Recent Bloomberg reporting from Mark Gurman confirms Apple’s Vision Pro successor project, codenamed N224, remains in early exploratory stages with four design concepts under review, none expected before late 2028 or early 2029. Traders assign 97% probability to no release before 2027 because the original headset launched in early 2024, received only an M5 refresh in 2025, multiple lighter/cheaper variants were canceled, and the company has shifted resources toward smart glasses targeted for late 2027 amid Vision team layoffs and internal skepticism over weight, cost, and user experience. Realistic scenarios that could still alter the outcome include an unexpected acceleration of one N224 concept or a surprise announcement, though current signals point to sustained deprioritization of the headset category.