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

Compass CEO and founder Robert Reffkin. Photo by Bloomberg.

The Briefing: Compass, Deliveroo Show Fundamentals Still Count

By Martin Peers · Mar 31, 2021 5:02pm PDT · 1 comment

When you’re hot, you’re hot, like an electric vehicle startup on Wall Street today. And when you’re not, you’re...Compass or Deliveroo. That’s the takeaway from a day of extremes on the stock market. In London, Deliveroo, the U.K. restaurant meal delivery service, tanked on its public debut, falling 26% below its... When you’re hot, you’re hot, like an electric vehicle startup on Wall Street today....

Broadcom's Silicon Valley headquarters. Photo by Bloomberg

The Briefing: Amazon Is Turning Its Back on Broadcom

By Martin Peers · Mar 30, 2021 5:01pm PDT

You know you’re playing an extreme version of hardball when you’ve scared off Amazon. As we reported today, Broadcom has so alienated Amazon with its unfriendly tactics that the cloud computing giant is working on its own networking switch chip. Amazon’s plan is to no longer do business with Broadcom. If this isn’t a sign... You know you’re playing an extreme version of hardball when you’ve scared off Amazon....

A Deliveroo courier in London last year. Photo by Bloomberg

The Briefing: Deliveroo Lowers IPO Expectations, Amazon’s Union Vote

By Martin Peers · Mar 29, 2021 5:02pm PDT

Amazon-backed restaurant-meal delivery service Deliveroo on Monday downgraded the pricing expectations for its London IPO, showing just how much market conditions have changed. Just a few months ago, investors were tripping over themselves in their rush to buy into IPOs. In December, the offering of DoorDash, the U.S. equivalent of Deliveroo,... Amazon-backed restaurant-meal delivery service Deliveroo on Monday downgraded the pricing...

A WeWork office in San Diego. Photo by Bloomberg.

The Briefing: Blizzard of Deals, Despite a Choppy Market

By Martin Peers · Mar 26, 2021 5:31pm PDT

A WeWork office in San Diego. Photo by Bloomberg.

The Briefing: Blizzard of Deals, Despite a Choppy Market

By Martin Peers · Mar 26, 2021 5:31pm PDT

Deal activity is as intense as ever, despite some volatility in the market. Today we got the details of WeWork’s planned SPAC merger, which will bring the co-working firm to the public market 18 months after its aborted IPO. Used-clothing e-commerce site ThredUp went public with a big pop. We also learned that news outlets Axios and The... Deal activity is as intense as ever, despite some volatility in the market. Today we got the...

Twitter CEO Jack Dorsey appearing at Thursday's virtual congressional hearing, as seen on a computer screen. Photo by Bloomberg.

The Briefing: Tech Executives Turn Feisty

By Martin Peers · Mar 25, 2021 5:01pm PDT

Tech executives appear to be tiring of being treated as political punching bags and are pushing back, at least a little. Leading that charge was Amazon retail chief Dave Clark, who in a series of tweets yesterday attacked Sen. Bernie Sanders for Vermont’s lower-than-Amazon’s minimum wage. “The [senator] should save his finger... Tech executives appear to be tiring of being treated as political punching bags and are pushing...

Attendees at a Japanese anime convention in 2016. Photo by Bloomberg.

The Briefing: How the DOJ Might Strengthen Netflix at Sony’s Expense

By Martin Peers · Mar 24, 2021 5:00pm PDT

You might think antitrust lawyers at the Justice Department would be crazy busy, what with the lawsuit they have going against Google, as well as an investigation underway into Apple, as well as deals outside of tech. And yet, as we reported today, the DOJ has decided to undertake a close review of...wait for it… Sony’s $1.2 billion... You might think antitrust lawyers at the Justice Department would be crazy busy, what with the...

Adam Selipsky. Photo by Tableau

The Briefing: Amazon’s Unexpected AWS Choice

By Martin Peers · Mar 23, 2021 5:01pm PDT

Amazon surprised the enterprise software industry with its choice of Adam Selipsky, chief of Salesforce’s Tableau unit, to succeed Andy Jassy as CEO of the cloud unit. Selipsky is a onetime lieutenant to Jassy, who is moving upstairs to Jeff Bezos’ job. So he has the experience for the role. But Selipsky had been seen as a possible... Amazon surprised the enterprise software industry with its choice of Adam Selipsky, chief of...

