Tim Cook is stepping down as Apple CEO and transitioning to executive chairman, with John Ternus set to take over on September 1, 2026, as reactions begin pouring in from across the tech industry and Wall Street.

Apple said the leadership change follows a long-planned succession process, with Ternus, a 25-year company veteran and current head of Hardware Engineering, stepping into the CEO role as the company navigates its next phase of innovation.

John Ternus joined Apple in 2001 and currently serves as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad and Apple Watch. He became a vice president in 2013 and joined Apple’s executive team in 2021.

During his tenure, Ternus has played a key role in developing new product lines like iPad and AirPods, while also helping drive advancements in Apple’s Mac lineup and its transition to in-house silicon.

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He has also led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques.

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Sam Altman reacted to the news by praising Cook’s legacy and impact on the tech industry.

“Tim Cook is a legend,” Altman said. “I am very thankful for everything he has done and I am very thankful for Apple.”

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Wedbush analyst Dan Ives said the transition comes at a critical moment for Apple, particularly as it pushes deeper into artificial intelligence.

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“These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions,” Ives said. “Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise. We agree with Ternus as the pick.”

CNBC host Jim Cramer reacted to the news on X, writing, “Stunning: Tim Cook stepping down. This is tough news for those of us who have learned so much from him…”

Analysts also weighed in on what comes next for Apple. Reuters reported that Gil Luria, managing director of D.A. Davidson & Co., said the promotion of John Ternus signals the company may focus more heavily on new hardware such as folding phones, smart glasses, virtual reality devices and AI-powered products.

Bob O’Donnell, head of tech consulting firm TECHnalysis Research, said the company’s biggest challenge will likely center on artificial intelligence. “I expect his biggest challenge and efforts will be focused on getting a better AI story and offering together that relies more on Apple’s own capabilities and less on third parties,” he said.

Reuters contributed to this report.

Mumbai: Jio BlackRock Asset Management is set to change how it sells its products less than a year after launch, turning to distributors after initially bypassing the powerful intermediary network.

The asset manager, a joint venture between Reliance Industries’ Jio Financial and BlackRock, will sign up distributors for the first time since its launch in June last year as it gears up to launch its proposed specialised investment fund (SIF), said managing director and chief executive, Sid Swaminathan, in an interview with ET.

Jio BlackRock, which currently sells its products only directly, will begin offering SIFs through distributors and later extend this approach to its mutual fund schemes.

“We have learnt that this is a diverse market, and there will be a segment of the market that needs an additional level of handholding to make decisions, which can be through an advisor or a mutual fund distributor,” said Swaminathan. “Over the course of time, as we launch more funds and products, there will be a need to have that handholding. So, at some point in time, we will be engaging across the rest of the funds as well.”

Swaminathan rejected industry chatter that the decision to onboard distributors was because the fund house was unable to grow assets through the direct route as envisaged earlier.

Defending the asset manager’s decision to offer only direct plans so far, he said, “Jio BlackRock has 11 lakh investors in its retail business, of which 20% are first-time mutual fund investors. Forty per cent of the retail assets under management (AUM) come from B30 towns that have 14 schemes, with overall assets of ₹15,000 crore, of which ₹4,000 crore are retail assets under management .”
Of the 51-member-strong mutual fund industry, Jio BlackRock and Zerodha MF are the only ones that offer direct-only plans. In India’s mutual fund structure, direct plans are sold by the fund house without involving intermediaries, which eliminates distribution commissions and lowers the total expense ratio for investors.

Regular plans are routed through distributors or advisors, who are paid a commission embedded within the fund’s expense ratio. As a result, regular plans typically carry a higher cost, which can weigh on long-term returns compared with direct plans.

Many large private sector banks, foreign banks and national distributors sell mutual funds through regular plans, earning commissions on these sales.

Since Jio BlackRock did not offer regular plans in its products, these channels largely stayed away from distributing its schemes.

FIRST ON FOX: Senate Banking Committee Chairman Tim Scott, R-SC, said he expects Federal Reserve Chairman candidate Kevin Warsh to successfully move through the Senate confirmation process, despite opposition from Democrats in the higher chamber. 

Warsh was nominated by President Donald Trump in January to chair the Federal Reserve Board of Governors to replace outgoing Chairman Jerome Powell. 

“I think Kevin is a fantastic person and a very strong pick,” Scott told Fox News Digital during a phone call. “I’ve known Kevin for a number of years now. He’s one of my favorites in the world of economics. I think he’s going to do a great job tomorrow. Frankly, every Democrat and every Republican on the committee should support him.”

Warsh will sit before Scott’s committee on Tuesday for a hearing where Scott says Democrats will likely target Warsh’s financial disclosures, which has delayed the hearing.

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“With the Democrats, I would imagine you’ll see a lot of hand-wringing around disclosures as opposed to hand-wringing around economic knowledge and the wisdom or understanding of the nimble nature of our economy,” Scott told Fox News Digital. 

“On our side, I think you’ll see a near unanimous support of a candidate. We obviously are all aware of at least one person who wants to wait until the DOJ investigation is done before we have a vote, but the truth is that even Tom Tillis supports Kevin Warsh,” Scott added.

Judge Jeanine Pirro, who was appointed by Trump to lead the U.S. Attorney’s Office for the District of Columbia, authorized an investigation into sitting Fed Chairman Jerome Powell last November.

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The investigation was based on a roughly $2.5 billion renovation project to restore the Fed headquarters, with some investigators accusing Powell of lying under oath before Scott’s committee in June 2025.

Powell responded to the Trump administration’s legal pursuits, saying the move was political and in response to Powell’s reluctance to lower interest rates. 

“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,” Powell said in a statement. “It is not about Congress’s oversight role; the Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.”

