Evening Scan

John Ternus officially takes over as Apple CEO tomorrow. Pre-game coverage has saturated: succession plans, exec exodus rumors, Pencil prototypes. Shein's IPO priced in Hong Kong with a number that speaks plainly.

$26B — Shein's Hong Kong IPO market cap, down from a ~$100B valuation in 2022. (Bloomberg)

Shein raised $1.7B in its Hong Kong IPO, at a $26B market cap (paywall)

A quarter of its 2022 valuation. Slowing growth, tariffs, and rivals have compressed the valuation. (Bloomberg)

Ternus takeover won't mean a mass Apple exec exodus

The "orchestrated retirements" narrative is getting ahead of the facts. (AppleInsider)

Apple Caught Off Guard by AI Demand for Mac Mini and Mac Studio

Enterprise buyers are snapping up Mac minis for AI workloads. Ternus inherits that on day one as CEO. (MacRumors)

The Nancy Grace Roman Space Telescope launches to study dark matter and dark energy

Years of funding fights later, the project is launching. (The Verge)