Apple's total sales are expected to hit US$192 billion this year, an amount expected to grow further in 2015 because of the upcoming iPhone 7 and other iOS devices such as the next-gen iPad and Apple Watch.

Pipper Jaffray's Gene Munster said the tech giant's US$675 billion market capitalization will add tens of billions more in earnings because of its iPhone business. About 60 percent of the company's sales come from the iPhone. The next flagship models are in the development stage.

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Based on Apple's past release dates, the iPhone 7 with an A9 application processor could be in store shelves early September 2015.

The all-screen iPhone 7 will eliminate bezels and provide a larger display while maintaining a small device footprint at a maximum of 5 inches. The render applies to the current iPhone screen that stretches diagonally to 4.7 inches.

Industry sources said Samsung will be the biggest application processor supplier in early 2016 and its processors will power the future Apple iPhone and iPad models.

Apple designated Samsung as the primary supplier of the next A-series chips that will power iOS devices starting 2016.

With 80 percent Apple's AP requirements in 2016, Samsung will make billions of dollars while Taiwan Semiconductor Manufacturing Company could pick up the last A9 supply contract from Apple.

Apple is said to have chosen Samsung over TSMC because of the former's 14nm FinFET processing technology that has lower energy consumption and higher efficiency.

TagsiPhone 7, iPhone 6 Plus, VR, Virtual Reality, iPhone 7 Release Date