Apple pulled the wraps off its first folding iPhone Wednesday, a book-style device called the iPhone Duo that starts at $1,999 — the company's biggest hardware gamble in almost two decades, and the first major product reveal under new chief executive John Ternus.

The Duo opens like a passport, pairing a 5.4-inch outer display with a 7.6-inch internal screen when unfolded, according to Apple's official pricing and specs released Wednesday. Preorders open October 16, with the device shipping October 23 in the U.S. and more than 70 other countries. Buyers can choose between Star White and Night Sky finishes, with storage running up to 2TB on a $3,199 top-end model.

Apple also refreshed its mainline lineup with the iPhone 18 Pro and Pro Max, new AirPods 5 and an Apple Watch Series 12, all detailed in CNBC's live coverage of the Cupertino keynote. The Duo runs on Apple's newest silicon and a house-designed C2 modem, a move that further weans the iPhone off Qualcomm's cellular chips.

A New Boss, a Make-or-Break Launch

Wednesday marked the first fall product event led by Ternus, who Apple named as its next CEO this spring, with Tim Cook shifting to executive chairman after 15 years running the company. Ternus, a 25-year Apple veteran who rose through hardware engineering, inherits a product line that critics have long knocked for incremental yearly upgrades — making the foldable his clearest opportunity yet to put his own stamp on the iPhone.

Investors, however, didn't cheer outright. Bloomberg reported shares wobbled through the keynote, with AAPL slipping toward the $312 level Wednesday after a run-up in the weeks before the event — a sign Wall Street is treating the Duo's steep price tag, nearly double the standard iPhone, as a real test of demand rather than an automatic win.

THE FOLDABLE IS THE BIGGEST CATALYST APPLE HAS OFFERED IN YEARS — BUT AT $1,999, IT'S ALSO THE BIGGEST PRICING RISK.

Analysts have flagged the pricing as the central question heading into the holiday quarter: whether a fold-style iPhone priced well above the existing Pro Max lineup can move enough units to matter to Apple's overall revenue, or whether it ends up a niche, high-margin curiosity. The iPhone still accounts for roughly half of Apple's total sales, leaving little room for a stumble.

What's next: preorders on October 16 will offer the first real read on demand, followed by the October 23 launch and Apple's fiscal Q4 earnings call weeks later — the first full quarter Ternus will report as CEO, and the first hard numbers on whether the Duo justifies its price.