TBPN Thoma Bravo Loses Medallia, OpenAI Drops ChatGPT 5.5, Bob Iger Returns | Diet TBPN
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Apr 23, 2026 A private equity blowup kicks things off with Medallia’s messy unraveling. Then the conversation jumps to OpenAI’s GPT 5.5, AI model copying fears, and the security scramble around distillation. There’s also big tech layoffs, U.S.-China tension, and a rapid-fire finish with Bob Iger, Intel, and Tesla drama.
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How Medallia Became A 2021 Software Wipeout
- Medallia shows how 2021 software buyouts can unravel when high-rate debt meets slowing growth and new AI competition.
- Thoma Bravo bought it for $6.4 billion, lenders marked debt around 74 to 79 cents, and sales reps reportedly hit only about 20% of quota.
Why Chips Are Only One Piece Of China Strategy
- John Coogan argues U.S.-China tech negotiations hinge on far more than chips, including trade, rare earths, talent, and old debt.
- He ties Xi's IMF rescue idea for distressed Belt and Road loans to the same bargaining set as AI export controls.
Why AI Distillation Now Looks Like A Coordinated Attack
- OpenAI's GPT-5.5 launch landed alongside sharper concern that foreign actors are systematically copying frontier model capabilities through APIs.
- John Coogan says labs now compare suspicious traffic across shell companies, suggesting distillation attacks look coordinated industry-wide rather than isolated.
