A new era is on the way for Apple as Tim Cook plans to step down from his CEO role in September, handing the reins to hardware chief John Ternus.

Ternus may be inheriting one of the most durable businesses in tech, but he’s also stepping into a very different ecosystem than the one Cook spent decades shaping. The App Store’s 30% cut is under pressure, the behind-the-scenes power Apple once held over developers is being challenged, and AI-native apps are changing what it means to build on Apple’s platform.

On this episode of TechCrunch’s Equity podcast, hosts Kirsten Korosec, Anthony Ha, and Sean O’Kane dig into what this transition means for startups and a closer look at some of the week’s biggest deals — including SpaceX's $60B option on Cursor.

Listen to the full episode to hear about:

Why Anthropic’s Mythos model is raising questions about both safety and marketing

The $5 billion Amazon-Anthropic deal that looks a lot like every other circular AI infrastructure play

What the SpaceX-Cursor agreement (and that $10 billion breakup fee) says about Elon Musk's AI strategy post-xAI merger

Why fintech Revolut and AI chip startup Cerebras' public market plans have us wondering whether this is actually the year the IPO market reopens

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.

Chapters:

00:00 Intro

00:26 Anthropic's Mythos accessed by “unauthorized groups”

04:28 Is Amazon's $5B Anthropic investment just another circular deal?

09:53 SpaceX and Cursor’s $60B option

18:25 Is this finally the year of the IPO?

21:38 SpaceX, Revolut, and Cerebras: the IPOs to watch

26:41 Tim Cook's retirement plans

29:15 What a new Apple CEO means for startups and the App Store

35:59 Outro

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Apple's new CEO, and why Elon Musk wants to buy Cursor for $60B