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

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Recent Editions

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New Revelations About Shopify’s Deliverr Sale Spotlights CEO

By Martin Peers · Jun 13, 2023 5:00pm PDT

When business historians look back at what happened in tech between 2020 and 2022, one subject they’ll likely explore is the mass suspension of disbelief that led venture capitalists, startup founders and big companies to go wild spending money on all sorts of crazy stuff. We’re now living through the retreat from those moves, which we at The... When business historians look back at what happened in tech between 2020 and 2022, one subject...

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Thoma Bravo Hits Home Run With Adenza Deal

By Martin Peers · Jun 12, 2023 5:00pm PDT

The pace of tech news is picking up—and not just because antitrust regulators in both Europe and the U.S. are busy filing new lawsuits against big tech companies. And it has little to do with the fact that Twitter is once again communicating with the news media using something other than a poop emoji. No, today’s significant tech news... The pace of tech news is picking up—and not just because antitrust regulators in both Europe and...

New York City this week. Photo by Getty.

Why the Return to the Office Is Inevitable

By Martin Peers · Jun 8, 2023 5:00pm PDT · 33 comments

For proponents of a return to working in the office, it’s two steps forward and one step back. The haze of Canadian smoke that hung over New York City and other parts of the East Coast this week gave people a reason to stay inside. Some schools shuttered their doors. People on the streets have been wearing masks. Yes, it has felt a bit like... For proponents of a return to working in the office, it’s two steps forward and one step back....

Chris Licht. Photo by Getty.

The Real CNN Drama is Cable News' Growing Irrelevance

By Martin Peers · Jun 7, 2023 5:00pm PDT

Chris Licht. Photo by Getty.

The Real CNN Drama is Cable News' Growing Irrelevance

By Martin Peers · Jun 7, 2023 5:00pm PDT

To paraphrase Tolstoy, each unhappy TV channel is unhappy in its own way. And as illustrated by the leadup to the Wednesday exit of CNN’s CEO, Chris Licht, the cable news channel hasn’t been a happy place lately. That’s not likely to change now that Licht is gone. Beyond the gossipy drama behind his departure is the reality that CNN and its... To paraphrase Tolstoy, each unhappy TV channel is unhappy in its own way. And as illustrated by...

Roelof Botha. Photo by Getty.

What Sequoia Should Have Said

By Jessica E. Lessin · Jun 6, 2023 5:00pm PDT · 1 comment

I remember my jaw dropping last year when The Information’s Juro Osawa reported that Sequoia China was in talks to raise more than $8 billion in new funding from U.S. investors and others.I was baffled. I just couldn’t imagine that Sequoia, which had picked a slew of winners in the U.S. and China ranging from Google to Meituan, was going to... I remember my jaw dropping last year when The Information’s Juro Osawa reported that Sequoia...

The Apple Vision Pro Headset. Photo by Getty.

Apple’s New Headset Makes Meta Look Like AR’s BlackBerry

By Martin Peers · Jun 5, 2023 5:00pm PDT · 1 comment

Apple may have just BlackBerried Meta Platforms’ Quest devices. Apple’s presentation of its mixed-reality headset, the Vision Pro, on Monday seems likely to spell the beginning of the end for Meta’s ambitions in augmented reality and virtual reality. Remarkably, given the endless amounts of media coverage devoted to this device over the past... Apple may have just BlackBerried Meta Platforms’ Quest devices. Apple’s presentation of its...

A screenshot from the Meta Quest 3 launch video.

Let The Mixed-Reality Headset Games Begin

By Scott Thurm · Jun 1, 2023 5:00pm PDT

You don’t need special glasses to see why Meta Platforms announced its latest mixed-reality headset, the Quest 3, on Thursday, just days before Apple is expected to unveil its own entry to the field. CEO Mark Zuckerberg has literally bet the company, and its name, on the metaverse, but the results so far have been disappointing. It’s been... You don’t need special glasses to see why Meta Platforms announced its latest mixed-reality...

