The Information

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JPMorgan Culling First Republic Bank’s Personal Credit Lines

By Maria Heeter and Michael Roddan · May 25, 2023 10:02am PDT · 1 comment

JPMorgan has told customers with personal credit lines at First Republic Bank that it will no longer offer those lines when they come up for renewal, according to correspondence viewed by The Information. The failed lender, which has been sold to JPMorgan, had offered personal lines of credit to its wealthy client base as a key way of attracting... JPMorgan has told customers with personal credit lines at First Republic Bank that it will no...

Microsoft's Satya Nadella, left, and Peter Lee. Photo by Bloomberg, Microsoft

How Microsoft Swallowed Its Pride to Make a Massive Bet on OpenAI

By Aaron Holmes · May 25, 2023 6:00am PDT · 15 comments

Satya Nadella didn’t want to hear it. Last December, Peter Lee, who oversees Microsoft’s sprawling research efforts, was briefing Nadella, Microsoft’s CEO, and his deputies about a series of tests Microsoft had conducted of GPT-4, the then-unreleased new artificial intelligence large-language model built by OpenAI. Lee told... Satya Nadella didn’t want to hear it. Last December, Peter Lee, who oversees...

Photo by Tony Webster via Flickr

After Years of Resistance, AWS Opens Checkbook for Open-Source Providers

By Kevin McLaughlin and Anissa Gardizy · May 24, 2023 8:00am PDT · 2 comments

Several years ago, providers of open-source software had a beef with Amazon Web Services. They complained that AWS was selling cloud-based versions of their software, depriving them of hundreds of millions of dollars in annual revenue. The dispute was a public relations nightmare for AWS and risked inviting trouble from competition regulators.... Several years ago, providers of open-source software had a beef with Amazon Web Services. They...

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Google and OpenAI’s Next Battleground: Firefox?

By Jon Victor · May 23, 2023 6:00am PDT · 1 comment

Photo by Bloomberg

Google and OpenAI’s Next Battleground: Firefox?

By Jon Victor · May 23, 2023 6:00am PDT · 1 comment

The race between Google, OpenAI and Microsoft for chatbot supremacy has only just begun. But the companies may soon compete to put their artificial intelligence–powered chatbots in front of nearly 200 million people who use Mozilla’s Firefox web browser each month. Mozilla plans to prominently feature a chatbot like Google’s... The race between Google, OpenAI and Microsoft for chatbot supremacy has only just begun. But the...

Art by Mike Sullivan.

YouTube Undercuts Amazon on Streaming Push

By Sahil Patel · May 19, 2023 6:00am PDT

YouTube and Netflix are the most-watched streaming services in America. But it is Amazon that has come closest to building a streaming version of cable TV with its Prime Video Channels service, which lets Prime subscribers easily sign up for a wide range of streaming services run by other companies. It’s an enormously profitable business,... YouTube and Netflix are the most-watched streaming services in America. But it is Amazon that has...

Instacart CEO Fidji Simo. Photo by Getty.

Instacart’s Ad Business Surges

By Cory Weinberg · May 18, 2023 6:00am PDT · 5 comments

Instacart has become an advertising powerhouse. The grocery-delivery firm’s ad revenue totaled about $740 million last year, up 30% from 2021, according to a person familiar with the matter. That’s a striking increase, given that the digital ad market was largely stagnant last year. Nearly 30% of Instacart’s 2022 revenue came... Instacart has become an advertising powerhouse. The grocery-delivery firm’s ad revenue...

Sridhar Ramaswamy. Photo by Getty

Snowflake in Talks to Buy Search Startup Neeva in AI Push

By Kevin McLaughlin, Jon Victor and Amir Efrati · May 17, 2023 1:36pm PDT · 6 comments

Database software provider Snowflake has been in advanced talks to acquire Neeva, a search startup founded by former top Google ad tech executive Sridhar Ramaswamy, according to a person with direct knowledge of the discussions. Buying Neeva could help Snowflake offer artificial intelligence software that helps companies search for information... Database software provider Snowflake has been in advanced talks to acquire Neeva, a search...

Workers at a Veho facility in Atlanta in 2021. Photo by Bloomberg.

