January 19, 2023

Apple is working on new smart home products to compete with Amazon and Google

Man using tablet with smart home control functions at home. — ArtistGNDphotography

Amid a bevy of new product announcements, Apple (NASDAQ:AAPL) is not resting on its laurels and is reportedly working on new smart home products to further compete with Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG) (NASDAQ:GOOGL).

The tech giant is working on a smart display based on the iPad that can perform tasks such as control thermostats and lights, show video and more, Bloomberg reported, citing people with knowledge of the plans. The new device could be mounted on a wall and allow it to be used as a home device as opposed to a traditional iPad.

The company has also talked about building larger smart-home displays, the news outlet added, citing the people. This product could compete with Amazon’s (AMZN) Echo Show or Google’s (GOOG) (GOOGL) Nest Hub.

Apple (AAPL) could also create a home stand for the iPad, allowing it to better compete with the aforementioned products, the news outlet added.

In addition, Apple (AAPL) is working on changes to its Apple TV set-top box that could have a faster processor. The new Apple TV set-top box could be unveiled in 2024, Bloomberg added.

Apple (AAPL) shares fell fractionally in extended-hours trading following the report.

Cupertino, California-based Apple (AAPL) did not immediately respond to a request for comment from Seeking Alpha.

On Wednesday, Apple (AAPL) unveiled the second-generation HomePod speaker, which retails for $299. Apple (AAPL) discontinued the original HomePod speaker after it failed to sell well, though the cheaper, $99 HomePod mini has had some success in the smart speaker category.

A day earlier, Apple (AAPL) unveiled new MacBook Pro laptops, an updated Mac mini and the new M2 Pro and M2 Max chips.

Apple (AAPL) was fined $17M on Wednesday by Russia’s monopoly regulatory agency over what it called an abuse of a dominant market position.

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