FORTUNE — The vertical gap between the black triangle and the blue square at the far right of the attached chart — sent to clients Wednesday by Morgan Stanley’s Katy Huberty — may not look like much.
But it represents 4 million iPhones, the difference between the Street’s estimate of iPhone shipments in the quarter that ends next week and Morgan Stanley’s estimate of iPhone demand.
And because more than half of Apple’s (AAPL) quarterly revenue derives from iPhone sales, the gap probably represents the difference between a ho-hum second fiscal quarter for Apple and a blowout.
Why should we care what Morgan Stanley’s AlphaWise Tracker says? See Huberty’s Exhibit 2:
