Staff Reporter | Song Jianan
In the early hours of August 27, Apple announced it will hold its fall special event at 1 a.m. Beijing time on September 10, with the invitation themed “It’s Glowtime.” This marks not only the first launch event under new CEO John Ternus but also the debut of Apple’s first foldable iPhone.
According to information Apple shared back in April, Ternus will officially assume the role of CEO on September 1. This event is his first major stage to showcase Apple’s latest products to consumers worldwide after taking the baton from Tim Cook. Cook, meanwhile, will transition to executive chairman, focusing primarily on global policy communications.
Just on August 23, Apple hosted a farewell party for Cook at the Caffé Macs restaurant in Apple Park, with around 200 employees in attendance. The celebration featured a live performance by OneRepublic, and heartfelt tributes from Laurene Powell Jobs, Steve Jobs’s widow, as well as Ternus and several other executives. The party happened to fall one day before the 15th anniversary of Cook becoming Apple’s CEO.
When it comes to his successor, Cook once remarked that Ternus combines the meticulous thinking of an engineer with the exploratory spirit of an innovator. “Having dedicated 25 years to Apple, his contributions are truly countless, and there’s no doubt he’s the best person to lead Apple into the future.”
As an executive who rose through the hardware engineering ranks, Ternus has already shared his management philosophy in several public interviews before officially stepping into the top role.
“I’ve spent nearly my entire career at Apple, had the privilege of working under Steve Jobs, and have always looked to Tim Cook as my mentor. I’m incredibly excited about Apple’s future roadmap. Taking on this responsibility is a profound honor, and I make a solemn commitment to uphold the core values and vision that Apple has built over half a century, guiding the company steadily forward,” Ternus said.
In the face of the AI wave, he insists that “technology must serve users’ real experiences, not merely chase technical metrics,” and that AI’s true value ultimately needs to land in real-world hardware usage scenarios. Observers interpret this as a signal that Ternus won’t overturn Apple’s long-standing hardware-first logic but will try to tap new growth curves through fresh product categories and AI capabilities.
The first foldable iPhone, which is expected to appear at this event, represents a significant experiment for Apple. According to renowned tech journalist Mark Gurman, the device’s internal codename is iPhone Ultra. It features a book-style horizontal folding structure, with a 5.5-inch external screen when closed and a nearly 7.8-inch internal display when opened, offering a viewing experience akin to a mini iPad. Testers have given positive feedback on the hinge feel and large-screen app adaptation, but due to thickness constraints, the device skips under-display Face ID and instead uses side-integrated Touch ID, with only a dual-camera setup at the rear—no telephoto lens included.
Gurman also noted that due to supply chain capacity constraints, the mass production timeline for the foldable iPhone remains uncertain, and it’s possible that after the unveiling, the official sale could be pushed to October. In terms of pricing, the starting price could reach $2,000 (approximately RMB 13,446), and some versions may be priced even higher.
Research firm IDC projects that Apple’s upcoming foldable iPhone could ship more than 10 million units in its first year on the market.
Nabila Popal, senior research director at IDC, believes Apple will inject fresh growth momentum into the foldable market and help prevent foldable phones from experiencing a double-digit percentage decline this year. The category is expected to grow 12.6% this year, accelerating to 18% next year, and by 2027, Apple will ultimately account for 40% of global foldable phone shipments.
Another research firm, Counterpoint Research, suggests that with Apple officially entering the foldable space, the 2026 market landscape will look vastly different from 2025. The firm expects Apple to capture 25% market share in 2026, followed by Huawei at 24%, with Motorola and Honor trailing at 8% and 3%, respectively.
Beyond the foldable model, the iPhone 18 Pro and iPhone 18 Pro Max will also make appearances at this event. Both new phones are expected to feature the brand-new 2nm A20 Pro chip, upgraded camera systems, and Apple’s self-developed C2 baseband, with the larger version potentially adding a mechanical variable aperture. The Apple Watch Series 12 and Apple Watch Ultra 4 will also see updates, completing the wearable product line refresh. The standard iPhone 18 and second-generation iPhone Air won’t debut this fall, as Apple has chosen to postpone them until spring 2027.
However, all of Apple’s new products will face cost pressures from rising storage chip prices. Gurman expects iPhone prices to increase by $100 to $200 overall.
Before the fall curtain rises, Apple also surprise-released new products on its website, updating the Mac mini with M5 Pro and M6 chips, as well as the Mac Studio with M5 Max and M5 Ultra chips. Apple says the M6 is its first cutting-edge chip built on a 2nm process, while the M5 Ultra is described as “the most powerful chip Apple has ever made.”
Capital markets are also closely watching this dual transformation at Apple—both in leadership and products. As of the close on August 26 (Eastern Time), Apple’s stock ended at $313.45, up 1.15%, with a total market cap of $4.57 trillion, ranking second among U.S. listed companies, just behind Nvidia’s $5.07 trillion.
Divergence among institutions is widening. Jefferies issued a report downgrading Apple from Hold to Underperform, pointing out challenges in Apple’s product strategy of driving growth through higher-priced iPhones. Citi, on the other hand, believes the new iPhone launching in September will be a key catalyst, potentially boosting investor sentiment further. The bank raised its price target from $315 to $365, reflecting better margin expectations and an extended valuation basis, while maintaining a “Buy” rating.