Microsoft's Redmond, Washington campus. Photo by Bloomberg

The Briefing: Microsoft Starts Return to Office

By Martin Peers · Mar 22, 2021 5:31pm PDT

Microsoft's Redmond, Washington campus. Photo by Bloomberg

The Briefing: Microsoft Starts Return to Office

By Martin Peers · Mar 22, 2021 5:31pm PDT

We’re inching closer to normal life. Microsoft’s announcement that next Monday it will start reopening its Redmond, Wash., campus to employees now working at home suggests that, a year after a wave of companies mandated remote work, the momentum is reversing. If the experience of last year is anything to go by, once one big company... We’re inching closer to normal life. Microsoft’s announcement that next Monday it...

Traders on the floor of the New York Stock Exchange earlier this month. Photo by Bloomberg.

The Briefing: Market Jitters and IPO Planning

By Martin Peers · Mar 19, 2021 5:32pm PDT

What a week! The stock market seemed to be doing its best imitation of a yo-yo, with hour-by-hour gyrations that made it harder than usual to predict in the morning whether it would end the day up or down. Pity any executive who is trying to plan for a public market debut later this year: Trying to guess where the market might be in six days,... What a week! The stock market seemed to be doing its best imitation of a yo-yo, with hour-by-hour...

Kansas City Chiefs playing Tampa Bay Buccaneers during the Super Bowl last month. Photo by AP.

The Briefing: Big Entertainment’s High-Risk NFL Deals

By Martin Peers · Mar 18, 2021 5:31pm PDT

We had some big news in the streaming video world today: NFL games will be available on several streaming services in addition to existing TV networks starting in 2023, as a result of new deals between the football league, Amazon and most of the big entertainment companies. The new deals are extraordinarily expensive, costing the companies... We had some big news in the streaming video world today: NFL games will be available on several...

Amazon founder Jeff Bezos. Photo by Bloomberg

The Briefing: The Challenge Facing Amazon M.D.

By Martin Peers · Mar 17, 2021 5:02pm PDT

It’s getting harder to think of any aspect of American life that Amazon isn’t now trying to serve. The company ticked the health care box on Wednesday by unveiling Amazon Care, an on-demand health care business, designed as a service companies can offer their employees. Amazon’s description of the service makes it sound like a... It’s getting harder to think of any aspect of American life that Amazon isn’t now...

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg.

The Briefing: What BuzzFeed and Vice SPAC Talks Show

By Martin Peers · Mar 16, 2021 5:01pm PDT · 1 comment

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg.

The Briefing: What BuzzFeed and Vice SPAC Talks Show

By Martin Peers · Mar 16, 2021 5:01pm PDT · 1 comment

It turns out SPAC deals aren’t a surefire way to riches for every company executive. That’s one takeaway from our report this morning that neither BuzzFeed nor Vice Media are likely to recapture their 2016-17 era peak valuations when they merge with a special purpose acquisition company to go public. Instead, shareholders in both... It turns out SPAC deals aren’t a surefire way to riches for every company executive....

Netflix Co-CEO Reed Hastings. Photo by Bloomberg.

The Briefing: Netflix Wins Oscar Nominations, Loses Wall Street

By Martin Peers · Mar 15, 2021 5:31pm PDT · 2 comments

This year’s Academy Awards ceremony on April 25 will air on Disney’s ABC network, as it has for many years. But it could well be Netflix’s show, judging by the 35 award nominations received by Netflix movies Monday morning, including 10 for “Mank.” Not only does Netflix dominate the streaming side of television,... This year’s Academy Awards ceremony on April 25 will air on Disney’s ABC network, as...

Microsoft president Brad Smith. Photo by Bloomberg.

The Daily Briefing: Behind Microsoft’s Attacks on Google

By Martin Peers · Mar 12, 2021 5:32pm PST

A public brawl between two big companies is always fun to watch. It doesn’t happen very often, as most business executives go to great lengths to avoid saying anything in public remotely colorful (that’s one reason why Elon Musk is so much fun to watch). So the war of words between Microsoft and Google on Friday, triggered by... A public brawl between two big companies is always fun to watch. It doesn’t happen very...

