Apple just dropped the faster, sleeker computer it has been teasing for months -- the first powered by processors developed in house.

The company rolled out its new MacBook Air in a virtual event on Tuesday, its third in two months, which will contain its latest computer chip.

The new faster, more powerful chip, called M1, part of its in-house Apple Silicon chip family that will power a new line of Macs to be rolled out over the next few years.

Apple first teased the new chips at its Worldwide Developers Conference in June, with CEO Tim Cook saying it would launch the first computers powered by them by the end of the year and complete the entire transition within two years.

Analysts say the move will give Apple and its users several advantages, including improved performance and battery life. Since Apple already uses its in-house chips in the iPhone and iPad, bringing that capability to its Mac lineup will give Apple more control over updates and user experience, and allow apps to work more seamlessly between the devices.

The chips are also smaller and more efficient, analysts say, meaning they could make the Mac lineup physically sleeker and thinner going forward. And using similar chips in iPhones and Macs, particularly with the growth of 5G networks also opens up the possibility of a laptop with cellular connectivity down the line — though Apple hasn't yet made any specific commitments on that front.