What to know about today’s 1 p.m. Apple tech launch and foldable iPhone

Apple is set to unveil its latest iPhones today at its annual fall showcase, as new CEO John Ternus steps into the spotlight after succeeding longtime leader Tim Cook earlier this month. 

What time is the Apple event? 

The event, dubbed “Surprise and Shine” by Apple, will start at 1 p.m. ET at its Cupertino, California, headquarters. 

The showcase can be streamed at Apple’s events page or at the company’s YouTube page.

What is Apple expected to announce?

The biggest new product debut is expected to be Apple’s first foldable iPhone, which could be dubbed the iPhone Ultra, according to the trade publication MacRumors. The phone could carry a price tag of about $2,000, Bloomberg reported on Wednesday.

“We believe the foldable could be a major hit for Apple, and this is the right time to go after the new hardware chapter under Ternus,” Dan Ives, partner and analyst at Yorkville Ives & Co., told CBS News. “Long overdue and the right timing to go after the golden installed base.”

Apple is also set to unveil the iPhone 18, the latest iteration of its smartphone. Compared with earlier generations, the iPhone 18 will likely cost more due in part to a global memory chip shortage, according to tech analysts. The iPhone 17’s price ranges from $799 to $1,999, depending on the model.

Investors are also eager to hear Apple’s plan for artificial intelligence, as the company is seen as a laggard compared with rivals such as Alphabet, Melissa Otto, head of research at S&P Global Visible Alpha, told CBS News.

Earlier this year, Apple unveiled AI advances, including upgrades to its Siri assistant, emphasizing privacy and day-to-day use as the company tries to catch up with rivals in AI.

How important is the event for new CEO John Ternus?

The keynote address for Ternus will set the tone for his vision of Apple’s future, Forrester analyst Dipanjan Chatterjee said. 

“John Ternus inherits perhaps the most successful consumer technology juggernaut in modern times. That is both a boon and a burden for him. Tim Cook’s perfected execution, scale, and monetization set a high bar, and Ternus must extend that run,” Chatterjee said.