AT&T let slip some exciting news last week:

A long-anticipated 3G version of the iPhone is guaranteed for 2008, AT&T's head has told a meeting of the Churchill Club in Santa Clara, California. "You'll have it next year," said CEO Randall Stephenson.

Apple, notoriously tight-lipped, refused to comment on the AT&T CEO's remarks. Some people have begun to speculate about the uncharacteristic leak:

...the better question is why Stephenson said it and why now?  For AT&T, his announcement looks, frankly, stupid.

Here's a guy who is head of the largest telephone company in America and its largest mobile phone company. He has a five-year iPhone exclusive giving AT&T the number one selling U.S. smart phone and a huge generator of primo subscribers mainly poached from other carriers. Christmas is a month away and 1-2 million Americans have been planning to give -- or hoping to get -- an iPhone. So what does the guy do? He lets it slip that next year Apple will release a faster iPhone that will make the existing model obsolete. The only impact this can have on current iPhone sales is to stop them in their tracks, unless Apple offers a free 3G upgrade, which believe me they never intended to offer and may not.

So, what is AT&T CEO Randall Stephenson up to?

I don't think Stephenson's statement was by accident and I don't think he is out of touch with reality. I think, instead, he was sending a $1 billion message to Apple CEO Steve Jobs.

It is no coincidence that Stephenson made his remarks in Silicon Valley, rather than in San Antonio or New York. He came to the turf of his "partner" and delivered a message that will hurt Apple as much as AT&T, a message that says AT&T doesn't really need Apple despite the iPhone's success.

It's one thing to have a private disagreement between companies but quite another to take it public in a way that costs real money.

What I believe is troubling the relationship between AT&T and Apple is the upcoming auction for 700-MHz wireless spectrum and AT&T's discovery that -- as I have predicted for weeks -- Apple will be joining Google in bidding. AT&T thought its five-year "exclusive" iPhone agreement with Apple would have precluded such a bid, but that just shows how poorly Randall Stephenson understood Steve Jobs. Steve always hurts his friends to see how much they really love him, so AT&T probably should have expected this kind of corporate body blow.

To his credit, Stephenson took the dispute to the streets this way, showing he isn't intimidated by Jobs. It was a bold and rare response for big business and was definitely unexpected by Cupertino, which won't underestimate AT&T again.

Read more analysis @ PBS.