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2021-12-03

[Observation] [Observation]

DIDI prepares to delist from U.S. stocks and to list in Hong Kong.<blockquote>滴滴准备从美股退市并在香港上市。</blockquote>

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2021-11-27

[Observation]

@卡尔洋:$Roundhill Ball Metaverse ETF(META)$$纳斯达克(.IXIC)$$特斯拉(TSLA)$病毒新变种利好元宇宙，META买买买

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2021-10-29

Tell me your opinion about this news...

Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>

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2021-10-29

[Observation]

Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>

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2021-10-26

☺️☺️

AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>

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2021-10-21

[暗中观察] [暗中观察]

摩根大通:将福特汽车(F.US)目标价从18美元上调至20美元

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2021-10-21

[暗中观察] [暗中观察]

双十一预售已开启！龙头公司股价提前预热

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2021-10-21

[开心] [开心] [开心]

抱歉，原内容已删除

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2021-10-15

[暗中观察] [暗中观察]

比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%

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2021-10-15

[暗中观察] [暗中观察]

人工智能借贷平台Upstart涨超6%，刷新历史高点

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2021-10-15

[暗中观察] [暗中观察]

人工智能借贷平台Upstart涨超6%，刷新历史高点

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2021-10-15

[暗中观察] [暗中观察]

人工智能借贷平台Upstart涨超6%，刷新历史高点

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2021-10-04

[暗中观察]

2021诺贝尔生理学或医学奖揭晓：有关疼痛与温度感知

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2021-10-03

[强] [强] [强]

特斯拉第三季度交付量24.13万，超市场预期

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2021-09-30

[暗中观察]

抱歉，原内容已删除

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2021-09-28

[暗中观察]

抱歉，原内容已删除

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2021-09-27

[暗中观察]

抱歉，原内容已删除

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2021-09-25

[暗中观察]

知名基金经理：我为何清仓特斯拉，错失大部分涨幅

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2021-09-24

[暗中观察]

抱歉，原内容已删除

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2021-09-24

[暗中观察]

