With Apple shares trading near all-time highs around $326, fresh speculation about a potential stock split has resurfaced. While the company has not announced any plans, the upcoming leadership transition adds a new dimension to the discussion.

Apple announced in April 2026 that Tim Cook will step down as CEO on August 31 and transition to Executive Chairman, with John Ternus (currently Senior Vice President of Hardware Engineering) taking over as CEO effective September 1, 2026. This marks the most significant leadership change at Apple in over 15 years.

Could the CEO Transition Influence a Split?

Analysts and investors are debating whether the smooth handover could accelerate or delay a split:

• Potential catalyst: A new CEO often seeks early wins to build momentum. A stock split would be a low-risk, high-visibility move that signals confidence and appeals to retail investors — especially as Ternus begins his tenure.

• Likely timing: Most observers expect any decision to wait until after the transition settles (late 2026 or 2027), once Ternus has established his priorities around AI, hardware innovation, and Mac refreshes.

• Continuity advantage: With Cook remaining as Executive Chairman, the board is expected to maintain strong oversight, reducing any perceived risk around major shareholder-friendly actions.

Apple has not split its stock since the 4-for-1 in August 2020. With fractional-share trading now widespread, the urgency is lower than in the past, but a split could still broaden accessibility and create psychological tailwinds.

Apple’s stock has performed strongly in 2026, rebounding from a weaker 2025 and recently approaching record levels. Solid services growth, ongoing buybacks, and AI/hardware momentum (including upcoming Mac lineup overhauls) have supported the rally — all without a split.

Historically, Apple splits (1987, 2000, 2005, 2014, 2020) have often coincided with periods of optimism and growth. A future split under Ternus could similarly project confidence in the company’s long-term trajectory.

MacDailyNews Take: The Cook-to-Ternus transition is unlikely to hinder a stock split and could even encourage one as an early signal of confidence under the new leadership. That said, Apple tends to be deliberate, so any move would likely prioritize substance over optics.

While a split (even a modest 2-for-1 or 3-for-1) could project optimism and attract more retail interest, Apple’s fundamentals (robust cash reserves, ongoing innovation, and execution on AI/hardware roadmaps) appear to be driving the stock’s current momentum without one. Splits are cosmetic in terms of intrinsic value but have historically aligned with growth phases. Investors should watch for any board signals or SEC filings, but the lack of a split hasn’t held back the rebound in 2026.

Apple’s split history:

• June 16, 1987: 2-for-1
• June 21, 2000: 2-for-1
• February 28, 2005: 2-for-1
• June 9, 2014: 7-for-1
• August 31, 2020: 4-for-1

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Apple is preparing a comprehensive refresh of its entire Mac ecosystem, with new models of the MacBook Air, iMac, MacBook Pro, a new “Neo” variant, Mac mini, and Mac Studio slated for release across this fall and into next year.

According to Bloomberg News‘ Mark Gurman, the technology giant aims to meet surging demand for powerful AI-capable machines by updating every Mac it currently sells. The overhaul includes long-awaited desktop refreshes and several laptop redesigns, positioning Apple to better compete in an increasingly AI-driven computing landscape.

The rollout begins later this year with an entry-level 14-inch MacBook Pro powered by the M6 chip and refreshed iMac models. These updates address pent-up demand for modern desktops and more affordable professional laptops.

Further ahead, Apple plans higher-end 14-inch and 16-inch MacBook Pro models featuring OLED displays and touchscreen capabilities, expected in late 2026 or early 2027 with M5 Pro and Max chips. New MacBook Air variants, including potential OLED versions, and a more powerful “MacBook Neo” with expanded RAM are also in the works.

Desktop users can look forward to updates for the Mac mini and Mac Studio, though some launches may face minor delays due to memory shortages driven by strong AI component demand.

This broad hardware push comes as Apple seeks to leverage its Apple Intelligence features and next-generation chips to drive sales amid a competitive market. The company is also introducing an “Apple Upgrade” leasing program in partnership with Klarna to make switching devices easier for customers.

MacDailyNews Take: With John Ternus stepping into the CEO role (effective September 1, 2026), Apple appears to be rediscovering a sharper product-first mindset. Ternus, long seen as a hardware and design deep-diver with decades of hands-on experience across iPad, Mac, and Apple Silicon development, brings a different emphasis than the iterative, operations-focus that defined the Cook slog.

The benefits to Apple Inc. and Apple device users of again having a product-focused CEO at Apple’s helm are already occurring!

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John Gruber (Mastodon, 2):

Some of [Cook’s letter] remains true, but has lost some truthiness — and truthiness matters. But some of it is no longer true, period. It’s no longer just “one small part” of Apple’s business that serves advertisers. Here in 2026, search results in the App Store not only show paid ads — frequently for casinos — but the search results are visually dominated by paid ads now that Apple has added a second ad to results. Apple News+ is a paid subscription that offers a genuinely great value for the number of paywalled publishers whose content it includes, but articles on the News app tend to include the weirdest AI-generated ads on the Internet. (How many young blond women am I supposed to believe need hearing aids?) And — at this writing, still “coming soon” — Apple is launching ads on Apple Maps. Apple Maps remains free of charge to use, so according to Tim Cook, we’re not the customer. We’re the product. Or, if you prefer, our frustration is the product.

