Apple event live updates: Ternus announces iPhone 18 Pro and Pro Max in new colors

Primary Journalistic Dispatch & Direct Reporting

This is CNBC's live coverage of Apple's September "Surprise and shine" launch event.

Apple kicked off its biggest launch event of the year on Wednesday , with new CEO John Ternus making his big debut.

Ternus kicked off the "Surprise and shine" event with a first look at the new iPhone 18 Pro and Pro Max, which come in new colors glacier and burgundy.

In-Depth Developments & Factual Context

Investors are closely watching to see if Apple raises starting prices for its iPhones during a global computer parts shortage. The company raised prices on Macs and iPads over the summer.

Former CEO Tim Cook was in attendance, and Apple customers and investors are watching to see where Ternus follows Cook's footsteps, and where he diverges.

"For a device that plays such a central role in your life, a larger display would open up entirely new possibilities," Ternus said. "We think the best way to achieve that is with a foldable design."

Industry Impact & Strategic Analysis

He said that other foldables feel like "two phones awkwardly stuck together."

Apple's phone is about the size of a passport and has an internal and external screen.

Apple Watch did not get a price increase. Series 12 will cost $399 and up, and the Ultra 4 starts at $799. Apple also announced a new version of the Apple Watch with a ceramic case.

Forward Outlook & Market Perspective

Apple is making its Apple Watch Series 12 into an AI device with a new feature called Audio Intelligence.

The feature will use the Apple Watch's microphone to record conversations and allow the user to review things that were just said.

"We've all been in situations where you've missed a key detail of what someone just said and wished you could go back. Now you can use live rewind, which lets you go back in time for 15 seconds," said an Apple representative in the video.

It will also be able to summarize your important conversations with a feature called Siri Recap.

"It uses ambient listening to take high-level notes of your conversations, like takeaways from a team meeting or a parent-teacher conference. Conversations will have an Apple Intelligence-generated title, summary, and key points," Apple said.

Apple said the feature would be private and would not store audio recordings or share them with Apple.

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