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Wu believes that Apple has decided to hold back the release of OS X 10.5 Leopard rather than release it before Windows Vista, the successor to Windows XP, begins shipping early next year. Apple said this week that Leopard will be available in spring 2007.

Wu wrote in a note to investors that, 'We believe with Windows Vista likely further delayed due to stability issues with its latest Beta 2 version and its "look and feel" and feature set essentially a "clone" of Apple's currently shipping Mac OS X Tiger, Apple is choosing to spend more time adding features unique to Leopard.'

While

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Apple CEO Steve Jobs gave Mac developers a sneak peek at the Leopard's new spots this week, he also said that there would be more to come.

Nonetheless, Wu said that the 10 unique new features already revealed, such as the Time Machine backup and restore software and Core Animation technology, will help Leopard to 'maintain its lead'.

Wu expressed concern that there was no upgrade for Apple's existing range of Intel Macs - the iMac and MacBook ranges - with the new Core 2 Duo processors, suggesting that there will be 'slight investor disappointment'. Whether or not Apple has upgraded models in the pipeline, in all likelihood it did not want to overshadow the unveiling of its first Intel-powered desktop workstation, the impressive Mac Pro.

Wu concluded by saying that he was not surprised that no announcements were made regarding new iPods, adding that he anticipates a separate event 'in the late September-October timeframe'.