Apple unveils foldable iPhone as new CEO faces price pressure

Apple is expected to unveil a foldable iPhone at its annual September product event on Wednesday evening Swedish time, marking a significant product launch for the company, now the world's second most valuable listed firm. The foldable phone comes as competitors like Samsung and Google have long offered such devices, though analyst Dipanjan Chatterjee notes this niche remains a tiny market segment. New CEO John Ternus makes his major debut, facing pressure to justify rising prices amid a memory chip shortage. The iPhone 17 previously cost between $799 and $1,999 in the US, with further increases anticipated. Apple's stock has climbed over 16 percent this year, aligning with the broader Nasdaq index performance.