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Apple Senior VP Phil Schiller introducing iPhone 11 Pro. Screenshot: Axios

Apple debuted its latest iPhones Tuesday, including a high-end iPhone 11 Pro model with three rear cameras and a mid-range iPhone 11 starting at $699. The company also announced a new version of Apple Watch and a new entry-level iPad, as well as pricing and availability for some of the services it previewed back in March.

Why it matters: The iPhone is Apple's most important product and the latest crop arrives amid a slowing smartphone market.

Today's announcements:
  • iPhone 11 Pro:
    • Similar in design to iPhone XS, but features 3 rear cameras including wide, ultra-wide and 2x-zoom lenses. A forthcoming Deep Fusion feature, coming via software update later this year, uses machine learning to fuse the best parts of nine images.
    • iPhone 11 Pro comes in 5.8-inch and 6.5-inch options.
    • Powered by Apple's latest processor, the A13 bionic.
    • Up to 4 hours more battery life than iPhone XS and 5 hours more on the larger-screen model.
    • Comes in midnight green, space grey, silver and gold.
    • Starts at $999 for iPhone 11 Pro and $1099 for larger-screen 11 Pro Max. Phones will start shipping Sept. 20 with pre-orders starting on Friday.
  • iPhone 11: The first new iPhone model shown Tuesday is an update to the iPhone XR, coming in six colors and featuring two rear cameras, up from a single rear camera on the XR.
    • Like the XR, iPhone 11 features a lower cost LCD screen as compared to the OLED display used on iPhone XS.
    • The two cameras are a wide and ultra-wide lens, rather than using one for zooming in. There's also an automatic night mode for taking photos in ultra-low light and a wider 12-megapixel front-facing camera capable of taking 4K and slow-motion videos.
    • Apple says the phone should have an hour longer battery life than the iPhone XR.
    • Like iPhone 11 Pro, iPhone 11 has the new A13 Bionic processor.
    • The phone will start at $699.
  • Apple Watch: The company introduced a new model of Apple Watch, dubbed Series 5, with an always-on display and a built-in compass. (Previous models turned off the display when the watch was lowered to preserve battery.)
    • The phone will come in ceramic, brushed titanium, stainless steel and recycled aluminum finishes.
    • Apparently missing, though, is the rumored sleep-tracking feature.
    • The watches will go on sale Sept. 20, starting at $399 for a GPS-only and $499 for a cellular model. Apple Watch Series 3 will remain in the lineup starting at $199.
  • iPad: Apple introduced a new version of its entry-level iPad with a larger 10.2-inch Retina display, Apple's A10 Fusion processor and an enclosure made from recycled aluminum. It will start at $329 for the base model and will start shipping at the end of the month.
  • Apple TV+: The first shows will be available Nov. 1, with more Apple Originals coming each month, CEO Tim Cook said. It will cost $4.99 per month and those who buy a new Mac, iPad or iPhone will get a year of Apple TV+ included.
  • Apple Arcade: Apple previewed the subscription games service earlier this year, but offered more details Tuesday on how it will work and some of the new games, including an updated version of the 80s video game classic Frogger. Arcade will launch Sept. 19 for $4.99 per month after a 1 month free trial; games work on iPhone and iPad as well as on Apple TV and Mac.

One less thing: Apple did not, as had been widely rumored, introduce a Bluetooth tag for tracking items, along the lines of Tile.

Go deeper

Intel CEO calls for "moonshot" to boost U.S. role in chipmaking

Intel CEO Pat Gelsinger. Photo: Horacio Villalobos - Corbis/Getty Images

Intel CEO Pat Gelsinger called Monday for the U.S. to spend billions of dollars over the next few years as part of a "moonshot" designed to regain lost ground in semiconductor manufacturing. The goal, he said, is to see the U.S. again account for a third of global output, up from about 12% today.

Why it matters: Investments made now will take several years to bear fruit, so they won't do much to ease the current semiconductor shortage, but they're vital to America's long-term economic future and national security, Gelsinger told Axios on Monday.

Live events industry eyes pandemic comeback

Illustration: Aïda Amer/Axios

The "live economy" — broadway shows, concerts, music festivals and more — is in pandemic purgatory.

What's going on: Some events are getting the green light to restart as vaccinations roll out. But operators in states with audience caps are holding back as they contemplate whether it makes financial sense for the show to go on.

Ant Group gets new marching orders from regulators in China

Illustration: Sarah Grillo/Axios

Uncertainty surrounding the future of China’s giant fintech company Ant Group cleared up on Monday after years of friction with its domestic regulators.

Driving the news: Ant is shedding its cool tech image and stepping into a new identity as a financial holding company — the result of forced changes by several banking and securities agencies in China.