Apple's annual fall product showcase is expected to deliver two firsts: the company's first foldable phone and the debut of new CEO John Ternus, who succeeded longtime leader Tim Cook on Sept. 1.

The event, which Apple is dubbing "Surprise and Shine," will start at 1 p.m. ET on Sept. 9 at its Cupertino, California, headquarters. The annual rollout gives the tech giant a chance to feature its newest devices just before they hit the shelves, typically a few days later.

Will Apple deliver on AI?
Apple has a lot riding on this year's event. Sales of its trademark iPhone have been slowing, given that Americans own about 158 million of them, covering more than half of U.S. adults. Convincing consumers to upgrade their phones to pricier versions may be harder this year amid an affordability crunch for many families, who are paying more for everyday goods from gasoline to groceries.

The tech company also needs to show Wall Street that it is making strides on AI, with Apple viewed as a laggard compared with rivals like Alphabet, Melissa Otto, head of research at S&P Global Visible Alpha, told CBS News.

"The market overall has been disappointed by the fact that Apple has not really participated in this AI fever that the market seems to have caught, and so we're wondering, where do they go from here, and how does John Ternus take them there?" Otto said.

Wednesday's event is "an opportunity for them to really differentiate themselves — why is their foldable phone better? Why should consumers engage?" she added.

Apple, which didn't immediately respond to a request for comment, is also expected to announce the new iPhone 18 with enhanced Siri abilities, as well as updates to its AirPods and the Apple Watch, Otto said.

Know when to fold 'em
The biggest new product debut is likely to be Apple's first foldable phone, which could be dubbed the iPhone Ultra, according to trade publication MacRumors.

"We believe the foldable could be a major hit for Apple, and this is the right time to go after the new hardware chapter under Ternus," Dan Ives, partner and analyst at Yorkville Ives & Co., told CBS News. "Long overdue and the right timing to go after the golden installed base."

While foldable phones aren't widely used in the U.S., they're popular in Asia, where manufacturers such as China's Huawei and Korea's Samsung have offered such devices for years. Foldables typically offer larger screens, making them popular with users who want to stream media on their phones, Otto noted.

Foldable phones have another advantage, according to tech consulting firm IDC: It's the only smartphone segment that's projected to grow in 2026. IDC estimates that Apple's foray into the segment will boost foldable device sales by 13% this year, reaching 22.9 million units.

Otherwise, the smartphone industry faces significant headwinds, with IDC forecasting that total smartphone shipments will tumble 16.7% this year. The projected sales decline is due to higher prices caused by memory chip shortages, with some price-conscious consumers opting out of upgrading their smartphones, according to the firm.

Although Apple hasn't announced pricing for its new phones, analysts expect the foldable device to carry a higher price tag than regular iPhones. The price for the new foldable device could be set at about $2,000, Bloomberg News reported on Tuesday.

By comparison, Apple's current top-of-the-line iPhone, the Pro Max 17, starts at about $1,200.

"Big shoes"
Investors will also appraise Ternus' early performance as CEO, analysts said. Under Cook's 15-year tenure, Apple's revenue quadrupled to more than $416 billion per year, while its valuation soared to more than $4.7 trillion, making it one of the world's most valuable publicly traded companies.

"This is key for Ternus to put his stamp on Cupertino, and it starts this week," Ives said. "This is an important event for Ternus taking over big shoes to fill in the Cook legacy."

Ternus, who joined Apple's product design team in 2001, has spent much of his career on the hardware side of the company, working on the introduction of new product lines such as the iPad and AirPods, according to Apple. The company also said Ternus was involved in the company's innovations in materials, such as developing a new recycled aluminum compound.

"He is a hardware engineer who is in the nuts and bolts of how products get made," Patrick McGee, a CBS News contributor and author of "Apple in China," a 2025 book about the company's reliance on Chinese manufacturing, told CBS News earlier this month.

McGee added, "I worry he's more involved in the unsexy part of the products, like how you make it more durable and resilient, and what so many people in the Apple universe want is the return of a product visionary who brings a little pizazz to the company."

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