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

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How Stock Comp Dampens Tech Returns

By Martin Peers · Nov 10, 2023 3:30pm PST · 4 comments

It’s been a good week for shareholders in Uber, the ride-hailing giant, which reported solid third-quarter earnings on Tuesday. Investors seemed to have anticipated the report: The stock had been rallying for a couple of weeks. By the time the market closed on Friday, Uber was at $51.58, up 27% since late October and at its highest point since... It’s been a good week for shareholders in Uber, the ride-hailing giant, which reported solid...

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SoftBank and the Real Tragedy of WeWork

By Cory Weinberg · Nov 9, 2023 5:00pm PST · 2 comments

It was an all-hands speech that would have fit with 2023’s cost-conscious corporate dogma: A tech founder urged his employees to check if the lights were turned off when they were leaving the offices, telling them, “The universe does not allow waste.” That was Adam Neumann talking to WeWork employees in 2016, a year before SoftBank began... It was an all-hands speech that would have fit with 2023’s cost-conscious corporate dogma: A tech...

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Big Entertainment Has Good and Bad News

By Martin Peers · Nov 8, 2023 5:24pm PST

There’s good news and bad news for Big Entertainment today. Firstly, the actors strike is over, which means film and TV production can finally resume. Yippee! Second, the September-quarter results out Wednesday from Disney and Warner Bros. Discovery showed both are getting streaming losses under control. (In WBD’s case, it’s making money!). The... There’s good news and bad news for Big Entertainment today. Firstly, the actors strike is over, ...

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Uber’s Cash-Printing Press Revs Up

By Martin Peers · Nov 7, 2023 5:00pm PST

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Uber’s Cash-Printing Press Revs Up

By Martin Peers · Nov 7, 2023 5:00pm PST

Uber is finally on the right road. That could be Uber CEO Dara Khosrowshahi’s motto today, as the ride-hailing and food-delivery conglomerate demonstrates that its cash-printing press is revving up. After producing a small amount of cash last year, Uber’s free cash flow more than doubled in the third quarter to $905 million, while for the year... Uber is finally on the right road. That could be Uber CEO Dara Khosrowshahi’s motto today, as the...

Behind Enterprise Software Stocks' Lackluster Year

Behind Enterprise Software Stocks' Lackluster Year

By Akash Pasricha · Nov 6, 2023 5:00pm PST

The good news from tech’s earnings season, so far, is that the ad market appears to have recovered a lot from the worst of the downturn. But that’s likely not true for enterprise software. While we haven’t yet heard earnings updates from most enterprise software firms, some of those who have reported suggest that business remains weak, thanks to... The good news from tech’s earnings season, so far, is that the ad market appears to have...

Apple CEO Tim Cook. Photo via Shutterstock.

It’s Time for Apple to Identify Cook’s Successor

By Martin Peers · Nov 3, 2023 3:15pm PDT

What a week Tim Cook had. On Thursday, Apple reported anemic September-quarter results, completing a fiscal year where revenues fell 2.8%. That’s actually not a bad result given that the smartphone market that drives Apple’s business shrank 10.5% in the same 12-month period, according to IDC data. Still, it is yet another reminder (if any were... What a week Tim Cook had. On Thursday, Apple reported anemic September-quarter results,...

Sam Bankman-Fried Photo by Michael M. Santiago/Getty Images

SBF Found Guilty on All Counts

By Nick Wingfield · Nov 2, 2023 5:25pm PDT

Hot off the presses: The jury in the trial of Sam Bankman-Fried convicted the FTX founder and former CEO of all seven fraud and conspiracy charges he was facing. The quick verdict—jurors began deliberating Thursday afternoon—felt fitting for a case that federal prosecutors filed less than a year ago. Bankman-Fried now faces a maximum sentence of... Hot off the presses: The jury in the trial of Sam Bankman-Fried convicted the FTX founder and...

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Instacart’s Delicious Little Secret

By Cory Weinberg · Nov 1, 2023 5:00pm PDT

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Instacart’s Delicious Little Secret

By Cory Weinberg · Nov 1, 2023 5:00pm PDT

You won’t find this nugget in Instacart’s IPO filing, nor is it likely to be noted on the company’s first-ever earnings call next week. Even most employees don’t know about it. But I found out recently that Publix—one of the largest grocery chains in the U.S. and a key Instacart customer—wrote a significant check in Instacart’s Series D... You won’t find this nugget in Instacart’s IPO filing, nor is it likely to be noted on the company...

Sam Bankman-Fried. Photo by Bloomberg via Getty.

Why SBF’s Case Moved So Fast

By Martin Peers · Oct 31, 2023 5:00pm PDT

The wheels of justice can turn quickly when conditions are right. Today the defense rested in the fraud trial of Sam Bankman-Fried. Closing arguments are scheduled for tomorrow, which means this case could go to the jury on Thursday. It’s possible, then, that we’ll have a verdict that same day. That would be one year exactly since crypto... The wheels of justice can turn quickly when conditions are right. Today the defense rested in the...

Elon Musk. Photo via Getty.

What X and Netflix Have in Common

By Martin Peers · Oct 30, 2023 5:00pm PDT

Here’s a question: Is the entertainment value provided by X, formerly known as Twitter, equal to what Netflix offers? Elon Musk wants to charge people roughly the same for an ad-free version of X that they pay for Netflix’s cheapest ad-free tier, around $16 a month. It’s part of his effort to supplement X’s much-diminished ad revenue with... Here’s a question: Is the entertainment value provided by X, formerly known as Twitter, equal to...

The Pentagon. Photo via United States Department of Defense.

