CNN  —  Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market. In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro. CEO Tim Cook said Wednesday’s announcement marked “the biggest day for iPad since its introduction.” At the heart of the new iPad Pro is Apple’s new custom M4 processor, which delivers 4 times the performance as its existing iPad Pro models. The device comes in two sizes: 11 inches and 13 inches. Apple said the 11-inch model is its thinnest yet, at 5.1 mm, and less than a pound. The display combines two OLED panels to maximize brightness. The device comes in two finishes, silver and space black. Meanwhile, the iPad Air, for the first time, comes in the same two sizes: an 11-inch ($599) and 13-inch ($799) design. The bigger size, inspired by the iPad Pro with a larger screen, has 30% more screen real estate than the 11-inch display. The iPad Air is powered by Apple’s custom M2 processor with faster GPU and neural engine that’s 50% faster than the previous iPad Air. The company said it better supports AI-powered software. It also features a front-facing landscape camera. The devices are available for pre-order starting Wednesday and in stores next week. The event comes just days after Apple reported its iPad revenue of $5.6 billion for its latest quarter, down 17% year over year. However, the company said it expects its iPad business to grow in double digits for the June quarter. Apple also reported last week a first-quarter revenue of $90.8 billion, down 4% year over year, as the tech giant continues to struggle with growth challenges, particularly in China, amid an uncertain economic environment. It announced a $110 billion share buyback – the largest in the company’s history – as iPhones sales declined 10%. On the earnings call, CEO Tim Cook also teased that generative AI tools could be coming to Apple products in the “weeks ahead,” at a time when it’s currently behind competitors. Apple will host its annual Worldwide Developer Conference in June where it will announce new features coming to the iPhone, iPad and Mac. “We see generative AI as a key opportunity across our products and believe we have advantages that set us apart there,” he said.