The best Stratechery content from the week of July 7, 2025, including who invests and why, Apple’s search for an AI partner, and if Xi Jinxping is on his way out.

One of the most paradoxical aspects of AI is that while it is hailed as the route to abundance, the most important financial outcomes have been about scarcity. The first and most obvious example has ...

Meta won another fair use case, even though the judge wanted to rule against LLMs; he’ll have a hard time doing so.