Three things worth your morning.
A quieter cycle than last Monday — but two of these are worth pouring a second cup for.
- 27newsletters read
- 3made the cut
- 47msaved this morning
- i.
Top of mind today9 min
Anthropic just passed OpenAI on enterprise revenue growth — and the swing happened in two weeks.
Through Q3, Anthropic’s enterprise ARR is growing ~110% year-over-year against OpenAI’s ~90%. The flip lines up with the week Cursor and Sourcegraph quietly swapped their default model. Engineering workloads have higher gross margins than chat — and they migrated first.
Why this matters to youYou’ve opened every Stratechery item this quarter and saved the last three Latent Space deep-dives on Claude Code. This is the synthesis of both.
across 9 newslettersRead the synthesis → - ii.
Worth your time5 min
Tuesday’s 10-year auction blew out. The bid is gone, every desk agreed.
The $42B auction tailed four basis points — the worst since 2023. Indirect bidders printed 56%, well below the year average. Across five sell-side desks, the framing landed identically: the foreign bid is not late, it is missing.
Why this matters to youMacro usually gets filtered out of your morning. This one made the cut because five sources you trust all wrote the same takeaway.
across 5 newslettersRead the synthesis → - iii.
Skim2 min
Letterboxd quietly passed Goodreads. Taste-making for stories is now film-first.
Letterboxd cleared 20M users in October. Goodreads has been flat near 18M for two years. The discovery engine for narrative is migrating from books to film — and publishers have not priced it in.
across 2 newslettersRead the synthesis →