The Briefing by Martin Peers, Jessica Lessin and the team at The Information

Five times/week

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.

By providing your email, you agree to The Information’s Privacy Policy

Recent Editions

Art by Clark Miller.

Are AI Valuations Bonkers?

By Vinod Khosla · Sep 10, 2025 10:00am PDT · 6 comments

To many investors, valuations in AI land are bonkers—yet others justify them. This isn’t your usual bubble mania. Most valuations are bonkers, yet some valuations, even some apparently high valuations are not bonkers. The lower valuations will not be the ones that will be good investments! My message: don’t indiscriminately pay up, but... To many investors, valuations in AI land are bonkers—yet others justify them. This isn’t...

Art via Mike Sullivan

The Simple Trick That Turns xAI and Google’s Models into Math Geniuses

By Stephanie Palazzolo · Sep 10, 2025 7:00am PDT

Earlier this summer, chatter in AI communities went into overdrive after OpenAI and Google revealed that their models had achieved gold medal-level performance on the prestigious International Mathematical Olympiad. In the past, this competition had proved difficult for AI models, which struggled to verify whether their generated math proofs... Earlier this summer, chatter in AI communities went into overdrive after OpenAI and Google...

Art by Mike Sullivan

Amazon is Developing AR Glasses in Challenge to Meta

By Wayne Ma and Juro Osawa · Sep 10, 2025 6:00am PDT

Amazon is developing a pair of augmented-reality glasses for consumers, say two people with knowledge of the plans. In doing so, Amazon is jumping into a still-unproven market in competition with Meta Platforms, which is expected to unveil a new version of its AR glasses at its Connect conference next week, according to people who have worked on... Amazon is developing a pair of augmented-reality glasses for consumers, say two people with...

Art by Mike Sullivan

Crypto Exchange Sets Off Price War for Stablecoins

By Yueqi Yang · Sep 10, 2025 5:00am PDT · 1 comment

Art by Mike Sullivan

Crypto Exchange Sets Off Price War for Stablecoins

By Yueqi Yang · Sep 10, 2025 5:00am PDT · 1 comment

Just two months after Congress passed a cryptocurrency law that gave a big boost to stablecoins, a price war has broken out, potentially wiping away the lucrative profits these tokens could generate. The battle is taking place among users of Hyperliquid, a fast-growing decentralized crypto exchange. They are considering reducing their use of... Just two months after Congress passed a cryptocurrency law that gave a big boost to stablecoins,...

Art by Clark Miller.

Sequoia Poised for Nearly $3 Billion Gain From Klarna IPO

By Katie Roof · Sep 9, 2025 5:23pm PDT

Klarna’s two-decade journey to a public listing means a lucrative return for its biggest backer—Sequoia Capital. The Silicon Valley firm stands to make about $2.65 billion on paper from its investment in the buy now, pay later lender, which endured boardroom drama and tumbling valuations on its way to a public listing. Sequoia owns 21% of... Klarna’s two-decade journey to a public listing means a lucrative return for its biggest...

Larry Ellison. Photo via Getty

Oracle’s Blockbuster Projections; Apple’s New iPhones

By Martin Peers · Sep 9, 2025 5:00pm PDT

The biggest news today wasn’t Apple’s new line of iPhones—that was about as much of a secret as the time of tomorrow’s sunrise (for more details of the Apple presentation, see below)—but Oracle’s blockbuster revenue projections. The software-and-cloud firm is enjoying what you might call its Nvidia moment. It is finally showing the benefits of... The biggest news today wasn’t Apple’s new line of iPhones—that was about as much of a secret as...

Art by Shane Burke

The $115 Billion Reason OpenAI Will Raise More Money

By Sri Muppidi · Sep 9, 2025 12:00pm PDT

Last week, I reported on how OpenAI updated its financial forecasts for investors. The company expects to spend nearly $115 billion between 2025 and 2029. That’s $80 billion more than it forecast in the first quarter. As the chart shows, the startup—recently valued at $500 billion in a sale of employee shares—has been able to handily raise... Last week, I reported on how OpenAI updated its financial forecasts for investors. The company...

