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Annotation by Marcus Reyes
explainerServices growing 16% on a $31B base is the only line on this page that matters. iPhone is fine, AI features didn't move the needle, but Services margins are how Apple absorbs the AI capex everyone else is taking on the chin. SoftBank's Roze listing at $100B feels like a top-of-cycle headline.
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Apple reported fiscal Q2 2026 revenue of $111.2 billion, up 17% year-over-year, with iPhone revenue reaching $56.99 billion and Services setting a new record at nearly $31 billion.
Summary · by Claude
Apple's Q2 beat is carried by Services; SoftBank's planned Roze IPO at $100B is the cycle-top tell.
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