Huawei and Xiaomi are launching new foldable phones days before Apple's event

Apple plans to unveil its most ambitious event yet on Wednesday, with a foldable smartphone as the star attraction, along with the iPhone 18 Pro and Pro Max, the Apple Watch Series 12 and Ultra 4, and new AirPods 5. John Ternus, the incoming CEO, will make his debut as the new head of the company at the "Surprise and Shine" event, marking the start of a major wave of product launches that will continue through 2026 and beyond, according to Bloomberg.

This marks a shift for Apple, which has focused for decades on refining existing products and increasing services revenue. The new era will kick off with a foldable smartphone, potentially called the iPhone Ultra, which could be priced above $2,000 and may lack Face ID or a telephoto lens. Ternus, who previously led hardware engineering, is seen as a strategic move to strengthen Apple's focus on physical form innovations, not just software or services.

However, the current market conditions pose challenges, with a memory crisis due to high demand for AI chips causing price increases. Apple has already announced price hikes across its catalog before summer, and the focus at the event will likely be on potential price increases for iPhones and smartwatches. The company is entering the foldable market 7 years after competitors, with high expectations for sales, aiming to challenge Samsung's leadership.

Apple could sell over 10 million foldable iPhones in its first year, potentially normalizing the category, similar to smartwatches after the Apple Watch's launch. Despite the high price, the product may be limited to a niche market in its first year. Apple is also preparing new batteries for upcoming launches, with AirPods featuring cameras, and new home products like a touch-screen speaker for controlling the home digital and an updated Apple TV 4K, all powered by AI-enhanced Siri.

These announcements, if confirmed, suggest Apple under Ternus is diversifying growth sources beyond the iPhone, a profitable but slow-growing business in mature markets.