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(NYSE: DIDI), the world’s leading mobility technology platform, today announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders.</p><p><blockquote>全球领先的移动出行技术平台滴滴出行（纽约证券交易所代码：DIDI）今天宣布，其董事会（“董事会”）已授权并支持公司履行必要程序并提交相关申请，将公司的美国存托凭证从纽约证券交易所退市，同时确保美国存托凭证可在美国存托凭证持有人选择时在另一家国际认可的证券交易所转换为公司的自由流通股份。</blockquote></p><p> The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange.</p><p><blockquote>公司将在未来适当时机，按照必要程序组织召开股东大会对上述事项进行表决。董事会亦已授权本公司寻求其A类普通股于香港联交所主板上市。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101828151","content_text":"DIDI prepares to delist from U.S. stocks and to list in Hong Kong.\nDiDi Global Inc. (NYSE: DIDI), the world’s leading mobility technology platform, today announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders.\nThe Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange.","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2758,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600073064,"gmtCreate":1638023633962,"gmtModify":1638023634091,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600073064","repostId":"877237704","repostType":1,"repost":{"id":877237704,"gmtCreate":1637934691594,"gmtModify":1638108006143,"author":{"id":"3474273072027739","authorId":"3474273072027739","name":"卡尔洋","avatar":"https://static.tigerbbs.com/b5bb61521c38f41b9c93c2497a4237ef","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3474273072027739","idStr":"3474273072027739"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/META\">$Roundhill Ball Metaverse ETF(META)$</a><a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a><a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>病毒新变种利好元宇宙，META买买买","listText":"<a href=\"https://laohu8.com/S/META\">$Roundhill Ball Metaverse ETF(META)$</a><a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a><a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>病毒新变种利好元宇宙，META买买买","text":"$Roundhill Ball Metaverse ETF(META)$$纳斯达克(.IXIC)$$特斯拉(TSLA)$病毒新变种利好元宇宙，META买买买","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877237704","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854740197,"gmtCreate":1635487317883,"gmtModify":1635487318256,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/854740197","repostId":"1122237204","repostType":4,"repost":{"id":"1122237204","kind":"news","pubTimestamp":1635476471,"share":"https://www.laohu8.com/m/news/1122237204?lang=zh_CN&edition=full","pubTime":"2021-10-29 11:01","market":"us","language":"en","title":"Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122237204","media":"Seeking Alpha","summary":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused w","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布了一系列相当不错的收益。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices在2021财年继续取得惊人的业绩。苏丽莎博士公司正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。预计公司增长势头将继续放缓。</li><li>我们讨论现在购买哪只半导体股票更好。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>超微设备公司（AMD）最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了AMD作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司取得了收益，而英特尔（INTC）报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳存在一些担忧，但这是意料之中的。然而，市场并不喜欢帕特·基辛格公司(Pat Gelsinger&amp;Co.)的电报，并在财报公布后大幅下跌该股。英特尔传达了重新夺回其工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力和自由现金流前景减弱，一些价值导向型投资者似乎已走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>Nvidia(NVDA)将于11月17日发布第三季度成绩单。该公司此前曾预计本季度业绩强劲。黄仁勋公司请参阅“环比增长主要是由数据中心需求加速推动的”。该公司还预计其三个市场都将增长，尤其是在游戏领域。鉴于AMD强劲的业绩，投资者的期望也很高。因此，随着NVDA股价本周创下历史新高（ATH），投资者热切期待NVDA的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论他们之间现在购买哪只半导体股票更好。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>迄今为止，NVDA股票继续享受非凡的一年。该股本周创下新的ATH，年初至今回报率飙升至87.3%。看跌NVDA的投资者可以随心所欲地说，但我们从未采纳看跌NVDA股票的论点。这根本说不通。该股在Seeking Alpha全年动量评级中获得了最好的A+。因此，我们真的无法理解那些看跌的论点。AMD股票排名第二，年初至今上涨33.3%。该股似乎远远落后于NVDA股票令人难以置信的表现。然而，投资者应该考虑这样一个事实，即AMD股票在21年上半年的大部分时间里都处于亏损状态。因此，其在H2'21的巨大势头确实令人印象深刻。因此，该股的势头在Seeking Alpha中也被评为A级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的INTC股票继续表现不佳。该股开局非常亮眼，年初至今上涨了40%。然而，它的势头已经完全消失了。目前，与AMD股票和NVDA股票相比，其年初至今下跌了3.9%，看起来糟透了。此外，Seeking Alpha还给予其动力D+评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单表明其领导力正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD充分利用了最近对英特尔的主导地位。然而，更令英特尔投资者担忧、同样令AMD投资者感到鼓舞的是他们各自首席执行官提供的明确性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>英特尔LTM按细分市场划分的收入。数据来源：公司备案</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔报告了另一个令人印象深刻的季度，但我们认为这并不意外。当然，与NVDA和AMD相比，该公司的数据中心业务(DCG)仍然令人失望。然而，INTC投资者不应该感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>第三季度DCG季度收入同比增长10%。然而，自20年第二季度以来，DCG收入在过去12个月(LTM)中一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在21年第二季度历史上首次突破15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，其前管理层的重大失误是如何破坏其先前“无懈可击”的领导地位的。现在，基辛格公司面临着一项不值得羡慕的任务，那就是试图扭转英特尔不断下滑的命运。随着AMD以牺牲英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算部门（CCG）在第三季度的业绩表现不佳。其收入分别同比下降1.9%和环比下降4.4%。值得注意的是，这发生在2021年PC销量强劲复苏之际。在苹果(AAPL)最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常出色。仅在前三个FQ中，Mac就超过了过去三年每个财年的收入。它的复兴也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research指出，“2021年第三季度，全球PC出货量连续第六次同比增长，达到8420万台。尽管零部件短缺和其他供应限制持续存在，但这一情况还是出现了。”尽管如此，该公司还强调，“[第三季度]9.3%的同比增长意味着自2020年第三季度以来连续四个季度实现两位数同比增长后，PC出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research指出，第三季度Mac同比出货量增长加速至10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长至8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，自与英特尔芯片脱钩以来，苹果似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚案目前看起来已经“敲定”。但半导体公司的投资者应该记住，在技术领先方面，永远不要说永远。英特尔仍然是一家高利润的公司，因此拥有竞争所需的资金和信念。能否推翻AMD和NVDA的领先地位，还有待观察。但永远不要这么早就放弃公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC和AMD LTM毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格(Pat Gelsinger)宣布了一项雄心勃勃的计划，以承担技术领先地位。这主要是基于其“四年内实现五个工艺节点”的追求，以取代台积电（TSM）的代工领导地位。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来4至5年我们的收入增长将加速至10%至12%的复合年增长率</i>就毛利率而言，受我们产能投资及工艺技术加速的影响，<i>我们预计未来2至3年毛利率将在51%至53%之间</i>在向上移动之前。（来自英特尔第三季度看涨期权收益）我们觉得这很有趣。是的，流程领先和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少需要五年的时间。这个时候，公司是不是要让苏姿丰博士（Dr.Lisa Su&amp;Co.）拿走所有的荣耀，而英特尔则解决它的麻烦？显然不是。帕特认识到他需要一个权宜之计。除了说“我们现在正在降价”来与AMD竞争之外，这已经是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（9月20日发布）中强调，“据报道，英特尔最近准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已转向竞争对手Advanced Micro Devices的数据中心运营商。”否则，基辛格公司怎么能如此自信地阻止AMD持续成功的颓势呢？英特尔宣布了一项雄心勃勃的计划，在未来四到五年内将收入以10%到12%的复合年增长率增长。英特尔正试图将自己变回一家成长型公司。如果你想增长，没有技术领先，你必须放弃一些利润。这完全有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。其毛利率较利润率超过60%时明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价上与AMD正面竞争，同时投资占据代工领导地位。苏丽莎博士公司，你已经被警告了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD按部门划分的季度收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su&amp;Co.充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它继续在所有领域展现出巨大的实力。Advanced Micro Devices报告第三季度计算和图形业务收入同比增长43.9%。此外，AMD的企业、嵌入式和半定制(EESC)部门继续保持惊人的表现，收入同比增长68.9%。因此，AMD当然充分利用了英特尔在数据中心方面的亏损。此外，它的计算和图形增长也非常出色。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计营收约为45亿美元，正负1亿美元，增长约<i>同比增长39%，环比增长约4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长将受到服务器和半定制销售额增加的推动。2021年全年，<i>我们现在预计，在所有业务增长的推动下，收入将比2020年增长约65%</i>，高于之前60%的指导。（来自AMD看涨期权第三季度收益）对于一家告诉您预计2020财年同比增长65%的公司来说，很明显它已经取得了惊人的成果。因此，市场应该奖励AMD投资者。AMD股票在经历了年初的下跌后，显然一直跑赢大盘。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD东部时间。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑AMD未来的表现。继第三季度成绩单出色之后，共识预期也被上调。AMD预计收入复合年增长率为30.2%，EBITDA复合年增长率为50.4%。与该公司2021财年65%的收入同比增长指引相比，这是一个明显的减速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM收入和EBITDA。数据来源：标普资本智商</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD的LTM收入和EBITDA在过去四年中也分别以31.2%和160%的复合年增长率增长。因此，AMD未来不太可能实现如此惊人的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望AMD继续以如此惊人的增长率不断增长。我们知道这听起来不错，但这根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从它的FQ3表现中观察到。与前两个季度相比，其细分市场在21年第三季度的同比增长是最慢的。因此，它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>英伟达的增长预计将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于11月17日发布22年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>该公司在之前的收益看涨期权上预计第三季度收入为$6.8 B。共识估计也符合公司的指引。然而，在我们之前的英伟达文章中，我们强调了该公司主要细分市场的收入增长似乎正在减速。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>22年第二季度数据中心同比增长率降至35%。而且，游戏也出现了减速的迹象。第二季度的同比增长也放缓至85%。因此，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预测，Nvidia预计在22年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人震惊。投资者可能不得不降低对NVDA未来强劲增长势头的预期。没有什么是永远直线上升的。展望未来，黄仁勋公司的收入竞争将变得越来越难以击败。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA盈利超出/未达到预期。资料来源：寻求Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到NVDA也可能在其指导中降低预期。我们注意到，NVDA在过去四年中只未达到一个季度预期。这是一场近乎完美的表演。值得注意的是，虽然NVDA的表现一直优于其指导，但这些表现并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视共识估计，认为这是不合理的。随着时间的推移，它们变得相当准确。因此，尽管NVDA可能已经将之前的指导意见沙袋化，以可能超额交付，但他们并没有做得太过分。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些NVDA投资者预计其TAM将扩展到其软件堆栈、omniverse应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到NVDA为将自己转变为一家拥有巨大GPU主导地位的人工智能公司所付出的令人难以置信的努力。再加上其DPU和CPU的进军，硬件战略看起来非常令人印象深刻。此外，Nvidia的AI Enterprise现在向客户提供完整的AI Enterprise软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是稳固的。随着时间的推移，随着更多开发者的加入，生态系统将变得更加强大。如果该公司能够完成对Arm的收购，我们认为英特尔或AMD不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是英伟达不能/不愿意设定时间表<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia最近只能补充道：“但正如[我们]所说，[我们]向您引用的NVIDIA enterprise和Omniverse enterprise价值数十亿美元的机会，我们认为这些都是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股更好买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD股票目前的EV/NTM EBITDA为29.7倍。其3年NTM EBITDA平均值为30.8倍。因此，投资者可以说AMD目前的估值似乎相当合理。相比之下，NVDA股票的EV/NTM EBITDA为53.5倍。其3年NTM EBITDA平均值为41.6倍。因此，该股的交易价格比其3年平均水平高出约28.6%。因此，我们认为NVDA股票目前看起来被高估。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，2023年潜在的产能过剩问题也可能因其估值过高而严重打击NVDA股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：标普资本智商</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC股票的EV/NTM EBITDA为6.7倍。这明显低于7.6倍的3年平均水平。因此，INTC显然是一种价值游戏，而不是一种增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至2.8%。多年来，INTC投资者一直对其强劲的盈利能力和稳健的股息收益率感到非常满意。这些价值和股息收入投资者投资INTC股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格(Pat Gelsinger)雄心勃勃的增长计划给他们带来了意想不到的麻烦。当英特尔表示这些计划将对其盈利能力产生明显影响时，他们担心股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在增长路线图上取得成功，它可能会成为巨大的赢家。鉴于现在的预期如此之低，该股甚至不一定要取得巨大成功才能重新上调评级。INTC与增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现INTC股票目前的估值很有吸引力。再加上2.8%的股息收益率，为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于AMD股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD股票代表我们优先买入</i>就目前而言。<i>INTC股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持我们对NVDA的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</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>Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</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\">\nIntel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-29 11:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布了一系列相当不错的收益。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices在2021财年继续取得惊人的业绩。苏丽莎博士公司正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。预计公司增长势头将继续放缓。</li><li>我们讨论现在购买哪只半导体股票更好。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>超微设备公司（AMD）最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了AMD作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司取得了收益，而英特尔（INTC）报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳存在一些担忧，但这是意料之中的。然而，市场并不喜欢帕特·基辛格公司(Pat Gelsinger&amp;Co.)的电报，并在财报公布后大幅下跌该股。英特尔传达了重新夺回其工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力和自由现金流前景减弱，一些价值导向型投资者似乎已走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>Nvidia(NVDA)将于11月17日发布第三季度成绩单。该公司此前曾预计本季度业绩强劲。黄仁勋公司请参阅“环比增长主要是由数据中心需求加速推动的”。该公司还预计其三个市场都将增长，尤其是在游戏领域。鉴于AMD强劲的业绩，投资者的期望也很高。因此，随着NVDA股价本周创下历史新高（ATH），投资者热切期待NVDA的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论他们之间现在购买哪只半导体股票更好。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>迄今为止，NVDA股票继续享受非凡的一年。该股本周创下新的ATH，年初至今回报率飙升至87.3%。看跌NVDA的投资者可以随心所欲地说，但我们从未采纳看跌NVDA股票的论点。这根本说不通。该股在Seeking Alpha全年动量评级中获得了最好的A+。因此，我们真的无法理解那些看跌的论点。AMD股票排名第二，年初至今上涨33.3%。该股似乎远远落后于NVDA股票令人难以置信的表现。然而，投资者应该考虑这样一个事实，即AMD股票在21年上半年的大部分时间里都处于亏损状态。因此，其在H2'21的巨大势头确实令人印象深刻。因此，该股的势头在Seeking Alpha中也被评为A级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的INTC股票继续表现不佳。该股开局非常亮眼，年初至今上涨了40%。然而，它的势头已经完全消失了。目前，与AMD股票和NVDA股票相比，其年初至今下跌了3.9%，看起来糟透了。