Apple unveiled its first foldable iPhone alongside the iPhone 18 Pro and iPhone 18 Pro Max on September 9, marking the first major hardware event led by Chief Executive Officer John Ternus since he succeeded Tim Cook on September 1. The launch represents Apple's biggest design shift since the iPhone X arrived in 2017. Apple delayed the standard iPhone 18 to spring 2027, leaving its autumn lineup focused on premium models. All three devices are expected to use the A20 Pro chip, which Apple has linked to improvements in on-device Siri artificial intelligence. Apple shares closed 1.17% lower at $316.22 before the keynote. HSBC maintained a Buy rating with a $366 price target, while Citi projected 7.3 million foldable iPhone sales despite a price near $2,000. The launch follows Huawei's September 7 introduction of the tri-fold Mate XT2 and Xiaomi's debut of the passport-sized 18 Fold. Huawei led China's smartphone market last quarter with a 22.6% share, compared with 18.1% for Apple and 12.4% for Xiaomi.