Apple's new CEO, and why Elon Musk wants to buy Cursor for $60B

Apple announced Tim Cook will step down as CEO in September, handing leadership to hardware chief John Ternus. Markets will watch how the transition affects Apple’s durable hardware business and the App Store ecosystem — the company faces pressure on its 30% App Store cut and shifting developer dynamics that could influence revenue growth and regulatory exposure. The episode also highlights major AI-related corporate moves: SpaceX has an option to buy Cursor for $60 billion (with a reported $10 billion breakup fee), and Amazon struck a $5 billion deal with Anthropic, signaling continued big‑tech spending on AI infrastructure. Broader themes — potential IPOs from Revolut and Cerebras — suggest renewed public‑markets activity. Overall, the news creates mixed near‑term implications for Apple’s stock and for tech M&A and AI investment trends.