AnalysisOwner Yield · Premium
Apple: services margin carries the valuation
Hardware no longer has to grow for the investment case to work. But at 30 times earnings, it cannot shrink either.
Daniel Moreau · 15 Oct 2026 · 6 min read
US Equities Analyst · New York
Daniel Moreau
Daniel analyses large-cap US technology and financials with a focus on capital allocation and return on invested capital.
Articles by Daniel Moreau
News
Fed holds rates as core inflation eases for a third month
The Federal Open Market Committee left its target range unchanged but removed language describing inflation as "elevated".
Daniel Moreau · 14 Oct 2026 · 2 min read
Analysis
Microsoft: capital intensity is rising, and owners should price it in
Capital expenditure on data centres is approaching a third of revenue. The returns look adequate, not spectacular.
Daniel Moreau · 10 Oct 2026 · 6 min read