Tim Cook is stepping down. What happens to Apple now?

Apple CEO Tim Cook is reportedly stepping down in September, with hardware chief John Ternus set to take the reins. Ternus, known for overseeing Apple's hardware engineering, will inherit one of the most durable businesses in tech—a $3 trillion company built on premium devices, services, and a tightly controlled ecosystem. However, the landscape Cook shaped over decades is evolving rapidly. The App Store's 30% commission is under regulatory and developer pressure, Apple's once-unassailable power over developers is being challenged, and the rise of vibe-coded apps—AI-generated applications that bypass traditional development—is reshaping what it means to build on Apple's platform.

TechCrunch's Equity podcast hosted by Kirsten Korosec, Anthony Ha, and Sean O'Kane digs into what this transition means for startups and the broader tech industry. The episode also examines the week's biggest deals, including SpaceX's $60B option on Cursor, signaling massive investment in AI-powered coding tools. For Apple, the leadership change comes at a critical juncture: Ternus must navigate regulatory battles, maintain hardware innovation momentum (especially in AR/VR and AI), and adapt to a developer ecosystem that's increasingly fragmented. The podcast is available on YouTube, Apple Podcasts, Overcast, Spotify, and other platforms.