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

Zenia Mucha. Photo by Getty. Art by Shane Burke.

Can a Hollywood Operator Help TikTok? That Didn’t Go So Well the First Time

By Jessica E. Lessin · Jun 22, 2023 5:17pm PDT · 1 comment

“Terrifying.”That was the word from a longtime Hollywood hand when I asked for the person’s reaction to Disney’s former communications czar, Zenia Mucha, joining TikTok to lead brand marketing and communications. For a little context, Mucha is known as one of the toughest and best communications leaders in the land. For two decades, she ran... “Terrifying.”That was the word from a longtime Hollywood hand when I asked for the person’s...

Photo by Getty.

What the FTC Misses With Amazon Lawsuit

By Martin Peers · Jun 21, 2023 5:00pm PDT · 4 comments

In its war on big tech, the Federal Trade Commission has opened a new front. In a lawsuit filed against Amazon today, the FTC accused the e-commerce giant of duping millions of consumers into “unknowingly” enrolling in its Amazon Prime service and then making it really difficult for them to cancel. So this is what Amazon founder Jeff Bezos meant... In its war on big tech, the Federal Trade Commission has opened a new front. In a lawsuit filed...

The Alibaba offices in Beijing. Photo by Bloomberg.

Investors Miss The Big Picture On Alibaba Shakeup

By Martin Peers · Jun 20, 2023 5:00pm PDT

Talk about falling out of favor. Alibaba’s news today that its chair and CEO Daniel Zhang would step down so he can focus on the spinoff of Alibaba’s cloud unit—which he will continue to run—sent the company’s shares down 4.5%. That makes little sense on a number of levels. For one thing, as we wrote last year, there have long been questions... Talk about falling out of favor. Alibaba’s news today that its chair and CEO Daniel Zhang would...

Photo by Getty

Cava Is No Cure for IPO Indigestion

By Cory Weinberg · Jun 15, 2023 5:02pm PDT

Photo by Getty

Cava Is No Cure for IPO Indigestion

By Cory Weinberg · Jun 15, 2023 5:02pm PDT

Fast-casual Mediterranean chain Cava, celebrating its public debut, handed out spicy falafel outside the New York Stock Exchange earlier today. Investors must like feta. The company’s stock finished the day up 99% from its initial public offering selling price. That’s a positive sign for the dormant IPO market, no doubt. But those venture... Fast-casual Mediterranean chain Cava, celebrating its public debut, handed out spicy falafel...

Margrethe Vestager via Getty

Why the European Antitrust Case Against Google Might or Might Not Matter

By Martin Peers · Jun 14, 2023 5:00pm PDT

Margrethe Vestager must have been getting a little antsy. The European Commission antitrust boss has been relatively quiet lately even as her British counterpart has been throwing punches at big tech companies, including by forcing Meta Platforms to divest Giphy and then blocking Microsoft’s purchase of Activision. In contrast, the Europeans... Margrethe Vestager must have been getting a little antsy. The European Commission antitrust boss...

Photo by Getty

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...

Photo by Getty

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

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

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

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

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

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

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

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...