苹果发布首款折叠屏iPhone及AI战略，10月上市

THE COUNTDOWN IS ON, EVERYTHING YOU NEED TO GET THE EDGE AT THE END OF THE MARKET DAY. THIS IS THE CLOSE.

A BIG MOMENT FOR APPLE, NOT SO MUCH FOR THE BROADER MARKET. LIVE FROM STUDIO TWO, I'M ROMAINE BOSTICK.

I'M TYLER KENDALL KICKING OFF TO THE CLOSING BELL THE U.S.

CHECKING IN THE MARKETS, A LOT TO TALK ABOUT, INCLUDING THE JUMP IN TREASURY YIELDS, BIGGER SURGE IN OIL PRICES. STRONG RETAIL EARNINGS TO THE S&P REBALANCING, NEW INVESTMENTS IN THE AI INFRASTRUCTURE SPACE. WILL BEGIN FROM NEW YORK WITH THE SHOW THAT JUST WRAPPED UP IN CALIFORNIA. THE BIGGEST CHANGE TO APPLE'S C-SUITE IN 15 YEARS KICKS OFF WITH THE LARGEST DESIGN CHANGE TO THE IPHONE SINCE IT WAS FIRST INTRODUCED 19 YEARS AGO.

JOHN TERNUS AND HIS DEPUTIES ROLLING OUT THE LONG ANTICIPATED FOLDABLE IPHONE. THE PRODUCT EVENT ALSO FEATURED AND BEGAN WITH HIM ARTICULATING A LONG UNARTICULATED AI STRATEGY THAT HE SAID NEED NOT RELY ON THE REINVENTION OF THE WHEEL, BUT COULD BE SQUARELY CAN HELP PEOPLE CREATE WHILE STAYING MORE HEALTHY AND ACTIVE IN WAYS THAT ARE MORE PERSONAL AND INTELLIGENT THAN EVER. THEY REPRESENT THE BEST OF APPLE. THE CURIOSITY TO IMAGINE WHAT IS POSSIBLE.

THE CARE TO GET EVERY DETAIL RIGHT. THE CONVICTION TO BUILD PRODUCTS THAT MAKE A REAL DIFFERENCE IN PEOPLE'S LIVES. I COULD NOT BE MORE PROUD OF THE TEAMS ACROSS APPLE MADE TODAY POSSIBLE. ROMAINE: APPLE SHARES DO NOT TYPICALLY RISE ON THE DAYS OF THESE PRODUCT ANNOUNCEMENTS AND TODAY IS NO DIFFERENT. THEY HAVE SPENT MOST OF THE SESSION INTO THE RED. MEANWHILE, SOME OF THE SUPPLIERS IN THE BROADER SMARTPHONE ECOSYSTEM LIKE QUALCOMM AND OTHERS GETTING A MODEST BID AS WE MARCH TO THOSE CLOSING BELLS.

LET'S BRING IN MARK GURMAN, OUR MANAGING EDITOR FOR TECHNOLOGY COVERAGE HERE AT BLOOMBERG NEWS. I FEEL LIKE YOU HAVE BEEN WRITING ABOUT THIS PRODUCT EVENT FOR WHAT SEEMED LIKE ALMOST AS LONG AS TIM COOK HAS BEEN AROUND. YOU SAW IT. I KNOW WHAT YOU HAVE WRITTEN. DID EVERYTHING YOU WRITE SHOW UP ON STAGE TODAY? MARK: I THINK THEY KNOCKED IT OUT OF THE PARK. YOU SAID IT BEST. HE STARTED THE KEYNOTE BY ARTICULATING AN AI VISION.

SURPRISINGLY, WE HAVE NOT SEEN ANYONE FROM APPLE ARTICULATE A COHERENT EI'S -- AI STRATEGY UNTIL TODAY. HE BASICALLY SAID THE IPHONE IS IT. WE DON'T NEED TO REINVENT THE WHEEL TO HAVE AN AI PRODUCT. THAT MEANS ADDING MORE FUNCTIONALITY FROM THE AI REALM INTO THIS DEVICE AND MAKING IT PLAY BETTER WITH THE DEVICES AROUND IT, AND USING THE DISPLAY, THE PROCESSOR, THE SENSORS, TO REALLY TAKE ADVANTAGE OF THIS NEW WAVE OF AI FEATURES.