Photo by Bloomberg

How Activists Proved to be Salesforce’s ‘Superpower’

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

Photo by Bloomberg

How Activists Proved to be Salesforce’s ‘Superpower’

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

These corporate efficiency initiatives really work! Salesforce’s April-quarter earnings report Wednesday showed an operating profit of $412 million, a 5% margin, compared with $20 million a year earlier, which equated to a margin of 0.27%. The reason was lower expenses—research and development costs fell 8.4% while marketing expenses dropped... These corporate efficiency initiatives really work! Salesforce’s April-quarter earnings report...

Sam Altman. Photo by Bloomberg.

Why AI Scientists Are Freaking Us Out

By Martin Peers · May 30, 2023 5:00pm PDT · 2 comments

Well that’s one way to get attention. According to a statement issued today by a bunch of leading names in AI, “mitigating the risk of extinction from AI should be a global priority.” Right. It’s hard to imagine anyone out there disagrees—who but the most extreme misanthrope wants to extinguish the human race? The question, then, is why the very... Well that’s one way to get attention. According to a statement issued today by a bunch of leading...

Sam Altman. Photo by Bloomberg.

Big Tech Investors Have Drunk the AI Kool-Aid

By Jessica E. Lessin · May 25, 2023 5:00pm PDT

Since 100% of the conversations I have on a given day turn to artificial intelligence, I can’t stop thinking about the new technology, the new business models around it and how regulators will respond. And if I am being honest with myself, the answer to most of the questions that come up in these conversations is that I simply have no idea how... Since 100% of the conversations I have on a given day turn to artificial intelligence, I can’t...

Nvidia CEO Jensen Huang. Photo by Bloomberg.

Nvidia’s AI Victory Lap

By Amir Efrati · May 24, 2023 5:31pm PDT · 1 comment

The most important acronym in business right now is AI, but another one—GPU—isn’t far behind. Today’s earnings forecast from chip designer Nvidia, which makes graphics processing units that power ChatGPT and its ilk, shows what surging demand for the data center chip is worth. Nvidia said it expected to generate about $11 billion in revenue... The most important acronym in business right now is AI, but another one—GPU—isn’t far behind....

BuzzFeed CEO Jonah Peretti. Photo by Getty.

BuzzFeed’s Chatbot Mistake, Bing’s Big Goal

By Jessica E. Lessin · May 23, 2023 5:00pm PDT

BuzzFeed CEO Jonah Peretti. Photo by Getty.

BuzzFeed’s Chatbot Mistake, Bing’s Big Goal

By Jessica E. Lessin · May 23, 2023 5:00pm PDT

It’s been refreshing to hear BuzzFeed CEO Jonah Peretti declare that the era of media riding social media is over. But it’s depressing to hear his views on what’s next.Today, BuzzFeed announced a chatbot that helps people find recipes and said it hopes to charge subscription fees for similar services in the future. It’s part of the company’s... It’s been refreshing to hear BuzzFeed CEO Jonah Peretti declare that the era of media riding...

Photo by Bloomberg.

Europe’s Meta Ruling Tangles Web

By Martin Peers · May 22, 2023 5:00pm PDT

If you’re prone to narcolepsy, don’t try reading the European Data Protection Commission report on Meta Platforms’ data transfers, which led to today’s $1.3 billion fine of the Facebook owner. The report is so dry it makes the Sahara look like a rainforest. That’s a pity because it’s dealing with something of significance to everyone in the... If you’re prone to narcolepsy, don’t try reading the European Data Protection Commission report...

Apple CEO Tim Cook. Photo by Bloomberg.

Don’t Dismiss Apple’s Mixed-Reality Headset Just Yet

By Jessica E. Lessin · May 18, 2023 5:00pm PDT · 3 comments

When I attended a press event showcasing the Apple Watch back in 2015, I wasn’t impressed. I didn’t really care about the custom gold alloys the company bragged about or think that people would buy it for a price that would go as high as $10,000 (for the very fancy version).Of course, I was wrong about the overall product. Today, the Apple Watch... When I attended a press event showcasing the Apple Watch back in 2015, I wasn’t impressed. I didn...

