iPhones sold vs. activated don't add up?

Wall Street is wondering once again where all the iPhones are going: AT&T activated 900,000 iPhones during its fourth quarter and it ended the year with slightly under 2 million iPhone customers, however Apple announced at MacWorld that it has sold some 4 million iPhones as of mid-January. While international sales account for some of the gap, analysts say there's more to the story. Toni Sacconaghi, a financial analyst with Sanford C. Berstein, said the gap means that Apple might have a demand problem and that the figures point to a build up of inventory at Apple's channel partners.

For more on the gap:
- read this article [1] from One More Thing
- check out this article [2] from Techdirt