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Apple Inc. (AAPL) - Get Apple Inc. Report plans to invest billions into OLED display technology for future releases of its iPhone, MacRumors reported Friday. 

The company is investing $2.7 billion into LG's OLED production for smartphones as it looks to cut into rival Samsung Electronics Co. (SSNLF) domination of the OLED market. 

It has been rumored that Apple will introduce a trio of new iPhone models starting in September, including two new versions of its current iPhone 7, as well as an iPhone 8 with an OLED display. 

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Apple shares were down 0.4% to $149.90 in early afternoon trading Friday. 

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