Industry analyst and Bloomberg reporter Mark Gurman has teased in his latest edition of the Power On newsletter that Apple is working on a new smart home device that will blend together an iPad and a HomePod.

iMac G4 released in 2002
According to Gurman, the Cupertino company is currently making progress with the development of the new device, which the Bloomberg reporter describes as a "smart home screen". Additionally, Gurman states those wondering about the size of the new device will need to picture something a little smaller than what they are imagining, as it "may be a little smaller than expected." As for specifics, the new Apple device is expected to have a square display that's approximately the size of two iPhone's side-by-side.
The screen is located on the base of the device and is angled, presumably to provide an easier angle for interaction by users. Notably, the physical design of the new device is reminiscent of the iMac G4, which was released in 2002. Gurman writes the base of the new device, just like the iMac G4, will be circular. Additionally, Apple's upcoming smart home device will also have speakers built into the base, which essentially makes the new device an Apple HomePod but with a touchscreen.
Moreover, the new device is expected to run a new operating system that will have iPad-like features, such as FaceTime, Notes, and Calendar. Apple intends the new device to serve as a hub to control and access any other smart home devices or accessories. The new device is expected to launch sometime next year, and be accompanied by a larger and more expensive variant that will feature a larger screen that's controlled by a robotic arm.