Samsung's DJ Koh shows off the Galaxy Fold on Wednesday. Photo: Justin Sullivan/Getty Images

When Samsung showed off its foldable smartphone Wednesday, there were some "oohs" and "aahs." But when the company announced the phone would start at $1980, the enthusiasm turned to groans and dropped jaws.

Why it matters: The announcement pushes the price of smartphones — or at least one phone — to previously unheard of altitudes, raising the question, "Just how high can smartphone prices go?"

The bottom line: A tiny fraction of folks will pay $2,000 or more for a smartphone provided it is significantly luxurious and makes them the coolest executive or celebrity in the room.

  • That's clearly the market Samsung is going for with its Galaxy Fold, though it didn't specifically say who might buy the new device.
  • For most people, though, current top-of-the-line smartphones are already stretching their budgets.
  • It wasn't that long ago that $800 was seen as the highest starting point consumers would stomach.

Flashback: In 2015, I predicted that Samsung had gone too far and that $900 would prove to be the high water mark for non-Apple phone prices.

  • "The era of the big-bucks phablet is coming to an end," I boldly and wrongly declared.

Meanwhile, high-end phone prices have moved steadily upward in recent years even as the market has matured, with consumers showing plenty of appetite to pay up for larger screens and better cameras.

  • Yes, but: There's a difference between a little year-over-year price creep and introducing a phone that costs more than a high-end smartphone and tablet combined.

The Galaxy Fold raises other questions, too, including whether the world really needs a foldable phone. For the uninitiated, the Galaxy Fold consists of a smaller "cover screen" and then the big unfolding tablet-size one that appears when you open (aka unfold) the device.

  • The pros: A foldable phone lets you have something that's easy to hold and can often be put in a pocket, while also offering more screen real estate for browsing the web or watching a movie.
  • The cons: Obviously first and foremost is the cost. But the Galaxy Fold is also thicker when folded up than a traditional phone, and its folded-up screen is just 4.6 inches diagonally.

While this effort is sleeker than past attempts, others have introduced devices that took a roughly similar approach with less advanced technology.

  • One of the more recent attempts was ZTE's Axon M, which had similar pros and cons, albeit at a price tag that was less than half of the Galaxy Fold.

What's next: Expect more foldable devices, with Huawei, Xiaomi and Lenovo all in various stages of development.

Go deeper: Smartphone ownership is rising around the world

Go deeper

Two officers shot in Louisville amid Breonna Taylor protests

Police officers stand guard during a protest in Louisville, Kentucky. Photo: Ben Hendren/Anadolu Agency via Getty Images

Louisville Metro Police Department said two officers were shot downtown in the Kentucky city late Wednesday, just hours after a grand jury announced an indictment in the Breonna Taylor case.

Driving the news: Metrosafe, the city's emergency services, said it received reports of a shooting at South Brook St. and Broadway Ave., near the area where protests were taking place. A police spokesperson told a press briefing the injuries of both officers were not life-threatening. One officer was "alert and stable" and the other was undergoing surgery, he said.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

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