Amazon's New Customer
stratechery.com/2017/amazons-n
Whole Foods is a retailer, but that is not what Amazon bought
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stratechery.comJoined March 2013
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Microsoft, Slack, Zoom, and the SaaS Opportunity
stratechery.com/2019/microsoft
The Zoom and Slack IPOs show what Microsoft is missing in its growth story: a way to acquire new customers.
Stripe: Platform of Platforms
Stripe's announcement of Treasury — banking-as-a-service — manifests the breadth of the company's ambition.
The TikTok War
How TikTok exposed Facebook's blindspot, thanks to its Chinese roots, and why that China connection make TikTok a genuine concern.
The China Cultural Clash
stratechery.com/2019/the-china
The NBA controversy in China highlights a culture clash that both tech companies and the U.S. government need to take to heart. Plus, why Tiktok being Chinese is increasingly a problem.
Neither, and New: Lessons from Uber and Vision Fund
stratechery.com/2019/neither-a
Uber represents something new: a company that is different than incumbents because of technology, yet not itself a tech company — just like the Venture Fund is not a VC.
India, Jio, and the Four Internets
There are four Internets: China versus the U.S., and the E.U. and India. India's potential new model rests on Jio.
The Value Chain Constraint
stratechery.com/2019/the-value
Companies succeed or fail not based on technology but rather according to their ability to integrate within their value chains.
Stratechery 4.0
stratechery.com/2018/strateche
New ways to explore Stratechery, dramatically improved search, and a new logo
Clubhouse's Inevitability
Clubhouse will do for audio what Twitter, Instagram Stories, and TikTok did for text, images, and video.
The End of the Beginning
stratechery.com/2020/the-end-o
The beginning of technology was about the shift from batched computing in one place to continuous computing everywhere. That era of paradigm changes may be over, which means the real changes are only beginning.
Disney and the Future of TV
stratechery.com/2019/disney-an
TV is moving from a world where distribution dictates business models to one where business models need to fit the jobs consumers want done.
Unmasking Twitter
stratechery.com/2020/unmasking
Twitter has a new policy to listen to experts about what content to limit; what happens, though, when experts are wrong?
The WeWork IPO
stratechery.com/2019/the-wewor
The WeWork IPO is defined by audaciousness and excess, all of which is driven by unlimited access to capital.
The Slack Social Network
Slack lost to Microsoft head-to-head, but has smartly shifted to a horizontal strategy that the vertically-oriented Microsoft can't match.
Why Ajit Pai Is Right
stratechery.com/2017/why-ajit-
Any regulation, including those around net neutrality, should be put to a cost-benefit analysis. In this case regulation advocates come up short.
Cloudflare on the Edge
Cloudflare is uniquely positioned to become a major player in an Internet 3.0 world, where politics matter more than economics.
Cloudflare's Disruption
Cloudflare's new storage offering is potentially disruptive both economically and strategically.
Spotify's Podcast Aggregation Play
stratechery.com/2019/spotifys-
Spotify is making a major move into podcasts, where it appears to have clear designs to be the sort of Aggregator is cannot be when it comes to music.
The End of Windows
stratechery.com/2018/the-end-o
The Windows division no longer exists at Microsoft, marking the end to a four-year process of changing Microsoft's culture.
Shopify and the Power of Platforms
stratechery.com/2019/shopify-a
Platforms are the way to compete with Aggregators; Shopify is a good example
Passport
Announcing Passport, the new infrastructure supporting Stratechery.
Twitter, Responsibility, and Accountability
Twitter went too far last week for reasons that go back to 2016 and the unfair blaming of tech for media's mistakes.
The Relentless Jeff Bezos
Jeff Bezos is retiring, and will go down as one of the great CEO's in tech history, in part because of how he transformed Amazon into a tech company in every respect.
The iPhone Franchise
stratechery.com/2018/the-iphon
The iPhone is a franchise, a product that will make money in well-defined ways; Apple understands that and is exploiting it more than ever before with the iPhones XS and XR.
