Intel Earnings, Intel’s Plunging Margin, The Dividend Question

Intel’s earnings are brutal, but it is a brutal result years in the making. That mismatch between decisions and consequences probably explain why Intel continues to pay a dividend despite its need for cash.

Tech Layoffs, Big Tech’s Hiring Rates, Microsoft’s VR Layoffs

Tech’s layoffs are popularly thought to be because of over-hiring during the pandemic, but in fact there isn’t much evidence that tech over-hired based on past rates. Then, Microsoft still has a metaverse strategy, it just doesn’t involve hardware.

Twitter Timelines, Azure and OpenAI, Apple and China

Introducing the Greatest Of All Talk, a new addition to the Stratechery Plus bundle. Then, more on Twitter and Microsoft/OpenAI, plus the Financial Times covers Apple and China.

TSMC Earnings, Geographic Flexibility, The 7nm Question

TSMC’s earnings, even when disappointing, show how strong the company’s position is. Still, there are open questions about using leading edge capacity in the future.

Warner Bros. Discovery and the NBA, The Zaslav Doctrine

Warner Bros. Discovery is clearly still interested in the NBA, Twitter chatter notwithstanding; then, the Zaslav doctrine about content becomes clearer.

Musk’s Twitter Blue; A Twitter Subscription, Revisited; Apple Earnings

Elon Musk’s Twitter Blue proposal seems reasonable, and the company is not in as dire financial straits as reported. Then, revisiting the idea of a Twitter business model pivot, and why Apple’s services revenue is so impressive.

Meta Myths

Meta deserves a bit of a discount off of its recent highs, but a number of myths about its business have caused the market to over-react.