Apple is set to unveil a folding iPhone with a price tag near $2,000 or higher, and the bet is that buyers will pay up — a bullish setup for the stock if supply can keep up.

• The star of the event is a folding "iPhone Ultra" that opens to roughly iPad mini size, with the biggest battery ever in an iPhone and a price that could reach $3,000 at the top end.
• To keep it thin, Apple appears to have dropped Face ID and possibly the telephoto lens, and MagSafe support is still unclear.
• The regular iPhone 18, the Air 2, new Macs, and the cheaper Watch are all expected to wait until spring, leaving today's event mostly about the fold and the Pro models.
• The Pro and Pro Max get smaller upgrades: a faster 2-nanometer chip, about 10% more battery, and a smaller notch.
• Apple stock isn't cheap around current levels, but demand looks strong — the high-end Mac Studio used for AI work is already sold out into January, and the fold is expected to sell out too.

Outlook: Limited early stock should make the fold look like a hit, and faster growth from new hardware makes the stock easier to justify at today's price.