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

Florida governor Ron DeSantis. Getty Images

Ron DeSantis Spotlights Key AI Question

By Martin Peers · Nov 20, 2025 5:00pm PST

We’re moving off the (unresolved) AI bubble debate to a much more fundamental question about AI. That is whether decisions about an enormously costly technology, which threatens to put many people out of work, should be left to tech leaders or discussed more broadly. It turns out Republicans may have the best handle on this issue, most obviously... We’re moving off the (unresolved) AI bubble debate to a much more fundamental question about AI....

OpenAI’s Sam Altman and Google’s Sundar Pichai. Getty Images.

Altman Memo Forecasts ‘Rough Vibes’ Due to Resurgent Google

By Stephanie Palazzolo and Erin Woo · Nov 20, 2025 4:00pm PST · 14 comments

OpenAI CEO Sam Altman told colleagues last month that Google’s recent progress in artificial intelligence could “create some temporary economic headwinds for our company,” though he added that OpenAI would emerge ahead. After OpenAI researchers heard that Google had created a new AI that appears to have leapfrogged OpenAI’s in the way it was... OpenAI CEO Sam Altman told colleagues last month that Google’s recent progress in artificial...

Ivan Zhao, CEO of Notion, and Jane Dunlevie, chief operating officer of tech investment banking at Goldman Sachs

In Las Vegas, Kalshi Is King

By Cory Weinberg · Nov 20, 2025 3:43pm PST · 1 comment

For 15 years, Goldman Sachs’ private tech conference in Las Vegas has been the event for taking the pulse of startup dealmaking. Years ago, it was possible to run into founders such as Uber’s Travis Kalanick and Instagram’s Kevin Systrom raising money for their then-small startups. The conference is much bigger now (which makes some investors... For 15 years, Goldman Sachs’ private tech conference in Las Vegas has been the event for taking...

Chaos and Competition: The Future of AI Agents in 2026

By The Information Staff · Nov 20, 2025 11:00am PST

Chaos and Competition: The Future of AI Agents in 2026

By The Information Staff · Nov 20, 2025 11:00am PST

The race to launch and successfully sell AI agents in 2026 will be decided by which companies can create a differentiated product in an environment where every firm is offering nearly identical AI agents. We asked Deep Research to explain how this competition will unfold. Here is the response. The race to launch and successfully sell AI agents in 2026 will be decided by which companies can...

Businesses Still Dream of Using AI to Replace Enterprise Apps

Businesses Still Dream of Using AI to Replace Enterprise Apps

By Kevin McLaughlin and Aaron Holmes · Nov 20, 2025 10:45am PST · 1 comment

We’ve been hearing for years about the theoretical threat AI poses to enterprise software apps like Salesforce, ServiceNow and Workday. While a disaster scenario for these firms hasn’t happened because AI generally isn’t reliable enough to duplicate what they do, some customers are still trying to use the latest AI models to replace those apps... We’ve been hearing for years about the theoretical threat AI poses to enterprise software apps...

President Donald Trump, left, and White House AI "czar" David Sacks. Photo by Anna Moneymaker/Getty Images.

What’s Next for State AI Laws After Trump Order

By Rocket Drew · Nov 20, 2025 7:00am PST · 1 comment

The White House plans an executive order to block states from passing laws regulating AI, as we reported Wednesday. Instead of state laws, the order suggests there should be a federal law governing the information that AI companies have to disclose and how they handle potential bias in models. Specifically, it directs White House AI “czar”... The White House plans an executive order to block states from passing laws regulating AI, as we...

The former General Motors and Foxconn factory in Lordstown, Ohio. New owner SoftBank plans to remodel the EV factory to produce data center components for OpenAI. Photo by Getty Images.

SoftBank to Invest Up to $3 Billion in Factory for OpenAI Data Centers

By Sri Muppidi · Nov 20, 2025 6:00am PST · 1 comment

SoftBank plans to invest up to $3 billion to remodel an electric vehicle plant in Lordstown, Ohio, that will produce equipment for OpenAI’s forthcoming data centers, according to two people with knowledge of the plans. The Japanese conglomerate, one of the largest investors in OpenAI, will use the factory to supply data center sites in Texas and... SoftBank plans to invest up to $3 billion to remodel an electric vehicle plant in Lordstown,...

