The Jamie Dimon Apple Card, Greenland Ideas, WB-Paramount, TBPN x Vanity Fair | Diet TBPN

Overview

This episode dives into the Apple Card's transition from Goldman Sachs to JP Morgan, exploring its history, challenges, and Steve Jobs' vision for Apple's financial products. The hosts also discuss Greenland's geopolitical intrigue, the Warner Brothers-Paramount merger saga, and the rise of Google's Gemini AI.

Notable Quotes

- Apple wanted to give everyone a free lunch with no fees and great customer service, but every bank said, 'Are you crazy? You can't do this.' - John Coogan, on Apple's ambitious credit card vision.

- If you can go to Greenland, lose 97% of your wealth, and still be flexing, that’s the ultimate billionaire flex. - Tyler, on the absurdity of Greenland's hypothetical tax regime.

- The term 'carry' in venture capital actually comes from video games—you just need one good founder to carry your entire career. - Jordi Hays, on the parallels between gaming and VC success.

💳 The Apple Card's Evolution and Challenges

- Apple Card is transitioning from Goldman Sachs to JP Morgan due to financial losses at Goldman, including a $1 billion deficit on the card portfolio.

- John Coogan highlights Steve Jobs' early attempts to launch an Apple credit card in the 1990s and 2004, emphasizing his vision of no rejection and premium customer service.

- The card's initial low credit score requirement (around 600) reflected Jobs' philosophy of accessibility, contrasting with typical luxury brand exclusivity.

- Operational challenges, like Apple's insistence on synchronized billing dates, strained Goldman's resources and profitability.

🌍 Greenland's Geopolitical Drama

- The U.S. reportedly considered offering payments of $10,000 to $100,000 per person to Greenlanders to sway them toward joining the U.S.

- Hosts humorously debate the logistics and ethics of buying votes and Greenland's potential as a billionaire tax haven with a hypothetical 97% tax rate.

- Jordi Hays jokes about Greenland holding out for a higher bid, likening the situation to a corporate negotiation.

🎥 Warner Brothers-Paramount Merger Speculation

- Paramount's $108.4 billion hostile bid for Warner Brothers was rejected, with Warner reaffirming its commitment to Netflix.

- John Coogan predicts Netflix will ultimately dominate, while Jordi Hays humorously suggests Paramount might hold out for a trillion-dollar offer.

🤖 Google's Gemini AI Growth

- Google's Gemini AI has seen rapid growth, increasing its market share from 5% to 21.5% in a year.

- John Coogan notes Google's aggressive distribution strategy and the shift from demo use to daily adoption.

- Jordi Hays emphasizes the importance of distinguishing between site visits and app engagement when evaluating Gemini's success.

🖥️ Tech Enthusiasm and New Products

- Michael Dell announced the world's first 52-inch 6K monitor, sparking excitement among the hosts.

- John Coogan and Jordi Hays admire Dell's continued passion for innovation, likening it to a kid on Christmas.

- The hosts also touch on the enduring appeal of premium tech products and their role in shaping consumer experiences.