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

Mira Murati. Photo by Getty Images

What Ilya Saw: Mira Murati’s Screenshots About Sam Altman

By Amir Efrati · Nov 3, 2025 7:00am PST · 1 comment

Before we get to today’s column, OpenAI is continuing its trend of diversifying its cloud compute providers away from Microsoft. Monday morning, the ChatGPT maker announced that it has signed a seven-year, $38 billion cloud deal with Amazon Web Services. OpenAI will immediately start using compute from AWS, with the goal to deploy all capacity... Before we get to today’s column, OpenAI is continuing its trend of diversifying its cloud compute...

Art via Clark Miller

Anthropic, AWS Give Customers of AI Agents a Helping Hand

By Aaron Holmes · Nov 3, 2025 6:00am PST · 1 comment

Over the past year, companies have been trying to hand over job duties to artificial intelligence agents. But these agents often aren’t good at their jobs, so AI providers are working hands-on with customers to stop them from screwing up. Fnac, a European retailer similar to Best Buy, struggled with an AI customer support agent after testing... Over the past year, companies have been trying to hand over job duties to artificial intelligence...

Drone assembly at United Aircraft Group in the Chinese city of Shenzhen, home to about 1,700 drone industry companies. Photo: Li An/Xinhua/Getty.

The Electric: China's Next Targets for Domination—Robots, Rockets and Low-Orbit Satellites

By Steve LeVine · Nov 3, 2025 4:30am PST

China’s dominance of the rare earth metals business—with a chokehold on Western militaries and key industries—has become a key geopolitical issue. Chinese companies make most of the parts that go into the world’s military drones and sell 70% of the commercial drones. China’s dominance of the rare earth metals business—with a chokehold on Western militaries and...

Getty Images

Preparing for Elon Musk’s $1 Trillion Tesla Vote

By Theo Wayt · Nov 2, 2025 3:00pm PST

Getty Images

Preparing for Elon Musk’s $1 Trillion Tesla Vote

By Theo Wayt · Nov 2, 2025 3:00pm PST

Over the past couple of months, my X feed and television have been bombarded with Tesla advertisements. For the most part, these ads don’t feature products anyone can actually buy—instead, they include futuristic Tesla projects like the Optimus humanoid robot and are aimed at convincing Tesla shareholders to approve a proposed compensation... Over the past couple of months, my X feed and television have been bombarded with Tesla...

Chart by Shane Burke.

Sunday Insights

Google and Microsoft Face Less AI Spending Risk Than Meta, Amazon

By Martin Peers · Nov 2, 2025 8:00am PST · 1 comment

Of all the big tech companies investing in AI, Google and Microsoft are the best positioned to handle the growing costs of the technology, judging from data disclosed this past week in September-quarter earnings. Google and Microsoft generate more cash from their businesses than other big tech companies, including Apple. And they’re devoting a... Of all the big tech companies investing in AI, Google and Microsoft are the best positioned to...

Art by Clark Miller

The Neo Robot Economy

By Abram Brown · Nov 1, 2025 7:00am PDT

Welcome, Weekenders! In this newsletter:• The Big Read: Inside Benchmark’s high-stakes pressure test • Artificial Intelligence: The VCs who turned vibe code into whimsical passion projects• Artificial Intelligence: Venerable Casio’s surprise hit? An AI robopet • WTF: Behind the scenes at our summit for the most powerful and influential... Welcome, Weekenders! In this newsletter:• The Big Read: Inside Benchmark’s high-stakes pressure...

Clara Wu Tsai. Photo by Erin Beach

Clara Wu Tsai’s Plan to Build the First $1 Billion WNBA Franchise

By The Information Staff · Nov 1, 2025 6:00am PDT · 3 comments

When Clara Wu Tsai and her husband, Alibaba co-founder Joe Tsai, bought the WNBA’s New York Liberty in 2019, one of her first priorities was convincing her fellow team owners they needed to spend money to see real growth in the sport. “For so long, we felt that the owners in the league have been operating from this scarcity mindset and just... When Clara Wu Tsai and her husband, Alibaba co-founder Joe Tsai, bought the WNBA’s New York...

