According to Japanese-language blog Mac Otakara, Apple’s next-generation “iPhone 12” series may support a new Wi-Fi standard known as IEEE 802.11ay.

802.11ay is the follow-up of IEEE 802.11ad, quadrupling the bandwidth and adding up to 4 streams of multiple transmission/reception. The new Wi-Fi spec, which uses the 60GHz spectrum, is still in the draft phase but is expected to be finalized by the end of 2020.
Tthe blog calls the wireless standard “ultra-short range,” which suggests it could be used to communicate between iPhones (i.e. AirDrop) and perhaps other Apple devices in close proximity.
MacDailyNews Take: Setting the pieces in place for Apple Glasses.