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Tim Cook will step down as CEO of Apple on September 1st.
After a 15-year tenure as CEO, Tim Cook will transition to the role of executive chairman at Apple.
John Ternus, who has been Apple's head of hardware engineering since 2021, will become the new CEO of Apple.
Apple is expected to release a folding iPhone, which will be a key product launch for new CEO John Ternus.
In his new role as executive chairman, Tim Cook will focus on corporate and geopolitical diplomacy, particularly regarding U.S. relations with countries like China.
During his 15-year tenure, Tim Cook's leadership added approximately 2,000% to Apple's stock market valuation.
In August, Apple announced a commitment to invest $600 billion over four years to manufacture more products in the United States.
Amazon is investing an additional $5 billion in Anthropic, with a potential future investment of up to $20 billion.
As part of its investment deal with Amazon, Anthropic has committed to spending over $100 billion on Amazon Web Services over the next 10 years.
Amazon's latest investment in Anthropic was made at a $350 billion valuation for the AI company.
John Ternus played a key role in Apple's transition from Intel chips to its own homegrown silicon for Mac computers.
Apple's stock achieved a compounded annual growth rate of over 24% during Tim Cook's tenure, outperforming the S&P 500's 15% CAGR over the same period.