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 old Wall Street expression I have heard a million times, mostly in the negative camp is "the company has too many moving parts." Well, the same can be said about Apple Inc. (NASDAQ: AAPL), but only in the positive camp. So as Apple hit a new 52-week and all-time high of $119, what is going on? Let's look briefly at all the "moving parts."

Yesterday, it was announced that Apple stock will be included in the S&P 100 as of the end of trading today. It's definitely a prestigious move for Apple, and one the company did not have to request. S&P determines who the member companies will be. Many structured portfolios must buy the shares to keep up with the 100 stocks in the index. Typically these funds finish this chore within three days of the announcement. Apple traded 52 million shares on Wednesday, twice its normal amount.

Apple announced that its Apple TV will soon have the capability of offering the ever-popular YouTube internet video site on its Apple TV set-top box. This is another confirmation of the growing and consumer-driven philosophy at Apple. If the consumer wants it and the addressable market is large enough, Apple will offer it and probably dominate.