Samsung Electronics' shares increased on Tuesday following Apple's massive order for OLED panels. Apple recently ordered 70 million display panels for the upcoming iPhone 8.

Samsung's stock closed in at 2.1 million Korean won (1,890 USD) on the day of the deal, posting a rise of 1.54 percent. Data from last year reveals that Apple sold 78.2 million iPhone 7 units last year.

The Cupertino-based company is anticipating strong demand for their upcoming flagship phone. According to Nikkei Asian Review, Apple expects the OLED panels to arrive by the end of 2017.

Reportedly, Apple already signed a different deal with Samsung for the OLED panels. Various rumors claim that the total orders for the panels already reach 160 million.

Both companies have declined to comment on the rumored number. Samsung and Apple have not confirmed the veracity of the circulating reports.

In a post from CNBC, the 70 million order are in line with a previous estimate by IHS Markit analyst David Hsieh. He stated that Samsung had already prepared 95 million OLED panels for Apple in 2017.

In a report from The Investor, Samsung Display is investing $8.9 billion this year to ramp up OLED production. Samsung has already placed orders from manufacturers to increase its OLED production lines.

Samsung Display is widely considered as the world's largest OLED supplier. The company has exclusive rights to supply OLED displays for the upcoming iPhone 8.

Luckily, Samsung will profit from unit sales of the iPhone 8 when it's released to the consumer market. Analyst Mark Moskowitz stated that the phone will have a True Tone display like the 9.7-inch iPad Pro.

Tech insiders have also speculated that the iPhone 8 will have a slightly curved OLED screen. KGI securities analyst Ming-Chi Kuo said the phone will sport a 5.2-inch screen with a usable area of 5.15 inches.

Tech experts believe that the remaining space could attribute to a curved screen. Apple has not commented on the circulating rumors, stay tuned for updates.