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Welcome back to This Week in Stratechery!

As a reminder, each week, every Friday, we’re sending out this overview of content in the Stratechery bundle; highlighted links are free for everyone. Additionally, you have complete control over what we send to you. If you don’t want to receive This Week in Stratechery emails (there is no podcast), please uncheck the box in your delivery settings.

On that note, here were a few of our favorites this week.

The Market Speaks. Anthropic released Fable 5.1 this week, and the most interesting part of their announcement had nothing to do with the model or its capabilities, but rather its terms. Anthropic is walking back their controversial data retention policies that sparked a huge backlash earlier this year. The reason? The company needs to make money, and OpenAI is competing hard (and OpenAI had a model release of their own, which I talked to OpenAI President Greg Brockman about in the Stratechery Interview). — Ben Thompson