Apple's 'One More Thing' event unveiled 3 shiny Macs and its new M1 chips. CEO of Apple Tim Cook stated that Apple is having its best year ever as the business has grown 30% in the September quarter. Apple was worth $1,985 billion at the close of the event, but the new Macs did not help the company scrape together the last $15 billion in market capitalization to reach $2 trillion. 

Apple stock is taking a bit of a hit in the last few weeks. Its shares are down 7% in the last month and the latest product launch did not help, as the stock dipped to $115.97 by the end of the event. 

What's new with Apple? 

Apple's third fall event this year revealed the first Macs that will have 'Apple Silicon' in the new MacBook Air, Mac Mini, and MacBook Pro. The new chips are called the 'M1' and deliver up to 3.5-times faster central processing unit performance than Intel processors, ensure two-times longer battery life, and greater graphic performance. There are also security features built into the chips. Apple also now has the ability to develop 'universal apps' which can run on both Intel-based and M1-based Macs, iPhones, and iPhones which will increase Mac's traditionally weak gaming capabilities.

The first M1-powered Mac unveiled was the fanless MacBook Air which is 3.5 times faster than the prior generation and with the absence of any fans, runs completely silent. It has a 13.3'' display, 15-hour battery life, Touch ID, and will retail at $999. The new Mac Mini is also supporting the M1 chip, and its price has dropped $100 to $699. The MacBook Pro's battery life will be bumped up to 17 hours with the new chip and can provide 20 hours of video playback. The computer will sell for $1,299 and will have Touch ID and a TouchBar. The next update to macOS is version 11.0, known as 'Big Sur', which will be available to ship on November 12th. 

The California-based company declared that its transition from Intel chips to its homegrown processors will take two years to complete. This transition is a major step for Apple as it gains more control over its hardware. Analysts claim that one of the reasons Apple is breaking its 15-year long relationship is due to Intel falling behind on manufacturing. Apple is the fourth-largest PC maker in terms of shipment numbers, so its plan to use its own processors for the entire line of its new hardware products will definitely have an impact on Intel, whose shares dropped 0.4% to $45.44 by the end of the Apple event. 

The Street's Reaction 

Apple's new M1 chips are in keeping with its strategic goal of controlling everything from processors to its software, making its products tremendously integrated. However, the launch of the new Macs did not excite viewers. News of Apple becoming a bigger chip developer and cutting its ties with Intel left investors unsurprised. Cook stated that more people than ever are choosing Mac, so perhaps the holiday buying season will reverse Apple's recent revenue stagnation.

MyWallSt operates a full disclosure policy. MyWallSt staff currently holds long positions in companies mentioned above. Read our full disclosure policy here.