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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Tech Revives Nuclear

By Martin Peers · Oct 16, 2024 5:00pm PDT

Big tech has well and truly gone nuclear. Amazon’s announcement today that it has signed three deals for the development of nuclear power reactors—including leading a $500 million funding round for a reactor developer called X-energy (not related to the X-obsessed Elon Musk)—demonstrates clearly how the tech industry is helping to revive nuclear... Big tech has well and truly gone nuclear. Amazon’s announcement today that it has signed three...

Steve Schwarzman, co-founder and CEO of Blackstone. Photo via Getty.

Blackstone's Giant Data Center Bet

By Martin Peers · Oct 15, 2024 5:00pm PDT · 1 comment

Big tech companies don’t report September-quarter earnings until the end of this month. But you don’t have to wait until then to get an update on the artificial intelligence data center gold rush that’s now underway. Instead, just tune in to Blackstone’s earnings call on Thursday.The giant investment firm has emerged as one of the big global... Big tech companies don’t report September-quarter earnings until the end of this month. But you...

Photo via Adobe.

Netflix’s Earnings Will Test Pricey Stock

By Martin Peers · Oct 14, 2024 5:00pm PDT

It may feel like we’ve just finished earnings season—but hey, time flies when you’re having fun. Yes, earnings are upon us again. Netflix, as always, kicks off tech’s roster of quarterly reports on Thursday. And there are a bunch of recent buyers of Netflix stock who have much riding on what the streaming giant reports.Netflix stock has hit new... It may feel like we’ve just finished earnings season—but hey, time flies when you’re having fun....

Thursday night's Tesla event. Photo via YouTube

Musk’s Robotaxi Reveal Is a Dud for Investors

By Martin Peers · Oct 11, 2024 3:00pm PDT · 1 comment

Thursday night's Tesla event. Photo via YouTube

Musk’s Robotaxi Reveal Is a Dud for Investors

By Martin Peers · Oct 11, 2024 3:00pm PDT · 1 comment

You certainly can’t accuse Wall Street of being taken in by a glitzy presentation, at least not this week. Elon Musk’s big robotaxi reveal on Thursday night went down like a lead balloon with investors today. Tesla shares fell 9%, while shares of Uber, whose business is theoretically at risk from a Tesla robotaxi, rose nearly 11% to $86. That... You certainly can’t accuse Wall Street of being taken in by a glitzy presentation, at least not...

Pfizer CEO Albert Bourla. Photo via Getty.

The E-Mail Miscue That Undercut a $1 Billion Corporate Activism Campaign

By Cory Weinberg · Oct 10, 2024 5:00pm PDT

It’s become well understood that the high-stakes political world more closely mirrors the satire “Veep” than the prestige-draped “The West Wing.” Behind the pomp, circumstance and power are humans who, like all of us, are prone to bumbling mistakes. The same thing can be said, it seems, about highly choreographed, stealthy... It’s become well understood that the high-stakes political world more closely mirrors the satire...

Photo by Picture Alliance via Getty.

Google’s Slow-Motion Drama

By Martin Peers · Oct 9, 2024 5:00pm PDT

We’re at the point in the Google antitrust battle where the story has stalled. Not much real news is going to happen for a while. We got blaring headlines late on Tuesday night about the government’s latest filing in the search case (the one Google has already lost but awaits penalties for). The headlines emphasized the government’s desire to... We’re at the point in the Google antitrust battle where the story has stalled. Not much real news...

Photo by Leon Neal/Getty.

Roblox’s Kids Cesspool

By Martin Peers · Oct 8, 2024 5:00pm PDT · 1 comment

The term “social media” is beginning to be synonymous with “cesspool for children.” A Wall Street short seller’s report out today about Roblox, an online kids’ gaming service, painted a picture of a site you wouldn’t want your worst enemy to visit, let alone your children. It came the same day as attorneys general from a dozen states sued TikTok... The term “social media” is beginning to be synonymous with “cesspool for children.” A Wall Street...

