Tim Cook and Apple's (AAPL) designers and engineers have been cramming new features into the iPhone 8, iPhone 8 Plus and the commemorative iPhone X, which the company will debut at a Tuesday event to mark the 10th anniversary of the device. 

The iPhone has reshaped the wireless industry and turned into a money-printing device for the company over the last decade. The iconic mobile gadget could soon be the world's first trillion-dollar-phone, according to research and consulting firm Strategy Analytics.

Apple has sold 1.2 billion of the devices since its launch in 2007, Strategy Analytics states. Cumulative iPhone revenues from the launch of the device in 2007 to the second quarter of 2017 come to $760 billion, according to Strategy Analytics. Apple should cross the trillion-dollar mark by the end of 2018.

The new iPhone X, said to price at $1,100 for the version equipped with 256 gigabytes of memory, will help it get there.  The device is expected to have an organic LED screen with very slim bezels, as Apple jettisons longstanding features such as the Touch ID and home button. In addition to the iPhone X, TheStreet.com reported that Apple will also release an iPhone 8 and iPhone 8 plus.

Before the iPhone, the mobile Internet was a sort of walled garden curated and operated by big wireless carriers such as AT&T (T) , Verizon (VZ) , T-Mobile (TMUS) and Sprint (S) . Apple's iOS and Alphabet's (GOOGL) Google Android operating system and their respective marketplaces for apps changed the way that mobile users experience the Internet.

Though Apple is not the largest device maker, it is by far the most profitable. The Cupertino, Calif., tech company is the second-largest smartphone vendor with 11% global market share in the second quarter, Strategy Analytics notes, but generated a whopping 61% share of global smartphone industry operating profit in the quarter.

Apple and Google are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL or GOOGL? Learn more now.

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