Apple is preparing for a closely watched product launch on Sept. 9, with the company expected to unveil the iPhone 18 Pro, iPhone 18 Pro Max, and its first foldable iPhone.
The event will be the first major product launch overseen by new CEO John Ternus.
The launch comes after the iPhone 17 lineup helped Apple gain smartphone market share despite a broader industry downturn.
The company now faces the challenge of maintaining that momentum while introducing new devices and artificial-intelligence features.
Apple shares AAPL have gained 18% this year, adding significance to the upcoming product cycle for investors.
Apple shifts focus to premium iPhones
The upcoming iPhone launch is expected to differ from Apple’s traditional annual refresh.
The standard iPhone 18 and iPhone 18 Air are reportedly not expected at the September event and could instead arrive in spring 2027.
The iPhone 17 and 17 Air are expected to remain available until their successors launch, while Apple focuses its immediate attention on its higher-end models.
Supply-chain constraints are one factor behind the staggered release.
According to Counterpoint Research associate director David Naranjo, strong demand for the iPhone 17 lineup has contributed to shortages of semiconductor processors, while a global memory shortage linked to the artificial-intelligence boom has increased component costs.
“The memory constraints and inflation that’s happened across the board indicates that Apple is really looking at the premium SKUs to try to maximize revenue and somewhat protect their margins,” Naranjo told MarketWatch.
The strategy could also benefit from demand among customers who are less sensitive to higher prices. Apple has so far avoided raising prices on its core iPhone lineup, with the iPhone 17 starting at $799.
Morgan Stanley analyst Erik Woodring has speculated that Apple could raise prices by $200 across the iPhone 18 lineup.
Jefferies analyst Edison Lee has warned that pricing decisions could affect sales volumes and profitability in the coming quarters.
Foldable iPhone could become a new growth driver
The most closely watched product is expected to be Apple’s first foldable iPhone, potentially called the iPhone Ultra.
The device would represent Apple’s first new iPhone form factor since the iPhone X launched in 2017 and would place the company directly into a category already developed by competitors such as Samsung and Huawei.
Industry estimates put the foldable’s starting price at around $2,000, with higher-storage versions potentially reaching $3,000.
Prediction-market traders on Polymarket assigned an 87% probability to a starting price of at least $2,000, while the implied consensus placed the most likely price between $2,200 and $2,300.
Reports suggest the device could feature a book-style design, with an outer display of between 5.3 and 5.5 inches and an inner screen measuring between 7.6 and 7.8 inches.
Other reported features include a titanium frame, an ultra-thin design and a display designed to minimize the visible crease.
The foldable is expected to serve as a premium “halo product,” according to Naranjo, potentially creating a new upgrade cycle and expanding Apple’s addressable market.
AI and pricing add to Apple’s stock test
Artificial intelligence will also be central to the upcoming product cycle.
Apple is expected to introduce a revamped Siri powered by Apple Intelligence, following delays to features originally announced in 2024.
Apple Intelligence uses a combination of on-device processing, Apple’s Private Cloud Compute and third-party models, with user permission for more complex requests.
The upgraded Siri is designed to synthesize information across messages, emails and photos and perform multistep actions across applications.
The company has increased memory capacity in its devices to support these capabilities, adding to supply-chain pressures.
Anshel Sag, principal analyst at Moor Insights & Strategy, said in a Market Watch report that Apple previously “overpromised and massively underdelivered” on its AI ambitions.
He added that a new CEO with a stronger product focus could help Apple navigate the changing expectations around AI and new device formats.
The iPhone 18 Pro models are expected to feature the A20 Pro chip based on a 2-nanometre process. Apple is also expected to introduce new Apple Watch models and AirPods updates at the event.
For investors, the launch will provide an early test of whether Apple’s premium-focused strategy can sustain the momentum generated by the iPhone 17 lineup.
Pricing, availability, AI capabilities and the reception of the foldable iPhone could all influence expectations for Apple’s next stage of growth.
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