Steve Jobs to Present at Apple Event Next Week, iCloud to be Unveiled

Apple AAPL fans around the world are again ramping up excitement for the company's coming product event next week, which will feature CEO Steve Jobs. Apple announced on Tuesday that Jobs and his executive team will showcase iCloud, its cloud services offering. The product is widely expected to allow users to remotely access their music library, and possibly other data. Apple's annual Worldwide Developers Conference (WWDC) will begin with a keynote address on Monday, June 6 at 10:00 a.m. The company will also unveil its next generation software - Lion, the eighth major release of Mac OS X; iOS 5, the next version of Apple's mobile operating system which powers the iPad, iPhone and iPod touch. Investors are hoping that Apple can capitalize on the cloud market like it has in the music market with iTunes. If the company can make a reasonable profit off of its vast user base, then consumers could see decent economies of scale. Amazon AMZN and Google GOOG have similar offerings.