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

Art by Sam Lessin

Modest Proposals

The Future of Privacy: Disinformation

By Sam Lessin · Aug 20, 2018 10:02am PDT · 14 comments

Between 2007 and 2010, I lived in New York and worked on a startup called drop.io, whose goal was to make it easy to privately share files and content across platforms. Given what I was working on in that period, I spent a lot of time talking about privacy.One theme—which I would highlight over and over in presentations—was that the... Between 2007 and 2010, I lived in New York and worked on a startup called drop.io, whose goal was...

Photo by Katerra

Inside the Struggles of a SoftBank-Backed Construction Startup

By Cory Weinberg · Aug 20, 2018 7:00am PDT · 1 comment

Jon Hamilton, a longtime construction worker, got a job last year leading a small crew building a custom home near San Antonio, Texas. His employer, Katerra, was one of the most well-funded startups in Silicon Valley. The tech-oriented construction company has raised more than $1 billion from major investors including SoftBank, Foxconn and DFJ.... Jon Hamilton, a longtime construction worker, got a job last year leading a small crew building a...

The Information’s 411 — Tencent’s Unquiet Riot

By Tom Dotan · Aug 17, 2018 1:18pm PDT

Wayne talks about his deep dive into the culture clashes between Riot Games and its owner Tencent. Matt Drange explains why government agencies are doing a poor job tracking accident data involving self-driving technology. Wayne talks about his deep dive into the culture clashes between Riot Games and its owner...

Tencent Music's QQ music streaming app on a phone in China last March. Photo by AP

Does Tencent Music Deserve a Spotify-Like Valuation?

By Alfred Lee and Wayne Ma · Aug 17, 2018 7:01am PDT · 3 comments

Tencent Music's QQ music streaming app on a phone in China last March. Photo by AP

Does Tencent Music Deserve a Spotify-Like Valuation?

By Alfred Lee and Wayne Ma · Aug 17, 2018 7:01am PDT · 3 comments

China tech IPOs, of companies such as Xiaomi and Pinduoduo, have struggled this year. That puts the spotlight on the next big U.S. public offering from China, which is likely to be Tencent Music Entertainment Group, China’s answer to Spotify. Its valuation has soared on private tech markets lately, suggesting that investors anticipate its... China tech IPOs, of companies such as Xiaomi and Pinduoduo, have struggled this year. That puts...

How Snap Is Becoming Twitter

By Tom Dotan · Aug 16, 2018 10:01am PDT · 3 comments

A few years ago, when Snap was a fast-growing, hot commodity venerated by venture capitalists, some would occasionally ask whether it would end up like Twitter—a niche platform with dedicated users but without the broad scale of, say, Facebook. It’s now becoming clear the answer is yes. A few years ago, when Snap was a fast-growing, hot commodity venerated by venture capitalists,...

Illustration by Mike Sullivan

Wish, an Internet Dollar Store, Struggles to Keep Customers

By Priya Anand · Aug 16, 2018 7:01am PDT

Private investors have put a lot of faith in Wish becoming the online version of dollar stores, betting on huge growth for the ecommerce site and rewarding it with a valuation of about $8.5 billion. One possible hitch in those plans is that Wish’s new customers stop shopping at the site in fewer and fewer numbers within a few months of... Private investors have put a lot of faith in Wish becoming the online version of dollar stores,...

Mike Sullivan

Crypto Newsletter

Overstock’s Crypto Eclipse

By Jon Victor · Aug 15, 2018 12:17pm PDT

I’m back in New York after a trip to San Francisco, where I attended the launch party for both this newsletter and Sam Lessin’s first picture book, “B Is for Bitcoin.” I’ll be keeping a copy on my desk as a trusty reference, replete with information on all the ABCs I need to know, from absolute algorithms to... I’m back in New York after a trip to San Francisco, where I attended the launch party for...

