A look at Apple's path to a foldable device, the biggest change in iPhone history; sources: memory shortages led Apple to blow past an early $1,999 price goal (Mark Gurman/Bloomberg)

Apple’s chief executive Tim Cook returned from an Asian trip in 2020 energized about a foldable-phone category, prompting internal work on a foldable iPhone. Development was hampered by memory-chip shortages, which forced Apple to abandon an early target price of $1,999 and ultimately push the device’s cost higher.