Here’s how an Apple MVNO will work: Instead of paying your carrier every month, you will pay Apple directly for data, calls, and texts. Apple then provides you with everything you used to get from your carrier, but the Apple SIM switches between carriers to get the best service. The telecoms companies auction capacity to Apple so it can run the service.
I remember people laughing at me when I suggested this back in January…
Source: Apple in talks to launch an MVNO in the US and Europe – Business Insider
Update: CNBC reports that Apple has denied this rumor. This is interesting, because Apple generally never denies rumors.