Apple

AAPL

Market cap $4.66T

The Roundhill Magnificent 7 ETF has been mostly rangebound since last fall apart from what was ultimately a short-lived breakout to new highs earlier this spring. As of Friday's close, the ETF was up over 10% off that low, meaning it is no longer in a correction, technically speaking.

On CNBC's Squawk on the Street on Monday morning, Jim Cramer and David Faber discussed Apple (NASDAQ:AAPL | AAPL Price Prediction) and its newly filed lawsuit against OpenAI, framing the case as a serious escalation with real IPO consequences.

Apple's lawsuit against OpenAI announced Friday (July 10) includes allegations that highlight the importance of protecting corporate data when employees leave, TechCrunch reported Monday (July 13). The lawsuit includes allegations that a former employee who went to work for OpenAI exploited an authentication bug to access the company's network after leaving Apple.

Apple acquired certain assets of SigScalr and hired certain SigScalr employees, according to a list of acquisitions maintained by the European Commission. The list said that “SigScalr develops a data log management and observability tool” and that Apple notified the commission of the acquisition on March 12.

According to a report, the company plans to skip higher-performance versions of some of its processors along the way.

OpenAI has struck important deals with Microsoft and Apple over the last couple years. But Microsoft and OpenAI have more or less called it quits.

On Friday, Apple dropped the bombshell news it was suing OpenAI over the alleged theft of trade secrets, claiming that OpenAI stole Apple's confidential data and engaged in efforts to learn proprietary information while recruiting former Apple employees.

Apple's stock has rallied to record highs recently. Some experts say they believe it still has has more room to run.

Apple‘s (NASDAQ:AAPL | AAPL Price Prediction) stock has climbed 15% since June 25, adding $600 billion in market value, pushing shares to $317.18 and right up against the 52-week high of $323.45.

Apple's lawsuit accusing OpenAI of systematically stealing its intellectual property threatens to disrupt the AI company's device ambitions long before the case is resolved. Bloomberg's Mark Gurman joins Ed Ludlow on "Bloomberg Tech.