Buzz: 3G iPhone coming in June?

Apple Inc.'s iconic iPhone is setting the industry abuzz again, this time with rumors of a 3G version coming to market soon.

An analyst from the Bank of America, Scott Craig, released a report predicting a Q2 launch. He said Apple is making at least 3 million 3G iPhones in May and more than 8 million starting Q3, Reuters reported. Shares of Apple, and the iPhone's exclusive carrier AT&T, picked up following Craig's forecast.

Meanwhile, an insider from Taiwan's Hon Hai Precision reportedly placed the likely release of the 3G iPhone also in Q2. According to a Dow Jones report, Hon Hai is ready to ship 10 million 3G iPhones for Apple.

"Hon Hai is ready to ship anytime. It is just waiting for the nod from Apple," said the unnamed source, as quoted by Dow Jones.

Many industry watchers say the 3G iPhone will most likely be launched in June, as Apple is holding a developer conference in that month.

Running on faster networks, the 3G version will be a significant upgrade to the existing phone, which was launched in June last year with much fanfare.