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Here are the biggest announcements from today's Apple event

Apple unveiled its latest iPhones on Wednesday — including its first foldable iPhone, which starts at $1,999 — at its annual fall showcase, with new CEO John Ternus stepping into the spotlight after succeeding longtime leader Tim Cook earlier this month.

What time is the Apple event?

The event, dubbed "Surprise and Shine" by Apple, started at 1 p.m. ET at its Cupertino, California, headquarters.

The showcase can be streamed at Apple's events page or at the company's YouTube page.

What did Apple announce?

Apple kicked off the event by introducing the iPhone 18, the latest iteration of its smartphone. Compared with earlier generations, the iPhone 18 is higher priced due in part to a global shortage of memory chips, with the iPhone 18 Pro starting at $1,199. The iPhone 17's price ranges from $799 to $1,999, depending on the model.

Ternus said the new iPhone 18 will integrate more AI capabilities and stressed that Apple will maintain users' privacy, with Apple Intelligence — its AI application — running only on the device when possible. If it needs additional computing power, it will run on private cloud computing resources, he added.

The new iPhone 18 will be available in four colors: Black, silver, glacier blue and burgundy, Apple said on Sept. 9.

"When greater capability is needed, private cloud compute extends that same level of privacy protection, ensuring that nobody, not even Apple, can access what's yours. It's personal intelligence that's actually personal," Ternus said.

The iPhone 18 will include a new, powerful chip called the A20, which has a six-core CPU design with two new super cores that Apple said will make the smartphone up to 20% faster.

How much is the iPhone 18?

Apple said the iPhone 18 will start at $1,199, and the iPhone 18 Pro Max will start at $1,299. The devices will go on sale starting on Sept. 12.

The devices are available in black, silver, glacier blue and burgundy, which Ternus called "a sophisticated and unique new color."

How about the foldable iPhone?

Ternus also introduced Apple's first foldable iPhone, dubbed the iPhone Duo. The phone, which is available in two colors — star white and night sky — starts at $1,999 for 256 GB of storage, the company said. It will be available for pre-order on Oct. 16 and ship on Oct. 23.

Apple's first foldable iPhone will be available in two colors, star white and night sky, and start at $1,999, the company said on Wednesday. Pre-orders for the iPhone Duo will begin on Oct. 16, with the device available on Oct. 23.

"We started with the experience that we wanted for ourselves — a larger display that feels as natural and intuitive as iPad," Ternus said. "Then we brought together thoughtful design with breakthrough engineering in a way only Apple can, and the result is a series of remarkable innovations that we believe will redefine the experience of using a foldable phone."

The iPhone Duo has the largest display of any of Apple's phones, Ternus said. When folded, it's about the size of a passport.

"We believe the foldable could be a major hit for Apple, and this is the right time to go after the new hardware chapter under Ternus," Dan Ives, partner and analyst at Yorkville Ives & Co., told CBS News. "Long overdue and the right timing to go after the golden installed base."

How important is the event for new CEO John Ternus?

The keynote address for Ternus will set the tone for his vision of Apple's future, Forrester analyst Dipanjan Chatterjee said.

"John Ternus inherits perhaps the most successful consumer technology juggernaut in modern times. That is both a boon and a burden for him. Tim Cook's perfected execution, scale, and monetization set a high bar, and Ternus must extend that run," Chatterjee said.

Edited by Alain Sherter

The Associated Press contributed to this report.