The Information

Art by Mike Sullivan.

Once-Hot Bagel Startup Has Dough Troubles

By Ann Gehan · Oct 10, 2024 2:32pm PDT · 3 comments

Earlier this year, when healthy-bagel startup BetterBrand was looking to raise more capital, things seemed to be going well. The firm told investors revenue was on track to roughly double this year, and it was expanding into Europe. But founder and CEO Aimee Yang thought the company should be valued at between $250 million and $300 million,... Earlier this year, when healthy-bagel startup BetterBrand was looking to raise more capital,...

Photo via Getty.

Fidelity Plans First Fund That May Use Blockchain

By Yueqi Yang · Oct 10, 2024 2:20pm PDT · 2 comments

Investing giant Fidelity Investments is laying the groundwork to launch a money market fund that may trade on a blockchain in the future. It’s the latest effort by a big traditional money manager to explore using the technology to speed up financial transactions and widen the audience for its products. Fidelity on Sept. 26 filed paperwork... Investing giant Fidelity Investments is laying the groundwork to launch a money market fund that...

Bret Taylor, co-founder and chief executive officer of Sierra, left, and Clay Bavor, co-founder of Sierra. Photo by Bloomberg via Getty Images

Bret Taylor’s AI Agent Startup Nears Deal That Could Value It at Over $4 Billion

By Kate Clark and Stephanie Palazzolo · Oct 9, 2024 5:50pm PDT · 1 comment

Sierra, an artificial intelligence startup co-founded by former Salesforce co-CEO Bret Taylor, is raising hundreds of millions of dollars in new funding led by growth-stage investor Greenoaks Capital, according to two people who have knowledge of the deal. The new financing will at least triple the company’s valuation, which was $1... Sierra, an artificial intelligence startup co-founded by former Salesforce co-CEO Bret Taylor, is...

Amazon's Udit Madan. Photo by Bloomberg via Getty Images

Amazon Management Cuts Will Apply to Fewer Workers Than in Some Forecasts

By Theo Wayt · Oct 9, 2024 4:17pm PDT

Amazon's Udit Madan. Photo by Bloomberg via Getty Images

Amazon Management Cuts Will Apply to Fewer Workers Than in Some Forecasts

By Theo Wayt · Oct 9, 2024 4:17pm PDT

In September, Amazon CEO Andy Jassy made waves when he announced a plan to sharply reduce the number of managers at the internet giant, partly to combat the bureaucracy creeping into its culture. It turns out Jassy’s plan will affect far fewer managers than some outside the company had expected. Amazon’s efforts to cut back the... In September, Amazon CEO Andy Jassy made waves when he announced a plan to sharply reduce the...

Art by Clark Miller; Nadella image via Getty

Nadella’s Network: How Microsoft’s CEO Avoids Getting Disrupted

By Aaron Holmes · Oct 9, 2024 3:34pm PDT · 10 comments

Earlier this year, Aravind Srinivas’ phone rang. Satya Nadella, Microsoft’s CEO, wanted to dish with Srinivas—CEO of Perplexity, an artificial intelligence–powered search engine startup—on the biggest competitor they had in common: Google. Days earlier, Google had announced several upgrades to Gemini, its generative... Earlier this year, Aravind Srinivas’ phone rang. Satya Nadella, Microsoft’s CEO,...

OpenAI CEO Sam Altman. Photo by Getty

OpenAI Projections Imply Losses Tripling to $14 Billion in 2026

By Cory Weinberg · Oct 9, 2024 2:17pm PDT · 14 comments

OpenAI’s newest investors have signed up for a bumpy and expensive ride. The company’s projections suggest it won’t turn a profit until 2029, when its revenue would hit $100 billion. Before it gets to that point, losses could rise as high as $14 billion in 2026, nearly triple this year’s expected loss, according to an... OpenAI’s newest investors have signed up for a bumpy and expensive ride. The...

Art by Clark Miller

OpenAI Leaders Say Microsoft Isn’t Moving Fast Enough to Supply Servers

By Anissa Gardizy, Aaron Holmes and Amir Efrati · Oct 8, 2024 6:30am PDT · 4 comments

OpenAI and Microsoft soared to new heights by developing and sharing artificial intelligence, specialized servers and product revenue with each other. Microsoft’s cash has paid for nearly all of that work. After marching in lockstep, their relationship is changing. Last week, after OpenAI CEO Sam Altman and Chief Financial Officer Sarah... OpenAI and Microsoft soared to new heights by developing and sharing artificial intelligence,...

