Apple shares fell in New York trading Tuesday as newly appointed Chief Executive Officer John Ternus prepared to step onto the Steve Jobs Theater stage for his first product launch. The Sept. 9 event tests Wall Street confidence in the Cupertino, California, technology company just eight days after Ternus succeeded longtime leader Tim Cook. Ternus must defend an iPhone lineup that produces about $54 billion in quarterly sales during the fall shopping window.
Key Takeaways
- Apple stock dropped before the company’s annual September product event in Cupertino, California.
- John Ternus leads his first keynote address as chief executive after succeeding Tim Cook on Sept. 1.
- Wall Street expects Apple to reveal the iPhone 18 lineup and a foldable smartphone priced above $2,000.
- The iPhone generates roughly $54 billion in revenue during holiday quarters, setting high financial stakes for Apple.
- US wireless carriers prepare trade-in promotions to offset higher device pricing.
The executive shift puts a former hardware engineering chief in charge of Apple’s primary revenue driver. Cook, who guided Apple to a $4 trillion market valuation, moved to executive chairman of the board of directors on Sept. 1. Ternus joined Apple in 2001, worked on Mac and iPad hardware, and ran the hardware engineering group starting in 2021. He now inherits a device portfolio with an active base topping 2.5 billion units.
Wall Street analysts expect Apple to introduce the iPhone 18 family alongside its first foldable smartphone, often labeled by analysts as the iPhone Ultra. Morgan Stanley projections show the foldable phone alone could generate $14 billion in revenue if component supplies keep pace with buyer demand. Industry supply chain checks indicate the premium foldable handset could retail north of $2,000, placing it at the very top of the US phone market.
American wireless carriers like AT&T, Verizon, and T-Mobile will play a major role in customer reception. Most US consumers purchase devices through monthly installments and carrier trade-in credits rather than paying full retail prices up front. If carriers offer aggressive deals, buyer pushback over higher prices could soften. However, if carriers scale back credits, Apple faces the risk of elongated upgrade cycles among American shoppers.
Software features also share the spotlight. Ternus and his software team plan to present updated Siri capabilities and personal assistant tools designed to process requests directly on devices. Investors want evidence that Apple can retain consumers against Android competitors that entered the foldable market years earlier.
Apple enters the event on stable footing, posting $109.4 billion in revenue during its most recent fiscal third quarter. Even so, traders took profits ahead of the keynote. Ternus must prove his engineering background can deliver strong consumer demand and maintain Apple’s operating margins throughout the holiday season.
Frequently Asked Questions
Q1. Who is John Ternus?
A1. John Ternus is the chief executive officer of Apple. He served as senior vice president of hardware engineering before succeeding Tim Cook on Sept. 1, 2026.
Q2. Why is this event considered a $54 billion test?
A2. The iPhone hardware business regularly produces approximately $54 billion in net sales during the peak holiday quarter, making this launch critical for Apple’s annual earnings.
Q3. What devices will Apple announce at the Sept. 9 event?
A3. Apple is expected to present the iPhone 18 line, a new foldable smartphone, and updated Apple Watch models.
