Three years have passed between the release of the third-generation iPhone SE and the iPhone 16E, Apple's latest budget phone. That's a relatively long time for mobile developments to evolve -- and for the sticker price to rise alongside those improvements.

A rumor from some weeks back is suddenly gathering steam, suggesting a different iPhone is on the brink of release.

Apple didn't simply change the expected iPhone SE 4 name to iPhone 16e — they're distinct product lines and all the data points to a strategy shift.