It means that Google will soon present a Pixel [1] with a half-inch screen, to be worn as a ring around your finger.

It has some strange inscriptions around the inside which nobody has yet discovered the meaning of:

  Ash nazg durbatulûk, ash nazg gimbatul, ash nazg thrakatulûk agh burzum-ishi krimpatul

 [1] https://en.wikipedia.org/wiki/Pixel_(smartphone)