The trouble with Steve Jobs

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    Last year the founder of the Stanford Social Innovation Review called Apple one of "America's Least Philanthropic Companies." Jobs had terminated all of Apple's long-standing corporate philanthropy programs within weeks after returning to Apple in 1997, citing the need to cut costs until profitability rebounded. But the programs have never been restored.

    Unlike Bill Gates - the tech world's other towering figure - Jobs has not shown much inclination to hand over the reins of his company to create a different kind of personal legacy. While his wife is deeply involved in an array of charitable projects, Jobs' only serious foray into personal philanthropy was short-lived. In January 1987, after launching Next, he also, without fanfare or public notice, incorporated the Steven P. Jobs Foundation. "He was very interested in food and health issues and vegetarianism," recalls Mark Vermilion, the community affairs executive Jobs hired to run it. Vermilion persuaded Jobs to focus on "social entrepreneurship" instead. But the Jobs foundation never did much of anything, besides hiring famed graphic designer Paul Rand to design its logo. (Explains Vermilion: "He wanted a logo worthy of his expectations.") Jobs shut down the foundation after less than 15 months.

    Jobs has never revealed any plans to leave Apple, though after news of his pancreatic cancer was disclosed, the board insisted it had privately discussed a succession plan. It is hard to imagine a tougher act to follow. Indeed, Jobs is a tough act for even Jobs to follow.

    Already in 2008, Jobs has unveiled his usual array of sleek new products, highlighted by the MacBook Air, billed as "the world's thinnest notebook." The company's most recent quarterly results were its best ever: Apple reported $1.58 billion in profit, $18 billion in the bank, and zero debt. Despite signs of a recession, the company projected second-quarter earnings growth of 29%.

    But this time, all that just wasn't amazing enough. Since the beginning of 2008, Apple shares have tumbled by 40% from their all-time high in late December (in a down market, to be sure). Disappointing the masses is a risk you take when your stock is priced for bedazzlement.

    And even for Apple, conjuring the magic won't get any easier. It's hard for a big company to keep growing rapidly, especially if the economy heads into a downturn. Cellphone makers - and even Google (GOOG, Fortune 500) - are cranking out new products to compete with the iPhone. The iPod market shows signs of being saturated. Amazon's (AMZN, Fortune 500) new digital-music store is gunning for iTunes, aided by record companies eager to escape Jobs' insistence on dictating the price for their content. It's the same reason NBC Universal took its shows off iTunes. Then there's the possibility of additional fallout from the SEC and Justice Department investigations at Apple and Pixar.

    As usual, Apple's fortunes will rest not just on external factors, but on the shoulders of its CEO, who has pushed his company both to astounding heights and to the edge of significant risk. It is Steve Jobs himself who is the wonder - as well as the worry.

    REPORTER ASSOCIATE Doris Burke contributed to this article.