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2021-08-12
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Regulatory Scrutiny Tightens: Is Apple Stock Going Down?<blockquote>监管审查收紧：苹果股价会下跌吗？</blockquote>
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The Open App Markets Act,introducedon August 11, would “protect developers’ rights to tell consumers about lower prices and offer competitive pricing”, among other things.</p><p><blockquote>一场涉及苹果的旷日持久的戏剧的另一章（<b>AAPL</b>）和政府监管机构正在展开。8月11日推出的《开放应用市场法案》将“保护开发者告诉消费者更低价格并提供有竞争力的定价的权利”等。</blockquote></p><p> If passed, will the new legislation have a substantial impact on Apple’s App Store and its high-growth, high-margin business? And if so, could this be a negative catalyst pushing Apple stock lower in the foreseeable future?</p><p><blockquote>如果通过，新立法是否会对苹果的App Store及其高增长、高利润的业务产生实质性影响？如果是这样，这是否会成为在可预见的未来推低苹果股价的负面催化剂？</blockquote></p><p> <b>Some background first</b></p><p><blockquote><b>先来点背景</b></blockquote></p><p> US Republican and Democrat policymakers agree on very little. A notable exception is the belief that Big Tech needs to be better regulated to ensure fairness and open competition in mobile apps, social media, online search, consumer tech services and others.</p><p><blockquote>美国共和党和民主党的政策制定者几乎没有达成一致。一个值得注意的例外是，人们认为大型科技公司需要更好地监管，以确保移动应用、社交媒体、在线搜索、消费科技服务等领域的公平和公开竞争。</blockquote></p><p> The history of scrutiny over the tech monopolies and oligopolies is long. Since launching the Apple Maven channel as recently as May 2020, I have witnessed:</p><p><blockquote>对科技垄断和寡头垄断的审查由来已久。自2020年5月推出苹果Maven频道以来，我见证了：</blockquote></p><p> <ul> <li>alawsuitbrought against Alphabet (GOOG) over search ads;</li> <li>four proposed antitrust billsagainst Amazon and peers;</li> <li>a series of investigationsabout the App Store’s controlof the app market in Europe;</li> <li>an epic battle between Apple and Epic Gamesover the App Store’s competitive powers.</li> </ul> Now, app stores have taken center stage once again. According to the Senate bill, U.S. consumers spent nearly $33 billion in mobile app stores in 2020 alone. If the app space were controlled by one single company (it is largely controlled by two), it would be a Fortune 100 company by revenue size.</p><p><blockquote><ul><li>就搜索广告对Alphabet(GOOG)提起诉讼；</li><li>针对亚马逊及其同行的四项拟议反垄断法案；</li><li>关于App Store对欧洲App市场控制的一系列调查；</li><li>苹果和Epic Games之间关于App Store竞争力的史诗般的战斗。</li></ul>现在，应用商店再次占据了中心舞台。根据参议院法案，仅2020年，美国消费者在移动应用商店的支出就接近330亿美元。如果应用领域由一家公司控制（很大程度上由两家公司控制），按收入规模计算，它将是财富100强公司。</blockquote></p><p> Yes, it matters a lot</p><p><blockquote>是的，这很重要</blockquote></p><p> To be fair, this Wednesday’s news did not lead to bearishness, as Apple stock managed to top the performance of a struggling Nasdaq index for the day. But make no mistake: any restriction on Apple’s ability to monetize its user base through the App Store can and should be considered a significant risk.</p><p><blockquote>公平地说，本周三的消息并没有导致看跌，因为苹果股票当天的表现优于陷入困境的纳斯达克指数。但毫无疑问：对苹果通过App Store将其用户群货币化的能力的任何限制都可以而且应该被视为重大风险。</blockquote></p><p> The chart below shows how Apple’s services segment has grown at a healthy average pace of 20% over the past quarters. I estimate that the App Store accounted for about one-third of Apple service revenues in fiscal 2020. Better yet, services carry better margins than Apple’s already high-margin products.</p><p><blockquote>下图显示了苹果的服务部门在过去几个季度如何以20%的平均健康速度增长。我估计，2020财年，App Store约占苹果服务收入的三分之一。更好的是，服务比苹果已经高利润的产品有更好的利润。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e37f208f9bc9ab7a6689bb1564c333c\" tg-width=\"1200\" tg-height=\"780\" referrerpolicy=\"no-referrer\"><span>Figure 2: Apple's services growth. Apple Maven</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果服务业增长。