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Apple’s incoming CEO Ternus said to revamp design team
Bay Area Times
June 22, 2026
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Top stories today:
- Apple’s incoming CEO Ternus said to revamp design team
- OpenAI burns $3.7B in Q1, top $73B cash
- Intel stock +11% as Trump touts Apple chip deal
- Kalshi tops $2B in annualized revenue, weighing IPO
- Polymarket allegedly pays creators for deceptive videos
0. Data and calendar
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All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. Apple’s incoming CEO Ternus said to revamp design team
Restoring Apple’s design studio is expected to be Ternus’ early focus.
Ternus has reportedly been more involved with Apple’s ID group than Cook.
Several major Apple products have retained largely unchanged designs for nearly a decade.
Sep.: Ternus is expected to take charge as Apple’s new CEO.
Apple TV and HomePod mini with Apple Intelligence are in advanced testing.
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3. OpenAI said to burn $3.7B in Q1, top $73B cash
$21.3B+ net loss in Q1, including a ~$12.4B accounting charge.
$9.3B operating loss in Q1, including $2.3B+ in share-based compensation.
$3.5B cost of revenue, largely from serving AI models.
39% gross margin in Q1, up from 33% a year earlier.
$8.6B spent on R&D in Q1, including model-training costs.
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Cut time and cost with a process built for scale, not endless back-and-forth.
*Sponsored.
