The best Stratechery content from the week of August 11, 2025, including Facebook is Dead; Long Live Meta, GPT-5’s Arrival, and the Top 5 Airports.

GPT-5 seems fine; the more interesting questions are about the ChatGPT product and OpenAI’s tradeoffs.

President’s Trump plan for the U.S. to get paid by Nvidia and AMD for China exports is dubious, but overall policy is headed ...