What Apple announced on stage
In his debut product event as CEO on Sept. 9, 2026, John Ternus pulled the wraps off a foldable called the iPhone Duo and introduced the iPhone 18 Pro and 18 Pro Max with a bigger display. A photo from the day shows Ternus holding the Duo at Apple Park in Cupertino.
Pricing for the iPhone Duo opens at $1,999, matching rivals such as Huawei. Craig Federighi said Apple reworked significant parts of iOS for the two screens, shifting controls and adding multitasking so two apps can run at once, with support for Apple's stylus called Pencil. Ternus told the audience, "For a device that plays such a central role in your life, a larger display would open up entirely new possibilities," adding, "We think the best way to achieve that is with a foldable design."
A key silicon note: Apple's A20 Pro arrives as the inaugural 2nm iPhone processor that brings AI processing directly on the device.
Pricing, parts and the new modem
The least expensive new iPhone announced Wednesday is the iPhone 18 Pro at $1,199 in the U.S., a $100 bump. Ahead of the event, the iPhone 17 was priced at $799, and following it the price moved to $899. In June, Apple increased Mac and iPad prices, citing a worldwide crunch in memory and other components - a situation former CEO Tim Cook labeled "unsustainable" during an interview with the Wall Street Journal.
Cook cautioned that supply constraints will continue, and during its July earnings call the company said the challenge would escalate for the company in the September quarter.
Powering the phone is the new C2 modem - Apple's second in‑house generation - which further reduces reliance on Qualcomm. In the keynote video, Johny Srouji said the C2 delivers a 50% speed boost over its predecessor while cutting energy use by 15%.
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Strategy shift and analyst view
What was missing may matter most for investors: there was no non Pro iPhone 18. For months, analysts have anticipated a cadence change, with the core iPhone moving to a spring event, a slot Apple has previously used for lower priced models such as the iPhone SE and iPhone 16e.
Delaying the mainstream iPhones to the spring marks a fresh approach intended to smooth revenue across the calendar, analysts say. Francisco Jeronimo, a vice president at IDC, said, "When Apple puts all the focus on the last quarter of the year, of course that generates quite strong revenues, but they were missing when the second quarter comes along with with much lower sales," "I think this will give them some stability in terms of balancing the revenues throughout the year."
During the last decade, Apple divided its iPhone range into two main tiers, launching the iPhone 11 together with a higher-priced Pro that featured the top-tier displays and cameras. From that point on, Apple has unveiled both the Pro and the regular models at a single fall event, shipping them on the same date. Apple's average selling prices have been rising as Pro models outpace the mainline options. "In our view, the split launch could support mix and ASPs," wrote Bank of America analyst Wamsi Mohan, while cautioning it also "creates some risk that price-sensitive consumers defer upgrades until the lower-priced models arrive."
The sales mix already skews higher end: in the first half of 2026, IDC estimates the iPhone 17 Pro and 17 Pro Max made up 54% of iPhone sales, with the standard iPhone 17 at 26%. "High memory pricing is not helping Apple launch multiple iPhones at the same time," Shah said.
What this could mean for your portfolio
On Sept. 1, Ternus succeeded Tim Cook at the helm, becoming only the second person to lead Apple after Steve Jobs stepped down in 2011, shortly before he died. Between the first foldable, higher entry prices for new models, and a likely split iPhone calendar, Apple is signaling how it aims to steady sales while navigating tight component markets.
For everyday investors, here is the read: prices ticked up on key devices, supply is still tight, and Apple looks set to stretch iPhone demand across more of the year. Those shifts tend to ripple into margins and seasonality, which makes the next couple of quarters worth watching.
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