Apple might be working on a watch.

It might be called the "iWatch".

It might be priced at around $299.

And it might be aimed at an existing Apple customer base (like the iPad), rather than to new customers (like the iPod or iPhone.)

And it might generate $17.5 billion in revenues during the first 12 months – which is more than the iPad managed when it launched.

But it might be constrained by supply issues, limiting revenues to between $12 and $15 billion.

That's according to a Morgan Stanley analyst, as reported by CNET. (Who have a nice picture of what it might look like.)

Seems like an awful lot of speculation around how something might happen.

Also seems to be based on the assumption that it will be the next big thing…