Microsoft CEO Satya Nadella, left, and Anthropic CEO Dario Amodei. Photos via Getty

Microsoft to Buy AI From Anthropic in Partial Shift From OpenAI

By Aaron Holmes · Sep 9, 2025 11:18am PDT · 1 comment

Microsoft CEO Satya Nadella, left, and Anthropic CEO Dario Amodei. Photos via Getty

Microsoft to Buy AI From Anthropic in Partial Shift From OpenAI

By Aaron Holmes · Sep 9, 2025 11:18am PDT · 1 comment

Microsoft is taking its biggest step to lessen reliance on OpenAI’s artificial intelligence by embracing the startup’s bitter rival Anthropic to power its most important software business. Microsoft will pay to use Anthropic’s technology for some AI features in Office 365 apps, according to two people involved in the effort. The move will... Microsoft is taking its biggest step to lessen reliance on OpenAI’s artificial...

Census Bureau Says Corporate AI Adoption is Slowing

Census Bureau Says Corporate AI Adoption is Slowing

By Aaron Holmes · Sep 9, 2025 10:30am PDT

Across American businesses, use of artificial intelligence has fallen in recent months, according to the Census Bureau’s biweekly survey of thousands of companies.The drop is especially pronounced at the largest companies surveyed: AI for “producing goods and services” peaked in June for those with 250 employees, with roughly 15% of surveyed... Across American businesses, use of artificial intelligence has fallen in recent months, according...

AUI cofounders Ori Cohen (left) and Ohad Elhelo (right)

The Startup Teaching AI Agents How to Actually Get Stuff Done

By Ann Gehan · Sep 9, 2025 7:00am PDT

I’ve written lots over the past few months about how startups and big tech companies alike are trying to tackle the problem of agentic commerce—the fancy term for “agent” services that take action on behalf of consumers, in this case, buying stuff. While AI search is a powerful tool to help shoppers hone in on the perfect gift or find a hotel... I’ve written lots over the past few months about how startups and big tech companies alike are...

Marc Andreessen and Ben Horowitz, co-founders of Andreessen Horowitz. Photo via Getty.

Andreessen Horowitz Crypto Returns Boosted by 300% Solana Rally

By Natasha Mascarenhas · Sep 9, 2025 6:00am PDT · 1 comment

When Andreessen Horowitz raised a record-setting $4.5 billion crypto fund in May 2022, it seemed to have timed the market—in all the wrong ways. Bitcoin prices had fallen 55% from their peak, while Coinbase shares had dropped about 80%. Both would stay depressed for more than another year. But the Sand Hill Road firm’s crypto bets are... When Andreessen Horowitz raised a record-setting $4.5 billion crypto fund in May 2022, it seemed...

Oracle CEO Safra Catz. Photo via Getty

Oracle Is Squeezing Employees as AI Development Costs Mount

By Martin Peers · Sep 8, 2025 5:00pm PDT

Oracle CEO Safra Catz. Photo via Getty

Oracle Is Squeezing Employees as AI Development Costs Mount

By Martin Peers · Sep 8, 2025 5:00pm PDT

Of all the tech companies to reinvent themselves through the power of artificial intelligence, Oracle may be the most surprising. The software giant of yesteryear (well, the 1980s and ‘90s), which stumbled in software’s transition to the cloud, has gotten a new lease on life as an AI cloud provider. We’ll get an update on its progress on Tuesday... Of all the tech companies to reinvent themselves through the power of artificial intelligence,...

Supabase CEO Paul Copplestone. Screenshot via YouTube

Supabase in Talks to More Than Double Its Valuation to $5 Billion

By Katie Roof and Natasha Mascarenhas · Sep 8, 2025 4:00pm PDT

Supabase, a database startup that has benefited from the rise of artificial intelligence-powered coding assistants, is in talks with investors about offers that could raise its valuation to at least $5 billion, according to two people with direct knowledge of the discussions. The investment, if finalized, would more than double its... Supabase, a database startup that has benefited from the rise of artificial intelligence-powered...

Art via Getty

Researchers Record Their Work So AI Can Do Their Jobs

By Rocket Drew · Sep 8, 2025 7:00am PDT

Before we get to today’s main item, please check out my colleague Sri’s exclusive piece from Friday night revealing that OpenAI expects to burn $115 billion in cash through 2029, plus tons of other financial data the company has disclosed to investors. We are still having a hard time digesting the capital that cash burn will require the... Before we get to today’s main item, please check out my colleague Sri’s exclusive piece from...

