Apple has sent out invitations for its next big event called "Let Loose." The company is expected to unveil an entirely new iPad models, including the new iPad Pro OLED and the iPad Air. While other announcements are possible, the two high-end iPad models are expected to be the stars of the show.

The event, to be held on May 7 at 7:00 am PT/10:00 am ET, will focus heavily on Apple's beloved tablet. The company's top-of-the-line iPad Pro is expected to take the lead with an OLED display and a slight size increase to 13" for the larger model. The front-facing camera is also expected to be repositioned horizontally, and as is always the case with Apple events, it will be available live on Apple.com and on the company's YouTube channel.

The iPad Air is expected to undergo a major refresh as well. Rumors suggest that a larger 12.9-inch size may be on the horizon in addition to the existing 11-inch model, and Bloomberg reports that in-store inventories of the iPad Air are rapidly dwindling, suggesting that the company is not shipping as many as it should in preparation for the new model's launch suggesting that the company is not shipping as many as it could have in preparation for the launch of the new model.

The iPad Pro will feature Apple's new M3 chip, which is expected to improve performance and graphics capabilities, but it is not clear whether the new iPad Air will feature Apple's M3 or M2 chip. Given that Apple is already working on an M4 chip for the next MacBook, our guess is the former.

The iPad Airs will also reportedly feature an upgraded display, moving from a traditional LCD panel to a miniLED screen for better color performance and possibly increased brightness.

Finally, we have yet to hear much about what Apple will do to the stylus, although it is possible that Apple will announce a revamped Apple Pencil model. There are also reports that the aluminum Magic Keyboard will be redesigned, with a slightly larger trackpad and improved overall usability for the accessory. Still, time will tell if these accessories will be available at the May 7 event.

Since Apple typically focuses on tablets rather than Macs and iPhones at this time of year, other major hardware announcements at the event are not expected. Still, with the event just around the corner, we won't have to wait long to find out.