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Can Apple Avoid Being 'RIMMed' By Samsung?

Stocks in this article: AAPL FB GOOG RIMM P SIRI

NEW YORK ( TheStreet) -- For as much credit as the technology sector gets for being innovative, it doesn't get nearly enough recognition for its influence in our words we use on a daily basis and its contributions to our English dictionary. As an author and one who writes extensively about technology, I'm realizing that thanks to social media giant Facebook (FB), the words "friend" and "like" have become widely popular verbs. While Google (GOOG) has essentially replaced the term "search" in our dictionary as in the widely used "Google this for me."

On Wall Street, however, names of tech companies have entered our lexicon while also having become synonymous with either success or failures -- to the extent that I have recently suggested, can Google "MySpace" Facebook? Or in other words, Can Google one day render Facebook irrelevant? Samsung, which has recently overtaken both Nokia (NOK) and Apple (AAPL) as the world's Number 1 phone manufacturer in terms of overall sales said last week that it plans to launch an online music service to compete head-on with Apple.

This has now prompted me to ask, can Samsung "RIM" Apple? Or in other words, will Samsung be able to do to Apple what Apple has done to Research in Motion (RIMM)?

While many are quick to make it a foregone conclusion that Apple is the dominant power, recent evidence suggests that the race is closer than investors realize. Yet, Wall Street insists on handing over the trophy to Apple as if it's a done deal to the extent that even Samsung's name has become an afterthought and replaced with "Android device."

The disrespect of Samsung has had a lot to do with what has clearly become on Wall Street a pro-Apple bias. Be that as it may, it does make me wonder how this reality has affected Apple's ego since it has now become the world's largest company but now has to look up to Samsung in the product category for which it has become the best known. As it stands both companies now account for more than 70% of the global smartphone device market.

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