Earlier this week, Apple showed off the new iPad Air 4 at its virtual product event, and the tablet is sure to eat into iPad Pro sales.

The differences between the iPad Air 4 and the 11-inch iPad Pro are negligible?

The iPad Air 4's display is 0.1 inch larger, the camera system is less advanced and lacks lidar, there's no ProMotion technology for 120 Hz refresh rates, and there is no TrueDepth camera for Face ID.

The iPad Pro released earlier this year is powered by an A12Z Bionic chip, which is just the same chip from 2018 but with a dormant GPU core activated.

The larger 12.9-inch iPad Pro is somewhat more differentiated due to its sheer size, making it a more viable laptop replacement.

It's more important for Apple to grow the iPad installed base -- Cook disclosed this week that 53% of iPad buyers are new to the tablet -- and monetize those users for the long haul with services.