Apple's 15-year reign under Tim Cook saw after-tax profits soar to $125bn, with stock market value hitting $3.6tn. Cook transformed the company from a gadget maker into a digital services giant, with 40% of profits now from App Store fees and ecosystem dominance. Yet, the iPhone's 20-year dominance faces a new threat: artificial intelligence.

Unlike search or payments, AI could disrupt Apple's control over user experiences, potentially weakening its developer ecosystem and hardware centrality.Tim Ternus, Cook's successor, lacks AI expertise but excels in hardware. His challenge: replicating Cook's innovation legacy while addressing AI's existential risks. The delayed Apple Intelligence assistant and commercial failure of the Vision Pro headset highlight gaps in integrating AI into products.

Competitors like OpenAI and Meta are racing to redefine computing platforms, risking Apple's gatekeeper role.Apple's ability to adapt to AI-driven shifts will determine its long-term dominance. Without breakthroughs, its valuation and ecosystem control could face unprecedented challenges.