Cook Exit Sparks Uncertainty at Apple's $4.535T Valuation

Investor concern is rising over execution risk at Apple after Tim Cook steps down and hands the CEO role to hardware chief John Ternus. The leadership change comes despite strong Q2 results, with revenue of $111.184 billion (+16.6% YoY), record Services revenue of $30.976 billion, and an eighth straight EPS beat. The company also authorized a $100 billion buyback and raised its dividend 4%. Apple trades at a rich trailing P/E of 37 with a $315 consensus target near the current share price, leaving little cushion if the transition falters. Markets appear to be underpricing succession risk, with focus now on the first post-Cook earnings and AI roadmap progress.