2025
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2025.33: Meta and the Benefit of the Doubt
The best Stratechery content from the week of August 11, 2025, including Facebook is Dead; Long Live Meta, GPT-5’s Arrival, and the Top 5 Airports.
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ChatGPT 5, Product Trade-Offs, Personality and Model Upgrades
GPT-5 seems fine; the more interesting questions are about the ChatGPT product and OpenAI’s tradeoffs.
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China AI Chips, A China Chip Control Framework, Whither HBM
President’s Trump plan for the U.S. to get paid by Nvidia and AMD for China exports is dubious, but overall policy is headed in the right direction.
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2025.32: What Nokia Can Teach Us About the AI Era
The best Stratechery content from the week of August 4, 2025 including what Nokia can teach us about the AI era, what the NFL wants from ESPN, and how Visa conquered debit cards.
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ESPN + NFL, NFL Strategy, Additional Disney Notes
The NFL is taking equity in ESPN. It’s a great deal for Disney, driven by the NFL’s long-term concern about tech dominance.
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Paradigm Shifts and the Winner’s Curse
When paradigms change, previous winners have the hardest time adjusting; that is why AI might be a challenge for Apple and Amazon
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2025.31: How to Think About Figma
The best Stratechery content from the week of July 28, 2025, including how to think about Figma, the future of the U.S. semiconductor supply chain, and whether Trump is softening on China.
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Figma S-1, The Figma OS, Figma’s AI Potential
Figma is well-placed to succeed in an AI world, because they are an operating system. However, they need to move quickly to capitalize, and that explains why they are going public.