Many expected Cook to be a caretaker, a steward of Jobs’ legacy. What happened instead was something more interesting: Cook didn’t try to be Jobs. He became himself – and in doing so, transformed Apple from a products company into an ecosystem empire.

The numbers are stark and revealing. Apple’s market capitalisation has surged from 280 billion pound to more than 3.2 trillion pound, a tenfold increase. Total annual revenue has quadrupled from 72 billion pound to 333 billion pound.

But those figures, impressive as they are, obscure a more consequential shift in how Apple creates value. Under Cook, the company didn’t just grow larger; it became fundamentally different.

The market cap milestone
Apple became the first publicly listed company to cross the 800 billion valuation pound in August 2018. It hit 1.6 trillion pound in 2020, crossed 2.4 trillion pound in January 2022, and briefly touched 4 trillion pound in July 2026 – a moment that seemed nearly impossible when Cook took office.

To put this in perspective, Apple’s current valuation roughly equals the size of the entire British economy, the fifth largest in the world.

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The development has defied the overall Nasdaq trends, in which the shares of Apple’s industry peers like Nvidia, Microsoft, and Amazon have remained in the green zone.

Apple’s stock downfall came after the iPhone maker issued a disappointing forecast that showed the company struggling to secure enough components as the AI-driven data center boom strains global supply chains.

The drop, if it continues, may end up marking the stock’s worst time since the pandemic-driven selloff in March ‌2020. It would even erase nearly USD 500 billion from Apple’s market capitalization and return the crown of the world’s most valuable company to Nvidia. Apple reclaimed the title in the final week of July.

By July 27, Apple’s valuation stood near USD 4.9 trillion, while for Nvidia, the ratio was around USD 4.77 to USD 4.9 trillion. However, it was the highest among the AI chip makers. Google parent Alphabet came third with over USD 4.3 trillion, holding a major share in tech and search.

At least four brokerages cut their targets for the company’s stock price, while three raised them. That moved the median view to USD 330, which is USD 3 lower than the last closing price, according to LSEG data. The stock is witnessing the correction after rising 22.7% in 2026.

Talking about Apple’s latest earnings data, the iPhone maker, in its Q2, saw record-breaking numbers, as strong iPhone demand and revenue from its services were enough to address the global memory chip supply constraints to some extent.

Revenues stood at USD 109.4 billion—up 16% compared to 2025. Net profits, on the other hand, came in at USD 29.8 billion, which is a 27% lift from Q3, 2025.

On iPhones’ demand front, revenues reached USD 54.2 billion for the three-month period ending on June 27, 2026. The figure represents a 21% rise compared to the same time in 2025.

The services division, which covers Apple’s R&D activities on fronts like digital content, cloud, financial, and advertising, among others, continued its rise and hit the USD 30.7 billion mark. The tech giant also revealed having 1.5 billion paid subscriptions across its platforms.

Mac revenues saw a healthy 29% jump to USD 10.3 billion, while iPad sales were slightly down to USD 6.2 billion. The wearables, home, and accessories division saw a slight 7% bump up to USD 7.9 billion.

However, despite record-breaking numbers, component shortages, especially on the chip, are now weighing big time on the tech giant’s stock performance on the Nasdaq.

Outgoing CEO Tim Cook, often considered in the tech circle as a supply-chain genius, called the shortages “very significant.” His next prediction was grimmer, as he stated that Apple had limited options to address the issue. All eyes will be on John Ternus, who takes over the leadership reigns in September.

The primary reason behind the chip shortage is the Big Tech’s bid to scoop up advanced semiconductor-making capacity to power its AI data centers, sparking shortages and price increases that are expected to shrink both the personal computer and smartphone markets in 2026.

While Apple had cushioned some of the blow from surging memory costs by falling back on its stockpiled inventory, Cook said that the buffer was fading and shortages of processors were keeping it from meeting strong demand.

While Wall Street was estimating 12% revenue growth for Apple in Q3, the company now sees the ratio to stay between 9% and 11%, falling short of the analysts’ estimates.

The weakness in Apple’s services division has further worried investors, as it came during a stretch of strong iPhone sales, which typically feed the business that takes a cut of App Store purchases and includes everything from Apple Music to Apple TV.

Analysts see the slowdown deepening further if iPhone sales take a hit from a price increase that may arrive along with the launch of its new lineup in September.

