8-17-2026 ($) •Stripe Acquiring OpenRouter •Aggregating AI? •Flipping the Business Model

2026.33: The CapEx Train Keeps Rolling The best Stratechery content from the week of August 10, 2026, including the capital constraint, AI writing, and a tale of two cities.

8-12-2026 ($) •Anthropic’s Watermarking •How It (Probably) Works •Worse Than It Seems

Nvidia’s Risky Business Nvidia is finding new ways for its customers to raise money, and it's expanding the risk of the AI buildout significantly.

8-10-2026 ($) •Apple Earnings •More on Amazon’s Earnings