The way to think about it is that the iPhone has just become more
“liquid” and it can now flow to parts of the world where it
has been difficult to acquire. The iPhone was already liquid to
some degree with unlocking and sales through Hong Kong/UK, but the
US market’s retail footprint and the lower costs that result
will boost liquidity dramatically and probably increase volumes
Makes sense. In other words, these unlocked iPhones sold in the U.S. aren’t for the U.S. — they’re for the parts of the world without carrier deals with Apple.