Apple Unveils Smart Home Hub Plans Ahead of October 13 Event

Apple's stock surged nearly 3% on Wednesday after reports emerged that the tech giant is preparing to unveil an all-new smart home hub at its upcoming event on October 13.

The hub, which will allow users to control devices throughout their homes and access personalized content via voice or facial recognition, marks Apple's entry into the smart home space.

According to Bloomberg's Mark Gurman, the hub will be a crucial product category for Apple under CEO John Ternus, with potential to generate significant revenue for the company.

The hub will also feature a secondary version with a robotic arm that allows the screen to rotate 360 degrees.

In addition to the hub, Apple is releasing new versions of its Apple TV set-top box and HomePod mini smart speaker, both powered by more efficient processors to run Siri AI.