橙子Joyce

Apple’s new CEO John Ternus first publicly outlines his product philosophy, sketching an “Apple in the Ternus era” for the outside world.

Engineers take the helm; the roadmap leaves him “immensely excited”
Ternus officially assumed the role of Apple CEO last week, becoming the highest-ranking leader in Apple’s history with an engineering background. In an exclusive interview, he admitted that for someone steering “one of the world’s most important companies,” the feeling inside him is “excitement that makes the hair stand on end.”

Asked about expectations that his engineering background would “rekindle innovation” at Apple, Ternus did not directly accept that premise. Instead, he stressed that Apple’s innovation has never stopped, and that the new opportunities brought by AI are the biggest driving force right now.

Apple chose to enter the foldable-screen race only after the market matured, reflecting Ternus’s engineering philosophy—prefer to endure the criticism of being “late,” but wait until the durability of the hinge, slimmer design, and system-level interactions are polished to an industrial-grade level before launching into the market.

iPhone’s position is unshaken; Apple reiterates its “personal hub” strategy
Against the backdrop of intensifying competition in AI wearable devices, Ternus clearly rejected the market interpretation that “Apple is shifting its strategic focus from phones to wearables.”

Apple Watch and AirPods are excellent AI devices, but their positioning is as an auxiliary ecosystem built around the iPhone—not a replacement.

Privacy built into the chip, targeting controversy in the wearable market
When asked about the privacy concerns sparked by Meta AI glasses, Ternus pointed to the latest audio-intelligence features released on Apple Watch to explain how Apple’s privacy protections are implemented at the hardware-architecture level.

According to Apple, the feature generates no audio recordings, does not retain text transcriptions, and not even the user themselves can retrieve the data. To achieve this, Apple designed a brand-new chip for the new Apple Watch, embedding an independent secure enclave (exclave). Audio data exists only at the instant it is processed, and is then destroyed.

Jazz, Apple’s senior vice president of hardware engineering, added:
“If we don’t generate a recording, then no one will have a recording. It can’t be attacked by hackers, and it can’t be forcibly retrieved.”

This design logic directly addresses public concerns that AI-driven voice recording-type features may infringe on users’ privacy.
$AAPL.US

Long-term investment in Apple stock

How many investment institutions globally allocate BTC?

When you add together global asset management firms, hedge funds, pension funds, insurance companies, family offices, RIAs, and the like, the total is at least tens of thousands to over a hundred thousand.

The approximate situation for institutions that have already allocated BTC is as follows:
• Publicly traceable entities (listed companies, ETFs/funds, governments, etc.) are on the order of a few hundred. In total, they hold about 18% of the BTC supply, and ownership is highly concentrated.

• Among the top 30 RIA firms in the U.S., 29 have already held Bitcoin.

• Survey of financial advisors: In 2025, about 32% of advisors said they allocate crypto assets for clients (22% in 2024). The RIA channel is somewhat higher. Average allocation is still very small.

• Overall, the advisory industry’s allocation to BTC is only about 0.008% of assets under management.

Most are not allocated
• There are about 16,500 U.S. SEC-registered investment advisers (and when including state-registered ones, the number of related firms can reach tens of thousands).

• There are about 149,000 globally regulated open-end funds.

• Hedge funds number roughly 8,000–12,000.

• The number of global asset management firms is even larger (tens of thousands are already captured by only some databases).

• In Bank of America’s 2025 global fund manager survey: about 97% of surveyed fund managers said they have no Bitcoin/crypto exposure.

• An informal survey of about 400 wealth management managers in 2026: 67% of customer portfolios still have no crypto allocation.

If you interpret “investment institutions” as including asset managers, funds, advisory firms, pension funds, insurance companies, etc., then the vast majority have not allocated BTC (by number of firms, very likely over 90%, and under many definitions close to 95%–99%). The institutions that do allocate are mainly concentrated in large U.S. asset managers, some hedge funds, listed company treasuries, and advisors that indirectly buy through spot ETFs.

Allocation adoption is still at an early stage: for institutions that do allocate, typical portfolio weights are commonly only on the order of 1%–2%. The industry-wide share of AUM is even lower. Future growth is mainly expected to come from the advisor channel and from traditional institutions that have not entered yet.

I’ve believed for the past seven or eight years that BTC’s development potential will become broader and more diversified! Invest in BTC, ETH, and BNB regularly!
$BTC

go

1

go

1