Tim Cook is stepping down as Apple CEO, with John Ternus taking over on Sept. 1. Apple is currently dealing with spiking memory costs due to AI data center demand. They are raising device prices to compensate. Cook called the memory price surge a 100-year flood. Q3 gross margin was 50.1%, but guidance for Q4 is lower at 47-48%. Management said the drop is almost entirely from the memory cost changes. iPhone sales grew 22% year over year in Q3, but Q4 growth is expected to slow to the mid-teens because of supply constraints. They did sign a multi-year supply deal with Broadcom to help stabilize costs. Expect some margin pressure in the short term while they work through the expensive memory inventory.