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2021-04-27

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AMD vs. Taiwan Semiconductor Manufacturing<blockquote>AMD与台积电</blockquote>

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Chip manufacturers can't keep up at the moment, and a global chip shortage is looking likely for at least the remainder of 2021.<blockquote>中美贸易战的余波以及去年大流行后对科技硬件需求的激增导致半导体股飙升。芯片制造商目前跟不上，至少在2021年剩余时间里，全球芯片短缺似乎是可能的。</blockquote> Two top plays on the industry areAdvanced Micro Devices(NASDAQ:AMD)andTaiwan Semiconductor Manufacturing(NYSE:TSM), but one looks like a better buy right now.<blockquote>该行业的两个顶级游戏是先进微设备公司（纳斯达克：AMD）和台积电（纽约证券交易所股票代码：TSM），但现在看起来更值得购买。</blockquote> One of these chip companies is not like the others<blockquote>其中一家芯片公司与其他公司不同</blockquote> Why compare these two stocks? Many investors might forget that AMDspun off its fabrication business, GlobalFoundries, over a decade ago. AMD is one of many chip research and design companies. When it comes to actual manufacturing, it taps a company like GlobalFoundries or TSMC to fabricate its chip creations. AMD and TSMC are thus two different ways to invest in the same trend.<blockquote>为什么要比较这两只股票？许多投资者可能忘记了AMD在十多年前剥离了其制造业务GlobalFoundries。AMD是众多芯片研究和设计公司之一。在实际制造方面，它会聘请GlobalFoundries或台积电等公司来制造其芯片产品。因此，AMD和台积电是投资同一趋势的两种不同方式。</blockquote> There's another key difference: AMD is a small scrappy company competing against giants likeIntel&nbsp;andNVIDIA. It's been successfully scooping up market share in recent years -- especially against \"chipzilla\" Intel -- and has enjoyed rising profit margins as a result. AMD'spending acquisition ofXilinxlooks to build on this trend.<blockquote>还有另一个关键区别：AMD是一家斗志昂扬的小公司，与这样的巨头竞争英特尔和英伟达近年来，它成功地抢占了市场份额——尤其是与“芯片巨头”英特尔的竞争——并因此享受到了不断上升的利润率。AMD斥资收购Xilinx希望在这一趋势的基础上再接再厉。</blockquote> <img src=\"https://static.tigerbbs.com/41e881952caa964f0a3891c5b34b67c6\" tg-width=\"720\" tg-height=\"449\"><blockquote></blockquote> By contrast, TSMC is an industry juggernaut. It passed up Intel a couple of years ago and is now the largest chip fab in the world -- by a wide margin. The company claims its $45.6 billion in sales in 2020 gives it some 57% global market share of the chip manufacturing market. TSMC has been able to claim this dominant role in worldwide chip fab and distribution due to its advanced manufacturing tech. Its fabs handle the smallest and most powerful semiconductors around powering trends like AI and 5G. It's also a highly profitable company (though profit margins fluctuate as manufacturing supply and demand ebbs and flows) and pays a dividend that currently yields 1.5% a year.<blockquote>相比之下，台积电是行业巨头。几年前，它超越了英特尔，现在是世界上最大的芯片工厂——遥遥领先。该公司声称，其2020年456亿美元的销售额使其在芯片制造市场占据了约57%的全球市场份额。由于其先进的制造技术，台积电能够在全球芯片制造和分销中占据主导地位。其晶圆厂处理最小、最强大的半导体，为人工智能和5G等趋势提供动力。它也是一家高利润的公司（尽管利润率会随着制造业供需的起伏而波动），目前每年支付1.5%的股息。</blockquote> <img src=\"https://static.tigerbbs.com/2c1fe5cc4f841c873e12d343eeb6c2c7\" tg-width=\"720\" tg-height=\"449\"><blockquote></blockquote> Put another way, AMD (which doesn't dole out a dividend) is more of a high-growth stock, while TSMC is a slower-growth company (relatively speaking) with a more stable business and a dividend payment. That alone might help you decide which is the better long-term stock for you -- one with high growth potential (but that is more volatile) versus a dividend-paying business.<blockquote>换句话说，AMD（不派发股息）更多的是一只高增长股票，而台积电是一家增长较慢的公司（相对而言），业务和股息支付更稳定。仅此一点就可能帮助您决定哪只股票更适合您——具有高增长潜力（但波动性更大）的股票与支付股息的企业。</blockquote> The better chip deal of the moment<blockquote>当下更好的芯片交易</blockquote> Nevertheless, there's more to the story here that might affect your decision, and it has to do with the aforementioned AMD takeover of Xilinx. At 57 times trailing-12-month free cash flow and 25 times one-year forward expected earnings, TSMC has a premium price tag for a company with slower growth potential. Granted, the company's outlook for 26% year-over-year sales growth in the second quarter of 2021 is nothing to balk at. But lofty expectations are priced into the current share price (and TSMC stock price is up over 120% in the last 12 months).