It's in quantum superposition. Actually speaking it collapses the wavefunction around that particular speaker, although some prefer to believe instead that reality forks. ~
By the "g as in graphics" logic for "gif", for "jpeg" we have "j as in joint", "p as in photographic", "e as in experts", and "g as in group", so "je-feck"?
I'm in. It would also clear up some ambiguity over the pronunciation of "gif" ;-)