(https://www.cnbc.com/video/2026/08/31/end-of-an-era-at-apple-tim-cooks-last-day-as-ceo.html) is being framed as smooth succession theater. But the market is missing a deeper signal in the numbers: Apple generates $364.4B in annual revenue with 16.4% YoY growth, yet posted $39.5B | $109.42B (Q3 FY2026 10-Q) :: Annual Revenue: $109.4B] in cash against $82.3B | $109.42B (Q3 FY2026 10-Q) :: Annual Revenue: $109.4B] in debt — a 2.6x debt-to-equity ratio.

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