TBPN Apple Tax is Dead, OpenAI Ends Vesting Cliff, Anthropic’s Massive TPU Order | Diet TBPN
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Dec 16, 2025 A recent Ninth Circuit ruling limits Apple's notorious 30% App Store fee, sparking a debate over its impact on developers. OpenAI has eliminated the six-month vesting cliff to attract top AI talent. Meanwhile, Anthropic's massive TPU orders reveal a push in the AI hardware space. The hosts also delve into the cultural quirks of startup fundraising and share humorous takes on data centers in exotic locations. Plus, they explore Jim Carrey's Grinch experience and coping strategies with a military trainer.
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Apple's 30% Take Tackled By Courts
- The Ninth Circuit ruled Apple can't structure fees to effectively keep a 30% "Apple tax" when developers route payments externally.
- John Coogan argues true costs should be linked to actual service costs, not proportionally to developer revenue.
Who Can Sue Matters For Antitrust
- The Illinois Brick precedent limits who can sue for pass-through monopoly harms to direct purchasers, complicating Apple suits.
- John explains that who counts as the direct purchaser matters a lot for antitrust standing and damages.
Services Story Drove Apple's P/E Expansion
- Apple's services narrative transformed its valuation from a hardware company to a high multiple services business.
- John notes this shift let Apple trade at a much higher P/E by monetizing the App Store ecosystem as recurring value.