Will an Apple watch replace the iPhone?

Wearable technology could outpace traditional cellphones.

Could Apple be developing an iWatch?

The blogosphere speculated over the holidays, and now Piper Jaffray analyst Gene Munster has come right out and said as much, stating in a report out earlier this week that the company will eventually come out with a "wearable computer" next year or later.

Munster views the "wearable computer" as a major future tech trend and one significant, untapped revenue stream for Apple. A watch could be just one of several new products worn on the body.

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