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John Ternus will become Apple’s next chief executive officer on September 1. (Reuters: File)<\/p>\n
Apple has been a key contributor to the incredible growth in Australian retirement savings, particularly since the global financial crisis.<\/p>\n
The numbers tell the story.<\/p>\n
Under Cook’s 14-year reign<\/a>, Apple’s market valuation soared from $US350 billion ($488 billion) to more than $US4 trillion ($5.6 trillion). Revenue quadrupled to $US416 billion ($580 billion).<\/p>\n But at some point, in the past few years, Cook was left behind.<\/p>\n A cautious and thoughtful man who prioritised user privacy, a once winning combination that helped catapult Apple into global corporate dominance, Cook’s approach was perceived as a dragging anchor in the race for artificial intelligence (AI) domination<\/p>\n Apple has always had an insular approach. It forged its own pathway, developing technology and even its own chips in-house. Its hardware outlasted the opposition.<\/p>\n But around this time last year, investors began asking questions. \u00a0Why was Cook underspending on AI development, especially considering the frenzied activity of his competitors?<\/p>\n And why was he content to let Siri, the AI application first introduced by Apple back in 2010, languish?<\/p>\n Apple scruffs<\/p>\n Cook may well have made the right choice.<\/p>\n At the beginning of this year, Apple’s main competitors \u2014 Amazon, Alphabet, Meta and Microsoft \u2014 pledged to outlay a combined $US650 billion in capital expenditure, most of which will be directed to AI.<\/p>\n The thinking within Apple, or at least by Cook, was that AI would become a mere commodity to be bought and sold.<\/p>\n Cook hooked Apple up with long-time nemesis Google to provide AI technology for Siri<\/a> for what is believed to be about $US1 billion ($1.4 billion), a mere fraction of Google’s AI outlay and a pittance when compared to the industry splurge.<\/p>\n Google has invested heavily in AI technology. (Getty: Alain Jocard)<\/p>\n But for many, that financially conservative approach threatened to undermine the very essence of Apple’s existence; its independence.<\/p>\n Google technology powers Android phones. There were fears that allowing the rival to power a key segment of its own platform, the intelligence side, may sideline Apple into merely providing hardware.<\/p>\n As concerns mounted midway through last year, Apple shares were slammed before a Christmas recovery. This year, they’ve flatlined.<\/p>\n On an annual basis, Apple delivered a 29 per cent return, which doesn’t sound unreasonable. But it pales in comparison with Google parent Alphabet, which delivered 114 per cent growth.<\/p>\n Is your money putting you out of work?<\/p>\n There’s a lot riding on Cook’s replacement, John Ternus, a man who has been involved in every major product release since he joined in 2001.<\/p>\n Australian investors have about $9 billion invested in the company through our major superannuation funds. Australian Super accounts for about one-third of that.<\/p>\n Like many global investors, a large chunk of Australia’s $4 trillion super pot<\/a> has been directed towards AI and the handful of US corporations that dominate the sphere.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/2cc37d43728e82b234d7629ab147c338.jpeg\")
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