FreeAAPL6 min read
AAPL: services margin is the whole story
AAPL
Delayed
The thesis
Unit growth has been flat for years and the stock did fine anyway, because the mix shift toward high-margin services keeps doing the work.
What I'm watching
- Services gross margin trend
- Installed base growth, not unit sales
- Regulatory risk to default-search economics
Positioning
Long, 2-4 quarters. Conviction: Medium. The regulatory tail risk here is real and hard to size.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
4 commentsGood timing — was just reworking my AAPL sizing this morning.
Saved. The watch-list section alone is worth it.
Counterpoint: positioning is already crowded on this. The edge is thinner than it looks.
Small addition — the peer group is showing the same trend with a lag.