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They underpriced expectations for sure. But was there any competition at that point? Android tablets weren't a thing yet. Galaxy Tab, Motorola Xoom, and others all followed. Most of them from cell carriers with two-year contracts, so the price was subsidized and hard to compare to Apple's. But I think Apple was first on this one(?)
Considering foldables are ~1% of the US market today, is that really considered 'competition' for Apple?

Apple can single-handedly take the overall market share of foldables from 1% to >10%... they only have to price theirs elastic enough to take share from existing iPhone base. They will do what they do best.. cannibalize their own products. And you don't have to price it 50% more than iPhone Pro Max to do that.

Foldables in 2025 is actually the perfect corollary to the tablet market in 2010. Sure, a few (1%) of early-adopters have them, but they are nowhere near a common sight. Here comes Apple to change all that...
 
("Enfolded 'Book' Is As 'Two Shorte Parchment Scrolls Multipliede And Subsequentlee Fasten'd Together At The Pointe At Which They Are Moste Fasten'd', By The Will Of Our LORD")
 
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