|No, you aren't seeing things- It is a SRAM 38T ovalized 1X ring|
This category was something smaller companies were doing business in and were making some inroads, apparently, in to aftermarket sales such that SRAM finally did something about it. SRAM, who vehemently defend 1X chain tooth patents, actually pushed out a couple OE suppliers and now have their own offering to OE manufacturers and the aftermarket. These rings will cost approximately $140.00 each (Based off what I saw they sell for in Euros) and are going to be available in 32T, 34T, 36T, and a monster sized 38T.
I imagine that the 38T one, and for some folks, the 36T, will be seen mostly on the 1X road stuff SRAM is sure to be putting out for gravel/adventure rigs. I also suspect that these will be paired, along with traditional round rings, with the obvious e-Tap for mountain biking, which is sure to be in the pipeline.
I'm still not a big fan of the 1X deal, but I did try ovalized rings, and I felt that there was something to it all. In my opinion, Rotor really has the concept down correctly because the way the ovalization works is adaptable to you and your fitness. These are not adaptable as they go on in one position only.
I'm seeing that these ovalized black, toothy devils are out for anyone to buy now, so there ya go.