SoftBank-Backed Veho Struggles as Logistics Startups Fail to Deliver

By Ann Gehan · May 17, 2023 6:00am PDT

Workers at a Veho facility in Atlanta in 2021. Photo by Bloomberg.

SoftBank-Backed Veho Struggles as Logistics Startups Fail to Deliver

By Ann Gehan · May 17, 2023 6:00am PDT

After landing nearly $300 million from investors including SoftBank and Tiger Global Management in back-to-back funding rounds in late 2021 and early 2022, delivery startup Veho planned an ambitious expansion that would bring its home dropoff services to 50 cities across the U.S. by the end of last year. But Veho, which offers package deliveries... After landing nearly $300 million from investors including SoftBank and Tiger Global Management...

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PayPal, Under Shareholder Pressure, Looks to Sell Xoom

By Cory Weinberg and Maria Heeter · May 16, 2023 3:57pm PDT

PayPal has been seeking buyers for Xoom, a service that allows people to transfer money internationally, according to a person familiar with the matter. The sale efforts could signal that activist investor Elliott Management, which accumulated a stake last year, is having an impact on PayPal’s strategic thinking. PayPal acquired Xoom... PayPal has been seeking buyers for Xoom, a service that allows people to transfer money...

Elon Musk at a Tesla event in Corpus Christi, Texas, on May 8. Photo via YouTube/Tesla

Musk Tells Tesla Staff He Must Approve All Hiring—Again

By Becky Peterson · May 15, 2023 11:57am PDT · 3 comments

Just a few days after appointing a new CEO for Twitter, Elon Musk is back to micromanaging Tesla. In an email to staff at the electric vehicle maker on Monday, Musk said that Tesla can make no new hires unless he personally approves them, including contractors. He told executives to send him a list of hiring requests on a weekly basis, while... Just a few days after appointing a new CEO for Twitter, Elon Musk is back to micromanaging Tesla....

Photo via Bakkt.

Crypto Firm Bakkt Delists Tokens as Regulatory Pressures Mount

By Aidan Ryan · May 12, 2023 12:03pm PDT

Bakkt, the new owner of a crypto custody and clearing provider that helps fintech companies like Public.com and Webull offer crypto trading, is removing support for 25 of the 36 tokens it offers, a spokesperson confirmed. The decision, which impacts popular tokens like uniswap and avalanche, marks the latest example of companies pulling back on... Bakkt, the new owner of a crypto custody and clearing provider that helps fintech companies like...

Art by Mike Sullivan.

TikTok Tests Exclusive Deals With Music Artists, Edging Into Labels’ Turf

By Erin Woo and Kalley Huang · May 12, 2023 6:00am PDT

Art by Mike Sullivan.

TikTok Tests Exclusive Deals With Music Artists, Edging Into Labels’ Turf

By Erin Woo and Kalley Huang · May 12, 2023 6:00am PDT

Over the past few years, TikTok has become a viral hitmaker, sending musical artists like Lil Nas X to the top of the record charts and propelling the careers of Olivia Rodrigo and Megan Thee Stallion. Now TikTok’s parent, ByteDance, is angling to play a bigger role in these artists’ careers, which could reduce the increasingly steep... Over the past few years, TikTok has become a viral hitmaker, sending musical artists like Lil Nas...

Changpeng Zhao. Photo by AP.

Binance.US Explores Ways to Cut Founder Changpeng Zhao’s Majority Stake

By Aidan Ryan and Erin Woo · May 11, 2023 3:32pm PDT

Binance.US and Changpeng Zhao, the crypto exchange’s founder, majority owner and chair, have been exploring ways to reduce his stake in the company, two people familiar with the matter said. Zhao has been trying to sell at least some of his stake since last summer, one of the people said. And in recent weeks, since the Commodity Futures... Binance.US and Changpeng Zhao, the crypto exchange’s founder, majority owner and chair,...

Tesla's Tom Zhu. Screenshot via YouTube. Photo of Tesla's Cybertruck by Bloomberg. Art by Mike Sullivan.

