An intense iPhone buzz sent a high-pitched signal to Apple fanatics early this summer in the US. They hurled themselves into AT&T sales offices and are still giggly with technophile delight.

The means by which Apple - a computer products company without wireless assets - launched the mobile phone of the century illustrates how markets introduce innovation. AT&T was eager to host the iPhone on its mobile network. The carrier extended terms so generous (Apple reputedly keeps all handset revenues and $10 a month per subscriber) that, while Apple's market capitalisation surged $20bn on iPhone profits buzz, AT&T's shares barely budged.