TSMC’s pricing power in the AI era, a brief history of TSMC’s culture and CapEx decisions, and ongoing capacity constraints that should be pushing tech companies to build up competitors. Then: Thoughts on Netflix after Ben’s interview with co-CEO Greg Peters, including Wall Street’s concerns despite enormous success, whether and how the Warner Brothers acquisition could be a counter to YouTube, and the difference between Netflix content and user generated YouTube content. At the end: Questions about the Curt Cignetti of tech, a victory lap on OpenAI, advertising in chatbots, advertising as a force for good, and Andrew’s Starbucks habit.

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An Interview with Netflix co-CEO Greg Peters About Engagement and Warner Bros. — Stratechery Interview

TSMC Earnings, The TSMC Brake Revisited, Why AI Needs Foundry Competition — Stratechery Update

Ads in ChatGPT, Why OpenAI Needs Ads, The Long Road to Instagram — Stratechery Update

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