SUN VALLEY, IDAHO - JULY 07: Tim Cook, CEO of Apple, arrives to the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Tim Cook (L), CEO of Apple, walks with John Ternus, incoming CEO of Apple, at the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Tim Cook (L), CEO of Apple, walks with John Ternus, incoming CEO of Apple, at the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Tim Cook (L), CEO of Apple, walks with John Ternus, incoming CEO of Apple, at the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Federal Reserve Chair Kevin Warsh arrives to the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Federal Reserve Chair Kevin Warsh arrives to the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Federal Reserve Chair Kevin Warsh arrives to the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)

SUN VALLEY, IDAHO - JULY 07: Chairman of Graham Holdings Company Donald Graham arrives to the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 7, 2026 in Sun Valley, Idaho. Every year, some of the world's wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. (Photo by Kevin Dietsch/Getty Images)