What's Going On With Apple Stock Tuesday?

Amid lukewarm third-quarter results, Apple Inc AAPL is testing its highest-end next-generation laptop processor to launch its most powerful MacBook Pro in 2024.

The new M3 Max chip, touted as a significant selling point, includes 16 main processing cores and 40 graphics cores, Bloomberg cites test logs from a third-party Mac app developer. The processor lies at the heart of a premium MacBook Pro laptop model dubbed J514.

Also Read: Apple On A Hiring Spree To Ramp Up Gen AI 

The M3 chip will shift Apple to a 3-nanometer production process for Mac chips, with better battery life and robust performance. Apple will use a similar technology for the A17 processor launching in the iPhone 15 Pro in September.

The central processing unit includes 12 high-performance cores for tasks like video editing and four efficiency cores for less-intensive applications like web browsing. 

The new chip has four more high-performance CPU cores and at least two additional graphics cores versus the most upgraded version of the current M2 line for laptops. 

The MacBook Pro in testing also includes 48 gigabytes of memory.

Apple is likely trialing multiple variations and core-count options.

The shift to the M3 chip will likely begin in October. Apple has been testing M3-based iMacs, 13-inch MacBook Pros, 13-inch and 15-inch MacBook Airs, and Mac minis — likely for launch within the next 12 months. Updated versions of the 14-inch and 16-inch MacBook Pro models will likely come in 2024 with the M3 Pro and M3 Max chips.

The new machine, Apple Silicon, represents the latest advance by the company's in-house chip effort. 

Sales of the computers are likely to decline by a double-digit percentage this quarter.

As of June 2023, Apple has transitioned its entire computer line away from Intel Corp INTC.

Apple is battling the double whammy of the broader slowdown in personal computer demand upon pandemic recovery and a lull between new versions of its most enticing machines.

AAPL Price Action: AAPL shares are up by 0.20% at $179.20 on Tuesday.