{"id":353166,"date":"2025-12-18T11:46:09","date_gmt":"2025-12-18T11:46:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/353166\/"},"modified":"2025-12-18T11:46:09","modified_gmt":"2025-12-18T11:46:09","slug":"the-2025-stratechery-year-in-review-stratechery-by-ben-thompson","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/353166\/","title":{"rendered":"The 2025 Stratechery Year in Review \u2013 Stratechery by Ben Thompson"},"content":{"rendered":"

Thursday, December 18, 2025<\/p>\n

While I started Stratechery in 2013 while living in the United States, within months I moved back to Taiwan<\/a>, which means the vast majority of Stratechery content was written from the other side of the world from the companies I covered most closely. The big event this year is that I moved back<\/a>: Stratechery, now in its 13th year, is once again a U.S.-based publication.<\/p>\n

Here are the Taiwan 12 Years in Review:<\/p>\n

2024<\/a> | 2023<\/a> | 2022<\/a> | 2021<\/a> | 2020<\/a> | 2019<\/a> | 2018<\/a> | 2017<\/a> | 2016<\/a> | 2015<\/a> | 2014<\/a> | 2013<\/a><\/p>\n

This year was once again dominated by AI, particularly in the context of big tech companies; another consistent theme, however, was the opposite of progress: concern about the United States\u2019 competitive position in manufacturing in particular. It\u2019s striking, but perhaps not surprising, that these two issues are rising in prominence at the same time. Will AI save America, and can America build what it needs to truly reap AI\u2019s benefits?<\/p>\n

\"A<\/a><\/p>\n

This year Stratechery published 26 free Articles<\/a>, 109 subscriber Updates<\/a>, and 39 Interviews<\/a>. Below is a summary of most of the Articles, Interviews, and a selection of my favorite Updates of the year.<\/p>\n

The Five Most-Viewed Articles<\/p>\n

The five most-viewed Articles on Stratechery according to page views:<\/p>\n

DeepSeek FAQ<\/a> \u2014 DeepSeek has completely upended people\u2019s expectations for AI and competition with China. What is it, and why does it matter?<\/p>\n

Google, Nvidia, and OpenAI<\/a> \u2014 OpenAI and Nvidia are both under threat from Google; I like OpenAI\u2019s chances best, but they need an advertising model to beat Google as an Aggregator.<\/p>\n

The Agentic Web and Original Sin<\/a> \u2014 Microsoft is putting forth compelling proposals for the Open Agentic Web. However, the proposal needs digital payments, which will be key to creating a new content marketplace for AI.<\/p>\n

U.S. Intel<\/a> \u2014 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.<\/p>\n

The Benefits of Bubbles<\/a> \u2014 We are in an AI Bubble: the big question is if this bubble will be worth it for the physical infrastructure and coordinated innovation that result?<\/p>\n

\"A<\/p>\n

Analyzing AI and Its Impact on Society<\/p>\n

Nearly every Article on Stratechery touched on AI; these Articles took a broader view than just one company.<\/p>\n

AI\u2019s Uneven Arrival<\/a> \u2014 o1\/o3 points the way to AGI, which is AI that can complete tasks; it may take longer for most companies to adopt them than you might think: just look at digital advertising.<\/p>\n

Deep Research and Knowledge Value<\/a> \u2014 Deep Research is an AGI product for certain narrow domains; its ability to find anything on the Internet will make secret knowledge all the more valuable.<\/p>\n

Checking In on AI and the Big Five<\/a> \u2014 A review of the current state of AI through the lens of the Big Five tech companies.<\/p>\n

Tech Philosophy and AI Opportunity<\/a> \u2014 Positioning AI contenders \u2014 and losers \u2014 by their tech philosophy and business potential.<\/p>\n

Content and Community<\/a> \u2014 The old model for content sprung from geographic communities; the new model for content is to be the organizing principle for virtual communities.<\/p>\n

\"If<\/p>\n

Big Tech<\/p>\n

The companies spending the most on AI \u2014 and with the most to potentially lose \u2014 are the biggest tech companies. Plus, the implication of self-driving cars and the end game in Hollywood.<\/p>\n

Facebook is Dead; Long Live Meta<\/a> \u2014 Meta delivered blowout earnings the same quarter that Mark Zuckerberg doubled down on AI; I don\u2019t think it was a coincidence. See also: Sora, AI Bicycles, and Meta Disruption<\/a> \u2014 Sora is going viral, suggesting there is a big opportunity in unlocking creativity. If that\u2019s true, that\u2019s good for humanity \u2014 and bad for Meta.<\/p>\n

