Apple's new CEO John Ternus is cutting program managers, with Siri and Vision Pro teams in the crosshairs, to break the rigid annual product cycle. $AAPL still runs a 33% operating margin on $467B in revenue. Seeking Alpha Quant Rating: Hold. Elite Profitability is offset by weak Growth and Valuation. The real signal is operational. Ditching the annual cycle is a high-stakes bet on out-innovating rivals. Does it work? ▻