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Good morning. On Fortune’s radar today:

Apple CEO John Ternus launches a foldable iPhone today.

How rich you would be if you had bought Apple stock instead of an iPhone.

Markets: Oil above $100 as Iran escalates conflict in the Gulf.

Bessent: ‘I am the house now … You can bet against me if you want.’

GM CEO Mary Barra is sticking with EVs.

AI is hurting job creation.

America’s $40 billion sandwich habit.

The internet’s undersea ‘chokepoints’ mapped.

Why bears increasingly want to get inside your car.

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New Apple CEO John Ternus will launch Apple’s first foldable phone today

Apple today will host one of its most exciting events in recent memory when it is expected to unveil its first foldable phone at the Steve Jobs theater on Apple’s campus.

It’s also Apple’s first big event led by new CEO John Ternus. And with questions growing over Apple’s business momentum, its AI strategy, and challenges such as the industry’s memory chip shortage, it’s safe to say that this will be one of Apple’s most closely watched product launches in years. 

“Everyone, whether you’re the kid at home saving their money for a new iPhone, or an analyst on Wall Street, will pay close attention to everything that Ternus says and does,” Michael Gartenberg, an analyst and former Apple marketing employee, told Fortune.

And while the expected $2,000-plus price of Apple’s foldable is likely to limit the potential buyers, the price will be comparable to competing products such as Samsung’s Galaxy Z Fold8 phone, which starts at $1,899.99, and the upgraded Galaxy Z Fold8 Ultra, which begins at $2,099.99.

Betting against Apple is a fool’s errand—here are the numbers that prove it

Apple stock tends to rise before a launch event and then decline immediately afterwards as traders lock in gains from the news, according to Chris Beauchamp, chief market analyst at IG. But over the long run, anyone who bought Apple stock at the time of any iPhone launch and held it would have done very well indeed. This chart from Beauchamp shows how rich you would be today if you had invested the price of an iPhone in shares of the company instead:

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