The YouTube Tip of the Google Spear<\/a> \u2014 I\u2019ve come to appreciate Google\u2019s amorphous nature; what makes me bullish is the clarity of YouTube\u2019s AI opportunity.<\/p>\n

OpenAI\u2019s Windows Play<\/a> \u2014 OpenAI is making a play to be the Windows of AI: the all-encompassing platform that controls both hardware supplier and software developers.<\/p>\n

Robotaxis and Suburbia<\/a> \u2014 Robotaxis are poised to further close the delta between suburbs and the city; the city (and Uber) might never recover.<\/p>\n

Netflix and the Hollywood End Game<\/a> \u2014 Netflix is driving the Hollywood end game, likely confident it can increase the value of IP, and fend off YouTube.<\/p>\n

\"A<\/p>\n

Apple and AI<\/p>\n

One big tech company received special focus this year: Apple, which stumbled in its initial attempt to build AI.<\/p>\n

Apple AI\u2019s Platform Pivot Potential<\/a> \u2014 Apple AI is delayed, and Apple may be trying to do too much; what the company ought to do is empower developers to make AI applications.<\/p>\n

Apple and the Ghosts of Companies Past<\/a> \u2014 Apple is not doomed, but for the first time in a long time its long-term fortunes are cloudy; the time to make change is now.<\/p>\n

Apple Retreats<\/a> \u2014 Apple\u2019s WWDC was a retreat from not just last year\u2019s WWDC, but potentially a broader reset for the company. That\u2019s why it was a great presentation.<\/p>\n

Paradigm Shifts and the Winner\u2019s Curse<\/a> \u2014 When paradigms change, previous winners have the hardest time adjusting; that is why AI might be a challenge for Apple and Amazon.<\/p>\n

iPhones 17 and the Sugar Water Trap<\/a> \u2014 Apple\u2019s iPhone announcement was impressive, but no one was impressed, because Apple is increasingly peripheral to what is changing the world.<\/p>\n

\"Apple's<\/a><\/p>\n

American Challenges<\/p>\n

America is leading the way in AI, but is finding itself behind in manufacturing; policy makers have to consider the implications of both.<\/p>\n

AI Promise and Chip Precariousness<\/a> \u2014 The AI industry is more exciting than ever, but the chip situation is very precarious and requires drastic action.<\/p>\n

American Disruption<\/a> \u2014 A new take on Trump\u2019s tariffs, including using a disruption lens to understand the U.S.\u2019s manufacturing problem, and why a better plan would leverage demand, not kill it.<\/p>\n

Resiliency and Scale<\/a> \u2014 Decreasing transportation and communications costs increases resiliency in theory, but destroys it in practice. The only way to have resiliency is through less efficiency.<\/p>\n

\"A<\/a><\/p>\n

Stratechery Interviews<\/p>\n

Every week (except July and August) I post a Stratechery Interview \u2014 in podcast and transcript form \u2014 with public company executives, private company founders, and other analysts.<\/p>\n

Public Company Executive Interviews<\/p>\n

ServiceNow CEO Bill McDermott<\/a> | Uber CEO Dara Khosrowshahi<\/a> | Snowflake CEO Sridhar Ramaswamy<\/a> | Google Cloud CEO Thomas Kurian<\/a> | Meta CEO Mark Zuckerberg<\/a> | SAP CEO Christian Klein<\/a> | Nvidia CEO Jensen Huang<\/a> | Cloudflare CEO Matthew Prince<\/a> | YouTube CEO Neil Mohan<\/a> | Booking CEO Glenn Fogel<\/a> | Asana Founder Dustin Moskovitz<\/a> | Unity CEO Matthew Bromberg<\/a> | Atlassian CEO Mike Cannon-Brookes<\/a> | Rivian CEO RJ Scaringe<\/a><\/p>\n

Startup Founder Interviews<\/p>\n

Anduril CEO Brian Schimpf<\/a> | Manna CEO Bobby Healy<\/a> | Tailscale CEO Avery Pennarun<\/a> | OpenAI CEO Sam Altman in March<\/a> and October<\/a> | Plaid CEO Zach Perret<\/a> | Cursor CEO Michael Truell<\/a> | Sierra CEO Bret Taylor<\/a> | Flighty CEO Ryan Jones<\/a><\/p>\n

