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Apple's market cap was about $351–360 billion when Steve Jobs died. On September 1, 2026, Tim Cook's last day as CEO, it was $4.75 trillion. When Ballmer handed over to Satya Nadella in Feb 2014, Microsoft market cap was about $315B. It’s $3.7 trillion now. Similar outcome with Sam Walton and Wal-Mart. It went the other way with GE and Jack Welch. So, it cuts both ways, and I think the deciding factor is whether the underlying business quality, moat, and capital-allocation discipline survive the transition intact.

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