New Apple CEO to face first test with foldable iPhone launch

Apple is set to reveal a range of new and updated devices during its annual late-summer hardware event on Wednesday in Cupertino, California, marking the first major event under new CEO John Ternus. Ternus, who took over from Tim Cook on September 1, emphasized the event's potential in a recent company-wide email. Rumored to be called the iPhone Ultra, a long-awaited foldable iPhone is expected to launch at $2,000, a price point that would make it more accessible than Samsung's foldable devices.

The foldable iPhone design combines the portability of a smartphone with the larger display of a tablet, with the device having a smaller external display when closed and a larger screen that unfolds when opened. This could be a significant challenge for Apple, which has not launched a breakout hit since the AirPods ten years ago.

However, research firm IDC predicts the foldable iPhone could capture 31% of the global foldable smartphone market by the end of the year and 40% by 2027. The launch of the foldable iPhone also comes amid a supply chain crunch caused by the AI boom, driving up prices across industries. As a result, smartphone shipments are expected to decline by more than 16% this year while costs are projected to increase by over 27%.

Apple may only unveil two higher-end versions of its next series, the iPhone 18 Pro and Pro Max, with a potential entry-level model, the iPhone 18, launching next year. The foldable Ultra is expected to have only two camera lenses, similar to the current model. Additionally, the new devices are likely to feature an improved version of Siri, powered by AI, which could be integrated into watches, AirPods, an Apple TV box, and the HomePod mini.