Apple’s New CEO & Mayor Mamdani’s Business Council 9/1/26

**SPEAKER_1** (0:00)
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**SPEAKER_2** (0:28)
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**SPEAKER_3** (0:58)
Bring in show music, please.

**Katie Kramer** (1:02)
Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, legendary investor David Booth has some advice for the rest of us, stay calm and stay invested.

**David Booth** (1:13)
Human ingenuity and human spirit will get us back on track faster than you might think, which is what happened. The recession was like one quarter.

**Katie Kramer** (1:22)
New York Mayor Zohran Mamdani has a complicated relationship with the local business community. Now, he's gathering them for an advisory council, member Scott Rechler of real estate firm RXR.

**Scott Rechler** (1:33)
We're not going to always agree on everything, but I'd rather have a seat at the table and engage.

**Katie Kramer** (1:37)
Rechler was not a supporter of Mamdani throughout his campaign, but he sees this as a civic duty to sit at that table.

**Scott Rechler** (1:44)
They're focused on the issues that are important to the city, and the city's thriving, and I think that's an important point here, right?

**Katie Kramer** (1:50)
Those conversations plus Anthropic's $35 billion data center deal and Apple's Tim Cook hands over the reins to John Ternus after 15 years of thinking different.

**Becky Quick** (2:01)
The one thing that you can't go without, if you forget your phone, you'll turn around and go home to get it.

**Katie Kramer** (2:07)
It's Tuesday, September 1st, 2026 Squawk Pod begins right now.

**SPEAKER_8** (2:14)
Stand back, you buy, in three, two, one, cue, please.

**Becky Quick** (2:19)
Good morning, everybody. Welcome to Squawk Box right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick, along with Joe Kernen and Andrew Ross Sorkin.

**Andrew Ross Sorkin** (2:29)
Thanks, Becky. Meantime, a big day. Apple hardware chief John Ternus taking over from Tim Cook as CEO.
It's happening today after a long tenure for Tim Cook at the company. Cook's spending 15 years in the role as CEO. He took over, if you remember, back from Steve Jobs back in the summer of 2011
I don't think people were expecting what ultimately happened. Apple stock has now risen more than 2200 percent since then and under Cook, well, all sorts of things have happened. We should probably go through some of the list. Apple became the first company with a trillion dollar market cap, an extraordinary milestone for that company. It now stands, by the way, at more than 4.6 billion, or I should say billion. This is where we are, guys, 4.6 trillion dollars. Apple also launched its watch at one time, if you remember. The AirPods, while Cook was CEO and brought some major updates to the iPhone, and Cook will become Apple's executive chairman going forward. That starts next week. As part of all of this, the company expected to unveil its new iPhone. We're expecting that to take place on the eighth of this month, including a new foldable phone. I have to say, I don't know of all the devices that came out during this period, guys, it was the AirPods, and I remember being with Tim and asking him, he was showing me the AirPods, and I said, people are going to use these without the cords, and you're going to charge like $170 from them? That must be like the price you'll start out and you'll be coming down. He looked at me and said, no, and well, you know the history.

**Scott Rechler** (4:18)
Yeah.

**Becky Quick** (4:19)
Just the idea that this company became the second largest company on his watch under market cap, and at times actually the largest company in the world in terms of market cap watching what they did with services. It wasn't just the devices that they were bringing on, it was the services and the constant payment that all of us who are in the Apple ecosystem are willing to pay to make sure we keep access to our photos, to the music and everything else that goes along and storing all of it in their cloud.