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

Snap Chief Strategy Officer Imran Khan. Photo by Bloomberg.

Snap’s Advertising Dilemma

By Tom Dotan · Dec 8, 2016 7:01am PST · 3 comments

Going into 2016, Snap executives set a high bar for themselves in trying to pull in around $300 million in revenue—many times last year’s number. With the year nearly over, Snap has far exceeded that target, according to multiple people close to the company, and going into 2017 has again set an aggressive goal of $1 billion.Next year... Going into 2016, Snap executives set a high bar for themselves in trying to pull in around $300...

Hike founder Kavin Mittal. Photo by Abhishek Bali/Hike.

Q&A

India’s Shadow Messenger

By Amir Efrati · Dec 7, 2016 10:01am PST · 2 comments

Tencent tried, and failed, to adapt its WeChat messaging app to India. So it did the next best thing, leading a $175 million financing of the homegrown messenger app Hike at a post money valuation of $1.4 billion. Tencent sees Hike as the best way to participate in the future growth of the Indian web, even if it’s in the shadow of market... Tencent tried, and failed, to adapt its WeChat messaging app to India. So it did the next best...

Apple's senior vp for software engineering, Craig Federighi, at the WWDC in June. Photo by Bloomberg.

Slow Uptake for Apple’s Deep Learning Tools

By Kevin McLaughlin · Dec 7, 2016 7:01am PST · 4 comments

When Apple unveiled iOS 10 this past summer, the company made a big deal of how it was baking artificial intelligence into the operating system. Among the changes were features that make it easier for developers to create apps that can recognize the content of images and understand natural language, powered by deep learning software. It... When Apple unveiled iOS 10 this past summer, the company made a big deal of how it was baking...

Source: Slice Intelligence

Apple Grabs Wearables Lead with Holiday Sales

By Cory Weinberg and Peter Schulz · Dec 6, 2016 7:02am PST · 2 comments

Source: Slice Intelligence

Apple Grabs Wearables Lead with Holiday Sales

By Cory Weinberg and Peter Schulz · Dec 6, 2016 7:02am PST · 2 comments

For all the skepticism about the Apple Watch’s prospects, the new version appears to be selling better than the first one. Apple raked in nearly half of the revenue generated online in the U.S. wearables market in the monthlong lead-up to Cyber Monday, new data shows, a big increase on last year. Meanwhile, Fitbit lost ground—and the... For all the skepticism about the Apple Watch’s prospects, the new version appears to be...

Didi President Jean Liu. Photo by Bloomberg.

Didi’s IPO Hurdles: Profits and Regulations

By Shai Oster and Jessica E. Lessin · Dec 6, 2016 7:00am PST · 2 comments

After acquiring its biggest rival, Uber China, Didi Chuxing is relatively free to run away with the largest ride-sharing market in the world. But the company, valued at $34 billion in a recent financing, is working through big challenges on both the regulatory and business fronts. It must clear both if it is to pull off a successful IPO in the... After acquiring its biggest rival, Uber China, Didi Chuxing is relatively free to run away with...

Art by Sam Lessin.

Modest Proposals

Free Speech and Democracy in the Age of Micro-Targeting

By Sam Lessin · Dec 5, 2016 10:01am PST · 10 comments

For many centuries philosophers, political scientists and lawyers have taken for granted that there is a reasonably clear distinction between the public and private spheres and the nature of “speech” in each space.The private sphere—i.e., speaking with friends in your home—was a sphere of very limited audience and... For many centuries philosophers, political scientists and lawyers have taken for granted that...

Art by Matt Vascellaro.

What Marissa Mayer, Tony Fadell and Adam Bain Have in Common

By The Information Staff · Dec 5, 2016 7:00am PST

Our latest group of Free Agents—executives we interview who are thinking about their next gigs—includes a striking number of high-profile people who’ve had success in the past but recently fell short of their ambitions. Jason Kilar, who made his name launching Hulu, raised more than $100 million for his video startup which... Our latest group of Free Agents—executives we interview who are thinking about their next...

The Information You Missed This Week

By The Information Staff · Dec 3, 2016 8:01am PST

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Dec 3, 2016 8:01am PST

Good Morning!It’s the holiday season. This may be the last year where holiday parties don’t occur in virtual reality. Good Morning!It’s the holiday season. This may be the last year where holiday parties...

The Information’s 411 — A Vacuum Problem

By Tom Dotan · Dec 2, 2016 4:33pm PST

Alfred talks about why investors can't buy Snap shares on the secondary market. Reed and Tom discuss which VR headsets have sold the most this year and why VCs have avoided investing in conservative sites. Alfred talks about why investors can't buy Snap shares on the secondary market. Reed and Tom...

Zenefits CEO David Sacks. Photo by Bloomberg.

Updated: Zenefits Searching for Possible New CEO

By Tom Dotan and Jessica E. Lessin · Dec 2, 2016 4:25pm PST · 9 comments

Zenefits is trying to recruit senior managers who could replace CEO David Sacks, less than a year after he took over from embattled co-founder Parker Conrad, according to a person close to the company.If Mr. Sacks decides to step aside, he could take another role at the company like executive chairman. A company spokeswoman said: “David is... Zenefits is trying to recruit senior managers who could replace CEO David Sacks, less than a year...

Uber CEO Travis Kalanick. Photo by Bloomberg.

The Truth About Uber’s Otto Deal

By Jessica E. Lessin · Dec 2, 2016 7:01am PST · 3 comments

I was recently calling sources about the biggest tech M&A deals of 2016 and came across an interesting fact. Uber’s acquisition of Otto (described here by the company) isn’t quite as it appears. While it’s been widely covered as a deal in which Uber paid $680 million in equity for the self-driving trucking company, the... I was recently calling sources about the biggest tech M&A deals of 2016 and came across an...