Where Warren's Wrong
stratechery.com/2019/where-war
Warren's proposal is wrong about history, the source of tech company power, and the nature of tech itself.
Then, what antitrust regulation should actually focus on.
The 2019 Stratechery Year in Review
stratechery.com/2019/the-2019-
The most popular and most important posts on Stratechery in 2019.
Tech and Liberty
stratechery.com/2019/tech-and-
The First Amendment is not about a law, but rather a culture — specifically a culture of liberty. It is essential to tech, and in this context, Facebook is mostly right about political ads (but can still do better).
Amazon Health
stratechery.com/2018/amazon-he
Amazon Health doesn't seem like much now, but there are hints it could be the ultimate application of Aggregation Theory.
Facebook, Libra, and the Long Game
stratechery.com/2019/facebook-
Libra is less about an immediate benefit to Facebook, and more about creating a world where companies like Facebook have the best chance to prosper.
How Tech Can Build
stratechery.com/2020/how-tech-
Marc Andreessen has written (another) seminal essay: It's Time to Build. What does that mean for tech and venture capital?
Today's Stratechery article is late due to an unexpected helping-daughter-prepare-for-a-test-that-she-was-very-stressed-about interruption.
Uber's New CEO
stratechery.com/2017/ubers-new
Uber made a good choice; that able to, despite the dysfunction, shows the company's strength
Apple's Errors
stratechery.com/2019/apples-er
Apple's management made three errors that led to a revenue warning; those errors, though, suggest that the company's business is in better shape than it appears.
Instagram's Evolution
Instagram's shift away from being a photo-sharing app is very much inline with the service's continuous evolution.
Internet 3.0 and the Beginning of History
The actions taken by Big Tech have a resonance that goes beyond the context of domestic U.S. politics. Even if they were right, they will still push the world to Internet 3.0.
Sequoia Productive Capital
Sequoia’s transformation of its venture capital is actually a shift from financial capital to productive capital
Apple and Facebook
Apple and Facebook seem like they are in conflict, but have often been each other's best partners.
Social Networking 2.0
Facebook and Twitter represent the v1 of Social Networking; it's a bad copy of the analog world, whereas v2 is something unique to digital, and a lot more promising.
Note: I accidentally sent today's Daily Update out to the entire Stratechery mailing list, paid and unpaid. Oops, and you're welcome 😬
Facebook Lenses
stratechery.com/2018/facebook-
Facebook was down dramatically after its last earnings; to decide if it is justified it is worth looking at the company through many different lenses, both financial and strategic.
Visa, Plaid, Networks, and Jobs
stratechery.com/2020/visa-plai
The history of credit cards helps explain why Plaid is valuable to Visa, and how Visa can make it significantly better.
Apple Vision
Apple Vision is incredibly compelling, first as a product, and second as far as potential use cases. What it says about society, though, is a bit more pessimistic.
AWS, MongoDB, and the Economic Realities of Open Source
stratechery.com/2019/aws-mongo
Amazon's latest offering highlights the economic challenges facing open source companies — and Amazon should pay attention.
Back to the Future of Twitter
Twitter should go private and return to its pre-2012 approach of being a centralized service with third-party clients.
The BuzzFeed Lesson
stratechery.com/2019/the-buzzf
The lesson of BuzzFeed is that dominant Aggregators like Facebook have no incentive to act against their self interest and support suppliers.
Intel and the Danger of Integration
stratechery.com/2018/intel-and
Intel is in an increasingly bad position in part because it has been captive to its integrated model. Or, you could simply say they were disrupted.
Tech's Two Philosophies
stratechery.com/2018/techs-two
Google and Facebook represent one philosophy, and Microsoft and Apple represent another; tech needs both, but ultimately platforms are more important than aggregators.
Apple at Its Best
stratechery.com/2017/apple-at-
The iPhone X is a reminder that Apple's HW/SW advantage is a durable defense against disruption
Amazon Go and the Future
stratechery.com/2018/amazons-g
Amazon Go exemplifies how Amazon is building its monopoly in three ways: horizontally, vertically, and financially.
