NEW YORK (

TheStreet

) -

Amazon

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on Wednesday revealed its highly anticipated tablet, the Kindle Fire, expected to be the first real rival to

Apple's

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iPad.

The device, powered by Android, is a 7-inch tablet retailing for $199 -- about half the price of the iPad. It will start shipping on Nov. 15.

Live, From New York, It's the Amazon Tablet/Kindle Blog

Amazon Kindle Fire

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"These are premium products at non-premium prices," Amazon CEO Jeff Bezos said. "We are going to sell millions of these."

The Kindle Fire will have access to Amazon's content library, including streaming movies and TV shows. All content will be backed up on Amazon's cloud-based storage system. It will also include Silk, a new browser designed especially for the Fire.

Amazon also revealed several new versions of its popular Kindle e-reader. The Kindle Touch, which will cost $99, is a 7-inch device with a touch screen.The device will also feature 3G, for $149. Both will ship on Nov. 21.

Amazon also announced a less expensive, stripped-down Kindle for $79.

Shares of Amazon jumped 2.7% to $230.24 in morning trading on Wednesday.

--Written by Olivia Oran in New York

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