Apple announces new foldable phone, the iPhone Duo

Summary

CNBC's MacKenzie Sigalos reports from Apple's Cupertino event, where John Ternus debuted the foldable iPhone Duo, positioned as the most significant iPhone form factor change in company history. The event also covered iterative iPhone 18 Pro/Pro Max updates and a new Apple Watch audio AI feature called Siri Recap, while the presentation emphasized Apple's AI strategy. Apple shares were down about 1% during the report.

• Apple debuts a new foldable phone called iPhone Duo, comparing its closed size to a passport and open size to a small iPad.
• John Ternus is introduced as the new CEO era begins at Apple.
• iPhone 18 Pro and Pro Max receive better battery life, new colors, and the A20 Pro chip, but updates are described as mostly incremental and cosmetic.
• iOS 27 includes a handoff feature allowing the same phone number to move seamlessly between iPhone 18 and iPhone Duo.
• Apple's presentation is heavily focused on AI strategy, positioning the iPhone as the ideal hardware for the new AI era.
• New Apple Watch features include Audio Intelligence and Siri Recap, which provides end-of-day summaries of conversations.
• Apple stock is down about 1% during the event.