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There are lots of rumors going on regarding the potential release of Apple Watch 6 as early as September 15th "Time Flies" event.
Their are rumors that the Apple Watch SE (6) will be very budget friendly This is direct competition to more budget friendly android watches such as Fitbit and Samsung Galaxy.
Off course their will be some trade offs to make this a cheaper than they typical price range of the Apple Watch. It will lack the always on display and typical Health features like ECG.