Apple ramps AI chat features and a Sam Altman/OpenAI tie-up headlines Tim Cook today. Tim, CEO since 2011, previously Apple COO.
Futures decline as conflict in Iran continues with no clear end. Oil prices hit new highs, driven by Iran's threats and disruptions to the Strait of Hormuz. Markets remain cautious, with investors wary of prolonged conflict and economic fallout.
Tim Cook has announced he will step down as Apple CEO and become executive chairman on Sept. 1, 2026, and John Ternus, the company’s head of hardware engineering, has been named CEO-designate. The move has been presented as a planned succession while Apple is confronting AI shortfalls, China supply risks, and pressure to produce a new product wave.
President Donald Trump has travelled to Beijing for face-to-face talks with President Xi Jinping on May 14–15, and has said he will raise US arms sales to Taiwan and discuss Iran. China has hosted Iran's foreign minister and urged a full ceasefire; Washington has alternated between a naval blockade, escorts and threats while sanctioning entities tied to Iranian oil sales to China.
Trump has welcomed a delegation of executives to Beijing, including Tesla’s Elon Musk and Nvidia’s Jensen Huang, as part of efforts to “open up” China and mobilize business support. The trip follows reports of competition with Chinese EV firms and ongoing AI export discussions.
The president has stated that he is not factoring Americans’ cost of living into negotiations with Iran and that the priority is preventing Iran from obtaining a nuclear weapon. Inflation data shows ongoing price pressures as the war’s economic effects are felt at home, while observers question the political and economic consequences of the conflict.