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Don’t expect new Airtags until 2025.

In the subscriber edition of his Power On newsletter for Bloomberg today, Mark Gurman wrote that he believes the first generation of its Airtags Find My tracking devices was “clearly over-produced” and Apple retail stores and warehouses are stuffed full of them.

Echoing previous reports that new models won’t be mass-produced until late 2024, Gurman says they’ll probably hit the market the following year.