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5 min readApple’s new CEO, John Ternus, took the stage today to unveil the company’s first foldable iPhone, the Duo, with a starting price of nearly $2,000—a product launch that marks the biggest hardware event at the company in years. Meanwhile, the Justice Department’s long-delayed criminal trial against Chinese tech giant Huawei began in Brooklyn, and more than a dozen U.S. states are rolling back tax breaks for data centers as public backlash grows. Here are the major developments from today’s episode.
Apple’s Foldable iPhone Debuts at a Steep Price
Apple held its most significant product event in years, introducing the iPhone Duo, its first foldable device. The phone unfolds to a size close to a tablet while still fitting in a pocket, and its larger screen allows users to run multiple apps simultaneously—watching a video while texting, for example. The presentation was led by John Ternus, who became Apple’s third CEO since 1997 just last week, with predecessor Tim Cook and the rest of the executive team seated in the front row.
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What you'll learn
- 1 (01:02) **Apple Unveils First Foldable iPhone, the Duo** - Apple holds its biggest product event in years, debuting a foldable iPhone and introducing new CEO John Ternus.
- 2 (02:17) **Huawei Criminal Trial Begins in Brooklyn** - The Justice Department's nearly eight-year-old case against Chinese tech giant Huawei goes to trial, focusing on trade secret theft and Iran sanctions violations.
- 3 (04:15) **Bond Yields Rise on Disappointing Treasury Buyback** - The 10-year yield hits its highest since 2023 after the Treasury announces a smaller-than-expected debt buyback.
- 4 (05:58) **States Roll Back Data Center Tax Breaks Amid Public Backlash** - More than ten states are pausing or reversing tax exemptions for tech giants like Amazon, Meta, and Google, as the cost of AI-driven data center expansions far exceeds original estimates.
- 5 (08:00) **Steve Witkoff Earns Over $100 Million from Trump-Linked Crypto Venture** - A new disclosure shows the Middle East envoy's income from World Liberty Financial more than tripled in 2024, even as the company's token value plunged.
- 6 (08:27) **Rep. Ilhan Omar Cleared of Wealth Disclosure Wrongdoing** - A non-partisan congressional office found no evidence of false reporting after Omar overstated her assets on financial disclosure forms.
- 7 (09:22) **Online Returns Get Harder: Fees, Shorter Windows, and Pattern Tracking** - Retailers are making returns more difficult to cut losses, with 68% now charging fees at least some of the time, up from 43% five years ago.
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Show Notes
P.M. Edition for Sept. 9. Apple held its most consequential event in years today: Its new CEO showed off its new foldable iPhone… and unveiled new, higher prices. Plus, the Justice Department’s criminal trial against Chinese tech giant Huawei began in New York City. Dave Michaels, who covers corporate law enforcement, explains the government’s trade-theft case and why the trial might create a headache for a diplomatic meeting between President Trump and China’s Xi Jinping later this month. And some states that for years have offered tax breaks to data centers are ripping up the deals. WSJ tech policy reporter Amrith Ramkumar discusses where it’s happening and why. Alex Ossola hosts.
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