Welcome, Weekenders! In this newsletter:âą The Big Read: How a Chinese megabillionaire became the Jensen Huang of batteries. ⹠Style and Shopping: Tech invaded Cannes. Then we went shopping.âą Plus, Recommendationsâour weekly pop culture picks: âLong Buried,â âHow to Not Die in Prisonâ and âDust BunnyâOn Tuesday, a closely watched Congressional primary in New York City ended in defeat for Alex Bores, a former Palantir engineer turned state legislator who... Read more âș
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In the 1870s, according to legend, a group of Apache warriors jumped to their deaths from a 4,700-foot cliff in Arizona rather than surrender to U.S. Army soldiers who were closing in on them. Today, descendants of the warriors return to the siteâdotted with rock carvings and known as Apache Leapâfor sacred rites. But in the early 2000s, Ernest Scheyder writes in his timely new book, âThe War Below,â mining... Read more âș
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Good things come to those who waitâincluding, we now know, Uber shareholders. The ride-hailing firmâs decision to launch a $7 billion stock buyback program sent the already rallying stock up another 15% to around $79.15. Since the stock was trading as low as $40 last October, Uber CEO Dara Khosrowshahi should be pleased. But taking the glass half-empty perspective for a moment, it doesnât seem ideal that Uber is now... Read more âș
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Nvidiaâs hot streak with artificial intelligence chips, which have been in high demand globally, is also lifting a slew of companies that resell the chips. Together AI, a startup that helps AI developers access Nvidia server chips to train and tweak their AI models, is raising more than $100 million in new funding that values the 20-month-old firm at more than $1 billion, doubling its valuation from a funding round... Read more âș
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We just released a new list for subscribers to The Information Pro that identifies the most likely targets for takeovers in the creator economy this year. We focused on companies that havenât raised much if any money since inking seed or earlier rounds more than two years ago. These companies are most likely to face a cash crunch and be open to acquisition offers.Some startup founders told us theyâre already... Read more âș
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OpenAI has been developing a web search product that would bring the Microsoft-backed startup into more direct competition with Google, according to someone with knowledge of OpenAIâs plans. The search service would be partly powered by Bing, this person said. Read more âș
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Meta Platforms is reducing payments to news organizations that fact-check potential misinformation on WhatsApp, including around elections, according to three people with knowledge of the situation. The cuts mean fewer fact-checkers will monitor election-related discussions on the global messaging app in a year when around half of the worldâs population will go to the polls, including in the U.S. and India, two of those people said. The move could also... Read more âș
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Ali Ghodsi, the CEO of Databricks, a $43 billion-valuation enterprise software firm, had lots to say about OpenAI and the potential challenges it faces in a conference call with The Information subscribers yesterday. (One new challenge it's likely wrestling with is the departure of high-profile researcher Andrej Karpathy, as we scooped yesterday.)But as Ghodsi has has a front row seat to how companies are using conversational AI, we were especially... Read more âș
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Many creator economy startups have found themselves in a precarious position in the aftermath of the pandemic funding boom. Some have laid off staff or cut costs to stay afloat, while others are running on fumes, forcing them to scramble for new capital, find buyers or close altogether. The most vulnerable are those that havenât raised much if any money since inking seed or earlier rounds two years ago, since... Read more âș
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A little over a year ago, Brittany Doyle had high hopes for the Taos Motor Lodge, a renovated, 28-room motel in New Mexicoâs high desert that she was opening. To help her run the business, Doyle signed a contract with Life House, a hospitality startup that has raised over $100 million from Tiger Global Management, Trinity Ventures and other investors. The startup provides a wide array of management services to... Read more âș
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Andrej Karpathy, one of the founding members of OpenAI, has left the company, a spokesperson confirmed. Karpathy, a prominent artificial intelligence researcher, was developing a product he has described as an AI assistant and worked closely with the companyâs research chief, Bob McGrew. While ChatGPT has been a hit with consumers, OpenAI wants to launch software that can automate complex computer-based tasks, like filling out expense reports and entering them... Read more âș
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Lyft lives! Well, maybe. The No. 2 ride-hailing firm reported that it generated real cash in the fourth quarter for the first time ever, and its CEO, David Risher, predicted the company would repeat the feat for all of 2024. Initial reaction from Wall Street was euphoricâat one point Lyft shares were up 60% in after-hours tradingâbut that reaction turned out to be based on a mistake in Lyftâs earnings... Read more âș
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Damien Singh, chief financial officer of Canva, the design software firm last valued at over $25 billion, has left the company. The departure leaves one of the most closely watched software firms with an important executive position to fill ahead of a potential initial public offering. The Australia-based company said in a note to investors last week it made the change to âset ourselves up for the next chapter of... Read more âș
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Nvidiaâs stock has been on a tear as major technology firms and app developers clamor for the companyâs server chips for artificial intelligence, creating a shortage. But over the next year, prices for these chips, known as graphics processing units, will plummet, throwing a wrench into the business models of numerous major companies and startups, said Ali Ghodsi, CEO of Databricks, a $43 billion-valuation developer of software that helps companies... Read more âș
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Much ink lately has been spilled about MrBeastâs videos getting extra visibility on X, the social network formerly known as Twitter. Jimmy Donaldson, the real name of MrBeast, has expressed confusion himself about why his video of cars got more than 156 million impressions in a week, boosting his earnings from advertising revenue on the video to more than $263,000. He and others speculated X was jacking up its visibility... Read more âș
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Early reviews are pouring in for Googleâs Gemini Ultra, the companyâs most advanced large language model that powers a paid version of chatbot Gemini, a rival to ChatGPT. The reviews make us think that after an early scramble to catch up to its Microsoft-backed rival, Google is going to be just fine in this market.The vast majority of developers and founders Iâve spoken with say Gemini Ultra appears to be... Read more âș
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Private equity firms are on the hunt for a red-hot skill set: wealth managers who can convince the richest 1% to invest in PE funds. As the flow of capital from pension funds and endowments has slowed, buyout firms are adding to their ranks of rich individual investors to boost assets under management for potential use in buyouts or other investments. That means hiring money managers who have experience with... Read more âș
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Some investors in Bolt, an e-commerce startup valued at $11 billion two years ago, plan to sell their stakes back to the company at a steep loss, showing the lengths to which venture capitalists will go to get some cash back on flailing investments. Tribe Capital has told its limited partners that it plans to sell shares back to Bolt at a price that implies a $300 million valuation, or... Read more âș
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The insane stock rally in recent days of Arm, the SoftBank-owned chip designer, puts a big dent in the theory that the market for initial public offerings is still âclosed.â The companyâs stock priceâwhich has doubled in the past weekâis now up 192% from its September public listing, providing IPO investors with a juicy profit. What Arm shows is that investors are looking for big, marquee tech companies chasing large... Read more âș
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OpenAI CEO Sam Altman stole the show last week with a report that he is trying to raise trillions of dollars in capital to develop and manufacture AI chips. But letâs set aside our collective incredulity for a moment (weâll come back to it!) and consider the implication of Altmanâs fundraising: that unlimited computing power will lead to all-powerful AI. In other words, he believes the only thing standing in... Read more âș
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After a rough couple of years, software companies are finding it easier to sell their products to businesses. New data show that privately held software companies selling subscription services spent less time and money in the fourth quarter of 2023 to secure new customers, compared with earlier in the year. Preliminary data from January suggest the trend has continued, said Miguel FernĂĄndez, co-founder and CEO of startup lender Capchase, which... Read more âș
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03.07.2026 01:16
Last update: 01:06 EDT.
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