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

Art by Mike Sullivan

Lessons From an Energy Drink Company’s Crazy Stock Run

By Cory Weinberg · Feb 29, 2024 5:00pm PST · 1 comment

My writing and reporting workload over the last few days has gotten pretty heavy, so I’ve regularly been grabbing Celsius energy drinks. The sleek cans have become ubiquitous in grocery and convenience stores. Celsius drinks, which taste better than Red Bull, contain a crazy caffeine jolt and have no added sugars. They’re favored by TikTokers,... My writing and reporting workload over the last few days has gotten pretty heavy, so I’ve...

Sridhar Ramaswamy. Photo by Getty.

What Snowflake’s CEO Shake-Up Means

By Martin Peers · Feb 28, 2024 5:00pm PST

Big news tonight in the enterprise software sector—and we’re not talking about Salesforce introducing a dividend (although that’s notable). No, the real headline is an AI-inspired changing of the guard at Snowflake, until recently a fast-growing enterprise software hotshot whose 2020 IPO turned into a blockbuster. Snowflake CEO Frank Slootman is... Big news tonight in the enterprise software sector—and we’re not talking about Salesforce ...

Art by Mike Sullivan

Apple, Now Carless, Faces Renewed Questions About Growth

By Martin Peers · Feb 27, 2024 5:00pm PST · 1 comment

Maybe Apple should cancel multibillion-dollar projects more often! Shares of the iPhone maker, which have fallen since the start of the year, rose nearly 1% Tuesday after Bloomberg scooped the news that Apple had canned Project Titan, its decade-old autonomous car project. As a Morgan Stanley analyst said in a research note, the Bloomberg... Maybe Apple should cancel multibillion-dollar projects more often! Shares of the iPhone maker,...

Photo by Getty

What Supreme Court Hearing Signals for Big Tech

By Martin Peers · Feb 26, 2024 5:00pm PST

Photo by Getty

What Supreme Court Hearing Signals for Big Tech

By Martin Peers · Feb 26, 2024 5:00pm PST

Today just may have been the most important day for the future of tech. We’re talking about the Supreme Court arguments regarding Florida and Texas state laws that curb the freedom of tech companies such as Meta Platforms and Google to moderate content on their own platforms. Judging from the coverage by the news outlets present at the hearing—... Today just may have been the most important day for the future of tech. We’re talking about the...

I-Hwa Cheng/Bloomberg via Getty Images

Nvidia’s Good Fortune Isn’t Good for Everyone Else

By Martin Peers · Feb 23, 2024 3:15pm PST

Question: Is what’s good for Nvidia also good for America? That old line, originally referring to General Motors, came to mind after the stock market rallied to new records on Thursday—attributed by pundits to investor enthusiasm about Nvidia’s robust earnings. Stock of the AI chipmaker rocketed 17% on Thursday and Friday, lifting its market... Question: Is what’s good for Nvidia also good for America? That old line, originally referring to...

Steve Huffman, CEO of Reddit. Photo by Getty

Reddit’s and Nextdoor’s Twisting Paths

By Cory Weinberg · Feb 22, 2024 5:00pm PST

Ah, how things look so fresh and clean for social media executives before they have to roll around in the mud of the public markets. Reddit dropped its IPO prospectus Thursday, laying out what we already reported: decent sales growth (21%) and narrowing losses in 2023, with still a solid cash burn ($84 million last year). It also showed... Ah, how things look so fresh and clean for social media executives before they have to roll...

Photo by Getty Images

Nvidia Does It Again

By Martin Peers · Feb 21, 2024 5:00pm PST

All those worrywarts can relax. Nvidia did it again. The AI chip giant reported fourth quarter revenue of $22 billion, $2 billion ahead of its projection, and 265% higher than a year earlier. Even better, Nvidia projected its first quarter revenue would be $24 billion, indicating that growing competition is not yet doing much to dent its... All those worrywarts can relax. Nvidia did it again. The AI chip giant reported fourth quarter...

