Apple Inc. (AAPL  ) has announced a special event scheduled for May 7, where it is expected to unveil new iPads.

What Happened: The tech giant has sent out invitations to a "special Apple Event" on May 7, at 7 AM PT/10 AM ET. The event will focus on the new iPad models, as indicated by the image on the invite, which features the Apple Pencil.

Like always, Apple has a tagline for this iPad event, too: "Let loose," says the company.

Rumors suggest that the iPad Pro will undergo significant upgrades, including an OLED display, an updated M3 chipset, and a horizontal repositioning of its front-facing camera.

There may also be a new Apple Pencil and a redesigned Magic Keyboard with an aluminum build and a larger trackpad. The iPad Air is also expected to see updates, possibly including a larger 12.9-inch size.

The current iPad Air inventory at Apple's retail stores has been dwindling, hinting at an imminent upgraded model, according to a recent report by Bloomberg's Mark Gurman.

Why It Matters: This event follows reports that Apple was planning to end the 18-month drought with a new iPad launch.

Earlier in the year, Apple was reported to be planning a range of new models and enhancements for its iPad Air, iPad Pro, and MacBook Air, aiming to counteract falling sales in its Mac and iPad segments.

This also comes amid Apple's struggles in China - iPhone sales fell 19% in the country during the March 2024 quarter, while rival Huawei Technologies Co. witnessed a 70% rise, according to Counterpoint Research data.

Price Action: At the time of writing, Apple's stock was trading at $166.49, up 0.39%, according to Benzinga Pro.