An Uber self driving car in Phoenix in February. Photo by AP

Uber’s Losses Mount at Self-Driving Car Unit

By Amir Efrati · Aug 15, 2018 7:01am PDT · 7 comments

An Uber self driving car in Phoenix in February. Photo by AP

Uber’s Losses Mount at Self-Driving Car Unit

By Amir Efrati · Aug 15, 2018 7:01am PDT · 7 comments

Uber has been spending between $125 million and $200 million a quarter on its self-driving car unit over the past 18 months, The Information has learned, equivalent to between 15% and 30% of the company’s quarterly losses. The previously undisclosed spending highlights the financial burden that self-driving car development has imposed on... Uber has been spending between $125 million and $200 million a quarter on its self-driving car...

SkyWater's chip factory in Bloomington, Minn. Photo by SkyWater

Pentagon Backs U.S. Chipmaker to Counter China

By Aaron Tilley · Aug 14, 2018 10:00am PDT · 1 comment

Last month at a chip conference in San Francisco, the United States Department of Defense’s investment arm for emerging technologies kicked off a plan to make $1.5 billion in grants over the next five years to university researchers and companies, part of a plan aimed at boosting advanced chip production in the U.S.Of the $75 million in... Last month at a chip conference in San Francisco, the United States Department of Defense’s...

SAP CEO Bill McDermott. Photo by Bloomberg

Q&A

SAP Passes Cloud Barrier, Targets Salesforce

By Kevin McLaughlin · Aug 14, 2018 7:00am PDT · 1 comment

As the old guard of enterprise software such as Microsoft and Oracle reinvented themselves for the cloud market in recent years, SAP took its time. Companies used its software for handling sensitive areas like supply chain management and finance, which made them reluctant to put it into the public cloud. But the German firm, the third largest... As the old guard of enterprise software such as Microsoft and Oracle reinvented themselves for...

A Tesla sedan, left, in autopilot mode that crashed into a parked police cruiser in Laguna Beach, Calif., in May. Photo: AP

Are Autonomous Cars Safer? New Guidelines Probably Won’t Tell Us

By Matt Drange · Aug 13, 2018 10:02am PDT · 7 comments

The introduction of autonomous features on cars has at its core a laudable goal: saving lives. But so far, there is a lack of independent data to judge whether the technology is working.The federal agency charged with reducing injuries and fatalities on the road has taken steps to try to change that, encouraging states to include information on... The introduction of autonomous features on cars has at its core a laudable goal: saving lives....

Mike Sullivan

Tensions Flare Behind the Scenes of ‘League of Legends’

By Wayne Ma and Juro Osawa · Aug 13, 2018 7:00am PDT · 3 comments

Mike Sullivan

Tensions Flare Behind the Scenes of ‘League of Legends’

By Wayne Ma and Juro Osawa · Aug 13, 2018 7:00am PDT · 3 comments

Chinese tech giant Tencent became one of the world’s biggest videogame makers thanks to its 2011 acquisition of U.S. game studio Riot Games, maker of blockbuster “League of Legends.” But relations between the two companies have often resembled a war game, forcing Tencent to cut costly deals to keep Riot happy.New details... Chinese tech giant Tencent became one of the world’s biggest videogame makers thanks to its...

An AMC theater in Santa Monica, California. Photo by Bloomberg

Why Movie Theaters Should Applaud MoviePass

By Matt Pressberg · Aug 10, 2018 3:29pm PDT · 1 comment

MoviePass’ effort to make a Netflix-like subscription service out of movie theater tickets has bled the company of cash in recent months. But while its future may be in doubt, the movie-ticket subscription concept it pioneered looks like it is here to stay.Several theater chains, including AMC and Cinemark, in recent months have introduced... MoviePass’ effort to make a Netflix-like subscription service out of movie theater tickets...

The Information’s 411 — Amazon and the Case of the Stolen GoPros

By Tom Dotan · Aug 10, 2018 2:50pm PDT

Reed talks about how stolen items sold on Amazon cause havoc in the retail world. Priya explains why almost nobody is using their Echoes to buy things online. Reed talks about how stolen items sold on Amazon cause havoc in the retail world. Priya explains...

