Apple has survived 50 years by being the only company integrating hardware and software; if the company loses because of AI it will be because the point of integration changes.

Nvidia investors have been in the valley before: This chart, though, is not from the last two years, but rather from the beginning of 2017 to the beginning of 2019; here is 2017 to today: Three big ...

Semiconductors are so integral to the history of Silicon Valley that they give the region its name, and, more importantly, its culture: chips require huge amounts of up-front investment, but they have ...

When I first went independent with Stratechery, I had a plan to make money on the side with speaking, consulting, etc.; what made me pull the plug on the latter was my last company speaking gig, with ...

Pity the paradox of the content producer in the age of AI. On one hand, AI is one of the greatest gifts ever in terms of topics to cover. The 2025 Stratechery Year in Review was, just like 2024 and ...

Railroads were, in theory, an attractive business: while they cost a lot to build, once built, the marginal cost of carrying additional goods was extremely low; sure, you needed to actually run a ...

One of the most paradoxical aspects of AI is that while it is hailed as the route to abundance, the most important financial outcomes have been about scarcity. The first and most obvious example has ...

Arm is selling its own chips, not just licensing IP. It’s a big change compared to Arm’s history, but not surprising given how computing is evolving. GTC 2026 marked an important inflection point for ...

That image is from Robert Gordon’s book The Rise and Fall of American Growth; one of the more startling facts surrounding this graph is that between 1910 and 1930 the average household purchased 3.1 ...

This is how I opened January 2023’s AI and the Big Five: The story of 2022 was the emergence of AI, first with image generation models, including DALL-E, MidJourney, and the open source Stable ...

Pretend, if you can, that the last week didn’t happen (a tall order for the Stratechery demographic, I know), and imagine another scenario: China invades Taiwan. What happens then? I’m not a military ...

The App Store charts tell the story, at least for the first week of AI-generated video apps: This doesn’t, somewhat embarrassingly, match my initial impressions: I liked the Vibes addition to the ...