Apple event expected to debut foldable iPhone and new CEO John Ternus

Apple's annual fall product showcase is anticipated to introduce two groundbreaking items: the company's inaugural foldable smartphone and the introduction of its new CEO, John Ternus. The event, titled "Surprise and Shine," is scheduled to commence at 1 p.m. ET on September 9 at Apple's Cupertino, California headquarters. This annual rollout offers the tech behemoth the chance to unveil its newest devices ahead of their retail debut, typically occurring a few days later.

Apple is under considerable pressure this year, as sales of its iconic iPhone have been declining. The company's dominance in the market - Americans own approximately 158 million iPhones, accounting for over half of all adult U.S. consumers - could prove challenging to maintain amid an affordability crunch faced by many families. These families are grappling with increased costs across various essentials, from gasoline to groceries.

In addition to the foldable phone, Apple is expected to unveil the iPhone 18, equipped with enhanced Siri capabilities, as well as updates to its AirPods and Apple Watch. However, the highlight of the event is expected to be Apple's first foldable phone, likely named the iPhone Ultra. According to trade publication MacRumors, this could be a significant success for Apple, and the timing appears ideal under Ternus' leadership.

While foldable phones are not prevalent in the U.S., they have gained popularity in Asia, where manufacturers like Huawei (China) and Samsung (South Korea) have been offering them for years. These devices typically boast larger screens, making them appealing to users who wish to stream media. IDC, a tech consulting firm, predicts that foldable phones will see a growth throughout 2026, with Apple's entry into this segment potentially boosting sales by 13%, reaching 22.9 million units.

However, the broader smartphone industry is facing significant challenges. IDC forecasts a 16.7% decline in total smartphone shipments this year due to higher prices resulting from memory chip shortages. Some cost-conscious consumers are even foregoing smartphone upgrades. Although Apple has not disclosed pricing for its new devices, analysts anticipate that the foldable phone will carry a premium, possibly priced around $2,000, significantly higher than Apple's current top-of-the-line iPhone, the Pro Max 17, which starts at about $1,200.

Investors will closely scrutinize Ternus' early performance as CEO, given the high expectations following Tim Cook's 15-year tenure. This period under Cook saw Apple's revenue quadruple to over $416 billion annually, while its valuation surged to more than $4.7 trillion.