Apple's Stock Price Tumbles Ahead of Product Event Amid Anticipation for Foldable iPhone

Apple's stock price declined by approximately 1.2% to $316.31 on Tuesday, ahead of its major product event under CEO John Ternus.

The company is expected to showcase several key innovations, including a foldable iPhone, upgraded premium handsets, and a revamped Siri assistant.

Apple's recent financial statements reveal a 22% increase in iPhone revenue to $54.25 billion, accounting for nearly half of the company's overall sales.

The introduction of a foldable device could reignite the consumer upgrade cycle, but Ternus faces a bigger challenge: demonstrating the value of Apple's extensive installed user base with improvements to Siri and on-device AI.