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

Niantic CEO John Hanke. Photo by Bloomberg

Niantic to Frustrated Pokemon AR Gamers—“We Hear You”

By Mathew Olson · Aug 9, 2021 11:00am PDT

After an outpouring of criticism from players, Pokemon Go makers Niantic is forming an internal team aimed at finding a middle ground between the AR gaming experience fans came to love during the pandemic and the vision Niantic has for the game.To recap, a week ago, Niantic in the U.S. and New Zealand rolled back temporary pandemic safety... After an outpouring of criticism from players, Pokemon Go makers Niantic is forming an internal...

ZhenFund CEO Anna Fang. Photo: Bloomberg

Beijing’s Tech Crackdown Doesn’t Slow Early-Stage Chinese VCs

By Juro Osawa and Shai Oster · Aug 9, 2021 6:00am PDT · 2 comments

Beijing’s regulatory crackdown and a $1 trillion selloff of Chinese tech stocks haven’t stopped venture capitalists from making new investments in early-stage Chinese startups. Chinese VC investors are keeping one eye on the government’s new policies, which have caused Chinese startups to suspend their plans for U.S. initial... Beijing’s regulatory crackdown and a $1 trillion selloff of Chinese tech stocks...

The Million-Mile Battery is Really Here. It Will Change Everything

By Steve LeVine · Aug 8, 2021 2:00pm PDT

Dalhousie University professor and Tesla lead battery scientist Jeff Dahn. Photo: Dal UWelcome back! Event alert: Please RSVP here for “The New Iron Age,” the inaugural monthly Live Chat with The Electric. On Tuesday at 2 p.m. ET, I will speak with Yet-Ming Chiang, co-founder of some of the most important battery startups of the last dozen... Dalhousie University professor and Tesla lead battery scientist Jeff Dahn. Photo: Dal UWelcome...

What the VC Reckoning Means for Entrepreneurs

By Jessica E. Lessin · Aug 7, 2021 7:45am PDT · 6 comments

What the VC Reckoning Means for Entrepreneurs

By Jessica E. Lessin · Aug 7, 2021 7:45am PDT · 6 comments

When I finished reading Sam’s excellent column this week on the end of venture capital as we know it, I had one question: What do the changes mean for entrepreneurs?So I spent some time this week thinking about the subject and grilling Sam and others about it. I’ve learned a lot.First, a recap of the column: In 2,000 words, Sam summarized his... When I finished reading Sam’s excellent column this week on the end of venture capital as we know...

Epic CEO Tim Sweeney. Photo by Bloomberg

Epic’s Disingenuous Google Claims

By Martin Peers · Aug 6, 2021 5:00pm PDT

Epic Games CEO Tim Sweeney knows how to play to the crowd. In a court filing unsealed Thursday night related to Epic’s lawsuit against Google—initiated around the same time that Epic went after Apple last year—Epic makes the sure-to-generate-headlines assertion that Google had “contemplated buying some or all of Epic to squelch” the threat posed... Epic Games CEO Tim Sweeney knows how to play to the crowd. In a court filing unsealed Thursday...

Illustration by Mike Sullivan

As Cloud Customers Whine About AWS Bills, Cisco Looks to Woo Them Back to Data Centers

By Kevin McLaughlin · Aug 6, 2021 10:00am PDT · 2 comments

Cloud computing providers such as Amazon Web Services have become widely accepted by businesses that don’t want to manage their own data centers, but some AWS customers continue to grumble about the high costs of the cloud. Even the most sophisticated tech companies have stumbled in managing those expenses. Seeking to capitalize on that... Cloud computing providers such as Amazon Web Services have become widely accepted by businesses...

Illustration by Danielle Davis

An Old VC Taboo Fades: More Firms Invest in Rivals

By Berber Jin · Aug 6, 2021 6:00am PDT · 2 comments

In early 2020, venture firms CapitalG and IVP each considered investing in Olive, a startup using artificial intelligence to automate repetitive tasks for healthcare workers. But the two firms ultimately passed on the potential investment, in part because their respective partners concluded it could conflict with both companies’ prior... In early 2020, venture firms CapitalG and IVP each considered investing in Olive, a startup using...