Tom Zhu: The Hardcore Tesla Executive Who Gets Stuff Done for Elon Musk

By Becky Peterson · May 10, 2023 8:00am PDT · 1 comment

For Tesla employees, the sight of Tom Zhu’s face early this year around the electric car maker’s factory in Austin, Texas, was a relief. For months, the absence of key Tesla executives in Austin had paralyzed the multimillion-dollar purchasing decisions required to build out the assembly line for its newest vehicle, a futuristic... For Tesla employees, the sight of Tom Zhu’s face early this year around the electric car...

Yusuf Mehdi, Microsoft Consumer Chief Marketing Officer, at the Bing chatbot launch in February. Photo by Getty

Microsoft Eyes Firefox Search Deal as Bing Chatbot Gains Sputter

By Aaron Holmes · May 10, 2023 6:00am PDT · 5 comments

In February, Microsoft’s Bing search engine launched a chatbot that gives humanlike answers to questions, a feature CEO Satya Nadella said would energize Bing and pressure web-search leader Google. But Bing has barely eked out any gains against Google in the past few months, new data show. That reality may leave Bing with only one option... In February, Microsoft’s Bing search engine launched a chatbot that gives humanlike answers...

Safra Katz, CEO of Oracle, and Satya Nadella, CEO of Microsoft. Photos by Bloomberg

Microsoft and Oracle Discussed Sharing AI Servers to Solve Shortage

By Aaron Holmes and Anissa Gardizy · May 9, 2023 4:01pm PDT · 3 comments

Safra Katz, CEO of Oracle, and Satya Nadella, CEO of Microsoft. Photos by Bloomberg

Microsoft and Oracle Discussed Sharing AI Servers to Solve Shortage

By Aaron Holmes and Anissa Gardizy · May 9, 2023 4:01pm PDT · 3 comments

Oracle and Microsoft recently discussed an unusual agreement to rent servers from each other if either company runs out of computing power for cloud customers that use large-scale artificial intelligence, according to a person with direct knowledge of the negotiations. A deal would help the two rival cloud providers meet surging demand for... Oracle and Microsoft recently discussed an unusual agreement to rent servers from each other if...

A customer taps into an Amazon Go store in Whittier, Calif on September 12, 2022. Photo by Orange County Register via Getty.

How Amazon’s Big Bet on ‘Just Walk Out’ Stumbled

By Theo Wayt · May 9, 2023 6:00am PDT · 13 comments

In 2020, Amazon went on a blitz offering up the grab-and-go cashierless technology behind its Amazon Go convenience stores to large retailers around the world. That included offering up the Just Walk Out technology to Woolworths, the largest retailer by revenue in Australia, according to a person with knowledge of the talks. And executives at... In 2020, Amazon went on a blitz offering up the grab-and-go cashierless technology behind its...

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As Hollywood Writers Strike, Momentum Grows for Creator Labor Movement

By Kaya Yurieff · May 9, 2023 4:00am PDT · 3 comments

Creator economy workers are taking a fresh stab at labor organizing. A group of digital influencers and professionals who work with them has started an effort to push tech companies to increase creators’ compensation and take action on other issues, including unexplained removals of creators’ accounts from apps, according... Creator economy workers are taking a fresh stab at labor organizing. A group of digital...

Google and Microsoft’s Other AI Race: Server Chips

By Anissa Gardizy · May 8, 2023 7:00am PDT · 9 comments

Amazon, Microsoft and Google are known for their software, but now they are collectively spending billions of dollars to develop and produce microchips to power servers and artificial intelligence. As the companies’ AI and cloud rivalries grow, the chip projects are becoming a critical part of their strategy to reduce costs and win over... Amazon, Microsoft and Google are known for their software, but now they are collectively spending...

A presentation at Amazon's NewFront Conference on May 1. Photo by Getty.

Amazon Plans to Generate Photos and Videos for Advertisers Using AI

By Theo Wayt · May 5, 2023 1:45pm PDT

A presentation at Amazon's NewFront Conference on May 1. Photo by Getty.

Amazon Plans to Generate Photos and Videos for Advertisers Using AI

By Theo Wayt · May 5, 2023 1:45pm PDT

Amazon is building a team to work on artificial intelligence tools that will generate photos and videos for merchants to use in advertising campaigns on its platform, a company spokesperson confirmed, efforts that could help diversify its ad business. Amazon's ad business has grown by double-digit percentages every quarter since Amazon... Amazon is building a team to work on artificial intelligence tools that will generate photos and...