Apple CEO Steve Jobs will be presenting iCloud and iOS 5 at Apple Worldwide Developers Conference (WWDC) today, triggering rumors whether the event will mark the grand comeback bid of the technology genius who has been on medical leave since January.

Apple’s market value has been on the rise with Jobs at the helm of affairs and last year Apple overtook Microsoft to be the most valuable technology company in the world.

In the past, Jobs has used his showmanship skills to the best effect, and every time he has presented any product or service as a keynote speaker in an Apple conference, it has met with positive response.

However, Jobs has not been keeping well for the past few years especially since 2004 when his pancreatic cancer was discovered. In 2009, he took a 6 months medical leave of absence from January until June and received a liver transplant during that period. And in January 2011, he took another medical leave to focus on his health, thereby triggering speculations that he will not be running the show anymore.

In Jobs’ absence, Apple’s Chief Operating Officer Tim Cook has been overseeing the day to day operations of the company and has been billed as the man who will succeed Jobs.

Nonetheless, Jobs reportedly is still involved in guiding Apple and made a surprise appearance in March to unveil iPad 2.

Jobs is an indispensable architect in laying down the foundation of Apple’s success, and like Apple, the name of its founder reverberates in the corridors of the technology industry.

He is undisputedly the guiding light, the driving force behind Apple.

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Apple WWDC 2011: Will Steve Jobs reveal iPhone 5 today?

And, though, iPhone 5 may not be unveiled in WWDC 2011, the event has nonetheless generated a lot of excitement because it could mark Jobs’ grand comeback from his medical absence.

Apple has announced that the main focus of WWDC 2011 will be upcoming cloud services called iCloud; iOS 5, the company’s advanced mobile operating system; and OS X Lion, the eighth release of Mac OS X.

Though by themselves, neither iCloud, iOS 5, nor OS X Lion promise anything amazing, yet one can be certain that when Jobs present them thisweek, they will appear groundbreaking and revolutionary.

The importance of Jobs’ presence at WWDC cannot be understated. On the day Apple announced Jobs would be the keynote speaker at the event, Apple’s stock soared 3 percent to $347.83. The week before the announcement, Apple’s stock was trading below $338. On Friday, June 3, Apple’s stock closed at $343.44. Though the stock witnessed a dip, Apple stock will no doubt get a positive boost from Jobs’ presence at the event and investors are betting that it will soar this week while the 5-day long event takes place.

But will it mark his inevitable return? For that we have to wait and watch.