South Park's creators, Matt Stone and Trey Parker. Photo by AP

ViacomCBS’ South Park Decision Shows Industry’s Muddled Strategy

By Martin Peers · Aug 5, 2021 5:00pm PDT · 1 comment

South Park's creators, Matt Stone and Trey Parker. Photo by AP

ViacomCBS’ South Park Decision Shows Industry’s Muddled Strategy

By Martin Peers · Aug 5, 2021 5:00pm PDT · 1 comment

Most big TV companies are now squarely in the streaming game. But no one can accuse them of abandoning their buddies in the traditional cable world. Take ViacomCBS, which proudly announced today it had renewed its deal with the makers of “South Park” for several new seasons of that hit animated series, to run on… you guessed it, the decades-old... Most big TV companies are now squarely in the streaming game. But no one can accuse them of...

Erin Miller. Photo: Erin Miller

Creator Economy

Why Disappearing Posts Have Staying Power; The TikToker Who Revels in ‘90s Nostalgia

By Kaya Yurieff · Aug 5, 2021 4:02pm PDT

If you need a clue as to where social media is going, spend some time on Snapchat. An early pioneer of disappearing Stories, it’s now primarily used by young people to message privately with small groups of friends. Those messages quickly disappear, too. It turns out ephemerality, the fancy name for technology that deletes itself, has... If you need a clue as to where social media is going, spend some time on Snapchat. An early...

Ethereum’s Makeover; a Startup Aims to Be Crypto’s Cameo

By Hannah Miller · Aug 5, 2021 2:16pm PDT · 3 comments

The price of ether is on the rise after a new upgrade to the cryptocurrency’s Ethereum blockchain went live Thursday. Ether, which has the second-largest market capitalization of any crypto after bitcoin, climbed 4% to $2,807 over the past 24 hours. The changes, designed to make Ethereum transactions faster and less expensive, have the potential... The price of ether is on the rise after a new upgrade to the cryptocurrency’s Ethereum blockchain...

Reese Witherspoon. Photo by Bloomberg

Just How Rich Was Hello Sunshine’s Sales Price? Five Times Public Media Stock Values

By Jessica Toonkel and Sahil Patel · Aug 5, 2021 11:53am PDT · 1 comment

Since a Blackstone-led group agreed to buy Hello Sunshine at a valuation of $900 million this week, there’s been lots of talk about the rich prices Hollywood studios are fetching amid a shortage of quality programming for streaming. Just how rich, though, has remained murky—until now. The Information has learned that Hello Sunshine,... Since a Blackstone-led group agreed to buy Hello Sunshine at a valuation of $900 million this...

Sony's first VR headset. Photo by Sony

Epic to Take Another Crack at Defining the Metaverse; Sony's VR Ambitions

By Mathew Olson · Aug 5, 2021 11:00am PDT

Sony's first VR headset. Photo by Sony

Epic to Take Another Crack at Defining the Metaverse; Sony's VR Ambitions

By Mathew Olson · Aug 5, 2021 11:00am PDT

Next Tuesday, Marc Petit of Epic Games plans to talk on the metaverse at the annual SIGGRAPH computer graphics conference. It’ll be a chance for someone other than CEO Tim Sweeney to explain Epic’s vision for this next stage of computing. Hopefully, given the venue, it’ll be more substantive than Sweeney’s tweets and testimony in the Epic v.... Next Tuesday, Marc Petit of Epic Games plans to talk on the metaverse at the annual SIGGRAPH...

Know anyone who'd like The Electric?

By Steve LeVine · Aug 5, 2021 9:17am PDT

Hi! We’re now a few weeks into The Electric, and I hope you’ve found it valuable so far. The full archive is here.I’m writing with a request. I’m hoping that as many people as possible benefit from the free pilot we’re conducting. Until it ends and the paid beta begins, anyone can sign up and read the weekly deep-dives, receive important flash... Hi! We’re now a few weeks into The Electric, and I hope you’ve found it valuable so far. The full...

