Expectations for the Apple event drove the company’s shares up more than 6% on Monday, and they’re up another 2% in premarket trading. Amazon’s stock jumped almost 5% Monday.
Apple’s agenda: Investors expect the company to announce the launch of a long-rumored upgrade that would allow the iPhone to connect to 5G wireless networks.
Some analysts expect the 5G iPhone to generate a “supercycle” of device upgrades, potentially prompting more people than usual to buy the new device.
“Consumers looking to buy a 5G iPhone will have no choice but to pay up and buy it directly through Apple over the next two to three years,” said CFRA Research analyst Angelo Zino.