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

A ‘Sold’ sign is displayed outside a home under construction at a Lennar development site. Photo by Bloomberg

Largest Homebuilder Emerges as Unlikely Startup Kingmaker

By Cory Weinberg · Apr 1, 2021 9:02am PDT · 1 comment

Back in 2016, executives at homebuilding giant Lennar Corp. sat down with the founders of Doma, which uses technology to speed the underwriting of title insurance. Worried that the startup didn’t have sufficient experience in either real estate or insurance, Lennar decided to pass on investing in the firm. “They said it was a... Back in 2016, executives at homebuilding giant Lennar Corp. sat down with the founders of Doma,...

How Places of the Future are Fueling Jobs of the Future

By The Information Staff · Apr 1, 2021 8:22am PDT

On March 16th, The Information hosted a Video Summit on how places of the future are fueling jobs of the future in partnership with Cognizant. From Sacramento to Toronto, Lisbon to virtual space, where we live and work will impact job opportunities over the next decade. “You don't necessarily have to go to Silicon Valley to make things... On March 16th, The Information hosted a Video Summit on how places of the future are fueling jobs...

An image from a distribution center of J&T rival ZTO Express. Photo by AP

Upstart Courier Service Raised More Than $2 Billion to Fight Alibaba-Backed Rivals

By Yunan Zhang, Juro Osawa and Shai Oster · Apr 1, 2021 5:46am PDT

J&T Express, an upstart Southeast Asian logistics and courier service that has expanded aggressively in China, has raised more than $2 billion to fund its fight against rival parcel delivery companies backed by Alibaba, people familiar with the matter said. It’s another example of how control of shipping has emerged as a key link in... J&T Express, an upstart Southeast Asian logistics and courier service that has expanded...

Compass CEO and founder Robert Reffkin. Photo by Bloomberg.

The Briefing: Compass, Deliveroo Show Fundamentals Still Count

By Martin Peers · Mar 31, 2021 5:02pm PDT · 1 comment

Compass CEO and founder Robert Reffkin. Photo by Bloomberg.

The Briefing: Compass, Deliveroo Show Fundamentals Still Count

By Martin Peers · Mar 31, 2021 5:02pm PDT · 1 comment

When you’re hot, you’re hot, like an electric vehicle startup on Wall Street today. And when you’re not, you’re...Compass or Deliveroo. That’s the takeaway from a day of extremes on the stock market. In London, Deliveroo, the U.K. restaurant meal delivery service, tanked on its public debut, falling 26% below its... When you’re hot, you’re hot, like an electric vehicle startup on Wall Street today....

Magic Leap's headset. Photo by Magic Leap

TI Reality Check: More Moves at Magic Leap, and Goodbye PlayStation Move

By Mathew Olson · Mar 31, 2021 11:02am PDT

Magic Leap’s quest to bulk up its leadership roster after falling on hard times continues: Anuj Gosalia, a veteran of Microsoft, Facebook and Google, is joining as Magic Leap’s Chief Software and Cloud Officer. Gosalia’s team will focus development of Magic Leap’s enterprise software, a new direction for the startup in... Magic Leap’s quest to bulk up its leadership roster after falling on hard times continues:...

Vice CEO Nancy Dubuc. Photo by Bloomberg

Vice Media Is in Advanced Talks to Merge With SPAC Backed by 7GC

By Jessica Toonkel · Mar 31, 2021 8:15am PDT · 2 comments

Vice Media is in advanced talks to merge with 7GC & Co Holdings, a special purpose acquisition company led by tech investor Jack Leeney, according to people familiar with the situation, the latest step in the media firm’s hopes of going public via a SPAC merger. Vice had previously talked with other SPACs, including one backed by Group... Vice Media is in advanced talks to merge with 7GC & Co Holdings, a special purpose...

Facebook Ad Prices Signal Digital Ad Rebound Is Far From Over

By Sylvia Varnham O'Regan · Mar 31, 2021 6:01am PDT

With consumers glued to phones and laptops, the year of pandemic shut-ins ended up being great for the biggest digital advertising businesses—particularly for Facebook, Amazon and even some smaller platforms such as Snap and Pinterest. These internet companies won’t give up that edge this year, say media buyers and analysts, although... With consumers glued to phones and laptops, the year of pandemic shut-ins ended up being great...

