Apple event live updates: New CEO John Ternus expected to reveal first foldable iPhone

For the first time in 15 years, a new CEO will kick off Apple's big fall event. New high-end iPhones — and price hikes — are expected.

A noted "product guy" who previously led Apple's hardware team, CEO John Ternus is expected to announce a slew of new devices, including a splashy new foldable iPhone that could command a $2,000+ price tag.

Ternus took over for Tim Cook at the start of the month. The product keynote is the new CEO's chance to introduce himself to the wider world of Apple fans and pitch them on gadget upgrades. Investors will be listening to see if he drops any bread crumbs that illuminate what Apple's priorities will be under his tenure.

Wall Street also anticipates that Apple will increase the cost of its latest lineup of iPhones after previously announcing price hikes on MacBooks and iPads amid the bruising memory shortage.

Apple's keynote kicks off at 1 p.m. ET — follow along for the play-by-play:

Apple shifted years ago from live keynote addresses (which run the risk of embarassing demo fails) to pre-recorded keynotes. But Apple still hosts journalists and influencers at Apple Park, its Cupertino, California HQ. While Apple's CEO typically greets attendees, who will watch the livestream from Steve Jobs Theater on campus, we're minutes away from seeing if new CEO John Ternus decides to switch things up — or keep the keynote pre-recorded.

Higher iPhone prices could entice people to try out Apple's leasing program, Apple Upgrade

Apple recently overhauled its devices subscription, which it now calls Apple Upgrade. The program offers the opportunity to lease a new iPhone, Apple Watch, iPad, or MacBook via a monthly payment lower than traditional financing. It's powered by buy-now-pay-later service Klarna.

With Apple's rumored foldable iPhone expected to command a $2,000+ price tag, you can bet some customers might decide to rent instead of ponying up the full up-front cost.

While Tim Cook is no longer CEO, Apple is keeping him around — and keeping him paid.

Cook's new job as Apple chairman includes a $2 million salary (instead of $3 million as CEO), and comes with an annual equity award with a target value of $45 million for fiscal 2027. The former CEO will also help engage with "policymakers around the world" — which means Apple isn't losing its "Trump whisperer."

Who is John Ternus? Get to know Apple's new CEO before he takes the stage.