We've been discussing this as well, the Virtual Production production value is incredible, are they also standing on a stage outside, and this is all being composited live, with foreground passes, etc. without green screen?

Surely it's all pre-recorded and edited together

You're right. I thought this was a live event, but the people watching it live are just watching a video, just saw a live photo from twitter. Makes a lot more sense!

Ever since COVID, many companies have basically switched to these "fake live" announcements.

Tim may be live but everything else is prerecorded

Yep, you're right. Still they put a TON of work into this. Incredible.

agreed, it's very impressive

Apple spends at minimum a month prior to an event rehearsing. During a live presentation they have people following along with alternate presentations that can be switched to immediately. These are full AV productions that would make producers of Super Bowl halftime shows jealous.

All the Apple presentations like this are very polished