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

Art by Sam Lessin

Modest Proposals

The Escalating War Between Our Physical and Digital Realities

By Sam Lessin · Jul 15, 2020 7:01am PDT · 6 comments

Is the destiny of the internet to become an integrated extension of the physical world, a separate parallel universe, or to supplant and subsume the real world of today? This question, which has been abstractly rattling around science fiction for decades, is so far unresolved. It feels clear now, though, that after a long period of peace, the... Is the destiny of the internet to become an integrated extension of the physical world, a...

Europe's competition commissioner Margrethe Vestager. Photo by Bloomberg

Europe’s Regulatory Traffic Jam: The Information’s Tech Briefing

By Martin Peers · Jul 14, 2020 5:31pm PDT

European regulators seem to be caught in a traffic jam of cases against big U.S. tech companies. It’s a situation we could easily see develop in the U.S. in the not-too-distant future, an interesting wrinkle that is likely to work to some companies’ advantage.The logjam in Europe has emerged in recent days as we have been waiting to... European regulators seem to be caught in a traffic jam of cases against big U.S. tech companies....

Image by Shutterstock

TikTok Agreed to Buy More Than $800 Million in Cloud Services From Google

By Kevin McLaughlin and Amir Efrati · Jul 14, 2020 1:12pm PDT

For years, Google Cloud has languished in third place in the cloud computing market, with fewer marquee customers to boast of than rivals Amazon Web Services and Microsoft. Last week, though, word surfaced of a buzzy new customer for Google Cloud—TikTok, the app for sharing short videos that is the year’s runaway social media... For years, Google Cloud has languished in third place in the cloud computing market, with fewer...

Jonah Peretti. Art by Mike Sullivan

BuzzFeed’s Peretti on How Pandemic Squashed 2020 Profit Hopes

By Jessica Toonkel · Jul 14, 2020 7:01am PDT · 1 comment

Jonah Peretti. Art by Mike Sullivan

Q&A

BuzzFeed’s Peretti on How Pandemic Squashed 2020 Profit Hopes

By Jessica Toonkel · Jul 14, 2020 7:01am PDT · 1 comment

At the height of the coronavirus pandemic a few months ago, advertisers owed BuzzFeed around $100 million in payments from the fourth quarter, almost one-third of the company’s revenue for last year. CEO Jonah Peretti was worried that with the businesses grinding to a halt and many companies suspending advertising, BuzzFeed wouldn’t... At the height of the coronavirus pandemic a few months ago, advertisers owed BuzzFeed around $100...

Photo: AP

Trio of Deals: The Information’s Tech Briefing

By Martin Peers · Jul 13, 2020 5:35pm PDT

Monday’s late stock market sell-off halted, at least for a day, what appeared to be a bubble enveloping Wall Street. Even as Covid cases surge, investors had been acting like all was fine. (And one of the trading apps powering the rally, Robinhood, is directly benefiting, as we note below.)But deal-making hasn’t slowed: Today we had... Monday’s late stock market sell-off halted, at least for a day, what appeared to be a...

Art by Mike Sullivan.

Amazon Alum’s Exit From TV Firm Shows Pitfalls for Tech Execs in Media

By Jessica Toonkel · Jul 13, 2020 10:01am PDT

Amazon alumni have turned up at a wide range of digital and traditional media firms, such as Snap and Disney. But one of the biggest contingents—around 100—has defected to TV firm Discovery, owner of the Discovery Channel, HGTV and Animal Planet, following a former Amazon Marketplace executive, Peter Faricy. He was hired in 2018 to... Amazon alumni have turned up at a wide range of digital and traditional media firms, such as Snap...

Lo Toney of Plexo Capital (left) and Adeyemi Ajao of Base10 Partners. Photo: Plexo, Base10

Venture Capital Firms Pushed to Take Historically Black Colleges as LPs

By Kate Clark · Jul 13, 2020 7:01am PDT · 3 comments

A group of Black venture capital managers is pressing Silicon Valley’s largest firms to commit to including historically Black colleges and universities among their limited partners, the institutions and individuals that provide capital to VC funds and reap the returns. Lo Toney, who spun out Plexo Capital from Alphabet’s... A group of Black venture capital managers is pressing Silicon Valley’s largest firms to...

