Unpacking the latest round of Meta earnings, including Wall Street’s about-face after last year’s CapEx squeamishness, whether Zuckerberg’s astronomical CapEx plans are more evidence he yearns to be more than an app maker, why Meta owes a thank you to Apple, Apple and Meta in the AI era, and a word about Instagram messages. Then: Are we in an “AI is a Bubble” bubble? Thoughts on mass adoption among software makers, demand that looks insatiable, product managers vs. engineers, and the era of perfect competition among employees. From there: Why hyperscalers should not solve the CapEx problem by co-investing in TSMC, why Ben sympathizes with TSMC, and a note on Samsung. At the end: Andrew shares his experience with Bucks-Lakers in the Vision Pro and reviews Ben’s takes.

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Meta Earnings, Turning Dials, Zuckerberg’s Motivation — Stratechery Update

Barrels and Ammunition — Conor Dewey

TSMC Risk — Stratechery

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