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When asked about the differences between Powell and Warsh in terms of Fed independence, Scott said Powell did not remove politics from his agenda during his tenure of leading America’s central bank. 

“I think Powell did not know the definition of transitory, and I think Kevin Warsh will,” Scott explained. “I would say that the fact of the matter is that Kevin understands the importance of the independence of the Fed, and Powell did not.”

“As an example, we saw Powell weighing in under the Biden years on things that were very political and [it] should have been left to Congress to include the climate agenda,” Scott continued.

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“I do not think you’ll see that under Kevin Warsh,” Scott added. “I think he’ll keep his eye on the most important thing, which is money and not the climate.”

Warsh, 56, joined the Federal Reserve Board in 2006 at just 35 years old, one of the youngest governors in the history of America’s central bank. 

The Albany, New York native graduated from Stanford in 1992, and graduated cum laude with a Juris Doctor from Harvard Law School in 1995.

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He worked in mergers and acquisitions at Morgan Stanley, and subsequently served in the White House as Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council under President George W. Bush.

Following his hearing Tuesday morning, the Senate will vote on his advancement to the full Senate, where he only needs a simple majority vote to be confirmed for the role.

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Powell’s term ends on May 15, so it is likely Warsh will assume the Fed Chair position at or around that date. 

“Every Democrat and every Republican on the committee should support him, [but I] don’t think that’ll happen,” Scott added. “Democrats are now afraid of supporting President Trump, even if it’s in the best interest of the country, which is quite unfortunate.”

In a conversation with ET Now, Independent Market Expert, Daljeet Kohli shared a cautiously optimistic outlook on the markets, suggesting that the worst of recent geopolitical tensions may already be behind us. While uncertainty persists, he believes this phase presents a strategic opportunity for investors to begin putting money to work in a disciplined manner.

“Worst of the War Impact Likely Behind Us,” he said.

Speaking on current market conditions, Kohli said, “We are constructive on the markets at this point. What we believe is that probably the worst of the war-related issues are behind us. Now, of course, how fast it will recover and how soon the war will end, I do not know. I think nobody knows that. But one thing is very clear from the market movement as well as from the news flow—that probably the worst-case scenario which could have played out has already been understood by both parties, and now they are all sitting at the table to discuss the future course.”

He cautioned that resolutions in such situations are rarely quick.

“Normally, these things do not get solved in one or two meetings. They take a long time. There are ego hassles and various issues that need to be sorted out. So, for that period of uncertainty, we will have to bear the volatility.”

Gradual Investment Strategy Advised
Rather than waiting for complete clarity, Kohli emphasized a phased investment approach.
“What we believe is that this is probably the right time to start using your money—putting it to use, maybe 15–20% now, and then on bad days or negative news, you can find opportunities and start adding in small tranches. Slowly and steadily, you can build your portfolio.”
He also highlighted that the real economic impact of the conflict will unfold over time.

“As of now, we are only analysing the near-term impact of the war. The actual impact will come over the next two to three quarters, when we will understand how each specific company is getting affected—whether due to input costs, demand destruction, or delays in procurement of raw materials. These will reflect in quarter two and quarter three numbers, and that is when sector-specific and stock-specific reactions will emerge.”

Sectoral Bets: Power, AI, and Metals
On sectoral preferences, Kohli identified power as a clear long-term beneficiary.

“One sector which is a very clear beneficiary of this entire episode is power. Within power, you have a very long value chain—you can play it through renewables, generation, transmission, equipment players, and financers. There are companies available at reasonable valuations.”

He stressed that the push for energy security will sustain the sector’s growth.

“This theme is going to play out for a very long time. Everyone is now clear that we need to create in-house dependency for energy security, and now nuclear power is also being added. Equipment and spare parts producers supplying to this ecosystem will benefit. This is not a one- or two-quarter theme—it is a long-term opportunity.”

Kohli also pointed to emerging opportunities in AI-linked sectors.

“The second theme is AI-related—semiconductors and data centres, along with the accessories that support them. There could be cable manufacturers or EPC players who benefit. We may not have direct plays in the market, but there are indirect ways to participate in these themes.”

Metals, too, could see sustained momentum due to supply disruptions.

“Metals is another segment where there is a lot of disturbance on the supply side, so that may not be a short-term trend.”

Power Lenders Back in Focus
Within the broader power ecosystem, Kohli also spoke about financing companies like Power Finance Corporation and REC Limited.

“These lenders have disappointed in terms of stock performance for quite some time. PFC and REC are the two key names. Now there is some activity around a potential merger of these two.”

While uncertainties remain around the merger structure, he believes valuations are attractive.

“Both of them are available at very reasonable valuations, especially considering that technically there are no NPAs, as they are largely backed by state and central government guarantees.”

He explained the reason behind their subdued performance:

“The problem was that the market was building in a lot of growth in the last year, but their asset books did not reflect that kind of growth. That is why they were trading at subdued valuations.”

However, the outlook could improve with sector momentum.

“Now, with this theme picking up, more project announcements, and increased activity around the merger, these factors should help over time. Ultimately, this segment should also perform. Within the BFSI space, this is one sub-segment where there is still valuation comfort.”

Bottom Line
Kohli’s message is clear, while uncertainties remain, panic may have peaked. Instead of trying to time the market perfectly, investors should adopt a staggered approach—focusing on long-term structural themes like power and AI while staying mindful of evolving sector-specific risks.

This article was written by

Analyst’s Disclosure: I/we have a beneficial long position in the shares of NINE, ENERGY TRANSFER (ET), HARVEST OIL & GAS (HRST), SANDRIDGE ENERGY (SD), UBS ETRACS CRUDE OIL SHARES COVERED CALL ETN (USOI), PETROBRAS (PBR) AND (PBR.A) either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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