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

An Apple Store in Shanghai on August 23. Photo by Getty.

Why the Dave Clarks Should Watch Out

By Jessica E. Lessin · Sep 7, 2023 5:00pm PDT

So much for business as usual. The abrupt ouster of Dave Clark as CEO of Flexport is not just a story about the startup world rejecting a big tech (in this case Amazon) executive. It’s not just a story about a founder who regretted stepping aside, who probably didn’t love the life of a venture capitalist and decided to jump back in. It... So much for business as usual. The abrupt ouster of Dave Clark as CEO of Flexport is not...

Dave Clark in 2018. Photo by AP.

Flexport Founder Has a CEO Change of Heart

By Martin Peers · Sep 6, 2023 5:00pm PDT

Memo to would-be CEOs: Next time a company founder approaches you about taking the reins from them, run in the opposite direction as fast as you can. As we were reminded on Wednesday, when former Amazonian Dave Clark said he was yielding the top job at freight forwarder Flexport to founder Ryan Petersen, successfully filling a founder’s shoes... Memo to would-be CEOs: Next time a company founder approaches you about taking the reins from...

Photo by Getty

Arm Value Numbers Inhabit SoftBank’s Parallel Universe

By Martin Peers · Sep 5, 2023 5:00pm PDT

It’s time for an updated edition of “Games People Play,” one dedicated to IPO marketing. The prime example could be SoftBank and the army of bankers it has on tap that are marketing the IPO for chip design firm Arm. They’re doing a masterful job in manipulating what the media thinks SoftBank wants. A few weeks ago, we saw reports that SoftBank... It’s time for an updated edition of “Games People Play,” one dedicated to IPO marketing. The...

Disney CEO Bob Iger. Photo by Los Angeles Times via Getty.

John Malone’s Charter Squeezes Disney at Vulnerable Moment

By Martin Peers · Sep 1, 2023 4:23pm PDT

Disney CEO Bob Iger. Photo by Los Angeles Times via Getty.

John Malone’s Charter Squeezes Disney at Vulnerable Moment

By Martin Peers · Sep 1, 2023 4:23pm PDT

Bob Iger’s path to rescuing Disney just ran into a roadblock. Disney’s cable channels, including ESPN, went dark on Thursday on the No. 2 cable operator, Charter Communications, amid a fight about how much Charter should pay to carry the channels. Make no mistake: This is not one of those boring cable TV industry battles that have been going on... Bob Iger’s path to rescuing Disney just ran into a roadblock. Disney’s cable channels, including...

Photo via Shutterstock.

For Software Firms, Price Increases Are Becoming a Bigger Growth Factor

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

After a flood of earnings today, from the likes of MongoDB, Broadcom and Nutanix, we’re pretty much done with tech’s latest quarterly earnings season. (Next earnings season is only six weeks away—whoopee!) As we look back at what we learned, here’s something that’s worth thinking about: Price increases for enterprise software firms are likely to... After a flood of earnings today, from the likes of MongoDB, Broadcom and Nutanix, we’re pretty...

Photo by Shutterstock.

Salesforce Delivers on Profits, but Growth Is Not What It Was

By Martin Peers · Aug 30, 2023 5:01pm PDT

It was a relaxed Marc Benioff who addressed Wall Street analysts on Wednesday afternoon, after Salesforce reported its July-quarter earnings. Not only did he tease a couple of his top executives on the call, but he waxed lyrical about his experience using Google’s Bard chatbot and talked up the potential of AI startups to revive San Francisco’s... It was a relaxed Marc Benioff who addressed Wall Street analysts on Wednesday afternoon, after...

Photo by Getty

Apple and Biden Aren’t Aligned on China

By Martin Peers · Aug 29, 2023 5:00pm PDT · 2 comments

If Apple was a country, its annual sales—nearly $400 billion last year—would make it roughly the 40th biggest economy in the world, ahead of Iran and on par with Denmark. It shouldn’t be surprising, then, that Apple appears to have its own foreign policy, one that isn’t always totally aligned with U.S. policy, at least when it comes to dealing... If Apple was a country, its annual sales—nearly $400 billion last year—would make it roughly the...

