The original Apple Watch just got a new name, a new chip, and a new price

Apple on Wednesday introduced the second-generation Apple Watch, called the Apple Watch Series 2.

So what happens to the original Apple Watch?

Well, Apple will continue selling that model, which originally debuted in April 2015. That model will now be called "Apple Watch Series 1," and Apple has given it the same dual-core chip that powers the Series 2 Apple Watch to ensure actions are just as snappy.

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Also, Apple has adjusted the price of the original Apple Watch, which initially cost $350 when it launched last year. Since the Apple Watch Series 2 now costs $369, the Apple Watch Series 1 will cost $269.

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Business Insider is currently at the Apple event in San Francisco. Check out our live blog for all the latest details.