As MMi reported Monday, new clues have surfaced that a major production run is already underway at manufacturing plants across Asia. Apple’s prepayment for inventory components is now the highest it has been in almost four years.

Yesterday, All Things D was the first to confirm that prepayment for inventory components rose $1.15 billion sequentially in the June quarter. What does that mean exactly? Apple is building an awful lot of stuff... and quickly.

In response to this news, Katy Huberty, an analyst with Morgan Stanley who has been among the best performing analysts of late on Wall Street, says that Apple can be counted on to deliver record earnings during the holiday quarter of 2012. She estimates that Apple will generate at least $56.4 billion in revenue during the holiday time-frame.

"Apple's revenue and capex ex-retail stores have been 97% correlated over the past seven years and the acceleration in capex growth signals a similar acceleration in revenue growth, in our view," Huberty asserted in a freshly published note to investors.

As some will certainly recall, Apple achieved its best quarter on record last year during the 2011 holiday shopping season, generating a staggering $46.33 billion for the quarter.

Source: Wall Street Cheat Sheet