Apple launches folding iPhone event under new CEO Ternus

Apple kicked off its annual product launch event Wednesday in Cupertino, California, where it is expected to unveil a folding iPhone priced above $2,000, marking the first major event under new CEO John Ternus. The folding device represents the most significant overhaul of Apple's flagship product since the iPhone X in 2017, with the iPhone generating $209.6 billion, over half of Apple's sales, in its last fiscal year. Analysts predict Apple will secure 40% of the folding phone niche by late 2027 despite late entry. The event also signals a schedule shift, with Apple expected to focus on the folding phone and Pro models while delaying cheaper iPhone updates until next spring to smooth its holiday-quarter sales bump.