Apple unveils folding iPhone at first event under new CEO Ternus

Apple kicked off its annual product launch event Wednesday in Cupertino, California, where it is widely expected to unveil a pricey folding iPhone, marking the first major product overhaul under new CEO John Ternus. The event, Ternus's first as CEO, is expected to showcase a foldable device analysts believe could cost over $2,000, a new high for Apple. The iPhone generated $209.6 billion, over half of Apple's sales, in its most recent fiscal year. Analysts expect Apple's late entry into the folding category to benefit from mastering engineering challenges like durable hinges and minimizing screen creases. The event may also shift Apple's product schedule, focusing on the folding device and Pro models while delaying cheaper iPhone updates until spring.