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We believe the data points to a significant amount of iPhone channel inventory. … This is negative in two ways: 1) It indicates end-user demand for iPhone is lower than many investors may think based on Apple’s sales figure; and 2) it points to slower iPhone sales in the current quarter, since much of this inventory is likely to be drawn down.”

–Noting that AT&T, the iPhone’s exclusive U.S. carrier, has activated “just at or just slightly under 2 million” iPhones, Sanford C. Bernstein financial analyst Toni Sacconaghi suggests that the “4 million iPhones sold” figure Apple CEO Steve Jobs offered at Macworld is inflated.