(Reuters) – Apple Inc on Tuesday launched a low cost 5G iPhone SE, the cheapest of its kind, that would directly compete with rivals in the mid-range smartphone market and give the world’s most valuable company a chance to woo consumers on a budget.

At the event, titled “Peek Performance”, Apple also introduced its fastest chipset, a brand new high-performance computer and brought nearly all of its devices on the 5G bandwagon.

iPHONE SE – FASTER, BETTER, CHEAPER

It is the first update to iPhone SE since 2020 and it will now come with 5G and a faster A15 Bionic chip.

The $429 phone gives Apple a better chance to compete with industry leaders Samsung, Xiaomi and others in the mid-range smartphone market and bring more users looking for faster connectivity on the Apple ecosystem.

In comparison, iPhone 13 with 5G, which was launched last year, starts at $799. The previous iPhone SE had a $399 price tag.

The new iPhone SE will start shipping from March 18.

IPAD REFRESH

The iPad Air gets its first refresh in two years with a new design, 5G connectivity and a faster M1 chipset found in MacBooks.

The advanced chip would make the device two times faster than the best-selling laptop in its range, Apple claimed. The iPad is priced at $599 and will be available from March 18.

“MONSTER” CHIP

Apple launched a new in-house chip, M1 Ultra, made by fusing two M1 Max chips, previously Apple’s most powerful chip for MacBooks. The chip is twice as fast and will be loaded in the newly launched Mac Studio.

BRAND NEW MAC STUDIO

Apple launched “Mac Studio,” a powerful high performance computer for musicians, video editors and filmmakers.

Mac Studio uses the M1 Max chip, which is 3.4 times faster than iMac, while the one with M1 Ultra is 80% faster than Apple’s top Mac Pro.

With the 27-inch, 5-K retina display “Studio Display,” the MacStudio looks similar to the MacMini, and can be tucked under the display.

Mac Studio, a first of its kind, is priced at $1,999 for the version with the M1 chip and costs as high as $3,999 for the M1 Ultra loaded computer. Studio Display is priced at $1,599.

(Reporting by Nivedita Balu, Chavi Mehta, Tiyashi Datta and Yuvraj Malik in Bengaluru; Editing by Arun Koyyur)