Latest / Stock Picking with Fexingo: Individual Equities, Research, and Building a Concentrated Portfolio
How Apple Is Winning the Services Margin Game
Apple's stock surged 11 percent in the five days to July 6, 2026, as investors recalibrated around its services margin potential. Lucas and Luna unpack why the market is finally pricing Apple as a high-margin platform business rather than a hardware cyclical. They walk through specific services gross margin history, how it compares to peers like Meta and Microsoft, and why the valuation argument now turns on free cash flow durability. This episode drills into Apple's shift from unit sales obsession to per-user economics, and what that means for concentrated portfolio builders…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.