Apple (AAPL 0.62%) announced Tuesday that it will hold a digital-only event next week, on Tuesday, Oct. 13, 2020 at 1 p.m. EDT at the Steve Jobs Theater at the company's Cupertino, California campus. Unlike previous years, the presentation will be an online presentation only due to the coronavirus. 

The company has historically used such events as the launchpad for its next gen iPhone, and Apple is widely expected to announce that the highly anticipated iPhone 12 will be powered by the next generation of cellular technology -- 5G. The teaser for the event, "Hi, Speed," likely refers to the much greater network speeds capable with 5G, which can be nearly 100 times faster than the previous generation. 

CEO Tim Cook on stage in front of the Apple logo.

Image source: Apple.

Wedbush analyst Daniel Ives sees this as a key announcement for Apple investors. "Across the board we are seeing an uptick around production and pent-up demand for the slate of iPhone 12 models (expecting 4 new models) set to be unveiled next week in this launch event," the analyst wrote in a note to clients on Tuesday. He also suggested that the latest iPhones would hit shelves and websites in late October, which would be consistent with its release schedule in previous years following the announcement of a new device. 

Recent supply chain checks by Ives indicate "stepped-up demand" for a larger 6.7" model that is expected to make its debut, which would mark the largest iPhone ever. The company is also expected to introduce a more compact model at 5.4", making it the smallest iPhone in the lineup.

This could be the beginning of the much ballyhooed "super cycle" for Apple. Ives anticipates that as many 350 million of the 950 current iPhone users will upgrade to the upcoming version of the device, resulting in an "unprecedented upgrade cycle" for Apple in the coming months.