Apple’s latest executive shuffle saw Tim Cook hand leadership to John Ternus, yet analysts still push the idea that Apple could acquire Disney. The claim, revived for the tenth time, ignores Apple’s dwindling liquidity and Disney’s solid market cap.

Apple’s cash reserves have collapsed from about $200 billion in 2017 to $45 billion today, while Disney remains at roughly $184 billion. Even if Apple raised debt, the gap would strain its balance sheet and dent shareholder returns.

Industry observers note that Apple’s Vision Pro strategy could benefit from Disney content, but the two companies have never discussed a deal. Without a concrete partnership plan, the acquisition rumor appears more headline fodder than realistic.

In short, Apple lacks the financial heft to buy Disney, and the speculation offers little insight into the companies’ future strategies.