New Apple CEO John Ternus faces an old problem: the innovator’s dilemma

Good morning. John Ternus steps up as CEO of Apple today in one of the most public and well-chronicled succession handoffs in recent memory. My colleague Sebastian Herrera has written a great analysis of whether this low-key engineer can lead Apple to victory in the AI race. That’s a key question to track for Apple and other companies at this pivotal moment. And there are other questions to keep on the radar: Will Apple now have two centers of power? Tim Cook wrote an emotional memo to staff yesterday, in which he thanked colleagues for bringing out the best in him and praised the “brilliant and wonderful and capable” Ternus as the perfect person to lead Apple. But Cook isn’t going away. As executive chairman, he’ll not only continue to mentor his successor but also engage with policymaker