苹果·马文</span></p></blockquote></p><p> A dent on Apple’s services model could certainly be harmful to the stock. Remember, from myconversation with Wedbush’s Dan Ives, that AAPL’s valuations have expanded substantially in the past decade due, in great part, to this shift toward subscription and recurring revenues.</p><p><blockquote>苹果服务模式的削弱肯定会对该股造成损害。请记住，从我与Wedbush的Dan Ives的对话来看，AAPL的估值在过去十年中大幅扩张，这在很大程度上是由于向订阅和经常性收入的转变。</blockquote></p><p></p>","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>Regulatory Scrutiny Tightens: Is Apple Stock Going Down?<blockquote>监管审查收紧：苹果股价会下跌吗？</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\">\nRegulatory Scrutiny Tightens: Is Apple Stock Going Down?<blockquote>监管审查收紧：苹果股价会下跌吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-12 21:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Another chapter in a long-lasting drama involving Apple(<b>AAPL</b>)and government regulatory bodies is unfolding. The Open App Markets Act,introducedon August 11, would “protect developers’ rights to tell consumers about lower prices and offer competitive pricing”, among other things.</p><p><blockquote>一场涉及苹果的旷日持久的戏剧的另一章（<b>AAPL</b>）和政府监管机构正在展开。8月11日推出的《开放应用市场法案》将“保护开发者告诉消费者更低价格并提供有竞争力的定价的权利”等。</blockquote></p><p> If passed, will the new legislation have a substantial impact on Apple’s App Store and its high-growth, high-margin business? And if so, could this be a negative catalyst pushing Apple stock lower in the foreseeable future?</p><p><blockquote>如果通过，新立法是否会对苹果的App Store及其高增长、高利润的业务产生实质性影响？如果是这样，这是否会成为在可预见的未来推低苹果股价的负面催化剂？</blockquote></p><p> <b>Some background first</b></p><p><blockquote><b>先来点背景</b></blockquote></p><p> US Republican and Democrat policymakers agree on very little. A notable exception is the belief that Big Tech needs to be better regulated to ensure fairness and open competition in mobile apps, social media, online search, consumer tech services and others.</p><p><blockquote>美国共和党和民主党的政策制定者几乎没有达成一致。一个值得注意的例外是，人们认为大型科技公司需要更好地监管，以确保移动应用、社交媒体、在线搜索、消费科技服务等领域的公平和公开竞争。</blockquote></p><p> The history of scrutiny over the tech monopolies and oligopolies is long. Since launching the Apple Maven channel as recently as May 2020, I have witnessed:</p><p><blockquote>对科技垄断和寡头垄断的审查由来已久。自2020年5月推出苹果Maven频道以来，我见证了：</blockquote></p><p> <ul> <li>alawsuitbrought against Alphabet (GOOG) over search ads;</li> <li>four proposed antitrust billsagainst Amazon and peers;</li> <li>a series of investigationsabout the App Store’s controlof the app market in Europe;</li> <li>an epic battle between Apple and Epic Gamesover the App Store’s competitive powers.</li> </ul> Now, app stores have taken center stage once again. According to the Senate bill, U.S. consumers spent nearly $33 billion in mobile app stores in 2020 alone. If the app space were controlled by one single company (it is largely controlled by two), it would be a Fortune 100 company by revenue size.</p><p><blockquote><ul><li>就搜索广告对Alphabet(GOOG)提起诉讼；</li><li>针对亚马逊及其同行的四项拟议反垄断法案；</li><li>关于App Store对欧洲App市场控制的一系列调查；</li><li>苹果和Epic Games之间关于App Store竞争力的史诗般的战斗。</li></ul>现在，应用商店再次占据了中心舞台。根据参议院法案，仅2020年，美国消费者在移动应用商店的支出就接近330亿美元。如果应用领域由一家公司控制（很大程度上由两家公司控制），按收入规模计算，它将是财富100强公司。</blockquote></p><p> Yes, it matters a lot</p><p><blockquote>是的，这很重要</blockquote></p><p> To be fair, this Wednesday’s news did not lead to bearishness, as Apple stock managed to top the performance of a struggling Nasdaq index for the day. But make no mistake: any restriction on Apple’s ability to monetize its user base through the App Store can and should be considered a significant risk.</p><p><blockquote>公平地说，本周三的消息并没有导致看跌，因为苹果股票当天的表现优于陷入困境的纳斯达克指数。但毫无疑问：对苹果通过App Store将其用户群货币化的能力的任何限制都可以而且应该被视为重大风险。</blockquote></p><p> The chart below shows how Apple’s services segment has grown at a healthy average pace of 20% over the past quarters. I estimate that the App Store accounted for about one-third of Apple service revenues in fiscal 2020. Better yet, services carry better margins than Apple’s already high-margin products.