Tech stocks today: Apple stock slips as Tim Cook prepares to step down

On Monday, tech stocks experienced volatility due to a mix of AI optimism, Fed interest rate concerns, and the impending departure of Apple's CEO, Tim Cook. Apple announced that Cook will step down as CEO on September 1st and be succeeded by John Ternus, who has been serving as the Senior Vice President of Hardware Engineering. Cook, who led the company through various challenges and witnessed a quadrupling of its yearly revenue, wrote a heartfelt message to employees, encouraging them to "leave our dent in the universe" and expressing gratitude for their support.

The announcement was met with a 1.5% drop in Apple stock. Meanwhile, Nvidia announced a $3.5 billion investment in Taiwanese chipmaker MediaTek, strengthening their collaboration in AI computing platforms. President Trump expressed support for AI data center expansion, emphasizing its potential for economic and national security.