Datta Dave. Photo by Tulsea. Art by Mike Sullivan

Q&A

Netflix’s Next Challenge: Rural India

By Beejoli Shah · Aug 10, 2018 7:01am PDT · 1 comment

In the U.S., Netflix and Amazon are locked in a heated battle for customers. In India, they have more than 40 other rivals to contend with. Companies ranging from Sony-owned Liv to local firms like Reliance Entertainment’s BigFlix are competing for online viewers. And that number is likely to grow, according to Datta Dave, the... In the U.S., Netflix and Amazon are locked in a heated battle for customers. In India, they have...

Instagram’s Kevin Systrom, Github’s Nat Friedman, Andreessen Horowitz’s Katie Haun and Twitch’s Sara Clemens to Speak at Information Summit

By Jessica E. Lessin · Aug 9, 2018 1:06pm PDT

Subscriber Summit

Instagram’s Kevin Systrom, Github’s Nat Friedman, Andreessen Horowitz’s Katie Haun and Twitch’s Sara Clemens to Speak at Information Summit

By Jessica E. Lessin · Aug 9, 2018 1:06pm PDT

Greetings!I am thrilled to announce the first round of speakers for our fourth San Francisco Subscriber Summit. For those of you new to our community, this is our biggest event of the year in which I interview newsmakers we think our subscribers need to know better. We also host unique breakout sessions with entrepreneurs, investors and tech... Greetings!I am thrilled to announce the first round of speakers for our fourth San Francisco...

NBCUniversal CEO Steve Burke. Photo by Bloomberg

NBCU’s Latest Online Video Idea: Paying Viewers

By Tom Dotan and Jessica Toonkel · Aug 9, 2018 11:53am PDT · 3 comments

The battle to win over viewers online may be reaching new levels of intensity. Comcast’s NBCUniversal is considering the launch of a streaming service that would pay people to watch it.The tentative name for the service is Watch Back and it would feature episodes of TV shows and web series from NBCUniversal’s own TV... The battle to win over viewers online may be reaching new levels of intensity. Comcast’s...

Uzabase co-CEO Yusuke Umeda. Photo by AP

How Quartz’s New Owner Aims to Become a Digital News Force

By Jessica Toonkel · Aug 9, 2018 7:01am PDT

The latest entrant in the overcrowded field of online news is a 37-year-old onetime investment banker from Japan, Yusuke Umeda, co-CEO of a financial data firm called Uzabase. What he lacks in name recognition, though, he makes up in ambition.Last month Uzabase completed the purchase of Quartz, the business-oriented news site founded by the... The latest entrant in the overcrowded field of online news is a 37-year-old onetime investment...

Elon Musk. Photo by Bloomberg

What Tesla Shareholders Could Learn From SpaceX

By Alfred Lee · Aug 8, 2018 6:24pm PDT · 1 comment

Elon Musk stunned investors on Tuesday by tweeting that he might take Tesla private, using SpaceX, his private space flight company, as a model for how to treat shareholders. If he succeeds, he may set a precedent for other public company CEOs who want the benefits of public ownership without the hindrance of public scrutiny.It’s not well... Elon Musk stunned investors on Tuesday by tweeting that he might take Tesla private, using...

Mike Sullivan

Financial Institutions Warm to Crypto

By Jon Victor · Aug 8, 2018 2:16pm PDT

Mike Sullivan

Crypto Newsletter

Financial Institutions Warm to Crypto

By Jon Victor · Aug 8, 2018 2:16pm PDT

Welcome to week two of The Information's new cryptocurrency newsletter. This week was big for institutional investment in crypto, with Goldman Sachs reportedly considering a custody product—and potentially clearing the way for more large funds to get into the sector. As a reminder, custody products make it possible for big funds... Welcome to week two of The Information's new cryptocurrency newsletter. This week was...