Apple hits record high on report it's preparing fall launch of at least 75 million 5G iPhones

• Apple stock hit a record high on Tuesday after a Bloomberg report said the company asked suppliers to produce at least 75 million units of its next-generation iPhones.
• The 75 million figure is in line with Apple's 2018 and 2019 iPhone production targets, suggesting that not even a global pandemic could dent consumer demand for a new iPhone.
• Apple is expected to launch its first 5G iPhone models later this year, which could mark the biggest iPhone redesign since the 2014 launch of the iPhone 6, according to Bloomberg.
• Other expected product refreshes include a new iPad Air, two new Apple Watch versions, and over-ear headphones, Bloomberg reported.
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Apple hit an intraday record high on Tuesday following a Bloomberg report that detailed Apple's plans for product launches later this year.

The tech titan is ramping up manufacturing of its next-generation iPhone, asking suppliers to make enough components for at least 75 million units and as many as 80 million units, according to Bloomberg.

In 2018 and 2019, Apple also requested that its supply chain ready components for 75 million to 80 million units, Bloomberg said, so this year's figure suggests that even a global pandemic can't put a dent in consumer demand for an iPhone refresh.

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The Wedbush analyst Daniel Ives said last week that Apple was set to benefit from an upgrade supercycle as more than 350 million iPhone users become eligible for an upgrade over the next 12 months.

Apple is expected to launch its first 5G iPhone models this fall, which could represent the biggest design change since 2014's iPhone 6 — Apple is expected to ditch rounded edges for square ones, akin to the iPad Pro, according to Bloomberg.

Besides the 5G connectivity and a different design, the new iPhone models could come in wider sizes, including a 6.7-inch screen, Bloomberg said.

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The report said Apple was also preparing to launch an updated iPad Air with an edge-to-edge display; two new Apple Watch models; over-ear headphones that are not part of its Beats brand; and a smaller HomePod speaker.

Apple said in its latest earnings call that this year's iPhone launch would be delayed a "few weeks" relative to last year's late-September launch.

Apple surged as much as 4.5%, to $134.80, on Tuesday, one day after it completed its 4-for-1 stock split. Shares of Apple were up 76% year-to-date through Monday's close.

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