Jim Cramer used a decade of interviews with Tim Cook to argue that Apple’s growth story is nowhere near finished, even as Cook hands the CEO title to John Ternus.
On a CNBC Mad Money “master class” segment built from calls and sit-downs going back to 2015, Cramer’s throughline is his old mantra to own Apple rather than trade it, and he says the mechanisms Cook built to support that call are still compounding long after his exit.
The Buyback Engine
Cramer’s strongest data point is arithmetic, not sentiment. Since Cook took over in 2011, Apple’s share count has shrunk by more than 40% through buybacks, while the dividend has risen every single year.
Combined with what Cramer calls the industry’s best balance sheet, that shrinking share count did much of the heavy lifting behind Apple’s roughly 2,300% stock rally, a run that also helped push Apple past Nvidia as the world’s most valuable company earlier this year.
It is also the mechanism Cramer expects to keep working long after Cook has left the building.
The AI “Laggard” Defense
Cramer flips the AI criticism on its head. While hyperscalers burn cash building out data centers, Apple keeps capital spending low. Apple also reportedly still collects roughly $20 billion a year from Google alone to remain the iPhone’s default search engine, a deal Cramer argues quietly outweighs whatever Apple pays for its AI tie-in with Google’s chatbot, Gemini.
In his telling, a company that isn’t racing to wreck its own balance sheet on AI infrastructure isn’t lagging so much as picking its spots.
“The man doesn’t get the credit he deserves.”
— Cramer
That’s the case Cramer is making for Cook’s legacy as Ternus takes the wheel: a capital-return machine and a services business built to outlast any one product cycle.
Whether that’s enough on its own, or whether Ternus needs to add a genuine AI push of his own, is the open question Cramer’s tribute conveniently leaves for someone else to answer.
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