Dave Clark. Photo via Flickr/U.S. Dept. of Homeland Security.

Former Amazon Consumer Chief Raises $100 Million for New Logistics Startup

By Theo Wayt and Ann Gehan · Oct 8, 2024 6:00am PDT · 1 comment

Dave Clark. Photo via Flickr/U.S. Dept. of Homeland Security.

Former Amazon Consumer Chief Raises $100 Million for New Logistics Startup

By Theo Wayt and Ann Gehan · Oct 8, 2024 6:00am PDT · 1 comment

Dave Clark, a former senior Amazon executive who oversaw the buildup of the commerce giant’s sprawling delivery operations, is launching a logistics software startup with $100 million in funding from investment firm Oak HC/FT. Clark’s next move had been a question mark for the logistics and retail tech world since he was ousted as... Dave Clark, a former senior Amazon executive who oversaw the buildup of the commerce...

Art by Clark Miller.

OpenAI Funding Fuels Wave of Big AI Deals

By Kate Clark and Stephanie Palazzolo · Oct 7, 2024 6:00am PDT · 1 comment

It’s back to the races for artificial intelligence startups that require billions of dollars—and the investors that want to own a piece of their growth. OpenAI’s $6.6 billion capital raise and startups’ high computing costs have sparked new funding discussions between AI startups—including xAI, Anthropic, Perplexity... It’s back to the races for artificial intelligence startups that require billions of...

A Tesla Cybertruck, which uses its 4680 battery. Photo by Bloomberg via Getty

Tesla Plans 4 New Batteries In 2026, Including For a Robotaxi

By Wayne Ma and Steve LeVine · Oct 3, 2024 6:00am PDT · 1 comment

Tesla has embarked on an ambitious effort to design four new versions of its in-house battery to power the Cybertruck, its forthcoming Robotaxi and other electric vehicles, according to people with direct knowledge of its plans. This is the most battery projects the company has worked on simultaneously. The projects come four years after CEO... Tesla has embarked on an ambitious effort to design four new versions of its in-house battery to...

Image via YouTube.

Flexport Cuts Jobs, Plans to Unload Excess Warehouse Space

By Theo Wayt and Ann Gehan · Oct 2, 2024 2:24pm PDT · 3 comments

Logistics company Flexport is making fresh job cuts and will sublease excess warehouse space to overhaul the money-losing fulfillment business it acquired from Shopify last year, according to a memo to staff on Wednesday. Flexport, which was valued at $8 billion in a 2022 funding round, has seen revenue drop since then amid a broader collapse in... Logistics company Flexport is making fresh job cuts and will sublease excess warehouse space to...

Sam Altman (left), Sarah Friar and Jack Dorsey. Photos by Getty Images

How OpenAI CFO Sarah Friar Is Keeping Startup Flush With Cash

By Cory Weinberg · Oct 2, 2024 6:00am PDT · 4 comments

Sam Altman (left), Sarah Friar and Jack Dorsey. Photos by Getty Images

How OpenAI CFO Sarah Friar Is Keeping Startup Flush With Cash

By Cory Weinberg · Oct 2, 2024 6:00am PDT · 4 comments

At Square, Sarah Friar was the grownup who helped bring the fintech’s otherworldly CEO, Jack Dorsey, down to earth for investors. Now she has a shot at doing something similar for Sam Altman’s OpenAI—if she can last long term at the chaotic artificial intelligence startup. Since arriving at OpenAI as chief financial officer in... At Square, Sarah Friar was the grownup who helped bring the fintech’s otherworldly CEO,...

Art by Clark Miller

Google Searches for Its Footing in Smart Glasses as Meta Gains Ground

By Sylvia Varnham O'Regan · Oct 1, 2024 9:15am PDT · 4 comments

Earlier this year, Google staffers began pitching their counterparts at Samsung—a longtime Google hardware partner—on an idea for a new collaboration between the companies: high-tech glasses. At the time, another big tech company, Meta Platforms, was starting to see success from its own Ray-Ban smart glasses, which allowed people to... Earlier this year, Google staffers began pitching their counterparts at Samsung—a longtime...

Lightspeed Venture Partners co-founder and partner, Ravi Mhatre. Photo via Flickr/TechCrunch.

