Tanus Officially Takes the Helm at Apple as Memory Crisis and AI Shortcomings Await
nashnova research
John Ternus officially became Apple's CEO on September 1, 2026, inheriting a $4.7 trillion company under triple pressure — memory shortages, an AI strategy that has yet to deliver, and a valuation with little room for error. His first test: the iPhone launch event on September 9.
What kind of Apple did Cook leave behind?
When Cook took over in 2011, Apple's annual revenue was roughly $108 billion. By the last fiscal year it had reached $416 billion, with profits quadrupling to $112 billion and a market cap swelling from about $350 billion to over $4.5 trillion.
Services became the defining strategic shift of the Cook era: App Store, Apple Pay, Apple Music and others combined for $100 billion in annual revenue. Wearables — Apple Watch plus AirPods — contributed $35 billion.
On the chip front, Apple launched its first in-house ARM chip, the M1, in 2020 and completed the full break from Intel by 2023. The latest M6 is built on a 2-nanometer process.
This means → Ternus is not inheriting a company that needs fixing. He is stepping into a machine already running at high speed — the hard part is making it go faster.
How will the memory shortage hit consumers?
The global memory squeeze is driven by surging demand from AI chips and servers. Apple already raised MacBook and iPad prices in June.
Analysts widely expect an iPhone price hike early in Ternus's tenure, at a time when U.S. inflation remains sticky — a combination that could weigh on consumer demand.
CNBC reports there is little sign the shortage will ease soon. In plain terms = higher prices for consumer electronics are not a one-off — they may become the new normal.
Where exactly is Apple falling behind on AI?
Siri's full upgrade has been delayed multiple times. Vision Pro — Apple's mixed-reality headset that blends the real world with virtual overlays — has underperformed on sales since its 2023 launch at $3,499.
Zacks chief market strategist Brian Mulberry put it bluntly: "AI is the single biggest challenge Ternus faces. Apple needs to prove AI is more than just an app on the iPhone, more than just Siri."
This means → the market's expectations for Apple's AI have shifted from "does it exist" to "can it become an ecosystem" — fixing Siri alone is nowhere near enough.
Can a 33× multiple hold?
Apple's forward P/E under Ternus sits at roughly 33×, far above the roughly 12× when Cook took over and above the ten-year average of about 23×.
Apple stock is up about 17% year-to-date in 2026, outpacing most large-cap tech peers — partly because Android rivals have been hit harder by the memory shortage.
Analysts warn, however, that device price hikes may mask falling unit shipments, eventually dragging down services-revenue growth. This reflects a deeper reality: a high valuation is itself a form of pressure — the margin for error is razor-thin.
What kind of CEO will Ternus be?
On Cook's final earnings call before stepping aside, Ternus appeared only briefly. Asked directly about the competitive landscape, he said he would "reiterate what Tim said" and added, "We are very focused on our plans and very excited about them."
Kotter CEO Kathy Gersch identified the core challenge: Ternus must convince shareholders, employees and consumers he can lead Apple into the future — without looking like he is simply copying his predecessor.
Put simply = Ternus is still a blank page. The September 9 iPhone event will be the market's first real look at who he is — and the nearest test of whether Apple's premium valuation is justified.
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