“Apple’s ⁠leverage over the supply chain appears to be in question, and it’s not clear that AI is serving as any measurable tailwind to products or services, with its future monetization impact still uncertain. In fact, one could argue App Store softness might even be ⁠a result of AI re-prioritizing customer time,” Morgan Stanley analysts said.

Still, a section of the analysts has backed Apple to overcome the crisis. In the past, iPhones have weathered price hikes before without denting demand significantly. Also, they pointed out the recent US leasing deal with fintech Klarna to offer monthly plans for Apple’s devices, which could soften the ⁠blow to some extent.

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The entry-level MacBook Neo rose from USD 599 to USD 699, while the MacBook Air with 512GB storage climbed from USD 1,099 to USD 1,299. The MacBook Pro with 1TB storage jumped USD 300, from USD 1,699 to USD 1,999.

On the iPad side, the 128GB iPad Air rose from USD 599 to USD 749, and the 256GB Wi-Fi iPad Pro increased from USD 999 to USD 1,199. Apple also raised prices on its HomePod and Apple TV. iPhone and AirPods prices remained unchanged.

Apple’s online store briefly went offline early Thursday (25th June) before returning with the updated prices.

“We have never seen a component price increase this much, this quickly. We have reached a point where we need to begin raising prices on a number of products,” the company said in a statement.

Cook had flagged the move a week earlier, telling the Wall Street Journal that price rises were “unavoidable” while describing the situation as “a hundred-year flood” unlike anything he had witnessed in more than 40 years in the industry.

The price rises stem from a global memory shortage, dubbed “RAMageddon,” as AI data center construction diverts chip supplies away from consumer electronics. Memory and storage prices have quadrupled over the past three quarters, according to Counterpoint Research, while DRAM prices rose as much as 98% in Q1 2026 alone, according to TrendForce, with a further 58%-63% increase expected this quarter.

In April this year, Apple informed its investors that the tech giant’s existing inventories had helped it keep its gross margins above Wall Street expectations but that rising memory costs would start to catch up in the coming months, with profitability expected to fall slightly.

“We expect significantly higher memory costs. Where we don’t give color beyond June, I can tell you that beyond ‌the June ⁠quarter, we believe memory costs will drive an increasing impact on our business,” Cook remarked back then.

Microsoft too has taken a similar action by announcing the hike in the price of the 512 GB and 1 TB models of its Xbox gaming console by USD 100 and USD 150, respectively.

“We hoped another price increase would not be necessary, and we have spent the last several months working with suppliers on options. Unfortunately, console storage and memory prices have increased by more than 2.5x, and we expect another doubling by the fall of 2027. The entire consumer electronics industry is struggling with the current components crisis, but the effects are particularly hard on consoles,” Microsoft said in a statement.

Trevor Long, a consumer tech analyst and commentator, while interacting with Al Jazeera, warned that the price increases may end up affecting Apple’s overall product sales.

“Some products, like their newest product, the MacBook Neo, while excellent as products, were also outstanding because of price. This hits that hard. They are still a decent deal but push closer to other competitive product prices as well. The key thing will be the next iPhone and how close they can price it to the last one. I’d expect a $50-150 price rise across the range, depending on models,” Long remarked, while predicting the coming years to be the “tough ones” for the tech players due to the chip price rise.

Chipmaker Micron has been a major beneficiary, recently reporting quadrupled revenue and a gross margin surge to 84.9%, surpassing Nvidia and Meta. The firm has already secured USD 22 billion in long-term supply commitments.

Analysts expect the squeeze to dent device sales broadly, with IDC projecting an 11.3% decline in PC sales and a near 14% drop in smartphone shipments in 2026.

“The iPhone isn’t spared; its hike is coming. It was incredibly strategic for Apple to make the price hike announcements prior to the iPhone fall launch, ⁠so the headlines at launch are not the price hikes but the value the new phones bring,” said Nabila Popal, a senior research director at IDC.

Counterpoint’s Tarun Pathak estimates the higher component costs could add roughly USD 200 to the cost of an iPhone, with further Apple price rises of USD 150-USD 200 likely across its range.

As per the IDC, the fallouts of the chip price rise will weigh heavily on the smartphone market, as the latter will see its biggest-ever annual decline of nearly 14% in 2026, while the ⁠PC market is estimated to fall by 11.3%.