Vizio televisions on display at Walmart. Photo by Getty

Sequoia’s Swedish Drama; What Walmart-Vizio Deal Means for Amazon

By Martin Peers · Feb 20, 2024 5:00pm PST

Vizio televisions on display at Walmart. Photo by Getty

Sequoia’s Swedish Drama; What Walmart-Vizio Deal Means for Amazon

By Martin Peers · Feb 20, 2024 5:00pm PST

You might not have expected Klarna, the Sweden-based original “buy now, pay later” lender, to be the setting for a “Succession”-caliber soap opera—but hey, Sweden also produces lots of dramas for streaming TV. The real-life one we’re talking about centers on Sequoia Capital’s ham-handed efforts to remove its highly respected former partner,... You might not have expected Klarna, the Sweden-based original “buy now, pay later” lender, to be...

Traders work on the floor of the New York Stock Exchange during morning trading on February 14 in New York City. Photo by Michael M. Santiago/Getty Images.

AI Investor Rush Harks Back to ZIRP Days

By Martin Peers · Feb 16, 2024 4:05pm PST · 1 comment

It’s beginning to feel a bit like early 2021. Investor enthusiasm for AI startups has surged again, after a brief respite, as we reported today. One great example from our story: Perplexity AI has received unsolicited offers valuing the firm at more than $1 billion—just a month after its last funding round valued it at half that. Meanwhile, ... It’s beginning to feel a bit like early 2021. Investor enthusiasm for AI startups has surged...

Sam Altman. Photo by Sipa via AP Images.

So Where’s That New OpenAI Board?

By Jessica E. Lessin · Feb 15, 2024 5:08pm PST · 1 comment

Last November, one of the most important private technology businesses in the world—OpenAI—nearly collapsed overnight over a governance crisis. Its nonprofit board announced to the world that it had lost confidence in CEO Sam Altman’s ability to lead, and it ousted him. Most of the people who worked there threatened to quit. Altman was brought... Last November, one of the most important private technology businesses in the world—OpenAI—nearly...

Photo via Adobe Stock.

Instacart Shows Up Uber on Handling Stock Comp

By Martin Peers · Feb 14, 2024 5:00pm PST

Good things come to those who wait—including, we now know, Uber shareholders. The ride-hailing firm’s decision to launch a $7 billion stock buyback program sent the already rallying stock up another 15% to around $79.15. Since the stock was trading as low as $40 last October, Uber CEO Dara Khosrowshahi should be pleased. But taking the glass... Good things come to those who wait—including, we now know, Uber shareholders. The ride-hailing...

Photo via Adobe Stock

Lyft Shows Proof of Life in Profitable Q4

By Martin Peers · Feb 13, 2024 5:03pm PST · 1 comment

Photo via Adobe Stock

Lyft Shows Proof of Life in Profitable Q4

By Martin Peers · Feb 13, 2024 5:03pm PST · 1 comment

Lyft lives! Well, maybe. The No. 2 ride-hailing firm reported that it generated real cash in the fourth quarter for the first time ever, and its CEO, David Risher, predicted the company would repeat the feat for all of 2024. Initial reaction from Wall Street was euphoric—at one point Lyft shares were up 60% in after-hours trading—but that... Lyft lives! Well, maybe. The No. 2 ride-hailing firm reported that it generated real cash in the...

"The Shy Five": Pat Collison (Stripe), Zhang Yiming (ByteDance), Ali Ghodsi (Databricks), Melanie Perkins (Canva) and Elon Musk (SpaceX).

Introducing the Shy Five

By Cory Weinberg · Feb 12, 2024 5:00pm PST

The insane stock rally in recent days of Arm, the SoftBank-owned chip designer, puts a big dent in the theory that the market for initial public offerings is still “closed.” The company’s stock price—which has doubled in the past week—is now up 192% from its September public listing, providing IPO investors with a juicy profit. What Arm... The insane stock rally in recent days of Arm, the SoftBank-owned chip designer, puts a big dent...

Photo by Michael M. Santiago via Getty Images.

Landing Apple as a Customer May Be More Trouble Than It’s Worth

By Martin Peers · Feb 9, 2024 3:15pm PST

Be careful what you wish for, particularly if your wish is to sign Apple as a customer. That’s true whatever business you’re in, including, as The Information revealed this week, freight transport. As my colleagues Theo Wayt and Ann Gehan detailed in this report, freight firm Flexport’s biggest-name customer—one that hasn’t been disclosed before... Be careful what you wish for, particularly if your wish is to sign Apple as a customer. That’s...

