Apple unveiled its latest iPhone lineup, including the iPhone 18 Pro, iPhone 18 Pro Max, and the new iPhone Duo, during its “Surprise and Shine” event on September 9. The event marked an important moment for the company as it introduced its first foldable iPhone while also featuring the first major product keynote led by newly appointed CEO John Ternus.
The iPhone Duo was the headline announcement, marking Apple’s entry into the increasingly competitive foldable smartphone market. Starting at $1,999, the device is positioned firmly in the premium segment and represents a significant expansion of Apple’s existing iPhone product strategy.
A New Product Category for Apple
Unlike previous iPhone launches, Apple’s latest event was not simply about upgrading an existing product. The introduction of the iPhone Duo places Apple into an entirely new product category.
The foldable device features a larger internal display designed to provide a more tablet-like experience while retaining the portability of a smartphone. With a starting price of $1,999, the Duo is also Apple’s most expensive iPhone to date.
The move comes as foldable smartphones remain a relatively small portion of the overall smartphone market. However, the category is expected to be one of the few areas of growth within an otherwise challenging smartphone industry.
According to IDC, global foldable smartphone shipments are expected to reach approximately 22.9 million units in 2026, before growing to around 27 million units in 2027. IDC forecasts that Apple could ship more than 17 million foldable iPhones in 2027, potentially giving the company roughly 40% of the global foldable smartphone market.
IDC also estimates that Apple could ship around 10 million units during the first 12 months of the product’s availability. While this volume may appear relatively modest compared with Apple’s overall iPhone business, the premium pricing of the Duo could help offset the lower unit volume.
This highlights an important aspect of Apple’s strategy: growth does not necessarily have to come from selling more devices if Apple can increase the value generated from each device.
A New Era Under John Ternus
The significance of the event extends beyond the products themselves.
John Ternus took over as Apple’s CEO on September 1, succeeding Tim Cook, and the “Surprise and Shine” event marked his first major product keynote in the role.
For that reason, the launch can be viewed as a potential starting point for a new era at Apple.
Ternus inherits a company that has spent years building its ecosystem around the iPhone, Apple Watch, AirPods and other established products. His first major keynote, however, introduced both a new product category and a new leadership era at the same time.
The iPhone Duo could therefore become an important test of Ternus’s approach to product innovation. Apple is not the first company to introduce foldable smartphones, with Samsung, Huawei and other manufacturers already competing in the category. Instead, Apple is attempting to enter the market later while leveraging its large customer base, ecosystem and premium brand positioning.
How Did Investors React?
Despite the significance of the announcement, Apple’s stock did not immediately surge following the event.
Apple shares closed September 9 down approximately 0.3%, even as the company unveiled its new products.
At first glance, this may appear surprising given the importance of the iPhone Duo announcement. However, the initial decline should also be viewed in the context of the broader market environment. U.S. equities were under pressure that day as oil prices moved above $100 per barrel, Treasury yields rose, and investors remained concerned about inflation and the Federal Reserve’s interest-rate outlook.
There is also another factor that investors often consider around major Apple product launches: the possibility of a “sell-the-news” reaction.
Investors typically form expectations ahead of major events, and some of those expectations may already be reflected in a company’s share price before the announcement. Once the event actually takes place, investors may sell shares to lock in profits if the announcement fails to exceed those expectations.
This appeared to be visible during Apple’s event. According to Barron’s, Apple shares were down nearly 2% toward the end of the keynote, before recovering toward the end of the trading session.
However, the reaction became more positive in the following session.
On September 10, Apple shares rose approximately 3.56% to close at $326.57, significantly outperforming the broader U.S. market. The Nasdaq Composite fell around 0.65%, while the S&P 500 declined around 0.58% during the same session.
This divergence is notable because it suggests that investors ultimately viewed the new product lineup more positively after having additional time to digest the announcement.
What Could the iPhone Duo Mean for Apple?
The immediate financial impact of the iPhone Duo will depend on several factors, including production capacity, consumer demand and Apple’s ability to maintain premium pricing.
The first-year shipment estimate of around 10 million units is relatively small compared with Apple’s overall iPhone business. However, Apple’s strategy may not require the Duo to become a mass-market product immediately.
A starting price of $1,999 allows Apple to target consumers willing to pay a premium for a new form factor. IDC also expects. Therefore, the success of the iPhone Duo should not be judged solely by unit sales. Investors will also be watching whether Apple can use the new category to increase its average selling price, revenue and margins while strengthening its position in the premium smartphone market.
For now, the market’s initial reaction appears encouraging. Apple’s shares initially fell during the launch before recovering, followed by a stronger 3.56% gain in the following regular trading session.
Whether this marks the beginning of a sustained new growth cycle for Apple, however, will depend on how consumers respond once the iPhone Duo reaches the market and whether Apple can successfully turn foldable smartphones from a niche category into another major part of its ecosystem.
For investors, the iPhone Duo is therefore more than another iPhone upgrade. It represents Apple’s entry into a new market, a test of its new CEO’s product vision, and a potential new source of premium revenue growth.
