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

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Recent Editions

Coinbase's signage for its direct listing on the Nasdaq today. Photo by Bloomberg.

The Briefing: Coinbase’s Mixed Debut

By Martin Peers · Apr 14, 2021 5:01pm PDT

Coinbase executives are surely thrilled with the crypto firm’s public debut, which valued the company at the close at nearly $84 billion, making it one of the biggest new public listings in tech in a while. Yet the opening day didn’t quite turn out the way some had expected, showing how hard it is to gauge where a stock that lists... Coinbase executives are surely thrilled with the crypto firm’s public debut, which valued...

Coinbase Direct Listing’s Biggest Winners

By Berber Jin · Apr 14, 2021 12:53pm PDT · 10 comments

Coinbase’s public stock market debut today crystallizes enormous gains enjoyed by the crypto firm’s earliest investors, most notably Union Square Ventures and Andreessen Horowitz. But for Andreessen, the win is even sweeter, given its decision two years ago to double down on its stake even as USV was selling. USV led Coinbase’s... Coinbase’s public stock market debut today crystallizes enormous gains enjoyed by the...

The Oculus Quest 2. Image: Facebook

TI Reality Check: A Wireless Leap for Facebook’s Quest 2

By Mathew Olson · Apr 14, 2021 11:01am PDT · 1 comment

When Facebook launched the Oculus Quest 2 last fall, it did so while promising that it would keep improving the VR headset with new features. On Tuesday, the company announced what is arguably the biggest change yet: The Quest 2 will let users connect the headset wirelessly to VR games and other apps on their PCs. But what many Oculus users know... When Facebook launched the Oculus Quest 2 last fall, it did so while promising that it would keep...

The Commons Project CEO and co-founder Paul Meyer. Photo provided by The Commons Project

The Push to Keep Digital Vaccine Passports From Becoming a Mess

By Nick Wingfield · Apr 14, 2021 6:01am PDT · 1 comment

The Commons Project CEO and co-founder Paul Meyer. Photo provided by The Commons Project

The Big Interview

The Push to Keep Digital Vaccine Passports From Becoming a Mess

By Nick Wingfield · Apr 14, 2021 6:01am PDT · 1 comment

For the past several weeks, New Yorkers have been able to download a QR code onto their phones—or print out an analog copy of it—that vouches for the fact that they’ve received the Covid-19 vaccine or a negative test result for the virus. Yankee Stadium, Madison Square Garden and other local venues are already testing the... For the past several weeks, New Yorkers have been able to download a QR code onto their...

Stitch Fix founder Katrina Lake. Photo by Bloomberg.

The Briefing: Coinbase’s Wall Street Test, Stitch Fix’s CEO Change

By Martin Peers · Apr 13, 2021 5:01pm PDT

We’re stockpiling superlatives ahead of tomorrow’s public debut of Coinbase, the crypto firm that seems likely to start trading at a valuation well above $100 billion, making it one of the biggest new tech listings of the year. Just as a comparison, when Airbnb went public in December in what was one of last year’s hottest... We’re stockpiling superlatives ahead of tomorrow’s public debut of Coinbase, the...

A rendering of how foveated rendering clarifies images in the center of the field of vision. Image: Nvidia

TI Reality Check: Clearer VR Vision and AR Super-Hearing

By Mathew Olson · Apr 13, 2021 11:00am PDT · 1 comment

Virtual reality is about to get a big visual upgrade. Tucked into a presentation Monday at Nvidia’s annual tech conference was the revelation that the company will start including technology in its graphics chip software that significantly enhances the visual quality of VR experiences. Virtual reality is about to get a big visual upgrade. Tucked into a presentation Monday at...

Proton CEO Andy Yen. Image: Proton Technologies

The Big Interview

How ProtonMail Is Fighting Big Tech

By Josh Sisco · Apr 13, 2021 9:00am PDT · 2 comments

Andy Yen and Proton Technologies, the company behind ProtonMail, are having their moment. Seven years after Yen and his co-founders launched the encrypted email app as an alternative to services offered by tech giants like Google and Microsoft, mounting consumer privacy concerns are driving a flood of new users to the company’s platform. ... Andy Yen and Proton Technologies, the company behind ProtonMail, are having their moment. Seven...