Broadcom's Silicon Valley headquarters. Photo by Bloomberg

The Briefing: Amazon Is Turning Its Back on Broadcom

By Martin Peers · Mar 30, 2021 5:01pm PDT

Broadcom's Silicon Valley headquarters. Photo by Bloomberg

The Briefing: Amazon Is Turning Its Back on Broadcom

By Martin Peers · Mar 30, 2021 5:01pm PDT

You know you’re playing an extreme version of hardball when you’ve scared off Amazon. As we reported today, Broadcom has so alienated Amazon with its unfriendly tactics that the cloud computing giant is working on its own networking switch chip. Amazon’s plan is to no longer do business with Broadcom. If this isn’t a sign... You know you’re playing an extreme version of hardball when you’ve scared off Amazon....

Niantic released a partial view of an early design of AR glasses.

TI Reality Check: A Tease of AR’s Future and a Look at VR’s Past

By Mathew Olson · Mar 30, 2021 12:34pm PDT

Today, AR techies have a glimpse of what the next wave of augmented reality glasses might look like, thanks to Niantic and to a new scoop from The Information’s Alex Heath revealing Snap’s first-ever AR-equipped glasses. For a few years now, Snap has sold consumer smart glasses capable of taking pictures and video, but the plans we... Today, AR techies have a glimpse of what the next wave of augmented reality glasses might look...

Photo of the most recent model of Snap's Spectacles by Snap. Illustration by Mike Sullivan

Snap Plans Hardware Push With AR Spectacles, Drone

By Alex Heath · Mar 30, 2021 10:25am PDT · 2 comments

Snap is readying a new push into hardware with a more advanced version of its Spectacles smart glasses that feature displays capable of augmented reality effects, according to two people with direct knowledge of the device. It has also revived a years-long effort to build a drone. Unlike past models of Snap’s smart glasses though, this... Snap is readying a new push into hardware with a more advanced version of its Spectacles smart...

Photo of AWS CEO Andy Jassy by Bloomberg. Illustration by Mike Sullivan

Amazon Steps Up Silicon Ambitions With New Networking Chip

By Kevin McLaughlin and Amir Efrati · Mar 30, 2021 6:00am PDT · 9 comments

Over the past several years, Amazon has designed its own silicon chips to speed up the performance of servers in its cloud data centers and the artificial intelligence services it sells to customers. Now, in a big step toward seizing control over a key component in its technologies, Amazon is developing a chip to power the hardware switches that... Over the past several years, Amazon has designed its own silicon chips to speed up the...

A Deliveroo courier in London last year. Photo by Bloomberg

The Briefing: Deliveroo Lowers IPO Expectations, Amazon’s Union Vote

By Martin Peers · Mar 29, 2021 5:02pm PDT

A Deliveroo courier in London last year. Photo by Bloomberg

The Briefing: Deliveroo Lowers IPO Expectations, Amazon’s Union Vote

By Martin Peers · Mar 29, 2021 5:02pm PDT

Amazon-backed restaurant-meal delivery service Deliveroo on Monday downgraded the pricing expectations for its London IPO, showing just how much market conditions have changed. Just a few months ago, investors were tripping over themselves in their rush to buy into IPOs. In December, the offering of DoorDash, the U.S. equivalent of Deliveroo,... Amazon-backed restaurant-meal delivery service Deliveroo on Monday downgraded the pricing...

A virtual gathering on Rec Room. Image: Rec Room

TI Reality Check: What Rec Room Reveals About the VR Market

By Mathew Olson · Mar 29, 2021 12:46pm PDT

Are investors warming up to VR? After last week’s crowning of Rec Room as VR’s first software unicorn, which came hot on the heels of Roblox’s monumental direct listing, I’m wondering how much we can attribute either success story to faith in the future of immersive tech. Neither game platform is VR-exclusive, and the... Are investors warming up to VR? After last week’s crowning of Rec Room as VR’s first...