While Apple’s March launch of the MacBook Neo helped the tech giant’s strong sales forecast for the June quarter, the advantage has been nullified with the product’s increased price. It has now lost a USD 100 advantage over the USD 699 XPS 13 laptop that Dell unveiled in May, especially to take on the Neo. MacBook Neo will also become more expensive than some Chromebooks from Lenovo and Asus.

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Compared to the USD 98.7 million he received the year before, Tim Cook’s salary for the fiscal 2022 year that ended in September was USD 99.4 million, according to the company’s financial filings.

In 2023, his total compensation will be USD 49 million, with a USD 3 million salary, USD 6 million cash incentive and USD 40 million in equity awards. So, going by mathematical calculations, he will take a more than 40% pay cut this year.

Apple said that in 2022 it sought feedback from shareholders about compensation and it received “overwhelming support for Mr Tim Cook’s exceptional leadership and the unprecedented value he has delivered for shareholders… Those shareholders we spoke with that did not support our 2022 Say on Pay proposal consistently cited the size and structure of the 2021 and 2022 equity awards granted to Mr Tim Cook as the primary reason for their voting decision,” the company said.

Although Apple made the modifications following 2022’s annual meeting, where 94.9% of shareholders had previously accepted Tim Cook’s compensation package, only 64% of shareholders did so.

Tim Cook’s stock awards underwent the most adjustment. He received USD 75 million from Apple in stock awards for the fiscal 2022 period, of which 50% depended on the performance of Apple’s stock. As a result, Tim Cook’s stock award target was decreased to USD 40 million for the fiscal 2023 period, with USD 30 million of the total contingents on share performance.

The USD 30 million in performance incentives may increase to at least USD 60 million if Apple’s shares reach predetermined performance levels.

Apple said its compensation committee took into account shareholder feedback, the company’s performance and a recommendation from Tim Cook, who was promoted to CEO in 2011, to adjust his compensation in light of the feedback received.

Tim Cook has received a USD 3 million base salary since 2019, but his total compensation, which includes the restricted awards, jumped from USD 14.8 million in 2020 to USD 98.7 million in 2021 and USD 99.4 million in 2022.

Apple said Tim Cook supported the changes to his compensation.

The company planned to position Tim Cook’s annual target compensation between the 80th and 90th percentiles relative to its primary peer group for future years, according to the filing. Apple will hold its annual meeting on March 10.

Meanwhile, in other news, Apple has reportedly released preview versions of its Music, TV, and Devices apps for Windows 11 on Microsoft Store, which will replace the Windows version of iTunes, which Apple previously made available in the Windows 10 Microsoft Store alongside iCloud for Windows.

According to GSMArena, Apple Music will support a Windows user’s local music library while also providing access to Apple Music’s paid service.

Apple TV will include original content as well as content from Paramount+, AMC+, Showtime, Starz, and other providers. Users can also rent new releases and view their iTunes purchases.

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“Bring the magic of the cinema straight to your living room with the new Apple TV 4K,” said Eddy Cue, Apple’s Senior Vice President of Internet Software and Services. “Customers will love watching stunning 4K HDR movies from an impressive catalog on iTunes, while also getting automatic upgrades of 4K HDR movies already in their iTunes library and enjoying 4K content on services like Netflix and Amazon Prime Video, coming soon.”

4K and HDR

Siri and the Apple TV App

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The first iPhone was released in June 2007 and was a phenomenonal success. The company could not keep pace with demand. Despite this, Jobs offered each employee a free iPhone.

Later, Jobs introduced users to the world of apps, which is now an integral part of smart phones.

Since then, every year, the world has been looking forward to the next big thing from Apple. Despite competition intensifying over the years with rival offering similar features at a lesser cost and, at times, even better features, Apple continuous to be the company that others look up to for innovation. As the company prepares to unveil its latest phone, we take a look at its phones over the years.

Apple’s biggest event to showcase its new launches
Big day for Apple iphone fans

2007: iPhone
Released on June 29, 2007, it featured quad-band GSM cellular connectivity with GPRS and EDGE support for data transfer. Jobs had generated such frenzy with his idea of a phone that thousands of people queued up outside stores to pick up a piece.

2008: iPhone 3G
Included GPS, 3G data and tri-band UMTS/HSDPA. Introduced the App Store, which was a platform for third-party applications.

2009: iPhone 3GS
The ‘S’ stood for speed. The phone had a 3-megapixel camera that supported video and 7.2 Mbit/s HSDPA downloading.

