An interview with MoffettNathanson’s Michael Nathanson about Netflix’s acquisition of Warner Bros. and the Hollywood end game ...

Netflix is driving the Hollywood end game, likely confident it can increase the value of IP, and fend off YouTube.

The best Stratechery content from the week of December 1, 2025, including what the Times missed in its David Sacks story, Atlassian’s history and near future, and Code Red at OpenAI.

AWS re:Invent sought to present AI solutions in the spirit of AWS’ original impact on startups; the real targets may be the startups from that era, not the current one. With Stratechery Plus you get ...

OpenAI is declaring code red and doubling down on ChatGPT, highlighting the company’s bear case. Then, AWS makes it easier to run AI workloads on other clouds. Subscribe to Stratechery Plus for full ...

A common explanation as to why Star Wars was such a hit, and continues to resonate nearly half a century on from its release, is that it is a nearly perfect representation of the hero’s journey. You ...

Anthropic’s Opus 4.5 appears to be a big breakthrough that slots into Anthropic’s enterprise strategy, while ChatGPT gets new ...

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. Subscribe to Stratechery Plus for full access. With ...

It was difficult in the beginning to answer the question I got from everyone: what’s it like living in America again? After all, I had been coming back to Wisconsin in the summer for years, and my ...

It’s funny to remember that a decade ago there were enough people convinced we were in a bubble that I felt compelled to write an Article entitled It’s Not 1999; that was right then, and it’s ...

OpenAI’s flood of announcements is getting hard to keep up with. A selection — not exhaustive! — from just the last month: The last two announcements just dropped yesterday, and actually bring clarity ...