I THINK IT IS A COHERENT STRATEGY AROUND THE IPHONE. I THINK SOFTWARE FIT AND FINISH OF THE DUO WAS UNLIKE ANYTHING WE HAVE SEEN IN ANY OTHER FOLDABLE PHONE. THE FOLDABLE PHONES ON THE MARKET TODAY FEEL PLASTICKY AND A BIT FINICKY. WHAT APPLE SHOWED MAKES EVERYTHING ELSE SEEM LIKE A PROTOTYPE, AND THIS BEGINNING A NEW ERA FOR THE FOLDABLE PHONE MARKET AND APPLE. THIS WAS THE MOST INNOVATIVE PRODUCT WE SAW TODAY FROM APPLE.

IT WILL BE THE BEGINNING OF THE LONG ROAD BACK OF NEW DEVICES WITH DISPLAYS AN AI THROUGHOUT.

IS IT DOES THAT HELP APPLE TO JUSTIFY THAT PREMIUM IN COST FOR CONSUMERS THAT HAVE NOT OWNED A FOLDABLE PHONE, IF THEY ARE TRYING TO EXPAND THE BASE OF PEOPLE THAT ARE BUYING ONE? MARK: APPLE COMES IN AT ONLY $100 MORE THAN WHAT ARE NOW CONSIDERED TO BE VASTLY INFERIOR PRODUCTS FROM SAMSUNG. IF YOU LOOK AT THAT COMPARISON, THAT STANDPOINT, IT IS A STEAL. IF YOU LOOK AT THE PRICE DIFFERENCE BETWEEN WHAT YOU ARE GETTING FROM AN IPHONE AND A PERIOD -- THAT IS COMING IN ABOUT $200.

THAT IS A BIG DIFFERENCE. BUT IF YOU ARE ONLY COMPARING FOLDABLE TO FOLDABLE, THEY ARE RIGHT THERE WITH EVERYONE ELSE. THEY ARE A FEW HUNDRED DOLLARS LESS THAN THE TOP END OF SAMSUNG. SAMSUNG HAS A BIGGER DISPLAY. ROMAINE: THE ODYSSEY REFRESHED THE REST OF THE IPHONE PRO LINEUP. THEY ANNOUNCED NEW SMART WATCHES, OR SOME UPDATE TO THOSE WATCHES. I AM MORE INTRIGUED BY THE AIRPODS, AND WHAT THEY ARE SUPPOSED TO BE, AND WHY THEY KEPT THEM BASICALLY THE SAME PRICE AS THE OLD ONES.

MARK: THEY REFRESHED THE BASELEVEL AIRPODS. THEY HAVE NOT DONE A NEW BASELEVEL AIRPODS FOR YEARS. THERE IS ONE MODEL FOR 130, 14 150. 150 DOLLARS MODEL HAS MANY OF THE SAME FEATURES AS THE AIRPODS PRO, WHICH COME IN AT $250. FOR THAT EXTRA $20, YOU GET AN UPGRADED CASE, AN EXTRA HOUR OF BATTERY LIFE, AND A SENSOR ON THE EARBUD STEMS THEMSELVES, SO YOU CAN SWIPE UP AND DOWN TO ADJUST YOUR VOLUME CONTROL. FOR 150 DOLLARS, IT IS A COMPELLING PRODUCT.

AND NOISE CANCELLATION IN THE 130 DOLLAR VERSION, THE AIRPODS WILL BE A BIGGER PART OF THE APPLE STRATEGY, MOVING FORWARD, GIVEN THE PRESENCE OF AI FEATURES LIKE LIVE TRANSCRIPTION. THE AIRPODS, NOT A BIG UPDATE. BUT SOME OF THE TWEAKS AND THE PRICING -- THE 18 PRO MAX -- THE SECOND GIN OF NEW DESIGNS TYPICALLY SELL BETTER THAN THE FIRST GENERATION. THIS IS A CONTINUATION OF WHAT WE SAW LAST YEAR. NOT A TON TO WRITE HOME ABOUT, BUT A COMPELLING UPGRADE.

THE PRICE INCREASE VERY MARGINAL COMPARED TO WHAT YOU SAW SOME PEOPLE ON THE STREET THINKING. ROMAINE: WHEN CAN I ACTUALLY GET MY HANDS ON THESE? MARK: THE APPLE WATCHES OPEN FOR PREORDER TODAY. THE AIRPODS AND THE NEW IPHONES GO ON PREORDER SATURDAY, SEPTEMBER 12. IN THOSE THREE DEVICES, OTHER THAN DUO, WILL BE AVAILABLE ON SEPTEMBER 18, ABOUT A WEEK AND A HALF FROM NOW. THE IPHONE DUO IS COMING A LITTLE LATER. THE ORDERS ARE BEGINNING IN MID OCTOBER, OCTOBER 16.

