Nope.
...
Apple have a far more active loop in their inventory control.
The rate limiting step is in materials, not in finished stock.
..Apple has limited ability to produce new products, and is doing something NEW AND UNIQUE this time, by replacing 3 separate iPhones with 1. The 4, 4S, and 5 are ALL being replaced by the 5C. ...
both are correct... it depends how fast Apple can ramp up both the 5S and 5C across all countries. Look at tail end of last years schedule for the iphone 5 (released in the US on Sept 21 2012) :
....
Friday, Dec. 7: South Korea
- Friday, Dec. 14: Albania, Antigua and Barbuda, Armenia, Bahamas, Bahrain, Bolivia, Brazil, Chile, China, Costa Rica, Cyprus, Ecuador, Grenada, Indonesia, Israel, Jamaica, Jordan, Kuwait, Macedonia, Malaysia, Moldova, Montenegro, Panama, Paraguay, Philippines, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Turkey, United Arab Emirates and Venezuela
- Friday, Dec. 21: Barbados, Botswana, Cameroon, Central African Republic, Egypt, Guinea, Ivory Coast, Kenya, Madagascar, Mali, Mauritius, Morocco, Niger, Senegal, St. Kitts, St. Lucia, St.Vincent & the Grenadines, Tunisia, Uganda and Vietnam
...
... so it's not unusual to keep shipments going for these countries until the end of the year. From Apple's last earnings call, they had only a 4-6 week channel or 11 million units.... and as mentioned this year may likely be worse since you have two new products replacing 3 older ones.
.