Apple's first foldable iPhone expected at Wednesday event

Rumors are growing that Apple will unveil its first foldable smartphone at its annual event on Wednesday, the first presided over by new CEO John Ternus. The device, possibly called the iPhone Ultra, could be a major economic milestone for the company. Reports suggest the phone would fold horizontally like a book, closed at normal iPhone size and open like an iPad mini, with a price around $2,000 due to detailed hinge design and rising semiconductor costs. This would be Apple's first entry into a market where Samsung, Google, Xiaomi, and Huawei already compete. Foldable phones currently represent only about 2% of the market, but Counterpoint Research predicts 37% sales growth next year. The event, "Sunrise and Shine," will also likely feature new wireless earbuds and smartwatches, streaming online Wednesday at 10:00 PT.