Apple (AAPL) is holding its product event today, marking the first device lineup showcase since John Ternus took over as chief executive. The spotlight is on the long-rumored first foldable iPhone and whether the new leadership can extend Apple’s long-term growth trajectory.
Before the curtain rises, it is worth looking back at the company’s wealth-creation record. Apple went public on the Nasdaq in December 1980 at a split-adjusted price of $0.10 per share. A $1,000 investment made at that time would be worth nearly $2.6 million today; even a $100 stake would have grown to about $264,000. Apple shares currently trade around $316, giving the company a market capitalization of roughly $4.6 trillion.
The significance of today’s event goes beyond new hardware. On September 1, Tim Cook stepped down as chief executive after years at the helm and became executive chairman of the board. John Ternus, previously vice president of hardware engineering, took over. During Cook’s tenure, Apple significantly outperformed broader equity indexes, and some investors were uneasy about the leadership change. A strong product debut from Ternus could help restore confidence.
The foldable iPhone carries high expectations. Foldable smartphones from other brands have been well received, yet the category still accounts for only about 2% of the smartphone market, leaving considerable room for growth. If Apple launches a high-quality foldable device, it could strengthen the hardware ecosystem, boost user loyalty, and attract new customers. That said, the new product may also fall short of expectations and trigger short-term share-price swings. For long-term investors, however, near-term movements are not the central concern.
Apple’s fundamentals remain solid. In the fiscal third quarter of 2026, ended June 27, revenue rose 16% year over year to $109.4 billion, while earnings per share came in at $2.02, up 29% from the prior-year period. The rebound in revenue growth suggests the iPhone can still drive top-line momentum. Shares slipped after the latest report due to supply-constraint worries, but the company’s underlying resilience was evident.
Apple has an installed base of more than 2.5 billion active devices, creating significant monetization opportunities for its services business. As the high-margin services segment continues to expand, it is likely to lift company-wide profitability. On the cash front, Apple generated $136.68 billion in free cash flow over the trailing twelve months, up 38.4% year over year—enough to fund research and development, artificial intelligence initiatives, and shareholder returns such as buybacks and dividend increases.
According to a recent analysis by Envision Research, Apple’s compound annual growth rate is projected at about 9.4% for fiscal years 2026 through 2031. Under that trajectory, and based on the current price-to-earnings multiple and share count, Apple’s market capitalization could surpass $6 trillion sometime between fiscal 2028 and 2029. The current market cap is about $4.61 trillion.
September has historically been a weak month for equity returns, a pattern known as the September effect. But for investors focused on the long term, any single month’s performance matters little. Whatever the outcome of today’s event, Apple’s long-term logic—solid financial results, a vast ecosystem, and abundant free cash flow—remains intact. Whether the foldable iPhone can create another wealth legend may not be answered in a single day, but Apple’s underlying competitive position has not changed.
