Apple is set to unveil its first foldable smartphone, the iPhone Ultra, at its September 9 event. According to Bloomberg's Mark Gurman, the device has been in development for nearly a decade. The initial target price was $1,999, but due to memory chip shortages and price hikes, the starting price is now expected to be $2,199, with the top 1TB model possibly reaching $3,000.\n\nThe iPhone Ultra is reported to feature a nearly invisible crease, a titanium and aluminum hinge system, and custom cover glass developed with Corning.

Apple believes the build quality will be "industry-leading" for foldables. The device is said to sport a 7.8-inch folding display and a 5.5-inch cover screen.\n\nWhen unfolded, the proportions are expected to resemble a Magic Trackpad, while folded it should be about the size of a passport. This marks Apple's entry into the foldable market, competing with Samsung and other Android manufacturers.

The official announcement will confirm all details.