What Would Have Happened at Allen & Co.’s Sun Valley Conference (or at Least I Think So)

By Jessica E. Lessin · Jul 11, 2020 7:47am PDT

What Would Have Happened at Allen & Co.’s Sun Valley Conference (or at Least I Think So)

By Jessica E. Lessin · Jul 11, 2020 7:47am PDT

In pre-pandemic times, the most well-known CEOs in tech and media would have spent this week in Sun Valley, hobnobbing, taking nature walks, and yes, doing a little business as part of investment bank Allen & Co.’s storied conference. I’ve been on the sidelines of the event for around a decade on and off, reporting and... In pre-pandemic times, the most well-known CEOs in tech and media would have spent this week in...

Photo: Bloomberg

Amazon’s Stunning TikTok Reversal: The Information’s Tech Briefing

By Martin Peers · Jul 10, 2020 5:35pm PDT

For a few hours on Friday, it looked like any Trump administration ban of TikTok was going to be pre-empted by companies. But Amazon’s startling reversal of its ban on TikTok—it said a Friday morning email to employees ordering the app to be deleted from their phones had been sent “in error”—made that thought moot.... For a few hours on Friday, it looked like any Trump administration ban of TikTok was going to be...

The Information’s 411 — Billionaires Without Summer Camp

By Tom Dotan · Jul 10, 2020 4:35pm PDT

Nick Bastone gives us an update on the digital advertising industry and compares the trajectories of Google and Facebook during the second quarter. Jessica Lessin gives her take on whether it matters that the annual Sun Valley conference was called off this year because of the pandemic. Nick Bastone gives us an update on the digital advertising industry and compares the trajectories...

A TikTok sign at event in Tokyo last year. Photo by Bloomberg

For TikTok, an Amazon Ban That Wasn’t, a Wells Fargo Ban That Was

By Mark Di Stefano, Alex Heath and Paris Martineau · Jul 10, 2020 3:53pm PDT

It was a head-spinning day for TikTok, the hit video-sharing app. Hours after Amazon told employees to delete TikTok from their phones over security concerns, the internet giant publicly reversed its decision after a flurry of behind-the-scenes discussions between the two companies. Amazon’s initial email telling employees to get rid... It was a head-spinning day for TikTok, the hit video-sharing app. Hours after Amazon told...

Illustration: Mike Sullivan

How to Start a New Job During a Pandemic

By Laura Mandaro · Jul 10, 2020 10:16am PDT

Illustration: Mike Sullivan

How to Start a New Job During a Pandemic

By Laura Mandaro · Jul 10, 2020 10:16am PDT

As Twilio’s new head of human resources, Christy Lake normally would have spent her first few weeks on the job talking, lunching and generally hanging out with many of the San Francisco tech company’s 3,000 employees. Instead, her early April start date reduced her schedule of in-person meetings to exactly none. “Usually,... As Twilio’s new head of human resources, Christy Lake normally would have spent her first...

Apple CEO Tim Cook speaking at the company's online Worldwide Developer Conference in June. Photo by Bloomberg

Apple Reaches New Stage in Development of AR Devices

By Wayne Ma and Yunan Zhang · Jul 10, 2020 7:01am PDT · 1 comment

The coronavirus pandemic has disrupted key parts of Apple’s business, but it hasn’t derailed the company’s plans to build what could be its next important technology platform—augmented reality devices. The Information has learned that Apple is working with Taiwan’s Foxconn Technology, Apple’s largest contract... The coronavirus pandemic has disrupted key parts of Apple’s business, but it hasn’t...

Jen-Hsun Huang, president and chief executive officer of Nvidia. Photo by Bloomberg

A New Chip King: The Information’s Tech Briefing

By Martin Peers · Jul 9, 2020 5:32pm PDT

The tech industry saw a symbolic passing of the baton on Thursday, as the market capitalization of Nvidia—the top maker of chips for artificial intelligence projects—surpassed that of Intel, long Silicon Valley’s most dominant chip provider, for the first time, reported Reuters.The shift underscores the strategic importance... The tech industry saw a symbolic passing of the baton on Thursday, as the market capitalization...