Lightspeed, After Backing xAI and Anthropic, Aims to Raise $7 Billion in New Funds

By Laura Mandaro · Oct 1, 2024 6:00am PDT · 3 comments

Lightspeed Venture Partners is raising money for three new funds that could total around $7 billion, according to a person who has discussed the fundraising with the firm’s partners. It’s the latest firm seeking to raise billions after a period when institutional investors pulled back from venture capital. Close to 40% of the new... Lightspeed Venture Partners is raising money for three new funds that could total around $7...

Masayoshi Son, CEO of SoftBank. Photo by Getty

SoftBank to Invest $500 Million in OpenAI

By Kate Clark and Cory Weinberg · Sep 30, 2024 6:30am PDT

SoftBank’s Vision Fund has agreed to invest $500 million in OpenAI’s latest funding round, which values the developer of ChatGPT at $150 billion before the investment, a person familiar with the deal said. The deal would represent SoftBank’s first investment in the Sam Altman-led company. SoftBank would join lead investor... SoftBank’s Vision Fund has agreed to invest $500 million in OpenAI’s latest funding...

Art by Shane Burke.

Wall Street Hunts for Its Blockchain ‘Killer App’

By Yueqi Yang · Sep 27, 2024 6:00am PDT · 3 comments

Art by Shane Burke.

Wall Street Hunts for Its Blockchain ‘Killer App’

By Yueqi Yang · Sep 27, 2024 6:00am PDT · 3 comments

Two years ago, a behind-the-scenes giant in U.S. financial markets went live with one of Wall Street’s biggest and most ambitious blockchain initiatives. Known as Project Ion, the effort aimed to use blockchain to revolutionize settlement of stock trades, when buyers fork over the cash and get share certificates. Firms ranging from big... Two years ago, a behind-the-scenes giant in U.S. financial markets went live with one of Wall...

"The Lord of the Rings: The Rings of Power" Courtesy of Amazon Studios

Amazon’s Upfront Ad Haul Tops $1.8 Billion Target

By Theo Wayt and Sahil Patel · Sep 26, 2024 12:47pm PDT

Amazon’s decision to introduce ads within its Prime Video streaming service is already paying off for the company. In talks with advertisers during the just-concluded upfront ad market for the coming year, Amazon exceeded its goal of drawing $1.8 billion in ad-spending commitments for its video-streaming services, including Prime Video,... Amazon’s decision to introduce ads within its Prime Video streaming service is already...

Scale AI CEO Alexandr Wang. Photo by Drew Angerer/Getty.

Scale AI’s Sales Nearly Quadrupled in First Half

By Cory Weinberg · Sep 24, 2024 6:00am PDT · 1 comment

Helping artificial intelligence companies improve the accuracy of their large language models is turning into a giant business for Scale AI, which labels data for big AI developers like Meta Platforms and Google. Scale nearly quadrupled its sales to almost $400 million in the first half of the year compared with the same period last year,... Helping artificial intelligence companies improve the accuracy of their large language models is...

Art by Mike Sullivan.

Polymarket Discusses Fresh Funding Amid Election Betting Craze

By Kate Clark and Yueqi Yang · Sep 23, 2024 2:05pm PDT · 1 comment

Polymarket, a blockchain-based prediction market that has taken off as a place for people to bet on the U.S. election, on Taylor Swift’s engagement prospects and on who will win the Super Bowl, is in talks to raise more than $50 million in new capital, according to people familiar with the matter. Polymarket has also discussed the... Polymarket, a blockchain-based prediction market that has taken off as a place for people to bet...

Anthropic co-founder and CEO, Dario Amodei. Photo by Julien De Rosa/AFP via Getty.

Anthropic Has Floated $40 Billion Valuation in Funding Talks

By Anissa Gardizy and Kate Clark · Sep 23, 2024 1:45pm PDT · 3 comments

Anthropic co-founder and CEO, Dario Amodei. Photo by Julien De Rosa/AFP via Getty.

Anthropic Has Floated $40 Billion Valuation in Funding Talks

By Anissa Gardizy and Kate Clark · Sep 23, 2024 1:45pm PDT · 3 comments

Anthropic, OpenAI’s largest startup competitor, has started talking to investors about raising capital in a deal that could value the startup at $30 billion to $40 billion, roughly doubling its valuation from a funding that closed early this year, according to an existing investor who spoke to company leaders. Anthropic, which generates... Anthropic, OpenAI’s largest startup competitor, has started talking to investors about...