此外，Seeking Alpha还给予其动力D+评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单表明其领导力正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD充分利用了最近对英特尔的主导地位。然而，更令英特尔投资者担忧、同样令AMD投资者感到鼓舞的是他们各自首席执行官提供的明确性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>英特尔LTM按细分市场划分的收入。数据来源：公司备案</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔报告了另一个令人印象深刻的季度，但我们认为这并不意外。当然，与NVDA和AMD相比，该公司的数据中心业务(DCG)仍然令人失望。然而，INTC投资者不应该感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>第三季度DCG季度收入同比增长10%。然而，自20年第二季度以来，DCG收入在过去12个月(LTM)中一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在21年第二季度历史上首次突破15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，其前管理层的重大失误是如何破坏其先前“无懈可击”的领导地位的。现在，基辛格公司面临着一项不值得羡慕的任务，那就是试图扭转英特尔不断下滑的命运。随着AMD以牺牲英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算部门（CCG）在第三季度的业绩表现不佳。其收入分别同比下降1.9%和环比下降4.4%。值得注意的是，这发生在2021年PC销量强劲复苏之际。在苹果(AAPL)最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常出色。仅在前三个FQ中，Mac就超过了过去三年每个财年的收入。它的复兴也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research指出，“2021年第三季度，全球PC出货量连续第六次同比增长，达到8420万台。尽管零部件短缺和其他供应限制持续存在，但这一情况还是出现了。”尽管如此，该公司还强调，“[第三季度]9.3%的同比增长意味着自2020年第三季度以来连续四个季度实现两位数同比增长后，PC出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research指出，第三季度Mac同比出货量增长加速至10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长至8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，自与英特尔芯片脱钩以来，苹果似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚案目前看起来已经“敲定”。但半导体公司的投资者应该记住，在技术领先方面，永远不要说永远。英特尔仍然是一家高利润的公司，因此拥有竞争所需的资金和信念。能否推翻AMD和NVDA的领先地位，还有待观察。但永远不要这么早就放弃公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC和AMD LTM毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格(Pat Gelsinger)宣布了一项雄心勃勃的计划，以承担技术领先地位。这主要是基于其“四年内实现五个工艺节点”的追求，以取代台积电（TSM）的代工领导地位。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来4至5年我们的收入增长将加速至10%至12%的复合年增长率</i>就毛利率而言，受我们产能投资及工艺技术加速的影响，<i>我们预计未来2至3年毛利率将在51%至53%之间</i>在向上移动之前。（来自英特尔第三季度看涨期权收益）我们觉得这很有趣。是的，流程领先和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少需要五年的时间。这个时候，公司是不是要让苏姿丰博士（Dr.Lisa Su&amp;Co.）拿走所有的荣耀，而英特尔则解决它的麻烦？显然不是。帕特认识到他需要一个权宜之计。除了说“我们现在正在降价”来与AMD竞争之外，这已经是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（9月20日发布）中强调，“据报道，英特尔最近准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已转向竞争对手Advanced Micro Devices的数据中心运营商。”否则，基辛格公司怎么能如此自信地阻止AMD持续成功的颓势呢？英特尔宣布了一项雄心勃勃的计划，在未来四到五年内将收入以10%到12%的复合年增长率增长。英特尔正试图将自己变回一家成长型公司。如果你想增长，没有技术领先，你必须放弃一些利润。这完全有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。其毛利率较利润率超过60%时明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价上与AMD正面竞争，同时投资占据代工领导地位。苏丽莎博士公司，你已经被警告了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD按部门划分的季度收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su&amp;Co.充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它继续在所有领域展现出巨大的实力。Advanced Micro Devices报告第三季度计算和图形业务收入同比增长43.9%。此外，AMD的企业、嵌入式和半定制(EESC)部门继续保持惊人的表现，收入同比增长68.9%。因此，AMD当然充分利用了英特尔在数据中心方面的亏损。此外，它的计算和图形增长也非常出色。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计营收约为45亿美元，正负1亿美元，增长约<i>同比增长39%，环比增长约4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长将受到服务器和半定制销售额增加的推动。2021年全年，<i>我们现在预计，在所有业务增长的推动下，收入将比2020年增长约65%</i>，高于之前60%的指导。（来自AMD看涨期权第三季度收益）对于一家告诉您预计2020财年同比增长65%的公司来说，很明显它已经取得了惊人的成果。因此，市场应该奖励AMD投资者。AMD股票在经历了年初的下跌后，显然一直跑赢大盘。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD东部时间。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑AMD未来的表现。继第三季度成绩单出色之后，共识预期也被上调。AMD预计收入复合年增长率为30.2%，EBITDA复合年增长率为50.4%。与该公司2021财年65%的收入同比增长指引相比，这是一个明显的减速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM收入和EBITDA。数据来源：标普资本智商</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD的LTM收入和EBITDA在过去四年中也分别以31.2%和160%的复合年增长率增长。因此，AMD未来不太可能实现如此惊人的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望AMD继续以如此惊人的增长率不断增长。我们知道这听起来不错，但这根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从它的FQ3表现中观察到。与前两个季度相比，其细分市场在21年第三季度的同比增长是最慢的。因此，它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>英伟达的增长预计将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于11月17日发布22年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>该公司在之前的收益看涨期权上预计第三季度收入为$6.8 B。共识估计也符合公司的指引。然而，在我们之前的英伟达文章中，我们强调了该公司主要细分市场的收入增长似乎正在减速。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>22年第二季度数据中心同比增长率降至35%。而且，游戏也出现了减速的迹象。第二季度的同比增长也放缓至85%。因此，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预测，Nvidia预计在22年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人震惊。投资者可能不得不降低对NVDA未来强劲增长势头的预期。没有什么是永远直线上升的。展望未来，黄仁勋公司的收入竞争将变得越来越难以击败。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA盈利超出/未达到预期。资料来源：寻求Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到NVDA也可能在其指导中降低预期。我们注意到，NVDA在过去四年中只未达到一个季度预期。这是一场近乎完美的表演。值得注意的是，虽然NVDA的表现一直优于其指导，但这些表现并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视共识估计，认为这是不合理的。随着时间的推移，它们变得相当准确。因此，尽管NVDA可能已经将之前的指导意见沙袋化，以可能超额交付，但他们并没有做得太过分。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些NVDA投资者预计其TAM将扩展到其软件堆栈、omniverse应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到NVDA为将自己转变为一家拥有巨大GPU主导地位的人工智能公司所付出的令人难以置信的努力。再加上其DPU和CPU的进军，硬件战略看起来非常令人印象深刻。此外，Nvidia的AI Enterprise现在向客户提供完整的AI Enterprise软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是稳固的。随着时间的推移，随着更多开发者的加入，生态系统将变得更加强大。如果该公司能够完成对Arm的收购，我们认为英特尔或AMD不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是英伟达不能/不愿意设定时间表<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia最近只能补充道：“但正如[我们]所说，[我们]向您引用的NVIDIA enterprise和Omniverse enterprise价值数十亿美元的机会，我们认为这些都是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股更好买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD股票目前的EV/NTM EBITDA为29.7倍。其3年NTM EBITDA平均值为30.8倍。因此，投资者可以说AMD目前的估值似乎相当合理。相比之下，NVDA股票的EV/NTM EBITDA为53.5倍。其3年NTM EBITDA平均值为41.6倍。因此，该股的交易价格比其3年平均水平高出约28.6%。因此，我们认为NVDA股票目前看起来被高估。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，2023年潜在的产能过剩问题也可能因其估值过高而严重打击NVDA股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：标普资本智商</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC股票的EV/NTM EBITDA为6.7倍。这明显低于7.6倍的3年平均水平。因此，INTC显然是一种价值游戏，而不是一种增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至2.8%。多年来，INTC投资者一直对其强劲的盈利能力和稳健的股息收益率感到非常满意。这些价值和股息收入投资者投资INTC股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格(Pat Gelsinger)雄心勃勃的增长计划给他们带来了意想不到的麻烦。当英特尔表示这些计划将对其盈利能力产生明显影响时，他们担心股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在增长路线图上取得成功，它可能会成为巨大的赢家。鉴于现在的预期如此之低，该股甚至不一定要取得巨大成功才能重新上调评级。INTC与增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现INTC股票目前的估值很有吸引力。再加上2.8%的股息收益率，为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于AMD股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD股票代表我们优先买入</i>就目前而言。<i>INTC股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持我们对NVDA的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy\">Seeking Alpha</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":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122237204","content_text":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.\nAdvanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su & Co. is making the most out of Intel's stumbles.\nNvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.\nWe discuss which semiconductor stock is the better buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nAdvanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.\nNotably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger & Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.\nNvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang & Co. see \"sequential growth driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.\nWe will discuss which semiconductor stock is the better buy now between them.\nINTC, NVDA, AMD Stock YTD Performance\nINTC, NVDA, AMD stock YTD performance (as of 27 October 21).\nNVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.\nIn contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.\nIntel FQ3 Report Card Is Telling Of Its Weakening Leadership\nThere's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.\nIntel LTM revenue by segment. Data source: Company filings\nIntel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.\nDCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger & Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.\nIntel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.\nCounterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021 at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"\nNotwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that Apple's YoY shipment growth in CQ2 was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.\nTherefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.\nINTC and AMD LTM gross margins. Data source: S&P Capital IQ\nPat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:\n\nWe expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology, \n we expect gross margins between 51% and 53% over the next 2 to 3 yearsbefore moving upward. (from Intel Q3 earnings call)\n\nWe find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su & Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.\nWe also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger & Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.\nThe good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su & Co., you have been cautioned.\nAMD Continues Its Gangbusters Growth\nAMD quarterly revenue by segment. Data source: Company filings\nAMD revenue segments YoY growth. Data source: Company filings\nThere's little doubt that Dr. Lisa Su & Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.\nIn fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:\n\n We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately \n 39% year-over-year and approximately 4% sequentially. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021, \n we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses, up from the prior guidance of 60%. (from AMD FQ3 earnings call)\n\nFor a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.\nAMD est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nHowever, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.\nAMD LTM revenue and EBITDA. Data source: S&P Capital IQ\nImportantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.\nWe can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.\nNvidia Is Expected To Post Slower Much Growth Than Before\nJensen Huang & Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.\nThe company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.\nDatacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.\nNVDA actual and est. quarterly revenue YoY growth. Data source: S&P Capital IQ\nNotably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang & Co. to beat.\nNVDA earnings beats/misses. Source: Seeking Alpha Premium\nNotwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.\nWe understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.\nWe recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.\nThe main problem is that Nvidia couldn't/is not willing to put a timeline towhen they would derive meaningful revenues from its software stack.Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"\nSo, Which Chip Stock Is The Better Buy?\nAMD stock EV/NTM EBITDA 3Y mean.\nNVDA stock EV/NTM EBITDA 3Y mean.\nAMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.\nINTC stock EV/NTM EBITDA 3Y mean.\nINTC stock LTM dividend yield. Data source: S&P Capital IQ\nINTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.\nPat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.\nDespite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.\nTherefore, we think AMD stock represents our preferred Buy for now.INTC stock is also a Buy for dividend and value investors. At the same time, we retain our Neutral rating on NVDA.\nThis article was written by JR Research.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854740913,"gmtCreate":1635487310627,"gmtModify":1635487310975,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/854740913","repostId":"1122237204","repostType":4,"repost":{"id":"1122237204","kind":"news","pubTimestamp":1635476471,"share":"https://www.laohu8.com/m/news/1122237204?lang=zh_CN&edition=full","pubTime":"2021-10-29 11:01","market":"us","language":"en","title":"Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122237204","media":"Seeking Alpha","summary":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused w","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布了一系列相当不错的收益。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices在2021财年继续取得惊人的业绩。苏丽莎博士公司正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。预计公司增长势头将继续放缓。</li><li>我们讨论现在购买哪只半导体股票更好。