Q2 beat on margin

Apple's fiscal Q2 gross margin came in at 47.1%, roughly 90bps ahead of consensus, driven by a stronger mix shift toward Services and continued cost discipline in the Mac and iPad lines. Management flagged easing component costs and favorable currency hedges as tailwinds that should persist into Q3. Unit volumes were roughly in line with expectations, so the beat is margin-quality rather than demand-driven — worth watching whether it's durable once currency tailwinds fade. No change to the multi-year thesis: Services growth remains the primary margin lever, and this quarter reinforces that story rather than changing it.