<blockquote>然而，这里还有更多可能会影响您的决定，这与前面提到的AMD收购Xilinx有关。台积电过去12个月自由现金流的市盈率为57倍，一年预期市盈率为25倍，对于一家增长潜力较慢的公司来说，台积电的股价较高。诚然，该公司2021年第二季度销售额同比增长26%的前景不容乐观。但高期望已反映在当前股价中（台积电股价在过去12个月内上涨了120%以上）。</blockquote> By contrast, AMD share prices have basically flatlined since late last summer and are up \"only\" 50% in the last year. It's a more \"expensive\" stock at 124 times trailing-12-month free cash flow, but just 31 times one-year forward expected earnings. Good things are expected here after the highly profitable Xilinx is added to the fold. Xilinx has hauled in nearly $3.1 billion in revenue over the last year, which will boost AMD's overall sales by a third. But even without Xilinx, AMD management said it expects its first-quarter 2021 sales to surge about 79% year over year as it picks up more share of the PC and data center design markets.<blockquote>相比之下，AMD股价自去年夏末以来基本持平，去年“仅”上涨了50%。这是一只更“昂贵”的股票，是过去12个月自由现金流的124倍，但仅是一年预期收益的31倍。在高利润的赛灵思加入后，预计会有好的事情发生。Xilinx去年的收入接近31亿美元，这将使AMD的整体销售额增长三分之一。但即使没有赛灵思，AMD管理层表示，随着在PC和数据中心设计市场获得更多份额，预计其2021年第一季度销售额将同比飙升约79%。</blockquote> The result? AMD actually looks pretty cheap as the Xilinx acquisition still doesn't appear to be fully reflected in the current share price. Over the long term, I think AMD stock will be a wilder ride than Taiwan Semiconductor, but there's lots of growth potential here. Thanks to the chip supply shortage,semiconductorsare a hot investment theme -- and AMD looks like a great pick right now.<blockquote>结果呢？AMD实际上看起来相当便宜，因为Xilinx的收购似乎仍然没有完全反映在当前的股价中。从长远来看，我认为AMD的股票将比台积电更狂野，但这里有很大的增长潜力。由于芯片供应短缺，半导体成为热门投资主题，而AMD目前看起来是一个不错的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD vs. Taiwan Semiconductor Manufacturing<blockquote>AMD与台积电</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD vs. Taiwan Semiconductor Manufacturing<blockquote>AMD与台积电</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMotley Fool2021-04-26 22:09\n\n</h4>\n</header>\n<article>\nAftereffects from the U.S.-China trade war and a boom in demand for tech hardware in the wake of the pandemic last year have semiconductor stocks flying high. Chip manufacturers can't keep up at the moment, and a global chip shortage is looking likely for at least the remainder of 2021.<blockquote>中美贸易战的余波以及去年大流行后对科技硬件需求的激增导致半导体股飙升。芯片制造商目前跟不上，至少在2021年剩余时间里，全球芯片短缺似乎是可能的。</blockquote> Two top plays on the industry areAdvanced Micro Devices(NASDAQ:AMD)andTaiwan Semiconductor Manufacturing(NYSE:TSM), but one looks like a better buy right now.<blockquote>该行业的两个顶级游戏是先进微设备公司（纳斯达克：AMD）和台积电（纽约证券交易所股票代码：TSM），但现在看起来更值得购买。</blockquote> One of these chip companies is not like the others<blockquote>其中一家芯片公司与其他公司不同</blockquote> Why compare these two stocks? Many investors might forget that AMDspun off its fabrication business, GlobalFoundries, over a decade ago. AMD is one of many chip research and design companies. When it comes to actual manufacturing, it taps a company like GlobalFoundries or TSMC to fabricate its chip creations. AMD and TSMC are thus two different ways to invest in the same trend.<blockquote>为什么要比较这两只股票？许多投资者可能忘记了AMD在十多年前剥离了其制造业务GlobalFoundries。AMD是众多芯片研究和设计公司之一。在实际制造方面，它会聘请GlobalFoundries或台积电等公司来制造其芯片产品。因此，AMD和台积电是投资同一趋势的两种不同方式。</blockquote> There's another key difference: AMD is a small scrappy company competing against giants likeIntel&nbsp;andNVIDIA. It's been successfully scooping up market share in recent years -- especially against \"chipzilla\" Intel -- and has enjoyed rising profit margins as a result. AMD'spending acquisition ofXilinxlooks to build on this trend.<blockquote>还有另一个关键区别：AMD是一家斗志昂扬的小公司，与这样的巨头竞争英特尔和英伟达近年来，它成功地抢占了市场份额——尤其是与“芯片巨头”英特尔的竞争——并因此享受到了不断上升的利润率。AMD斥资收购Xilinx希望在这一趋势的基础上再接再厉。