There may not be an iPhone SE 2 after all. The latest Apple rumor claims an update to the company's popular and most affordable smartphone may not be in the cards — or if there is one, it will not feature a big revamp.

This comes from KGI Securities analyst Ming Chi-Kuo who acknowledged in his research note that a basic processor update can still happen. However, instead of packing it with iPhone X-esque features, Apple is reportedly giving it only a minor update that amounts to a run-of-the-mill spec boost, meaning bezel-less design, wireless charging, 3D sensing, and Face ID are excluded.

Apparently, the tech giant does not have enough development resources for an iPhone SE 2 as there are already three iPhones rumored to be released this fall: a second-generation iPhone X, a larger iPhone X Plus, and a budget model with an LCD screen.

"With three new models in the pipeline for the second half of 2018, we believe Apple may have used up its development resources," an excerpt on Kuo's note says, as reported by Mac Rumors. "Also, we think the firm will do all it can to avoid repeating the mistake of a shipment delay for the three new models. As such, we believe Apple is unlikely to have enough spare resources to develop a new iPhone model for launch in 2Q18."

Kuo's prediction contradicts that of Digitimes analyst Luke Lin's, who said previously that the sequel to the iPhone SE is in the works at Apple. According to him, the iPhone SE 2 will offer wireless charging support to align it with Apple's current iPhone line and enter mass production sometime in the second quarter for a May or June release.

Apple tends to be tight-lipped about unreleased devices, so patrons should not expect any confirmation on these claims. It will not come as a surprise, however, if it ends up giving limited new features to the iPhone SE 2.

The company has not fully refreshed the handset since its launch back in 2016, only doubling its storage capacities last March and dropping its price to $349 last September.