Apple’s incoming CEO John Ternus likely won’t harness the rockstar innovation vibes of Steve Jobs, slinging sleek new devices to an auditorium of fans. But he probably won’t take the quieter style of Tim Cook, who revolutionized the company’s supply chain and boosted its market cap from $300 billion to $4 trillion in 15 years, either.

So…what will the Ternus era at Apple look like when he takes over for Cook in September?

There are some hints in his already decades-long Apple tenure. Ternus, a mechanical engineer, has worked at the company since 2001 and served as the Senior VP for hardware engineering. Employees at the company reportedly really seem to like him: He’s decisive, focused, a good collaborator, and has been known to rise above the internal drama that plagued Apple’s early years.

He’s also overseen a number of iconic products and hardware revamps at the company:

• Ternus was one of the execs that helped develop AirPods and facilitated Mac computers’ switch to using Apple’s own chips.
• He pushed for the MacBook Neo—the cheaper, colorful laptop—that Apple rolled out last month (which sold out almost immediately).

But what can a hardware nerd do in the AI race?

Critics argue Apple has been slow to make AI advancements, falling behind competitors. Fans, however, credit the tech giant for letting other companies dump hundreds of billions into data centers and LLMs that Apple can just run on its devices. Some AI truthers think the tech will transform the industry, potentially wiping out the need for iPhones altogether. In that case, it may be a good idea to have the hardware guy at the helm.

Ternus reportedly reorganized the company’s hardware engineering department earlier this month to prepare it for faster AI product development.

Looking ahead…after a handful of product flops, like the Vision Pro and the autonomous car, Apple has its sights set on big AI-powered launches: a more chatbot-like Siri, wearables, and smart home devices. And don’t forget the company is going to fold the iPhone in half.—MM

Warsh said he will not do Trump’s bidding. In a heated Senate confirmation hearing, President Trump’s pick to lead the Federal Reserve, Kevin Warsh, was grilled by Democrats about his vast wealth and his independence in the face of political pressure to lower interest rates. Much of the ire came from Sen. Elizabeth Warren, who suggested Warsh would be Trump’s “sock puppet” at the Fed. Warsh promised to remain independent, saying that Trump has not asked him to cut rates. Long considered an inflation hawk who believed in raising rates to combat high inflation, Warsh has recently shifted his view to support slashing rates, which critics allege is to appease Trump. Republican Sen. Thom Tillis reiterated that he plans to block Warsh’s nomination until the DOJ investigation into the current Fed chair, Jerome Powell, ends.

US–Iran peace talks on hold as Trump extends ceasefire. Vice President JD Vance’s second trip to Pakistan for talks with Iran yesterday was nixed at the last minute after the US said Tehran did not respond to its negotiating positions, the New York Times reported. Meanwhile, President Trump indefinitely extended the fragile ceasefire, which was set to expire today, saying Pakistan had requested that the US hold off on resuming attacks. Trump had previously said he wouldn’t extend the ceasefire without a long-term deal. Trump sent Vance to Pakistan earlier this month for an initial round of talks, which failed to produce an agreement. Per the NYT, Vance’s second trip could be back on “at a moment’s notice” if Iran responds to the US’ overtures.

Florida opened a criminal probe into OpenAI. Florida Attorney General James Uthmeier said the state is investigating whether the AI giant helped the gunman in a mass shooting at Florida State University last year plan his attack. “ChatGPT offered significant advice to the shooter before he committed such heinous crimes,” including what type of gun and ammunition to use, Uthmeier alleged. In a statement to NBC News, OpenAI called the shooting a “tragedy,” but said its chatbot was not responsible. “ChatGPT provided factual responses to questions with information that could be found broadly across public sources on the internet,” the company said.—AE

Like someone handed an alka seltzer on the morning of their flight back from spring break, Spirit Airlines is hopeful relief is coming. President Trump told CNBC yesterday that “he’d love somebody to buy Spirit” and that “maybe” the federal government should help the ailing airline since it employs 14,000 people.

Spirit’s stock soared more than 122% on the news of a potential Uncle Sam bailout.

Cash from the sky

The carrier that specializes in maybe getting you to Miami on time for $40 is desperate:

• Bloomberg reported this week that Spirit asked the federal government for a cash infusion in exchange for a stake in the bankrupt airline. After filing for bankruptcy twice in the past two years, it has been struggling to emerge, and now faces the possible liquidation of its assets amid soaring jet fuel prices due to the Iran war.
• The proposed arrangement would be similar to the Trump administration’s recent cash-for-shares deals with companies like Intel and US Steel.

But…some experts doubt whether it’s legal for the government to invest in a single company outside of congressionally authorized programs, and note that other struggling airlines might ask for help, too.

Meanwhile…Trump knocked the idea of United buying American, telling CNBC yesterday that such deals make companies “lazy.” United CEO Scott Kirby recently pitched Trump on the idea, but antitrust experts warned it would reduce competition and drive up airfare. United slashed its 2026 earnings forecast yesterday citing surging fuel prices.—SK

Brace yourself for a wave of babies named Sabrina and Justin. The world’s largest condom producer, Karex, plans to raise prices by 20–30% over the next few months due to supply chain disruptions from the war in Iran, the company said yesterday.

Scoreboard: One out of every five condoms worldwide are made by Karex, a Malaysian company that owns ONE Condoms and supplies brands such as Durex and Trojan, as well as the UK’s national health system, and UN-run aid programs. Now, the economic shockwaves that are jolting countless goods, from oil to food, have come for the ruler of rubbers, too.

According to Karex:

• Production costs are up 25–30% since the US and Israel first struck Iran, amid shortages of oil-derived condom materials.
• With global freight disrupted, Karex’s shipments to Europe and the US—which used to take one month to arrive—now take two.

Looking ahead…with how uncertain the geopolitical landscape is, Karex said its outlook is hazy beyond the next two to three months, and it can’t rule out further price increases.

Meanwhile…since the US slashed funding for USAID, condom stockpiles in some developing nations have dwindled, which is compounding the current crunch.—ML

In between showing you videos of deranged Coachella outfits and a fake doctor claiming water is actually bad for you, your TikTok algorithm may be trying to convince you to buy an electric vehicle from China. Per a recent survey from Strategic Vision:

• A third of new vehicle buyers in the US say they’d consider buying a car from China.
• That’s up from 18% in 2021, Bloomberg reported.

The thing is...you can’t drive a BYD on American streets for a variety of reasons (huge tariffs on Chinese products, national security concerns, safety regulations—take your pick). That could change if President Trump allows Chinese EVs into the US, as he’s signaled he may do. Chinese automakers are reportedly scouting the US market in case they’re welcomed in.—AE