Apple has apparently put the brakes on a new Apple Watch Ultra with MicroLED screen.

Ams OSRAM, a notable Apple supplier recently announced a reassessment of its microLED strategy. The reason for this was an unexpected cancellation of what it called a ‘cornerstone project.’ AppleInsider mentioned that the company stock took a 40% drop after the announcement was made. Counterpoint Research claims that the project was a rumored Apple Watch Ultra with the microLED screen, and that the project had high risks and costs and low production yields. Moving forward, it’s uncertain whether Apple will go with another supplier or stick with the OLED technology in the meantime.

Ams OSRAM claims that there are discussions ongoing with the related customer, which means that the project could just have been paused instead of discarded entirely. The upcoming Apple Watch Ultra model is believed to be launching in 2025 or 2026 before the news came out.