Apple shares dip as new CEO Ternus faces first launch event

Apple ↘ 2.51% shares fell about 2% on Friday, closing near $321 after opening at $328.30 and dipping as low as $317.86, as investors digested the company's first leadership change in 15 years alongside anticipation for a packed product launch next week.financebuzz+1

The decline came four days after John Ternus officially took over as CEO on Sept. 1, succeeding Tim Cook, who moved into the role of executive chairman. Apple announced the transition in April, calling it the result of a "thoughtful, long-term succession planning process". Ternus, who previously served as senior vice president of hardware engineering, now faces an immediate and very public test: Apple's "Surprise and Shine" event on Wednesday, Sept. 9.techrepublic+2

A High-Stakes First Act

The Sept. 9 event at Apple Park in Cupertino is expected to feature the iPhone 18 Pro, iPhone 18 Pro Max, and what would be Apple's first foldable iPhone, potentially called the iPhone Ultra. Research firm TrendForce estimates the foldable will start between $2,099 and $2,299, while projecting iPhone 18 Pro prices could rise 10% to 20% due to memory costs that have nearly quadrupled year over year.tradingview+2

KeyBanc, which holds an Underweight rating on Apple, warned in a note that a large price increase risks sticker shock and lower unit volumes, while a more modest hike leaves margin pressure unresolved. The pricing question adds a layer of uncertainty to a launch already freighted with expectations around Ternus's leadership.tradingview

Cook Stays Close, Competition Intensifies

Cook is not departing the company. As executive chairman, he will continue engaging with policymakers globally, a role Apple described as important given the regulatory scrutiny facing large technology companies. Arthur Levinson, Apple's longtime non-executive chairman, has shifted to lead independent director.apple+1

Ternus inherits a company valued near $4.8 trillion but widely seen as trailing rivals in artificial intelligence. Apple also recently introduced Mac mini models powered by its first 2-nanometer M6 chip, underscoring the in-house silicon strategy that now falls squarely under the new CEO's watch.financebuzz+2

What Comes Next

With Friday's selling, the immediate narrative has shifted from optimism around the leadership transition to questions about execution. Wall Street will be watching closely on Sept. 9 for how Ternus frames the iPhone franchise and whether Apple can justify potential price increases with enough new capability to drive upgrade demand.techrepublic+1