Bank of America says John Ternus’ first major product launch as Apple CEO reinforced the company’s bet on hardware innovation, privacy, and more personalized, privacy-focused artificial intelligence.

Wamsi Mohan, Bank of America’s managing director and senior equity research analyst covering Apple, told Bloomberg Tech host Ed Ludlow that the new foldable iPhone Duo expands Apple’s addressable market. The book-style device, unveiled at Ternus’s debut event, opens to a 7.6-inch inner display from a 5.4-inch cover screen and starts at $1,999. Mohan framed it as more than a form-factor change: a way to pull new users and use cases into Apple’s ecosystem while keeping the iPhone at the center of the company’s strategy.

On AI, Mohan pointed to Apple’s split architecture. On-device processing handles as much as possible on Apple Silicon. When more compute is needed, Private Cloud Compute is designed to run larger models without sacrificing user privacy. That combination, he said, could make Siri more capable (able to work across apps and personal context) without the data-collection trade-offs seen in rivals’s offerings. Ternus used the launch to pitch the iPhone as an “intelligent personal hub,” with Siri positioned as a core interface rather than a bolt-on chatbot.

The message from BofA is continuity plus acceleration. Tim Cook’s era was iterative, built a vast installed base, services revenue, and supply-chain scale. Ternus, the longtime hardware chief who took over September 1st, is expected to keep that machine running while pushing devices that embed AI more tightly — foldables now, and later categories such as smarter wearables and home products. Mohan has maintained a Buy rating, arguing Apple can cement device dominance if silicon, privacy, operating systems, and personal context stay tightly integrated.
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MacDailyNews Take: We’re not the only ones who are already loving John Ternus’ Apple!

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Apple’s first foldable phone is already facing a supply-constrained launch, according to Evercore ISI analyst Amit Daryanani.

Appearing on CNBC’s Squawk on the Street Thursday, Daryanani said demand for the newly announced iPhone Duo is strong enough that Apple will sell as many units as it can manufacture in the first six months. The device, unveiled Wednesday at Apple’s “Surprise and Shine” event under new CEO John Ternus, starts at $1,999 for 256GB and opens to a 7.6-inch inner display.

The Duo is Apple’s first book-style foldable. When closed it offers a 5.4-inch cover screen that Apple says delivers about 90% of the display area of an iPhone 18 Pro in a smaller footprint. It uses the same A20 Pro 2nm chip as the new iPhone 18 Pro models, Apple’s in-house C2 modem, dual 48-megapixel rear cameras, titanium construction, and IP68 rating. Battery life is listed at up to 24 hours of mixed dual-screen use, 31 hours on the inner display, or 44 hours on the outer display. Pre-orders begin October 16, with availability on October 23.

Daryanani framed the Duo as a potential catalyst for the broader iPhone upgrade cycle, especially among users on devices three or more years old. He maintained a Buy rating and $365 price target, arguing the new form factor plus updates to the iPhone 18 Pro lineup should support volumes. Other firms are more measured or split. TD Cowen estimates about 6 million Duo units in the second half of 2026 with hardware gross margins around 56%. Jefferies has stayed more cautious on margins given the high starting price and competitive positioning against Samsung’s Galaxy Z Fold line. Goldman Sachs has floated a wider 2026 range of 14 million units in a base case and as high as 35 million in an optimistic scenario.

The $1,999 price undercut some pre-event rumors that had the device starting closer to $2,500, placing it below Samsung’s latest flagship foldable in the U.S. while remaining a premium product. Analysts note that production of foldable displays and hinges has historically limited first-year volumes industry-wide. Early reports suggested Apple was still ramping output in late August, which aligns with Daryanani’s view that supply, not demand, will be the binding constraint through the first half of the sales cycle.Apple stock has traded in a relatively tight range since the event as investors weigh the Duo’s contribution against higher component costs and questions about how quickly a $2,000 foldable can scale. Daryanani’s comments add to a growing camp that sees the device as a design and volume win even if first-year shipments remain constrained by manufacturing reality.
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MacDailyNews Take: Yup.

If the first foldable iPhone is $2,300 or less, Apple won’t be able to make enough to satisfy demand. – MacDailyNews, April 15, 2025

Get your pre-orders in during the first minute if you want your foldable iPhone before Christmas! – MacDailyNews, July 6, 2026

Regardless of price, Apple will not be able to make enough. The foldable iPhone will be supply-constrained for months, so, if you want one of the first ones, get your pre-order(s) in as soon as Apple starts taking them! – MacDailyNews, September 8, 2026

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