Photo by Bloomberg

WeWork Sinks Lower as Its Task Ahead Grows Taller

By Martin Peers · May 17, 2023 5:00pm PDT

There’s a saying that “old soldiers never die, they just fade away.” You could apply that to a bunch of money-losing companies in the (very broadly defined) tech sector that are still hanging around such as Lyft, Bird Global and BuzzFeed. But the best example would have to be WeWork, which has deflated like a blowup swimming pool with a puncture... There’s a saying that “old soldiers never die, they just fade away.” You could apply that to a...

Linda Yaccarino, incoming CEO of Twitter. Photo by Getty.

Musk and Yaccarino Are Bound to Clash

By Jessica E. Lessin · May 16, 2023 5:00pm PDT · 1 comment

Linda Yaccarino, incoming CEO of Twitter. Photo by Getty.

Musk and Yaccarino Are Bound to Clash

By Jessica E. Lessin · May 16, 2023 5:00pm PDT · 1 comment

As I have been digesting the news that Elon Musk is going to officially install NBC advertising veteran Linda Yaccarino as head of Twitter, I’m perplexed. In at least one dimension that seems fairly important to Musk—thriftiness—I suspect they are worlds apart. Yaccarino has spent her career wooing Madison Avenue in all the ways heads... As I have been digesting the news that Elon Musk is going to officially install NBC advertising...

Photo via Shutterstock

How Vice Media Became a Money Pit

By Martin Peers · May 15, 2023 5:00pm PDT

There is such a thing as having too much money. At least, that is, if you’re a startup, as was clear in the paperwork accompanying today’s bankruptcy filing by Vice Media, famously valued at $5.7 billion a few years ago (mostly thanks to the blustery claims of its founder, Shane Smith). This court filing today by a restructuring executive at... There is such a thing as having too much money. At least, that is, if you’re a startup, as was...

Masayoshi Son. Photo by Bloomberg.

SoftBank’s Missed AI Call

By Martin Peers · May 11, 2023 5:00pm PDT

What do you call a visionary who fails to act on their own vision? Masayoshi Son. The SoftBank chief was a prominent advocate for artificial intelligence for at least the past six years, long before OpenAI’s ChatGPT woke the world to AI’s potential. But lately, as everyone and their dog rushes to put money into AI startups, SoftBank has been... What do you call a visionary who fails to act on their own vision? Masayoshi Son. The SoftBank...

Jack Dorsey, CEO of Block, and Jay-Z, former owner of Tidal. Photos by Bloomberg and Shutterstock.

What Block’s ‘Terrible Business Decision’ Means

By Martin Peers · May 10, 2023 5:00pm PDT

We have lots of news today, including Disney’s change of heart on Hulu (see below) and Google’s blizzard of new product announcements at its annual developer conference. For more on Google, see here. But arguably the most important though little-covered news story this week was a Delaware court’s decision on Tuesday to reject a shareholder... We have lots of news today, including Disney’s change of heart on Hulu (see below) and Google’s...

Photo by Getty.

Creators Are Unlikely to Get the Collective Action They Deserve

By Jessica E. Lessin · May 9, 2023 5:00pm PDT · 2 comments

Photo by Getty.

Creators Are Unlikely to Get the Collective Action They Deserve

By Jessica E. Lessin · May 9, 2023 5:00pm PDT · 2 comments

Before we get to today’s column, I must point you all to the news that ousted Fox host Tucker Carlson is planning to launch a show on Twitter—if he can first win a legal battle with Fox. You can read that great scoop here. The news reminds me of a column I wrote when Musk bought Twitter. I said he was doing it to become Rupert Murdoch. As... Before we get to today’s column, I must point you all to the news that ousted Fox host Tucker...