Recent Bloomberg reporting from Mark Gurman shows Apple’s codenamed N224 successor project remains in early conceptual stages with four form-factor options under review, on “life support” as resources shift toward displayless smart glasses targeted for late 2027. The current M5-updated Vision Pro, released in 2025, represents only a minor refresh rather than a full generational leap, with no official timeline or announcements supporting a 2026 debut. Traders assign 97.4% probability to no release before 2027 due to documented design challenges around weight, cost, and user experience, plus recent layoffs in the Vision Products Group. A sudden acceleration or reallocation of engineering talent could theoretically compress timelines, though credible sources indicate such shifts remain unlikely before 2028.