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

After 15 years as CEO, Apple handed over the reins to longtime executive John Ternus this week. Ternus steps into a challenging position for the $4.75 trillion company, as it confronts questions about its AI strategy and faces stiff competition from emerging players like OpenAI. Simultaneously, Apple grapples with a memory chip shortage, slowing revenue growth, and a perception that its product design has lost its edge.

While still a dominant force in the smartphone market, Apple's recent product launches have been largely incremental, and some notable failures, such as the Vision Pro headset and Siri updates, have been met with criticism. Apple's upcoming foldable phone, too, is delayed. However, Ternus's product expertise could prove crucial, as analysts believe Apple could allocate more resources towards research and development, capital expenditures, and acquisitions to stay competitive in the AI age. Ternus will unveil Apple's new products at its product event on September 9.