The Short Version
A Pixel Watch 5 prototype was reportedly found by a scuba diver near St. Martin, showing the same sensors as the Pixel Watch 4.
A scuba diver near St. Martin reportedly pulled a Pixel Watch 5 prototype from the ocean, and it briefly showed the time despite a dead battery. The caseback lists the same sensors already on the Pixel Watch 4, including heart rate, skin temperature, and ultra-wideband. Four model numbers filed with India's certification body confirm two sizes and cellular variants are coming. Nothing here suggests a meaningful leap forward.
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