Apple unveiled its first foldable phone, the iPhone Duo, this week with prices starting at £1,999
Apple own 21% of the global smartphone market to Samsung’s 23% while foldables account for just 2%[2]
Samsung's share price outperformance of Apple in 2026 (116% v 21%) has been more to do with AI chip sales than phones[3]
Source: Alpha Terminal, Apple & Samsung 5 Year share price performance
Better late than never
Ever since Steve Jobs unveiled the first iPhone in 2007, Apple seems to have adopted a follower strategy, whereby they let competitors do the costly innovation before refining it for a better user experience. Foldables are the next technology to follow this pattern. Apple has spent close to a decade fending off questions about a folding iPhone, while Samsung has been quietly ironing out the creases since its first Galaxy Fold shipped back in September 2019. That wait ended this week though when Apple unveiled the iPhone Duo, its most expensive phone to date, starting at £1,999 and rising to £3,199 for extra storage.[1]
Apple’s share price is largely flat on the week despite the announcement. However, the stock has returned 7% over the last month, perhaps because the foldable device was heavily leaked. Apple’s valuation is looking a little expensive at the moment with a forward P/E of 36x which is towards the top end of its past decade average.[4] On one hand a premium valuation poses risks, on the other hand it shows investor confidence and a willingness to pay those premium prices.
Source: Counterpoint research, Global Smartphone Share
Global market share
Foldables account for just 2% of the overall smartphone market; however, it is forecast to grow another 37% in 2027. Samsung currently own about 51% of the market share of foldables and it will be interesting to see how much of this Apple can snap up. [2]
If we zoom out to the broader smartphone market, Samsung and Apple have effectively been trading the number one and two spots for the past few quarters, each holding around the 20% mark of global shipments. Interestingly, Apple and Samsung’s combined share has increased in 2026 from 37% to 42-43% largely because a global memory chip shortage has squeezed smaller rivals. Xiaomi, Oppo and Vivo have all lost share as component costs have risen faster than they can absorb.[5]
The real Samsung story isn't phones
It would be easy to read Samsung's extraordinary 2026 share price return, up 116% YTD, as a foldables success story. The reality though is that the rally has been driven almost entirely by Samsung's semiconductor division, as surging demand for memory chips from AI data centre operators has sent chip prices, and Samsung's earnings, sharply higher.[3] The same memory shortage that has been squeezing Samsung's smartphone rivals has, ironically, been filling Samsung's own coffers on the chip side of the business.
Bowmore portfolios
In our Core portfolios, Apple and Samsung are the joint 6th largest holdings held indirectly through our Global, US and EM Equity funds. It may seem strange at first to have meaningful positions in two companies that are competing; however, we believe they offer very different exposures. The exposures provide different characteristics: Apple is predominantly exposed to consumer technology and services, while Samsung also has significant semiconductor exposure linked to demand from areas including AI infrastructure.
Source: AlphaTerminal, data as at 11/09/2026
The comments above reflect Bowmore's current investment views and are provided for information purposes only. They do not constitute a personal recommendation or investment advice, and future market conditions and investment outcomes may differ from those anticipate
The value of your investments can go down as well as up, so you could get back less than you invested. Past performance is not a guide to future performance.
Sources:
1Apple.com — Buy iPhone Duo
2 Counterpoint Research — Global Foldable Shipments to Hit 100-million Cumulative Milestone by End of 2026
3 Samsung News – Q2 2026 Results
4 Schroders monthly update
5 Smart Analytics Global — Global Smartphone Shipments Fall 8% in Q2 2026; Samsung and Apple Gain Market Share