An Otto truck coming out of Otto's headquarters in San Francisco. Photo by Flickr/Steve Jurvetson.

Otto and Cruise Near Big Office Deals

By Cory Weinberg · Dec 1, 2016 10:42am PST

An Otto truck coming out of Otto's headquarters in San Francisco. Photo by Flickr/Steve Jurvetson.

Otto and Cruise Near Big Office Deals

By Cory Weinberg · Dec 1, 2016 10:42am PST

Self-driving car firms are reigniting demand for office space in San Francisco’s real estate market. Cruise Automation and Otto, self-driving auto companies each recently acquired by bigger firms, are close to completing some of the largest office lease deals of the year in San Francisco, according to people familiar with the discussions.... Self-driving car firms are reigniting demand for office space in San Francisco’s real...

Snap CEO Evan Spiegel. Photo by Larry Busacca/Getty Images.

Snapping up Snap Ahead of IPO Proves Tough

By Alfred Lee · Dec 1, 2016 7:01am PST · 1 comment

Much like the crowds lining up to buy Snap’s new Spectacles, investors are rushing to grab stock in the owner of Snapchat before it goes public next year. But they’re finding little to buy as they scout the typical sources of stock—employees and other investors.Those existing shareholders are rebuffing offers to sell, even... Much like the crowds lining up to buy Snap’s new Spectacles, investors are rushing to grab...

Fitbit CEO James Park. Photo by Bloomberg.

Fitbit To Buy Pebble

By Reed Albergotti and Jessica E. Lessin · Nov 30, 2016 6:33pm PST · 2 comments

Fitbit, the leader in the fitness band market, is near a deal to acquire smartwatch maker Pebble, according to three people briefed on the deal.The price couldn’t be learned but it is thought to be for a small amount. Pebble had been looking to sell, one of the people said. There have been signs over the past year or so that Pebble was... Fitbit, the leader in the fitness band market, is near a deal to acquire smartwatch maker Pebble,...

Source: The Information's Subscriber Survey

Subscriber Survey

Subscriber Optimism About Economy and Tech Plunges

By Martin Peers and Peter Schulz · Nov 30, 2016 12:46pm PST · 1 comment

Our subscribers got a lot more worried about the economy in the past month, our latest subscriber survey showed, an apparent reaction to Donald Trump’s election as president. Optimism plunged in the biggest shift since we began measuring attitudes two years ago. Sentiment toward tech also turned sharply negative, both toward the sector and... Our subscribers got a lot more worried about the economy in the past month, our latest subscriber...

Local Motors' Olli shuttle. Photo by Local Motors.

The Great Self-Driving Shuttle Race

By Amir Efrati · Nov 30, 2016 7:00am PST · 1 comment

Local Motors' Olli shuttle. Photo by Local Motors.

The Great Self-Driving Shuttle Race

By Amir Efrati · Nov 30, 2016 7:00am PST · 1 comment

It’s likely to be several years before you can buy a self-driving car. But a crop of startups is already selling self-driving shuttle buses that are being used in university campuses and corporate parks and could also work at airports, factories and theme parks.These companies, such as Navya and Local Motors, together have raised more than... It’s likely to be several years before you can buy a self-driving car. But a crop of...

Guo Wei. Art by Matt Vascellaro.

The New Wave of Chinese Investors in Silicon Valley

By Yunan Zhang · Nov 29, 2016 11:59am PST · 4 comments

Guo Wei, 29, arrives for a meeting at a Union Square coffee shop in San Francisco dressed in an unassuming plain T-shirt, loose sweatpants and a backpack. The only nod to the fact that he’s a minor celebrity in tech circles back home in China is a pair of dark sunglasses.Yet, he’s among a new wave of young upstart Chinese investors... Guo Wei, 29, arrives for a meeting at a Union Square coffee shop in San Francisco dressed in an...

Facebook CEO Mark Zuckerberg. Photo by Bloomberg.

On Facebook and Fake News

By Jessica E. Lessin · Nov 29, 2016 10:17am PST

The Information's CEO and founder Jessica Lessin wrote about the Facebook-Fake News debate in the op-ed page of The New York Times today.We finally got a grudging mea culpa from Mark Zuckerberg: an admission that fake news is a significant problem that his social network must help solve. The Information's CEO and founder Jessica Lessin wrote about the Facebook-Fake News debate...

Source: SuperData

Sony’s PlayStation is an Early Winner in VR Market

By Reed Albergotti and Peter Schulz · Nov 29, 2016 7:02am PST · 7 comments

There’s been a big surprise in the virtual reality wars right before the holiday selling season: Sony’s month-old PlayStation VR headset is exploding on the market, suggesting that rival devices from HTC and Oculus must either cut their prices or end up as only bit players.According to new estimates, the PlayStation VR will sell... There’s been a big surprise in the virtual reality wars right before the holiday selling...

Breitbart Executive Chairman Steve Bannon. Photo by AP.

How Silicon Valley Passed on Conservative Media

By Tom Dotan · Nov 28, 2016 10:00am PST · 3 comments

Breitbart Executive Chairman Steve Bannon. Photo by AP.

How Silicon Valley Passed on Conservative Media

By Tom Dotan · Nov 28, 2016 10:00am PST · 3 comments

Earlier this year, Jon Klein was pitching his media company TAPP around a case study that one of its channels from a Christian radio host, Steve Arterburn, was generating $1 million in revenue a year. He argued it was proof that they could create other successful channels around faith and inspiration. But venture capitalists weren’t... Earlier this year, Jon Klein was pitching his media company TAPP around a case study that one of...