Rene Haas, CEO of Arm Ltd. Photo by Michael Nagle/Bloomberg via Getty Images.

Arm’s Big Rally Doesn’t Compute

By Martin Peers · Feb 8, 2024 5:00pm PST

Wonders never cease: Arm’s pre-IPO promise to investors that the chip design firm would soon show decent growth turned out to be true! The company’s stock rocketed as much as 60% on Thursday after Arm reported a better-than-projected 14% revenue increase in December-quarter revenues. You might be thinking that 14% is hardly home run territory,... Wonders never cease: Arm’s pre-IPO promise to investors that the chip design firm would soon show...

Disney CEO Bob Iger with Taylor Swift and Fortnite's Ice King. Photos via Getty Images and Fortnite.

Disney’s Bob Iger Enlists Taylor Swift and Fortnite to Help in Reelection Campaign

By Martin Peers · Feb 7, 2024 5:00pm PST

Disney CEO Bob Iger with Taylor Swift and Fortnite's Ice King. Photos via Getty Images and Fortnite.

Disney’s Bob Iger Enlists Taylor Swift and Fortnite to Help in Reelection Campaign

By Martin Peers · Feb 7, 2024 5:00pm PST

Taylor Swift! Fortnite! Disney CEO Bob Iger dropped the names of both entertainment icons as he ramped up his campaign to defeat the two activist shareholders—Nelson Peltz and Blackwells Capital—trying to win seats on Disney’s board. Using the power of incumbency, Iger on Wednesday unveiled a deluge of glitzy new entertainment ventures alongside... Taylor Swift! Fortnite! Disney CEO Bob Iger dropped the names of both entertainment icons as he...

The Golden State Warriors versus Brooklyn Nets yesterday in New York City. Photo by Al Bello/Getty Images.

Media Giants’ Sports Venture Could Trigger Earthquake in Cable and Streaming

By Martin Peers · Feb 6, 2024 5:00pm PST

Whoa! We got very big news in the television world late Tuesday, as Disney, Warner Bros. Discovery and Fox announced they were joining forces to create a new streaming joint venture for sports. By including access to programming on traditional cable channels such as Disney’s ESPN, Fox’s sports channels and Warner’s TNT and TBS, the new service... Whoa! We got very big news in the television world late Tuesday, as Disney, Warner Bros....

Snap Inc. stock figures displayed on the New York Stock Exchange floor this afternoon. Photo by Michael M. Santiago/Getty Images.

Snap’s Layoffs Aim to Reduce Stock Comp Dilution

By Martin Peers · Feb 5, 2024 5:00pm PST · 1 comment

Hold the front page! A tech company is acknowledging that stock compensation is a real expense. On Monday, Snap said it was cutting 10% of its global workforce. As it was the latest in a very long list of tech companies to undertake layoffs in recent weeks, the news might not seem like a big deal. Like other companies, Snap said the layoffs were... Hold the front page! A tech company is acknowledging that stock compensation is a real expense....

Photo via AP

Investors Lose the Plot on Meta Stock

By Martin Peers · Feb 2, 2024 3:13pm PST · 7 comments

Investors appear to have taken leave of their senses—at least with regard to the value of Facebook parent Meta Platforms. The stock rocketed 20% today, a rise fueled by the company’s robust fourth-quarter results, giving Meta a market capitalization of $1.2 trillion. (Bloomberg reported that the market value of today’s gain was the single... Investors appear to have taken leave of their senses—at least with regard to the value of...

Photo via AP

Meta Is Q4 Standout of Tech Trifecta

By Martin Peers · Feb 1, 2024 5:00pm PST · 1 comment

Photo via AP

Meta Is Q4 Standout of Tech Trifecta

By Martin Peers · Feb 1, 2024 5:00pm PST · 1 comment

We got a trifecta of big tech earnings results today, with December quarter updates from Apple, Amazon and Meta Platforms. Of that group, Meta was the standout, reporting 25% growth in revenue to just above $40 billion, at the high end of what it had projected. Even better, Meta projected that revenue growth could accelerate further to as high... We got a trifecta of big tech earnings results today, with December quarter updates from Apple,...