Apple Unveils the iPhone Duo, Its First Foldable, Starting at $1,999

Apple used its annual September event to introduce the iPhone Duo, the company's first foldable phone, at a starting price of $1,999 for the 256GB model. Before the event, the device was widely rumored under other names, including iPhone Ultra, and many analysts had predicted a price between $2,000 and $2,500. Higher storage tiers cost $2,199 for 512GB, $2,599 for 1TB and $3,199 for 2TB, according to MacRumors' post-event coverage.

Apple said pre-orders begin October 16 and the phone goes on sale October 23 in the United States and more than 70 other countries and regions, with additional markets following a week later. Reports suggest supply could be tight at launch. MacRumors cited sources saying manufacturing yields were only slightly above 60% in mid-September, while other reports said Apple had raised its production orders.

The company also announced the iPhone 18 Pro and iPhone 18 Pro Max, which start at $1,199 and $1,299, respectively, reportedly $100 more than last year's equivalents. Reports after the event said several older models still on sale also rose by at least $100. The keynote introduced the Apple Watch Series 12, an Apple Watch Ultra 4 and new AirPods, and CNBC described the presentation as John Ternus's first major launch event as CEO.

Investors were not impressed on the day. CNBC reported that Apple's shares traded lower for most of the keynote, a reminder that even the most anticipated product category in years can struggle to lift a stock that already carries high expectations.

Reporting based on coverage from MacRumors, CNBC and Fox Business.