The best Stratechery content from the week of September 15, 2025, including Meta, YouTube and press attention, why Oracle is winning in AI, and the bubble inflection point.

Meta announced Ray-Ban Displays, their first glasses product with a display. I think it’s very compelling in part because it is limited.

Oracle’s AI commitment requires debt, which marks an inflection point in a potential AI bubble; then, Apple finally increases ...

Oracle’s stock sky-rocketed after reporting massive future performance obligations, mostly from OpenAI. It’s a big risk, but ...