Analysts<\/p>\n

Jon Yu<\/a> on YouTube and semiconductors | Daniel Gross and Nat Friedman<\/a> on AI | Matthew Ball<\/a> on gaming | Benedict Evans<\/a> on AI unknowns | Michael Nathanson on streaming in March<\/a> and December<\/a> | Dan Kim and Hassan Khan<\/a> on CHIPS, and Dan Kim<\/a> on Intel and Nvidia | Eric Seufert on digital advertising in April<\/a> and November<\/a> | Patrick McGee<\/a> on Apple In China<\/a> | Ben Bajarin<\/a> on AI Infrastructure | Gracelin Baskaran<\/a> on rare earths | Michael Morton<\/a> on e-commerce<\/p>\n

\"Google's<\/p>\n

The Year in Stratechery Updates<\/p>\n

Some of my favorite Stratechery Updates from 2025:<\/p>\n

January 8<\/a>: Meta Changes Moderation Policies, Zuckerberg\u2019s Journey \u2014 and Mine, The Audacity of Copying Well<\/p>\n

February 4<\/a>: Apple Earnings, OpenAI Deep Research, The Unbundling of Substantiation<\/p>\n

February 19<\/a>: Encryption and the Uneasy Compromise, Netflix Earnings, The Aggregator\u2019s Compounding Advantage<\/p>\n

March 3<\/a>: Microsoft EOLs Skype, Skype\u2019s Founding, Microsoft\u2019s Skype Charity<\/p>\n

March 5<\/a>: Alexa+, A Brief History of Alexa, Amazon \u2014 and Apple\u2019s \u2014 Mistake<\/p>\n

March 19<\/a>: Nvidia GTC and ASICs, The Power Constraint, The Pareto Frontier<\/p>\n

April 15<\/a>: Meta v. FTC, The Three Facebook Eras, Video Slop and Market Forces<\/p>\n

May 14<\/a>: Airbnb\u2019s New App, Experiences and Services, Chesky\u2019s Founder Mode<\/p>\n

May 21<\/a>: Google I\/O, The Search Funnel, Product Possibilities<\/p>\n

June 3<\/a>: Nike on Amazon; Nike\u2019s Disastrous Pivot; Inevitability, Intentionality, and Amazon<\/p>\n

June 24<\/a>: Talent Wars, NBA Money, AI Money<\/p>\n

July 14<\/a>: Google and Windsurf, Stinky Deals, Chesterton\u2019s Fence and the Silicon Valley Ecosystem<\/p>\n

July 16<\/a>: Cloudflare\u2019s Content Independence Day, Google\u2019s Advantage, Monetizing AI<\/p>\n

July 28<\/a>: TSMC Earnings; A16 and TSMC\u2019s Approach to Backside Power; Intel Earnings, Architecture, and AI<\/p>\n

July 30<\/a>: Figma S-1, The Figma OS, Figma\u2019s AI Potential<\/p>\n

August 27<\/a>: KPop Demon Hunters, Sony\u2019s Risk, The Netflix Aggregator<\/p>\n

September 9<\/a> and November 11<\/a> on SpaceX\u2019s foray into terrestrial spectrum<\/p>\n

September 24<\/a>: YouTube Restores Suspended Accounts, Free Speech and Cultural Mores, Platform Power<\/p>\n

November 3<\/a>: Google Earnings, Meta Earnings, The Cost of Reality Labs<\/p>\n

December 10<\/a>: Trump Allows H200 Sales to China, The Sliding Scale, A Good Decision<\/p>\n

\"A<\/p>\n

\"A<\/p>\n

I am so grateful to the subscribers that make it possible for me to do this as a job. I wish all of you a Merry Christmas and Happy New Year, and I\u2019m looking forward to a great 2026!<\/p>\n

Get notified about new Articles<\/p>\n

Please verify your email address to proceed.<\/p>\n","protected":false},"excerpt":{"rendered":"Thursday, December 18, 2025 While I started Stratechery in 2013 while living in the United States, within months…\n","protected":false},"author":2,"featured_media":353167,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[49,48,61],"class_list":["post-353166","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology","tag-ca","tag-canada","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/353166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=353166"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/353166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/353167"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=353166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=353166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=353166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}