On Tuesday, January 9, 2007, after years of hype and consumer speculation, newly renamed Apple, Inc. announced the iPhone, one of the few products in history to totally surpass the market's lofty expectations. The device combines a cell phone with an iPod in a slender case with a brilliant high-resolution touch screen and up to 8GB of storage. The inclusion of a brilliant user interface and other niceties like accelerometers and proximity sensors, not to mention the fact that the system runs Mac OS X with full-featured WiFi internet access (including the Safari web browser), was the icing on an already delicious cake.
Though Apple was a newcomer in the mobile communications industry, its stock soared while the share prices of longstanding leaders Palm and RIM took a frightening nosedive. Critics and fans alike praised Apple for its daring move and the unexpected trouncing it dealt to its new competitors.