Stratechery by Ben Thompson
npub1c27v93g75sftfp6xk8uhhyefmmmezaflnc0vkn8y6yh2sm6d3xdstgflvd@drss.io
On the business, strategy, and impact of technology.
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2026.33: The CapEx Train Keeps Rolling
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14 Aug 2026
The best Stratechery content from the week of August 10, 2026, including the capital constraint, AI writing, and a tale of two cities.
Anthropic’s Watermarking, How It (Probably) Works, Worse Than It Seems
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12 Aug 2026
Anthropic is adding watermarking in response to the E.U.'s AI law. It's a terrible idea, first and foremost for philosophical reasons.
Nvidia’s Risky Business
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11 Aug 2026
Nvidia is finding new ways for its customers to raise money, and it's expanding the risk of the AI buildout significantly.
Apple Earnings, More on Amazon’s Earnings
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10 Aug 2026
Apple's earnings (and stock) are limited not by memory but rather chip shortages; then, more on Amazon's earnings and Andy Jassy's market analysis.
2026.32: Earnings and Learnings
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7 Aug 2026
The best Stratechery content from the week of August 3, 2026, including earnings exposure, OpenAI's answer to Apple, and all about LeBron in Philly.
Google Earnings, The Frontier Case, Amazon Earnings
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5 Aug 2026
Google's earnings seemed to confirm the Anthropic hedge; it was Andy Jassy who explained why their — and Amazon's — capex was justifiable.
Microsoft Earnings, Microsoft vs. Meta, The Efficiency Payoff
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4 Aug 2026
Microsoft's earnings were compelling because they showed a clarity of strategy, lower costs, and a tangibility of application. The reason why is scarier.
Meta Earnings, Meta’s Timing Problems, The Financial Tail
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3 Aug 2026
Meta's earnings were a bit disappointing; future promises about AI products were more disconcerting.
2026.30: The Copium Wars
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24 Jul 2026
The best Stratechery content from the week of July 20, 2026 including Chinese models and frontier futures, what happened to Hugging Face, and the NBA and its second apron bet.
OpenAI Hacks Hugging Face, What Happened, Alignment and Paper Clips
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22 Jul 2026
OpenAI accidentally hacked Hugging Face, but the takeaways are more encouraging than people realize.
Netflix Earnings, Is Netflix Washed?, Additional Notes
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21 Jul 2026
Netflix's earnings were fine, and befitting a mature company whose most exciting days are likely behind them.
Who’s Afraid of Chinese Models?
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20 Jul 2026
Everyone is worried about Chinese models, but the frontier labs will be fine; we need to enable open U.S. alternatives.
