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Intel, Mobileye, and Smiling Curves
A subtext to last week’s article, Tech’s Two Philosophies, was the idea that there is a difference between Aggregators and Platforms; this was the key section:It is no accident that Apple and Microsoft, the two “bicycle of the mind” companies, were founded only a year apart, and for decades had broadly similar business models: sure, Microsoft licen... See more
stratechery.com • The Moat Map
For the purpose of this discussion, it is useful to think about technology acquisitions in three categories: 1. Talent and/or technology, when a company is acquired purely for its technology and/or its people. These kinds of deals typically range between $5 million and $50 million. 2. Product, when a company is acquired for its product, but not its
... See moreBen Horowitz • The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
Google and Tesla are now inching toward one another in terms of approach. Google—perhaps feeling the heat from Tesla and other rivals—accelerated deployment of fully autonomous vehicles, piloting a program with taxi-like vehicles in the Phoenix metropolitan area. Meanwhile, Tesla appears to have pumped the brakes on its rapid rollout of fully auton
... See moreKai-Fu Lee • AI Superpowers: China, Silicon Valley, and the New World Order
An important new factor in recent years has been the acquisition of smaller companies by larger ones, usually as part of a diversification program. In these cases the consideration paid has almost always been relatively generous, and much in excess of the bargain levels existing not long before.