The best Stratechery content from the week of August 10, 2026, including the capital constraint, AI writing, and a tale of two cities.

Nvidia is finding new ways for its customers to raise money, and it’s expanding the risk of the AI buildout significantly.

Anthropic is adding watermarking in response to the E.U.’s AI law. It’s a terrible idea, first and foremost for philosophical reasons.

Apple’s earnings (and stock) are limited not by memory but rather chip shortages; then, more on Amazon’s earnings and Andy Jassy’s market analysis.

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