Dispatch
Stratechery: the same AI capex quarter got four different market verdicts
Ben Thompson's weekly wrap argues that Meta, Microsoft, Amazon and Google all spent heavily on AI infrastructure this quarter but drew sharply divergent Wall Street reactions, sorted by three variables — frontier model cost, near-term monetization, and strategic clarity. Microsoft came out best on lower costs plus concrete applications; Meta drew concern for promising future AI products rather than shipped ones. The issue also covers OpenAI's evidence-backed rebuttal to Apple's trade-secrets suit over hardware chief Tang Tan, framing the case as Apple attempting to litigate OpenAI's hardware division out of existence.
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