Apple event live updates: New CEO John Ternus expected to reveal first foldable iPhone

Read in app For the first time in 15 years, a new CEO will kick off Apple's big fall event. New high-end iPhones — and price hikes — are expected.A "product guy" who previously led Apple's hardware team, CEO John Ternus is expected to announce a slew of new devices, including a splashy new foldable iPhone that could command a $2,000+ price tag. Ternus took over for Tim Cook at the start of the month. The product keynote is the new CEO's chance to introduce himself to the wider world of Apple fans and pitch them on gadget upgrades. Investors will be listening to see if he drops any breadcrumbs that illuminate Apple's priorities under his tenure.Wall Street also expects Apple to raise prices on its latest iPhone lineup, following price hikes on MacBooks and iPads amid the bruising memory shortage.Apple's keynote kicks off at 1 p.m. ET — follow along for the play-by-play: Prefer to watch? You can tune into the 1 p.m. ET livestream here: A look at where the action is happening… Steve Jobs Theater at the company's Apple Park campus in Cupertino, California. Andrej Sokolow/picture alliance via Getty Images Apple shifted years ago from live keynote addresses (which run the risk of embarrassing demo fails) to pre-recorded keynotes. Apple, however, still hosts journalists and influencers at Apple Park, its Cupertino, California HQ. While Apple's CEO typically greets attendees, who will watch the livestream from the Steve Jobs Theater on campus, we're minutes away from seeing if new CEO John Ternus decides to switch things up — or keep the keynote pre-recorded. Higher iPhone prices could entice people to try out Apple's leasing program, Apple Upgrade The iPhone 17 Pro credit should read CFOTO/Future Publishing via Getty Images Apple recently overhauled its device subscriptions, which it now calls Apple Upgrade. The program offers the opportunity to lease a new iPhone, Apple Watch, iPad, or MacBook with monthly payments lower than those of traditional financing. It's powered by buy-now-pay-later service Klarna.With Apple's rumored foldable iPhone expected to command a $2,000+ price tag, you can bet some customers might decide to rent instead of ponying up the full up-front cost. Tim Cook scored a $47 million pay package to stay on as Apple's chairman. While Tim Cook is no longer CEO, Apple is keeping him around — and keeping him paid.Cook's new job as Apple chairman includes a $2 million salary (instead of $3 million as CEO), and comes with an annual equity award with a target value of $45 million for fiscal year 2027. The former CEO will also help engage with "policymakers around the world," which means Apple isn't losing its "Trump whisperer." Who is John Ternus? Get to know Apple's new CEO before he takes the stage. Tim Cook and John Ternus Kevin Winter/GA/The Hollywood Reporter via Getty Images John Ternus studied engineering and once worked under Steve Jobs. Tim Cook, who is staying on as board chairman, called Ternus "one of a kind" and said the CEO transition would go "seamlessly."Read full story Apple's new CEO drums up hype with cryptic video. John Ternus posted a short clip to X this morning ahead of Apple's 1 p.m. ET event. The teaser, which shows a glimpse of what is presumably an unreleased device, could signal a glitzier marketing strategy under Ternus. It's unusual to see Apple reveal actual imagery associated with coming devices ahead of an event, even if it's not 100% clear what we're looking at.