Stratechery by Ben Thompson
On the business, strategy, and impact of technology.
Meta won another fair use case, even though the judge wanted to rule against LLMs; he'll have a hard time doing so.
Stratechery is on summer break the week of June 30. There will be no Weekly Article or Updates. The next Update will be on Monday, July 7. Dithering, Sharp Tech, and Sharp China will also return the week of July 7. Greatest of All Talk and Asianometry will continue to publish. The full Stratechery posting […]
The best Stratechery content from the week of June 23, 2025, including AI and the Big Five, a compelling ruling on LLMs and the Fair Use Doctrine, and NBA salaries in tech (and the actual NBA).
An interview with Sierra founder and CEO Bret Taylor about his career in tech and the future of AI.
The first big AI copyright decision has come down, and it's a big win for AI. It also provides a blueprint for how Congress can do more.
Top AI talents is starting to get NBA level money — and they might still be underpaid.
A review of the current state of AI through the lens of the Big Five tech companies.
The best Stratechery content from the week of June 16, 2025, including OpenAI getting testy and xAI getting expensive, speedbumps for China's car industry, and Meta continuing its AI hiring spree.
Everyone wants xAI to exist, but is anyone actually using it? Then, Xbox as it once existed is dead; it's just Windows now.
Microsoft and AI continue to fight, and WhatsApp adds ads and subscriptions (and I explain why as a creator I'm not interested).
WarnerBros. Discovery is splitting up, but the real split goes back to Turner Broadcasting.
The best Stratechery content from the week of June 9, 2025, including Apple's Retreat at WWDC, Apple in China, and the upside down NBA Finals.
An Interview with "Apple in China" Author Patrick McGee about Apple's reluctant shift to outsourcing and how its position relative to its supply chain has shifted over time.
Meta is reportedly buying 49% of Scale AI and hiring CEO Alexandr Wang; this seems to be deal about fixing Llama, not about Scale AI.
Apple's WWDC was a retreat from not just last year's WWDC, but potentially a broader reset for the company. That's why it was a great presentation.
AI coding is much broader than vibe coding, the dynamics of AI coding, and why OpenAI wants to own everything.
The best Stratechery content from the week of June 2, 2025, including why Nike is working with Amazon, the logic of an Anduril and Meta partnership, and the Japanese rice crisis.
An interview with Cursor founder and CEO Michael Truell about AI coding and capturing the critical point of integration in the AI value chain.
Meta made a deal with Anduril to develop headsets for the military; does Reality Labs finally have a customer that will justify the investment?
Nike executed a disastrous pivot over recent years, away from physical retail to D2C. Now they have no choice but to embrace Amazon, but that might be the best thing that could happen to them.
Nvidia's earnings suggest that inference is taking off, but the loss of China is a problem in the long run. Then, Nvidia moves to dominate networking for everyone.
The best Stratechery content from the week of May 26, 2025, including a human-agent epiphany, the danger of choosing to compete on the Internet, and the EU-China relationship.
An interview with Plaid co-founder and CEO Zach Perret about building trust as an ingredient brand in financial services.
The ESPN streaming service is official, completing the transition of sports watching from inevitability to intentionality.
Anthropic is focused on the agent opportunity, which requires scaffolding; meanwhile, I think there is a huge underserved opportunity in multi-user AI chatbots.
The best Stratechery content from the week of May 19, 2025, including AI and the future of the web, slam dunks and moonshots at Google, and OpenAI entering the hardware business.
OpenAI is acquiring io, Jony Ive's hardware company. Is the company actually focused on displacing Apple? Apple needs to spend big in response.
Google I/O was impressive and overwhelming, but the only product that impressed was Search.
Microsoft is putting forth compelling proposals for the Open Agentic Web. However, the proposal needs digital payments, which will be key to creating a new content marketplace for AI.
An interview with Nvidia CEO Jensen Huang about new problems, including chip controls and China, and new opportunities, including AI Factories and enterprise pragmatism.
The best Stratechery content from the week of May 12, 2025, including Airbnb and the limits of Founder Mode, Inside the NBA lottery in Chicago, and femtoseconds.
An interview with Ben Thompson about AI and Big Tech.
Airbnb has a new app with new offerings for experience and services; I'm not sure the economics make sense for either.
OpenAI is tying up all its loose ends in preparation for being the user interface for AI
The best Stratechery content from the week of May 5, 2025, including Apple as an object in platform dominance, a podcast for everyone but Celtics fans, and a word about trade and data.
An interview with SAP CEO Christian Klein about why one of the oldest software companies of all is well-placed to win with the newest technologies.
Microsoft and Amazon are approaching AI differently, in ways that reflect their core capabilities.
Meta's earnings were received positively by investors, but there were definite causes for concern.
Platforms are so powerful that Apple's latest court loss won't change the course of the iPhone; that's why it's worth it.
The best Stratechery content from the week of April 28, 2025, including Mark Zuckerberg explaining Meta's AI strategy, Apple's big loss, and the other side of the trade war.
The judge in the Epic case released a devastating ruling on Apple's lack of compliance in terms of allowing links to the win; Apple was clearly in the wrong, but still might win on appeal.
An interview with Meta CEO Mark Zuckerberg about Llama and the AI opportunity, the evolution of social medial, and what it means to connect.
Amazon's collision with the White House over tariffs highlights the political risk factors that every company needs to take seriously.
Intel's earnings were brutal; TSMC, in stark contrast, is absolutely killing it.
Google's earnings were well-received, but they made me a bit nervous; Google is focusing all their energy on the race between Search + AI and AI > Search.
The best Stratechery content from the week of April 21, 2025, including Tech History and Apple's Future, Dithering on Google, and Hamsters and Antibodies.
An interview with Eric Seufert about the impact of the trade war on digital advertising, the Google Ads antitrust case, and why the biggest platforms keep on winning.
Netflix's earnings and 2029 goals show new avenues of growth that are downstream from increased segmentation.
Apple is not doomed, but for the first time in a long time its long-term fortunes are cloudy; the time to make change is now.
Google lost its ad antitrust case; if the case is upheld, it has important implications for all Aggregators.
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