FRAND (fair, reasonable and non-discriminatory) licensing still exists. The two parties have been at opposite ends of negotiations for years. I don't know if Masimo actually asked for $100 per Apple Watch for SpO2 monitoring. Would that have been fair? Not to me, and certainly not to Apple. Even $10 is a big ask for a feature that I wouldn't use on a regular basis, even decreasingly so as Covid has come under better control. Under Masimo's previous CEO, they gambled hard. They won the battle (the ITC ban) but probably lost the war (Apple waiting the patent to expire). The CEO is out thanks to activist investors who got tired of waiting for Apple to buckle. Lots of luck with the rest of your portfolio, Masimo.