Apple jumped 3.6% Thursday while the S&P 500 fell, one day after unveiling its first foldable iPhone, the iPhone Duo, starting at $1,999.

The bigger bet is the math behind it. Counterpoint estimates Apple could sell nearly 6 million Duo phones by year-end, roughly a quarter of the global foldable market. But foldables are still under 3% of worldwide smartphone shipments. Apple is trying to turn a niche category into its next premium growth engine while the broader market sits under pressure from oil, inflation, and rising yields.

The next test comes Monday, when Siri AI begins rolling out in beta.

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