Apple’s stock rose 1,932% during Cook’s tenure.

Yet Cook’s reign pales in comparison to that of Steve Jobs after his 1997 return — during which Apple’s revenue and profits multiplied far faster, as did the company’s innovation engine. In Jobs’ final six years, Apple’s market capitalization rose 329% versus the 144% increase during Cook’s first six years, according to Time.

It can be argued that Cook picked a successor in his image. John Ternus is an organizationally savvy hardware engineer with a reputation for tweaking existing products, noted The Wall Street Journal.

Investor reaction has been cautious, and analysts told CNBC they expect limited stock movement until it becomes clear whether Ternus can revive Apple’s innovation engine with new hardware propelled by AI.

Based on his track record, I am skeptical of seeing industry-leading innovation coming out of Apple under Ternus. However, more optimistic traders should wait to see whether Ternus can launch new products that spur much faster growth by capturing the AI wave with Jobs-like product superiority.

Cook vs. Jobs: Two Very Different Growth Stories

Tim Cook has prevailed over modest revenue and profit growth and a compelling rise in Apple’s stock to a $4 trillion market capitalization. Between fiscal years 2011 and 2024, the company’s revenue rose at a 10.6% annual rate to $391 billion, while net income increase at a 10.5% average annual rate to $93.7 billion, per Macrotrends.

Jobs, by contrast, prevailed over much faster growth from a weaker position. Apple was losing money when Jobs returned in 1997 and was back to profitability by 1998, with a $1.045 billion loss in fiscal year 1997 and a $309 million profit in 1998.

Between 2000 and 2011, Apple’s revenue increased at a 26% average annual rate from $7 billion to $108 billion; net income was up at a 36% average annual rate from from $786 million in 2000 to $23.6 billion.

Jobs presided over a 329% increase in the company’s stock as he led the introduction of world-changing new hardware including the iPod, iPhone and iPad.

The most important of Jobs’ new product introductions was the iPhone — with 128.4 million sold between the products Jan. 9, 2007, introduction and June 2011. Since then, Apple had sold at least 3 billion iPhones through July 2025, though Cook stopped reporting the numbers in 2019.

Tim Cook’s Strengths And Weaknesses

Cook’s greatest strength was operational excellence. The company’s supply chain is strong, and he has locked in consumers through a walled-garden product and service ecosystem — including services such as AppleCare, iCloud, Apple TV+ and Apple Pay, per CNBC — with recurring revenue and high margins.

Cook’s weakness was innovation. Indeed, Apple’s excessive dependence on the iPhone has made it vulnerable to rivals offering similar functionality at a lower price. And Apple has failed to catch up and surpass rivals in the race to monetize artificial intelligence, CNBC reported.

Why Cook Chose Ternus

Cook chose John Ternus because he represents continuity with a hardware-and-product-first culture. As Apple’s hardware chief and a longtime insider who has spent 25 years on product development, Cook was clearly seeking a successor who would not rock the boat, the Journal said.

Ternus is stronger than Cook in product engineering credibility, hardware vision and Apple Silicon-era device strategy. It remains to be seen whether he can lead the launch of new devices that will better run agentic AI models that can boost people’s productivity.

To be sure, Cook has greater strengths than Ternus in global supply-chain management, investor communication and shareholder-value compounding. As Chair, perhaps Cook can coach Ternus in these skills.

Apple’s Uncertain Growth Outlook Hinges On AI

Apple is likely to grow modestly. After Ternus unlocks a believable AI device roadmap, growth could accelerate; if not, Apple may continue to grow but more like a mature platform company than a reinvigorated hyper-grower.

If Ternus tells investors he is excited about yet another version of the 19-year-old iPhone, I think they may be disappointed. If he can advance Apple’s AI narrative in a way that engages billions of new customers, Apple’s growth could exceed expectations.

Wall Street’s Lukewarm First Impression

Wall Street’s first reaction was cautious rather than panicked. Reports say Apple stock dipped slightly after the announcement, while analysts framed the move as a continuity pick with a major AI challenge ahead. Dan Ives called the handoff “big shoes to fill,” while DeepWater Asset Management’s Gene Munster argued Ternus could help “supercharge” the stock’s valuation by changing the narrative.

Munster was clearly bullish on prospects for personalized AI. “There’s an opportunity for Apple to tell a story to investors that could be quite compelling that they’re going to get this,” Munster told CNBC.

Some analysts are not sure about Apple’s future. “I think the biggest question is what comes after the iPhone,” Creative Strategies CEO Ben Bajarin told CNBC in March. “These are mature categories and we have no idea what comes after that but we do know it will be some form of AI hardware.”

That split is important: Some analysts see a clean succession that should preserve Apple’s strengths, while others think the market will demand faster AI innovation and may not wait long for results.

Unless Apple delivers a clear AI or hardware surprise, the stock is unlikely to move much. Innovation is not waiting for Apple — and that has not been the case since Steve Jobs was the company’s CEO.

Ternus seems more like Cook than Jobs.

© Forbes