The Inference Shift
Agentic inference is going to be different than the inference we use today, and it will change compute infrastructure because speed won't matter when humans aren't involved.
Stratechery by Ben Thompson
On the business, strategy, and impact of technology.
2026.19: Earning & Spending
The best Stratechery content from the week of May 4, 2026, including what we learned from Big Tech's first quarter, a conversation with Joanna Stern, and asking what's next for the Boston Celtics.
An Interview with Joanna Stern About Living With AI
An interview with Joanna Stern about her new book about living with AI, and starting her own media company.
Microsoft Earnings, Apple Earnings
Microsoft unveils its new agentic business model, and Apple confronts shortages in memory and chips even as the Mac benefits from AI.
Amazon’s Durability
Amazon looked behind in AI in the training era, but is well place in the inference era, thanks to its continued investment in the long-term.
Google Earnings, Meta Earnings
Wall Street loved Google's earnings, and hated Meta's, even though the latter's core business was more impressive. The difference is that Google is monetizing its investments now (and it might be all
2026.18: Long-term, Peripheral & Myopic Visions
The best Stratechery content from the week of April 27, 2026, including Amazon and AI, the future of AR devices, and Beijing's myopia.
Amazon Earnings, Trainium and Commodity Markets, Additional Amazon Notes
Amazon's earnings suggest that the shift away from training towards inference and agents means their bet on Trainium is paying off. Plus, additional notes on ads, agents, and sports rights.
Intel Earnings, Intel’s Differentiation?, Whither Terafab
Intel's earnings were very impressive, but the chief driver was a structural shift in demand for CPUs for AI. Plus, what is going on with Terafab?
An Interview with OpenAI CEO Sam Altman and AWS CEO Matt Garman About Bedrock Managed Agents
An interview with OpenAI CEO Sam Altman and AWS CEO Matt Garman about their new partnership, plus my thoughts on OpenAI and Microsoft's new deal.
AI Hardware, Meta Display, Redefining VR and AR
I finally tried the Meta Ray-Ban Display, and it completely changed how I think about AR and VR.
2026.17: He Came, He Saw, He Cooked
The best Stratechery content from the week of April 27, 2026, including the end of the Tim Cook era, Cursor and SpaceX, and the various fronts of Cold War 2.0.
An Interview with Google Cloud CEO Thomas Kurian About the Agentic Moment
An interview with Google Cloud CEO Thomas Kurian about Google's cloud priorities, enterprise agent platform, and Google’s integration advantage.
John Ternus and Apple’s Hardware-Defined Future, SpaceXAI and Cursor
The elevation of John Ternus suggests that Apple's future is about hardware differentiation; then, the SpaceX-Cursor deal makes a lot of sense.
Tim Cook’s Impeccable Timing
Tim Cook had an extraordinary run — and impeccable timing, both in terms of when he became CEO, and when he is stepping down.
TSMC Earnings, New N3 Fabs, The Nvidia Ramp
TSMC's earnings suggest that the company's leadership is not truly bought into the AI growth story.
2026.16: Servers, Satellites, and Stars
The best Stratechery content from the week of April 13, 2026, including the cost of AI, what Amazon is doing with Globalstar, and Nico Rosberg on racing and investing.
An Interview with F1 Driver and Venture Capitalist Nico Rosberg About the Drive to Win
An interview with former F1 driver and current venture capitalist Nico Rosberg about finding the mental edge and maximizing opportunities.
Amazon Buys Globalstar, Delta to Add Leo, The Apple Angle
Apple's Globalstar acquisition is being framed as Apple versus SpaceX, but I think the real story is about Apple.
Mythos, Muse, and the Opportunity Cost of Compute
Does Aggregation Theory survive in a world of constrained compute? Yes, insomuch as controlling demand will give power over supply.