The Big Read: The Master of Destruction Rides AgainRead more

Briefing
crypto

Genesis Halting Withdrawals in Crypto Lending Arm

By
Aidan Ryan
· · Source: The Information

Crypto lender Genesis is suspending withdrawals and new loans within its lending unit following the bankruptcy of of crypto exchange FTX, the company announced on Wednesday. “FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity,” Genesis tweeted on Wednesday. “We have hired the best advisors in the industry to explore...

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
The Electric electric vehicles
The Electric: Western Auto and Battery Makers’ Big Gamble on Indonesian Nickel
By Steve LeVine · May 29, 2023 4:30 AM PDT
Mixed hydroxide precipitate, the go-to feedstock for battery nickel sulfate, on a conveyor belt at Indonesia's Harita Group, which pioneered the process. Photo: Dimas Ardian/Bloomberg
For much of the last century, metals companies have made stainless steel from nickel mined in Russia or the Philippines and smelted at temperatures up to 2,900 degrees. But demand for nickel is outstripping supplies because the metal is a key component in most electric vehicle batteries. So metals producers have turned to a new supplier—Indonesia, which possesses vast reserves of a previously...
Latest Briefs
 
Chime’s Revenue Grew 27% in Q1
By Mark Matousek · May 29, 2023
TPG, Francisco Partners Scrap New Relic Buyout Talks
By Rachel Graf · May 29, 2023
Temu Takes on Heavy Losses to Win U.S. Customers
By Ann Gehan · May 28, 2023
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Microsoft's Satya Nadella, left, and Peter Lee. Photo by Bloomberg, Microsoft
Exclusive
How Microsoft Swallowed Its Pride to Make a Massive Bet on OpenAI
By Aaron Holmes
Satya Nadella didn’t want to hear it. Last December, Peter Lee, who oversees Microsoft’s sprawling research efforts, was briefing Nadella, Microsoft’s CEO, and his deputies about a series of tests Microsoft had conducted of GPT-4, the then-unreleased new artificial intelligence large-language model built by OpenAI.
Art by Clark Miller
The AI Age e-commerce ai
How to Grease a Chatbot: E-Commerce Companies Seek a Backdoor Into AI Responses
By Chris Stokel-Walker
When Andy Wilson’s company received its first successful client referral through ChatGPT, he was shaken to his core.
Chris Britt, co-founder and CEO of Chime.
Exclusive startups Finance
Chime’s Slowdown Highlights Limits of Bank Disruptors
By Mark Matousek and Erin Woo
Chime found a way to offer zero-fee banking services without being a bank itself. But that approach is starting to show its limits.
Art by Clark Miller
The Big Read markets Finance
The Master of Destruction Rides Again
By Michelle Celarier
In the spring of 2022, the irascible Wall Street short seller Marc Cohodes was in a particularly foul mood.
Art by Mike Sullivan
startups asia
Venture Capitalists Face Pressure to Divest From China
By Kate Clark
Silicon Valley venture capitalists are coming to terms with a new reality: Their once-prized China investments may be victims of a simmering cold war.
Chart by Mike Sullivan.
Data Point enterprise
Enterprise Software’s Laggards: Firms Growing Slowly And Still Burning Cash
By Akash Pasricha
It’s the age-old refrain in American business: You have to spend money to make money. And it’s particularly true of the tech industry, where startups pour millions into untested new businesses and technologies.