‘John Appleseed’

Here’s a great take from last month re: the Cook/Ternus transition, from Om Malik:

When he took over from Steve Jobs in August 2011, Apple’s market capitalization was around $350 billion. As of this morning, it sits near $4 trillion. That is more than a 1,000 percent increase. Revenue went from $108 billion in fiscal 2011 to over $416 billion in fiscal 2025, almost four times bigger. Apple under Cook became the most valuable company in human history, multiple times over. It built Services into a $100-billion-a-year business.

Sure, Cook inherited the greatest product portfolio and the greatest brand in modern business. How many times have we seen people screw it up? He ran it with operational ruthlessness. He is no product visionary, and neither is Ternus. They are not Steve. Tim has run Apple for fifteen years, through a pandemic, two trade wars, a supply chain reordering, and the slow grinding shift from hardware-only to hardware-plus-services-plus-silicon. Most importantly, he didn’t mess it up.

Services, as a whole, is now as big a business for Apple as the entirety of the company was when Cook took the helm. And “not screwing it up” is an enormous accomplishment. Success is always precarious. Keeping a good thing going is inordinately difficult. It only looks easy compared to getting the good thing off the ground in the first place.

★ Monday, 18 May 2026