Apple's future unclear after Jobs takes medical leave

The news that Steve Jobs is stepping down until late June stunned the tech community today, and it's sure to send shivers down the spines of already wary investors.

Just a little over a week ago, Jobs tried to tamp down the dire rumors about his health, revealing that he is undergoing treatment for a "hormone imbalance" but is "not on my deathbed."

Wednesday, however, he wrote in an e-mail to employees that "during the past week I have learned that my health-related issues are more complex than I originally thought." Apple COO Tim Cook will take the reins during Jobs' absence.

In his e-mail, Jobs called the speculation on his health "a distraction," and spun his decision to step down as a way to "allow everyone at Apple to focus on delivering extraordinary products." He added that he will "remain involved in major strategic decisions while I am out."

Still, industry observers—not to mention Apple investors—are fearing the worst, and indeed, TheStreet.com reports that trading in Apple shares was halted late in the day to prevent a panic sell-off.

Of course, I don't have any inside information on Jobs' health, and I've tried as much as I can to refrain from idle speculation about his condition.

That said, today's news is certainly alarming, and one can't help but wish Jobs the best on a human level, while wondering about the future of Apple—who will ultimately lead it in a post-Jobs era, and whether it'll maintain its consistently high level of production and creativity.

Sure, there are plenty of big brains at Apple, but Jobs—while not known as Mr. Sensitivity in Cupertino—is a giant, a legendary out-of-the-box thinker with amazing taste (as Bill Gates wryly noted back in summer 2007), laser-like focus, and an iron will. It's hard to imagine Apple without him.

In any case, let's hope for the best.