The Information

Sridhar Ramaswamy. Photo by Getty

Snowflake in Talks to Buy Search Startup Neeva in AI Push

By Kevin McLaughlin, Jon Victor and Amir Efrati · May 17, 2023 1:36pm PDT · 6 comments

Database software provider Snowflake has been in advanced talks to acquire Neeva, a search startup founded by former top Google ad tech executive Sridhar Ramaswamy, according to a person with direct knowledge of the discussions. Buying Neeva could help Snowflake offer artificial intelligence software that helps companies search for information... Database software provider Snowflake has been in advanced talks to acquire Neeva, a search...

Workers at a Veho facility in Atlanta in 2021. Photo by Bloomberg.

SoftBank-Backed Veho Struggles as Logistics Startups Fail to Deliver

By Ann Gehan · May 17, 2023 6:00am PDT

After landing nearly $300 million from investors including SoftBank and Tiger Global Management in back-to-back funding rounds in late 2021 and early 2022, delivery startup Veho planned an ambitious expansion that would bring its home dropoff services to 50 cities across the U.S. by the end of last year. But Veho, which offers package deliveries... After landing nearly $300 million from investors including SoftBank and Tiger Global Management...

Photo by Shutterstock.

PayPal, Under Shareholder Pressure, Looks to Sell Xoom

By Cory Weinberg and Maria Heeter · May 16, 2023 3:57pm PDT

PayPal has been seeking buyers for Xoom, a service that allows people to transfer money internationally, according to a person familiar with the matter. The sale efforts could signal that activist investor Elliott Management, which accumulated a stake last year, is having an impact on PayPal’s strategic thinking. PayPal acquired Xoom... PayPal has been seeking buyers for Xoom, a service that allows people to transfer money...

Elon Musk at a Tesla event in Corpus Christi, Texas, on May 8. Photo via YouTube/Tesla

Musk Tells Tesla Staff He Must Approve All Hiring—Again

By Becky Peterson · May 15, 2023 11:57am PDT · 3 comments

Elon Musk at a Tesla event in Corpus Christi, Texas, on May 8. Photo via YouTube/Tesla

Musk Tells Tesla Staff He Must Approve All Hiring—Again

By Becky Peterson · May 15, 2023 11:57am PDT · 3 comments

Just a few days after appointing a new CEO for Twitter, Elon Musk is back to micromanaging Tesla. In an email to staff at the electric vehicle maker on Monday, Musk said that Tesla can make no new hires unless he personally approves them, including contractors. He told executives to send him a list of hiring requests on a weekly basis, while... Just a few days after appointing a new CEO for Twitter, Elon Musk is back to micromanaging Tesla....

Photo via Bakkt.

Crypto Firm Bakkt Delists Tokens as Regulatory Pressures Mount

By Aidan Ryan · May 12, 2023 12:03pm PDT

Bakkt, the new owner of a crypto custody and clearing provider that helps fintech companies like Public.com and Webull offer crypto trading, is removing support for 25 of the 36 tokens it offers, a spokesperson confirmed. The decision, which impacts popular tokens like uniswap and avalanche, marks the latest example of companies pulling back on... Bakkt, the new owner of a crypto custody and clearing provider that helps fintech companies like...

Art by Mike Sullivan.

TikTok Tests Exclusive Deals With Music Artists, Edging Into Labels’ Turf

By Erin Woo and Kalley Huang · May 12, 2023 6:00am PDT

Over the past few years, TikTok has become a viral hitmaker, sending musical artists like Lil Nas X to the top of the record charts and propelling the careers of Olivia Rodrigo and Megan Thee Stallion. Now TikTok’s parent, ByteDance, is angling to play a bigger role in these artists’ careers, which could reduce the increasingly steep... Over the past few years, TikTok has become a viral hitmaker, sending musical artists like Lil Nas...

Changpeng Zhao. Photo by AP.

Binance.US Explores Ways to Cut Founder Changpeng Zhao’s Majority Stake

By Aidan Ryan and Erin Woo · May 11, 2023 3:32pm PDT

Binance.US and Changpeng Zhao, the crypto exchange’s founder, majority owner and chair, have been exploring ways to reduce his stake in the company, two people familiar with the matter said. Zhao has been trying to sell at least some of his stake since last summer, one of the people said. And in recent weeks, since the Commodity Futures... Binance.US and Changpeng Zhao, the crypto exchange’s founder, majority owner and chair,...