U.S. Commerce Secretary Gina Raimondo in Beijing on August 28, 2023. Photo by Getty.

Will Beijing Buy Raimondo’s Dividing Line?

By Jessica E. Lessin · Aug 28, 2023 5:01pm PDT

U.S. Commerce Secretary Gina Raimondo in Beijing on August 28, 2023. Photo by Getty.

Will Beijing Buy Raimondo’s Dividing Line?

By Jessica E. Lessin · Aug 28, 2023 5:01pm PDT

BEIJING—After five minutes of staring at the wrinkle cream and waxing products, it all started to make sense. The U.S. can trade more with China, Secretary of Commerce Gina Raimondo argued. But it will stick to products that have nothing to do with its national security, like moisturizer—or other items that contribute the vast majority of... BEIJING—After five minutes of staring at the wrinkle cream and waxing products, it all started to...

Photo via Instacart

What Instacart, Arm and Klaviyo Have in Common

By Martin Peers · Aug 25, 2023 3:00pm PDT

That special category of finance geeks who know what the term S-1 means (it’s a fancy industry term for an IPO filing) had their hands full this week, the first time in a long while we’ve seen a bunch of tech companies filing to go public. (Pause here for clapping.) After Monday’s filing by Arm, today brought filings from Instacart (known... That special category of finance geeks who know what the term S-1 means (it’s a fancy industry...

Photo by Getty.

The IPO Window Is Open. But Are Founders Ready?

By Jessica E. Lessin · Aug 24, 2023 5:00pm PDT · 1 comment

Bankers are busy. IPO lawyers are hard to reach. It’s go time again for Silicon Valley IPOs. Arm, Instacart and Klaviyo are preparing their offerings, with filings from the last two expected tomorrow. Beauty company Oddity and restaurant brand Cava have gone out and are trading above their IPO prices. Companies are hiring chief financial... Bankers are busy. IPO lawyers are hard to reach. It’s go time again for Silicon Valley...

Photo via Shutterstock

Nvidia’s Rocket-Ship Year

By Martin Peers · Aug 23, 2023 5:00pm PDT

Nvidia CEO Jensen Huang should be taking notes about his daily life. This is sure to be a year he’ll want to remember in detail. Nvidia’s dominance of chips that are vital for generative AI is translating into growth that is extraordinary for a 30-year-old company. Not only did it report better-than-projected second-quarter revenue growth of... Nvidia CEO Jensen Huang should be taking notes about his daily life. This is sure to be a year he...

Nvidia CEO Jensen Huang. Photo via Shutterstock.

Nvidia’s Hot Streak May Not Last Forever

By Jessica E. Lessin · Aug 22, 2023 5:00pm PDT

Nvidia CEO Jensen Huang. Photo via Shutterstock.

Nvidia’s Hot Streak May Not Last Forever

By Jessica E. Lessin · Aug 22, 2023 5:00pm PDT

There’s a tendency in reporting—and in life—to assume that the status quo will remain the status quo. But if there’s one thing I’ve learned as a tech reporter—one who was covering BlackBerry when the iPhone came out—it’s that the world and business are in constant flux. What’s dominant today won’t be forever. And even the tech behemoths that... There’s a tendency in reporting—and in life—to assume that the status quo will remain the status...

Microchips designed by Arm. Photo by Bloomberg via Getty.

SoftBank’s Arm IPO Win Won’t Make Up for What It Missed Out On

By Cory Weinberg · Aug 21, 2023 5:00pm PDT

Here’s a declaration the tech press doesn’t get to make very often: It’s a good day to be SoftBank. Arm, a chip designer the SoftBank Group has owned since 2016, finally released its investor prospectus this afternoon, a key step before the initial public offering expected next month. If investors bite—no sure thing, as I explain below—Arm’s... Here’s a declaration the tech press doesn’t get to make very often: It’s a good day to be...

