Apple set to unveil first foldable iPhone at fall event today

Apple ↘ 0.45% is poised to host one of its most anticipated product launches in years on Wednesday, with the company expected to reveal its first foldable iPhone alongside new iPhone 18 Pro models at the Steve Jobs Theater in Cupertino. The event, titled "Surprise and Shine," is scheduled to begin at 10 a.m. PT and will mark the first major product showcase for new CEO John Ternus, who took over from Tim Cook on Sept. 1.fortune+1

The foldable device, expected to be called either the iPhone Duo or iPhone Ultra, is anticipated to start at around $2,000 for the 256GB base model, with higher-capacity versions reportedly reaching up to $3,000. According to Fortune, Apple exceeded its cost targets for the device due to the ongoing memory chip shortage but plans to absorb some of the added expense to keep the entry price near $2,000, while passing more of the cost to higher-storage configurations.fonearena+1

New Pro Models and Rising Prices

The iPhone 18 Pro and iPhone 18 Pro Max are expected to feature Apple's A20 Pro chip, built on TSMC's Taiwan Semiconductor Manufacturing Company Limited ↗ 0.05% 2nm process, along with an in-house C2 modem. Both Pro models are anticipated to cost roughly $100 more than their predecessors, a move Apple had deferred when it raised prices on Macs, iPads, and home devices earlier this year amid what former CEO Tim Cook called a "100-year-flood" memory chip shortage.fortune+1

Camera upgrades are also expected, with a variable-aperture 48MP main sensor and a smaller Dynamic Island. The standard iPhone 18 and iPhone Air 2 are not expected until spring 2027, a departure from Apple's usual release cadence. Bank of America analysts noted the split launch "could support mix and average selling prices but creates some risk that price-sensitive consumers defer upgrades."cnet+1

Ternus Takes the Stage

Beyond hardware, Apple is expected to share more details about Siri AI, its revamped assistant that relies partly on Google Alphabet Inc. ↗ 1.03% technology and has been in beta testing. The Apple Watch Series 12, AirPods 5, and potential Mac and home product updates are also on the agenda.fonearena

The event carries particular weight as Ternus's public debut leading the company. The 51-year-old, widely regarded as a product-engineering specialist, inherits a business facing questions about AI strategy and supply-chain pressures. "Everyone, whether you're the kid at home saving their money for a new iPhone, or an analyst on Wall Street, will pay close attention to everything that Ternus says and does," analyst Michael Gartenberg told Fortune.fortune