Samsung mocks Apple’s first foldable phone launch as it dominates the market
Hours after Apple announced its inaugural foldable smartphone, Samsung launched a social-media campaign ridiculing the device, while oil prices rose above $100 a barrel, influencing expectations for a Federal Reserve rate hike.
Apple unveiled its first foldable phone on Tuesday, marking the most significant change to its iPhone release schedule in seven years. Within hours, Samsung responded with a series of social-media posts aimed at iPhone users, describing the new device as lacking innovation and joking, "so far, so same," and "Let us know when you're done reheating our leftovers."
Samsung has led the foldable-phone segment since 2019 and appears intent on defending its market position against Apple’s entry. The company’s campaign underscores the competitive tension between the two tech giants in the emerging foldable market.
In unrelated market news, U.S. crude oil prices climbed back above $100 a barrel, the highest level in more than three months, as the conflict between the United States and Iran continues and recent strikes target regional tankers and infrastructure. The rise in oil prices has increased the probability of a Federal Reserve rate hike at its upcoming meeting, while the European Central Bank has already raised its rate to 2.5% amid concerns about inflation and slower growth.
U.S. stock futures were largely unchanged ahead of Friday’s consumer-inflation report, the last major data point before the Fed convenes.