Apple might unveil the next iteration of its budget iPhone SE as early as next week, according to a recent report. The iPhone SE 4 could debut via a press release, foregoing a dedicated launch event. Supplies of the current iPhone SE are reportedly dwindling in Apple Stores, a reliable signal that a new model is on the horizon.

The iPhone SE 4 is expected to sport a complete redesign, ditching the classic iPhone look for an iPhone 14-inspired aesthetic. This means the end of the Home button and Touch ID, replaced by Face ID and an edge-to-edge display. Display Supply Chain Consultants (DSCC) CEO Ross Young suggests the SE 4 will feature a notch, similar to the iPhone 14.

Under the hood, the iPhone SE 4 is rumored to pack a serious punch. Reports indicate it will be powered by the same A18 Bionic chip expected in the iPhone 16 series. The SE 4 will also feature 8GB of RAM to support Apple Intelligence features. This would be the first budget iPhone to receive high-end chip capabilities.

In a major move, the iPhone SE 4 could be the first device to feature Apple's in-house 5G modem, replacing the Qualcomm Snapdragon modem. While this modem may not match the performance of Qualcomm's offerings initially, it marks a crucial step for Apple in reducing its reliance on external suppliers. A single 12MP rear camera, leveraging computational photography, is also expected.

While pricing is unconfirmed, the current iPhone SE 3 starts at $429 for the 64GB model. Given the upgraded features and potential tariff implications, the iPhone SE 4 could see a price increase. Despite this, Apple is expected to keep the price below $500 to remain competitive in the mid-range smartphone market.

Alongside the iPhone SE 4, Apple is also rumored to be launching the PowerBeats Pro 2 earbuds. These earbuds could be the first Apple-branded audio device to include a heart rate monitor, a feature Apple is reportedly planning for future AirPods.