Apple may be at a dead end in terms of what technology is available to bring to its high-end smartwatch. If what you currently have is the most advanced, what can you add to the next version? Such doubts seem to lead to some speculation. That is, the Apple Watch Ultra 3 may not come with any hardware updates.

Between Series
The Apple Watch Ultra 3, which is expected to be released this year, will feature "almost no" hardware updates.  The statement is from famous analyst Ming-Chi Kuo.  The 2023 model, the Ultra 2, features modest improvements over its predecessor.  It seems that Apple will follow the same trend with this year's model.
In a note shared with some outlets, Ming-Chi Kuo of TF International Securities said he doesn't expect hardware upgrades in the 2024 Apple Watch Ultra. While his note is light on details, it sets the tone for what to expect from the third-generation smartwatch. Ultra from Apple.
The watch may retain the same internal components that were present in its predecessor, with Apple relying on new software and marketing features to make the difference. Wearable stand out.

It was a similar story with the 2023 Apple Watch Ultra 2. In addition to an ultra-bright 3,000 nits display, the new model came with an Apple S9 processor.  The only other notable change was the addition of the double-tap gesture, which launched with watchOS 10.1 in October.  Other than that, it looked the same and offered the same functionality as the model it replaced.
Given Coe's meticulous record, there is little reason to doubt this latter claim.  With this year's Apple Watch Ultra 3 offering no hardware improvements, what is the incentive for users to purchase this model?