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Welcome back to This Week in Stratechery!
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On that note, here were a few of our favorites this week.
What We Learned from Big Tech’s First Quarter. Apple, Amazon, Meta, Google and Microsoft all reported earnings last week, and as four of the five megacaps continue to pour massive sums into AI (first quarter CapEx was more than three times that of the Manhattan Project), there are no signs of that pace slowing. Ben broke it all down across several days, including divergent market reactions to great Google numbers and Meta numbers that were arguably even better, as well as the stories for Microsoft and Apple after Q1. Sandwiched between those Daily Updates, Tuesday’s Article zoomed out to connect Amazon’s infrastructure spending history with its AI strategy going forward. All of it was a great way to parse numbers that continue to boggle the mind, and strategy that actually looks a lot more rational than the numbers sound. — Andrew Sharp
