Apple appoints new CEO

What happened: Apple has appointed John Ternus as its new CEO, effective September 1, 2023. Tim Cook, who has led the company since 2011, will transition to the role of executive chairman. Ternus, currently senior vice president of hardware engineering, will also join Apple's board of directors. Notably, Ternus expressed initial self-doubt about his new role, stating, "I wasn't sure I belonged."

Market impact: This leadership change could have implications for Apple's product pipeline and strategic direction. Ternus' background in hardware engineering suggests a continued focus on innovative devices, potentially driving growth in hardware sales. However, the market may also reassess Apple's valuation as investors digest the leadership transition and Ternus' vision for the company.

What to watch next: Investors should closely monitor Apple's Q3 2023 earnings, scheduled for July 27, 2023, to gauge the market's initial reaction to the CEO transition. Additionally, watch for any updates on Apple's product roadmap, particularly new hardware, as Ternus steps into his new role.