Democratic Senator Amy Klobuchar. Photo by Bloomberg

Why Tech Breakups Could Be Good for Shareholders: The Information’s Tech Briefing

By Martin Peers · Mar 11, 2021 5:02pm PST

Democrats in Congress are starting work on changes to antitrust laws that would make it tougher for big companies—most obviously big tech firms—to do acquisitions. Along with antitrust action already begun, the legislation being discussed could even end up forcing tech giants to divest existing businesses. Tech firms are sure to... Democrats in Congress are starting work on changes to antitrust laws that would make it tougher...

Roblox's web site. Photo by Bloomberg

What Roblox’s Public Debut Says About Direct Listings: The Information’s Tech Briefing

By Martin Peers · Mar 10, 2021 5:31pm PST · 11 comments

Roblox's web site. Photo by Bloomberg

What Roblox’s Public Debut Says About Direct Listings: The Information’s Tech Briefing

By Martin Peers · Mar 10, 2021 5:31pm PST · 11 comments

Roblox stock soared on its first day as a public company, closing a touch below $70 and valuing the gaming firm at about $38 billion. Assuming the stock stays that high, it means a very quick profit for venture capitalists who bought stock in Roblox’s last private fundraising at $45 a share in January. And that points to a flaw in the main... Roblox stock soared on its first day as a public company, closing a touch below $70 and valuing...

Sen. Elizabeth Warren. Photo by Bloomberg

What U.S. Tech Is Missing Out On: The Information’s Tech Briefing

By Martin Peers · Mar 9, 2021 5:31pm PST

Our story today about Tencent’s enormous investment gains points to a path not taken by the U.S. tech giants in deploying their vast cash resources. The article revealed that Tencent has built up an investment portfolio of stakes in nearly 1,200 companies, the vast majority of which are privately held. Can you imagine the political... Our story today about Tencent’s enormous investment gains points to a path not taken by the...

An attendee at an Oculus conference in 2019 trying out the Quest virtual reality headset and controllers. Photo by Bloomberg.

Inside Facebook’s AR/VR Strategy: The Information’s Tech Briefing

By Martin Peers · Mar 8, 2021 5:02pm PST

Facebook CEO Mark Zuckerberg showed how much he is focused on the future, rather than on current-day topics like disinformation and content moderation, in an extensive interview he gave The Information about augmented reality and virtual reality. His ambitions sound grand—“one day I want people to be able to teleport around.”... Facebook CEO Mark Zuckerberg showed how much he is focused on the future, rather than on...

Microstrategy CEO Michael Saylor appearing virtually at a recent crypto conference. Photo by Bloomberg.

The Data Company Going All In on Bitcoin: The Information’s Tech Briefing

By Martin Peers · Mar 5, 2021 5:31pm PST · 4 comments

The number of public companies with core exposure to bitcoin is growing. Today bitcoin miner Cipher Mining Technologies said it would merge with a SPAC called Good Works. The big one, Coinbase, is planning to go public soon. And then there is Microstrategy, a publicly traded data analytics software firm that has basically mortgaged its future on... The number of public companies with core exposure to bitcoin is growing. Today bitcoin miner...

Jack Dorsey (left) and Jay Z. Photos by Bloomberg; AP

Dorsey Gives Jay-Z a Square Deal: The Information’s Tech Briefing

By Martin Peers · Mar 4, 2021 5:30pm PST

Jack Dorsey (left) and Jay Z. Photos by Bloomberg; AP

Dorsey Gives Jay-Z a Square Deal: The Information’s Tech Briefing

By Martin Peers · Mar 4, 2021 5:30pm PST

Square’s steady revenue growth and surging stock price has, until now, made it a bona fide business success for Jack Dorsey, much more so than the CEO’s other company, Twitter. But Square’s bizarre decision to buy a majority stake in music streaming service Tidal for nearly $300 million suggests Dorsey is losing focus. Perhaps... Square’s steady revenue growth and surging stock price has, until now, made it a bona fide...