Apple begins folding phone event, with new CEO Ternus in command

Apple began its annual product launch event in Cupertino, California, on Wednesday, marking the first time under new CEO John Ternus. The company is expected to unveil a high-end folding iPhone, a significant development since the removal of the physical home button from the iPhone X in 2017. The iPhone accounted for $209.6 billion, or slightly more than half of Apple's sales, in its latest fiscal year.

Ternus, who previously served as Apple's hardware chief, has a low public profile but will play a crucial role in convincing customers that they need a foldable device that could cost over $2,000. While Samsung and Huawei have sold folding phones since 2019, they have remained a niche market among tech enthusiasts. Despite the high price tag, analysts predict Apple will sell every foldable iPhone it can produce and capture a 40% share of the lucrative niche by the end of next year.

Apple's late entry into the folding phone category could give it an advantage, as it has more time to perfect key engineering challenges such as creating a sturdy hinge and minimizing screen crease visibility. The event will also signal a shift in Apple's annual product schedule, with the focus on the new folding device, its iPhone Pro and Pro Max lineup, and new watches in the coming months.