Apple preps for CEO handoff

CNBC's MacKenzie Sigalos reports on Apple's CEO transition from Tim Cook to John Ternus. The report details pre-handoff layoffs, AI team changes, early Mac updates, and upcoming product catalysts including a foldable iPhone and Siri AI rollout. It also covers services margin implications from Apple TV pricing and open questions around AI monetization and compute. The main market implication is that Apple faces a product-heavy catalyst period while AI execution and services monetization remain key watch points. - Apple is completing its CEO handoff to John Ternus on Tuesday. - Tim Cook is clearing layoffs, AI team reorganizations and early Mac updates before the transition. - A September 9 product event is expected to feature a foldable iPhone and other unannounced products. - Siri AI is expected to reach Mac and iPhone users later this month, with compute capacity questions. - Apple TV pricing increased, providing a services margin boost. - AI monetization in services remains an open strategic question for the new CEO. - The foldable iPhone is seen as a potential China growth opportunity.