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>超微设备公司（AMD）最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了AMD作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司取得了收益，而英特尔（INTC）报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳存在一些担忧，但这是意料之中的。然而，市场并不喜欢帕特·基辛格公司(Pat Gelsinger&amp;Co.)的电报，并在财报公布后大幅下跌该股。英特尔传达了重新夺回其工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力和自由现金流前景减弱，一些价值导向型投资者似乎已走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>Nvidia(NVDA)将于11月17日发布第三季度成绩单。该公司此前曾预计本季度业绩强劲。黄仁勋公司请参阅“环比增长主要是由数据中心需求加速推动的”。该公司还预计其三个市场都将增长，尤其是在游戏领域。鉴于AMD强劲的业绩，投资者的期望也很高。因此，随着NVDA股价本周创下历史新高（ATH），投资者热切期待NVDA的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论他们之间现在购买哪只半导体股票更好。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>迄今为止，NVDA股票继续享受非凡的一年。该股本周创下新的ATH，年初至今回报率飙升至87.3%。看跌NVDA的投资者可以随心所欲地说，但我们从未采纳看跌NVDA股票的论点。这根本说不通。该股在Seeking Alpha全年动量评级中获得了最好的A+。因此，我们真的无法理解那些看跌的论点。AMD股票排名第二，年初至今上涨33.3%。该股似乎远远落后于NVDA股票令人难以置信的表现。然而，投资者应该考虑这样一个事实，即AMD股票在21年上半年的大部分时间里都处于亏损状态。因此，其在H2'21的巨大势头确实令人印象深刻。因此，该股的势头在Seeking Alpha中也被评为A级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的INTC股票继续表现不佳。该股开局非常亮眼，年初至今上涨了40%。然而，它的势头已经完全消失了。目前，与AMD股票和NVDA股票相比，其年初至今下跌了3.9%，看起来糟透了。此外，Seeking Alpha还给予其动力D+评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单表明其领导力正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD充分利用了最近对英特尔的主导地位。然而，更令英特尔投资者担忧、同样令AMD投资者感到鼓舞的是他们各自首席执行官提供的明确性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>英特尔LTM按细分市场划分的收入。数据来源：公司备案</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔报告了另一个令人印象深刻的季度，但我们认为这并不意外。当然，与NVDA和AMD相比，该公司的数据中心业务(DCG)仍然令人失望。然而，INTC投资者不应该感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>第三季度DCG季度收入同比增长10%。然而，自20年第二季度以来，DCG收入在过去12个月(LTM)中一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在21年第二季度历史上首次突破15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，其前管理层的重大失误是如何破坏其先前“无懈可击”的领导地位的。现在，基辛格公司面临着一项不值得羡慕的任务，那就是试图扭转英特尔不断下滑的命运。随着AMD以牺牲英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算部门（CCG）在第三季度的业绩表现不佳。其收入分别同比下降1.9%和环比下降4.4%。值得注意的是，这发生在2021年PC销量强劲复苏之际。在苹果(AAPL)最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常出色。仅在前三个FQ中，Mac就超过了过去三年每个财年的收入。它的复兴也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research指出，“2021年第三季度，全球PC出货量连续第六次同比增长，达到8420万台。尽管零部件短缺和其他供应限制持续存在，但这一情况还是出现了。”尽管如此，该公司还强调，“[第三季度]9.3%的同比增长意味着自2020年第三季度以来连续四个季度实现两位数同比增长后，PC出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research指出，第三季度Mac同比出货量增长加速至10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长至8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，自与英特尔芯片脱钩以来，苹果似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚案目前看起来已经“敲定”。但半导体公司的投资者应该记住，在技术领先方面，永远不要说永远。英特尔仍然是一家高利润的公司，因此拥有竞争所需的资金和信念。能否推翻AMD和NVDA的领先地位，还有待观察。但永远不要这么早就放弃公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC和AMD LTM毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格(Pat Gelsinger)宣布了一项雄心勃勃的计划，以承担技术领先地位。这主要是基于其“四年内实现五个工艺节点”的追求，以取代台积电（TSM）的代工领导地位。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来4至5年我们的收入增长将加速至10%至12%的复合年增长率</i>就毛利率而言，受我们产能投资及工艺技术加速的影响，<i>我们预计未来2至3年毛利率将在51%至53%之间</i>在向上移动之前。（来自英特尔第三季度看涨期权收益）我们觉得这很有趣。是的，流程领先和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少需要五年的时间。这个时候，公司是不是要让苏姿丰博士（Dr.Lisa Su&amp;Co.）拿走所有的荣耀，而英特尔则解决它的麻烦？显然不是。帕特认识到他需要一个权宜之计。除了说“我们现在正在降价”来与AMD竞争之外，这已经是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（9月20日发布）中强调，“据报道，英特尔最近准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已转向竞争对手Advanced Micro Devices的数据中心运营商。”否则，基辛格公司怎么能如此自信地阻止AMD持续成功的颓势呢？英特尔宣布了一项雄心勃勃的计划，在未来四到五年内将收入以10%到12%的复合年增长率增长。英特尔正试图将自己变回一家成长型公司。如果你想增长，没有技术领先，你必须放弃一些利润。这完全有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。其毛利率较利润率超过60%时明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价上与AMD正面竞争，同时投资占据代工领导地位。苏丽莎博士公司，你已经被警告了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD按部门划分的季度收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su&amp;Co.充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它继续在所有领域展现出巨大的实力。Advanced Micro Devices报告第三季度计算和图形业务收入同比增长43.9%。此外，AMD的企业、嵌入式和半定制(EESC)部门继续保持惊人的表现，收入同比增长68.9%。因此，AMD当然充分利用了英特尔在数据中心方面的亏损。此外，它的计算和图形增长也非常出色。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计营收约为45亿美元，正负1亿美元，增长约<i>同比增长39%，环比增长约4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长将受到服务器和半定制销售额增加的推动。2021年全年，<i>我们现在预计，在所有业务增长的推动下，收入将比2020年增长约65%</i>，高于之前60%的指导。（来自AMD看涨期权第三季度收益）对于一家告诉您预计2020财年同比增长65%的公司来说，很明显它已经取得了惊人的成果。因此，市场应该奖励AMD投资者。AMD股票在经历了年初的下跌后，显然一直跑赢大盘。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD东部时间。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑AMD未来的表现。继第三季度成绩单出色之后，共识预期也被上调。AMD预计收入复合年增长率为30.2%，EBITDA复合年增长率为50.4%。与该公司2021财年65%的收入同比增长指引相比，这是一个明显的减速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM收入和EBITDA。数据来源：标普资本智商</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD的LTM收入和EBITDA在过去四年中也分别以31.2%和160%的复合年增长率增长。因此，AMD未来不太可能实现如此惊人的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望AMD继续以如此惊人的增长率不断增长。我们知道这听起来不错，但这根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从它的FQ3表现中观察到。与前两个季度相比，其细分市场在21年第三季度的同比增长是最慢的。因此，它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>英伟达的增长预计将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于11月17日发布22年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>该公司在之前的收益看涨期权上预计第三季度收入为$6.8 B。共识估计也符合公司的指引。然而，在我们之前的英伟达文章中，我们强调了该公司主要细分市场的收入增长似乎正在减速。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>22年第二季度数据中心同比增长率降至35%。而且，游戏也出现了减速的迹象。第二季度的同比增长也放缓至85%。因此，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预测，Nvidia预计在22年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人震惊。投资者可能不得不降低对NVDA未来强劲增长势头的预期。没有什么是永远直线上升的。展望未来，黄仁勋公司的收入竞争将变得越来越难以击败。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA盈利超出/未达到预期。资料来源：寻求Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到NVDA也可能在其指导中降低预期。我们注意到，NVDA在过去四年中只未达到一个季度预期。这是一场近乎完美的表演。值得注意的是，虽然NVDA的表现一直优于其指导，但这些表现并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视共识估计，认为这是不合理的。随着时间的推移，它们变得相当准确。因此，尽管NVDA可能已经将之前的指导意见沙袋化，以可能超额交付，但他们并没有做得太过分。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些NVDA投资者预计其TAM将扩展到其软件堆栈、omniverse应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到NVDA为将自己转变为一家拥有巨大GPU主导地位的人工智能公司所付出的令人难以置信的努力。再加上其DPU和CPU的进军，硬件战略看起来非常令人印象深刻。此外，Nvidia的AI Enterprise现在向客户提供完整的AI Enterprise软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是稳固的。随着时间的推移，随着更多开发者的加入，生态系统将变得更加强大。如果该公司能够完成对Arm的收购，我们认为英特尔或AMD不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是英伟达不能/不愿意设定时间表<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia最近只能补充道：“但正如[我们]所说，[我们]向您引用的NVIDIA enterprise和Omniverse enterprise价值数十亿美元的机会，我们认为这些都是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股更好买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD股票目前的EV/NTM EBITDA为29.7倍。其3年NTM EBITDA平均值为30.8倍。因此，投资者可以说AMD目前的估值似乎相当合理。相比之下，NVDA股票的EV/NTM EBITDA为53.5倍。其3年NTM EBITDA平均值为41.6倍。因此，该股的交易价格比其3年平均水平高出约28.6%。因此，我们认为NVDA股票目前看起来被高估。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，2023年潜在的产能过剩问题也可能因其估值过高而严重打击NVDA股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：标普资本智商</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC股票的EV/NTM EBITDA为6.7倍。这明显低于7.6倍的3年平均水平。因此，INTC显然是一种价值游戏，而不是一种增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至2.8%。多年来，INTC投资者一直对其强劲的盈利能力和稳健的股息收益率感到非常满意。这些价值和股息收入投资者投资INTC股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格(Pat Gelsinger)雄心勃勃的增长计划给他们带来了意想不到的麻烦。当英特尔表示这些计划将对其盈利能力产生明显影响时，他们担心股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在增长路线图上取得成功，它可能会成为巨大的赢家。鉴于现在的预期如此之低，该股甚至不一定要取得巨大成功才能重新上调评级。INTC与增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现INTC股票目前的估值很有吸引力。再加上2.8%的股息收益率，为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于AMD股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD股票代表我们优先买入</i>就目前而言。<i>INTC股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持我们对NVDA的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</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>Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</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\">\nIntel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-29 11:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布了一系列相当不错的收益。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices在2021财年继续取得惊人的业绩。苏丽莎博士公司正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。预计公司增长势头将继续放缓。</li><li>我们讨论现在购买哪只半导体股票更好。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>超微设备公司（AMD）最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了AMD作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司取得了收益，而英特尔（INTC）报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳存在一些担忧，但这是意料之中的。然而，市场并不喜欢帕特·基辛格公司(Pat Gelsinger&amp;Co.)的电报，并在财报公布后大幅下跌该股。英特尔传达了重新夺回其工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力和自由现金流前景减弱，一些价值导向型投资者似乎已走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>Nvidia(NVDA)将于11月17日发布第三季度成绩单。该公司此前曾预计本季度业绩强劲。黄仁勋公司请参阅“环比增长主要是由数据中心需求加速推动的”。该公司还预计其三个市场都将增长，尤其是在游戏领域。鉴于AMD强劲的业绩，投资者的期望也很高。因此，随着NVDA股价本周创下历史新高（ATH），投资者热切期待NVDA的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论他们之间现在购买哪只半导体股票更好。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>迄今为止，NVDA股票继续享受非凡的一年。该股本周创下新的ATH，年初至今回报率飙升至87.3%。看跌NVDA的投资者可以随心所欲地说，但我们从未采纳看跌NVDA股票的论点。这根本说不通。该股在Seeking Alpha全年动量评级中获得了最好的A+。因此，我们真的无法理解那些看跌的论点。AMD股票排名第二，年初至今上涨33.3%。该股似乎远远落后于NVDA股票令人难以置信的表现。然而，投资者应该考虑这样一个事实，即AMD股票在21年上半年的大部分时间里都处于亏损状态。因此，其在H2'21的巨大势头确实令人印象深刻。因此，该股的势头在Seeking Alpha中也被评为A级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的INTC股票继续表现不佳。该股开局非常亮眼，年初至今上涨了40%。然而，它的势头已经完全消失了。目前，与AMD股票和NVDA股票相比，其年初至今下跌了3.9%，看起来糟透了。此外，Seeking Alpha还给予其动力D+评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单表明其领导力正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD充分利用了最近对英特尔的主导地位。然而，更令英特尔投资者担忧、同样令AMD投资者感到鼓舞的是他们各自首席执行官提供的明确性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>英特尔LTM按细分市场划分的收入。数据来源：公司备案</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔报告了另一个令人印象深刻的季度，但我们认为这并不意外。当然，与NVDA和AMD相比，该公司的数据中心业务(DCG)仍然令人失望。然而，INTC投资者不应该感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>第三季度DCG季度收入同比增长10%。然而，自20年第二季度以来，DCG收入在过去12个月(LTM)中一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在21年第二季度历史上首次突破15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，其前管理层的重大失误是如何破坏其先前“无懈可击”的领导地位的。现在，基辛格公司面临着一项不值得羡慕的任务，那就是试图扭转英特尔不断下滑的命运。随着AMD以牺牲英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算部门（CCG）在第三季度的业绩表现不佳。其收入分别同比下降1.9%和环比下降4.4%。值得注意的是，这发生在2021年PC销量强劲复苏之际。在苹果(AAPL)最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常出色。仅在前三个FQ中，Mac就超过了过去三年每个财年的收入。它的复兴也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research指出，“2021年第三季度，全球PC出货量连续第六次同比增长，达到8420万台。尽管零部件短缺和其他供应限制持续存在，但这一情况还是出现了。”尽管如此，该公司还强调，“[第三季度]9.3%的同比增长意味着自2020年第三季度以来连续四个季度实现两位数同比增长后，PC出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research指出，第三季度Mac同比出货量增长加速至10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长至8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，自与英特尔芯片脱钩以来，苹果似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚案目前看起来已经“敲定”。但半导体公司的投资者应该记住，在技术领先方面，永远不要说永远。英特尔仍然是一家高利润的公司，因此拥有竞争所需的资金和信念。能否推翻AMD和NVDA的领先地位，还有待观察。但永远不要这么早就放弃公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC和AMD LTM毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格(Pat Gelsinger)宣布了一项雄心勃勃的计划，以承担技术领先地位。这主要是基于其“四年内实现五个工艺节点”的追求，以取代台积电（TSM）的代工领导地位。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来4至5年我们的收入增长将加速至10%至12%的复合年增长率</i>就毛利率而言，受我们产能投资及工艺技术加速的影响，<i>我们预计未来2至3年毛利率将在51%至53%之间</i>在向上移动之前。（来自英特尔第三季度看涨期权收益）我们觉得这很有趣。是的，流程领先和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少需要五年的时间。这个时候，公司是不是要让苏姿丰博士（Dr.Lisa Su&amp;Co.）拿走所有的荣耀，而英特尔则解决它的麻烦？显然不是。帕特认识到他需要一个权宜之计。除了说“我们现在正在降价”来与AMD竞争之外，这已经是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（9月20日发布）中强调，“据报道，英特尔最近准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已转向竞争对手Advanced Micro Devices的数据中心运营商。”否则，基辛格公司怎么能如此自信地阻止AMD持续成功的颓势呢？英特尔宣布了一项雄心勃勃的计划，在未来四到五年内将收入以10%到12%的复合年增长率增长。英特尔正试图将自己变回一家成长型公司。如果你想增长，没有技术领先，你必须放弃一些利润。这完全有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。其毛利率较利润率超过60%时明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价上与AMD正面竞争，同时投资占据代工领导地位。苏丽莎博士公司，你已经被警告了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD按部门划分的季度收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su&amp;Co.充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它继续在所有领域展现出巨大的实力。Advanced Micro Devices报告第三季度计算和图形业务收入同比增长43.9%。此外，AMD的企业、嵌入式和半定制(EESC)部门继续保持惊人的表现，收入同比增长68.9%。因此，AMD当然充分利用了英特尔在数据中心方面的亏损。此外，它的计算和图形增长也非常出色。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计营收约为45亿美元，正负1亿美元，增长约<i>同比增长39%，环比增长约4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长将受到服务器和半定制销售额增加的推动。