New CEO Ternus 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 and priced from $2,000, features a small external display that unfolds into a larger tablet-sized screen. Ternus, who joined Apple in 2001, promised a "phenomenal" event, with the foldable seen as a potential breakthrough after no major hit since AirPods. Foldables currently hold under 2 percent of global shipments, but IDC projects Apple could capture 31 percent of that demand by year-end, rising to 40 percent by 2027. The launch faces a chip supply crunch, and Apple may skip an entry-level iPhone 18 this year, focusing on Pro models and AI-enhanced Siri.