Apple has announced its second product event of the season, which is set to take place on Monday, October 30 at 8:00 p.m. ET/5:00 p.m. PT. This event comes just a month after the company unveiled its new iPhone 15 lineup. Unlike previous events, this one will be accessible via livestream only, a departure from Apple's usual practice of hosting both in-person and online product launches.

The tagline for the event, "scary fast," is a clear hint at the unveiling of Apple's next-generation silicon chip, the M3. This chip is expected to be featured in the new iMac computers that will be showcased at the event. The introduction of the powerful M3 chipset is anticipated to give a much-needed boost to Mac sales, which have been sluggish this year.

According to market research firm IDC, weak demand, excess inventory, and a worsening macroeconomic climate have all contributed to the decline in shipments of traditional PCs, including Macs. Therefore, Apple's decision to introduce new iMacs with the M3 chip is seen as a strategic move to revitalize the Mac market.

Last year, Apple introduced its M2 chip to the MacBook line, and now it is expected that the 24-inch iMac will receive the M3 chip at this year's event. However, there have been no rumors of a new iPad launch at this time.

Apple made headlines in 2020 when it launched its first in-house silicon chip, the M1, for its computer lineup. This marked a significant shift away from using Intel chips, with Apple claiming that the M1 offered the world's fastest CPU core and the fastest integrated graphics in a personal computer.

The progress of Apple Silicon has captured attention in recent years, with its impressive performance in terms of processing, thermal efficiency, and battery life. The transition away from Intel chips to Apple's custom-made silicon has allowed the company to gain substantial ground in the traditional PC and laptop market. The introduction of the M3 chip is expected to further enhance performance and solidify Apple's position in the industry.

Data from IDC Research shows that in the second quarter of 2023, Apple computers held about 8% of the global market share, with a 10% year-over-year growth. This growth is likely to continue as the company brings the M3 chip to the 24-inch iMac and potentially some MacBook Pro models of various sizes. However, it remains unclear if these new computers will be available before the holiday shopping season.

Analysts have noted that while the M chips offer incremental improvements in performance, the difference is not as significant as when Apple made the switch from Intel chips to its own silicon. Therefore, the success of the M3 chip will depend on whether it can provide a substantial jump in performance over its predecessor, reigniting demand in the market.

In addition to the new iMacs and potentially MacBook Pro models, Apple may also showcase new accessories at the event, as the company moves towards a USB-C universal charging system.

While this event is online-only and scheduled for an unusually late start time, analysts believe that it may not be one of Apple's major announcements for the year. Apple's annual September event is typically the company's largest and most significant event.

Overall, Apple's continued investment in its custom-made silicon chips demonstrates the company's commitment to innovation and its goal of offering top-of-the-line performance in its products. The introduction of the M3 chip is eagerly anticipated, not only for its potential impact on Mac sales but also for the overall competitiveness of Apple in the PC and laptop market.