Apple Stock Rises to Fresh Record as Company Announces New iPad Mini

Apple (AAPL) shares rose Tuesday, briefly touching a new record high, as the tech giant unveiled another new product: its newest iPad Mini.

The newest version of Apple’s smallest tablet launches on Oct. 23, with preorders available starting Tuesday at $499. The new iPad Mini is available in a variety of colors and storage capacities, and will be powered by the A17 Pro chip—which was in the high-end models of last year’s iPhone 15 range of phones.

The A17 Pro chip means the new iPad will be able to use the artificial intelligence (AI) features that Apple showcased during last month’s iPhone 16 launch. The AI features are set to start being rolled out to Apple users sometime this month through an iOS update, and the new Mini will also be compatible with the newest Apple Pencil Pro, announced earlier this year.

Some Analysts Question Delayed AI Feature Rollout

Some analysts have raised questions about whether the delayed release of the AI features, coming at least a month after the iPhone 16 was released, could damp customer excitement about the new phones and lead to slower sales until the features are released.

“iPad mini appeals to a wide range of users and has been built for Apple Intelligence, delivering intelligent new features that are powerful, personal, and private,” Bob Borchers, the company’s vice president of worldwide product marketing, said in a press release Tuesday.

Apple shares closed up 1% at $233.85 Tuesday, after briefly setting an intraday record high of $237.49 earlier in the session, surpassing the $237.23 intraday peak set in July. The shares have gained about 21% since the start of 2024.