Tech Loves Big Government (as a Customer)

By Cory Weinberg · Oct 27, 2023 4:30pm PDT · 2 comments

Tech giants usually prefer to avoid Washington politicians and bureaucrats. Congressional hearings, Justice Department lawsuits and Securities and Exchange Commission probes are no fun. But a new generation of tech companies is finding governments are more likely to be customers than adversaries. That’s clear from the under-the-hood... Tech giants usually prefer to avoid Washington politicians and bureaucrats. Congressional...

The Amazon Spheres in Seattle. Photo via Getty.

Amazon Cranks Up Its AI Euphoria

By Nick Wingfield · Oct 26, 2023 5:00pm PDT

The Amazon Spheres in Seattle. Photo via Getty.

Amazon Cranks Up Its AI Euphoria

By Nick Wingfield · Oct 26, 2023 5:00pm PDT

Amazon’s artificial intelligence growth is a sight to behold. No, the company didn’t report how much money it’s making from AI, and it probably won’t anytime soon. We’re talking about the expanded use of AI buzzwords in its earnings release. References to Bedrock and CodeWhisperer—two generative AI products from Amazon—rose 67% and 200% in the... Amazon’s artificial intelligence growth is a sight to behold. No, the company didn’t report how...

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Meta’s Happy Days Are Here Again, For Now

By Martin Peers · Oct 25, 2023 5:01pm PDT

Meta Platforms CEO Mark Zuckerberg has 34.1 billion reasons to be satisfied with the social network’s third-quarter result, released Wednesday afternoon. That’s how many dollars Meta reported as revenue, near the top end of the company’s guidance, and representing 23% growth over the year-earlier revenue line. That’s a return to the kind of... Meta Platforms CEO Mark Zuckerberg has 34.1 billion reasons to be satisfied with the social...

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On AI, It’s Microsoft 1, Google 0

By Martin Peers · Oct 24, 2023 5:01pm PDT

In AI, Microsoft is outdoing its biggest rival, Google. That’s the big takeaway from the two tech giants’ September-quarter results, released Tuesday. Growth at Microsoft’s Azure cloud unit—and the company generally—accelerated in the quarter, which executives credited to higher-than-expected consumption of AI-related services. Yet in the same... In AI, Microsoft is outdoing its biggest rival, Google. That’s the big takeaway from the two tech...

Hello Bello's factory in Waco, Texas. Photo by Rick Kern/Getty.

What a Diaper Bankruptcy Says About the Digital Ad Market

By Ann Gehan · Oct 23, 2023 5:00pm PDT · 2 comments

It’s getting ugly out there for consumer brands, as today’s bankruptcy filing by Hello Bello, the baby care brand founded by celebrity couple Kristen Bell and Dax Shepard, demonstrates. On the surface, Hello Bello had all the ingredients for success: famous co-founders who could promote the brand to their combined 20 million Instagram followers,... It’s getting ugly out there for consumer brands, as today’s bankruptcy filing by Hello Bello, the...

Photo via Convoy.

U2 Won’t Save Your Trucking Startup

By Martin Peers · Oct 20, 2023 3:30pm PDT · 3 comments

Photo via Convoy.

U2 Won’t Save Your Trucking Startup

By Martin Peers · Oct 20, 2023 3:30pm PDT · 3 comments

You have to enjoy a certain level of self-confidence to start a business, particularly if you’re asking other people to help fund it. Too often, though, entrepreneurs have way too much confidence for their own good. Take the people behind Convoy, the trucking startup that fell off a cliff this week, after months spent trying to find a buyer or... You have to enjoy a certain level of self-confidence to start a business, particularly if you’re...

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Wall Street’s Lost Year: Few Jobs, Smaller Bonuses

By Lauren Tara LaCapra · Oct 19, 2023 5:00pm PDT

It’s not a happy time on Wall Street. As third quarter earnings from Morgan Stanley and Goldman Sachs revealed this week, the investment banking business has deteriorated lately, as the deal market remains stagnant. Morgan Stanley reported a 27% drop in investment banking revenue in the third quarter, by far the biggest decline on Wall Street,... It’s not a happy time on Wall Street. As third quarter earnings from Morgan Stanley and Goldman...

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Netflix Reports Healthy Q3 While Raising Premium Tier Price

By Martin Peers · Oct 18, 2023 5:00pm PDT

Let’s hope the boffins who track inflation are watching video streaming (and not for the entertainment value!). Netflix today raised the price on its premium tier by $3 a month to $22.99, a notably bigger increase than the last time it jacked up prices. Aggressive price increases are becoming standard in streaming, at least among the bigger... Let’s hope the boffins who track inflation are watching video streaming (and not for the...

Midjourney founder David Holz. Photo via Getty.

Why You Want to Watch These Startups

By Scott Thurm · Oct 17, 2023 5:00pm PDT

Earlier Tuesday, we published this year’s edition of The Information 50, our annual list of startups to watch. The list is intended as a guide to companies that haven’t yet broken through, but bear watching as candidates for future public listings or big-ticket acquisitions. Our task was complicated this year by the downturn in startup funding:... Earlier Tuesday, we published this year’s edition of The Information 50, our annual list of...

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What the Latest Tech Job Cuts Indicate

By Martin Peers · Oct 16, 2023 5:00pm PDT

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What the Latest Tech Job Cuts Indicate

By Martin Peers · Oct 16, 2023 5:00pm PDT

Whatever job security existed in tech appears to have disappeared. On Monday, LinkedIn said it was cutting 668 people, the third round of layoffs at the Microsoft-owned unit this year. Meanwhile, developer forum Stack Overflow said Monday it would cut its staff by 28%—which, according to the Verge, amounts to 100 jobs. And that’s just today:... Whatever job security existed in tech appears to have disappeared. On Monday, LinkedIn said it...