Art by Clark Miller

Sing the News to Me? The VCs Who Turned Vibe Code Into Whimsical Passion Projects

By Jemima McEvoy · Nov 1, 2025 6:00am PDT · 5 comments

Art by Clark Miller

Artificial Intelligence

Sing the News to Me? The VCs Who Turned Vibe Code Into Whimsical Passion Projects

By Jemima McEvoy · Nov 1, 2025 6:00am PDT · 5 comments

In less than a year, AI-assisted coding has become a fixation within Silicon Valley, which sees the companies building such products as some of the most lucrative startups in tech. While tools like Cursor and Anthropic’s Claude Code can’t transform techno novices into app-building wizards overnight, they do make coding faster—and easier... In less than a year, AI-assisted coding has become a fixation within Silicon Valley, which sees...

Art by Clark Miller

Artificial Intelligence

Do We Want an Age of AI Robopets?

By Jessica Roy · Nov 1, 2025 5:26am PDT · 2 comments

One August morning, Kaarage woke up and took the train from the Japanese countryside into the city. She went to a restaurant and enjoyed a lunch of vegetables and soup, as well as an iced coffee. Afterward, she studied a musical score on her iPad, then went home to relax. Kaarage is not a person: She’s an internet-beloved Moflin, an... One August morning, Kaarage woke up and took the train from the Japanese countryside into the...

The WTF summit in Yountville, Calif. Art by Clark Miller; photos by Erin Beach.

WTF: Women in Tech, Media and Finance

The Information’s WTF Summit in Pictures

By The Information Staff · Nov 1, 2025 5:24am PDT

Executives from Netflix, Palantir and YouTube along with dozens more of the most powerful and influential women in technology, media and finance gathered earlier this week for The Information’s annual WTF Summit. The conversations ranged from how AI is reshaping the financing markets to sponsorship pricing power in the WNBA—while attendees... Executives from Netflix, Palantir and YouTube along with dozens more of the most powerful and...

Sam Altman and Ilya Sutskever in 2023. Getty Images

Artificial Intelligence

An OpenAI Founder Discusses Anthropic Merger Talks, Internal Beefs in Deposition

By Rocket Drew · Oct 31, 2025 6:47pm PDT · 6 comments

Anthropic initially expressed “excitement” about a possible merger with OpenAI two years ago, after OpenAI’s board fired CEO Sam Altman, OpenAI co-founder and former chief scientist Ilya Sutskever told attorneys in a deposition made public this week. Such a deal would have potentially placed Anthropic CEO Dario Amodei at the helm of OpenAI. He... Anthropic initially expressed “excitement” about a possible merger with OpenAI two years ago,...

Art by Clark Miller; images via YouTube

Benchmark’s AI Pressure Test: High Prices, Smaller Stakes—and a Poached Star

By Natasha Mascarenhas · Oct 31, 2025 9:49am PDT · 2 comments

Art by Clark Miller; images via YouTube

Benchmark’s AI Pressure Test: High Prices, Smaller Stakes—and a Poached Star

By Natasha Mascarenhas · Oct 31, 2025 9:49am PDT · 2 comments

Last year, Benchmark, the storied venture capital firm, embarked on a lavish courtship of Brendan Foody, founder and CEO of Mercor, a startup that fills a lucrative niche in AI by hiring workers to train AI programs. First, General Partner Victor Lazarte chatted with Foody over Zoom. Then Peter Fenton, the firm’s longest-tenured active GP, took... Last year, Benchmark, the storied venture capital firm, embarked on a lavish courtship of Brendan...

Art by Mike Sullivan

Stock Market’s Crypto Rally Boosts Private Companies

By Yueqi Yang · Oct 31, 2025 6:00am PDT

Stock market investors fell in love with crypto this year, setting off a big rally in public markets. Now the buying frenzy has rebounded back to privately held companies like crypto exchange Kraken and payments firm Ripple, whose valuations have soared. Kraken, one of the oldest crypto exchanges, is raising money at a $20 billion valuation,... Stock market investors fell in love with crypto this year, setting off a big rally in public...

Ilan Twig, co-founder and chief technology officer of Navan, center left, and Ariel Cohen, co-founder and chief executive officer of Navan, center right, during the company’s initial public offering in New York.

