Apple has unveiled the iPhone Duo, its first foldable smartphone, priced from $1,999 (£1,999) in what the company calls an eight-year development effort and the most significant redesign of the iPhone since its 2007 debut. The launch, led by new chief executive John Ternus — who succeeded long-time boss Tim Cook this month — also introduced the iPhone 18 Pro lineup and an upgraded AI-powered assistant now branded Siri AI, with markets responding positively to the announcements. The folding device enters a competitive segment dominated by Samsung and Huawei (the Chinese tech giant that holds nearly 80% of foldable phone sales in China), with analysts cautioning that foldables currently represent just 2% of global smartphone sales and that the premium price point risks limiting the Duo to niche, prestige buyers rather than driving meaningful growth.