</blockquote> <img src=\"https://static.tigerbbs.com/41e881952caa964f0a3891c5b34b67c6\" tg-width=\"720\" tg-height=\"449\"><blockquote></blockquote> By contrast, TSMC is an industry juggernaut. It passed up Intel a couple of years ago and is now the largest chip fab in the world -- by a wide margin. The company claims its $45.6 billion in sales in 2020 gives it some 57% global market share of the chip manufacturing market. TSMC has been able to claim this dominant role in worldwide chip fab and distribution due to its advanced manufacturing tech. Its fabs handle the smallest and most powerful semiconductors around powering trends like AI and 5G. It's also a highly profitable company (though profit margins fluctuate as manufacturing supply and demand ebbs and flows) and pays a dividend that currently yields 1.5% a year.<blockquote>相比之下，台积电是行业巨头。几年前，它超越了英特尔，现在是世界上最大的芯片工厂——遥遥领先。该公司声称，其2020年456亿美元的销售额使其在芯片制造市场占据了约57%的全球市场份额。由于其先进的制造技术，台积电能够在全球芯片制造和分销中占据主导地位。其晶圆厂处理最小、最强大的半导体，为人工智能和5G等趋势提供动力。它也是一家高利润的公司（尽管利润率会随着制造业供需的起伏而波动），目前每年支付1.5%的股息。</blockquote> <img src=\"https://static.tigerbbs.com/2c1fe5cc4f841c873e12d343eeb6c2c7\" tg-width=\"720\" tg-height=\"449\"><blockquote></blockquote> Put another way, AMD (which doesn't dole out a dividend) is more of a high-growth stock, while TSMC is a slower-growth company (relatively speaking) with a more stable business and a dividend payment. That alone might help you decide which is the better long-term stock for you -- one with high growth potential (but that is more volatile) versus a dividend-paying business.<blockquote>换句话说，AMD（不派发股息）更多的是一只高增长股票，而台积电是一家增长较慢的公司（相对而言），业务和股息支付更稳定。仅此一点就可能帮助您决定哪只股票更适合您——具有高增长潜力（但波动性更大）的股票与支付股息的企业。</blockquote> The better chip deal of the moment<blockquote>当下更好的芯片交易</blockquote> Nevertheless, there's more to the story here that might affect your decision, and it has to do with the aforementioned AMD takeover of Xilinx. At 57 times trailing-12-month free cash flow and 25 times one-year forward expected earnings, TSMC has a premium price tag for a company with slower growth potential. Granted, the company's outlook for 26% year-over-year sales growth in the second quarter of 2021 is nothing to balk at. But lofty expectations are priced into the current share price (and TSMC stock price is up over 120% in the last 12 months).<blockquote>然而，这里还有更多可能会影响您的决定，这与前面提到的AMD收购Xilinx有关。台积电过去12个月自由现金流的市盈率为57倍，一年预期市盈率为25倍，对于一家增长潜力较慢的公司来说，台积电的股价较高。诚然，该公司2021年第二季度销售额同比增长26%的前景不容乐观。但高期望已反映在当前股价中（台积电股价在过去12个月内上涨了120%以上）。</blockquote> By contrast, AMD share prices have basically flatlined since late last summer and are up \"only\" 50% in the last year. It's a more \"expensive\" stock at 124 times trailing-12-month free cash flow, but just 31 times one-year forward expected earnings. Good things are expected here after the highly profitable Xilinx is added to the fold. Xilinx has hauled in nearly $3.1 billion in revenue over the last year, which will boost AMD's overall sales by a third. But even without Xilinx, AMD management said it expects its first-quarter 2021 sales to surge about 79% year over year as it picks up more share of the PC and data center design markets.<blockquote>相比之下，AMD股价自去年夏末以来基本持平，去年“仅”上涨了50%。这是一只更“昂贵”的股票，是过去12个月自由现金流的124倍，但仅是一年预期收益的31倍。在高利润的赛灵思加入后，预计会有好的事情发生。Xilinx去年的收入接近31亿美元，这将使AMD的整体销售额增长三分之一。但即使没有赛灵思，AMD管理层表示，随着在PC和数据中心设计市场获得更多份额，预计其2021年第一季度销售额将同比飙升约79%。</blockquote> The result? AMD actually looks pretty cheap as the Xilinx acquisition still doesn't appear to be fully reflected in the current share price. Over the long term, I think AMD stock will be a wilder ride than Taiwan Semiconductor, but there's lots of growth potential here. Thanks to the chip supply shortage,semiconductorsare a hot investment theme -- and AMD looks like a great pick right now.<blockquote>结果呢？AMD实际上看起来相当便宜，因为Xilinx的收购似乎仍然没有完全反映在当前的股价中。从长远来看，我认为AMD的股票将比台积电更狂野，但这里有很大的增长潜力。由于芯片供应短缺，半导体成为热门投资主题，而AMD目前看起来是一个不错的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/04/26/better-buy-amd-vs-taiwan-semiconductor-manufacturi/\">Motley Fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","AMD":"美国超微公司"},"source_url":"https://www.fool.com/investing/2021/04/26/better-buy-amd-vs-taiwan-semiconductor-manufacturi/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178642470","content_text":"Aftereffects from the U.S.