Apple joins foldable phone race with $1,999 passport-shaped iPhone Duo

Apple's new CEO, John Ternus, succeeds Tim Cook, who becomes executive chairman. Under Cook, Apple's market cap grew from $350B to $4.6T, with a 2,736% total return. Ternus's compensation includes a $3M base salary and $55M in stock. Apple faces AI challenges, including a lawsuit against OpenAI over alleged misuse of proprietary tech and a significant talent drain. Ternus must navigate growth amid a maturing smartphone market and intensifying competition in AI.

S&P 500 fell 0.58% as Treasury yields rose, driven by inflation concerns and Fed rate hike expectations. Nvidia and Micron declined, while Apple rose 3.6%. Brent crude jumped 6% to $107/barrel. PPI data met expectations, with CPI data due Friday. Traders see 70% chance of a Fed rate hike next week.

Greg Abel, successor to Warren Buffett, now oversees Berkshire Hathaway's $360 billion portfolio, with 82% concentrated in 10 stocks. Apple, American Express, and Alphabet are top holdings. Abel has added tech stocks and maintained financial stocks as key investments. Buffett's 'indefinite' holdings, like Coca-Cola, remain.

Apple raised prices in India for iPhone 17, iPhone Air, and iPhone 16 models by up to 41%, citing currency fluctuations, tariffs, and logistics costs. The iPhone 16 now starts at ₹89,900, up from ₹79,900, and the iPhone Air is priced at ₹1,19,900. Analysts note that festive discounts may temporarily offset the hike, but base costs remain high due to imported components.

Oracle shares rose 5.5% premarket after reporting $30B in new AI cloud contracts, boosting revenue backlog to $664B, exceeding estimates. Apple launched the $1,999 iPhone Duo, a folding smartphone, aiming to compete in the foldable market. The Duo features dual displays, a titanium body, and is positioned as a productivity device. Apple also unveiled the iPhone 18 Pro and Pro Max, with pricing starting at $1,199 and $1,299, and new AI features.

Samsung responded to Apple's $1,999 iPhone Duo launch with a social media campaign highlighting its seven-year lead in foldable smartphones. Samsung's posts, which gained millions of views, teased Apple's late entry and similar design. Apple's foldable iPhone starts at $2,460 in Korea. Counterpoint Research projects Apple to capture 25% of the foldable market, while Samsung is expected to hold 38%.