Zaid Admani

And look, this isn't just an Apollo problem.

A lot of other banks like Morgan Stanley, BlackRock, and several others have done similar things.

This is one of the risks that investors take when investing in these private credit funds.

They get access to higher returns, but the trade-off is less liquidity.

And that liquidity problem has a spotlight on it right now.

So we'll see how the private credit story plays out over the next few weeks and months.

Apollo stock is down around 4% this morning at the time of this recording and down nearly 25% for the year.

Let's wrap the show with a fun fact.

Apple is about to put ads in Apple Maps.

According to Bloomberg reporter and friend of the show, Mark Gurman,

Apple is planning to monetize Maps as soon as this summer.

So you know like how in Google Maps, if you search for something like dry cleaners nearby, sometimes the first few results are sponsored.

That's because businesses are paying to be shown as a top search results in Maps.

Well, now that same thing is gonna be happening on Apple Maps.

Now, it's funny, you would think that company like Apple would be beneath showing ads in their products, right?

But no, Apple is actually expected to make about $8.5 billion from ads this year.

This is all part of Apple's push to grow their services revenue, which currently brings in about $100 billion of year, making more than a quarter of their total revenue.

Now, a lot of that is Apple taking a 30% cut from the App Store, which is now under threat from regulators.

So Apple is trying to diversify their services revenue in case they have to reduce the cut that they can collect from the app store.

And they're doing what every big tech company does, which is turn everything into a billboard.