Five and a half months ago, word that Steve Jobs would only work part-time as he recovered from a liver transplant would have sent investors into a selling frenzy, so closely linked was Apple’s charismatic co-founder and CEO to the company’s success

But now, with Jobs’ return to Apple just days away that prospect is a lot less daunting.

Wall Street has grappled with the implications of Jobs’ illness since August 2004, when investors learned the CEO had kept a cancer diagnosis secret until after he underwent surgery. Investors feared a half-year absence would leave one of the oldest computer makers adrift, because Jobs had become the essence of the company he co-founded in 1976. But in the last few months, the company released must-have gadgets and software improvements with nary a public hiccup. Its shares have almost doubled, raising the question of how central Jobs is to Apple today?

more