Steph Curry wanted LeBron James to join the Warriors, but his restrained reaction after James chose the 76ers suggested he never allowed himself to count on the partnership.

“That’s why you don’t envision anything until it happens,” Curry said from Moses Moody’s youth camp. “There’s a lot of moving parts.”

Curry’s public response contained no criticism of the Warriors and little visible disappointment. The Athletic’s Marcus Thompson II believes that may be because Curry had already begun reconsidering Golden State’s repeated pursuit of another superstar.

Speaking on KNBR, Thompson suggested Curry probably knew before the public that James was leaning elsewhere and may have grown weary of waiting for the next blockbuster addition.

“I think he’s probably a little tired of the star chasing,” Thompson said.

Golden State has spent years searching for another difference-maker to extend Curry’s championship window. The Warriors acquired Jimmy Butler in 2025 and have since explored possibilities involving James, Giannis Antetokounmpo, Jaylen Brown and Anthony Davis.

None of those latest pursuits produced another star.

Thompson wondered whether Curry would now prefer the Warriors to build a deeper, younger roster rather than repeatedly pinning their hopes on one transformative move.

“Let’s give me some eager youngsters and we got to it,” Thompson said while imagining Curry’s potential viewpoint. “Let’s go the Davidson route, right? Let’s go the [Southern Conference] route. Just put together the best team.”

That interpretation remains Thompson’s speculation, not a position Curry has publicly confirmed. Curry has continued emphasizing his desire for Golden State to construct the best roster possible, and he acknowledged that the organization discussed creative ways to improve.

The circumstances surrounding the Warriors have also changed dramatically.

Butler is recovering from a torn ACL, while Moody is working his way back from a torn patellar tendon. Their injuries altered Golden State’s plans long before James made his decision.

“The whole calculus of everything changes,” Curry said. “How do you get through their absence and still stay at a certain level? And then how that goes into this year. It’s the same deal. So, I’m a realist on that.”

That realism does not necessarily mean Curry has accepted another season outside championship contention. He is entering the final year of his contract at age 38, and Thompson previously suggested the timing of a possible extension could give Curry leverage to keep pressure on management.

But Curry also appears to understand that Golden State cannot construct its future around hypothetical trades or free agent decisions.

“We don’t live in any alternative universe,” he said.

In this one, the Warriors may need Curry to carry another depleted offense while Butler and Moody recover. Kristaps Porziņģis brings additional talent but has struggled to remain consistently available. Draymond Green is expected to return to an aging core.

That leaves Golden State in an uncomfortable position: hoping for one more elite Curry season while remaining reluctant to sacrifice every future asset for a move that may not make it a legitimate contender.

Thompson believes the repeated cycle of anticipation and disappointment could be taking its toll.

“His championship hopes is tied to something completely else,” Thompson said. “And I think he’d much rather it be tied to him.”

Curry has not publicly turned against the Warriors’ strategy. His comments instead sound like someone who has learned not to build expectations around a star who has not yet arrived.

After another failed pursuit, Golden State may soon have to determine whether Curry still believes in chasing the next big name — or would rather the franchise finally try something different.