

By Malique Morris · Apr 1, 2022 12:00pm PDT

Art by Clark Miller.

Scene and Heard

At the Shoptalk Conference in Las Vegas, E-Retailers Have a Lot of Problems, and the Metaverse Isn’t One of Them

By Malique Morris · Apr 1, 2022 12:00pm PDT

“The metaverse is a big fat distraction,” declared Julie Bornstein, CEO of mobile-first fashion marketplace The Yes. Sitting in a stuffy conference room at the Mandalay Bay Resort and Casino’s convention center in Las Vegas, Bornstein is on the frontlines of how shoppers, especially younger ones, are buying goods online. And right now, she said... “The metaverse is a big fat distraction,” declared Julie Bornstein, CEO of mobile-first fashion...

How Andy Jassy Is Reshaping Amazon’s Power Structure

By Mark Di Stefano · Apr 1, 2022 6:00am PDT · 1 comment

In the nine months since Andy Jassy took over the top job at Amazon, the former Amazon web services chief has made attention-grabbing moves like shuttering the company’s physical bookstores and increasing pay to keep up in the red-hot market for tech talent. Behind the scenes, Jassy has also been filling the top ranks with familiar faces... In the nine months since Andy Jassy took over the top job at Amazon, the former Amazon web...

Fast CEO Domm Holland at a company event. Photo: Fast

Stripe-Backed ‘Fast’ Seeks Buyer After Struggling to Raise Capital

By Malique Morris and Jessica E. Lessin · Mar 31, 2022 8:56pm PDT · 8 comments

Fast, a startup that develops one-click checkout software for online merchants, is trying to find a buyer after failing to raise a new round of funding, according to two people with knowledge of the situation. Fast has raised about $120 million from investors including payments firm Stripe and Index ventures, but its main product, which helps... Fast, a startup that develops one-click checkout software for online merchants, is trying to find...

Blockchain.com CEO Peter Smith. (Photo Credit: Blockchain.com. Artwork: Mike Sullivan)

The Math on Blockchain.com; a Crypto Deal 238 Years in the Making

By Akash Pasricha · Mar 31, 2022 6:12pm PDT · 2 comments

Blockchain.com’s new $14 billion valuation makes it one of the most highly valued crypto startups. But it could have been worth even more. The cryptocurrency exchange confirmed to The Information on Thursday that it had completed its Series D funding round at a $14 billion valuation, following a Bloomberg report. The company did not... Blockchain.com’s new $14 billion valuation makes it one of the most highly valued crypto...

Stock data on Nasdaq's MarketSite in February. Photo by Bloomberg.

What the Nasdaq Doesn’t Tell Us

By Martin Peers · Mar 31, 2022 5:00pm PDT

Stock data on Nasdaq's MarketSite in February. Photo by Bloomberg.

What the Nasdaq Doesn’t Tell Us

By Martin Peers · Mar 31, 2022 5:00pm PDT

The first quarter ended today with another stock sell-off. That makes this a good time to review the state of tech stocks so far in 2022. Just don’t try to make any judgments based on the Nasdaq Composite Index, which is down 9% for the year to date. The Nasdaq is often used as a proxy for the tech sector simply because it includes the biggest... The first quarter ended today with another stock sell-off. That makes this a good time to review...