Apple Stock Drops Amid Leadership Transition Focus on AI Strategy

Apple's stock fell by 1.8% on Monday as John Ternus prepares to succeed Tim Cook as CEO.

Ternus will inherit a company valued at nearly $5 trillion, which is a significant increase from the $72 million iPhones sold when Cook became CEO in contrast to an estimated 255 million units this year.

During Cook's tenure, Apple expanded its services business and maintained a steady product cycle, returning more than $1 trillion to shareholders through dividends and share buybacks. The stock has gained over 2,200% since he took charge.

Ternus will face immediate pressure to strengthen Apple's artificial intelligence strategy, with the company announcing new Siri features that aim to handle more tasks. However, early testing showed that some responses remained slower than those from rival assistants.