Ben Thompson
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Nvidia Earnings; Power, Scarcity, and Marginal Costs; OpenAI Hand-wringing
Nvidia earnings are the wrong place to look for evidence of an AI bubble; the company’s margins should be safe if power is the limiting factor.
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Gemini 3, Winners and Losers, Integration and the Enterprise
Gemini 3 is out, and looks to be state of the art. What does that mean for everyone else in the AI space, and what markets might Google win?
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Robotaxis and Suburbia
Robotaxis are poised to further close the delta between suburbs and the city; the city (and Uber) might never recover.
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2025.46: Satellites and Strategy
The best Stratechery content from the week of November 10, 2025, including SpaceX buying spectrum and why Apple should be interested, Apple and Google together again, and wondering when America will catch Cup fever.
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An Interview with Unity CEO Matthew Bromberg About Turnarounds
An interview with Unity CEO Matthew Bromberg about a career focused on turnarounds, from EA’s KOTR to Zynga and now to Unity.
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Microsoft Earnings, CoreAI/MantleAI, Additional Notes
Microsoft declares independence from OpenAI and sketches out its future role building scaffolding for AI. Plus, Windows is tiny now.
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SpaceX Buys More Spectrum, SpaceX’s Pivot, Why Apple and SpaceX Should Partner
SpaceX buys the spectrum it needs to be a standalone mobile carrier; the company should partner with Apple to deliver truly differentiated experiences.
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Apple Earnings, Siri White-Labels Gemini, Short-Term Gains and Long-Term Risk
Apple is already benefitting from AI via the App Store. Meanwhile, Siri will white-label Gemini; the long-term implications are significant.