Tim Sweeney, CEO of Epic Games. Photo by Bloomberg via Getty.

Google's Epic Loss

By Martin Peers · Oct 7, 2024 5:00pm PDT · 1 comment

Tim Sweeney, CEO of Epic Games. Photo by Bloomberg via Getty.

Google's Epic Loss

By Martin Peers · Oct 7, 2024 5:00pm PDT · 1 comment

Talk about an epic decision. Epic Games scored a huge victory in court on Monday, when the judge overseeing Epic’s antitrust case against Google essentially shattered the company’s Android app store monopoly. Among other things, the judge ruled that for the next three years, the tech giant can’t require developers to use only Google’s app... Talk about an epic decision. Epic Games scored a huge victory in court on Monday, when the judge...

Photo via Shutterstock

Amazon Learns Tech Isn’t Everything in Retail Stores

By Theo Wayt · Oct 4, 2024 3:30pm PDT

It looks like Amazon has finally realized most people go to grocery and convenience stores to browse and shop—not to be wowed by technology. Case in point: Amazon is closing more of its futuristic cashierless convenience shops and launching mini Whole Foods stores that are comparatively low tech. When Amazon opened its first Go store to the... It looks like Amazon has finally realized most people go to grocery and convenience stores to...

Sam Altman. Photo by Bloomberg via Getty.

Why OpenAI Shouldn’t Buy Back Employee Shares

By Martin Peers · Oct 3, 2024 5:00pm PDT · 2 comments

On the public markets, the idea of companies that are burning cash also spending money on stock buybacks is a giant no-no. Yet for some reason, private tech investors are willing to give startups a pass for doing the same thing. Exhibit A is OpenAI, which we reported wants to use some of the $6.6 billion in cash it raised in its recent... On the public markets, the idea of companies that are burning cash also spending money on stock...

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The Cynic’s Guide to OpenAI’s Megaround

By Cory Weinberg · Oct 2, 2024 5:00pm PDT · 1 comment

Sam Altman should organize a celebration dinner for the men behind the largest venture capital funding round ever. I’d love to overhear SoftBank’s Masayoshi Son give advice to Thrive’s Joshua Kushner on how to avoid giving too much money to charismatic tech founders. Imagine seeing Nvidia’s Jensen Huang and Microsoft’s Satya Nadella fight over... Sam Altman should organize a celebration dinner for the men behind the largest venture capital...

Evan Spiegel, CEO of Snap, in September. Photo via Getty.

Snapchat’s Safety Struggle

By Erin Woo · Oct 1, 2024 5:00pm PDT

Evan Spiegel, CEO of Snap, in September. Photo via Getty.

Snapchat’s Safety Struggle

By Erin Woo · Oct 1, 2024 5:00pm PDT

Snap likes to cast its Snapchat app as “an antidote to social media.” Unlike its rival social media apps, Snapchat was “designed to be safe” for kids, the company claims. But designing something to be safe and actually making it safe aren’t the same things.How Snap has fallen short on this front became clear from an unredacted version of a... Snap likes to cast its Snapchat app as “an antidote to social media.” Unlike its rival social...

Sam Altman speaking in Turin, Italy last Wednesday. Photo by Getty.

OpenAI’s Endless Fundraising

By Martin Peers · Sep 30, 2024 5:00pm PDT

If you’re like me, you’re getting political fundraising text messages roughly every 15 minutes these days. But political candidates aren’t the only people raising money aggressively right now. There are also AI startup executives, most obviously the folks at OpenAI. Today we scooped the news that SoftBank is putting $500 million into OpenAI as... If you’re like me, you’re getting political fundraising text messages roughly every 15 minutes...

Mark Zuckerberg wearing prototype AR glasses at Meta Connect on Wednesday. Photo by Bloomberg via Getty.

