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.

The elevation of John Ternus suggests that Apple’s future is about hardware differentiation; then, the SpaceX-Cursor deal makes a lot of sense.

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?

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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. Subscribe ...

With Stratechery Plus you get access to the subscriber-only Stratechery Update and Stratechery Interviews, and the Sharp Tech, Sharp China, Dithering, Greatest of All Talk, and Asianometry podcasts. A ...

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 ...

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.

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.

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.

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. Shopify is ...