Huawei Technologies unveiled its new Mate XT tri-foldable phone in Shenzhen on Tuesday, just hours after Apple introduced its iPhone 16 lineup with advanced AI capabilities. The Mate XT, priced around $2,800, features a 10.2-inch 3K display and a built-in AI assistant for tasks like summarizing articles and photo editing. Huawei’s new device, which has already received over 4.6 million preorders, boasts a unique accordion-like folding design and is positioned to lead a new era of folding smartphones. This launch comes amid ongoing tensions with US regulators, who have imposed sanctions on Huawei, affecting its access to technology and impacting its global business operations. Despite these challenges, Huawei reported a net profit of $12 billion last year.