Meta’s Costly Reality

By Martin Peers · Sep 27, 2024 3:00pm PDT

Mark Zuckerberg has become a watch nerd. In his appearance at Connect on Wednesday, he was flashing a timepiece identified by Redditors as this one costing tens of thousands of dollars, at least the third such ultrapricey watch he has sported lately. It’s all part of a recent style makeover that also includes gold chains and loud shirts. It’s... Mark Zuckerberg has become a watch nerd. In his appearance at Connect on Wednesday, he was...

Mira Murati with Sam Altman last year. Photo by AP

Altman’s Spin Versus Reality

By Martin Peers · Sep 26, 2024 5:00pm PDT · 1 comment

Talk about staying above the fray. Even as the latest rash of senior executive departures from OpenAI sparks a fresh round of questions about the company’s management, CEO Sam Altman was in Turin, Italy, appearing at an event to do what he does best: talk about the future.In an onstage interview, Altman did address the latest departures at... Talk about staying above the fray. Even as the latest rash of senior executive departures from...

Photo by Bloomberg via Getty.

Meta’s AI Edge

By Martin Peers · Sep 25, 2024 5:00pm PDT

Photo by Bloomberg via Getty.

Meta’s AI Edge

By Martin Peers · Sep 25, 2024 5:00pm PDT

Sam Altman may have Elon Musk beat for the ability to pull off impressive technological achievements despite near-constant corporate drama. Wednesday’s news that OpenAI Chief Technology Officer Mira Murati is leaving comes after numerous other high-profile exits in recent months (or in the case of President Greg Brockman, a leave of absence.)... Sam Altman may have Elon Musk beat for the ability to pull off impressive technological...

Photo by Bloomberg via Getty

Private Equity’s Proof of Life

By Martin Peers · Sep 24, 2024 5:00pm PDT

Private equity dealmakers are starting to get busy. The latest evidence of that was today’s news that Blackstone and Vista Equity Partners will buy Smartsheet, which sells software that helps workers plan projects, for $8.4 billion. As falling interest rates are likely at least part of the reason for the (slight) deal revival, we should see more... Private equity dealmakers are starting to get busy. The latest evidence of that was today’s news...

Intel headquarters in Santa Clara, Calif. Photo by Bloomberg via Getty.

Biden’s Intel Quandary

By Martin Peers · Sep 23, 2024 5:00pm PDT

Merger activity is alive! Well, maybe. Friday’s news that Qualcomm had made a friendly takeover overture to Intel has given a shot of adrenaline to deal junkies everywhere. This would be a big deal. Despite Intel’s travails—its revenue this year is expected to be less than in 2013, according to S&P Global Market Intelligence—the company... Merger activity is alive! Well, maybe. Friday’s news that Qualcomm had made a friendly takeover...

Elon Musk. Photo by Marc Piasecki/Getty.

Trumpism Is Here to Stay in Tech, Even If Trump Loses

By Cory Weinberg · Sep 20, 2024 3:00pm PDT · 7 comments

Just after Marc Andreessen and Ben Horowitz surprised the tech world by backing Donald Trump for the presidency a few months ago, liberals took glee in the fact that the two venture capitalists made the political equivalent of an investment no-no: They bought at the top of the market. After their endorsement, Joe Biden dropped out, paving... Just after Marc Andreessen and Ben Horowitz surprised the tech world by backing Donald Trump for...

Mathias Döpfner. Photo by Chesnot/Getty Images.

KKR Grabs the Best of Axel Springer

By Martin Peers · Sep 19, 2024 5:00pm PDT

Mathias Döpfner. Photo by Chesnot/Getty Images.

KKR Grabs the Best of Axel Springer

By Martin Peers · Sep 19, 2024 5:00pm PDT

Smart money and digital media don’t always mix well. Just ask KKR. Five years after the private equity firm, together with the Canada Pension Plan, bought a roughly 49% stake in German media giant Axel Springer, parent of Business Insider and Politico, the two investors are fleeing the scene.That might be hyperbolic. Technically what’s happening... Smart money and digital media don’t always mix well. Just ask KKR. Five years after the private...