Apple’s newest version of the iPad Mini will hit the market on Oct. 23 with the technology to run artificial intelligence (AI) features.

The tech giant on Tuesday touted the new tablet as delivering "incredible value and the full iPad experience in an ultraportable design" as it unveiled the device.

The upcoming iPad Mini will have a starting price tag of $499, Apple said. Pre-orders for the device have already opened ahead of its launch next week.

Apple built the iPad Mini with the A17 Pro chip that will allow it to run Apple Intelligence and other new features, according to the company. It will also have iPadOS 18.

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Using a software update, the tech giant will bring initial AI features such as ones for writing, Siri and cleaning up photos to the U.S. later in the month.

More will be coming "over the next several months," Apple said. Capabilities to create images, custom emojis and utilize ChatGPT will be among them.

Apple has also increased the base level of storage the iPad Mini offers twofold from that of its predecessor to 128GB.

It will have a 12MP wide back camera with Smart HDR 4 and a 12MP Ultra Wide front camera, the company said.

Apple has also added compatibility with the Apple Pencil Pro.

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The tech giant last released a new model of the iPad Mini about three years ago. The first edition of the tablet debuted in 2012.

Apple’s tablet lineup also includes the iPad, iPad Pro and iPad Air.

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The company’s iPad segment has produced $19.74 billion in net sales over the first three quarters of the year. That represents nearly 7% of the $296.1 billion in net sales Apple has generated over the nine-month period overall.

The unveiling of the latest iPad Mini model comes about a month after Apple debuted its iPhone 16 slate including the iPhone 16, iPhone 16 Plus, iPhone 16 Pro and iPhone 16 Pro Max.