Ramp co-founders Karim Atiyeh (left) and Eric Glyman. Photo courtesy of Ramp.

Stripe Invests in Brex Rival Ramp at $1.6 Billion Valuation

By Berber Jin and Kate Clark · Mar 29, 2021 12:28pm PDT · 1 comment

Ramp, a two-year-old startup that offers corporate cards and software tools for managing employee expenses, is close to finalizing two rounds of funding that will value the company at $1.6 billion, according to three people familiar with the deals. D1 Capital Partners led the first, $65 million round at a $1.1 billion post-money valuation with... Ramp, a two-year-old startup that offers corporate cards and software tools for managing employee...

When Tech Companies Are Returning to the Office

By The Information Staff · Mar 29, 2021 6:02am PDT · 1 comment

As vaccines roll out more broadly, U.S. tech companies are starting to set dates for when employees can begin returning to their corporate offices. Some Uber and Microsoft workers will trickle back to West Coast campuses Monday; at Facebook, employees will start returning to the company’s headquarters in early May. Most companies are... As vaccines roll out more broadly, U.S. tech companies are starting to set dates for when...

Why Media Brands Aren’t Dead

By Jessica E. Lessin · Mar 27, 2021 7:47am PDT · 7 comments

Why Media Brands Aren’t Dead

By Jessica E. Lessin · Mar 27, 2021 7:47am PDT · 7 comments

Today, credibility and affinity are primarily built by people—individual voices—rather than brands.—Ev Williams, Medium Williams wrote those words this week while explaining why he was winding down his investment in original publications on Medium and offering all editorial employees buyouts. In his view, the era of... Today, credibility and affinity are primarily built by people—individual...

A WeWork office in San Diego. Photo by Bloomberg.

The Briefing: Blizzard of Deals, Despite a Choppy Market

By Martin Peers · Mar 26, 2021 5:31pm PDT

Deal activity is as intense as ever, despite some volatility in the market. Today we got the details of WeWork’s planned SPAC merger, which will bring the co-working firm to the public market 18 months after its aborted IPO. Used-clothing e-commerce site ThredUp went public with a big pop. We also learned that news outlets Axios and The... Deal activity is as intense as ever, despite some volatility in the market. Today we got the...

Google’s Cloudy Future — The Information’s 411

By Cory Weinberg · Mar 26, 2021 3:44pm PDT

This week, Cory and Kevin McLaughlin talk about why Google Cloud loses so much money, and why this year will be crucial for the company. Then, The Information’s Kevin Delaney talks with former Google executive and “Radical Candor” author Kim Scott about how women and non-white employees sometimes face prejudice when being... This week, Cory and Kevin McLaughlin talk about why Google Cloud loses so much money, and why...

ThredUp CEO James Reinhart. Photo by Bloomberg.

ThredUp CEO Predicts Used Goods Market Will Bounce Back After Pandemic

By Malique Morris · Mar 26, 2021 12:14pm PDT

Shares of used-clothing e-commerce site ThredUp rose more than 40% on its opening day as a public company, suggesting investors remain confident in the prospects for the secondhand goods market even as stocks of other companies in the sector have lost ground lately. “I feel like it’s sort of a surreal day,” ThredUp CEO James... Shares of used-clothing e-commerce site ThredUp rose more than 40% on its opening day as a public...

An Amazon delivery driver. Photo by Bloomberg

Amazon Drops Plan to Track Mask Wearing by Drivers With Cameras

By Mark Di Stefano · Mar 26, 2021 9:05am PDT

An Amazon delivery driver. Photo by Bloomberg

Amazon Drops Plan to Track Mask Wearing by Drivers With Cameras

By Mark Di Stefano · Mar 26, 2021 9:05am PDT

Amazon has scrapped a plan to use new high-tech surveillance cameras to verify whether its delivery drivers are wearing face masks on the job. The internet retail giant is in the process of installing the cameras—which will use artificial intelligence to identify driver drowsiness, distracted driving and other risky behavior—in its... Amazon has scrapped a plan to use new high-tech surveillance cameras to verify whether its...