Apple event live updates: First foldable iPhone, new watch series expected as Ternus makes debut

JUST IN: Apple's September event kicks off, with the first foldable iPhone and a new Apple Watch series expected, in the company's first launch under new CEO John Ternus.

Analysts think Apple's first folding iPhone could cost 2,500 dollars. That's more than most of their laptops.

Apple's September event is underway right now, and it's a big one for another reason. John Ternus is running his first keynote as CEO, eight days into the job, and you can see him here on stage. The hardware engineer replacing the salesman, and everyone's watching which parts of the old playbook he keeps.

Tim Cook is in the audience at Apple Park, grey ensemble, no tie, watching his successor work. New Apple Watches are expected too, but the foldable is the story. Samsung's version sells for 1,900 dollars, and JPMorgan sees Apple starting at 1,999 minimum.

Here's the uncomfortable bit. Apple already raised Mac and iPad prices this summer, blaming the parts shortage, and the stock has dropped three days straight going in. Investors aren't waiting for the surprise. They're bracing for the price tag.

This is Liu Yang, reporting for HIT.