In a nutshell: Google has introduced a new personal tracker designed to compete directly with Apple's AirTag. The Pixel Tag leverages Google's Find Hub network to help find lost devices, much like Apple's tracker users its vast network of iPhones for blanket coverage.
The Pixel Tag is compatible with devices running Android 9 or newer. To pair, simply remove the battery pull tab, position the Pixel Tag near your device, and follow the on-screen instructions. During setup, you will be able to create a custom name for your tracker or choose one from a list of common uses.
Google's tracker is constructed of stainless steel and comes backed by an IP67 rating against liquid and dust. It features a built-in speaker to help locate it, and can even be used in "reverse" to help find your misplaced phone. Google says the internal battery is good for up to a year of runtime, and is user-replaceable when the time comes. It uses a standard CR2032 coin cell battery which is readily available at many retailers.

Nearby searches are handled over Bluetooth. When out of local range, the platform utilizes the crowdsourced Find Hub network fed by more than a billion Android devices worldwide to expand your search. Tags can be pinged using your phone, a Pixel Watch, or via the Find Hub app in a web browser. You can even ask Gemini via Pixel Buds to ring a tag. Users can share a Tag with up to 10 people – no doubt handy when trying to find shared items together.
Google's announcement mentions a feature that will alert you when traveling with an unfamiliar tag, presumably to help others locate their missing device or maybe to reduce the success of someone unknowingly tracking you.
Google's Pixel Tag is scheduled to launch just in time for the holidays on November 11, making it a perfect stocking stuffer. Pricing is set at $29 each, or you can grab a four-pack for $99 and save a bit of coin.