Keeping an EV in a city can be a struggle. Photo: Gary Hershorn/Getty

The Electric: Look for Gasoline Cars to be Crowding Roads for Decades Longer

By Steve LeVine · Nov 20, 2025 4:30am PST · 2 comments

Keeping an EV in a city can be a struggle. Photo: Gary Hershorn/Getty

The Electric: Look for Gasoline Cars to be Crowding Roads for Decades Longer

By Steve LeVine · Nov 20, 2025 4:30am PST · 2 comments

On Tuesday, Paul Sankey, a longtime oil analyst based in Brooklyn, N.Y., dropped by a local dealer to turn in a traditional Audi sedan he had leased. But as he did so, a new subcompact SUV from the German automaker caught his eye—a white combustion model he thought his wife would like. Sankey signed a new lease for the SUV. On Tuesday, Paul Sankey, a longtime oil analyst based in Brooklyn, N.Y., dropped by a local...

Jensen Huang. Getty Images.

Nvidia Doesn’t See an AI Bubble as It Rakes In the Cash

By Martin Peers · Nov 19, 2025 5:00pm PST

Bubble? What bubble? Nvidia CEO Jensen Huang dismissed fretful talk about massive AI investment on Wednesday, extolling the benefits of AI for a wide variety of companies—from startups to big firms like Meta Platforms. Of course, the biggest beneficiary of the AI transformation is Nvidia itself, whose stranglehold on the AI chip market is... Bubble? What bubble? Nvidia CEO Jensen Huang dismissed fretful talk about massive AI investment...

Photo by Getty Images

White House Working on Executive Order to Foil State AI Regulations

By Sylvia Varnham O'Regan and Aaron Holmes · Nov 19, 2025 2:25pm PST · 2 comments

The White House is working on an executive order that will direct the Justice Department to sue states that pass their own laws regulating artificial intelligence, according to a draft of the order reviewed by The Information. The order, which is still in the drafting phase, could change. The timeline for when it will be formally announced is... The White House is working on an executive order that will direct the Justice Department to sue...

Yann LeCun. Photo by Getty

Meta Confirms Yann LeCun Will Leave to Form New AI Startup

By Nick Wingfield · Nov 19, 2025 12:44pm PST

Meta Platforms confirmed that Yann LeCunn, its chief AI scientist, will leave the company at the end of the year to form his own AI startup. A Meta spokesperson said the company plans to partner with LeCun’s startup. Meta Platforms confirmed that Yann LeCunn, its chief AI scientist, will leave the company at the...

Getty Images

Coinbase to Launch Prediction Market Powered by Kalshi

By Yueqi Yang · Nov 19, 2025 11:48am PST

Getty Images

Coinbase to Launch Prediction Market Powered by Kalshi

By Yueqi Yang · Nov 19, 2025 11:48am PST

Coinbase is preparing to launch a prediction market to allow its crypto clients to bet on events such as elections and sports, according to two people familiar with the matter. The market will be powered by prediction market company Kalshi and will put Coinbase in a booming but increasingly crowded field. Coinbase, the largest U.S. crypto... Coinbase is preparing to launch a prediction market to allow its crypto clients to bet on events...

Photos by Getty Images. Art by Mike Sullivan.

Artificial Intelligence

Elon Musk’s Lawsuit Could Cost OpenAI More Than $1 Billion

By Rocket Drew · Nov 19, 2025 9:30am PST · 1 comment

When OpenAI announced that it had completed its corporate restructuring last month, it became less likely that Elon Musk’s federal lawsuit against the company would foil OpenAI’s plans. Musk hasn’t given up, but even if he wins the case, he is unlikely to inflict any meaningful damage on OpenAI. There’s a decent chance that the case will go to... When OpenAI announced that it had completed its corporate restructuring last month, it became...

