Apple turns the page in first big test for new CEO
Apple's upcoming hardware event on Wednesday is expected to showcase a range of new and updated devices, marking the first major product launch under new CEO John Ternus. The event, held in Cupertino, California, will begin at 10 am local time (1700 GMT) and will focus on Apple's first foldable iPhone, rumored to be called the iPhone Ultra and priced around $2,000.
Ternus, who took over from Tim Cook on September 1 after more than a decade as CEO, described the event as "phenomenal" in his first company-wide email. The foldable iPhone, which features a smaller external screen when closed and a larger display when opened, represents a major new product category for Apple. This launch will be a test of Ternus' ability to generate another breakout hit for the company, as recent years have seen Apple's products struggle to match the impact of past innovations like AirPods.
The foldable smartphone market is still in its infancy, accounting for less than 2% of global smartphone shipments. However, research firm IDC predicts that Apple could capture 31% of the foldable demand by the end of this year and reach 40% in 2027, potentially reshaping the competitive landscape in both China and global markets.
Despite the memory supply shortages caused by the AI boom, the relatively high pricing of foldable phones reduces the impact of these constraints, according to IDC research associate Kiranjeet Kaur.
In addition to the foldable iPhone, Apple is expected to unveil an upgraded version of Siri powered by artificial intelligence, which could be integrated across several products announced at the event. The company may also introduce a 7-inch device designed to function as a smart-home hub, though it remains unclear if this product will debut at the event or later this year.
For Ternus, the event represents a crucial opportunity to demonstrate how Apple will evolve its hardware strategy under his leadership and whether the foldable iPhone can become the company's next major growth engine.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
