John Ternus, Apple’s head of hardware, will succeed Tim Cook as CEO on September 1, 2025. During Cook’s 15-year tenure, Apple saw its market cap grow from $349 billion to over $5 trillion, with shares rising 2,205%. Ternus will face three major challenges: developing an AI strategy, navigating a memory supply crisis, and strengthening the services business that missed revenue estimates last quarter. Cook will stay on as executive chairman during the transition. Apple stock is down 9.5% from its July highs but remains up 14% year to date.
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