New Apple CEO faces first test with foldable iPhone launch

Apple will unveil new devices, including a long-rumored foldable iPhone, at its Sept. 9 hardware event in Cupertino, California, marking the first major test for new CEO John Ternus, who took over Sept. 1. The foldable iPhone, reportedly called the iPhone Ultra, will start at $2,000 and feature a smaller external display that unfolds into a tablet-sized screen. It arrives as Apple faces pressure to deliver a breakout hit, with foldables currently under 2% of global shipments. Analysts predict Apple could capture 31% of foldable demand by year-end, rising to 40% by 2027, potentially shifting competitive dynamics in China and globally. The launch also coincides with AI-driven chip shortages raising prices and cutting smartphone shipments by over 16% this year.