Apple's new artificial-intelligence powered Siri took longer to arrive than initially promised, but the wait could prove to be worthwhile as it has the potential to open a world of possibilities for the tech giant to sell new devices and integrate them into consumers' homes and lives.

According to a Bloomberg report, which cited people familiar with the matter, Apple is getting ready to launch its first smart-home hub in October. It's also planning to refresh existing hardware in its smart home category, to which it has paid little attention in recent years.

Apple didn't immediately respond to a Barron's request for comment.

The home hub is expected be an approximately 6-inch square display that can be placed on a countertop or wall-mounted, the report says. That would be a change from the rectangular displays favored by Amazon and Google for their hub devices. Apple's forthcoming hub will reportedly be able to recognize multiple members of a household by voice or appearance and display personalized content to them.

Reinvigorating Apple's smart home prospects would be a coup for new CEO John Ternus, who was formerly an SVP of hardware engineering, and who took the reins on Sept. 1. It's an incredibly transformative time for one of the world's most valuable companies as AI models become increasingly capable and interest in consumer devices that can harness them grows.

Apple fumbled its first attempt at adding AI-powered features to the iPhone, but Siri AI-which arrived this month-looks set make amends. Smart-home devices, which tend to rely on voice commands, are a natural extension for the service.

In the smart home space, Apple released the HomePod and HomePod mini in 2018 and 2020, respectively. The smart speakers were intended as Apple's answer to Amazon's Alexa and Google's Assistant, but failed to gain traction. The HomePod was shelved in 2021, before an updated version reappeared in 2023.

Siri AI was first announced in 2024, but faced multiple delays, and only arrived on users' devices this month. The chatbot has replaced the traditional Siri and gives more personalized and contextually aware responses to a user's questions and commands.

The quality and depth of Siri AI's capabilities are a massive step up the original Siri's capabilities. That could make Apple's smart home devices not only more useful, but more appealing to consumers, and could present new revenue streams for Apple, while further entrenching it in users' daily lives.

Apple is preparing for this exact scenario. Bloomberg reports the company plans to release the first update to the HomePod mini since 2020 and its first new TV set-top box since 2022, while hinting it plans on updating the full-size HomePod eventually, too.

"We view the reported launch as a potentially important step to bring Siri AI beyond the iPhone and integrate it into users' homes," Evercore ISI analyst Amit Daryanani wrote on Wednesday. He added that "these new releases could deepen user engagement with the ecosystem and determine whether Siri AI proves useful."

There are sure to be challenges ahead. Amazon.com's Echo and Ring ecosystems and Alphabet's Google Nest lineup are well-established and offer a deep roster of products and third-party integrations. Apple has a leg up from the competition when it comes to security, though, as its user base tends to put a lot of trust in the company when it comes to protecting personal data. That could be a boon for converting users who worry about the impact to their privacy of embracing personalized AI products or putting speakers, cameras, and displays in their homes.

Shareholders seem optimistic about the move, too. Apple stock was up 2.2% to $336.55 on Wednesday. A win in the smart-home space would serve as proof of Siri Ai's potential and appeal, and reassure investors Apple still has room to grow and sustain the meteoric growth it has enjoyed in recent years.