Apple shares edged lower after the company unveiled its new iPhone lineup, including its first foldable phone, as investors weighed whether the highly anticipated devices can justify the stock’s strong summer rally.

The event was also the first major product launch under new CEO John Ternus, who took over from Tim Cook on September 1. Apple shares closed at $315.34 on September 9, down 0.28%, after trading more than 1% lower during the session.

Apple Finally Unveils a Foldable iPhone

The biggest announcement was the iPhone Duo, Apple’s first foldable smartphone.

Priced from $1,999, the Duo opens from a 5.4-inch outer display into a 7.6-inch screen, supports multitasking and runs on Apple’s new A20 Pro chip. It will go on sale on October 23.

Apple also introduced the iPhone 18 Pro at $1,199 and Pro Max at $1,299, both around $100 more expensive than their predecessors.

The standard iPhone 18 was not launched and is instead expected in spring 2027, alongside other lower-priced models.

A $570 Billion Rally Raised Expectations

Apple entered the event with a very high bar.

The company added roughly $570 billion in market value during its summer rally, with the stock gaining about 15% since June 25 as investors anticipated the foldable iPhone and a stronger product cycle.

That helps explain the muted reaction. Much of the excitement had already been priced into the shares before the products were officially unveiled.

And weak launch-day reactions are nothing unusual for Apple. Over the past five years, the stock has fallen an average 0.72% on iPhone announcement days, according to data cited by MarketWatch.

AI Is Still the Bigger Question

The new devices give Ternus a major hardware story, but Apple still faces questions over its position in artificial intelligence.

The company showed new Siri and Apple Intelligence features, but it continues to trail some rivals in generative AI. At the same time, rising memory costs are putting pressure on device pricing and margins.

Investor takeaway: Apple’s new foldable iPhone gives the company its biggest hardware refresh in years, but expectations were already extremely high after a $570 billion rally. Investors will now focus less on the launch event itself and more on whether the $1,999 Duo, higher iPhone prices and Apple’s AI strategy can translate into stronger revenue growth.

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