Apple introduced the first Mac with homegrown chips on Tuesday at a press event as well as the new M1 processor that powers the new MacBook Air.

Why it matters: The move away from Intel processors could reduce costs for Apple and give the company more flexibility in design, but also adds short-term uncertainty as well as extra work for developers.

New MacBook Air

The first Mac with Apple chips is a MacBook Air, which resembles past models, but is powered by Apple's M1 processor rather than an Intel chip.

• Apple says the battery on the new MacBook Air can power 15 hours of Web browsing, 18 hours of video playback and last twice as long when doing video conferencing. It also doesn't need a fan, Apple said.
• It still starts at $999 ($899 for education customers)

The M1 processor

Apple's M1 processor has 16 billion transistors and an 8-core CPU (4 high-performance and 4 high-efficiency) as well as 8 graphics cores. Apple says the high-efficiency cores alone can deliver the same performance as current MacBook Airs at a quarter of the power consumption.

Between the lines: One of the key things to watch is how quickly developers optimize their apps for the new chips. Apple says all its apps have been updated for the new chips, as well as key programs from others.

• Adobe's Lightroom is coming next month while Photoshop will arrive next year.

For those that aren't optimized, Apple has a translation engine, dubbed Rosetta 2. Most apps for the iPad and iPhone should also now run on the Mac.

Go deeper: Why Apple's shift to homegrown chips matters

This event is still taking place. Check back for frequent updates.