New Apple CEO faces first big test with foldable iPhone launch

Apple will unveil its long-rumored foldable iPhone at its annual hardware event Wednesday in Cupertino, marking the first major test for new CEO John Ternus, who took over from Tim Cook on September 1. The device, reportedly called the iPhone Ultra with a starting price of $2,000, features a small external display when closed and a larger unfolding screen, combining smartphone portability with tablet-sized display. It arrives as Apple faces pressure to deliver a breakout hit, with no major innovation since AirPods launched 10 years ago. Foldables currently represent under 2 percent of global smartphone shipments, but IDC projects Apple could capture 31 percent of that demand by year-end and 40 percent by 2027. The launch coincides with an AI-driven chip supply crunch, which is expected to push smartphone shipments down over 16 percent this year while average costs rise over 27 percent.