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Apple Unveils the iPad

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL - Get Report) CEO Steve Jobs unveiled the hotly anticipated Tablet device -- the iPad -- which will be available at the end of March at a range of prices, from $500 to $830.

At a press conference in San Francisco Wednesday, Jobs called Apple the world's No.1 mobile device maker, bigger in revenue than Nokia (NOK - Get Report). And in a surprise move, he named AT&T (T) -- and apparently not Verizon (VZ) -- as the iPad's 3G telco partner.

The stripped-down version of the iPad will cost $500 and comes enabled with WiFi connections only. The 3G verisons start at $630 and go up to $830. The 3G prices do not include a data service plan from AT&T, which go for $15 a month or $30 a month (for unlimited use).

AT&T shares jumped 3% to $26.01 and Apple's stock rose 2% to $209.75 immediately after the pricing was announced Wednesday.

Jobs called the iPad a new category of devices that can outperform laptops and smartphones by delivering Web browsing, pictures, videos, music, games and e-books.

Apple iPad
Steve Jobs unveils the new Apple iPad

As for battery life, Apple claims it will last ten hours between chargings.

The iPad is a half-inch thick and as presented, lands somewhere between a smartphone and a notebook. To keep the power consumption within manageable limits, Apple had to compromise the computing power of the device, says Northeast Securities analyst Ashok Kumar.

But Jobs demonstrated some of the high-definition video capabilities of the iPad, which help elevate the device above ereaders like Amazon's (AMZN) Kindle.

The glorified e-reader, however, opens a new chapter in Apple's grand plan to be a modern media hub.

For investors, it further reveals Apple's ambition to supplant Comcast (CMCSA), Time Warner Cable (TWC), AT&T (T) and Verizon (VZ) as a media distributor.

Stockpickr Answers
Who is actually going to buy the Apple tablet?

This is obviously a bold move, but network services are within Apple's reach.

The key development here is the content deals Apple has made with book and magazine publishers, and reportedly TV programmers. Like iTunes to music, Apple's text and video distribution deals will give the company superior footing against the e-book giant -- Amazon's Kindle.

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