Stratechery on OpenAI and IBM
Stratechery · rss · 2026-07-18
This Stratechery weekly roundup summarizes several analyses related to AI and tech companies. Core topics include:
- IBM: Mainframe business and related software are under pressure. The author argues the issue isn't just AI spending squeezing budgets, but that AI might make legacy system migration and replacement easier, meaning these revenues may never return.
- OpenAI / Apple: Discusses Apple suing OpenAI, the revamped Mac version of ChatGPT, and OpenAI's potential hardware products featuring "ambient awareness" or even mechanical components.
- ChatGPT / Codex: The author interprets ChatGPT's new positioning as leaning towards a "super app" and discusses whether OpenAI is redefining the chat product itself.
- Netflix: Continues the assessment of Netflix's valuation, content library, and platform competition strategy, suggesting that competing for attention by mimicking YouTube could weaken its original advantages.
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