Despite Digital Focus, More DTC Brands See Value in TV Ads

By Malique Morris · Apr 13, 2021 6:00am PDT

Despite Digital Focus, More DTC Brands See Value in TV Ads

By Malique Morris · Apr 13, 2021 6:00am PDT

When major advertisers in industries such as travel abruptly pulled out of their primetime network television spots last March as pandemic lockdowns hit, TV advertising rates fell dramatically. That’s when Warby Parker, a popular eyeglasses firm, saw an opportunity. The company accelerated its buying of TV ads. One of the only eyeglass... When major advertisers in industries such as travel abruptly pulled out of their primetime...

Microsoft CEO Satya Nadella. Photo by Bloomberg.

The Briefing: Microsoft Takes a More Nuanced Approach to Deals

By Martin Peers · Apr 12, 2021 5:02pm PDT · 3 comments

Phew! For a few months we’ve been worried that Microsoft CEO Satya Nadella had lost his bearings, as he reportedly looked at buying TikTok (can you imagine the cultural combination?), Pinterest (a little better) or Discord (a fit with Xbox at least). Instead, Microsoft is plunking down nearly $20 billion to buy Nuance Communications, a... Phew! For a few months we’ve been worried that Microsoft CEO Satya Nadella had lost his...

Anduril co-founder Palmer Luckey. Photo by Bloomberg.

Anduril Raising New Round That Will Double Valuation to Over $4 Billion

By Berber Jin and Alex Heath · Apr 12, 2021 2:50pm PDT

Anduril Industries, a defense technology startup aiming to take on large U.S. contractors like Lockheed Martin Corp., is raising a new round of funding that will more than double the firm’s valuation to between $4 billion and $5 billion, two people familiar with the talks said. The Irvine, Calif.-based startup, valued at $1.9 billion last... Anduril Industries, a defense technology startup aiming to take on large U.S. contractors like...

A prototype of a CREAL virtual reality headset. Photo provided by CREAL

TI Reality Check: Better Optics and an HTC Teaser

By Mathew Olson · Apr 12, 2021 11:16am PDT

HTC has started promoting new VR hardware as though it’s teasing the next Marvel movie. On Friday, the company tweeted out a partial image of something that looked like a new VR headset (HTC later cheekily confirmed that’s exactly what it was). Today, the company also announced a new event called ViveCon 2021—most likely a... HTC has started promoting new VR hardware as though it’s teasing the next Marvel movie. On...

A Didi Chuxing autonomous car on display in 2019. Photo by Bloomberg.

Didi Chuxing Aborted $1 Billion Acquisition of Aurora Amid Concerns of U.S. Officials

By Juro Osawa · Apr 12, 2021 6:01am PDT

A Didi Chuxing autonomous car on display in 2019. Photo by Bloomberg.

Didi Chuxing Aborted $1 Billion Acquisition of Aurora Amid Concerns of U.S. Officials

By Juro Osawa · Apr 12, 2021 6:01am PDT

After defeating Uber in China’s brutal ride-hailing war in 2016, Didi Chuxing had an even more ambitious goal: Win the global race to develop robotaxis. A year later, Didi quietly struck a $1 billion deal to acquire Aurora Innovation, the high-profile self-driving-car firm led by Chris Urmson, a pioneer in the field who started... After defeating Uber in China’s brutal ride-hailing war in 2016, Didi Chuxing had an even...

What Tech Can Do for Local Governments, Pandemic Edition

By Jessica E. Lessin · Apr 10, 2021 7:46am PDT · 2 comments

There was a period early in the pandemic when I wondered if Covid-19 would be the crisis that finally pushed Silicon Valley and Washington together. Google was promising to develop a website with nationwide information about testing and risk levels. In a rare collaboration to help the government and health officials, Apple and Google said they... There was a period early in the pandemic when I wondered if Covid-19 would be the crisis that...

A union official involved in the Amazon campaign in Alabama. Photo by Bloomberg.

