Let the 3G-Phone War Begin

Investors are cheering the latest announcement. RIM shares rose $8.91, or 6.7%, to a 52-week high of $141.68 in recent trading. The stock has gained nearly 25% since the beginning of the year.

Apple shares were up $4.24, or 2.3%, to $187.72. Apple's stock has shed about 3.5% this year. The Nasdaq composite index fell about 5.2% during the same period.

Separately, RIM said it has set up a BlackBerry Partners Fund, a $150 million venture capital fund, in partnership with RBC and Thomson Reuters to drive development of mobile applications and services for the BlackBerry and other mobile platforms.

Apple has its own iPhone Developer Program set up in partnership with venture firm Kleiner Perkins Caufield & Byers, but at $100 million it is smaller than RIM's fund.

Industry watchers widely expect Apple to unveil the next iteration of the iPhone in the next few weeks, setting the stage for a confrontation between the two devices.

RIM is already claiming victory in the first round. "RIM believes that it has gained notable North American market share in the first quarter vs. Apple," says Wilson. "RIM stated that Apple went from high-20s share to high-teens share, while RIM went from mid-30s to mid-40s share."

Wilson believes the gains could be from RIM making its blockbuster Pearl phone available on Verizon's(VZ Quote - Cramer on VZ - Stock Picks) CDMA network.

Still, an all-out war between RIM and Apple is a while away, says Chervitz.

"At least for the first generation of the 3G devices, Apple and RIM are going to appeal to their respective audiences," he says.

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