As such, the Apple Watch sounds more like an SE than an “e” model. Unlike the iPhone 16e, the Apple Watch SE 3 will seemingly cost less by splitting off from the flagship range with lower-end materials rather than a mix of high-end parts and a modern design. And that would be the smartest move for the third generation of the budget smartwatch.

Eric Migicovsky, whose smartwatch startup Pebble Technology Corp. was bought by Fitbit in 2016, is returning to the space with a new company, Core Devices LLC, and two products modeled after Pebble’s original hardware.