Apple is reportedly rethinking the future of the Apple Watch as competition from devices like the Oura Ring grows, exploring new concepts that could include circular watch faces, screenless fitness wearables, and both more premium and more affordable models. The company is also considering a broader health-focused strategy tied to AI-powered software experiences, though no major redesigns have been finalized and any radical changes are likely years away. In the near term, Apple is expected to launch the Apple Watch Series 12 and Ultra 4 this September alongside the iPhone 18 Pro and the first foldable iPhone, with updates focused on processors, colors, and fitness features.