Considering the slowdown in the global smartphone industry's growth, phonemakers need to conjure up ways to persuade people to buy a new device. While Apple could be the first phone manufacturer to use the new processor, it can't rely on the chip alone, not when Samsung also intends to use its own 7-nanometer design with its upcoming Galaxy devices. AMD, Qualcomm and other tech titans are also working on 7-nanometer chip technologies of their own.

Bloomberg says Apple plans to use the new chip, which could be officially called the A12, to power a trio of iPhones (maybe more) slated for launch this fall. One of them is a larger version of the iPhone X, while the other is an update to the current version of Apple's bezel-less device. The third one will apparently be a more affordable model of the X with its features, but with a cheaper LCD screen.