2021年全年，<i>我们现在预计，在所有业务增长的推动下，收入将比2020年增长约65%</i>，高于之前60%的指导。（来自AMD看涨期权第三季度收益）对于一家告诉您预计2020财年同比增长65%的公司来说，很明显它已经取得了惊人的成果。因此，市场应该奖励AMD投资者。AMD股票在经历了年初的下跌后，显然一直跑赢大盘。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD东部时间。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑AMD未来的表现。继第三季度成绩单出色之后，共识预期也被上调。AMD预计收入复合年增长率为30.2%，EBITDA复合年增长率为50.4%。与该公司2021财年65%的收入同比增长指引相比，这是一个明显的减速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM收入和EBITDA。数据来源：标普资本智商</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD的LTM收入和EBITDA在过去四年中也分别以31.2%和160%的复合年增长率增长。因此，AMD未来不太可能实现如此惊人的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望AMD继续以如此惊人的增长率不断增长。我们知道这听起来不错，但这根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从它的FQ3表现中观察到。与前两个季度相比，其细分市场在21年第三季度的同比增长是最慢的。因此，它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>英伟达的增长预计将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于11月17日发布22年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>该公司在之前的收益看涨期权上预计第三季度收入为$6.8 B。共识估计也符合公司的指引。然而，在我们之前的英伟达文章中，我们强调了该公司主要细分市场的收入增长似乎正在减速。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>22年第二季度数据中心同比增长率降至35%。而且，游戏也出现了减速的迹象。第二季度的同比增长也放缓至85%。因此，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预测，Nvidia预计在22年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人震惊。投资者可能不得不降低对NVDA未来强劲增长势头的预期。没有什么是永远直线上升的。展望未来，黄仁勋公司的收入竞争将变得越来越难以击败。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA盈利超出/未达到预期。资料来源：寻求Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到NVDA也可能在其指导中降低预期。我们注意到，NVDA在过去四年中只未达到一个季度预期。这是一场近乎完美的表演。值得注意的是，虽然NVDA的表现一直优于其指导，但这些表现并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视共识估计，认为这是不合理的。随着时间的推移，它们变得相当准确。因此，尽管NVDA可能已经将之前的指导意见沙袋化，以可能超额交付，但他们并没有做得太过分。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些NVDA投资者预计其TAM将扩展到其软件堆栈、omniverse应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到NVDA为将自己转变为一家拥有巨大GPU主导地位的人工智能公司所付出的令人难以置信的努力。再加上其DPU和CPU的进军，硬件战略看起来非常令人印象深刻。此外，Nvidia的AI Enterprise现在向客户提供完整的AI Enterprise软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是稳固的。随着时间的推移，随着更多开发者的加入，生态系统将变得更加强大。如果该公司能够完成对Arm的收购，我们认为英特尔或AMD不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是英伟达不能/不愿意设定时间表<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia最近只能补充道：“但正如[我们]所说，[我们]向您引用的NVIDIA enterprise和Omniverse enterprise价值数十亿美元的机会，我们认为这些都是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股更好买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD股票目前的EV/NTM EBITDA为29.7倍。其3年NTM EBITDA平均值为30.8倍。因此，投资者可以说AMD目前的估值似乎相当合理。相比之下，NVDA股票的EV/NTM EBITDA为53.5倍。其3年NTM EBITDA平均值为41.6倍。因此，该股的交易价格比其3年平均水平高出约28.6%。因此，我们认为NVDA股票目前看起来被高估。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，2023年潜在的产能过剩问题也可能因其估值过高而严重打击NVDA股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：标普资本智商</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC股票的EV/NTM EBITDA为6.7倍。这明显低于7.6倍的3年平均水平。因此，INTC显然是一种价值游戏，而不是一种增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至2.8%。多年来，INTC投资者一直对其强劲的盈利能力和稳健的股息收益率感到非常满意。这些价值和股息收入投资者投资INTC股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格(Pat Gelsinger)雄心勃勃的增长计划给他们带来了意想不到的麻烦。当英特尔表示这些计划将对其盈利能力产生明显影响时，他们担心股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在增长路线图上取得成功，它可能会成为巨大的赢家。鉴于现在的预期如此之低，该股甚至不一定要取得巨大成功才能重新上调评级。INTC与增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现INTC股票目前的估值很有吸引力。再加上2.8%的股息收益率，为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于AMD股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD股票代表我们优先买入</i>就目前而言。<i>INTC股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持我们对NVDA的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy\">Seeking Alpha</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":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122237204","content_text":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.\nAdvanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su & Co. is making the most out of Intel's stumbles.\nNvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.\nWe discuss which semiconductor stock is the better buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nAdvanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.\nNotably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger & Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.\nNvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang & Co. see \"sequential growth driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.\nWe will discuss which semiconductor stock is the better buy now between them.\nINTC, NVDA, AMD Stock YTD Performance\nINTC, NVDA, AMD stock YTD performance (as of 27 October 21).\nNVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.\nIn contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.\nIntel FQ3 Report Card Is Telling Of Its Weakening Leadership\nThere's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.\nIntel LTM revenue by segment. Data source: Company filings\nIntel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.\nDCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger & Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.\nIntel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.\nCounterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021 at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"\nNotwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that Apple's YoY shipment growth in CQ2 was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.\nTherefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.\nINTC and AMD LTM gross margins. Data source: S&P Capital IQ\nPat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:\n\nWe expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology, \n we expect gross margins between 51% and 53% over the next 2 to 3 yearsbefore moving upward. (from Intel Q3 earnings call)\n\nWe find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su & Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.\nWe also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger & Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.\nThe good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su & Co., you have been cautioned.\nAMD Continues Its Gangbusters Growth\nAMD quarterly revenue by segment. Data source: Company filings\nAMD revenue segments YoY growth. Data source: Company filings\nThere's little doubt that Dr. Lisa Su & Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.\nIn fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:\n\n We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately \n 39% year-over-year and approximately 4% sequentially. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021, \n we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses, up from the prior guidance of 60%. (from AMD FQ3 earnings call)\n\nFor a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.\nAMD est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nHowever, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.\nAMD LTM revenue and EBITDA. Data source: S&P Capital IQ\nImportantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.\nWe can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.\nNvidia Is Expected To Post Slower Much Growth Than Before\nJensen Huang & Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.\nThe company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.\nDatacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.\nNVDA actual and est. quarterly revenue YoY growth. Data source: S&P Capital IQ\nNotably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang & Co. to beat.\nNVDA earnings beats/misses. Source: Seeking Alpha Premium\nNotwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.\nWe understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.\nWe recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.\nThe main problem is that Nvidia couldn't/is not willing to put a timeline towhen they would derive meaningful revenues from its software stack.Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"\nSo, Which Chip Stock Is The Better Buy?\nAMD stock EV/NTM EBITDA 3Y mean.\nNVDA stock EV/NTM EBITDA 3Y mean.\nAMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.\nINTC stock EV/NTM EBITDA 3Y mean.\nINTC stock LTM dividend yield. Data source: S&P Capital IQ\nINTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.\nPat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.\nDespite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.\nTherefore, we think AMD stock represents our preferred Buy for now.INTC stock is also a Buy for dividend and value investors. At the same time, we retain our Neutral rating on NVDA.\nThis article was written by JR Research.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852910865,"gmtCreate":1635233687883,"gmtModify":1635233712056,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"☺️☺️","listText":"☺️☺️","text":"☺️☺️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852910865","repostId":"2177412181","repostType":4,"repost":{"id":"2177412181","kind":"highlight","pubTimestamp":1635219132,"share":"https://www.laohu8.com/m/news/2177412181?lang=zh_CN&edition=full","pubTime":"2021-10-26 11:32","market":"us","language":"en","title":"AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2177412181","media":"MarketWatch","summary":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analy","content":"<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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 earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-26 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news\">MarketWatch</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":{"AMD":"美国超微公司"},"source_url":"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177412181","content_text":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink\nAdvanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.\nAdvanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.\nAMD is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.\nThat led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.\nBernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.\n\"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.\nThat underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.\nWhile AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.\nOne other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.\nRevenue: Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.\nStock movement: While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.\nAMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.\nWhat analysts are saying\nCowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"\n\"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"\nEarlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.\nOn data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.\n\"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"\nStill, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.\nOf the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853667273,"gmtCreate":1634802938689,"gmtModify":1634803352921,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","text":"[暗中观察] [暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853667273","repostId":"2177455500","repostType":2,"repost":{"id":"2177455500","kind":"news","pubTimestamp":1634792407,"share":"https://www.laohu8.com/m/news/2177455500?lang=zh_CN&edition=full","pubTime":"2021-10-21 13:00","market":"us","language":"zh","title":"摩根大通:将福特汽车(F.US)目标价从18美元上调至20美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2177455500","media":"智通财经","summary":"【摩根大通：将福特汽车(F.US)目标价从18美元上调至20美元】摩根大通：将福特汽车(F.US)目标价从18美元上调至20美元。","content":"<html><body><article><p>【<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>：将<a href=\"https://laohu8.com/S/F\">福特汽车</a>(F.US)目标价从18美元上调至20美元】摩根大通：将福特汽车(F.US)目标价从18美元上调至20美元。</p></article></body></html>","source":"tencent","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>摩根大通:将福特汽车(F.US)目标价从18美元上调至20美元</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202110211303437c4a108c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{"F":"福特汽车"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202110211303437c4a108c&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2177455500","content_text":"【摩根大通：将福特汽车(F.US)目标价从18美元上调至20美元】摩根大通：将福特汽车(F.US)目标价从18美元上调至20美元。","news_type":1,"symbols_score_info":{"F":1}},"isVote":1,"tweetType":1,"viewCount":2814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853858611,"gmtCreate":1634791569781,"gmtModify":1634791570146,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","text":"[暗中观察] [暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853858611","repostId":"1161508302","repostType":4,"repost":{"id":"1161508302","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1634780797,"share":"https://www.laohu8.com/m/news/1161508302?lang=zh_CN&edition=full","pubTime":"2021-10-21 09:46","market":"hk","language":"zh","title":"双十一预售已开启！