Apple announces new iPad Pro with M4, iPad Air tablets
Apple on Tuesday announced new versions of its iPad Air and iPad Pro tablets.
“This is the biggest day for iPad since its introduction,” Apple CEO Tim Cook said in a short video posted on the company’s website.
The new iPad models are the first Apple has released since October 2022, marking the longest stretch between updates since the device launched in 2011.
Apple’s new iPad Pro comes in two sizes, and starts at $999. It also has a new add-on case called Smart Keyboard that makes it feel like a laptop.
The iPad Pro, Apple’s most expensive and advanced tablet, will come in two sizes, an 11-inch model and a 13-inch model, Apple said. The company called the product its thinnest ever, coming in at 5.1 millimeters thick.
The smaller iPad Pro starts at $999, and the larger 13-inch model starts at $1,299 with 256GB of storage, a slight price increase from its predecessor.
The iPad Pro will snap into a new case that Apple calls Magic Keyboard, which is made out of aluminum and pairs the tablet with a keyboard and trackpad. Apple said that using the case will make using an iPad Pro feel similar to a laptop experience, i.e., “just like a MacBook.”
Apple’s new Magic Keyboard accessory.
CNBC/Todd Haselton
The Magic Keyboard will cost $249 or $299, depending on size. Apple also announced an updated stylus called the Apple Pencil Pro for $129.
The fresh iPad models use a new Apple chip called the M4, an update from the M3 chips that currently power Apple’s laptops. Apple said that the M4 chip was an “outrageously powerful chip for AI,” noting, as an example, its ability to help power software that isolates subjects from their backgrounds in videos.
“This stunning design and breakthrough display required we make the leap to the next generation of Apple silicon,” John Ternus, an Apple hardware executive, said.
Apple’s new iPad Pro from the back.
CNBC/Todd Haselton
Apple said its iPad Pro tablets will use a new kind of display called the OLED — the same technology Apple uses on its iPhones — and that the new tablets will be brighter and have more vibrant colors than older models. The company also said it developed a technology called “tandem OLED” to create the screens, which are branded as Ultra Retina XDR.
The company said the iPad Pro could be a useful tool for professional video producers, and announced a new app called Final Cut Camera that can control multiple iPhone cameras. The iPad Pro comes with a 12 megapixel rear camera that can record 4K video, according to Apple. The company also announced an update to the camera’s flash, which should make scanning documents easier.
The new tablets and accessories are up for preorder now and will go on sale next week.
Apple’s iPad Air starts at $599 and was updated with a faster M2 chip.
CNBC/Todd Haselton
Apple said the iPad Air will come in two sizes: an 11-inch option that matches older models and a larger 13-inch model. Both are equipped with Apple’s M2 chip. The smaller iPad costs $599 for 128GB of storage, and the larger iPad starts at $799.
Apple has also moved the front-facing camera to the longer side of the device — landscape mode — to be better for videoconferencing, matching the more expensive iPad Pro models.
The iPad Air will be available in stores next week and comes in a variety of colors, including blue, purple and gold.
Apple also dropped the price of its entry-level iPad to $349, down from its previous $429 price.
Chesnot | Getty Images
Dogecoin shot higher on Tuesday night, extending its postelection surge after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, which he referred to as “DOGE” in his statement.
Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder, will lead the department, Trump said in a statement. Together, they “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
Dogecoin was last up nearly 20%. It has been one of the biggest winners in the postelection rally, gaining 153% since election day compared to bitcoin’s 30% rise in the same period. It also shot past XRP this week to become the sixth largest cryptocurrency by market cap.
Dogecoin jumped after President-elect Donald Trump announced the creation of the Department of Government Efficiency, or “DOGE.”
Memecoins are seen as a gauge of retail interest and risk appetite in crypto. When memecoin activity ramps up, it usually indicates that retail investors are participating and have an appetite to speculate further out on the risk curve.
Trump initially floated the idea of an efficiency commission in September. Since then, Musk — who has called himself the “Dogefather” in the past and has been known to make public comments about the memecoin that influence its price — has posted on his social media platform X, referring to the commission as the “Department of Government Efficiency” or “D.O.G.E.”
Dogecoin gained relevance in 2021 following Musk’s endorsement and continuous hype on social media, which has since become a big catalyst for the coin. In May that year, Musk’s posts fueled dogecoin’s rally to its all-time high of 67 cents, per Coin Metrics. Though his appearance at the time on SNL, in which he called dogecoin “a hustle,” sent its price crashing down.
The rest of the crypto market was on pause from its postelection rally. Bitcoin was trading flat at about $87,000, after briefly touching $90,000 in late afternoon trading. Crypto stocks Coinbase and MicroStrategy were lower by 1% and 2%, respectively, in extended trading.
Elon Musk embraces Donald Trump during a campaign rally in Butler, Pennsylvania on Oct. 5, 2024.
Anna Moneymaker | Getty Images
President-elect Donald Trump said Tuesday that Elon Musk and former Republican presidential hopeful Vivek Ramaswamy will lead an efficiency group when his second term begins in January.
Trump wrote in a post that the Department of Government Efficiency, or DOGE, will “become, potentially, ‘The Manhattan Project’ of our time.” He also said the group would, “pave the way” for his next administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”
Trump didn’t specify where cuts will take place or when the department may be formed. Congress hasn’t created or funded such an office. He said the group’s “work will conclude no later than July 4, 2026.”
Musk’s involvement in the envisioned group was previously promised by Trump and touted by the Tesla CEO, who spent an estimated $200 million backing the Republican nominee’s 2024 campaign, as a reason to put the former president back in the White House. Musk, who also runs defense contractor SpaceX, has reportedly been stationed at Trump’s Mar-a-Lago resort in Florida since Election Night.
Ramaswamy, who challenged Trump in the Republican primary, is co-founder of investment firm Strive Asset Management. He has opposed the widespread adoption of environmental, social and governance, or ESG, principles by companies.
Trump announced a number of other appointments Tuesday, including naming Fox News host Pete Hegseth as his pick for defense secretary and John Ratcliffe as CIA director.
The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange on Dec. 4, 2023.
Brendan Mcdermid | Reuters
Spotify shares rose in extended trading Tuesday after the Swedish music streaming company issued a profit forecast for the fourth quarter that topped estimates.
Here’s how the company did, compared with what analysts expected:
- Earnings per share: 1.45 euros vs. 1.72 euros expected by LSEG
- Revenue: 3.99 billion euros vs. 4.02 billion euros expected by LSEG
- Monthly active users (MAUs): 640 million vs. 639 million expected by StreetAccount
While the company’s earnings and revenue for the third quarter trailed estimates, investors focused instead on guidance for the current period.
Spotify said operating income in the fourth quarter will come in at 481 million euros, exceeding the average analyst estimate of 432.7 million euros, according to StreetAccount. MAUs will increase to 665 million, while analysts were expecting 659.3 million, based on a StreetAccount estimate.
Still, revenue guidance trailed estimates. The company said sales will reach 4.1 billion euros, below the average analyst estimate of 4.26 billion euros, according to LSEG.
Subscribers to Spotify Premium, the company’s ad-free membership service that allows users to select songs on an unlimited basis, increased 12% year over year to 252 million, slightly ahead of estimates.
Spotify shares rose about 8% after the report to $452.35 after rising 2.2% in regular trading. The stock has more than doubled in value this year.
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