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TechCheck

Apple’s App Store Saga, Forge Global to Go Public Via SPAC & The Fintech Frenzy

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.566 Ratings

🗓️ 13 September 2021

⏱️ 45 minutes

🧾️ Download transcript

Summary

Our anchors start off today’s show with the latest on the Apple vs. Epic Games ruling with Epic planning to appeal the decision. The Verge Editor-in-Chief Nilay Patel joins this morning to share his thoughts on the app store saga ahead of Apple’s “California Streaming” event tomorrow. We also cover Goldman Sachs’ new internet initiations today, including buy ratings on Amazon, Google, Facebook and more. Next, Motive Capital CEO Blythe Masters and Forge Global CEO Kelly Rodriquez join after announcing their $2 billion SPAC deal today to take Forge Global public. Later, we return to the Apple vs. Epic ruling and bring in Former Andreessen Horowitz Partner Benedict Evans to break it all down. Plus, we check in on the fintech space with Wolfe Research Managing Director Darrin Peller as digital payments company Stripe is in talks to go public soon. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

0:36.0

Good, my name. Good Monday morning. Welcome to the tech check. I'm Carl Kintanilla with John Fort and Julia Borsden. Today it's been more than a fortnight, but we finally have a ruling on Epic versus Apple. Did Apple win the battle, but not the war?

0:38.2

Then Goldman's out with its best internet ideas. We're going to break down those bull and bear calls later on this hour. And John is in

0:43.8

Seattle this morning at Amazon headquarters ahead of his major exclusive with Amazon CEO Andy Jassy

0:49.6

tomorrow, Julia. But we'll start with Epic Games and Apple.

0:55.9

We told you on Friday, a California judge ruled in favor of Apple in every charge except

1:01.2

one, saying that Apple wasn't unfairly monopolizing the mobile app space with its iOS or

1:06.6

its in-app purchasing systems.

1:08.5

But at the same time, ordering the company to remove its

1:11.6

anti-steering rules that ban developers from telling users about alternatives to Apple's in-app

1:17.4

payment systems. Epic Games has already filed an appeal. They were ordered to pay damages

1:22.8

to Apple for violating their developer agreement, while Apple's called the judgment a, quote, resounding victory.

1:30.2

So, John, no word yet from Apple if they plan to appeal any part of this.

1:35.8

But I do think now that the attention is going to shift to Capitol Hill.

1:39.4

We've got some bipartisan comments on Friday, you know, a lot of commentary that this is more evidence that

1:46.2

there needs to be legislation here to address these antitrust issues. Don't you think, John?

1:52.6

Well, maybe, but Julia, I can't help but think, okay, in June we had WWDC. That's like the first

2:00.3

of the most important Apple events where they lay out their software vision.

2:04.7

Tomorrow, we're going to get, we expect a new iPhone, perhaps a new Apple Watch. We get the hardware vision.

2:10.7

Apple's strength is in its ecosystem. It's in that vertical integration, tying the hardware, software services together. And once they do that,

2:19.5

they have so many different options for how they can monetize. So whatever rules I think Congress

2:25.6

might come up with and then they've got to socialize with their constituents, midterms are coming

...

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