The Briefing: Amazon Wins Round One of Union Battle

By Martin Peers · Apr 9, 2021 5:32pm PDT · 1 comment

Amazon’s victory in the Alabama unionization vote will be a relief to the e-commerce giant in the short term, but it’s hardly the end of the matter. Leaving aside the legal appeals over the outcome of the Alabama vote, the labor movement is sure to try again elsewhere. Widespread reports of onerous working conditions for Amazon... Amazon’s victory in the Alabama unionization vote will be a relief to the e-commerce giant...

Tech’s Tiger King — The Information’s 411

By Cory Weinberg · Apr 9, 2021 12:22pm PDT

Cory talks to Kate Clark about the new king of venture capital deals: Tiger Global Management. The New York hedge fund has invested at a rapid pace, at higher and higher valuations. What does it mean for venture capital in 2021? Plus, Wendy and Cory discuss whether venture-backed travel firms will get a lift after a bleak year. Cory talks to Kate Clark about the new king of venture capital deals: Tiger Global Management....

Former Warner executive Jessie Henderson at a film premiere in 2019. Photo by AP.

Apple Hires Former Warner Exec as Part of Film Push

By Jessica Toonkel · Apr 9, 2021 9:21am PDT · 1 comment

Former Warner executive Jessie Henderson at a film premiere in 2019. Photo by AP.

Apple Hires Former Warner Exec as Part of Film Push

By Jessica Toonkel · Apr 9, 2021 9:21am PDT · 1 comment

Apple has hired a former WarnerMedia executive to beef up its original film production, as part of a broader effort by the iPhone maker to ramp up the programming selection on its Apple TV+ streaming service, according to two people familiar with the situation. Jessie Henderson, who until last fall was executive vice president of feature films... Apple has hired a former WarnerMedia executive to beef up its original film production, as part...

Illustration by Jesus Escudero.

Want a Piece of Stripe and SpaceX? Find an SPV

By Berber Jin · Apr 9, 2021 6:01am PDT · 4 comments

When Khosla Ventures in February wanted to sell part of its stake in Stripe, one of the hottest private tech companies in the world, the shares ended up being auctioned in an opaque process. One broker with access to the auction told clients through texts that they had two days to submit a bid. The winning auction bidder paid $12 million for... When Khosla Ventures in February wanted to sell part of its stake in Stripe, one of the hottest...

Box CEO Aaron Levie. Photo by Bloomberg.

The Briefing: Box Tries, Again, to Appease Activist Shareholder

By Martin Peers · Apr 8, 2021 5:01pm PDT · 2 comments

Activist investors generally get favorable treatment from the business media, which likes to portray them as saviors riding in on a horse to rescue shareholders from poor management. While there are clearly situations where activists force much-needed changes that benefit all shareholders—eBay’s makeover under activist pressure comes... Activist investors generally get favorable treatment from the business media, which likes to...

A promotional image provided by Greenlight

Kid Debit Card Startup Greenlight Valued at $2 Billion in Andreessen-Led Round

By Kate Clark · Apr 8, 2021 2:48pm PDT · 5 comments

Andreessen Horowitz is leading a new round of funding in Greenlight Financial Technology, a startup that offers debit cards meant for children, at a $2 billion valuation, according to two people familiar with the deal. The new funding comes as two rivals—Current and Step, which both offer specialized charge cards to... Andreessen Horowitz is leading a new round of funding in Greenlight Financial Technology, a...

A person uses an iPhone 12 Pro with a LiDAR scanner on it last October. Photo by Bloomberg.

TI Reality Check: The Common Ground Between an Apple Car and AR Device

By Mathew Olson · Apr 8, 2021 11:10am PDT

A person uses an iPhone 12 Pro with a LiDAR scanner on it last October. Photo by Bloomberg.

TI Reality Check: The Common Ground Between an Apple Car and AR Device

By Mathew Olson · Apr 8, 2021 11:10am PDT

What do two Apple projects—its autonomous vehicle and augmented reality technologies—have in common? Seemingly not much, other than the intense secrecy surrounding both of them. But a new patent Apple won on Tuesday suggests at least one common technical ingredient between them. The U.S. patent describes an approach to computer... What do two Apple projects—its autonomous vehicle and augmented reality...