Bloomberg's Mark Gurman reported ahead of today's event that the iPhone 18 Pro and iPhone 18 Pro Max will include a smaller Dynamic Island capable of displaying up to three simultaneous Live Activities. The change would double the previous maximum of two.

The Dynamic Island is reported to now accommodate three Live Activities at once.
https://x.com/markgurman/status/2097537594745844201
This expands the pill-shaped cutout beyond its previous limit of two concurrent items.
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