The iPhone 6 has created a demand that far exceeds supplies for the upcoming holiday quarter.

Apple weighs an incredible 15.5% of the SPDR technology sector (XLK), which covers some 73 companies. (SPDR tracks S&P holdings).

So when Apple beats consensus estimates, the Technology ETFs take notice!

During the past quarter, Apple beat consensus estimates with 9.2%. In absolute USD terms, they brought in approximately $700 mil more than analysts expected for the quarter.

You can buy a small airline for that "quarterly surprise"...

Not all companies have reported yet, but so far, the Technology sector delivered a positive surprise of 1.7%, however, when excluding the Apple surprise, Technology earnings actually surprised analysts negatively with -0.4%.

Another interesting bit to notice, is that the Semiconductor sector surprised positively with a 3.7% earnings upside compared to analyst consensus estimates. 

Perhaps I am reading too much into this, but could this be an indication that Apple is beating its competitors while chip suppliers feeding the huge Apple ecosystem are actually doing well?

Apple's impact is also noticeable on the S&P 500 where the earnings surprise so far is 4.4%, but excluding Apple, only 4.2%.

Earnings surprise by SPDR sector. Not all companies have reported results yet.