Apple (AAPL.O) on Tuesday opened its annual showcase, where it is expected to reveal a new range of iPhones, including a slimmer “Air” model that could foreshadow the launch of a folding phone next year.

The streamlined handset, which analysts believe will sit between the more affordable iPhone 17 models and the high-end iPhone 17 Pro line, is tipped to be the highlight of an event otherwise focused on incremental improvements to Apple Watches and other core products.

The iPhone Air is set to compete directly with Samsung Electronics’ Galaxy S25 Edge. Analysts told Reuters it may serve as a bridge towards challenging Samsung’s folding phones, now in their seventh generation.

The launch at Apple’s Cupertino, California, headquarters comes amid a global trade reshuffle driven by U.S. President Donald Trump, with Apple estimating tariffs will add more than $1 billion to its costs this quarter. Market watchers are keen to see whether Apple will raise iPhone prices or instead keep entry-level models steady while raising costs for higher-storage versions to offset tariff pressure.

The new iPhones will debut without major updates to Siri, Apple’s voice assistant, which has been postponed until next year. For now, attention is on whether Apple will expand its artificial intelligence partnerships—having already teamed up with OpenAI, creator of ChatGPT, to power certain features in its operating systems—before the launch of a revamped Siri.

Last month, Alphabet (GOOGL.O) introduced new handsets, including a folding model, to showcase its Gemini AI platform.

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