Brex CEO Pedro Franceschi, left, and Ramp CEO Eric Glyman. Images via YouTube and Getty.

Make No Mistake, Brex and Ramp Are Fintechs, Not Software Firms

By Anita Ramaswamy · Sep 8, 2025 6:00am PDT · 4 comments

Fintech startups Brex and Ramp are hurtling toward initial public offerings as soon as next year as they duke it out over customers for their corporate credit cards. In the meantime, investors are getting excited about the companies’ rapid growth rates. Their numbers are impressive, but investors need to temper their enthusiasm. Ramp just passed... Fintech startups Brex and Ramp are hurtling toward initial public offerings as soon as next year...

Lingbo Zhu, chief technology officer of CATL’s international business unit. Photo: Courtesy CATL

In Munich, a Bolder CATL Doubles Down on Good-Enough Batteries

By Steve LeVine · Sep 8, 2025 4:30am PDT

Lingbo Zhu, chief technology officer of CATL’s international business unit. Photo: Courtesy CATL

In Munich, a Bolder CATL Doubles Down on Good-Enough Batteries

By Steve LeVine · Sep 8, 2025 4:30am PDT

For years, Western battery startups using exotic materials have promised outsize driving range and charging speed, all at a good price. None has reached commercial production, and an increasing number have failed.Not to fret, China’s battery colossus, CATL, seemed to say on Sunday. CATL is steadily improving its tried-and-true battery, which... For years, Western battery startups using exotic materials have promised outsize driving range...

Art by Clark Miller; photos from Getty Images

Tesla Hastens the Era of the Trillionaire

By Abram Brown · Sep 6, 2025 7:28am PDT

Welcome, Weekenders! In this newsletter:• The Big Read: The tech elite sees GLP-1s as all-purpose wonder drugs• The Arena: Inside the NFL’s feud with venerable ol’ Nielsen• The Top 5: The AI era’s favorite hacker houses• Does a shoeless office stink? Depends on who you ask in Silicon Valley• Plus, our Recommendations: “Bad Elizabeth,” “Dirtbag... Welcome, Weekenders! In this newsletter:• The Big Read: The tech elite sees GLP-1s as all-purpose...

Art by Clark Miller.

Workplace Culture

Does a Shoeless Office Stink? Depends on Who You Ask in Silicon Valley

By Max Berlinger · Sep 6, 2025 7:14am PDT

A few years back, Brandon Gell, chief operating officer of Every, an artificial intelligence–focused media startup, couldn’t stop staring at a photo taken at the headquarters of another startup, Notion, a maker of productivity software. “It was of their entryway, and it was just shoes—this mountain of shoes,” he recalled. The pile of... A few years back, Brandon Gell, chief operating officer of Every, an artificial...

Inside the AI Era’s Favorite Hacker Houses

By Jemima McEvoy · Sep 6, 2025 7:00am PDT

Which hacker house came first? No one’s exactly sure. But what’s certainly clear is that such hostelries have become enduring Silicon Valley staples even as many other rhythms of startup life have significantly shifted. A whole new crop has bubbled up lately as AI fever has taken hold, presenting investors like Lightspeed Venture Partners’... Which hacker house came first? No one’s exactly sure. But what’s certainly clear is that such...

OpenAI CEO Sam Altman, left, with Apple CEO Tim Cook at the White House. Photo via Getty

OpenAI Says Its Business Will Burn $115 Billion Through 2029

By Sri Muppidi · Sep 5, 2025 6:32pm PDT · 6 comments

OpenAI CEO Sam Altman, left, with Apple CEO Tim Cook at the White House. Photo via Getty

OpenAI Says Its Business Will Burn $115 Billion Through 2029

By Sri Muppidi · Sep 5, 2025 6:32pm PDT · 6 comments

OpenAI recently had both good news and bad news for shareholders. Revenue growth from ChatGPT is accelerating at a more rapid rate than the company projected half a year ago. The bad news? The computing costs to develop artificial intelligence that powers the chatbot, and other data center-related expenses, will rise even faster. As a result, ... OpenAI recently had both good news and bad news for shareholders. Revenue growth from ChatGPT is...