John Ternus is stepping into a job held by only one other person since Steve Jobs departed in 2011. He takes over as Apple's second CEO in that span while the company is still stitching together its playbook for artificial intelligence and navigating a global memory shortage.
On his final day running the company, Cook wrote on X that he's "excited for the next chapter" and added, "My title changes tomorrow, but the love I have for the Apple community never will."
Ternus speaks fluent hardware. In a late 2023 CNBC interview, he highlighted custom chips, battery longevity and memory design, saying, "If we build the right products with the right components within them, right silicon and other technologies, people love them." He also described how the pieces should fit together: "From the very beginning, we're thinking about how are all these pieces going to come together to make the best possible product for our customers."
Since April, he's mostly stayed offstage. On the latest earnings call a month ago, Cook led the conversation, while Ternus largely held back.
For many, Sept. 9 will be the first real look at Ternus as the public face, with Apple expected to introduce new iPhones and Apple Watches at its annual showcase. Cook kept the Steve Jobs playbook alive by appearing at every marquee launch that draws global attention.
Behind the scenes, costs are moving up. In June, Apple raised MacBook and iPad prices because memory components are scarce, a shortage driven by relentless demand for AI chips and servers. iPhone prices haven't moved yet, but many analysts expect changes early in Ternus' tenure. Shortly before the Mac and iPad news, Cook told the Wall Street Journal that higher costs would be passed on to customers. The supply squeeze shows few signs of easing, suggesting pricier gadgets could stick around, reshaping demand and competition while Americans deal with stubborn inflation.
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The broader tech world is probing new directions. The boom in generative AI has prodded OpenAI and SpaceX, among others, to experiment with fresh categories of computing hardware, even as Meta and Google advance their smart-glasses efforts, stoking arguments over whether phones could one day be supplanted.
Apple shares were quoted at 326.22, up 9.37 (+2.96%) at 12:05 PM EDT, and so far in 2026 the stock has risen roughly 17%. Those gains reflect a healthy refresh cycle for devices and market-share gains over Android competitors hampered by tight memory supplies. Some analysts worry that higher device prices could mask softer unit volumes, a strain that would eventually surface in services. "If growth is coming from volume, that is great," said Brandon Nispel of KeyBanc, one of the few with a sell rating. "Investors don't pay a premium for growth coming from price increases because it's not sustainable."
Price increases aren't just for hardware. Apple has also increased prices for Apple TV and Apple One, the package that bundles iCloud storage, Apple Music, and additional services. And some analysts think a folding iPhone expected this fall could carry a price tag as high as $2,500.
Gene Munster of Deepwater Asset Management said Apple chose a product-first leader, and that matters. He said Ternus needs to "light up recruiting and bring in awesome talent, because they still need to reinvent themselves." Under Cook, Apple introduced AirPods and Apple Watch but didn't deliver a category that reset the industry, and Vision Pro sales have lagged. Reports and references in a MacOS beta indicate Apple is developing smart-home devices, robots, and AirPods outfitted with AI-driven cameras, along with other fresh product categories.
For your wallet, watch three things: whether iPhones get more expensive, how long the memory crunch keeps costs elevated, and whether Apple lands a must-have new device under its new CEO. The first big read will come Sept. 9.