Apple, Inc.’s (NASDAQ: AAPL) first hardware event titled “California Streaming” is underway this afternoon.

The event assumes importance because the tech giant is expected to announce the next iteration of its flagship product, widely referred to as the iPhone 13. Remember, iPhone fetches roughly half of Apple’s revenues.

Rumors regarding the new iPhone, ranging from its name, specs, features and timing of launch, have been floating around long before the event. Consensus expectations are that the four variants of the model will come with the same specs and have improved camera features. Wedbush analyst Daniel Ives has been sounding out a 1-terabyte storage option and lidars for the new iPhone model.

See Also: Is Now The Time To Short Apple?

Apple is also expected to unveil Watch Series 7 and possibly the third generation of AirPods. In the run-up to the event, it was rumored the ninth generation of Apple’s low-cost iPads will make its appearance at the event.

The keynote event can be watched here at 1 p.m. ET.

Fo all the latest from the event, follow our live coverage below:

1:24 pm: Jeff, Williams, COO, announces next-gen Apple Watch

1:20 pm: iPad Mini priced at $499, orders can be done immediately and it will be available by next week.

1:18 pm: AiPad Mini supports second-gen Apple pencil, and comes with folio cover

1:17 pm: 5G coming to iPad Mini, back camera with 12 mega pixels, front camera is 12 mega pixels ultrawide camera

1:16 pm: Apple announces big upgrade to its iPad Mini; it is to have narrow borders, elegant rounded corners, to come with four color; size at 8.3-inches. New iPad mini is to have 40% more CPU performance and 80% higher GPU performance. It is to have the same USB C-port

1:11 pm: New iPad starts at $329, to be available next week; it comes with A13 bionic chip and 12 mega pixel camera.

1:10 pm: Cook annouces new iPad; it comes with ‘Center Stage’ feature as with the iPad Pro, and True Tone.

1:04 pm: Cook chooses to talk about Apple TV+ and the new shows coming on it, including the ‘Morning Show.’

1:03 pm: Tim Cook starts off with some good things about California

12:55 pm: Apple shares are modestly weaker heading into the event.

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