Apple will hold a product event on March 7 in San Francisco, where it’s said to be releasing the third generation of its best-selling iPad tablet computer. According to sources, the iPad 3 could be about $60 more expensive than its predecessors.

“We have something you really have to see. And touch,” Apple said in an invitation, which features a picture of an iPad screen. The new device will sport a high-definition display, run a faster processor and work with speedier wireless networks, people familiar with the product said last month.

Apple shares, which had already been trading higher, were up 1.7% after the announcement and hit another all-time high. The company is getting close to a market value of $500 billion.

If the March 7 event does bring the third iteration of Apple’s popular tablet, it will come nearly one year after the announcement of the iPad 2. It’s unclear what changes the iPad 3 will bring, though rumors abound, as they always do with a new Apple device.

After pioneering the tablet market two years ago, Apple is counting on the new model to beat back competition from newer devices running Google Inc.’s Android software. The company has sold more than 55 million iPads, generating at least $US34.5 billion in revenue.

The Kindle Fire from Amazon uses Android and has emerged as the iPad’s biggest rival over the holiday shopping season last year.

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