Updated from 10:06 a.m. EST to provide more potential features in the seventeenth and twentieth paragraphs.NEW YORK ( TheStreet) - Now that Apple ( AAPL) has unveiled its latest iPad, attention is now shifting to the company's most important product: the iPhone. Investor sentiment is soaring for Apple, as well as its hit smartphone, with the tech giant selling over 37 million smartphones in its recent fiscal first quarter.
Apple may also bring FaceTime, its video chat software to wireless networks. Currently, FaceTime can only be done on Wi-Fi networks, but with LTE networks, the capability for increased use of FaceTime has expanded with iOS 5.1. Many believe that Apple will use its new A5X chip for the iPhone, or perhaps even an enhanced version of the chip. Apple licenses the design from ARM Holdings ( ARMH), and then changes it to meet its own needs. Besides LTE, the other major feature which may be in the new iPhone is Near-Field Communications (NFC). NFC technology lets customers pay for goods and services with their phones instead of cash or a credit card, simply by tapping their phone to a reader. The phone is linked to the person's bank account and the transfer is made. Broadcom ( BRCM) and NXP Semiconductors ( NXPI) both make NFC-based chips. Even if the new iPhone has all, some, or none of these features, one thing is certain. The rumors will only increase in frequency as the product launch gets closer. Interested in more on Apple? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com