Stratechery by Ben Thompson
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On the business, strategy, and impact of technology.
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2025.38: Meta, YouTube, and Tech Press Attention
The best Stratechery content from the week of September 15, 2025, including Meta, YouTube and press attention, why Oracle is winning in AI, and the bubble inflection point.
Meta Ray-Ban Display, Why Less is More, Price and the Neural Band
Meta announced Ray-Ban Displays, their first glasses product with a display. I think it's very compelling in part because it is limited.
An Interview with YouTube CEO Neal Mohan About Building a Stage for Creators
An interview with YouTube CEO Neal Mohan about empowering creators while leaning into AI.
An Interview with YouTube CEO Neil Mohan About Building a Stage for Creators
An interview with YouTube CEO Neil Mohan about empowering creators while leaning into AI.
The Oracle Inflection Point, Apple’s Price Increase
Oracle's AI commitment requires debt, which marks an inflection point in a potential AI bubble; then, Apple finally increases iPhone prices
Oracle Pops, From Databases to AI, Oracle and OpenAI
Oracle's stock sky-rocketed after reporting massive future performance obligations, mostly from OpenAI. It's a big risk, but Oracle is uniquely prepared to capitalize.
2025.37: Apple on the Periphery
The best Stratechery content from the week of September 8, 2025, including Apple and the new iPhones, why SpaceX is buying spectrum, and five questions after China's Victory Day Parade.
An Interview with Dan Kim About Intel, Nvidia, and the U.S. Government
An interview with Dan Kim about the CHIPS program, why the U.S. took a stake in Intel, and the fraught dispute about Nvidia and China.
iPhones 17 and the Sugar Water Trap
Apple's iPhone announcement was impressive, but no one was impressed, because Apple is increasingly peripheral to what is changing the world.
SpaceX Buys Spectrum, Spectrum Specifics, SpaceX’s Big Bet
SpaceX just made a huge deal for spectrum, but they will still need partners; the real goal is knocking competition out of the game.
Atlassian Buys The Browser Company, Browser Wars, Why Atlassian
Atlassian bought The Browser Company, seeking to deliver an AI-enabled browser for work. It's a reasonable bet, but I'm skeptical that browsers are the future.
2025.36: Google, Apple, and a Giant Sigh of Relief
The best Stratechery content from the week of September 1, 2025, including the Google Patronage Network, Google and competition, and Cloudflare and the future of the Internet.
An Interview with Cloudflare Founder and CEO Matthew Prince About Internet History and Pay-per-crawl
An interview with Cloudflare founder and CEO Matthew Prince about founding Cloudflare from the bottoms up, and why now is the time to leverage the power that followed to enact...
Google Remedy Decision, Reasonable Remedies, The Google Patronage Network
Google lost some battles but won the war in its search distribution case: the Google patronage network was deemed too important to undo.
Made by Google 2025, AI Trade-offs, Google and the Long-Term
Google's latest Pixel event re-imagined launch events; it was appropriate given that Google is truly re-imagining the smartphone.
2025.35: Intel and the Least Bad Option
The best Stratechery content from the week of August 25, 2025, including the U.S. getting into the chip business, KPop Demon Hunters and the Netflix machine, and China's plan for...
Nvidia Earnings, Moats and China, Nvidia vs. the AI Labs
Nvidia's earning continue to be governed by supply — and reasoning models make that even more the case. Plus, why Nvidia is so desperate to get back into China.
KPop Demon Hunters, Sony’s Risk, The Netflix Aggregator
KPop Demon Hunters is the hit of the year. Sony missed out, but they didn't make a mistake; Netflix won the reward by being an Aggregator.
U.S. Intel
The U.S. taking an equity stake in Intel is a terrible idea; it also happens to be the least bad idea to make Intel Foundry viable.
A Personal Update and Vacation Break
A Personal Update and Vacation Break