Tesla's Tom Zhu. Screenshot via YouTube. Photo of Tesla's Cybertruck by Bloomberg. Art by Mike Sullivan.

Tom Zhu: The Hardcore Tesla Executive Who Gets Stuff Done for Elon Musk

By Becky Peterson · May 10, 2023 8:00am PDT · 1 comment

Tesla's Tom Zhu. Screenshot via YouTube. Photo of Tesla's Cybertruck by Bloomberg. Art by Mike Sullivan.

Tom Zhu: The Hardcore Tesla Executive Who Gets Stuff Done for Elon Musk

By Becky Peterson · May 10, 2023 8:00am PDT · 1 comment

For Tesla employees, the sight of Tom Zhu’s face early this year around the electric car maker’s factory in Austin, Texas, was a relief. For months, the absence of key Tesla executives in Austin had paralyzed the multimillion-dollar purchasing decisions required to build out the assembly line for its newest vehicle, a futuristic... For Tesla employees, the sight of Tom Zhu’s face early this year around the electric car...

Yusuf Mehdi, Microsoft Consumer Chief Marketing Officer, at the Bing chatbot launch in February. Photo by Getty

Microsoft Eyes Firefox Search Deal as Bing Chatbot Gains Sputter

By Aaron Holmes · May 10, 2023 6:00am PDT · 5 comments

In February, Microsoft’s Bing search engine launched a chatbot that gives humanlike answers to questions, a feature CEO Satya Nadella said would energize Bing and pressure web-search leader Google. But Bing has barely eked out any gains against Google in the past few months, new data show. That reality may leave Bing with only one option... In February, Microsoft’s Bing search engine launched a chatbot that gives humanlike answers...

Safra Katz, CEO of Oracle, and Satya Nadella, CEO of Microsoft. Photos by Bloomberg

Microsoft and Oracle Discussed Sharing AI Servers to Solve Shortage

By Aaron Holmes and Anissa Gardizy · May 9, 2023 4:01pm PDT · 3 comments

Oracle and Microsoft recently discussed an unusual agreement to rent servers from each other if either company runs out of computing power for cloud customers that use large-scale artificial intelligence, according to a person with direct knowledge of the negotiations. A deal would help the two rival cloud providers meet surging demand for... Oracle and Microsoft recently discussed an unusual agreement to rent servers from each other if...

A customer taps into an Amazon Go store in Whittier, Calif on September 12, 2022. Photo by Orange County Register via Getty.

How Amazon’s Big Bet on ‘Just Walk Out’ Stumbled

By Theo Wayt · May 9, 2023 6:00am PDT · 13 comments

In 2020, Amazon went on a blitz offering up the grab-and-go cashierless technology behind its Amazon Go convenience stores to large retailers around the world. That included offering up the Just Walk Out technology to Woolworths, the largest retailer by revenue in Australia, according to a person with knowledge of the talks. And executives at... In 2020, Amazon went on a blitz offering up the grab-and-go cashierless technology behind its...

Photo by Getty.

As Hollywood Writers Strike, Momentum Grows for Creator Labor Movement

By Kaya Yurieff · May 9, 2023 4:00am PDT · 3 comments

Photo by Getty.

As Hollywood Writers Strike, Momentum Grows for Creator Labor Movement

By Kaya Yurieff · May 9, 2023 4:00am PDT · 3 comments

Creator economy workers are taking a fresh stab at labor organizing. A group of digital influencers and professionals who work with them has started an effort to push tech companies to increase creators’ compensation and take action on other issues, including unexplained removals of creators’ accounts from apps, according... Creator economy workers are taking a fresh stab at labor organizing. A group of digital...

Google and Microsoft’s Other AI Race: Server Chips

By Anissa Gardizy · May 8, 2023 7:00am PDT · 9 comments

Amazon, Microsoft and Google are known for their software, but now they are collectively spending billions of dollars to develop and produce microchips to power servers and artificial intelligence. As the companies’ AI and cloud rivalries grow, the chip projects are becoming a critical part of their strategy to reduce costs and win over... Amazon, Microsoft and Google are known for their software, but now they are collectively spending...

A presentation at Amazon's NewFront Conference on May 1. Photo by Getty.

