Apple’s new CEO unveils first foldable iPhone at annual event

Apple is expected to announce its first foldable iPhone at its annual event today, marking the biggest change to the product in nearly 20 years under new CEO John Ternus. The foldable model could boost Apple's revenue, as the iPhone accounts for roughly half of its sales, and may attract customers from rivals like Samsung, whose foldable phones start near $2,000. Ternus, who took over from Tim Cook on September 1, is also expected to outline his vision, including a push into AI-powered gadgets amid competition and market pressures. Higher prices are possible due to a memory chip shortage driven by AI demand, which has already raised costs on other Apple products. Investors will watch how Apple integrates its new Siri AI technology into the devices.