Apple’s first foldable iPhone, expected to launch Sept. 9, could retail for $2,000, marking a pivotal moment for the tech giant as new CEO John Ternus faces his first major product test amid rising memory costs and supply constraints.
Apple’s first foldable iPhone, rumored to be called the iPhone Ultra, is poised to debut at a price tag of $2,000 or higher, according to Citi analysts.
The $2,000 Foldable iPhone: A New Era for Apple
The iPhone Ultra’s $2,000 price point reflects both Apple’s ambition to lead in foldable technology and the steep costs of sourcing advanced memory chips. Citi analysts estimate that Apple could sell 5 million units of the foldable device in the second half of 2026, with an additional 2.3 million in the first quarter of 2027. We did it because we're in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices,
said Tim Cook on his final earnings call as CEO.
The memory chip crunch has tightened globally, with suppliers like SK Hynix, Samsung, and Micron selling out of premium AI memory capacity through 2026. This scarcity has given producers greater pricing power, a trend expected to persist into 2027. Apple’s decision to enter the foldable market at such a high price point risks alienating budget-conscious consumers but aligns with its strategy of premium pricing.
John Ternus’s Leadership Test
New CEO John Ternus inherits a company at a critical juncture. Appointed on Sept. 1, Ternus replaces Tim Cook, who steered Apple to a $4.6 trillion market cap during his 15-year tenure. Ternus, a 25-year veteran of Apple’s hardware engineering team, is expected to take the stage at the Sept. 9 event to introduce the iPhone Ultra and other new products—a departure from past CEO-led presentations. His leadership will be tested as Apple navigates competitive pressures in AI, manufacturing reliance on China, and a services division that recently missed Wall Street forecasts.
Babak Hafezi, a professor of international business at American University, noted that Ternus’s appointment signals a renewed focus on hardware innovation. The appointment of Ternus is Apple's subtle way of doubling down on hardware innovation as a core strategy,
Hafezi said. It doesn’t refute the Tim Cook era; it marks a new stage in Apple's history by intertwining AI with hardware, rather than treating AI as a standalone product.
Ternus’s challenges include maintaining Apple’s brand dominance while addressing supply chain vulnerabilities. The company’s recent revenue guidance reflected cautious optimism, citing massive chip inflation
as a drag on margins. Despite these hurdles, analysts remain bullish. Morgan Stanley estimates the iPhone Ultra could generate $14 billion in revenue during the December quarter, projecting Apple stock to reach $360 per share—a 9% upside from its current price. Apple stock has had a strong run over the past few months and is not cheap,
the firm noted, but added that the new product launches could sustain growth.
What’s Next for Apple?
The Sept. 9 event will be a litmus test for Ternus and Apple’s strategy. While the iPhone Ultra’s price may deter some buyers, its potential to attract early adopters and tech enthusiasts could offset lower volume. Analysts also expect the iPhone 18 Pro lineup to see price hikes of 10–20% due to memory costs, with the foldable model likely to retail for more than $2,000.
Apple’s success in the foldable market will depend on its ability to differentiate the iPhone Ultra from competitors. However, the company’s recent struggles in the services sector—where revenue fell short of expectations—highlight the risks of overreliance on hardware. The next question really is, what's Ternus gonna do?
said tech analyst Tim Bajarin. The fact that he is a product guy and has product ideas makes us hopeful that we may see even new breakthrough products.
As Apple prepares to unveil its latest innovations, the stakes are high. The iPhone Ultra’s launch will not only define Ternus’s early tenure but also signal Apple’s commitment to pushing technological boundaries. With memory prices expected to remain elevated and competition intensifying, the company’s ability to balance innovation with affordability will determine its next chapter. For now, the world watches as Apple bets big on a device that could redefine the future of mobile technology.