Chinese President Xi Jinping. Photo: Bloomberg

Chinese Government Invested in the Same Tech Companies It’s Now Attacking

By Shai Oster and Juro Osawa · Aug 5, 2021 6:00am PDT

A month ago, China’s top internet regulator launched a cybersecurity probe into Chinese truck-hailing company Full Truck Alliance, causing its share price to plunge less than two weeks after its initial public offering on the New York Stock Exchange. Yet the same internet regulator controls an investment fund that owns shares in the... A month ago, China’s top internet regulator launched a cybersecurity probe into Chinese...

Instacart's new president, former Facebooker Carolyn Everson

Facebookers Crowd Instacart's C-Suite With Big Ad Plans

By Martin Peers · Aug 4, 2021 5:00pm PDT

Facebook staff’s takeover of Instacart appears to be complete. The grocery delivery service’s hiring Wednesday of former Facebook exec Carolyn Everson as president means that three key positions at the grocery delivery service are held by former Facebookers, including the CEO and COO roles. And that doesn’t count the more than 50 others hired... Facebook staff’s takeover of Instacart appears to be complete. The grocery delivery service’s...

One Surprising Source of Influencers’ Monthly Income

By Kaya Yurieff · Aug 4, 2021 3:59pm PDT · 1 comment

Creator Economy

One Surprising Source of Influencers’ Monthly Income

By Kaya Yurieff · Aug 4, 2021 3:59pm PDT · 1 comment

In May, we published a chart showing how reliant creators are on sponsored deals with advertisers to make money. But our readers also wanted to know how much influencers earn on different social networks. Influencer marketing firm NeoReach gave us an early look at a new survey it conducted to answer that question. The research, which... In May, we published a chart showing how reliant creators are on sponsored deals with advertisers...

Legislative Battle Shows Industry’s New Muscle; the Crypto Knowledge Gap

By Hannah Miller · Aug 4, 2021 2:33pm PDT

Since the $550 billion infrastructure bill was introduced last week, crypto industry groups have complained that the language about increasing tax reporting requirements for crypto businesses was too broad and would unfairly burden bitcoin miners, digital wallet manufacturers and other crypto companies. Now, it looks like that... Since the $550 billion infrastructure bill was introduced last week, crypto industry groups have...

A HTC Vive headset, an example of a PC VR headset. Photo by Bloomberg.

Debunking the Theory of PC VR’s Premature Death

By Mathew Olson · Aug 4, 2021 11:02am PDT

Today’s installment of Reality Check is all about death—but it doesn’t involve anyone or anything actually dying.Over the weekend, VR developer Cix Liv declared that PC VR was “dead,” reigniting an ongoing debate amongst designers and enthusiasts that itself refuses to die. As far as I can tell, the most common argument in favor of this take is... Today’s installment of Reality Check is all about death—but it doesn’t involve anyone or anything...

SoftBank, Insight Top List of 10 Fastest-Growing Tech Investors

By Kate Clark · Aug 4, 2021 10:01am PDT

Startup valuations aren’t the only thing going through the roof. Tech investors’ already supersized venture funds have recently gotten a lot, lot bigger. U.S. VC firms have raised $74 billion so far this year, nearly topping last year’s record of $81 billion. At the current pace, the total raised will clear $100 billion for the... Startup valuations aren’t the only thing going through the roof. Tech investors’...

Art by Mike Sullivan

The End of Venture Capital as We Know It

By Sam Lessin · Aug 4, 2021 6:01am PDT · 39 comments

Art by Mike Sullivan

Modest Proposals

The End of Venture Capital as We Know It

By Sam Lessin · Aug 4, 2021 6:01am PDT · 39 comments

All signs seem to indicate that by 2022, for the first time, nontraditional tech investors—including hedge funds, mutual funds and the like—will invest more in private tech companies than traditional Silicon Valley–style venture capitalists will. Many people are quick to write this off as a momentary blip where extremely cheap... All signs seem to indicate that by 2022, for the first time, nontraditional tech...