THE RELEASE DATE IS OCTOBER 23, SO ABOUT A MONTH AND A HALF OUT FROM GETTING OUR HANDS ON THE DUO. BUT A LOT TO LIKE HERE IN TERMS OF A COHERENT STORY AND STRATEGY FROM APPLE. ON THE DUO, THEY KNOCKED IT OUT OF THE PARK, I THINK. ROMAINE: VERMIN, MANAGING EDITOR, COVERING APPLE AND CONSUMER TECH. APPLE SHARES RALLIED ABOUT 15% INTO THIS ANNOUNCEMENT, PARTLY ON EXCITEMENT ABOUT NEW PRODUCTS AND THE NEW CEO. 21 JOINS US NOW, THE PORTFOLIO MANAGER OF EQUITY STRATEGY OVER AT T.

ROWE PRICE. APPLE IS THE BIGGEST WEIGHT IN HIS FUND. WERE YOU IMPRESSED BY WHAT YOU TODAY?

I THOUGHT IT WAS EXCITING. WE KNEW -- WE HAVE A NEW CEO, A NEW FORMFACTOR. THE $2000 FOLDABLE PHONE IS SOMETHING THE MARKET HAS BEEN WAITING FOR FOR A LONG TIME. IT INCREASES THE TOTAL ADJUSTABLE -- ADDRESSABLE MARKET. AT THE PRICE POINT, I THINK WE ARE SEEING APPLE MOVE TO MORE OF A PREMIUMIZATION. IF THAT IS NOT NEEDED TO HAVE THE CUSTOMER MOVE UP THE PRICING STACK -- WE HAVE INFLATION IN THE MARKET. IT FELT LIKE DELIVERING MORE CAPABILITIES, INCREASING THE ASP, MOVING UP THE STACK.

IMPROVING THE MARGIN IS GOING TO BE A BIG STORY. IMPROVING THE UPGRADE CYCLE AS WELL.

WHAT ARE YOU LOOKING FOR NOW FROM AN EXECUTION AND FINANCIAL RISK PERSPECTIVE? THE ADOPTION RATE, THE ROLLOUT, BOTTLENECKS IN THE SUPPLY CHAIN?

I THINK THE KEY THING I AM LOOKING FOR IS ACTUALLY SIRI. IS THE AI IMPROVING? WHAT JOBS CAN IT DO FOR THE CONSUMER? I THINK THAT PERSONAL AGENT IS SOMETHING THAT HAS A REAL COMPETITIVE MOAT AROUND IT. THEY HAVE THE CONTEXT, THE PERSONALIZATION. THEY ESSENTIALLY HAVE BUILT THIS GREAT ECOSYSTEM NOT JUST ON THE IPHONE, BUT BROUGHT HER INTO WEARABLES, INTO THE IPAD AND MACBOOK. CONNECTING EVERYTHING TOGETHER WITH SIRI IS THE DREAM OF A WAY APPLE CAN PARTICIPATE IN A RELATIVELY LOW CAPITAL-INTENSIVE WAY.

FROM A FINANCIAL PROFILE STANDPOINT, IT IS A LOWER RISK OF EXECUTION WHEN I THINK ABOUT APPLE AND THEIR LOW CAPEX. ROMAINE: WE TALK ABOUT THIS NEW ERA. DO YOU THINK THAT IS GOING TO INCLUDE SOME SORT OF MATERIAL GROWTH? I KNOW THAT IS HARD FOR A COMPANY OF THIS SIZE. THIS IS A COMPANY THAT OBVIOUSLY GENERATES A LOT OF CASH. IT HAS BEEN RELATIVELY STABLE, BUT THE PERCENTAGE GROWTH WE HAVE SEEN IN OTHER TECH COMPANIES IS OBVIOUSLY MUCH HIGHER.

DOES THAT MATTER A COMPANY OF THIS SIZE AND WITH THIS CASH FLOW? DO YOU WANT TO SEE MORE? TONY: THEY ARE VERY FUNCTION -- VERY FOCUSED ON GROWTH. THEY CONTINUE TO LOOK AT R&D. THE MOST OF ANY TECH COMPANY IN A YEAR, YOU DON'T EXPECT. BUT WHEN YOU LOOK AT THE LONG TERM OAK -- THE LONG-TERM ARC, THE RUNWAY -- THEY KEEP INTRODUCING MORE

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