2010: iPhone 4
A phenomenal device, it came in a stainless steel frame, which doubled as an antenna, with internal components situated between aluminosilicate glass. It introduced ‘Retina Display’ with a pixel density of 326 pixels per inch while maintaining the same physical size and aspect ratio as its precursors. Was marketed as the thinnest smartphone in the world.
It introduced A4 system-on-chip, along with iOS 4, which introduced multitasking functionality and the FaceTime video chat for which it included a front-facing camera.

2011: iPhone 4s
Will forever be know for being released the year Jobs passed away.

2012: iPhone 5
Was the last iPhone to be overseen by Steve Jobs and the first to be developed under the guidance of Tim Cook. Came with an aluminum-based body, which was thinner and lighter than previous models, a taller screen, the A6 system-on-chip, LTE support, and a compact dock connector, which replaced the 30-pin design used by previous models.

2013: iPhone 5S
Home button came with a fingerprint recognition system, which can be used to unlock the phone and authenticate App Store and iTunes Store purchases. Came with A7 64-bit dual-core processor, the first 64-bit processor to be used on a smartphone, and the M7 ‘motion co-processor’.

2014: iPhone 6
The iPhone 6 Plus had a larger display. Both phones had a faster processor, upgraded cameras, improved LTE and Wi-Fi connectivity, and support for a near field communications-based mobile payment services.

2015: iPhone 6s
Came with upgraded system-on-chip, a 12-megapixel camera, improved fingerprint recognition sensor and LTE Advanced support. Introduced pressure-sensitive touch inputs.

2016: iPhone 7/7 Plus
Introduced new colour options, water and dust resistance and a new home button. It did away with the 3.5 mm headphone jack. Boasts of a better camera.

2017: iPhone?

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The unveiling will be done in a press event at Steve Jobs Theater inside its new Cupertino, California campus. The invitation of the event has been sent out to several press members, which will be carrying an Apple logo saying “Let’s meet at our place”. Tim Cook, the CEO of the company will be addressing the event for the first time at the theatre.

Prior to the announcement of its 10^th anniversary phone, Apple’s shares rose, with a profit of 1.8 percent on Monday to $161.50. Although Apple’s stocks started climbing up and started grabbing a lot of eyes; the background that Apple had in the past when it came to stocks, might make one hesitant to take a step further.

The iPhone X will supposedly be priced at $1000. This might make people assume the other yet-to-be-launced Apple products to be high-priced. Talking about the high price of the products, Tim Cook has been specific in discarding the idea. He told the Fortune magazine, “If you look across our product lines, you can buy an iPad today for under $300. You can buy an iPhone, depending upon which one you select, for in that same kind of ballpark. And so these are not for the rich. We obviously wouldn’t have over a billion products that are in our active installed base if we were making them for the rich.

“There’s a lot of companies that have much higher margins. We price for the value of our products. And, we try to make the very best products. And, that means we don’t make commodity kind of products.”

ALSO READ: Apple to reportedly launch the iPhone 8 on September 12

                       4K Apple TV to hit the shelves

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The iPhone Juggernaut is showing no signs of slowing down despite intense competition from Samsung and other players coming up with better smart phones and features.

In fact, the unveiling of the Samsung Galaxy Note 8 fueled further speculation on how Apple will top the Korean company’s latest big-ticket product.

One of the most debated points is whether fans would be willing to shell out $1,000 for the new phone. It is amazing the kind of frenzy Apple has been able to generate with its products.

Also Read: Apple to reportedly launch the iPhone 8 on September 12
Apple TV with 4K and HDR support reportedly coming this fall

Investors are also excited because the company has continued to grow despite worries about its ability to impress fans with new products, fall in sales in China and the inability to make inroads in India. The question is not what more the company can do with the iPhone, but what new lifestyle-changing innovation will unfold on September 12. Investors believe that the company continues to hold a lot of promise. Its stock has risen by over 40% over the past year, possibly anticipating a buying frenzy post September 12.

The ante has been upped this year, as it is the 10th anniversary of the launch of the iconic iPhone, which changed the way people interacted with their phone.

Actually, Apple introduced the word interacting in the context of the mobile phone. Then came the promotion of the phone to a smart phone. Today, a lot of phone manufacturers are talking of the premium segment. But, the 10th anniversary product is expected to take Apple from the premium to the super premium territory. Some call it the luxury territory. Basically, Apple stays one step ahead, which is why it has a loyal fan base that is willing to splurge on its latest products.

