Yesterday's iPhone price cut -- from $599 to $399, 68 days after product launch -- came sooner and was deeper than anyone expected. Why did Steve Jobs do it?

"We want to make iPhone even more affordable for even more people," was the reason he gave. "We want to put iPhones in a lot of stockings this holiday season."

But is that the whole story?

at least 10 other possibilities

1. Sales are slowing, and a price drop will re-invigorate them.

2. Other smartphones are entering the market and a $399 price tag kicks those where it hurts.

3. iPhone is a classic platinum turkey -- a high-end phone that sells a million units rapidly but then quickly loses momentum.

4. The new iPod touch was likely to undermine iPhone sales.

5. Apple early adopters would have paid any price.

8. Apple promised AT&T the price cut if they could offer the iPod touch this holiday season.

10. Clearing out inventory to make way for a 3G iPhone ASAP.