[…]

The ratio of ads to organic results in App Store search — especially when measured in screen area — is clearly not aligned with Cook’s 2014 statement that “Our software and services are designed to make our devices better. Plain and simple.” Obviously not. App Store search today is designed primarily to generate more revenue for Apple. That’s not criminal, but it’s a change.

[…]

What gave Tim Cook’s privacy letter heft in 2014 wasn’t just the clarity of its plain language, but the fact that you didn’t have to take his word for it that the ads Apple showed you respected your privacy, because Apple didn’t show you ads in 2014. Apple today can’t say that.

[…]

John Ternus should return Apple’s privacy policy to its 2014 clarity. The trust Apple would earn from such a move would far out-value whatever revenue these ads pad to their already hefty and ever-increasing quarterly Services numbers.

I wish that were the case, but I fear this is kind of a Hotelling’s Law situation, where Apple can get most of the benefit by being just slightly better on this axis. Where else do its customers have to go?

Jeff Johnson (Mastodon):

In the second fiscal quarter of 2018, services generated $9 billion in revenue (net sales), whereas in Q2 2026, that amount had grown to $31 billion! In this blog post, I want to focus on understanding the relative financial importance of products and services for Apple.

[…]

In 2025, services were 42% of Apple gross margin. How does 26% of net sales become 42% of gross margin? The explanation is that services have a much lower cost of sales. The products gross margin was 37% of products net sales, while the services gross margin was an astonishing 75% of services net sales. In other words, Apple services are almost pure profit!

Does this 75% account for TV and movie production costs?

With persistent general inflation, consumers do not have unlimited money to spend on Apple products. At least in the near future, it’s reasonable to question how much further room is available for growth in profits from Apple products. To satisfy the demands of investors, Apple executives including CEO-elect John Ternus may be forced to rely even more than before on growth in services, which do not face as much pressure on cost of sales as hardware products.

Previously:

• Apple Services Price Hikes 2026
• Apple Hardware Price Hikes
• App Store Personalized Recommendations and Keylogging
• Apple’s Q2 2026 Results
• A Letter to John Ternus
• Ads in Apple Maps
• Blurring App Store Ads and Search Results
• Apple Services in 2025
• More App Store Ad Spots
• Apple Services Price Hikes
• Nowhere Else to Go

Apple is quietly shopping for AI chip companies. According to a new report from The Information, the company has been approaching chip startups and consulting with bankers about potential acquisitions — a notable shift for a firm long known for its reluctance to make big hardware buys.

The move comes as Apple grapples with limitations in its current AI infrastructure. Its Private Cloud Compute servers, which power parts of Apple Intelligence, currently rely on internally designed M2 Ultra chips. These have proven insufficient for handling larger, more demanding AI models.

The Siri Overhaul Problem

One concrete example stands out: Apple has been working on a major Siri overhaul powered in part by Google’s Gemini models through a partnership. When engineers tried running these advanced models on Apple’s own servers, the M-series hardware fell short. As a result, more complex Siri tasks are now routing through Nvidia GPUs hosted in Google’s cloud infrastructure.

This dependency clashes with Apple’s long-standing preference for controlling its own silicon and protecting user privacy through on-device and Private Cloud Compute processing.

Baltra Delayed

Internally, Apple has been developing its first dedicated AI server chip, codenamed Baltra. The company had originally targeted a 2026 launch, but the timeline has slipped. Baltra is designed as a purpose-built server ASIC (with Broadcom contributing key networking and interconnect technology) to reduce reliance on third-party GPUs for cloud AI workloads.

The reported pursuit of acquisitions suggests Apple wants to accelerate progress on its next-generation server silicon — either by bringing in specialized talent and IP or by acquiring teams that have already solved similar challenges.

A Rare Shift in M&A Approach

Apple has historically avoided large acquisitions, preferring to build technology in-house. Its most recent notable deal was the January 2026 acquisition of Israeli audio AI startup Q.ai (reportedly valued around $2 billion). With roughly $45.6 billion in cash and cash equivalents as of late March 2026, Apple certainly has the financial firepower if it chooses to move.

This new interest in chip startups marks a pragmatic acknowledgment that the AI hardware race — particularly in data center-scale inference and training — moves extremely fast. While Apple excels at designing efficient mobile and laptop chips, scaling specialized AI accelerators for servers is a different challenge that hyperscalers like Google, Amazon, and Meta have been tackling for years.

Broader Context

This development comes just days after Apple announced a major multi-year expansion of its partnership with Broadcom, worth more than $30 billion. The deal includes custom silicon components and supports U.S. manufacturing expansion in Colorado. It underscores Apple’s broader push to strengthen its custom silicon capabilities while also highlighting how much it still relies on external partners for certain advanced technologies.

What It Means

If Apple follows through on acquisitions, it could help close the gap in its cloud AI infrastructure faster than organic development alone would allow. Success here would support more ambitious on-device and private-cloud AI features without heavy dependence on external clouds and GPUs.

It would also represent a meaningful evolution in Apple’s strategy: from a company that largely designs its own chips from scratch to one willing to acquire specialized expertise to stay competitive in the AI era.

The coming months will reveal whether these discussions lead to actual deals — and whether they can meaningfully accelerate Apple’s ability to run sophisticated AI models on its own terms.

MacDailyNews Take: The mad scramble to catch up continues. Hopefully, new Apple CEO John Ternus can quickly kick things back into high gear after far too many years of coasting along in neutral.

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