Apple vs OpenAI, Mustard Controversy, Mark Gurman, Alexis Ohanian, & Morgan Housel Join

Watch on YouTube ↗  |  July 13, 2026 at 20:43  |  2:38:07  |  TBPN
Speakers
John Coogan — Co-Host, TBPN
Alexis Ohanian — Co-founder, Reddit; Founder/GP, Seven Seven Six
Morgan Housel — Partner, The Collaborative Fund; author
Mark Gurman — Chief Correspondent, Bloomberg News
Nico — Founder, Shortcut
Michael — Excel World Champion; private equity

Summary

The episode covers Apple's lawsuit against OpenAI over alleged trade secret theft and employee poaching, including Mark Gurman's reporting on Apple's strategic aims, iPhone price hikes, and product plans. It also discusses Paramount's threatened exit from California over the Warner Bros Discovery merger, live events and collectibles with Alexis Ohanian, sports betting psychology with Morgan Housel, and a demonstration of AI agents in competitive Excel.

  • Apple sued OpenAI over trade secrets, alleging poaching of 400+ employees and misconduct by former hardware chiefs.
  • Mark Gurman explains Apple's lawsuit as a way to slow OpenAI and deter defections, while legal victory is uncertain.
  • Apple is expected to raise iPhone prices $150-200 in September because memory costs increased.
  • Paramount is considering shifting operations out of California if the state sues to block its Warner Bros Discovery acquisition.
  • Alexis Ohanian argues live sports and human experiences are durable anti-AI investments.
  • Ohanian is bullish on women's sports and trading cards/collectibles, but cautious on house-always-wins sports betting.
  • Morgan Housel discusses equities versus owner-occupied housing as real wealth and the psychology of gambling.
  • AI agents are reaching thresholds in spreadsheet and computer-use tasks, with Excel competition implications.
Ideas
John Coogan Co-Host, TBPN 30:08
Paramount-Warner merger likely still proceeds.
The DOJ and international regulators have cleared the Paramount-Warner Bros Discovery merger, and Paramount is threatening to leave California after a state AG suit. The setup looks like the merger can still go through despite California resistance, with ticking fees and operational relocation as leverage.
PSKY WBD MED
Alexis Ohanian Co-founder, Reddit; Founder/GP, Seven Seven Six 52:33
Women's sports under-monetized, early growth.
Women's sports are an early, under-monetized growth theme. He started Angel City FC and has invested in women's sports because the category has large cultural growth, under-modernized operations, and long-tail NIL opportunities.
women's sports MED
Alexis Ohanian Co-founder, Reddit; Founder/GP, Seven Seven Six 52:44
Live sports remain durable anti-AI assets.
Live sports and events are the ultimate anti-AI bet because a pixel-perfect AI highlight does nothing for the soul if it never happened. The best leagues and teams are still run like mid-odds tech companies with outdated software, creating efficiency upside, which is why smart money is investing in sports assets.
Live events / sports teams HIGH
Alexis Ohanian Co-founder, Reddit; Founder/GP, Seven Seven Six 58:32
Trading cards are durable culture assets.
Trading cards and sports collectibles are becoming cultural assets tied to live events and authenticity. Record auctions, NIL-driven college athlete cards, and his own trading card company focused on college and women athletes support structural demand for collectibles.
Trading cards / sports collectibles HIGH
Alexis Ohanian Co-founder, Reddit; Founder/GP, Seven Seven Six 69:51
Avoid house-always-wins sports betting.
He avoids models where the house always wins because they weaponize slot-machine mechanics against users. Sports betting growth is increasing toxicity for athletes and societal harm, and he expects a national conversation about regulation.
Sports betting MED
John Coogan Co-Host, TBPN 78:24
Own gambling stocks, not gambling tickets.
Rather than gambling on sports, investors should own the house. Several gambling stocks have been very performant, and they capture the economics of the gambling boom without the psychological pain of losing bets.
Gambling stocks MED
Morgan Housel Partner, The Collaborative Fund; author 90:50
Equities beat primary housing as real wealth.
Stocks have historically generated real growth well above inflation, while owner-occupied home price appreciation is flawed wealth because selling and rebuying in the same inflated market creates little real gain. The shift toward equities as a larger share of US household net worth is therefore a better long-term wealth setup.
SPY HIGH
Morgan Housel Partner, The Collaborative Fund; author 90:50
Equities beat primary housing as real wealth.
Stocks have historically generated real growth well above inflation, while owner-occupied home price appreciation is flawed wealth because selling and rebuying in the same inflated market creates little real gain. The shift toward equities as a larger share of US household net worth is therefore a better long-term wealth setup.
Owner-occupied real estate HIGH
Mark Gurman Chief Correspondent, Bloomberg News 120:26
Apple lawsuit slows OpenAI, deters defections.
The lawsuit already accomplishes Apple's key goal: it deters Apple employees from joining OpenAI, forces OpenAI hardware leaders into depositions and clean-room work, and disrupts OpenAI's device effort even though a courtroom victory is uncertain.
AAPL MED
Up Next
10:30
Stocks in the Red Amid Geopolitical Uncertainty | Closing Bell
Bloomberg Markets · Jul 13
19:51
Hard Lessons: Jean Eric Salata: Find the Comeback in the Setback
Morgan Stanley · Jul 13
7:17
Qatar, UAE Can Survive Hormuz Closure, Says Ed Morse
Bloomberg Markets · Jul 13
9:30
There'll Likely Be a Government Shutdown In September Says Short
Bloomberg Markets · Jul 13
3:20
Gold Drops Below $4,000 as Fed Rate Hike Bets Surge
Bloomberg Markets · Jul 13

This TBPN video, published July 13, 2026, features John Coogan, Alexis Ohanian, Morgan Housel, Mark Gurman discussing PSKY, WBD, women's sports, Live events / sports teams, Trading cards / sports collectibles, Sports betting, Gambling stocks, SPY, Owner-occupied real estate, AAPL. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Coogan, Alexis Ohanian, Morgan Housel, Mark Gurman  · Tickers: PSKY, WBD, women's sports, Live events / sports teams, Trading cards / sports collectibles, Sports betting, Gambling stocks, SPY, Owner-occupied real estate, AAPL