In a major corporate shift, Apple has announced that Tim Cook will step down as CEO on 1 September 2026 and take on the role of Executive Chairman. The company has named John Ternus as the new CEO, while Johny Srouji will serve as Chief Hardware Officer. This marks one of the biggest leadership transitions in Apple’s recent history.
Financially, Apple continues to dominate. The company reported a record Q2 2026 revenue of $111.2 billion, up 17% year-on-year, largely driven by strong iPhone sales, especially the iPhone 17 lineup. Apple also announced a massive $100 billion share buyback programme, signalling confidence in its long-term growth. In line with its “China Plus One” strategy, Apple is expanding manufacturing in India and Vietnam, with plans to move 25% of iPhone production to India by 2027.
Apple-Google AI Deal and iOS Overhaul
Apple has signed a landmark AI partnership with Google, reportedly worth $1 billion annually, to integrate Gemini 2.5 Pro into Siri. While Apple evaluated competitors like OpenAI and Anthropic, it chose Google for its infrastructure strength and cost efficiency. Importantly, Apple claims user privacy will remain intact through its Private Cloud Compute system.
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On the software front, iOS 26 introduced a fresh “Liquid Glass” design along with features like Adaptive Power and enhanced accessibility tools. However, users reported bugs and battery drain issues. Apple has acknowledged these concerns and is now focusing on stability improvements in iOS 27, calling it a “Snow Leopard”-style update.
Siri’s AI Transformation and Future Hardware Plans
The biggest highlight is Siri’s transformation into a powerful AI assistant. The upgrade will roll out in phases, starting with on-screen awareness and advanced email summaries, followed by full conversational AI and multi-app automation in iOS 27. Apple is also introducing an “Extensions” system, allowing users to switch between AI models like GPT and Claude.
On the hardware side, Apple is preparing to launch new devices including a foldable iPhone, MacBook Neo, and Vision Pro 2. The company is also strengthening satellite connectivity through partnerships, hinting at future 5G satellite support.
With rapid AI integration, leadership changes, and strong financial performance, Apple is clearly entering a new era of innovation and competition in the global tech race.