-China trade war and a boom in demand for tech hardware in the wake of the pandemic last year have semiconductor stocks flying high. Chip manufacturers can't keep up at the moment, and a global chip shortage is looking likely for at least the remainder of 2021.\nTwo top plays on the industry areAdvanced Micro Devices(NASDAQ:AMD)andTaiwan Semiconductor Manufacturing(NYSE:TSM), but one looks like a better buy right now.\nOne of these chip companies is not like the others\nWhy compare these two stocks? Many investors might forget that AMDspun off its fabrication business, GlobalFoundries, over a decade ago. AMD is one of many chip research and design companies. When it comes to actual manufacturing, it taps a company like GlobalFoundries or TSMC to fabricate its chip creations. AMD and TSMC are thus two different ways to invest in the same trend.\nThere's another key difference: AMD is a small scrappy company competing against giants likeIntel andNVIDIA. It's been successfully scooping up market share in recent years -- especially against \"chipzilla\" Intel -- and has enjoyed rising profit margins as a result. AMD'spending acquisition ofXilinxlooks to build on this trend.\n\nBy contrast, TSMC is an industry juggernaut. It passed up Intel a couple of years ago and is now the largest chip fab in the world -- by a wide margin. The company claims its $45.6 billion in sales in 2020 gives it some 57% global market share of the chip manufacturing market. TSMC has been able to claim this dominant role in worldwide chip fab and distribution due to its advanced manufacturing tech. Its fabs handle the smallest and most powerful semiconductors around powering trends like AI and 5G. It's also a highly profitable company (though profit margins fluctuate as manufacturing supply and demand ebbs and flows) and pays a dividend that currently yields 1.5% a year.\n\nPut another way, AMD (which doesn't dole out a dividend) is more of a high-growth stock, while TSMC is a slower-growth company (relatively speaking) with a more stable business and a dividend payment. That alone might help you decide which is the better long-term stock for you -- one with high growth potential (but that is more volatile) versus a dividend-paying business.\nThe better chip deal of the moment\nNevertheless, there's more to the story here that might affect your decision, and it has to do with the aforementioned AMD takeover of Xilinx. At 57 times trailing-12-month free cash flow and 25 times one-year forward expected earnings, TSMC has a premium price tag for a company with slower growth potential. Granted, the company's outlook for 26% year-over-year sales growth in the second quarter of 2021 is nothing to balk at. But lofty expectations are priced into the current share price (and TSMC stock price is up over 120% in the last 12 months).\nBy contrast, AMD share prices have basically flatlined since late last summer and are up \"only\" 50% in the last year. It's a more \"expensive\" stock at 124 times trailing-12-month free cash flow, but just 31 times one-year forward expected earnings. Good things are expected here after the highly profitable Xilinx is added to the fold. Xilinx has hauled in nearly $3.1 billion in revenue over the last year, which will boost AMD's overall sales by a third. But even without Xilinx, AMD management said it expects its first-quarter 2021 sales to surge about 79% year over year as it picks up more share of the PC and data center design markets.\nThe result? AMD actually looks pretty cheap as the Xilinx acquisition still doesn't appear to be fully reflected in the current share price. Over the long term, I think AMD stock will be a wilder ride than Taiwan Semiconductor, but there's lots of growth potential here. Thanks to the chip supply shortage,semiconductorsare a hot investment theme -- and AMD looks like a great pick right now.","news_type":1,"symbols_score_info":{"TSM":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":854,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/377525370"}