Very likely, at least the software half.

The donut-shaped image at the very top of the linked page is a big clue, and fits previous reporting that the Jony Ive project would be a donut-shaped hardware device: https://www.fastcompany.com/91587001/openai-hardware-donut-s...

It's almost certainly the software side. Expect "dot" pendants or "dot" pocketwatches in a year or two.