Apple Inc. AAPL is gearing up for a significant launch of new iPad Pro and iPad Air models in May, ending a nearly 18-month drought.
What Happened: Apple is planning to unveil the new iPad Pro and iPad Air in the week of May 6, according to Bloomberg's Mark Gurman.
The launch will include new 11-inch and 13-inch OLED iPad Pro models, an enlarged 12.9-inch iPad Air, and updated Magic Keyboard and Apple Pencil accessories.
This announcement marks one of Apple’s most significant iPad hardware releases, following a hiatus of nearly a year and a half without new iPad hardware.
The new iPad Pros will feature improved displays, transitioning from mini-LED to OLED panels, offering deeper contrast and brightness. The design is also expected to be updated, with a thinner chassis and the front camera moved to the landscape edge. The M3 chip will power the new Pros.
However, the price points for the new models are expected to rise. The current-generation 11-inch iPad Pro starts at $799, and the 12.9-inch iPad Pro starts at $1099.
The new 12.9-inch iPad Air will provide a more affordable option while offering a larger screen size. The new iPad Air’s processor configuration is yet to be confirmed.
As for the new accessories, the new Pencil is expected to have a new squeeze gesture feature, and the new Magic Keyboard will make the tablet resemble a laptop even more closely.
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Minor improvements are expected to be made to the base model iPad and iPad mini later in the year.
Why It Matters: The new iPad models are also speculated to showcase matte-finish displays, an unprecedented feature for the iPad series.
The launch of these new iPad models comes when Apple is reportedly looking for its next big revenue driver, as the iPhone is no longer the revenue powerhouse it used to be.
The company has been planning to launch a range of new models and enhancements in early 2024 to counteract falling sales in its Mac and iPad segments.
Price Action: Apple's stock closed 0.45% up at $169.58 on Friday, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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