Apple event live updates: First foldable iPhone, new watch series expected as Ternus makes debut

Former CEO Tim Cook is in Apple Park to watch Ternus’ debut. Apple’s now-executive chairman is wearing a grey ensemble and a button-down shirt without a tie.

Other notable Apple executives in attendance include marketing chief Greg Joswiak, software head Craig Federighi, services chief Eddy Cue, COO Sabih Khan and former hardware chief Dan Riccio.

—Kif Leswing

Apple’s prices are in focus after Cook said increases were “unavoidable” during a global shortage of computer parts, especially memory.

Folding phones are also more expensive than typical phones because of the increased cost for the folding screen and the hinge. Samsung’s Z Fold 8 retails for $1,900. Analysts say Apple’s customers are affluent and may be willing to pay even more for the company’s biggest iPhone redesign in nearly a decade.

Market researcher IDC says it expects an Apple folding phone to cost $2,500 or more. Meanwhile, JPMorgan Chase analysts see Apple’s foldable costing at least $1,999 when it comes out. At those prices, the phone would cost more than many of Apple’s laptops.

Analysts widely believe that would lead to lower sales volumes than for Apple’s traditional iPhones.

“The widely anticipated launch of the foldable iPhone will be less influential on unit outcomes, but more so drive investor confidence in the company’s ability to stand up and deliver success with a new premium device,” JPMorgan analyst Samik Chatterjee wrote earlier this month.

— Kif Leswing

Apple shares slipped on Wednesday, dropping for a third straight day and fourth in five, as investors prepared to be underwhelmed.

Analysts at KeyBanc Capital Markets wrote in a note last week that the launch event is “likely a negative catalyst for shares,” because a large increase in prices would hurt volume sales while a minimal change would amplify the “focus on gross margins.”

The firm is one of the very few tracked by FactSet with a sell rating on Apple.

The stock is still up 15% for the year, slightly outperforming the Nasdaq.

— Ari Levy

Based on past launch dates, Apple’s new iPhone typically hits store shelves on the Friday that comes the week after the keynote. This year, that would be Sept. 18. Apple typically opens preorders on its website and at retail partners about a week before that.

— Kif Leswing

Ternus took to X on Wednesday morning to make his second-ever post to the platform.

The new Apple CEO shared a vague, 14-second video showing a light shining on, well. something.

His first post, made on Sept. 1, said “hello.”

—Chris Eudaily

Apple’s fiercest rivals for smartphone sales in China are reacting to the launch, even before it’s started, CNBC reported this week.

Huawei and Xiaomi both announced new foldable phones on Tuesday. Xiaomi introduced the 18 Fold, a passport-sized device, and Huawei unveiled the Mate XT2, a trifold smartphone.

Foldable phones remain a very small part of the overall smartphone market, or about 2.2% of unit shipments so far this year, according to IDC. Huawei is currently the dominant player, especially in China, where it controls nearly 80% of the market. But Apple’s potential debut is expected to energize the entire category.

— Kif Leswing