Apple’s Tablet Mystery

Is the much hyped Mac table Apple's next big thing? Or could it all be a big ruse?

The Internet is swimming in rumors after the Wall Street Journal reported that since Steve Jobs returned to the office he has been micro-managing every detail connected to the development of the long-rumored Mac tablet computer.

Unfortunately, the Journal doesn't have any new specifics on this hotly anticipated and still totally unconfirmed gadget.

According to Yahoo!, the most recent whispers have it that the Wi-Fi- and/or 3G-enabled tablet could have a touchscreen anywhere from four to 10 inches in size, with a price tag in the $800 range. There's also been chatter that a wireless carrier (probably Verizon Wireless) could subsidize part of the cost in exchange for a two-year contract. Most believe that Apple won't unveil the device until 2010.

CNBC’s Jim Goldman says much the same. He tells Fast Money, I'm hearing the same rumors, talking to some of the same people.

However don’t get out your wallet quite yet.

Goldman adds, I'm (also) hearing that the device isn't quite ready for prime time, I'm told not to be surprised if this device doesn't make it out of the workshop before year end.

But don’t let that fact drag you down. Piper Jaffray estimates the Mac tablet could generate over $1 billion in revenue for Apple next year.

No specs, no release date, no design, no price and it's already $1 billion!, writes Goldman in his blog. Such is the power of Apple's mystique; such is the power of the Steve Jobs track record and legacy. I think the tablet is still a 50/50 proposition. But so is the rain. It either will or won't. We'll see.

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Trader disclosure: On Aug. 25th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Terranova Owns (AMZN), (MSFT); Terranova Owns (CCL) Puts; Terranova Is Short (SHLD), (EES); Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Cortes Owns (SPX), (GS); Cortes Is Short Nasdaq 100; Najarian Owns (BAC); Najarian Owns (BUCY) & Short (BUCY) Calls; Najarian Owns (C) Calls; Najarian Owns (FCX), Is Short (FCX) Calls, Owns (FCX) Puts; Najarian Owns (INTC) Calls; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PALM) Call Spread; Najarian Owns (TEVA); Najarian Owns (V) & Short (V) Calls; Najarian Owns (YHOO) Call Spread; Najarian Owns (XHB) Call Spread