Photo by Getty.

Why Next Week Will Be Action-Packed for Tech News Junkies

By Martin Peers · Aug 18, 2023 3:01pm PDT

Next week is promising to be action-packed for tech news, with earnings coming from some notable enterprise software names—Nvidia, Snowflake and Zoom Video. There will also likely be IPO filings from Instacart, according to Bloomberg, and Arm, according to various outlets. The IPO market seems to be awaking from its slumber. The IPO filings... Next week is promising to be action-packed for tech news, with earnings coming from some notable...

Photo via Penguin Random House

Founders Should Know When to Quit

By Jessica E. Lessin · Aug 17, 2023 5:00pm PDT · 3 comments

I’ve got a book that all founders—and probably most everyone else—should read. It’s called “Quit: The Power of Knowing When to Walk Away” by Annie Duke. And it’s suited to this moment. The news of later-stage companies fundraising at dramatically lower valuations continues with The Information’s scoop today about Ramp. I’ve got a book that all founders—and probably most everyone else—should read. It’s called “Quit:...

Photo by Shutterstock.

Intel’s Scrapped Deal Shows Power of China Antitrust Regulators

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

Photo by Shutterstock.

Intel’s Scrapped Deal Shows Power of China Antitrust Regulators

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

Believe it or not, U.S. companies’ biggest antitrust irritant may not be Lina Khan’s Federal Trade Commission. International regulators—mainly in China and Britain—are increasingly elbowing their way into foreign deals that don’t obviously require their attention. The latest example is Intel’s decision on Wednesday to walk away from its $5.4... Believe it or not, U.S. companies’ biggest antitrust irritant may not be Lina Khan’s Federal...

Photo via Shutterstock.

Don’t Fall for the Musk Distraction Machine

By Jessica E. Lessin · Aug 15, 2023 5:00pm PDT · 14 comments

For years, politicians and the public have attacked the leaders of companies like Facebook, Twitter and Google, arguing they had their “thumbs on the scales” of political discourse. Critics worried these companies had too much power over how content was amplified on their sites, were picking winners and losers in elections, and on and on.And so... For years, politicians and the public have attacked the leaders of companies like Facebook,...

Carl Icahn. Photo by Getty.

PayPal and the Activist Campaigns That Didn’t Work

By Martin Peers · Aug 14, 2023 5:05pm PDT

One of the more fun business stories of recent weeks was the pressure campaign waged by an activist investor against—wait for it—Carl Icahn, an activism icon for decades! Few other activists run public companies, as Icahn does, so we’re unlikely to see something like this repeated. But it is a good reminder that activists, who like to point out... One of the more fun business stories of recent weeks was the pressure campaign waged by an...

Photo by Getty

Why Apple Remains on Top

By Martin Peers · Aug 11, 2023 4:30pm PDT

These must be lonely times for iPhone haters. Apple’s share of the mobile market has been growing, according to IDC, which has insulated the company a little from the shrinkage in the smartphone market. (Those damn iPhones are just so easy to use!) As the 2.4% iPhone sales decline in its recently reported June-quarter results showed, though,... These must be lonely times for iPhone haters. Apple’s share of the mobile market has been...

Photo by Getty.

What ByteDance’s Financial Picture Tells Us

By Jessica E. Lessin · Aug 10, 2023 5:00pm PDT

Photo by Getty.

What ByteDance’s Financial Picture Tells Us

By Jessica E. Lessin · Aug 10, 2023 5:00pm PDT

There is something to the phrase “Follow the money.” Looking at the finances of a company can go a long way toward clearing up certain unanswered questions. And this is especially important for private enterprises, who don’t regularly disclose such information.And so, when Jing and Juro today reported extensive details about ByteDance’s... There is something to the phrase “Follow the money.” Looking at the finances of a company can go...