Stratechery by Ben Thompson
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On the business, strategy, and impact of technology.
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Nvidia Earnings, Dollars Per Gigawatt, Open and Hugging Face
Nvidia's earnings were remarking and boring — two sides of the same coin. Everything the company does is about avoiding a consolidated world.
Meta Settles, A Framework For Regulating Content, The Rest of Big Tech
Meta's settlement makes sense for all parties, but the entire sage highlights why any solution to regulating technology feels off.
2026.35: Internet Hype and Real World Change
The best Stratechery content from the week of August 24, 2026 including the breaker's advantage, the new battle for HDMI1, and how data center discourse ends.
Apple Updates Mini and Studio, AI Computers, OpenAI Jalapeño
Apple and OpenAI have two completely different hardware announcements; both represent pressure on Nvidia.
Netflix to Sell Streaming Services?, Streamers as Aggregators, Revisiting Roku
Netflix is considering selling other streaming services, and I think it's a good idea; it's also a let-down for Netflix's original goals and potential pivots.
Autonomy and Innovation
Incentives favor offense when it comes to agentic cybersecurity; it's the same dynamic that will limit incumbents and fuel startups in the long run.
2026.34: App Snore
The best Stratechery content from the week of August 17, 2026, including Apple making compromises in the EU, Truth (Social) and reconciliation, and August fun with the Clippers and Lakers.
Apple Settles With E.U., U.S. App Store Fees, ATT Rules in Germany
Apple's App Store is finally facing the reality of lower fees, and the EU should be satisfied with its work; it's ok it's late.
Nvidia Backs OpenAI Data Center, Anthropic News, Google Buys Spirit Airlines Data
Nvidia makes another deal, this time with a frontier lab; Anthropic's revenue continues to amaze; and maybe data finally is oil.
Stripe Acquiring OpenRouter, Aggregating AI?, Flipping the Business Model
Stripe is reportedly acquiring OpenRouter, an implicit bet on a future market of models and the chance at Aggregation.
2026.33: The CapEx Train Keeps Rolling
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
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
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
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
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
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
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
Meta's earnings were a bit disappointing; future promises about AI products were more disconcerting.
Vacation: Week of July 27
Stratechery is on vacation the week of July 27. There will be no Weekly Article or Updates. The next Update will be on Monday, August 3. Sharp Tech, and Greatest...
2026.30: The Copium Wars
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.