John Ternus takes the helm at Apple, as AI pressure hits

NVIDIA (NVDA) and Apple (AAPL) both saw YTD gains of 22%, driven by contrasting AI strategies. NVIDIA's Q2 FY27 revenue grew 105.8% YoY to $96.22B, with Data Center revenue at $89.02B. Apple's Q3 revenue rose 16.4% YoY to $109.42B, with iPhone and Services leading. Both face memory cost pressures, impacting margins and pricing.

Apple's Tim Cook steps down as CEO, handing the role to John Ternus. During Cook's 15-year tenure, Apple's stock rose 2,274%, and its market cap grew from $350B to $4.5T. Ternus, a 25-year Apple veteran, now leads the company, facing challenges in AI, supply chains, and product innovation.

John Ternus became Apple's CEO on Sept. 1, 2026, succeeding Tim Cook, who grew Apple's market cap to over $4.6 trillion. Investors expect a focus on product and design under Ternus, though he lacks Cook's financial and supply chain expertise. Apple's share price rose 2.8% ahead of the transition.

Apple is reportedly in talks to acquire Perplexity AI for $14 billion, its largest potential acquisition, to boost AI capabilities. Perplexity, valued at $14 billion, operates an AI-driven search engine competing with ChatGPT and Gemini. Apple faces pressure to enhance AI features amid regulatory scrutiny and competition from Samsung and Meta. Perplexity has not confirmed any discussions.

Apple Inc. has appointed John Ternus as its new CEO, replacing Tim Cook, who served for 15 years. During Cook's tenure, Apple's stock rose significantly, with a $1,000 investment in 2011 worth $23,776.42 today, excluding dividends. The company became the first $2 trillion and $3 trillion public company under Cook's leadership.

BASF filed a lawsuit against Apple in the U.S. District Court of Texas, alleging that Apple's iPhone and iPad models infringe on its face authentication patents. The case involves multiple Apple devices and centers on patented technology.