China’s Pinduoduo Is Nipping at Alibaba’s Heels

By Juro Osawa and Yunan Zhang · Jul 9, 2020 7:01am PDT

For well over a decade, Alibaba has been China’s top destination for online shopping. But the rapid growth of its leading competitor, Pinduoduo, suggests its hold on the market isn’t guaranteed.Pinduoduo’s monthly active users climbed 40% in May from a year ago to 471 million, narrowing the gap with Alibaba’s Taobao app,... For well over a decade, Alibaba has been China’s top destination for online shopping. But...

Ant Financial's headquarters in Hangzhou, China, last October. Photo by Bloomberg

China’s Market Rally, Twitter’s Latest Subscription Idea: The Information’s Tech Briefing

By Martin Peers · Jul 8, 2020 5:01pm PDT

Ant Financial's headquarters in Hangzhou, China, last October. Photo by Bloomberg

China’s Market Rally, Twitter’s Latest Subscription Idea: The Information’s Tech Briefing

By Martin Peers · Jul 8, 2020 5:01pm PDT

If you’re wondering why U.S. stocks keep going up—the Nasdaq rose another 1% on Wednesday—one likely influence is China’s stock market. The Shanghai Composite Index has jumped 15% since the end of June, taking it to its highest level since early 2018. Numerous commentators are warning the rally makes no sense, given... If you’re wondering why U.S. stocks keep going up—the Nasdaq rose another 1% on...

The People With the Power at Facebook After Chris Cox’s Return

By Alex Heath · Jul 8, 2020 7:01am PDT

In Facebook’s upper ranks, what’s old is new again.That’s because Chris Cox, one of Facebook’s most senior executives, recently returned as chief product officer, reporting to CEO Mark Zuckerberg, after a yearlong hiatus. As before, his domain includes the social network’s four main apps, as we show in our updated... In Facebook’s upper ranks, what’s old is new again.That’s because Chris Cox,...

Photo by Bloomberg

Clouds Hover Over TikTok: The Information’s Tech Briefing

By Martin Peers · Jul 7, 2020 5:01pm PDT · 1 comment

What price would shares in ByteDance, owner of the hugely popular TikTok app, fetch today? ByteDance last raised money at a $75 billion valuation, and its shares traded at even higher levels recently on secondary markets. Today, though, investor interest might be just a bit weaker.TikTok has been banned in India, its biggest market, and now the... What price would shares in ByteDance, owner of the hugely popular TikTok app, fetch today?...

Google CFO Ruth Porat (left) and Facebook CFO Dave Wehner. Photos by Bloomberg

Facebook, Google Ad Market Rebounds From April Bottom

By Nick Bastone · Jul 7, 2020 11:38am PDT · 1 comment

Digital advertising, the main source of revenue for Facebook and Google, just finished one of its most difficult three-month stretches ever. The bright side for these firms: The ad market looks to have hit rock bottom in April, and since then, ad prices and ad spending have been creeping back up to pre-pandemic rates, say advertising... Digital advertising, the main source of revenue for Facebook and Google, just finished one of its...

An Under Armour store in Chicago. Photo by Bloomberg

Under Armour Seeks Buyer for MyFitnessPal App

By Jessica Toonkel and Nick Wingfield · Jul 7, 2020 7:01am PDT · 1 comment

An Under Armour store in Chicago. Photo by Bloomberg

Under Armour Seeks Buyer for MyFitnessPal App

By Jessica Toonkel and Nick Wingfield · Jul 7, 2020 7:01am PDT · 1 comment

A few years ago, Under Armour made a splashy entrance into the burgeoning market for digital fitness apps with a series of acquisitions. Now, as the coronavirus batters its business, the sports apparel maker has decided to part ways with the biggest of those deals.Under Armour is looking to sell MyFitnessPal, an app it bought in 2015 for around... A few years ago, Under Armour made a splashy entrance into the burgeoning market for digital...