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Listen to this article in summarized format The event will mark the first major product launch under new Chief Executive Officer John Ternus, who took over from Tim Cook on September 1 after more than a decade at the helm. Also Read: Apple’s $2,000-plus foldable iPhone was a decade in the making Ternus, 51, joined Apple in 2001 as part of its design team and rose through the ranks to lead the engineering teams responsible for the company's entire product lineup, including the iPhone, its biggest revenue generator. The event is scheduled to begin at 10 am local time (1700 GMT). In his first company-wide email as CEO last week, Ternus described the event as "phenomenal". The biggest attraction is expected to be Apple's first foldable iPhone, which reports have dubbed the iPhone Ultra. The device is expected to start at around $2,000. Like Samsung's foldable smartphones, Apple's model is expected to feature a smaller external screen when closed and a much larger display that unfolds when opened. The design effectively combines the portability of a smartphone with the expansive screen of a tablet. For Apple, the launch would represent a major new product category and a test of its ability to generate another breakout hit. The company has not introduced a product with the impact of AirPods, launched a decade ago, in recent years. Samsung pioneered the mainstream foldable smartphone market with the Galaxy Fold in 2019 and released an updated Galaxy Z Fold model last year with a starting price of $2,000. Foldables still account for less than 2% of global smartphone shipments, but Apple could rapidly reshape the segment. Research firm IDC estimates that Apple could capture 31% of foldable demand by the end of this year and reach 40% in 2027. "Apple's foldable iPhone is very likely to shift the competitive dynamics both in China and global markets," IDC research associate Kiranjeet Kaur told AFP. The launch comes at a challenging time for the broader smartphone industry. A surge in demand for powerful chips driven by the artificial intelligence boom has contributed to supply-chain constraints, pushing costs higher across industries. IDC expects global smartphone shipments to decline by more than 16% this year, while the average cost of smartphones rises by more than 27%. "Foldable phones are not immune to the memory supply shortages, but the relative impact is lower considering these phones are already priced in the higher-range," Kaur said. Also Read: The iPhone is about to fold as Apple comes for a market Samsung owned A changing iPhone lineup Apple's plans for its conventional iPhone range could also mark a departure from its usual launch strategy. Reports suggest the company may unveil only two higher-end models this year — the iPhone 18 Pro and iPhone 18 Pro Max — with the more affordable standard iPhone 18 potentially delayed until next year. The foldable model is expected to be roughly the size of a passport when closed and could carry two rear cameras — a standard lens and an ultra-wide lens — according to Bloomberg. Apple is also expected to showcase an upgraded version of Siri powered by artificial intelligence. The technology could be integrated across several products announced at the event, potentially including the Apple Watch, AirPods, Apple TV box and HomePod mini. The company may also unveil a roughly 7-inch device designed to function as a smart-home hub, although Bloomberg reported that it remains unclear whether that product will debut at Wednesday's event or later this year. For Ternus, the event will be more than another annual product showcase. It will offer an early indication of how Apple intends to evolve its hardware strategy under its new chief executive — and whether the company can turn the foldable iPhone into its next major growth engine.
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