Updated from 9:18 a.m. EST to provide portfolio manager comments in the tenth paragraph.
NEW YORK (TheStreet) -- News hit yesterday that Apple (AAPL) is going to refresh its iPad's at an event later this month. That gathering will mark nearly one year to the day that the iPad mini was introduced to the world, and a fourth-generation iPad was unveiled.
This could be Apple's most radical design change to the iPad tablets in some time, and that has consumers, investors and the media speculating about what we could see.
As a service to our readers, TheStreet has decided to round up some of the more interesting rumors we've heard. Apple will reportedly hold the event Oct. 22 at an undisclosed location. Invites have not officially been sent out yet, and Apple could not be reached for comment to confirm or deny the rumors.
With both Amazon (AMZN) and Google (GOOG) recently updating their tablet lines in the past few months, the pressure is on Apple to keep innovating, and keep improving the world's best selling tablets.
According to IDC, Apple had 32.4% of the tablet market, selling 14.6 million units in the second-quarter, well above the 8.1 million units second-place Samsung sold during the quarter. Amazon and Google aren't in the top five, according to IDC.
Sidenote: TheStreet is currently reviewing the new 7-inch Amazon Kindle Fire HDX, which was announced last month.
Apple is likely to refresh both the larger, 9.5-inch iPad, as well as the 7.9-inch iPad mini at the event. Both may see huge overturns in their designs, especially the larger iPad, which is expected to borrow design features from its smaller sibling. The larger iPad is expected to be much slimmer, and offer a thinner design, strikingly similar to the popular iPad mini. Apple's design guru, Jonny Ive noted that the iPad mini is a "concentration, not a reduction," and he and his team are likely to borrow that for the larger addition.