Apple's yearly developer conference should see iOS 8, OS X 10.10, and likely some hardware.
Apple Has Team of 100 Product Designers Working on a Smart Watch
The team, which has grown in the past year, includes managers, members of the marketing group and software and hardware engineers who previously worked on the iPhone and iPad, said the people, who asked not to be named because the plans are private. The team’s size suggests Apple is beyond the experimentation phase in its development, said the people.Apple's senior director of engineering, James Foster, is said to be one of the managers working on the project, which happens to involve challenges like creating a smart watch that doesn't have to be charged every day. The smart watch, known colloquially by some as the "iWatch," would be able to do some of the same tasks as the iPad and iPhone.
Bloomberg also mentions that Apple had been planning a wearable fitness tracking device, much like Nike FuelBand or Jawbone Up, but that Apple had decided not to bring them to market. Apple CEO Tim Cook is a Nike board member and spoke about his own Nike FuelBand at the D10 Conference last year, also saying that wearable devices were an "interesting area" but that "the book hasn't been written on that one yet."