📖 “iFold” — Apple CEO’s 1st day. Gap’s 1994 strategy. BYD’s Carmageddon. +Baldness Stocks

John Ternus starts today as Apple’s first new CEO in 15 years, taking over from Tim Cook, who grew Apple stock 24-fold over his tenure. In eight days, Ternus will launch an iPhone that folds open like a book, expected to cost around $2,000. Meanwhile, Gap shares surged as much as 24% in a single day last week after the retailer announced a strategy built around one specific year: 1994. And BYD, China’s dominant electric car maker, just confirmed it now exports more cars than it sells domestically, a milestone that signals what analysts are calling a “Carmageddon” of cheap Chinese vehicles flooding Western markets. Separately, baldness stocks are booming — the hair loss drug maker Abski has doubled this year, and the ticker symbol MANE has risen 500% since February — as investors bet on a long-neglected category seeing its first wave of innovation in decades.

The iPhone fold and Apple’s new CEO

Tim Cook handpicked by Steve Jobs, retired from day-to-day operations after 15 years. Under Cook, $10,000 invested in Apple in 2011 became $250,000 today. He profitized existing products — the app tax, services — rather than launching new hardware. His successor, John Ternus, is known for hardware, and Apple is due. The last successful new hardware device Apple launched was AirPods, a decade ago. The Apple Vision Pro headset flopped.