Apple released the second-generation Watch SE alongside the launch of the Series 8. Since then, the company's smartwatch lineup has seen multiple additions, including Watch Ultra 2, Series 9, and Series 10. However, Apple has yet to introduce the third-generation SE.

While Apple was expected to announce Watch SE 3 in the September 9 event, the only new smartwatch from the event was the Series 10. The company didn't even introduce a successor to the Watch Ultra 2, which was also expected at the iPhone 16 launch event.

As for the Apple Watch SE 3, Bloomberg's Mark Gurman, a reputed source, saysthe company has been busy making it more affordable. More specifically, Gurman reports that the upcoming SE smartwatch will feature a plastic frame instead of aluminum.

This wouldn't only lower the price tag of the wearable but also allow Apple to introduce it with more fun colors, similar to what it did with iPhone 5c. Regarding the price, the Watch SE 2 is the cheapest smartwatch that the company sells at the moment. The 40 mm goes for $250, while the 44 mm costs $280. There are cellular variants for both, which adds $50.

Besides that, Gurman reports that the upcoming Apple Watch SE could see a chipset upgrade. The current-gen packs an Apple S8 SiP, the same as the 2022 Series 8, but it's unclear whether the new affordable smartwatch will get the latest S10.It could possibly feature the S9, which the Series 9 featured(GPS 45 mm curr. $329 on Amazon).