Alexa: Amazon's Operating System
stratechery.com/2017/amazons-o
Operating systems are chokepoints, which is why they—and Alexa—are so valuable.
Netflix Flexes
stratechery.com/2019/netflix-f
Netflix is an Aggregator, with a value chain that lets it drive demand, raise prices, and dismiss competition.
The Death and Birth of Technological Revolutions
Carlota Perez documents technological revolutions, and thinks we’re in the middle of the current one; what, though, if we are nearing its maturation? Is crypto next?
Instagram's CEO
stratechery.com/2018/instagram
Kevin Systrom had the title CEO, but the one that built the business — and thus controlled its destiny — was Mark Zuckerberg.
Intel Problems
Intel is in much more danger than its profits suggest; the problems are a long time in the making, and the solution is to split up the company.
The Cost of Developers
stratechery.com/2018/the-cost-
Microsoft paid a lot for GitHub, because it had to pay directly for access to developers. It doesn't have the leverage of users the way that Apple does on the App Store.
Dollar Shave Club and The Disruption of Everything
stratechery.com/2016/dollar-sh
Dollar Shave Club is a warning about imminent value destruction
The Great Unbundling
stratechery.com/2017/the-great
Not all media — nor all TV — is the same. That will be the root of unbundling.
Shopify's Evolution
Shopify should build an advertising business to complement Shop Pay and the Shopify Fulfillment Network
Disney and Integrators Versus Aggregators
Disney's reorganization reinforces their integrated strategy; there is a lot to learn for anyone competing with Aggregators.
The Uber Dilemma
stratechery.com/2017/the-uber-
Game theory explains why Benchmark is risking its reputation to sue Uber. Plus, what comes next.
The 2017 Stratechery Year in Review
stratechery.com/2017/the-2017-
The most popular and most important posts on Stratechery in 2017.
Disney and Fox
stratechery.com/2017/disney-an
Disney's rumored acquisition of 21st Century Fox is all about competing with Netflix; whether or not that is a good thing depends on your frame of reference.
The State of Technology at the End of 2018
stratechery.com/2018/the-state
The State of Technology, at least in the enterprise space, is strong; consumer tech is another story, and it is time to question the dominance of big companies like Google.
The Internet and the Third Estate
stratechery.com/2019/the-inter
Mark Zuckerberg suggested that social media is a "Fifth Estate"; in fact, social media is a means by which the Third Estate — commoners — can seize political power. Here history matters.
Manifestos and Monopolies
stratechery.com/2017/manifesto
Facebook has long been too powerful, but Mark Zuckerberg's manifesto crossed the line
Why Twitter Must Be Saved
stratechery.com/2016/why-twitt
Twitter's weaknesses are an essential antidote to Facebook's focus on engagement
The Facebook Brand
stratechery.com/2018/the-faceb
The Facebook brand is, due to Facebook's strategic choices, about not respecting privacy. That is why the Cambridge Analytica story is such a problem for the company.
Oracle's Cloudy Future
stratechery.com/2016/oracles-c
Building for the middle won't win the cloud; flexibility and focus matter
Apple, Epic, and the App Store
The App Store is not one thing: it is installation, payments, and customer management; the further Apple gets from iOS, the worse its actions are for users and developers.
Lessons from Spotify
stratechery.com/2018/lessons-f
Spotify has a marginal cost problem, but while the cause is unique to Spotify, the challenges are more applicable than it seems.
Nvidia's Integration Dreams
Nvidia's acquisition of ARM only makes sense from a financial perspective, unless you buy Jensen Huang's datacenter dreams.
The Scooter Economy
stratechery.com/2018/the-scoot
Scooters are everywhere, and the use case is amazing. It's not clear if the businesses will be, which means more consumer surplus.
