A colorful, kid-friendly Apple Watch SE with a plastic shell, priced just right to slide onto the wrists of tech-savvy tweens or budget-conscious grown-ups. For months, rumors have swirled that Apple was tinkering away at exactly that—a lighter, cheaper twist on its entry-level smartwatch. The idea made sense. The Apple Watch SE has always been the practical, no-frills sibling to the flashier Series and Ultra models, and swapping its aluminum casing for plastic could drop the cost even further while adding a playful vibe. But if you were holding your breath for this one, you might want to exhale. According to the latest buzz from Bloomberg’s Mark Gurman—one of the most dialed-in Apple watchers out there—the plastic Apple Watch SE might not be happening anytime soon. In fact, it’s “in serious jeopardy.”

Let’s rewind a bit. Last September, Apple held its big annual event, the one where they typically unveil shiny new gadgets to keep us all drooling. The rumor mill had been churning with whispers of a revamped Apple Watch SE—maybe even that plastic version we’d heard about. But when the lights dimmed and the keynote wrapped, there was no new SE to be found. Instead, we got the Series 10 and a rugged Ultra 2 update. At the time, Gurman reported that Apple was indeed working on a plastic-clad SE but had hit some snags. “Cost and quality challenges” were the culprits, he said, though he reassured us the project was still chugging along. Fast forward to his latest Power On newsletter, and the tone’s shifted. The plastic dream, it seems, is teetering on the edge.

So what’s the holdup? Gurman’s sources suggest it’s a two-front battle. First, the design team isn’t vibing with how the plastic version looks. You can almost imagine them squinting at prototypes in Cupertino, shaking their heads, and muttering, “This just doesn’t feel Apple.” And fair enough—Apple’s built its brand on sleek, premium aesthetics. A plastic watch might scream “budget” a little too loudly for a company that likes to keep things aspirational, even at the low end. Second, the operations crew—the folks who actually have to make this stuff—is struggling to shave costs. The current Apple Watch SE uses an aluminum chassis that’s lightweight, durable, and recyclable, ticking all the right boxes for Apple’s eco-friendly PR. Switching to plastic was supposed to make it cheaper, but apparently, the savings aren’t materializing. If it’s not a win for the wallet and it looks meh, why bother?

This isn’t just a random speed bump, either. The Apple Watch SE hasn’t seen a proper update since September 2022, when the second-generation model dropped. That’s over two years ago—practically an eternity in tech time. Back then, it was a solid deal: a $249 smartwatch with most of the core features (heart rate monitoring, crash detection, workout tracking) minus the fancy extras like an always-on display or blood oxygen sensing. But as Amy Skorheim pointed out in a recent Engadget revisit, the SE’s starting to feel “bland” next to its glitzier siblings. The Series 10, for instance, rolled out last fall with a thinner design, bigger screen, and snappy new health tricks like sleep apnea detection. Meanwhile, the SE’s chugging along with the same old look and a processor that’s showing its age. A refresh feels overdue, plastic or not.

The plastic idea wasn’t just about cost, though—it was strategic. Apple’s been eyeing the younger crowd lately. In 2020, they launched Family Setup, letting parents pair an Apple Watch to their kid’s iPhone (or their own) for tracking and communication without handing over a full-blown phone. A tougher, cheaper, plastic SE in bright colors—like the retired iPhone 5C vibes—could’ve been a slam dunk for that market. Think scraped knees and playground spills, no biggie with a rugged little watch. Plus, with competitors like Fitbit and Garmin offering kid-friendly wearables, Apple could’ve carved out a bigger slice of that pie. But if the design’s a dud and the price won’t budge, it’s back to the drawing board.

What’s next? Gurman’s not calling it dead yet—just “in serious jeopardy.” Apple could still surprise us. Maybe they’ll crack the plastic code, or maybe they’ll pivot entirely and stick with aluminum for an SE 3 that’s more evolution than revolution. The company’s got a track record of scrapping ideas that don’t meet their sky-high standards—remember the AirPower charging mat that never saw daylight? For now, though, the plastic Apple Watch SE feels like a “what could’ve been” story.

If you’re in the market for an Apple Watch and don’t want to splurge on the Series 10 or Ultra 2, the current SE’s still kicking around at a discount sometimes—often dipping below $200 during sales. It’s not flashy, but it gets the job done. Just don’t hold out for a rainbow-hued plastic upgrade anytime soon. Looks like Apple’s still figuring out how to make that one click.