The Oura cost like an Apple Watch, so dont think an Apple Made alternative could be lower price. However, even at same price point, I don’t think it would cannibalize the watch, because it is a different product and maybe more niche. Basically, for the same price the watch is better because more functionalities and it could even replace a phone, at least for short time. However, the ring can be interesting for two kind of person: who hate wear a watch or who like beautiful watches 😂 For e.g. me I like mechanical watches and I have even many of them… but even if I prefers them instead of Apple Watch, I don’t wear them anymore basically because I found difficult to renounce of smart watches features (last time I wear a mechanical watch I put it near a POS to pay by mistake 🤣)… so, for this reason it could be interesting. But I think Apple don’t like to propose alternative product: the target to sell ALL products (Apple Watch, iPhone, iPad, MacBook, Apple TV… and more) to all customers… and ring and watch are for sure alternatives