龙头公司股价提前预热","url":"https://stock-news.laohu8.com/highlight/detail?id=1161508302","media":"Wind万得","summary":"一年一度的购物狂欢季即将开启，消费者的狂欢同时也是资本市场的盛宴。受利好消息影响，京东集团港股价格创半年多新高，阿里巴巴股价自前期底部反弹超过30%。\n据媒体消息，京东11.11将于10月20日晚8点","content":"<p>一年一度的购物狂欢季即将开启，消费者的狂欢同时也是资本市场的盛宴。<b>受利好消息影响，京东集团港股价格创半年多新高，阿里巴巴股价自前期底部反弹超过30%。</b></p>\n<p>据媒体消息，京东11.11将于10月20日晚8点正式开启预售。10月20日晚8点至31日晚8点前为京东11.11预售期，消费者可以先付定金锁定好物，享定金膨胀不止10倍等优惠活动。10月31日晚8点起，消费者每天均可领取“每满200减30”的头号京贴，享受全品类跨店满减，同时头号京贴也可以在支付尾款时与定金膨胀优惠叠加使用。从10月31日开始，每晚8点，准时下起现金红包雨。</p>\n<p>受利好消息影响，近期京东港股价格持续拉升，截至10月20日收盘，上涨2.54%，报331.20港元/股，创半年多以来新高。</p>\n<p><img src=\"https://static.tigerbbs.com/92b761d5b3ae7c8b34e7b384b612c6e7\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>根据此前消息，今年天猫双十一，将从10月20日20点启动第一波预售，11月4日20点开启第二波预售。两个售卖期时间分别是11月1-3日和11月11日。</p>\n<p>两家头部公司与2020年双十一10月21日零点开启预售相比，今年预售时间均有所提前。</p>\n<p>不仅在零售领域，在科技领域，阿里巴巴同样成果非凡。10月19日，2021云栖大会在杭州开幕，阿里巴巴旗下半导体公司平头哥发布自研云芯片倚天710。阿里云智能总裁、达摩院院长张建锋表示，该芯片是业界性能最强的ARM服务器芯片，性能超过业界标杆20%，能效比提升50%以上。</p>\n<p>受多重利好影响，阿里巴巴近期股价亦出现明显反弹，而此前近一年时间公司股价区间跌幅超过55%。</p>\n<p><img src=\"https://static.tigerbbs.com/ecfee20a37b693298dcc58c02ba892b8\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>对于公司未来股价走势，机构普遍看高至210港元以上，相比当前的价格，仍有20%以上的空间。</p>\n<p><img src=\"https://static.tigerbbs.com/9c5ef80b76dc2473171e7c412d2cc8db\" tg-width=\"551\" tg-height=\"370\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>//恒生科技指数底部企稳&nbsp; //</b></p>\n<p>事实上，除两家电商龙头外，整个科技板块近期均出现企稳回升的态势。恒生科技指数在8月20日创出一年多新低后，本月初二次探底，但并未跌破前期低点，其自年初高点以来，区间最大跌幅超过40%，从技术形态上来看，也存在企稳需求。</p>\n<p><img src=\"https://static.tigerbbs.com/9716b16d6ae1e80f7cbed0ccfa523ee9\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p><b>//&nbsp;机构一致看多龙头公司&nbsp; //</b></p>\n<p>从板块市值排名居前的公司看，腾讯控股近期亦出现明显反弹走势，此前从2月份高点连续下跌达半年之久，累计跌幅亦超过40%，股价一度逼近400港元。截至10月20日收盘，股价再度站上500港元。</p>\n<p><img src=\"https://static.tigerbbs.com/f386dd9d963f95f8cf69910edd3c0316\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>从近期机构给出的投资评级来看，普遍看多至600港元以上。</p>\n<p><img src=\"https://static.tigerbbs.com/0cd4dee75ae9d7c30fdb46dff0fe10dc\" tg-width=\"557\" tg-height=\"375\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>对于市值超万亿的美团而言，股价走势已经充分反映了主力资金的选择，自8月份低点以来，股价反弹幅度已经超过50%。</p>\n<p><img src=\"https://static.tigerbbs.com/2afecae503843ee87dade23dccec224c\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>惠誉发布报告称，尽管中国电子商务公司美团的反垄断处罚低于惠誉评级的预期，但我们认为该公司的运营仍面临监管压力。将美团的评级展望从负面修正为稳定，将取决于2022年盈利能力的复苏，尤其是EBITDA，以及新业务的投资步伐。</p>\n<p>不确定因素的落地也刺激了南下资金的回流，9月27日以来，南下资金已经连续8天净买入，累计净买入2200多万股。</p>\n<p><img src=\"https://static.tigerbbs.com/14289df26c6737cd9236d6e704d2a537\" tg-width=\"669\" tg-height=\"347\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>双十一预售已开启！龙头公司股价提前预热</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{ 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n双十一预售已开启！龙头公司股价提前预热\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time\">2021-10-21 09:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>一年一度的购物狂欢季即将开启，消费者的狂欢同时也是资本市场的盛宴。<b>受利好消息影响，京东集团港股价格创半年多新高，阿里巴巴股价自前期底部反弹超过30%。</b></p>\n<p>据媒体消息，京东11.11将于10月20日晚8点正式开启预售。10月20日晚8点至31日晚8点前为京东11.11预售期，消费者可以先付定金锁定好物，享定金膨胀不止10倍等优惠活动。10月31日晚8点起，消费者每天均可领取“每满200减30”的头号京贴，享受全品类跨店满减，同时头号京贴也可以在支付尾款时与定金膨胀优惠叠加使用。从10月31日开始，每晚8点，准时下起现金红包雨。</p>\n<p>受利好消息影响，近期京东港股价格持续拉升，截至10月20日收盘，上涨2.54%，报331.20港元/股，创半年多以来新高。</p>\n<p><img src=\"https://static.tigerbbs.com/92b761d5b3ae7c8b34e7b384b612c6e7\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>根据此前消息，今年天猫双十一，将从10月20日20点启动第一波预售，11月4日20点开启第二波预售。两个售卖期时间分别是11月1-3日和11月11日。</p>\n<p>两家头部公司与2020年双十一10月21日零点开启预售相比，今年预售时间均有所提前。</p>\n<p>不仅在零售领域，在科技领域，阿里巴巴同样成果非凡。10月19日，2021云栖大会在杭州开幕，阿里巴巴旗下半导体公司平头哥发布自研云芯片倚天710。阿里云智能总裁、达摩院院长张建锋表示，该芯片是业界性能最强的ARM服务器芯片，性能超过业界标杆20%，能效比提升50%以上。</p>\n<p>受多重利好影响，阿里巴巴近期股价亦出现明显反弹，而此前近一年时间公司股价区间跌幅超过55%。</p>\n<p><img src=\"https://static.tigerbbs.com/ecfee20a37b693298dcc58c02ba892b8\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>对于公司未来股价走势，机构普遍看高至210港元以上，相比当前的价格，仍有20%以上的空间。</p>\n<p><img src=\"https://static.tigerbbs.com/9c5ef80b76dc2473171e7c412d2cc8db\" tg-width=\"551\" tg-height=\"370\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>//恒生科技指数底部企稳&nbsp; //</b></p>\n<p>事实上，除两家电商龙头外，整个科技板块近期均出现企稳回升的态势。恒生科技指数在8月20日创出一年多新低后，本月初二次探底，但并未跌破前期低点，其自年初高点以来，区间最大跌幅超过40%，从技术形态上来看，也存在企稳需求。</p>\n<p><img src=\"https://static.tigerbbs.com/9716b16d6ae1e80f7cbed0ccfa523ee9\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p><b>//&nbsp;机构一致看多龙头公司&nbsp; //</b></p>\n<p>从板块市值排名居前的公司看，腾讯控股近期亦出现明显反弹走势，此前从2月份高点连续下跌达半年之久，累计跌幅亦超过40%，股价一度逼近400港元。截至10月20日收盘，股价再度站上500港元。</p>\n<p><img src=\"https://static.tigerbbs.com/f386dd9d963f95f8cf69910edd3c0316\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>从近期机构给出的投资评级来看，普遍看多至600港元以上。</p>\n<p><img src=\"https://static.tigerbbs.com/0cd4dee75ae9d7c30fdb46dff0fe10dc\" tg-width=\"557\" tg-height=\"375\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>对于市值超万亿的美团而言，股价走势已经充分反映了主力资金的选择，自8月份低点以来，股价反弹幅度已经超过50%。</p>\n<p><img src=\"https://static.tigerbbs.com/2afecae503843ee87dade23dccec224c\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>惠誉发布报告称，尽管中国电子商务公司美团的反垄断处罚低于惠誉评级的预期，但我们认为该公司的运营仍面临监管压力。将美团的评级展望从负面修正为稳定，将取决于2022年盈利能力的复苏，尤其是EBITDA，以及新业务的投资步伐。</p>\n<p>不确定因素的落地也刺激了南下资金的回流，9月27日以来，南下资金已经连续8天净买入，累计净买入2200多万股。</p>\n<p><img src=\"https://static.tigerbbs.com/14289df26c6737cd9236d6e704d2a537\" tg-width=\"669\" tg-height=\"347\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c48c9adb19cdb7bd227841d21dbd7cd2","relate_stocks":{"09618":"京东集团-SW","09988":"阿里巴巴-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161508302","content_text":"一年一度的购物狂欢季即将开启，消费者的狂欢同时也是资本市场的盛宴。受利好消息影响，京东集团港股价格创半年多新高，阿里巴巴股价自前期底部反弹超过30%。\n据媒体消息，京东11.11将于10月20日晚8点正式开启预售。10月20日晚8点至31日晚8点前为京东11.11预售期，消费者可以先付定金锁定好物，享定金膨胀不止10倍等优惠活动。10月31日晚8点起，消费者每天均可领取“每满200减30”的头号京贴，享受全品类跨店满减，同时头号京贴也可以在支付尾款时与定金膨胀优惠叠加使用。从10月31日开始，每晚8点，准时下起现金红包雨。\n受利好消息影响，近期京东港股价格持续拉升，截至10月20日收盘，上涨2.54%，报331.20港元/股，创半年多以来新高。\n\n根据此前消息，今年天猫双十一，将从10月20日20点启动第一波预售，11月4日20点开启第二波预售。两个售卖期时间分别是11月1-3日和11月11日。\n两家头部公司与2020年双十一10月21日零点开启预售相比，今年预售时间均有所提前。\n不仅在零售领域，在科技领域，阿里巴巴同样成果非凡。10月19日，2021云栖大会在杭州开幕，阿里巴巴旗下半导体公司平头哥发布自研云芯片倚天710。阿里云智能总裁、达摩院院长张建锋表示，该芯片是业界性能最强的ARM服务器芯片，性能超过业界标杆20%，能效比提升50%以上。\n受多重利好影响，阿里巴巴近期股价亦出现明显反弹，而此前近一年时间公司股价区间跌幅超过55%。\n\n对于公司未来股价走势，机构普遍看高至210港元以上，相比当前的价格，仍有20%以上的空间。\n\n//恒生科技指数底部企稳  //\n事实上，除两家电商龙头外，整个科技板块近期均出现企稳回升的态势。恒生科技指数在8月20日创出一年多新低后，本月初二次探底，但并未跌破前期低点，其自年初高点以来，区间最大跌幅超过40%，从技术形态上来看，也存在企稳需求。\n\n// 机构一致看多龙头公司  //\n从板块市值排名居前的公司看，腾讯控股近期亦出现明显反弹走势，此前从2月份高点连续下跌达半年之久，累计跌幅亦超过40%，股价一度逼近400港元。截至10月20日收盘，股价再度站上500港元。\n\n从近期机构给出的投资评级来看，普遍看多至600港元以上。\n\n对于市值超万亿的美团而言，股价走势已经充分反映了主力资金的选择，自8月份低点以来，股价反弹幅度已经超过50%。\n\n惠誉发布报告称，尽管中国电子商务公司美团的反垄断处罚低于惠誉评级的预期，但我们认为该公司的运营仍面临监管压力。将美团的评级展望从负面修正为稳定，将取决于2022年盈利能力的复苏，尤其是EBITDA，以及新业务的投资步伐。\n不确定因素的落地也刺激了南下资金的回流，9月27日以来，南下资金已经连续8天净买入，累计净买入2200多万股。","news_type":1,"symbols_score_info":{"09618":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":2128,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853195150,"gmtCreate":1634778297608,"gmtModify":1634778298046,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","listText":"[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","text":"[开心] [开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853195150","repostId":"2176487550","repostType":4,"isVote":1,"tweetType":1,"viewCount":2669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824327366,"gmtCreate":1634282647426,"gmtModify":1634282647557,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","text":"[暗中观察] [暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/824327366","repostId":"1170620393","repostType":4,"repost":{"id":"1170620393","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634275375,"share":"https://www.laohu8.com/m/news/1170620393?lang=zh_CN&edition=full","pubTime":"2021-10-15 13:22","market":"other","language":"zh","title":"比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%","url":"https://stock-news.laohu8.com/highlight/detail?id=1170620393","media":"老虎资讯综合","summary":"10月15日讯，比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%。","content":"<p>10月15日讯，比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%。</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>比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%</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; 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style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-10-15 13:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月15日讯，比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"EBON":"亿邦国际","CAN":"嘉楠科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170620393","content_text":"10月15日讯，比特币时隔半年再度触及60000美元/枚大关，日内涨超4.5%。","news_type":1,"symbols_score_info":{"EBON":0.9,"BTCmain":0.9,"CAN":0.9,"XBTmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825564921,"gmtCreate":1634251637399,"gmtModify":1634274405198,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;[暗中观察]&nbsp;","text":"[暗中观察] 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referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d1850168bb6f2f0c43ae3b6733093cc3","relate_stocks":{"UPST":"Upstart Holdings, 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src=\"https://static.tigerbbs.com/6de1d66dc2bd6d9ca4fdd1c1a36a96ad\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>人工智能借贷平台Upstart涨超6%，刷新历史高点</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n人工智能借贷平台Upstart涨超6%，刷新历史高点\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-10-14 23:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月14日(周四)，人工智能借贷平台<a href=\"https://laohu8.com/S/UPST\">Upstart</a>盘中涨超6%，股价刷新历史新高，总市值超286亿美元。</p>\n<p>此前该公司推出了使用人工智能融资的“Upstart汽车零售软件”。这个基于云的解决方案为消费者和经销商提供了增强的购车体验；同时，新软件还将提供由Upstart支持的汽车贷款。</p>\n<p><img src=\"https://static.tigerbbs.com/6de1d66dc2bd6d9ca4fdd1c1a36a96ad\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d1850168bb6f2f0c43ae3b6733093cc3","relate_stocks":{"UPST":"Upstart Holdings, Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107915155","content_text":"10月14日(周四)，人工智能借贷平台Upstart盘中涨超6%，股价刷新历史新高，总市值超286亿美元。\n此前该公司推出了使用人工智能融资的“Upstart汽车零售软件”。这个基于云的解决方案为消费者和经销商提供了增强的购车体验；同时，新软件还将提供由Upstart支持的汽车贷款。","news_type":1,"symbols_score_info":{"UPST":0.9}},"isVote":1,"tweetType":1,"viewCount":756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820394484,"gmtCreate":1633351059887,"gmtModify":1633351060233,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820394484","repostId":"1101126161","repostType":4,"repost":{"id":"1101126161","kind":"news","pubTimestamp":1633340302,"share":"https://www.laohu8.com/m/news/1101126161?lang=zh_CN&edition=full","pubTime":"2021-10-04 17:38","market":"us","language":"zh","title":"2021诺贝尔生理学或医学奖揭晓：有关疼痛与温度感知","url":"https://stock-news.laohu8.com/highlight/detail?id=1101126161","media":"新浪科技","summary":"David Julius和Ardem Patapoutian两人获奖。","content":"<p>北京时间10月4日消息，2021年诺贝尔生理学或医学奖揭晓：David Julius和Ardem Patapoutian两人获奖。</p>\n<p>获奖理由：David Julius和Ardem Patapoutian及其同事发现了人类感知疼痛和温度的机制，揭示了那些隐藏在疼痛过敏现象背后的机理。</p>\n<p><img src=\"https://static.tigerbbs.com/293ed227dfcfb1dfd6d65f267ed145b5\" tg-width=\"630\" tg-height=\"630\" referrerpolicy=\"no-referrer\"></p>\n<p><b>获奖理由：</b></p>\n<p>人体对热、冷和触觉的感知能力对我们的生存至关重要，并且支撑着我们与周围世界的互动。在日常生活中，我们常认为这些感觉是理所当然的，但与此相关的神经冲动是如何产生，从而使温度和压力可以被感知的呢？今年的两位诺贝尔奖得主解决了这个问题。</p>\n<p>David Julius利用辣椒素（一种从辣椒中提取的刺激性化合物，能产生灼烧感）来识别皮肤神经末梢上对热做出反应的感受器。Ardem Patapoutian利用压力敏感细胞发现了一种对皮肤和内部器官的机械刺激作出反应的新型感受器。这些突破性的发现促进了科学界展开大量的研究活动，使我们对神经系统如何感知热、冷和机械刺激的了解更加深入。两位获奖者指出，当我们尝试理解感官与环境之间复杂的相互作用时，有些关键的环节被忽视了。</p>\n<p><b>我们是如何感知世界的？</b></p>\n<p>我们是如何感知身边环境的？这是人类面临的最大的谜团之一。数千年来，我们的感觉机制一直令人们好奇不已。例如，眼睛是如何探测到光线的？声波是如何影响内耳的？不同的化学物质又是如何与我们口鼻中的感受器发生相互作用、从而产生嗅觉和味觉的？除此之外，我们还有其它感知身边世界的方式。想象一下在炎热的夏天光脚走过草坪时的感觉。你可以感受到太阳的热度、微风的吹拂、以及脚下的每一片草叶。这些对温度、触觉和动作的感知对我们不断适应周边环境的能力至关重要。</p>\n<p>17世纪，哲学家笛卡尔提出，我们的各部分皮肤可能是通过某种“细线”与大脑相连的。假如脚碰到了火苗，就会通过这种方式向大脑发送一个机械信号。科学家后来发现，具有特定功能的感觉神经元可以察觉到环境中的变化。1944年，Joseph Erlanger和Herbert Gasser因发现可以对不同刺激做出反应的感觉神经纤维（如会产生痛觉的触碰和不会产生痛觉的触碰）而获得了诺贝尔生理学奖或医学奖。