📰 Stratechery

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.

Stripe is reportedly acquiring OpenRouter, an implicit bet on a future market of models and the chance at Aggregation.

The big three memory makers may come to regret opening up the door to Chinese memory makers; Microsoft, meanwhile, is very incentivized to use Chinese models.

An interview with Ben Bajarin about WWDC and the status of the AI compute industry.

An interview with Microsoft CEO Satya Nadella about figuring out Microsoft's role in AI, the relationship with OpenAI, Capex, Software, and a potential new agen

The Nvidia AI PC feels like a relic of another AI era; Microsoft's vision for devices at Build was much more compelling.

The best Stratechery content from the week of May 18, 2026, including data center discontent, agent economics, and slime mold.

An interview with Parallel founder Parag Agarwal about valuing content and incentivizing its creation in a world of agents (plus questions about Twitter).

Google I/O put AI everywhere, for better and for worse. Meanwhile, is DeepMind aligned with Google's business objectives?

OpenAI is forming a new company to deploy AI, and the other labs aren't far behind, reinforcing the thesis that AI's impact will require top-down implementation

The Anthropic xAI deal is shocking but not surprising: Musk should double down on serving other companies.

Agentic inference is going to be different than the inference we use today, and it will change compute infrastructure because speed won't matter when humans are

Microsoft unveils its new agentic business model, and Apple confronts shortages in memory and chips even as the Mac benefits from AI.

Amazon's earnings suggest that the shift away from training towards inference and agents means their bet on Trainium is paying off. Plus, additional notes on ad

An interview with OpenAI CEO Sam Altman and AWS CEO Matt Garman about their new partnership, plus my thoughts on OpenAI and Microsoft's new deal.

I finally tried the Meta Ray-Ban Display, and it completely changed how I think about AR and VR.

An interview with Google Cloud CEO Thomas Kurian about Google's cloud priorities, enterprise agent platform, and Google’s integration advantage.

The elevation of John Ternus suggests that Apple's future is about hardware differentiation; then, the SpaceX-Cursor deal makes a lot of sense.

Anthropic needs compute, and Google has the most: it's a natural partnership, particularly for Google.