underscored

@underscored

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A world where models are interchangeable is one where models are commodities, while most of the value flows elsewhere. Right now that's compute, but in the fullness of time, whenever we have enough compute, the most valuable place to be in the value chain will be the place that has always been the most valuable: owning the user touchpoint.

Ben Thompson
1d ago
stratechery.com
2026.23: Power Shifts

Three years ago Google looked hapless, scrambling to respond to ChatGPT, while Microsoft, thanks to their groundbreaking partnership with OpenAI, looked on top of the world. Now Google is pulling away in terms of market capitalization, which makes their decision to issue equity to Berkshire Hathaway a curious one.

1w ago

Underscored — save the words that stop you in your tracks.

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