The best Stratechery content from the week of August 4, 2025 including what Nokia can teach us about the AI era, what the NFL wants from ESPN, and how Visa conquered debit cards.

The NFL is taking equity in ESPN. It’s a great deal for Disney, driven by the NFL’s long-term concern about tech dominance.

When paradigms change, previous winners have the hardest time adjusting; that is why AI might be a challenge for Apple and Amazon ...

Apple appears committed to its original Apple Intelligence strategy.

The best Stratechery content from the week of July 28, 2025, including how to think about Figma, the future of the U.S. semiconductor supply chain, and whether Trump is softening on China.