The Apple Watch is reportedly getting a birthday makeover

The Watch is approaching its 10th birthday and Apple is planning a revamp to make the device thinner but with larger displays, Bloomberg reported.

• Apple is planning to revamp the Watch as its 10th birthday nears.
• The improvements include larger displays and thinner builds, Bloomberg reported.
• The revamped watches may also get a new chip, which could enable some AI enhancements.

The Apple Watch is about to turn 10, so Apple is planning a birthday revamp including larger displays and thinner builds, Bloomberg reported.

Both versions of the new Series 10 watches will have screens similar to the large displays found on the Apple Watch Ultra, according to the report.

The revamped watches are also expected to contain a new chip that may permit some AI enhancements later on.

Last month, Apple pulled back the curtain on its generative AI plans with Apple Intelligence.

It hopes the AI features will prove alluring enough to convince consumers to buy new Apple products.

The announcement has been generally well received by Wall Street.

Dan Ives of Wedbush Securities wrote in a Monday note that the "iPhone 16 AI-driven upgrade could represent a golden upgrade cycle for Cupertino."

"We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share," he added.

Apple stock closed on Friday at just over $226 a share, up 22% this year and valuing the company at $3.47 trillion. That puts it just behind Microsoft, which was worth $3.48 trillion at Friday's close. The pair have been vying for the title of the world's most valuable company in recent months — with chip maker Nvidia also briefing claiming the crown.

Apple also announced some software updates for the Watch at its Worldwide Developers Conference last month.

The latest version of Apple's Watch software, watchOS 11, emphasizes fitness and health, introducing new tools that allow users to rate workouts and adjust effort ratings.

WatchOS 11 will also use machine learning to curate the best photos for users' displays.

Apple has used product birthdays to release new versions of devices in the past.

The iPhone X was released to mark the 10th anniversary of the smartphone. However, it's not clear exactly when Apple plans to release the revamped watches, per Bloomberg.

Apple announced the Watch in September 2014, with CEO Tim Cook calling it "the most personal product we've ever made."

Apple did not immediately respond to a request for comment from Business Insider, made outside normal working hours.