Apple on Tuesday announced a new version of its 9.7-inch iPad, and a special edition of the iPhone 7 and iPhone 7 Plus. The new red aluminum iPhone is part of Apple's decade-long (RED) campaign, which contributes to the Global Fund to fight AIDS. The new phone starts at $749 and will hit stores Friday. Apple said it's the world's largest corporate donor to the Global Fund, contributing more than $130 million.

Apple releases an iPhone 7 Special Edition in Red. Source: Apple

The $329 updated iPad comes with a brighter display, Touch ID, worldwide LTE support, the A9 chip and iOS 10. A year ago, Apple released the 9.7-inch iPad Pro, priced from $599, which featured Apple Pencil compatibility and an improved display. The company on Tuesday also announced a free new app, Clips, that helps users combine video clips, photos and music to be shared through messages and social media. Clips, which will be available in April on iOS 10.3, has "artistic filters" shapes and emojis. The app automatically recognizes people in the video and suggests them as recipients of the messages, Apple said. The app pulls in elements that are popular in Instagram, Snapchat, Vine, Google Photos and Musical.ly.

Apple introduces Apple Clips. Source: Apple

On top of the new products, Apple also announced new silicon and leather case colors for the iPhone 7 and iPhone 7 Plus and expanded storage capacity for the iPhone SE. It also added new watch bands for spring, with colors like berry, pollen, sapphire, azure, orange and red. Nike watch bands can now be sold separately, and new luxury Hermes bands were released in "bleu," lime and other styles. The company is also doubling down on its learn-to-code app, Swift Playgrounds, which it released in simplified Chinese, Japanese, French, German and Latin American Spanish. Apple is investing heavily in recruiting new developers, aiming to double its software and services revenue by the end of 2020. Mainland China was one of the fastest-growing areas for the iPad last quarter. And while Apple also added more capacity to the iPad Mini 4, it not longer promotes the iPad Mini 2 on its iPad landing page. Apple shares closed at an all-time high of $141.46 a share on Monday, and inched higher in morning trading. — Reporting by CNBC's Josh Lipton and Sally Shin

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