The foldable iPhone is no longer a rumor. Apple officially added the iPhone Duo to its smartphone lineup at its Wednesday launch event. While the company has yet to sell a single iPhone Duo, the stock market has already reflected growing expectations surrounding the entirely new product.

Based on movements in Apple shares on Wall Street following the launch, the company has gained roughly $146 billion in market capitalization.

The estimate is based on Apple’s stock performance following its “Surprise and Shine” event. On the day the iPhone Duo was unveiled, Apple shares showed little reaction, falling $0.88, or just 0.28%.

Investor sentiment shifted significantly, however, after the market had more time to assess the new products. During Thursday trading, Apple shares climbed as high as $326.12.

That represented an increase of $10.78 per share from the previous level. With around 14.59 billion shares outstanding, the gain translated into nearly $146 billion in additional market value.

Of course, the entire $146 billion increase cannot be attributed solely to the iPhone Duo. Apple shares are influenced by numerous factors, including the company’s broader business outlook and expectations surrounding the iPhone 18 Pro and iPhone 18 Pro Max. Still, the iPhone Duo was clearly the biggest attention-grabber at the launch event.

The iPhone 18 Pro and iPhone 18 Pro Max were also received positively, particularly given the range of significant upgrades Apple introduced. But when it comes to the product generating the most excitement, the iPhone Duo stood out.

Apple may be accepting lower margins to sell more iPhone Duos

Wall Street’s reaction to the iPhone Duo has not been uniformly positive. One issue attracting particular attention from analysts is its starting price.

Apple priced the iPhone Duo from $1,999, considerably below earlier rumors suggesting a price of $2,200-$2,500.

The lower price could help Apple reach more customers and accelerate adoption of its foldable iPhone. The trade-off, however, is that iPhone Duo profit margins could be lower than investors had previously expected.

Investment bank Morgan Stanley believes the decision indicates that Apple is prioritizing broader adoption of foldable iPhones rather than seeking to maximize profit from each device.

Jefferies and brokerage firm Rosenblatt have offered similar assessments, suggesting Apple appears more focused on driving iPhone Duo sales than maximizing margins.

It is a notable strategy. The foldable smartphone market remains relatively small compared with the conventional smartphone segment. Pricing the iPhone Duo too high could have confined it to an ultra-premium niche with limited sales.

At $1,999, the device is still extremely expensive, but the price could significantly expand the pool of consumers willing to try an entirely new iPhone design.

Beyond pricing, Apple faces another challenge: memory costs are rising sharply as demand grows for the construction of data centers supporting artificial intelligence.

Major memory manufacturers including SK Hynix, Samsung and Micron are having to weigh production of DRAM for smartphones against high-bandwidth memory, or HBM, for AI systems.

For Apple, the issue is particularly important because the iPhone Duo is a high-specification device with a complex design and already-high manufacturing costs. If component prices continue to rise, Apple may have to choose between accepting lower margins or raising retail prices, potentially limiting adoption.

If current forecasts prove accurate, the iPhone Duo could do more than generate excitement on Wall Street. It could quickly become one of the biggest products in the global foldable smartphone market.

According to TrendForce, Apple could ship around 5 million iPhone Duo units in 2026, giving it a 24.8% share of the global foldable smartphone market.

Notably, excluding Apple, global foldable smartphone shipments are forecast to fall by as much as 20% this year. With the arrival of the iPhone Duo, however, worldwide foldable shipments could reach approximately 20.2 million units.

Samsung is forecast to remain the market leader with around 7.1 million foldable smartphones shipped, representing a 35.1% share. Huawei and Apple are each projected to reach around 5 million units, giving both a 24.8% share.

The figures suggest Apple’s arrival could significantly reshape the competitive landscape for foldable smartphones. With just its first product in the category, Apple could already draw level with Huawei and substantially narrow the gap with Samsung.

Hai Phong