自此之后，科学家发现，神经细胞在探测和传导不同类型的刺激时的分工高度分化，使我们可以精确感知周围环境。例如，我们可以通过指尖感受出不同表面质感的区别，还可以分辨出令人舒适的温暖和痛苦难忍的高温。</p>\n<p>在David Julius和 Ardem Patapoutian做出此次发现之前，神经系统感知和解读周边环境的方式对我们而言一直是个未解之谜：温度和力学刺激究竟是如何转化为神经系统的电脉冲的？</p>\n<p><img src=\"https://static.tigerbbs.com/d04590ee9d7d15cf2461a97f26cb30f3\" tg-width=\"496\" tg-height=\"328\" referrerpolicy=\"no-referrer\"></p>\n<p><b>热的科学研究！</b></p>\n<p>二十世纪年代后期，美国加州大学旧金山分校的David Julius通过分析化合物辣椒素如何引起我们接触辣椒时的灼烧感，看到了重大进步的可能性。人们已经知道，辣椒素可以激活引起疼痛感的神经细胞，但是这种化学物质如何真正发挥该功能仍是一个未解之谜。Julius和他的同事创建了一个包含数百万个DNA片段的库，对应于在感觉神经元中表达的基因，这些基因可以回应疼痛、热和触摸。Julius和他的同事假设，该DNA片段库或可包含可编码能够与辣椒素反应的蛋白质的DNA片段。在通常不与辣椒素反应的培养细胞中，他们表达了来自该合集的个别基因。经过艰苦的搜索之后，他们确定了一个能够使细胞对辣椒素敏感的基因。感应辣椒素的基因终于被发现！进一步的实验表明，鉴定出的基因编码了一个新的离子通道蛋白，这个新发现的辣椒素受体后来被命名为TRP1。当Julius研究蛋白质对热的反应能力时，他意识到，他发现了一个热敏受体，该受体会在高温导致疼痛的时候被激活。</p>\n<p><img src=\"https://static.tigerbbs.com/da05ee3e1f8dff72cd61a98be1fa718d\" tg-width=\"630\" tg-height=\"311\" referrerpolicy=\"no-referrer\">David Julius使用辣椒中的辣椒素来鉴定TRPV1，这是一种因令人疼痛的温度而激活的离子通道。其他相关的离子通道也已经被确认，我们如今已经知道不同的温度在神经系统中诱导电信号的方式。</p>\n<p>TRPV1的发现是一项重大突破，为揭开其他温度感应受体开辟了道路。David Julius和Ardem Patapoutian两人各自独立地使用化学物薄荷醇找到了一种被证明会因寒冷而激活的受体TRPM8。与TRPV1和TRPM8相关的其他离子通道陆续被发现，并由一系列不同的温度激活。许多实验室开始开展研究项目，通过使用经基因操作后缺乏这些新发现基因的小鼠，来研究这些离子通道在热感觉中发挥的作用。David Julius对TRPV1的发现是一项突破，让我们能够了解温度差异如何在神经系统中诱导电信号。</p>\n<p><b>对压力感知的研究</b></p>\n<p>尽管对温度感觉机制的研究正逐步推进，但科学家机械刺激如何转化为我们的触觉和压力感仍不清楚。此前，研究人员在细菌中发现了机械刺激的感受器，但在脊椎动物中，触觉的潜在机制仍不清楚。Ardem Patapoutian在美国加州的斯克里普斯研究中心工作，他希望找出人体内由机械刺激激活的神秘受体。</p>\n<p>Patapoutian和他的同事首先发现了一种细胞系，当单个细胞被微管戳到时，它会发出可测量的电信号。他们假设这种感受机械刺激的受体是一个离子通道，并在下一步研究中鉴定了72个编码可能受体的候选基因。这些基因被逐个灭活，从而在被研究的细胞中发现了负责感受机械刺激的基因。经过艰苦的研究，Patapoutian和同事们成功地识别出了一个基因，该基因的沉默使细胞对微管的刺激不敏感。人们发现了一种全新的、完全未知的机械敏感离子通道，并将其命名为“Piezo1”（这个词来源于希腊语中的piesi，即“压力”）。通过研究与Piezo1相似的基因，人们发现了第二种基因，并将其命名为“Piezo2”。感觉神经元表达了高水平的Piezo2基因，而进一步的研究证实，Piezo1和Piezo2是通过对细胞膜施加压力直接激活的离子通道（图3）。</p>\n<p>Patapoutian的这项突破为他和其他团队带来了一系列重要论文，证明了&nbsp;Piezo2离子通道对触觉至关重要。此外，&nbsp;Piezo2也被证明在身体位置和运动感知，即本体感受中发挥着关键作用。在进一步的研究中，&nbsp;Piezo1和&nbsp;Piezo2离子通道被证明可以调节其他重要的生理过程，包括血压、呼吸和膀胱控制等。</p>\n<p><img src=\"https://static.tigerbbs.com/d6ce7e2067f14db46c392f3666b05851\" tg-width=\"630\" tg-height=\"562\" referrerpolicy=\"no-referrer\">Patapoutian使用培养的机械敏感细胞鉴定了一个由机械力激活的离子通道。经过艰苦的研究工作，他们识别出了Piezo1。通过研究与Piezo1相似的基因，研究者发现了第二个离子通道（Piezo2）。</p>\n<p><b>全都说得“通”了！</b></p>\n<p>今年诺贝尔奖得主发现的TRPV1、TRPM8与Piezo通道让我们得以理解高温、寒冷和机械力是如何激活神经脉冲、从而帮助我们感知和适应身边世界的。TRP通道对我们的温度感知能力至关重要。Piezo2通道则使我们具备了感受触觉、以及感知各个身体部位位置及动作的能力。除此之外，TRP和Piezo通道还对多种依赖温度或力刺激的生理功能起到了重大作用。在本次诺奖获奖研究的基础上，还有大量研究工作正在开展，致力于弄清这些通道在各种生理过程中发挥的功能。科学家正在利用这些研究成果研发针对多种疾病的新疗法，包括慢性疼痛等等。</p>\n<p><img src=\"https://static.tigerbbs.com/6e7f189965001c615384fca5cd8947e9\" tg-width=\"630\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p>\n<p><b>过去6年诺贝尔生理学或医学奖得主名单：</b></p>\n<p>2020年——美英三位科学家Harvey J。 Alter、Michael Houghton、Charles M。 Rice获奖，获奖理由是“发现丙型肝炎病毒”。</p>\n<p>2019年——美英三位科学家William G。 Kaelin Jr、Peter J。 Ratcliffe和Gregg L。 Semenza获奖，获奖理由是“发现了细胞如何感知和适应氧气的可用性”。</p>\n<p>2018年——美国科学家James P。 Allision和日本科学家Tasuku Honjo获奖，获奖理由是“发现了抑制负面免疫调节的癌症疗法”。</p>\n<p>2017年——三位美国科学家Jeffrey C。 Hall、Michael Rosbash和Michael W。 Young获奖，获奖理由是“发现了调控昼夜节律的分子机制”。</p>\n<p>2016年——日本科学家Yoshinori Ohsumi获奖，获奖理由是“发现了细胞自噬机制。”</p>\n<p>2015年——中国科学家屠呦呦获奖，获奖理由是“有关疟疾新疗法的发现”；另外两位获奖科学家为爱尔兰的William C。 Campbell和日本的Satoshi Omura，获奖理由是“有关蛔虫寄生虫感染新疗法的发现”。</p>\n<p><b>诺贝尔生理学或医学奖小知识：</b></p>\n<p>——从1901年到2020年，诺贝尔生理学或医学奖共颁发了111次。未颁发的9年分别是1915、1916、1917、1918、1921、1925、1940、1941、1942年。</p>\n<p>——111次颁奖中，39次为单人获奖，33次为2人共享，39次为3人共享。</p>\n<p>——从1901年至2020年，共222人获奖。</p>\n<p>——最年轻的获奖者是加拿大科学家Frederick G。 Banting，1923年因“发现胰岛素”获奖，时年32岁。</p>\n<p>——最年长的获奖者是美国科学家Peyton Rous，1966年因“发现肿瘤诱导病毒”获奖，时年87岁。</p>\n<p>——222位诺贝尔生理学或医学奖得主中，有12位是女性。分别是1947年的Gerty Cori，1977年的Rosalyn Yalow，1983年的Barbara McClintock，1986年的Rita Levi-Montalcini，1988年的Gertrude B。 Elion，1995年的Christiane Nüsslein-Volhard，2004年的Linda B。 Buck，2008年的Françoise Barré-Sinoussi，2009年的Elizabeth H。 Blackburn和Carol W。 Greider，2014年的May-Britt Moser，以及2015年的屠呦呦。</p>","source":"sina_tech","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>2021诺贝尔生理学或医学奖揭晓：有关疼痛与温度感知</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n2021诺贝尔生理学或医学奖揭晓：有关疼痛与温度感知\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-04 17:38 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/tech/2021-10-04/doc-iktzscyx7904174.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>北京时间10月4日消息，2021年诺贝尔生理学或医学奖揭晓：David Julius和Ardem Patapoutian两人获奖。\n获奖理由：David Julius和Ardem Patapoutian及其同事发现了人类感知疼痛和温度的机制，揭示了那些隐藏在疼痛过敏现象背后的机理。\n\n获奖理由：\n人体对热、冷和触觉的感知能力对我们的生存至关重要，并且支撑着我们与周围世界的互动。在日常生活中，我们常...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/2021-10-04/doc-iktzscyx7904174.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ea6287454f6e90cfa5b279c27aa64119","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.sina.com.cn/tech/2021-10-04/doc-iktzscyx7904174.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101126161","content_text":"北京时间10月4日消息，2021年诺贝尔生理学或医学奖揭晓：David Julius和Ardem Patapoutian两人获奖。\n获奖理由：David Julius和Ardem Patapoutian及其同事发现了人类感知疼痛和温度的机制，揭示了那些隐藏在疼痛过敏现象背后的机理。\n\n获奖理由：\n人体对热、冷和触觉的感知能力对我们的生存至关重要，并且支撑着我们与周围世界的互动。在日常生活中，我们常认为这些感觉是理所当然的，但与此相关的神经冲动是如何产生，从而使温度和压力可以被感知的呢？今年的两位诺贝尔奖得主解决了这个问题。\nDavid Julius利用辣椒素（一种从辣椒中提取的刺激性化合物，能产生灼烧感）来识别皮肤神经末梢上对热做出反应的感受器。Ardem Patapoutian利用压力敏感细胞发现了一种对皮肤和内部器官的机械刺激作出反应的新型感受器。这些突破性的发现促进了科学界展开大量的研究活动，使我们对神经系统如何感知热、冷和机械刺激的了解更加深入。两位获奖者指出，当我们尝试理解感官与环境之间复杂的相互作用时，有些关键的环节被忽视了。\n我们是如何感知世界的？\n我们是如何感知身边环境的？这是人类面临的最大的谜团之一。数千年来，我们的感觉机制一直令人们好奇不已。例如，眼睛是如何探测到光线的？声波是如何影响内耳的？不同的化学物质又是如何与我们口鼻中的感受器发生相互作用、从而产生嗅觉和味觉的？除此之外，我们还有其它感知身边世界的方式。想象一下在炎热的夏天光脚走过草坪时的感觉。你可以感受到太阳的热度、微风的吹拂、以及脚下的每一片草叶。这些对温度、触觉和动作的感知对我们不断适应周边环境的能力至关重要。\n17世纪，哲学家笛卡尔提出，我们的各部分皮肤可能是通过某种“细线”与大脑相连的。假如脚碰到了火苗，就会通过这种方式向大脑发送一个机械信号。科学家后来发现，具有特定功能的感觉神经元可以察觉到环境中的变化。1944年，Joseph Erlanger和Herbert Gasser因发现可以对不同刺激做出反应的感觉神经纤维（如会产生痛觉的触碰和不会产生痛觉的触碰）而获得了诺贝尔生理学奖或医学奖。自此之后，科学家发现，神经细胞在探测和传导不同类型的刺激时的分工高度分化，使我们可以精确感知周围环境。例如，我们可以通过指尖感受出不同表面质感的区别，还可以分辨出令人舒适的温暖和痛苦难忍的高温。\n在David Julius和 Ardem Patapoutian做出此次发现之前，神经系统感知和解读周边环境的方式对我们而言一直是个未解之谜：温度和力学刺激究竟是如何转化为神经系统的电脉冲的？\n\n热的科学研究！\n二十世纪年代后期，美国加州大学旧金山分校的David Julius通过分析化合物辣椒素如何引起我们接触辣椒时的灼烧感，看到了重大进步的可能性。人们已经知道，辣椒素可以激活引起疼痛感的神经细胞，但是这种化学物质如何真正发挥该功能仍是一个未解之谜。Julius和他的同事创建了一个包含数百万个DNA片段的库，对应于在感觉神经元中表达的基因，这些基因可以回应疼痛、热和触摸。Julius和他的同事假设，该DNA片段库或可包含可编码能够与辣椒素反应的蛋白质的DNA片段。在通常不与辣椒素反应的培养细胞中，他们表达了来自该合集的个别基因。经过艰苦的搜索之后，他们确定了一个能够使细胞对辣椒素敏感的基因。感应辣椒素的基因终于被发现！进一步的实验表明，鉴定出的基因编码了一个新的离子通道蛋白，这个新发现的辣椒素受体后来被命名为TRP1。当Julius研究蛋白质对热的反应能力时，他意识到，他发现了一个热敏受体，该受体会在高温导致疼痛的时候被激活。\nDavid Julius使用辣椒中的辣椒素来鉴定TRPV1，这是一种因令人疼痛的温度而激活的离子通道。其他相关的离子通道也已经被确认，我们如今已经知道不同的温度在神经系统中诱导电信号的方式。\nTRPV1的发现是一项重大突破，为揭开其他温度感应受体开辟了道路。David Julius和Ardem Patapoutian两人各自独立地使用化学物薄荷醇找到了一种被证明会因寒冷而激活的受体TRPM8。与TRPV1和TRPM8相关的其他离子通道陆续被发现，并由一系列不同的温度激活。许多实验室开始开展研究项目，通过使用经基因操作后缺乏这些新发现基因的小鼠，来研究这些离子通道在热感觉中发挥的作用。David Julius对TRPV1的发现是一项突破，让我们能够了解温度差异如何在神经系统中诱导电信号。\n对压力感知的研究\n尽管对温度感觉机制的研究正逐步推进，但科学家机械刺激如何转化为我们的触觉和压力感仍不清楚。此前，研究人员在细菌中发现了机械刺激的感受器，但在脊椎动物中，触觉的潜在机制仍不清楚。Ardem Patapoutian在美国加州的斯克里普斯研究中心工作，他希望找出人体内由机械刺激激活的神秘受体。\nPatapoutian和他的同事首先发现了一种细胞系，当单个细胞被微管戳到时，它会发出可测量的电信号。他们假设这种感受机械刺激的受体是一个离子通道，并在下一步研究中鉴定了72个编码可能受体的候选基因。这些基因被逐个灭活，从而在被研究的细胞中发现了负责感受机械刺激的基因。经过艰苦的研究，Patapoutian和同事们成功地识别出了一个基因，该基因的沉默使细胞对微管的刺激不敏感。人们发现了一种全新的、完全未知的机械敏感离子通道，并将其命名为“Piezo1”（这个词来源于希腊语中的piesi，即“压力”）。通过研究与Piezo1相似的基因，人们发现了第二种基因，并将其命名为“Piezo2”。感觉神经元表达了高水平的Piezo2基因，而进一步的研究证实，Piezo1和Piezo2是通过对细胞膜施加压力直接激活的离子通道（图3）。\nPatapoutian的这项突破为他和其他团队带来了一系列重要论文，证明了 Piezo2离子通道对触觉至关重要。此外， Piezo2也被证明在身体位置和运动感知，即本体感受中发挥着关键作用。在进一步的研究中， Piezo1和 Piezo2离子通道被证明可以调节其他重要的生理过程，包括血压、呼吸和膀胱控制等。\nPatapoutian使用培养的机械敏感细胞鉴定了一个由机械力激活的离子通道。经过艰苦的研究工作，他们识别出了Piezo1。通过研究与Piezo1相似的基因，研究者发现了第二个离子通道（Piezo2）。\n全都说得“通”了！\n今年诺贝尔奖得主发现的TRPV1、TRPM8与Piezo通道让我们得以理解高温、寒冷和机械力是如何激活神经脉冲、从而帮助我们感知和适应身边世界的。TRP通道对我们的温度感知能力至关重要。Piezo2通道则使我们具备了感受触觉、以及感知各个身体部位位置及动作的能力。除此之外，TRP和Piezo通道还对多种依赖温度或力刺激的生理功能起到了重大作用。在本次诺奖获奖研究的基础上，还有大量研究工作正在开展，致力于弄清这些通道在各种生理过程中发挥的功能。科学家正在利用这些研究成果研发针对多种疾病的新疗法，包括慢性疼痛等等。\n\n过去6年诺贝尔生理学或医学奖得主名单：\n2020年——美英三位科学家Harvey J。 Alter、Michael Houghton、Charles M。 Rice获奖，获奖理由是“发现丙型肝炎病毒”。\n2019年——美英三位科学家William G。 Kaelin Jr、Peter J。 Ratcliffe和Gregg L。 Semenza获奖，获奖理由是“发现了细胞如何感知和适应氧气的可用性”。\n2018年——美国科学家James P。 Allision和日本科学家Tasuku Honjo获奖，获奖理由是“发现了抑制负面免疫调节的癌症疗法”。\n2017年——三位美国科学家Jeffrey C。 Hall、Michael Rosbash和Michael W。 Young获奖，获奖理由是“发现了调控昼夜节律的分子机制”。\n2016年——日本科学家Yoshinori Ohsumi获奖，获奖理由是“发现了细胞自噬机制。”\n2015年——中国科学家屠呦呦获奖，获奖理由是“有关疟疾新疗法的发现”；另外两位获奖科学家为爱尔兰的William C。 Campbell和日本的Satoshi Omura，获奖理由是“有关蛔虫寄生虫感染新疗法的发现”。\n诺贝尔生理学或医学奖小知识：\n——从1901年到2020年，诺贝尔生理学或医学奖共颁发了111次。未颁发的9年分别是1915、1916、1917、1918、1921、1925、1940、1941、1942年。\n——111次颁奖中，39次为单人获奖，33次为2人共享，39次为3人共享。\n——从1901年至2020年，共222人获奖。\n——最年轻的获奖者是加拿大科学家Frederick G。 Banting，1923年因“发现胰岛素”获奖，时年32岁。\n——最年长的获奖者是美国科学家Peyton Rous，1966年因“发现肿瘤诱导病毒”获奖，时年87岁。\n——222位诺贝尔生理学或医学奖得主中，有12位是女性。分别是1947年的Gerty Cori，1977年的Rosalyn Yalow，1983年的Barbara McClintock，1986年的Rita Levi-Montalcini，1988年的Gertrude B。 Elion，1995年的Christiane Nüsslein-Volhard，2004年的Linda B。 Buck，2008年的Françoise Barré-Sinoussi，2009年的Elizabeth H。 Blackburn和Carol W。 Greider，2014年的May-Britt Moser，以及2015年的屠呦呦。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867192236,"gmtCreate":1633223846479,"gmtModify":1633223846805,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","listText":"[强]&nbsp;[强]&nbsp;[强]&nbsp;","text":"[强] [强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867192236","repostId":"2172645879","repostType":4,"repost":{"id":"2172645879","kind":"live","pubTimestamp":1633188887,"share":"https://www.laohu8.com/m/news/2172645879?lang=zh_CN&edition=full","pubTime":"2021-10-02 23:34","market":"us","language":"zh","title":"特斯拉第三季度交付量24.13万，超市场预期","url":"https://stock-news.laohu8.com/highlight/detail?id=2172645879","media":"格隆汇","summary":"特斯拉第三季度交付量24.13万，市场预估22.3677万；特斯拉第三季度汽车产量23.7823万辆，同比增加64%。","content":"<p>特斯拉第三季度交付量24.13万，市场预估22.3677万；特斯拉第三季度汽车产量23.7823万辆，同比增加64%。</p>","source":"live_gelonghui","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>特斯拉第三季度交付量24.13万，超市场预期</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; 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href=\"http://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8350896f4f33c86bc28f200b67ab82b4","relate_stocks":{"TSLA":"特斯拉"},"source_url":"http://www.gelonghui.com/rss/live/live.xml","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2172645879","content_text":"特斯拉第三季度交付量24.13万，市场预估22.3677万；特斯拉第三季度汽车产量23.7823万辆，同比增加64%。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865404210,"gmtCreate":1633008902061,"gmtModify":1633008945691,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865404210","repostId":"1158699159","repostType":4,"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866561455,"gmtCreate":1632791379477,"gmtModify":1632797580647,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866561455","repostId":"1163262138","repostType":4,"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866180848,"gmtCreate":1632747163484,"gmtModify":1632798154428,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866180848","repostId":"1165694220","repostType":4,"isVote":1,"tweetType":1,"viewCount":661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861739832,"gmtCreate":1632536491226,"gmtModify":1632799285284,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861739832","repostId":"1195023492","repostType":4,"repost":{"id":"1195023492","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632474299,"share":"https://www.laohu8.com/m/news/1195023492?lang=zh_CN&edition=full","pubTime":"2021-09-24 17:04","market":"us","language":"zh","title":"知名基金经理：我为何清仓特斯拉，错失大部分涨幅","url":"https://stock-news.laohu8.com/highlight/detail?id=1195023492","media":"老虎资讯综合","summary":"丹尼斯·林奇（Dennis Lynch）解释了为什么他卖掉了特斯拉，却拥有比特币。\n\n成功的创新让客户的生活更美好，但这并不一定会使这些公司成为好的投资。\n摩根士丹利投资管理公司Counterpoin","content":"<p>丹尼斯·林奇（Dennis Lynch）解释了为什么他卖掉了<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>，却拥有比特币。</p>\n<p><img src=\"https://static.tigerbbs.com/2ce8e1b0bf8a8b1ede55053b112d6259\" tg-width=\"700\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p>\n<p>成功的创新让客户的生活更美好，但这并不一定会使这些公司成为好的投资。</p>\n<p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>投资管理公司Counterpoint Global负责人丹尼斯·林奇（Dennis Lynch）周四表示：“在某些情况下，创新只会帮助我们所有人拥有更高的生活质量，但这并不意味着直接有一项投资或一家公司从这股顺风中产生。”。他的团队为摩根士丹利管理多个增长股票策略，包括摩根士丹利机构初始投资组合，截至8月底，该投资组合的平均年回报率为49.71%，而罗素2000成长指数的年回报率为12.27%。</p>\n<p>林奇是华尔街知名基金经理，在去年《华尔街日报》进行的“赢家圈”（Winners' Circle）评选当中脱颖而出，成为了全美排名第一的投资经理人。