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The Ternus Era
There's a new leader at Apple (AAPL) as the iPhone maker navigates coming challenges ranging from artificial intelligence to product innovation. Tim Cook, who took the reins from co-founder and tech legend Steve Jobs, has officially stepped down after nearly 15 years at the helm, but will stay on as executive chairman and global ambassador. His tenure was marked by Apple evolving beyond the iPhone and diversifying into new hardware categories like the Apple Watch and AirPods, while scaling its services ecosystem and pivoting to proprietary M-series silicon.
On deck: Next up is 51-year-old John Ternus, who had been the company's senior vice president of hardware engineering. He'll have big shoes to fill. Under Cook's leadership, Apple's market cap grew to roughly $4T, compared to $350B when he took over the CEO role, while annual revenue roughly quadrupled to $416B in fiscal year 2025. Apple's active installed base also increased to 2.5B devices, and with more than 500 global outlets, he doubled the number of countries in which customers can visit an Apple Store. Analysts react to the C-suite change
"I am profoundly grateful for this opportunity to carry Apple’s mission forward," Ternus said in a statement. "Having spent almost my entire career at Apple, I have been lucky to have worked under Steve Jobs and to have had Tim Cook as my mentor. It has been a privilege to help shape the products and experiences that have changed so much of how we interact with the world and with one another. I am humbled to step into this role, and I promise to lead with the values and vision that have come to define this special place for half a century."
Outlook: The big question is how Ternus will steer the company going forward. His background in hardware suggests a more device-oriented approach, but winds of change are blowing across the industry. To date, Apple (AAPL) has largely distanced itself from the AI frenzy, opting for deals with OpenAI and, later, Google's Gemini (GOOGL) - until it fully developed its AI strategy. The approach might be a calculated maneuver towards hardware, pouring more of its resources into product innovation and navigating increasingly complicated supply chains and trade policy, though it also comes with risks as rivals plow hundreds of billions of dollars into cutting-edge AI tools and computing infrastructure. (150 comments)
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Today's Markets
In Asia, Japan +0.9%. Hong Kong +0.5%. China +0.1%. India +1%.
In Europe, at midday, London +0.1%. Paris +0.2%. Frankfurt +0.5%.
Futures at 6:30, Dow +0.5%. S&P +0.3%. Nasdaq +0.4%. Crude -1% to $86.54. Gold -0.6% to $4,802.30. Bitcoin +1.8% to $76,548.
Ten-year Treasury Yield unchanged at 4.26%.
On The Calendar
Companies reporting today include GE Aerospace (GE) and UnitedHealth (UNH).