Apple launches $1,999 foldable iPhone Duo; Meta debuts Muse AI agent

SoftBank repays $25.9 billion OpenAI bridge loan early

Apple officially launched the iPhone Duo at its fall product showcase, pricing the long-awaited foldable device at $1,999 with preorders beginning Oct. 16. The phone has a wide inner display that allows the simultaneous use of multiple apps and folds into a roughly passport-sized device with an outer screen. Apple said the Duo is the thinnest iPhone to date when unfolded and represents the company’s largest design change yet to its smartphone line.

Speaking at the showcase, Apple’s new CEO John Ternus framed the device as preserving the iPhone’s core identity. “iPhone Duo brings an entirely new design while preserving everything you love and expect from the iPhone,” he said.

Separately, Apple announced the A20 Pro, the computer chip that will power its iPhone 18 Pro. The company said the A20 Pro is built on 2-nanometer technology and includes improved GPU and CPU components alongside two neural engines designed to handle on-device artificial-intelligence workloads. Apple said the chip delivers a 50% improvement in memory bandwidth — the widest it has ever shipped in an iPhone. Apple shares traded down 1.5% following the showcase.

Meta Platforms introduced Muse, a personal AI agent intended to let users offload tasks such as booking appointments, filling out forms and monitoring home security camera feeds. Analysts at Mizuho wrote that Muse’s user experience is “significantly more consumer-focused” than other AI engines, and they expect the product to be a more serious contender for consumer usage than they had envisioned before launch. Mizuho added that Muse could mark the beginning of a substantial product cycle for Meta that is not currently priced into the company’s shares. “The single biggest hurdle for long-term investors, in our discussions, has been proving out the ROI on AI investment, and we believe the Muse app is a significant step in that direction,” the analysts wrote. Meta shares rose 4.5%.

In Tokyo, SoftBank Group said it will repay an outstanding $25.9 billion bridge-loan balance tied to its OpenAI investments ahead of schedule. The Japanese technology investment company did not discuss how it would fund the repayment, but Nobuhiko Ambiru, a senior credit analyst at Mitsubishi UFJ Morgan Stanley Securities, said in a note that SoftBank may have used margin loans with Arm Holdings shares as collateral. SoftBank holds a majority stake in Arm. Ambiru said SoftBank appears capable of maintaining its fiscal management policy with some buffer, thanks to an increase in net asset value since the previous fiscal year ended in March.

Research firm Digitimes said in a separate note that the next phase of AI infrastructure growth could be shaped less by chip design and more by access to key materials used in high-speed networking equipment. Digitimes estimated that the market for optical modules used in AI data centers will expand to $45.4 billion by 2030, up from $12.6 billion in 2025. But the firm warned that demand for indium phosphide, a material used in laser components, is expected to outstrip supply from 2026, potentially slowing shipments of next-generation products. Suppliers are increasingly using investments and acquisitions to secure capacity, Digitimes said.

Citi analyst Alicia Yap wrote that Baidu’s valuations appear attractive, citing the Chinese technology company’s capital-efficient strategy and stepped-up share buybacks. Yap said Baidu’s addition to the Stock Connect program, which allows mainland Chinese investors to trade in Hong Kong stocks, could draw higher southbound investment flows, though the effect may take time. Citi retained its buy rating and a target price of $166. Baidu ADRs last closed at $92.03.

Public Investment Bank analyst Chong Hoe Leong said Malaysian semiconductor company Inari Amertron appears to be entering a transition period, shifting toward higher-growth AI solutions. Leong said photonics revenue could double to about 200 million ringgit in fiscal 2027 as AI data-center demand rises, and he cited a new testing program for optical communication components as another AI-related growth avenue. Inari has set aside 450 million ringgit in capital expenditure, mainly for optical-photonics processing and plant expansion. Public IB raised its target price on Inari to 3.06 ringgit from 2.60 ringgit while maintaining an outperform rating. Shares rose 0.4% to 2.66 ringgit.

Oppenheimer analysts wrote that customer-engagement software company Braze reported solid second-quarter results, but the company’s third-quarter guidance and decelerating backlog growth disappointed. “Additionally, outsized growth in services revenue in FY27, combined with fears that AI spending will crowd out 2H software spending, raise concerns on subscription growth durability,” the analysts wrote. They added that the market’s negative reaction may have overlooked improving margins and measures of profitability and sales productivity, and that Braze’s growth could reaccelerate after its customer conference in fiscal third quarter. “In our view, these developments suggest Braze’s growth can reaccelerate post its customer conference in F3Q, and the AI ramp is not structurally margin-dilutive,” the analysts wrote, maintaining an outperform rating. Braze shares tumbled 19%.