What's one little 3G iPhone when the future of Apple Inc. (NASDAQ: AAPL) may be in the balance?

Seems that Apple enthusiasts didn't just listen to Steve Jobs when he unveiled the new iPhone Monday, but they watched him too. In fact, they watched very carefully. And some think that Apple's co-founder and CEO, its visionary, the one identified with the company's resurrection and its future, looked too slim when he delivered his keynote speech; his appearance, apparently, was pale and gaunt.

Of course, many are worried because Jobs was diagnosed with a rare form of pancreatic cancer four years ago. After he underwent surgery, Apple said it was successful, but disclosed the matter nine months after the fact. Naturally, many people cannot help but recall Jobs' brush with cancer when he doesn't look his best. This is not the first time such concerns surfaced.

There was so much buzz over Jobs' appearance, with bloggers comparing photos of the CEO, that the usually tight-lipped Apple issued a statement saying Jobs' thinner appearance was due to "a common bug" from two weeks ago. It's the antibiotics he's been taking, a spokeswoman for Apple said, that's made him so thin, and was it not for the Worldwide Developers Conference, he'd be laying low.

In the past two weeks, Apple Inc.'s (NASDAQ: AAPL) stock came down from a high of $127.61 to $117, and the stock settled back in and closed Friday at $120.75. As the shares were trading from the $120-127 level, the daily trading volume was huge, almost twice the normal 30 million shares traded per day. So what happened?

Apple opened its Worldwide Developers Conference 2007 this past Monday, June 15, for a week-long technical orgy featuring more than 100 very complex and technical sessions. I hear from the grapevine that the hedge funds were hoping for some sort of major announcement from Steve Jobs, Apple's CEO. Hedge funds were driving up the shares on the hopes that Jobs would announce increased expectations for the iPhone, or that the Mac is actually taking additional market share in this June 30 quarter. Hopes were dashed as Jobs gave a routine keynote speech with "nothing dramatic."

The hedge funds bailed out of the shares as the short-term trade possibilities were not materializing. The hedge funds did miss a very important announcement from Steve Jobs. He announced that available immediately is a Windows version for the Safari internet browser. In the first 48 hours, over 1 million were downloaded!

Beginning Monday June11, thousands of very technically talented people will descend into San Francisco for the Apple Worldwide Developers Conference 2007. The conference runs through Friday June 15. There are over 100 separate and distinct technical presentations and mini-lab sessions on the schedule. Apple Inc. (NASDAQ: AAPL) will use the opportunity to make sure everyone in attendance gets a beta-copy of the new Leopard operating system, due out in October, and of course the buzz will be the new iPhone.

Apple has been strategically advertising the iPhone on television and other media with the final message "due out June 29." The early adopters will sing its praises and the various media representatives will be there to capture every word. But what else does Apple have up its sleeve?

I wrote on May 31 that Apple and Google Inc. (NASDAQ: GOOG) have emerged as the two distinguished leaders in the technology sector. Both have hit new 52-week highs and the momentum in their respective earnings and revenues is compelling. They have taken over from the old guard.

Rumors have been circulating that Apple and Google will formalize a strategic relationship. Basically, Apple has grown weary of its dependence on Microsoft's (NASDAQ: MSFT) Office Suite, and Apple CEO Steven Jobs has indicated that Mac needs to "catch up." If Apple decides to include the Google suite of internet applications, it could be a blockbuster union of these two titans and a serious blow to Microsoft. Google's suite would include e-mail, spreadsheets, maps, and general document management.

The highlight of the week, where all eyes will be focused (at least in the tech world), is the Apple Worldwide Developers Conference, which is all week long.

Monday June 11

• Apple Inc (NASDAQ: AAPL) Worldwide Developers Conference to be held from June 11 through June 15.
• Texas Instruments Incorporated (NYSE: TXN) mid-quarter update conference call to be held at 5pm.
• Medivation Inc (NASDAQ: MDVN) to discuss Phase II study results for Dimebon for Alzheimer's.

Tuesday June 12

• Lehman Brothers Holdings Inc (NYSE: LEH) to report Q2 earnings; conference call at 10am.

Wednesday June 13

• FDA Endocrinologic and Metabolic Drugs Advisory Committee Meeting on Sanofi-Aventis's (NYSE: SNY) Acomplia at 8am.

Thursday June 14

• The Goldman Sachs Group Inc (NYSE: GS) to report Q2 earnings; conference call at 11am.
• Adobe Systems Incorporated (NASDAQ: ADBE) to report Q2 earnings.
• Telkonet Inc (AMEX: TKO) to hold conference call at 11am to provide business update.

Friday June 15

• PDUFA date for Encysive Pharmaceuticals Inc's (NASDAQ: ENCY) Thelin for Pulmonary Arterial Hypertension (PAH).