Apple's Foldable Phone Sells Out and Sends Stock Price Soaring

Apple's stock price rose by 4% on Thursday following the launch of its new foldable phone, the iPhone Duo. The device starts at $1,999 and goes up to $3,199 for the highest storage option.

New CEO John Ternus demonstrated the Duo running various apps on its expanded display, pitching it as a personal AI hub. However, analysts noted that Apple didn't clearly define who the phone is actually for, with some questioning whether it's meant for work or play.

Despite this uncertainty, most analysts expect strong initial sales, with Counterpoint estimating around 6 million Duo units will be sold by year-end. This would give Apple a quarter of the global foldable phone market, according to Omdia projections.