It looks like Gene Munster’s white whale is not going to surface anytime soon.

According to “sources” in the supply chain, Apple has put a TV on hold for a wearables launch in the coming year.

Now, I’ve made it clear again and again that Apple rolling out a line of TVs was always suspect because the TV business (and the way consumers buy TVs) doesn’t fit the Apple business model. That said, it does make sense that they would look at the TV entertainment business – from content creation, distribution and end-use consumption – and figure out where they fit in that equation. Part of such an analysis during this process was likely whether an actual TV device could help them disrupt the business (which is, what they do) and ultimately create a significant new line of revenue.

I think what they probably determined was, in the end, making money from selling TV sets was probably going to be a lot harder than, say, doubling down on the iPad and Apple TV as the “new set top box” in this over-the-top world. With technologies like Airplay and Miracast, higher-speed Wi-Fi and ever-better compression technology, it doesn’t make sense for Apple to try and head into Samsung and Vizio’s territory and try to explain to a consumer why they should pay $2000 for a screen that Vizio is selling for $700.

And what does make sense? That they’d instead focus on rolling out a wearable line, one which connects to their idea of what the future digital home looks like.