Art by Clark Miller

The Information Finance

It’s too Soon to Call an End to the AI Boom

By Ken Brown · Nov 19, 2025 8:00am PST · 3 comments

I’m the senior finance editor here at The Information. I’ll be writing this new column on money, dealmaking and bubbles of all sorts every Wednesday. If you have any feedback or suggestions on topics I should explore, feel free to reply directly with your feedback.We’re launching this newsletter to cover the increasing role finance is... I’m the senior finance editor here at The Information. I’ll be writing this new column on money,...

Art by Mike Sullivan

Google Unseats Anthropic With Gemini 3

By Stephanie Palazzolo · Nov 19, 2025 7:04am PST

Before we get to Gemini 3, we want to highlight this morning’s news that former Harvard University President Larry Summers has resigned from OpenAI’s board of directors following a congressional committee’s release of emails showing a personal correspondence between him and convicted sex offender Jeffrey Epstein. Summers had been on the board of... Before we get to Gemini 3, we want to highlight this morning’s news that former Harvard...

AMD's Lisa Su (center) and Nvidia's Jensen Huang. Photos via Getty

How AMD’s Lisa Su Got Under Nvidia’s Skin

By Wayne Ma and Qianer Liu · Nov 19, 2025 6:00am PST · 1 comment

AMD's Lisa Su (center) and Nvidia's Jensen Huang. Photos via Getty

How AMD’s Lisa Su Got Under Nvidia’s Skin

By Wayne Ma and Qianer Liu · Nov 19, 2025 6:00am PST · 1 comment

When Advanced Micro Devices holds offsite meetings with senior leaders, its executives often find themselves sitting at the poker table at the end of the night with one particularly skillful player of card games: Lisa Su, the chipmaker’s CEO. Her aptitude for poker mirrors how she analyzes risk and reward for the decisions she makes at AMD,... When Advanced Micro Devices holds offsite meetings with senior leaders, its executives often find...

Judge James Boasberg. Getty Images

How Trump’s TikTok Tactics Helped Meta Win Antitrust Case

By Martin Peers · Nov 18, 2025 5:00pm PST

For once, the latest multibillion-dollar AI deal—this time Microsoft and Nvidia investing in Anthropic—isn’t the day’s biggest tech news development. (Skip down for details on that story.) More important was a Washington judge’s ruling on Tuesday that Meta Platforms isn’t a monopoly. So much for all those breathless headlines suggesting Meta... For once, the latest multibillion-dollar AI deal—this time Microsoft and Nvidia investing in...

Photo by Getty Images

Series Bubb-L

By Katie Roof and Cory Weinberg · Nov 18, 2025 3:01pm PST

Sometimes being a centicorn isn’t enough…especially when you’re worried the AI bubble could burst. Shortly after Databricks said in September it had raised more than $1 billion at a valuation of more than $100 billion, leaders at the database software provider told investors they were likely to raise even more soon, our sources tell us.As ... Sometimes being a centicorn isn’t enough…especially when you’re worried the AI bubble could...

Tenstorrent CEO Jim Keller. Photo by Chandan Khanna/Getty Images

Tenstorrent Nears $3 Billion Valuation in Fidelity-Led Round

By Stephanie Palazzolo, Anissa Gardizy and Wayne Ma · Nov 18, 2025 1:09pm PST · 1 comment

Chip startup Tenstorrent has been in talks to raise at least $800 million in a deal led by current investor Fidelity Management, according to two people with direct knowledge of the talks. The investment would value the Toronto-based firm at around $3.2 billion before the investment, a 60% increase from its valuation not including the investment... Chip startup Tenstorrent has been in talks to raise at least $800 million in a deal led by...

Screenshot via Microsoft

Microsoft Wants to Bring Order to Agent Chaos

By Aaron Holmes and Kevin McLaughlin · Nov 18, 2025 10:30am PST

Screenshot via Microsoft

Microsoft Wants to Bring Order to Agent Chaos

By Aaron Holmes and Kevin McLaughlin · Nov 18, 2025 10:30am PST

As CIOs and IT execs labor to sort through a deluge of identical AI agent products sold by seemingly every enterprise software firm, they’re now being pitched on how to control and direct all these agents from one app. Enter “agent orchestration. As CIOs and IT execs labor to sort through a deluge of identical AI agent products sold by...