Lightspeed, Zeev Win Billions From Navan IPO

By Katie Roof · Oct 30, 2025 7:44pm PDT

Travel software firm Navan, which weathered a pandemic, name change and government shutdown on its path to an initial public offering, had a disappointing start as a public company. Shares fell 20% on the first day. Its earliest investors still made big gains on paper though. Investor Oren Zeev and his affiliated funds, which invested $150... Travel software firm Navan, which weathered a pandemic, name change and government shutdown on...

Andy Jassy. Getty Images

Amazon’s Cloud Lifts

By Martin Peers · Oct 30, 2025 5:10pm PDT

The cloud over Amazon is lifting. The e-commerce and cloud giant reported Thursday that its cloud unit, Amazon Web Services, accelerated revenue growth by nearly 3 percentage points to 20% in the third quarter, its fastest rate of expansion since the end of 2022. That means AWS, by far the biggest of the major cloud firms, has joined its nearest... The cloud over Amazon is lifting. The e-commerce and cloud giant reported Thursday that its cloud...

OpenAI CFO Sarah Friar. Photo by Getty.

Why OpenAI Is Likely to Tap Private Investors Again

By Sri Muppidi · Oct 30, 2025 4:55pm PDT · 1 comment

OpenAI CFO Sarah Friar. Photo by Getty.

Why OpenAI Is Likely to Tap Private Investors Again

By Sri Muppidi · Oct 30, 2025 4:55pm PDT · 1 comment

OpenAI this week restructured itself into a company with traditional equity, and it wasn’t long before rumblings about an initial public offering followed. There are plenty of reasons why an IPO listing may not happen until 2027 at the earliest, according to a person who has been involved in the discussion. Among them: It’s likely to be one of... OpenAI this week restructured itself into a company with traditional equity, and it wasn’t long...

Asha Sharma, Jenny Koehler, Jessica Lessin, Sandra Oh Lin, Lucy Guo. Photo by Erin Beach for The Information.

WTF: Women in Tech, Media and Finance

OpenAI’s Potential IPO, AI Ending 9-9-6: WTF Highlights

By The Information Staff · Oct 30, 2025 12:05pm PDT

It’s hard to find a leader in tech and finance who isn’t feverishly figuring out how to implement artificial intelligence in their company. At The Information’s Women in Tech, Media and Finance conference, executives said their use of AI had gone well beyond experimentation, changing the kind and number of employees they hire, how they reach new... It’s hard to find a leader in tech and finance who isn’t feverishly figuring out how to implement...

Subscriber Survey

Survey: Half of Readers Traded Crypto in the Past Three Months

By Shane Burke · Oct 30, 2025 11:53am PDT · 1 comment

About half of subscribers to The Information who responded to our latest survey said they bought or sold cryptocurrency, crypto exchange-traded funds or crypto treasury stocks in the past three months. Notably, more of our readers are buying than selling: 47% of all respondents said they bought crypto or something related in the past three... About half of subscribers to The Information who responded to our latest survey said they bought...

Amy Hood. Photo by Getty Images

How Microsoft Escaped the AI Margin Squeeze; An FDE Boom

By Aaron Holmes and Kevin McLaughlin · Oct 30, 2025 10:33am PDT

Microsoft shared some good and bad news with investors during its quarterly earnings call Wednesday: More customers have been using Microsoft’s suite of AI copilots, but many of them aren’t paying for it. Microsoft said more people are using Copilot Chat, which provides ChatGPT-like features to Office 365 subscribers for free (more advanced... Microsoft shared some good and bad news with investors during its quarterly earnings call...

Asha Sharma, president of product development for Microsoft’s Core AI division. Photo by Erin Beach.

AI Leaders Get Practical; Gemini’s Ascent

By Stephanie Palazzolo · Oct 30, 2025 7:00am PDT

Asha Sharma, president of product development for Microsoft’s Core AI division. Photo by Erin Beach.

AI Leaders Get Practical; Gemini’s Ascent

By Stephanie Palazzolo · Oct 30, 2025 7:00am PDT

At our Women in Tech, Media and Finance conference Wednesday, AI leaders from Microsoft, PagerDuty and Index Ventures got into the nitty gritty of what it’s like to invest in, develop, buy and use AI products. Our top takeaways.1. Not everyone’s a fan of vibe coding. Lucy Guo, the CEO of creator startup Passes and a cofounder of data labeling... At our Women in Tech, Media and Finance conference Wednesday, AI leaders from Microsoft, ...