Apple Inc.’s $570 billion summer surge is saddling new Chief Executive Officer John Ternus with high expectations heading into the company’s most anticipated event in years: the unveiling of the foldable iPhone on Wednesday. The stock has rallied 15% since June 25, when the company announced it was raising prices on many of its products, sending the shares to their worst day in more than a year. Since then, a significant chunk of the gains have been driven by excitement about the new lineup of devices, particularly the foldable phone.

However, the stock remains down about 7% from its all-time high set on July 28, and it slid 0.2% in Wednesday morning trading. The pressure on Ternus to deliver a successful foldable iPhone launch is intensifying as investors look for sustained growth beyond the recent price-hike-driven rally. Analysts note that the foldable iPhone represents a critical test of Apple’s innovation pipeline under new leadership, with market sentiment closely tied to the device’s reception and potential to reignite long-term momentum.