This column was originally published on RealMoney on Feb. 7 at 1:44 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Could this be the long-awaited breakout of

Apple

(AAPL) - Get Report

? This stock has been, with the possible exception of

Google

(GOOG) - Get Report

, the most profound disappointment of 2007.

The froth of the iPhone coupled with a belief that the new device must be a failure because of its price point -- even as my teenage daughters tell me otherwise -- has kept a huge lid on the story.

I think that lid could be sliding off.

Here's why: We are able, now, to see the power of Steve Jobs. He owns a whole industry with this iTunes, a

whole

industry. Who can imagine what will happen when we get to iTV?!?

Jobs is the most important man in media; therefore, Apple is the most important company in media -- again, with the possible exception of Google.

To me that's worth more of a premium than Apple currently sells for.

Indeed, the great mystery of Apple is how darned cheap it is vs. its growth rate. Apple sells at 26 times next year's earnings estimate, with a 20%-plus growth rate. That makes no sense and reflects a belief that iPhone's a joke like

Microsoft's

(MSFT) - Get Report

Zune. It isn't.

What people are missing is what was in that great article in

The New York Times

over the weekend about

Motorola

(MOT)

and how the Razr wasn't fashionable.

Jobs, and Apple, have a sense of style. Jobs has an eye. The iPhone will sell at a premium and get it, the same way

Tiffany

(TIF) - Get Report

sells its goods at a premium and gets it, or if you want to use an analogy for the younger generation, how

Abercrombie & Fitch

(ANF) - Get Report

gets you to pay much more for its jeans than you should.

The fashion price-to-earnings ratio is lacking for Apple. The shorts have been laying all over it -- and Microsoft and

Hewlett-Packard

(HPQ) - Get Report

and Google -- for weeks now.

I think the rude awakening is coming.

Random musings:

One of the reasons I see a quick short-selling rout is the way that

Intevac

(IVAC) - Get Report

is trading. After the

Komag

(KOMG)

disappointment, after the blowout quarter that

Seagate

(STX) - Get Report

had and the sad aftermath, if you were a short-seller you had to believe that shorting Intevac was risk-free. Oops! Glass half-full!

At the time of publication, Cramer was long Hewlett-Packard.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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