Something to look forward to: Following months of rumors and speculation, Apple appears ready to lift the curtain on new iPad models. If prior reports prove accurate, the Cupertino giant will soon begin shipping updated iPad Pro and iPad Air models with faster processors and new front-facing cameras. The iPad Pro should also get an OLED screen.

Apple announced its next livestream event is on May 7. During the keynote, the rumor brokers expect it to reveal iPad models with new displays, cameras, and processors. Credible leaks regarding details of the new iPads have circulated since last year, but their projected release dates moved multiple times until Bloomberg's Mark Gurman pinpointed a May launch. The company's announcement suggests that it's finally ready to ship the new tablets.

Barring last-minute surprises, the new iPad Air will feature an M2 processor and a 12.9-inch variant for users who want an extra-large screen without paying for an iPad Pro. Meanwhile, the updated iPad Pro will upgrade to the M3 and receive the lineup's first-ever OLED panel.

The OLED models might be lighter but also more expensive. While information regarding the final price is scant, at least one new iPad Pro might still be attainable for under $1,000.

Apple might also move the front-facing cameras for both models to the side, enabling the use of FaceTime in landscape mode. The last time the company released new iPads was in 2022, when it introduced this change with the 10th generation iPad.

Other rumors regarding the upcoming iPads mentioned an updated Apple Pencil and Magic Keyboard. Apple CEO Tim Cook's tweet promoting the May 7 event hints that a new Apple Pencil might be imminent with the tongue-in-cheek phrase, "Pencil us in." If the showcase also reveals an upgraded keyboard, prior reports suggest it should have a larger touchpad resembling a MacBook's.

It's unclear how much Apple will incorporate the iPad in its long-anticipated plans for generative AI, which the company could unveil at WWDC in June. Through the second half of 2024 and early 2025, Apple will unveil new iPhones and Mac models, incorporating the A18 and M4 processors. The new silicon features dramatically boosted AI performance with dedicated neural cores. These cores will empower new software, including applications on iOS 18, to process AI tasks entirely on-device to minimize reliance on cloud servers.

Revisit this article on May 7 at 10 am EDT to watch the event live or watch it on Apple's home page.