Apple’s first foldable iPhone could contribute about $14 billion in revenue in the December quarter, according to Morgan Stanley, which called next week’s product event the company’s most consequential since the iPhone X.

Analyst Erik Woodring described the device as the biggest iPhone form-factor change since 2017. The bank expects strong early demand, but tight supply, with 7 million to 8 million units built in the second half of 2026 and as many as 20 million over the first product cycle. Shipments are expected to start in October or early November.

Morgan Stanley also framed the launch as a test of Apple’s pricing power. Rising NAND and DRAM costs are expected to push Pro models more than $200 higher year over year. The key upgrade on the iPhone 18 Pro is likely TSMC’s 2-nanometer process, aimed at stronger on-device AI performance. The bank said Apple appears more focused on securing components than finding buyers, though memory supply could still limit near-term production.

The September 9th event will also mark a leadership shift. New CEO John Ternus is expected to introduce the foldable — rumored as iPhone Fold or Ultra — alongside what Morgan Stanley called the broadest like-for-like iPhone price increases in company history. Woodring kept an Overweight rating and a $360 price target, noting Apple stock often outperforms into launch events, but can fade on the day itself. Sustained gains, he said, will depend on later estimate revisions.

Other analysts have put the foldable at roughly $2,300 to $2,500. Independent checks from Ming-Chi Kuo have pointed to similarly constrained early volumes and the possibility of weeks-long wait times.
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MacDailyNews Take: We’ll see how supply holds up when pre-orders beign – likely within a minute or two. If you want one of the first foldable iPhones, you’ll need to pre-order within the first minutes!

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John Ternus officially became chief executive of Apple on Tuesday, September 1, 2026, succeeding Tim Cook after a 15-year run of iterating Steve Jobs-era products that turned the company into one of the world’s most valuable businesses.

Ternus, previously senior vice president of hardware engineering, takes over a company with a market capitalization around $4.6 trillion. Apple shares, which closed Monday at $316.85, traded higher during Tuesday’s session, showing gains of roughly 2.5% (+$8.00, +2.52% as of 10:59:06 AM EDT) as investors digested the handoff and looked ahead to the fall product cycle.

The transition was announced in April and approved unanimously by the board. Cook becomes executive chairman and will remain involved, particularly on government relations and Apple’s ties with the United States and China. Ternus also joins the board.

Ternus, 51, joined Apple’s product design team in 2001 after studying mechanical engineering at the University of Pennsylvania and a brief stint designing virtual-reality hardware. He rose through hardware engineering, becoming a vice president in 2013 and SVP in 2021. He oversaw work on iPhone, iPad, Mac, Apple Watch, AirPods, and Vision Pro, and played a central role in Apple’s shift to its own silicon.

Cook praised him as having “the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor.” Ternus has said he wants to restore some of the product “magic” associated with Steve Jobs while pushing Apple further into artificial intelligence.

Apple is expected to show its first foldable iPhone and other devices at its September event, along with updates to Siri and other AI features that have lagged rivals. Analysts say hardware innovation and a clearer AI strategy will define his early tenure.

Markets had months to price in the change. The stock has risen about 37% since Cook announced he’d step down and sits not far from its summer highs. Whether Tuesday’s bounce holds will depend less on the title change itself than on what Ternus delivers in the coming product cycle and in Apple’s long-awaited AI response.

MacDailyNews Take: Today is a very happy day for Apple, full of promise!

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