Michael Dell was asked back in 1997 what he’d do if he was Apple’s CEO, and he replied that he’d shut down the company and give the money back to shareholders – something history would show to be about the dumbest suggestion any human being could have made in that year.

Steve Jobs specifically responded to the comment during the keynote in which he announced that Apple, like Dell, was opening an online store to sell products direct to customers via the web.

“We’ve taken something they pioneered and done it better,” he said. “We’re coming after you, buddy.”

He followed his comments by showing what he said was a special 15-second TV ad aimed directly at Dell. You can watch both his comments and the ad in the above video. The full keynote – in which Jobs also announces the PowerPC G3 – can be watched below.

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