(https://www.marketwatch.com/story/new-apple-ceo-john-ternuss-first-big-challenge-leading-when-his-old-boss-is-still-in-the-building-32be88f7?mod=mw_rss_topstories) at AAPL coincides with (https://www.cnbc.com/2026/09/01/apple-enters-ternus-era-as-ai-challenges-and-memory-crunch-intensify.html). The headline reads like a product problem. The forensic question is different: AAPL posted in cash against in debt—a 2.6x D/E ratio.

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