Reports are surfacing that Apple Inc. (NASDAQ:AAPL) stores are facing a shortage of iPad mini stocks, leading to speculation about a possible update to the device.

What Happened: On Monday, Bloomberg columnist Mark Gurman took to X, formerly Twitter, and reported that many Apple stores are running low on iPad mini stocks in several configurations.

According to Gurman, the device is considered “constrained” internally within Apple. He suggested that this could be an indication of an upcoming update to the iPad mini, which hasn’t seen a refresh since 2021.

Gurman, known for his accurate predictions about Apple’s product plans, added, “Wouldn’t be surprised to see it updated for AI.”

See Also: ChatGPT-Maker OpenAI Taps Former Meta Exec To Drive Strategy Amid Growing Exodus

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Why It Matters: Last year, it was reported that Apple was preparing to launch the iPad mini 7 with three major upgrades and several new color options.

The report indicated that the seventh-generation iPad mini was expected to feature significant hardware and software upgrades two years after the launch of the iPad mini 6.

Meanwhile, Cupertino is also gearing up to unveil its upcoming smartphone series the iPhone 16, new Apple Watch, and AirPods at an event on Sept. 10.

This event will be crucial for the company, which has been facing sluggish sales in recent quarters. The new iPhone 16 is expected to help boost revenue, with some sales recorded in the current fiscal quarter.

Photo by guteksk7 on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.