Apple opened a new chapter this month. At its September keynote, new chief executive officer (CEO) John Ternus took the stage for his first launch since succeeding Tim Cook and revealed Apple’s first foldable iPhone, the iPhone Duo, alongside the iPhone 18 and iPhone 18 Pro lineup. A new leader and a new product category in one morning make this a natural moment to look at where Apple stands, and why the Apple share price is drawing fresh attention.
Key takeaways
Apple entered the foldable market with the iPhone Duo at its first keynote under a new CEO.
The iPhone Duo reads as a price and mix move more than a volume move.
Apple keeps growing revenue and profit while spending less on artificial intelligence than its peers.
Apple carries the launch from a point of momentum, which is part of why the Apple share price is in focus.
What did Apple announce at its September keynote?
Apple revealed the iPhone Duo, its first foldable iPhone, alongside the iPhone 18 and the iPhone 18 Pro lineup. The handover from Tim Cook to John Ternus is the backdrop, and the iPhone Duo is the statement. Apple chose a book style foldable that sits at the top of the range, entering a category its rivals have worked on for years. For a first keynote, it signals continuity of ambition under new leadership rather than a change of direction.
Why is a folding phone really a pricing story?
The iPhone Duo matters less for how many Apple sells at first and more for what it does to the price of everything else. Early volumes are expected to be modest, yet the device sits well above the rest of the iPhone 18 range on price, which lifts the average selling price of the lineup and improves the product mix. Analysts have pointed to Apple’s history with Apple Watch and AirPods, where the company captured most of the growth in each category after entering it. Treated as attributed views rather than settled fact, that pattern is the case the bulls are making for the fold.
How is Apple performing on revenue, profit and returns?
The Apple share price sits against a backdrop of growth. Here is the position, year over year.
Apple’s revenue rose 16% year over year in its most recent quarter, and about 14% across the trailing twelve months, after full year growth of about 6% in fiscal 2025. Profit is climbing faster than sales, with net income in the latest quarter up about 27% year over year and earnings per share (EPS) up 29%. Gross margin now sits near 50%, up from about 47% a year earlier, helped by a growing Services mix. On returns, the contrast with peers is the clearest signal: Apple held capital spending close to flat year over year, and in that same year Microsoft spent about ten times Apple’s capital yet earned less net income, which points to strong returns on the capital Apple puts to work. You can read the detail in the company’s report on its strongest June quarter to date.
Why does Apple spend less on artificial intelligence than its peers?
The efficiency story runs through Apple’s approach to artificial intelligence (AI). Where the largest cloud companies are pouring capital into data centres, Apple takes a lighter approach to AI spending than the other large technology firms. Much of Apple Intelligence runs on the device using Apple’s own silicon, so a large part of the cost sits in the product build rather than in a data centre. The area Apple is scaling faster is research and development (R&D), which reached its highest quarterly total earlier this year. The result is a company investing in AI while keeping its capital outlay light, and turning that into wider margins.
What does the new CEO inherit?
John Ternus steps in at a point of momentum. Apple counts more than 2.5 billion active devices, a base that feeds a Services business setting records, and it continues to return most of its cash to shareholders. Add a new premium product category in the iPhone Duo, and the new CEO inherits both momentum and a fresh line to grow into. For anyone following the Apple share price, the through line from the keynote is a new leader, a new fold, and a business generating record revenue behind them.
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Frequently asked questions
What is the iPhone Duo?
iPhone Duo is Apple’s first foldable iPhone, a book style device revealed alongside the iPhone 18 and iPhone 18 Pro. It sits at the top of the iPhone range.
Who is Apple’s new CEO?
John Ternus is Apple’s chief executive, having succeeded Tim Cook. The September keynote was his first product launch in the role.
Is Apple’s revenue growing?
Yes. Apple grew revenue year over year in its most recent results, with growth across iPhone, Mac and Services.
Why does Apple spend less on artificial intelligence than its rivals?
Apple runs much of its AI on the device using its own silicon, so it relies less on large data centre build outs and leans more on research and development and existing hardware.
