Incentives
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KPop Demon Hunters, Sony’s Risk, The Netflix Aggregator
KPop Demon Hunters is the hit of the year. Sony missed out, but they didn’t make a mistake; Netflix won the reward by being an Aggregator.
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U.S. Intel
The U.S. taking an equity stake in Intel is a terrible idea; it also happens to be the least bad idea to make Intel Foundry viable.
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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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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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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.
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Tesla and Samsung, Customer Service and Intel, The U.S. Semi Supply Chain
Tesla is making future chips with Samsung, likely cementing the Korean company as the industry’s second supplier.
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TSMC Earnings; A16 and TSMC’s Approach to Backside Power; Intel Earnings, Architecture, and AI
TSMC and Intel’s approach to backside power are downstream of their cultures: customer-centric versus self-serving. It may doom the latter.