Apple Inc. (AAPL) is rolling out its latest iPhone lineup under new CEO John Ternus, with higher-priced premium models launching first and the company's inaugural foldable device set to follow.

iPhone 18 Pro Models Hit Stores

CNBC reported on Friday that Apple's iPhone 18 Pro and Pro Max models are hitting stores with higher price points than previous new-device models.

The launch marks Apple's first major product release under Ternus, who previously served as the company's senior vice president of hardware engineering before succeeding Tim Cook as CEO.

Foldable Duo Takes Center Stage

Much of the attention around Apple's new smartphone lineup is focused on the Duo, the company's first foldable iPhone.

Apple plans to debut the Duo in about a month, giving the company another premium hardware format alongside its traditional iPhones.

CNBC highlighted the foldable model's larger-screen appeal.

iPhone 18 Pro Adds AI And Camera Upgrades

Apple is positioning the iPhone 18 Pro lineup around faster AI performance, improved cameras and longer battery life as it targets another major upgrade cycle.

The iPhone 18 Pro and Pro Max use Apple's new 2-nanometer A20 Pro chip, which the company says delivers faster AI performance.

Apple's upgraded Siri AI can take actions across more than 300,000 apps. The Pro models also add a variable-aperture main camera and offer up to 36 hours of video playback on the Pro and 45 hours on the Pro Max.

The iPhone 18 Pro starts at $1,199, while the Pro Max starts at $1,299.

Bank of America Sees Strong Upgrade Cycle

Bank of America Securities analyst Wamsi Mohan reiterated a Buy rating and $370 price forecast, citing a potential multiyear upgrade cycle, edge AI opportunities and faster Services growth.

Mohan said U.S. carrier trade-in incentives of up to $1,200 largely offset higher iPhone pricing. He expects higher average selling prices, Siri AI and adoption of the upcoming iPhone Duo to support demand.

AAPL Price Action: Apple shares were down 0.03% at $336.90 during premarket trading on Friday. The stock is approaching its 52-week high of $344.56, according to market data.