It is certain that the new iPhone will spew a host of imitations, at least of some of the features, which is only good news for the phone manufacturing industry in general.

There will be problems in shipment because historically, Apple has taken anywhere from one month to three to meet demand for its phones. This gives sufficient time for smaller companies to come up with phones sporting similar features, but much cheaper than an iPhone.

The new phone is also expected to lift Apple’s sales in China after a significant slowdown earlier this year raised a lot of concern among investors. But the debate is whether the Chinese will be willing to shell out $1,000 for a new phone. So far, Apple has not had a problem with persuading fans to splurge. No reason why they can’t do it, especially in an anniversary year.

For the rest, a lot will depend on the features.
High prices are a deterrent in developing countries. Much of the growth in these countries is driven by cheaper phones running on Android. And, this is unlikely to change irrespective of what Apple has to offer because its products are simply not meant for the masses. Secondly, even existing fans are not willing change a phone every year. Only wealthy people buy Apple phone, which in sheer numbers is not much.

But even they might shun the new phone if it does not look different from the old one. Hence, the intense speculation about looks and possible features.

Most people in developing countries start with a no-frills handset. Some of them are in the process of upgrading to a low-end smart phone with a few features. It will take a few years for them to consider an iPhone. So, Apple’s market is largely constricted by price.

As compared to this, Samsung and other companies are catering to every segment of the market.

Apple’s Tim Cook gets $89 million stock payout

But September 12 may not be only about the phone. There are expectations of announcements on the Apple watch and Apple TV, but of which have not taken off.

Competition in both segments is strong, which means Apple will have to do more than offer an upgrade. They might have to come up with totally new products.

If Apple awes fans, as it has in the previous nine years, the mobile phone industry could be in for a big boost.

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iPhone launches are usually one of the biggest tech events in the world and this year it’s even bigger. It’s been 10 years since late Steve Jobs unveiled the first iPhone in 2007.

Apple’s Tim Cook gets $89 million stock payout
Apple TV with 4K and HDR support reportedly coming this fall

According to the Wall Street Journal, the company is expected to release three new devices iPhone 8 along with the updated versions of the iPhone 7 and 7 Plus that will be called iPhone 7S and iPhone 7S Plus.

Following several leaks about Apple’s controversial yet virtually bezel-less redesign, a detailed iPhone 8 dummy model confirmed that the devices would have an elongated 18.5:9 aspect ratio like the Galaxy S8 and Galaxy S8 Plus, Forbes reported.

The iPhone 8 is expected to feature a bigger 5.8 inch display. However, the device’s overall foot-print should reduce considering the bezel-less display.

The iPhone 7s and iPhone 7s Plus is reported to sport a 4.7 inch and a 5.5inch LCD sceen respectively. The smaller variant might sport 2GB RAM whereas the bigger, iPhone 7Plus will come with 3GB RAM to support the dual-camera.

Apple might also launch a new Apple Watch which supports a SIM card, making it a standalone device.

Apple TV
Apple is planning to unveil a new version of the Apple TV this September. According to a report by Bloomberg, the Cupertino-company is finally refreshing the Apple TV after nearly two years, bringing it up to 4K streaming standards.

The new set-top box will reportedly have a faster processor and support High Dynamic Range (HDR) video.

The 4K resolution represents a sizeable bump up compared to traditional “HD” resolution, allowing for sharper movies and TV, and HDR technology offers the greatest accuracy in how colors are displayed on a TV.

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The new set-top box will reportedly have a faster processor and support High Dynamic Range (HDR) video.

The 4K resolution represents a sizeable bump up compared to traditional “HD” resolution, allowing for sharper movies and TV, and HDR technology offers the greatest accuracy in how colors are displayed on a TV.

Apple will also update its TV app to aggregate programming and offer users live content they want based on the providers that have them, i.e. shows that are available live via Sling TV or DirecTV Now.

Apple’s revamped streaming box will reportedly support both.

This new Apple TV will be unveiled alongside the iPhone 8 and the next-generation Apple Watch, according to the report.

During Apple’s WWDC 2017 keynote, discussions about tvOS were light. Tim Cook shared that “you’ll be hearing a lot more about tvOS later this year.” It seems as though we will, as Bloomberg reports that Apple is testing an updated version of its TV app that can further integrate with third-party applications.

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