Amazon Plans to Generate Photos and Videos for Advertisers Using AI

By Theo Wayt · May 5, 2023 1:45pm PDT

Amazon is building a team to work on artificial intelligence tools that will generate photos and videos for merchants to use in advertising campaigns on its platform, a company spokesperson confirmed, efforts that could help diversify its ad business. Amazon's ad business has grown by double-digit percentages every quarter since Amazon... Amazon is building a team to work on artificial intelligence tools that will generate photos and...

Instacart CEO Fidji Simo. Photo by Bloomberg.

Instacart’s Growth Slowed in First Quarter

By Cory Weinberg · May 5, 2023 10:42am PDT · 3 comments

Instacart has long primed itself for a much-watched public debut, keeping its regulatory filings up to date and improving profits. But one new factor may delay a public debut: a slowdown in growth. In the first quarter, Instacart saw its gross order volume grow between 5% and 10% compared to the same period last year, people briefed on the... Instacart has long primed itself for a much-watched public debut, keeping its regulatory filings...

Sam Altman in Tokyo in April. Photo by AP

OpenAI’s Losses Doubled to $540 Million as It Developed ChatGPT

By Erin Woo and Amir Efrati · May 4, 2023 1:11pm PDT · 9 comments

Sam Altman in Tokyo in April. Photo by AP

OpenAI’s Losses Doubled to $540 Million as It Developed ChatGPT

By Erin Woo and Amir Efrati · May 4, 2023 1:11pm PDT · 9 comments

OpenAI’s losses roughly doubled to around $540 million last year as it developed ChatGPT and hired key employees from Google, according to three people with knowledge of the startup’s financials. The previously unreported figure reflects the steep costs of training its machine-learning models during the period before it started... OpenAI’s losses roughly doubled to around $540 million last year as it developed ChatGPT...

Art by Mike Sullivan.

Nearly Half of YouTube’s U.S. Viewership Is Now on TVs, Helping Drive Ad Shift

By Sahil Patel · May 4, 2023 7:00am PDT · 8 comments

For years, Google’s YouTube couldn’t get any respect from the TV industry. TV marketers wouldn’t go near it out of fear that their ads would be tainted by running alongside YouTube’s amateur content. And analysts and research firms treated the streaming service as separate from the rest of television when analyzing TV... For years, Google’s YouTube couldn’t get any respect from the TV industry. TV...

Klaviyo CEO Andrew Bialecki. Photo by Getty.

IPO Hopeful Klaviyo Tries to Prove There’s More to Life Than Shopify

By Ann Gehan and Cory Weinberg · May 4, 2023 6:00am PDT · 2 comments

For years, Klaviyo’s best partner was e-commerce giant Shopify. Now, as the marketing software firm once valued at $9.5 billion gears up for an initial public offering, it’s looking to make new friends. Most of the 110,000-plus merchants paying for the company’s software are e-commerce sellers who host their sites on Shopify.... For years, Klaviyo’s best partner was e-commerce giant Shopify. Now, as the marketing...

Ryan Williams, CEO of Cadre. Photo by Bloomberg.

Faded Hype for Real Estate Tech Leaves Cadre, Others Scrambling

By Maria Heeter and Cory Weinberg · May 3, 2023 6:00am PDT · 6 comments

A flock of big-name investors—Andreessen Horowitz, Thrive Capital, Founders Fund and even Jack Ma and George Soros—piled into Cadre six years ago at an $800 million valuation, seeing potential in its promise to bring commercial real estate investing to the masses. The company, co-founded by Jared Kushner and former Blackstone... A flock of big-name investors—Andreessen Horowitz, Thrive Capital, Founders Fund and even...

Photo by Bloomberg

Scared of Leaking Data to ChatGPT? Microsoft Tests a Private Alternative

By Aaron Holmes and Jon Victor · May 2, 2023 6:00am PDT · 3 comments

Photo by Bloomberg

Scared of Leaking Data to ChatGPT? Microsoft Tests a Private Alternative

By Aaron Holmes and Jon Victor · May 2, 2023 6:00am PDT · 3 comments

Not everyone trusts OpenAI’s ChatGPT. While the new artificial intelligence–powered chatbot has proved popular with some businesses looking to automate business tasks, other companies, such as banks, have avoided adopting ChatGPT for fear that their employees would inadvertently give the chatbot proprietary information when they use... Not everyone trusts OpenAI’s ChatGPT. While the new artificial intelligence–powered...