02:45 PM EDT, 03/22/2024 (MT Newswires) -- Apple ( AAPL ) is no longer pursuing plans to build its own smartwatch displays due to the cost and complexity involved, Bloomberg reported Friday, citing people familiar with the matter.

The microLED displays would have been introduced in a future version of the Apple Watch and were part of a push to lower reliance on partners by designing and developing technology in house, the report said, citing the people.

Apple's ( AAPL ) decision to abandon the project, which was code named T159, will result in the elimination of several dozen positions in the US and Asia, the people reportedly said.

Apple ( AAPL ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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