Unfortunately, it looks like this isn't true.
As for rumors that the Apple Watch Series 3 might introduce a new form factor, that originally emanated from John Gruber who said he heard via an "unconfirmed little birdie" that a new Apple Watch design was in the works.
In a new note shared with investors this afternoon, Kuo says LTE connectivity will be the main selling point of the new device. Kuo believes the smartwatch will keep its two 38mm and 42mm sizes and be offered with and without LTE, similar to the iPad.
Intel Corp. will supply the LTE modems for the new Watch, according to another person familiar with the situation. This will include new features around music as well as a Siri-based watchface, both of which would benefit from standalone watch capabilities.
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The addition of LTE to Apple's wearable corroborates a Bloomberg report from earlier in the month.
While a new form factor (coupled with, of course, new features) would likely help to further improve Apple Watch shipments, Kuo's report makes sense. Furthermore, KGI is predicting that the Apple will be able to ship 17.5-18 Million units this year and in this, the count of the upcoming Apple Watch 3 is pegged to be around 35-40%.
However, there have been numerous rumblings in the press about Apple potentially aiming to use a new technology, known as micro LED, for a future Apple Watch.