Joe Rossignol, MacRumors:

Apple has announced it will be holding a special event on Tuesday, May 7 at 7 a.m. Pacific Time (10 a.m. Eastern Time), with a live stream to be available on Apple.com and on YouTube as usual. The event invitation has a tagline of “Let Loose” and shows an artistic render of an Apple Pencil, suggesting that iPads will be a focus of the event.

Tim Cook, on Twitter/X:

Pencil us in for May 7! ✏️ #AppleEvent

The entirety of the iPad lineup is due for updates, and the rumor mill expects a new model, a 13-inch-ish iPad Air. It seems clear a new Apple Pencil is forthcoming. The Pencil 2 launched in 2018, alongside the 3rd-gen iPads Pro, which sport A12X chips that benchmark comparably to the then-fastest MacBook Pros available. Those were fantastic iPads that foretold the Apple silicon revolution. My personal iPad remains a 2018 11-inch iPad Pro.

Also rumored: a new Magic Keyboard, with a more MacBook-like (and hopefully more durable) aluminum body and a larger trackpad. The current Magic Keyboards are now four years old. Apple might be settling all iPad family business in two weeks.

What I hope to see:

• New Pencil and new Magic Keyboards (11- and 13-inch) that work with all new iPads, Air and Pro alike. The Pencil compatibility situation has been a mess the last few years; now is the time to clean that up with a Pencil 3 that works across all new iPads.
• All new iPads with the front-facing camera on the long side, optimized for use in landscape/laptop orientation.
• Face ID replacing top-button Touch ID in the iPad Airs.

Why they’re showing the video at 7am PT / 10am ET, I don’t know. (Glad I’ll be on the East Coast though.)