Apple has announced a highly anticipated event taking place on May 7 at 10 am ET. The event with the tagline "Let loose" will be livestreamed on Apple's website and is expected to reveal new iPad models and features. This announcement comes after a break in iPad releases in 2023.

According to CNBC, analysts and reports are speculating about potential upgrades to the high-end iPad Pro and a larger iPad Air. The Apple Pencil is prominently featured in the invitation graphic, indicating that the focus will be on iPad-related announcements.

Upcoming iPad Air, iPad Pro Upgrade

Bloomberg's Mark Gurman writes in a recent newsletter that retail iPad availability is dwindling ahead of the anticipated revamp. According to sources, inventory of several iPad Air models in retail stores has begun to decrease, while current iPad Pro models remain well-stocked.

According to Gurman's report, the iPad Air will be refreshed soon, as will the iPad Pro, which may get a new OLED screen. However, the report calls Apple's marketing strategy into question if the latest models are significantly more expensive than the current ones.

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The event's timing aligns with past spring announcements from Apple, CNBC noted, including the March 2022 launch of the iPad Air alongside a lower-end iPhone.

Further details and updates are anticipated during the event, with additional announcements expected at Apple's Worldwide Developers Conference in June.

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