Ternus’ debut: Can Apple open a new cycle with a single foldable?

What Apple truly needs may not be to build an even faster iPhone, but to find a product that makes consumers feel they “must upgrade” again.
That is also why the market is paying such close attention to the foldable iPhone.
If Apple officially launches a foldable product, its significance may be more than simply adding a new product category—it could prove that Apple still has the ability to reshape products in mature markets.
For new CEO Ternus, who has just taken over, this launch is equally important.
Apple under Jobs changed industries through innovation, while the Cook era placed greater emphasis on supply chains, the ecosystem, and business efficiency. Now that the company is entering a new CEO cycle, the market naturally asks: Can Ternus deliver a new growth story?
Of course, a single launch cannot directly determine Apple’s future over the next several years.
A $4.75 trillion market cap already reflects a great deal of optimism. To reach $5 trillion, Apple will need not only an impressive new product, but also continued validation from sales, profits, and its services business.
Therefore, I am more focused on two signals after the launch: whether consumers actually buy into it, and whether Wall Street raises its earnings expectations.
If the foldable is merely “cool-looking,” the positive catalyst could soon be priced in; if it genuinely creates new upgrade demand, Apple’s valuation framework could be upgraded again.
Ternus’ debut tests more than just a new product.
It is also answering one question:
Where exactly is Apple’s next growth cycle?#苹果发布会