</p><p><blockquote>下图显示了苹果的服务部门在过去几个季度如何以20%的平均健康速度增长。我估计，2020财年，App Store约占苹果服务收入的三分之一。更好的是，服务比苹果已经高利润的产品有更好的利润。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e37f208f9bc9ab7a6689bb1564c333c\" tg-width=\"1200\" tg-height=\"780\" referrerpolicy=\"no-referrer\"><span>Figure 2: Apple's services growth. Apple Maven</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果服务业增长。苹果·马文</span></p></blockquote></p><p> A dent on Apple’s services model could certainly be harmful to the stock. Remember, from myconversation with Wedbush’s Dan Ives, that AAPL’s valuations have expanded substantially in the past decade due, in great part, to this shift toward subscription and recurring revenues.</p><p><blockquote>苹果服务模式的削弱肯定会对该股造成损害。请记住，从我与Wedbush的Dan Ives的对话来看，AAPL的估值在过去十年中大幅扩张，这在很大程度上是由于向订阅和经常性收入的转变。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/apple-services/regulatory-scrutiny-tightens-is-apple-stock-going-down\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/apple-services/regulatory-scrutiny-tightens-is-apple-stock-going-down","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118557765","content_text":"Another chapter in a long-lasting drama involving Apple(AAPL)and government regulatory bodies is unfolding. The Open App Markets Act,introducedon August 11, would “protect developers’ rights to tell consumers about lower prices and offer competitive pricing”, among other things.\nIf passed, will the new legislation have a substantial impact on Apple’s App Store and its high-growth, high-margin business? And if so, could this be a negative catalyst pushing Apple stock lower in the foreseeable future?\nSome background first\nUS Republican and Democrat policymakers agree on very little. A notable exception is the belief that Big Tech needs to be better regulated to ensure fairness and open competition in mobile apps, social media, online search, consumer tech services and others.\nThe history of scrutiny over the tech monopolies and oligopolies is long. Since launching the Apple Maven channel as recently as May 2020, I have witnessed:\n\nalawsuitbrought against Alphabet (GOOG) over search ads;\nfour proposed antitrust billsagainst Amazon and peers;\na series of investigationsabout the App Store’s controlof the app market in Europe;\nan epic battle between Apple and Epic Gamesover the App Store’s competitive powers.\n\nNow, app stores have taken center stage once again. According to the Senate bill, U.S. consumers spent nearly $33 billion in mobile app stores in 2020 alone. If the app space were controlled by one single company (it is largely controlled by two), it would be a Fortune 100 company by revenue size.\nYes, it matters a lot\nTo be fair, this Wednesday’s news did not lead to bearishness, as Apple stock managed to top the performance of a struggling Nasdaq index for the day. But make no mistake: any restriction on Apple’s ability to monetize its user base through the App Store can and should be considered a significant risk.\nThe chart below shows how Apple’s services segment has grown at a healthy average pace of 20% over the past quarters. I estimate that the App Store accounted for about one-third of Apple service revenues in fiscal 2020. Better yet, services carry better margins than Apple’s already high-margin products.\nFigure 2: Apple's services growth. Apple Maven\nA dent on Apple’s services model could certainly be harmful to the stock. Remember, from myconversation with Wedbush’s Dan Ives, that AAPL’s valuations have expanded substantially in the past decade due, in great part, to this shift toward subscription and recurring revenues.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":544,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/894092039"}
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