Apple leadership handover moves to the center of markets

Apple is handing the CEO seat on Tuesday to John Ternus, a 25-year company veteran. Ternus will become the company’s second CEO since Steve Jobs stepped down in 2011. The leadership change comes at a time when Apple’s artificial intelligence strategy is still not fully defined and component costs are rising.

Tim Cook is not leaving the company; he will remain chairman and continue overseeing areas including relations with global policymakers. The structure is intended to smooth the transition, but it is also prompting investors to watch where Apple’s real center of decision-making will be in the new era.

Ternus has so far been known mainly for his role on the hardware side. In his new position, however, he will be responsible for all of the company’s operations, from software and devices to finance and legal affairs. For markets, that makes the management change more than a symbolic step and ties it directly to earnings and growth expectations.

How will the memory squeeze and price increases affect margins?

One of the biggest financial pressures facing Apple is the global memory shortage driven by strong demand for AI chips and servers. The company raised MacBook and iPad prices in June because of this. No official price increase has been announced yet for the iPhone, but many analysts say it could come up during Ternus’s early tenure.

  • MacBook and iPad prices were raised because of the memory crunch.
  • Apple also increased prices for Apple TV and the Apple One subscription bundle.
  • The foldable iPhone expected in the fall could cost as much as $2,500.

This raises a key question for Apple: how much of its revenue growth will come from unit sales, and how much from higher prices. Some analysts say price-led growth may support revenue in the short term, but it is not sustainable and could eventually show up as weaker demand in the services division as well.

Strong share performance, but high expectations for the new CEO

Apple shares have risen by about 17% since the start of 2026. Strong device cycles and the company’s better position versus Android rivals in dealing with the memory shortage have helped drive that performance. Apple’s market value is also around $4.7 trillion.

September 9 event will be the first major test

Ternus is expected to make his first major public appearance before a broad investor audience at Apple’s annual showcase on September 9. The event is expected to unveil new iPhone and Apple Watch models. Markets will be looking not just for new products, but also for clues about Apple’s roadmap for AI, pricing and new device categories.

There are signs the company is working on smart home products, robots and new AI-powered device categories. After Vision Pro’s sales performance remained limited, investors will be watching closely to see whether Apple can create a new growth engine under Ternus’s leadership.