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

OpenAI co-founder Sam Altman. Photo by Getty

What Went Down at OpenAI

By Laura Mandaro · Nov 17, 2023 7:15pm PST

What a turn of events! OpenAI began the day once again as the hottest startup in tech, run by the smartest hotshots in artificial intelligence. But around lunchtime on the west coast, it was a car crash, one that kept getting worse throughout the day. First, the OpenAI board dropped a bombshell with the announcement that it had ousted CEO... What a turn of events! OpenAI began the day once again as the hottest startup in tech, run by the...

Chinese President Xi Jinping (left) and US President Joe Biden in Woodside, Calif., on Wednesday. Photo AFP via Getty

Tech Kisses the Ring

By Jessica E. Lessin · Nov 16, 2023 5:12pm PST · 2 comments

Lately, when San Francisco makes national headlines, it’s about crime, homelessness or questions about whether tech companies will ever return to downtown. So this week, it was nice to see San Francisco in the news for a different reason, as U.S. President Joe Biden and Chinese President Xi Jinping of China came to town for the Asia-Pacific... Lately, when San Francisco makes national headlines, it’s about crime, homelessness or questions...

Photo via Adobe.

Shein and Amazon Are Both Good for the Ad Business

By Martin Peers · Nov 15, 2023 5:00pm PST

If you’re a fashion plate on a budget, you’re probably a fan of Shein, known for selling ultracheap and trendy clothes. By all accounts, it’s popular with the kids. As we scooped today, the Singapore-based online store’s global revenue surged 40% in the first three quarters of this year, which means its revenue is now bigger than that of another... If you’re a fashion plate on a budget, you’re probably a fan of Shein, known for selling...

Secretary of Commerce Gina Raimondo arrives for the Indo-Pacific Economic Framework and Prosperity ministerial during the APEC summit in San Francisco. Photo by Kent Nishimura/Getty.

Raimondo on AI Safety: ‘Off to a Good Start’

By Jessica E. Lessin · Nov 14, 2023 5:02pm PST

Secretary of Commerce Gina Raimondo arrives for the Indo-Pacific Economic Framework and Prosperity ministerial during the APEC summit in San Francisco. Photo by Kent Nishimura/Getty.

Raimondo on AI Safety: ‘Off to a Good Start’

By Jessica E. Lessin · Nov 14, 2023 5:02pm PST

A day before U.S. President Joe Biden and China President Xi Jinping are scheduled to meet in a highly anticipated meeting in San Francisco at the Asia-Pacific Economic Cooperation summit, I sat down in a small conference room off Market Street with one of Biden’s key deputies, who will be by his side in the meeting: Secretary of Commerce Gina... A day before U.S. President Joe Biden and China President Xi Jinping are scheduled to meet in a...

Photo via Shutterstock

What Investors Are Getting Wrong About Apple and Microsoft

By Martin Peers · Nov 13, 2023 5:00pm PST

Today’s tech stock market is no country for unthinking investors. A bunch of stocks—among them Alphabet and Amazon—have gone nowhere amid the market gyrations of the past two years, while others such as Apple have seen OK but not great performance. That adjective can really only be applied to Nvidia, which has soared this year thanks to its... Today’s tech stock market is no country for unthinking investors. A bunch of stocks—among them...

Photo via Shutterstock.

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...

Photo via Shutterstock

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...

Photo via Shutterstock

Big Entertainment Has Good and Bad News

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

Photo via Shutterstock

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, ...

Photo via Shutterstock

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

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...

Photo via Shutterstock

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

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

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...

Photo by NurPhoto via Getty.

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...

Photo via Shutterstock

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

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...