Fake News
stratechery.com/2016/fake-news/
Fake news and filter bubbles are a problem; the proposed solutions are worse
The Anti-Amazon Alliance
stratechery.com/2020/the-anti-
Google Shopping is changing its model, suggesting Google is joining the Anti-Amazon Alliance; 3rd-party merchants should do the same.
What the NBA Can Learn From Formula 1
Formula 1 has done an impressive job earning fans; the NBA should study it, because the pay TV bundle is slowly disintegrating
Dust in the Light
stratechery.com/2020/dust-in-t
The Internet ends gatekeepers and increases transparency, which has world-altering effects — both good and bad.
Apple's Services Event
stratechery.com/2019/apples-se
Apple's Services Event generally made sense, even if most products weren't ready to launch. It's fair to wonder, though, if something important is being lost.
Digital Advertising in 2022
The advertising has shifted from a Google-Facebook duopoly to one where Amazon and potentially Apple are major forces.
The End of Silicon Valley (Bank)
Silicon Valley Bank bears responsibility for its demise, but it symbolizes a Silicon Valley reality that is very different from the myth — and the ultimate cause is tech itself.
Tulips, Myths, and Cryptocurrencies
stratechery.com/2017/tulips-my
The tulip bubble is a myth, which shows that myths are powerful — and valuable
The Amazon Empire Strikes Back
Amazon's logistics investment makes the company increasingly attractive to 3rd party merchants.
Why Netflix Should Sell Ads
Netflix has been resolutely opposed to selling ads, prioritizing the user experience; however, the market conditions for streaming have changed, and so should Netflix.
Uber's Bundles
stratechery.com/2018/ubers-bun
Uber's crisis necessitated a new strategy: enter bundles
The 2018 Stratechery Year in Review
stratechery.com/2018/the-2018-
The most popular and most important posts on Stratechery in 2018
IBM's Old Playbook
stratechery.com/2018/ibms-old-
IBM has bought Red Hat in an attempt to recreate its success in the 90s; it's not clear, though, that the company or the market is the same.
AI Homework
The first obvious casualty of large language models is homework: the real training for everyone, though, and the best way to leverage AI, will be in verifying and editing information.
Beyond Aggregation: Amazon as a Service
Amazon's new Buy With Prime announced the arrival of Amazon Logistics as a Service, and is a big red flag for Shopify.
The Lessons and Questions of the iPhone X and the iPhone 8
stratechery.com/2017/the-lesso
The iPhoneX fits Apple; does that leave room for the 8?
Consoles and Competition
Reviewing the history of video games explains why Sony is dominant today, and why Microsoft is actually introducing competition, not limiting it.
The Tragic iPad
stratechery.com/2020/the-ipad-
The iPad is 10, and while it remains a useful device, it is ultimately a disappointment. Apple lost the vision for what the iPad could be, and never gave space for developers to figure it out.
Metaverses
The Metaverse of Snow Crash is not the best analogy for the future, as the Internet looks more like Stephenson’s dystopian real world
Apple Should Buy Netflix
stratechery.com/2016/apple-sho
Apple doesn't have leverage in TV; Netflix does, and will free Apple to focus on products
Meltdown, Spectre, and the State of Technology
stratechery.com/2018/meltdown-
The vexing nature of Spectre in particular is analogous to technology broadly
Why Facebook Shouldn't Be Allowed to Buy tbh
stratechery.com/2017/why-faceb…
The Instagram and WhatsApp regulatory mistakes shouldn't be repeated
The Daily Update Podcast
stratechery.com/2020/the-daily
A new product for Stratechery subscribers: the Daily Update, in audio form
Facebook and the Cost of Monopoly
stratechery.com/2017/facebook-
The F8 keynote was disappointing and lacked vision; that's a natural outcome
How Google Is Challenging AWS
stratechery.com/2016/how-googl
Amazon won round one of the cloud wars; now Google is trying to change the rules
Apple's Mistake
While it's possible to understand Apple's motivations behind its decision to enable on-device scanning, the company had a better way to satisfy its societal obligations while preserving user privacy.
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.