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4198823b9c6e307e23d980543bfb87e2\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>丹尼斯·林奇</span></p>\n<p>电动汽车就是这样一个行业，这也是林奇几年前卖掉他在特斯拉所有股份的原因。</p>\n<p>林奇说，大约六年前，当第一份消费者报告对这款汽车的评论发表时，他持有这家电动汽车制造商的股票，处于“小而投机的状态”。他说，当时，该公司开始有了“真正的收入来源”。</p>\n<p>该团队在大约三年后出售了这些股票，错过了特斯拉股价的大部分上涨。</p>\n<p>林奇在解释他的决定时说，销售汽车是一项艰难的生意，而电动汽车对普通消费者来说意味着价格昂贵。</p>\n<p>这也归结为他用来评估颠覆性公司的一个指标：关注单位经济性。</p>\n<p>特斯拉资本密集度高，需要不断从资本市场获得资金。他说：“这不一定是坏事，但它确实让你在不确定的时候处于一种潜在的境地，即依靠陌生人的善意来延续这种商业模式。”</p>\n<p>林奇承认，创始人埃隆·马斯克（Elon Musk）做了“非常了不起的事情”，但他把关注点放在了公司能否盈利的问题上。</p>\n<p>他说：“当你依赖资本市场，梦想远大时，鼓舞人心和做出可能无法兑现的承诺之间只有一线之隔。”</p>\n<p>他说：“从我们清仓以来特斯拉的（股价）表现异常出色的意义上说，我们错了。但我认为这是一个很难选出最终赢家的领域，尤其是在当前的价格下。”</p>\n<p>林奇与价值基金管理公司Oakmark Funds的知名投资组合经理兼美国股票首席投资官比尔·尼格伦（Bill Nygren）在一个关于颠覆性公司的小组讨论会上发表了讲话。尼格伦对颠覆性公司也有自己的看法，他指出，投资者往往忽视了该领域中可能正在自我创新的大公司。</p>\n<p>他说，一个例子是Allison Transmission，该公司为重型越野卡车制造变速器，包括完全集成的电动轴。Oakmark Select基金拥有这家总部位于印第安纳波利斯的公司的股份。</p>\n<p>截至8月底，Oakmark Select指数在三年内的年化收益率为13.14%，落后于标准普尔500指数，但自1996年11月成立以来，该指数以12.46%的年化收益率超越该指数。</p>\n<p>尼格伦说，转向电动汽车将极大地改变这一业务，市场对Allison电动汽车业务的估值与对其他纯电动汽车公司的估值类似。</p>\n<p>另一方面，林奇表示，他并不反对在一家未经证实的公司上冒险。他的团队愿意在公司以小博大，而不是做持有或不持有的二元选择。</p>\n<p>至于加密货币，林奇在比特币和Square上的仓位较小。比特币作为一种趋势具有持续性，这是他看待创新时使用的指标之一。关于加密货币随价格涨跌的讨论，一些批评者表示，加密货币不会每次下跌都持续，只会反弹。“我想说比特币有点像南方公园的肯尼，你知道，这家伙每集都死了，然后他又回来了，”他说。</p>\n<p>他将比特币称为“抗脆弱”，这是一种从无序中获得的东西，他也喜欢把这种无序作为一种潜在的多样化工具。林奇说，一个主要风险是政府可能会禁止这些替代货币，但总体而言，一个小的投机头寸是值得的。</p>\n<p>他说：“比特币以一种较小的方式存在于投资组合中，当我们的投资组合中的其他部分出现问题时，它可能是一种可以走对的东西……十年后，考虑到比特币的持续性，值得进行一次小小的押注。”</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>知名基金经理：我为何清仓特斯拉，错失大部分涨幅</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n知名基金经理：我为何清仓特斯拉，错失大部分涨幅\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-09-24 17:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>丹尼斯·林奇（Dennis Lynch）解释了为什么他卖掉了<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>，却拥有比特币。</p>\n<p><img src=\"https://static.tigerbbs.com/2ce8e1b0bf8a8b1ede55053b112d6259\" tg-width=\"700\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p>\n<p>成功的创新让客户的生活更美好，但这并不一定会使这些公司成为好的投资。</p>\n<p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>投资管理公司Counterpoint Global负责人丹尼斯·林奇（Dennis Lynch）周四表示：“在某些情况下，创新只会帮助我们所有人拥有更高的生活质量，但这并不意味着直接有一项投资或一家公司从这股顺风中产生。”。他的团队为摩根士丹利管理多个增长股票策略，包括摩根士丹利机构初始投资组合，截至8月底，该投资组合的平均年回报率为49.71%，而罗素2000成长指数的年回报率为12.27%。</p>\n<p>林奇是华尔街知名基金经理，在去年《华尔街日报》进行的“赢家圈”（Winners' Circle）评选当中脱颖而出，成为了全美排名第一的投资经理人。</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4198823b9c6e307e23d980543bfb87e2\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>丹尼斯·林奇</span></p>\n<p>电动汽车就是这样一个行业，这也是林奇几年前卖掉他在特斯拉所有股份的原因。</p>\n<p>林奇说，大约六年前，当第一份消费者报告对这款汽车的评论发表时，他持有这家电动汽车制造商的股票，处于“小而投机的状态”。他说，当时，该公司开始有了“真正的收入来源”。</p>\n<p>该团队在大约三年后出售了这些股票，错过了特斯拉股价的大部分上涨。</p>\n<p>林奇在解释他的决定时说，销售汽车是一项艰难的生意，而电动汽车对普通消费者来说意味着价格昂贵。</p>\n<p>这也归结为他用来评估颠覆性公司的一个指标：关注单位经济性。</p>\n<p>特斯拉资本密集度高，需要不断从资本市场获得资金。他说：“这不一定是坏事，但它确实让你在不确定的时候处于一种潜在的境地，即依靠陌生人的善意来延续这种商业模式。”</p>\n<p>林奇承认，创始人埃隆·马斯克（Elon Musk）做了“非常了不起的事情”，但他把关注点放在了公司能否盈利的问题上。</p>\n<p>他说：“当你依赖资本市场，梦想远大时，鼓舞人心和做出可能无法兑现的承诺之间只有一线之隔。”</p>\n<p>他说：“从我们清仓以来特斯拉的（股价）表现异常出色的意义上说，我们错了。但我认为这是一个很难选出最终赢家的领域，尤其是在当前的价格下。”</p>\n<p>林奇与价值基金管理公司Oakmark Funds的知名投资组合经理兼美国股票首席投资官比尔·尼格伦（Bill Nygren）在一个关于颠覆性公司的小组讨论会上发表了讲话。尼格伦对颠覆性公司也有自己的看法，他指出，投资者往往忽视了该领域中可能正在自我创新的大公司。</p>\n<p>他说，一个例子是Allison Transmission，该公司为重型越野卡车制造变速器，包括完全集成的电动轴。Oakmark Select基金拥有这家总部位于印第安纳波利斯的公司的股份。</p>\n<p>截至8月底，Oakmark Select指数在三年内的年化收益率为13.14%，落后于标准普尔500指数，但自1996年11月成立以来，该指数以12.46%的年化收益率超越该指数。</p>\n<p>尼格伦说，转向电动汽车将极大地改变这一业务，市场对Allison电动汽车业务的估值与对其他纯电动汽车公司的估值类似。</p>\n<p>另一方面，林奇表示，他并不反对在一家未经证实的公司上冒险。他的团队愿意在公司以小博大，而不是做持有或不持有的二元选择。</p>\n<p>至于加密货币，林奇在比特币和Square上的仓位较小。比特币作为一种趋势具有持续性，这是他看待创新时使用的指标之一。关于加密货币随价格涨跌的讨论，一些批评者表示，加密货币不会每次下跌都持续，只会反弹。“我想说比特币有点像南方公园的肯尼，你知道，这家伙每集都死了，然后他又回来了，”他说。</p>\n<p>他将比特币称为“抗脆弱”，这是一种从无序中获得的东西，他也喜欢把这种无序作为一种潜在的多样化工具。林奇说，一个主要风险是政府可能会禁止这些替代货币，但总体而言，一个小的投机头寸是值得的。</p>\n<p>他说：“比特币以一种较小的方式存在于投资组合中，当我们的投资组合中的其他部分出现问题时，它可能是一种可以走对的东西……十年后，考虑到比特币的持续性，值得进行一次小小的押注。”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4198823b9c6e307e23d980543bfb87e2","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195023492","content_text":"丹尼斯·林奇（Dennis Lynch）解释了为什么他卖掉了特斯拉，却拥有比特币。\n\n成功的创新让客户的生活更美好，但这并不一定会使这些公司成为好的投资。\n摩根士丹利投资管理公司Counterpoint Global负责人丹尼斯·林奇（Dennis Lynch）周四表示：“在某些情况下，创新只会帮助我们所有人拥有更高的生活质量，但这并不意味着直接有一项投资或一家公司从这股顺风中产生。”。他的团队为摩根士丹利管理多个增长股票策略，包括摩根士丹利机构初始投资组合，截至8月底，该投资组合的平均年回报率为49.71%，而罗素2000成长指数的年回报率为12.27%。\n林奇是华尔街知名基金经理，在去年《华尔街日报》进行的“赢家圈”（Winners' Circle）评选当中脱颖而出，成为了全美排名第一的投资经理人。\n丹尼斯·林奇\n电动汽车就是这样一个行业，这也是林奇几年前卖掉他在特斯拉所有股份的原因。\n林奇说，大约六年前，当第一份消费者报告对这款汽车的评论发表时，他持有这家电动汽车制造商的股票，处于“小而投机的状态”。他说，当时，该公司开始有了“真正的收入来源”。\n该团队在大约三年后出售了这些股票，错过了特斯拉股价的大部分上涨。\n林奇在解释他的决定时说，销售汽车是一项艰难的生意，而电动汽车对普通消费者来说意味着价格昂贵。\n这也归结为他用来评估颠覆性公司的一个指标：关注单位经济性。\n特斯拉资本密集度高，需要不断从资本市场获得资金。他说：“这不一定是坏事，但它确实让你在不确定的时候处于一种潜在的境地，即依靠陌生人的善意来延续这种商业模式。”\n林奇承认，创始人埃隆·马斯克（Elon Musk）做了“非常了不起的事情”，但他把关注点放在了公司能否盈利的问题上。\n他说：“当你依赖资本市场，梦想远大时，鼓舞人心和做出可能无法兑现的承诺之间只有一线之隔。”\n他说：“从我们清仓以来特斯拉的（股价）表现异常出色的意义上说，我们错了。但我认为这是一个很难选出最终赢家的领域，尤其是在当前的价格下。”\n林奇与价值基金管理公司Oakmark Funds的知名投资组合经理兼美国股票首席投资官比尔·尼格伦（Bill Nygren）在一个关于颠覆性公司的小组讨论会上发表了讲话。尼格伦对颠覆性公司也有自己的看法，他指出，投资者往往忽视了该领域中可能正在自我创新的大公司。\n他说，一个例子是Allison Transmission，该公司为重型越野卡车制造变速器，包括完全集成的电动轴。Oakmark Select基金拥有这家总部位于印第安纳波利斯的公司的股份。\n截至8月底，Oakmark Select指数在三年内的年化收益率为13.14%，落后于标准普尔500指数，但自1996年11月成立以来，该指数以12.46%的年化收益率超越该指数。\n尼格伦说，转向电动汽车将极大地改变这一业务，市场对Allison电动汽车业务的估值与对其他纯电动汽车公司的估值类似。\n另一方面，林奇表示，他并不反对在一家未经证实的公司上冒险。他的团队愿意在公司以小博大，而不是做持有或不持有的二元选择。\n至于加密货币，林奇在比特币和Square上的仓位较小。比特币作为一种趋势具有持续性，这是他看待创新时使用的指标之一。关于加密货币随价格涨跌的讨论，一些批评者表示，加密货币不会每次下跌都持续，只会反弹。“我想说比特币有点像南方公园的肯尼，你知道，这家伙每集都死了，然后他又回来了，”他说。\n他将比特币称为“抗脆弱”，这是一种从无序中获得的东西，他也喜欢把这种无序作为一种潜在的多样化工具。林奇说，一个主要风险是政府可能会禁止这些替代货币，但总体而言，一个小的投机头寸是值得的。\n他说：“比特币以一种较小的方式存在于投资组合中，当我们的投资组合中的其他部分出现问题时，它可能是一种可以走对的东西……十年后，考虑到比特币的持续性，值得进行一次小小的押注。”","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861147702,"gmtCreate":1632475603806,"gmtModify":1632720256959,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861147702","repostId":"1174773084","repostType":4,"isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861196960,"gmtCreate":1632467643350,"gmtModify":1632721253457,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[暗中观察]&nbsp;","listText":"[暗中观察]&nbsp;","text":"[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861196960","repostId":"1126885531","repostType":4,"isVote":1,"tweetType":1,"viewCount":1036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":356037615,"gmtCreate":1616740182137,"gmtModify":1634524267577,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/YQ\">$17 Education &amp; Technology Group Inc.(YQ)$</a>今晚会再被教育吗？","listText":"<a href=\"https://laohu8.com/S/YQ\">$17 Education &amp; Technology Group Inc.(YQ)$</a>今晚会再被教育吗？","text":"$17 Education & Technology Group Inc.(YQ)$今晚会再被教育吗？","images":[{"img":"https://static.tigerbbs.com/129ab085015ece522215d78a1be804c2","width":"1242","height":"2151"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/356037615","isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3507877532425449","authorId":"3507877532425449","name":"想不出来取啥名","avatar":"https://static.tigerbbs.com/35c5b4c85dec5245b942dc184951d772","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3507877532425449","idStr":"3507877532425449"},"content":"同学好[呆住]","text":"同学好[呆住]","html":"同学好[呆住]"},{"author":{"id":"3562159004774290","authorId":"3562159004774290","name":"邪恶镰刀","avatar":"https://static.tigerbbs.com/ba0142ecc799e2ad77abe8ab459a7a63","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3562159004774290","idStr":"3562159004774290"},"content":"hh，你的成本跟我一样差不多","text":"hh，你的成本跟我一样差不多","html":"hh，你的成本跟我一样差不多"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":888953402,"gmtCreate":1631425496706,"gmtModify":1631886553689,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888953402","repostId":"1189654544","repostType":4,"repost":{"id":"1189654544","kind":"news","pubTimestamp":1631406130,"share":"https://www.laohu8.com/m/news/1189654544?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:22","market":"us","language":"en","title":"US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189654544","media":"Renaissance Capital","summary":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion i","content":"<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</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\">\nUS IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-09-12 08:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week\">Renaissance Capital</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":{"TYRA":"Tyra Biosciences, Inc.","BROS":"Dutch Bros Inc.","DH":"Definitive Healthcare Corp.","SRAD":"Sportradar Group AG",".IXIC":"NASDAQ Composite","TWKS":"Thoughtworks Holding Inc.","ONON":"On Holding AG","FORG":"ForgeRock, Inc.","DICE":"DICE Therapeutics, Inc.","PRCT":"PROCEPT BioRobotics",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189654544","content_text":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.\nTech consultancy Thoughtworks(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.\nSwiss running shoe brand On Holding(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.\nAfter ending talks to go public via SPAC,Sportradar Group(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.\nDrive-thru coffee chain Dutch Bros(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.\nHealthcare intelligence platform Definitive Healthcare(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.\nIdentity management platform ForgeRock(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.\nImmunology biotech DICE Therapeutics(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.\nSurgical robotics developer PROCEPT BioRobotics(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.\nOncology biotech Tyra Biosciences(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.\nMicro-cap gas delivery service EzFill Holdings(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"DH":0.9,"PRCT":0.9,"FORG":0.9,".DJI":0.9,"BROS":0.9,"SRAD":0.9,"ONON":0.9,".SPX":0.9,"EZFL":0.9,".IXIC":0.9,"TYRA":0.9,"DICE":0.9,"TWKS":0.9}},"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898396540,"gmtCreate":1628472404780,"gmtModify":1633746958461,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Spurting]&nbsp;[Spurting]&nbsp;","listText":"[Spurting]&nbsp;[Spurting]&nbsp;","text":"[Spurting] [Spurting]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898396540","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108121368,"gmtCreate":1620005969554,"gmtModify":1634208604541,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108121368","repostId":"1135819410","repostType":4,"repost":{"id":"1135819410","kind":"news","pubTimestamp":1619999342,"share":"https://www.laohu8.com/m/news/1135819410?lang=zh_CN&edition=full","pubTime":"2021-05-03 07:49","market":"us","language":"en","title":"Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、ViacomCBS、General Motors等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135819410","media":"Barrons","summary":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their fi","content":"<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，130家标普500公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二情况有所好转：动视暴雪、CVS Health、杜邦、辉瑞和T-Mobile US均报告。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，Barrick Gold、Booking Holdings、General Motors、PayPal控股和Uber Technologies将发布财报。百威英博、Moderna、再生元制药、Square和ViacomCBS将于周四发布。最后，Cigna将于周五结束这一周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局预计将报告4月份非农就业人数增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的4月份制造业采购经理人指数和周三公布的服务业采购经理人指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和Public Storage举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。市场普遍预计建筑支出环比增长0.6%，经季节调整后的年率为1.53万亿美元。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布四月份制造业采购经理人指数。经济学家预测为65，与3月份的数据大致持平。3月份的读数是该指数自1983年12月以来的最高值。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、Sysco和T-Mobile US报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展计划。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋公司举办2021年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、BorgWarner、Emerson Electric、General Motors、Hilton Worldwide Holdings、Novo Nordisk、PayPal控股和Uber Technologies发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>四月份全国就业报告。继3月份增加517,000个工作岗位后，预计私营部门就业岗位将增加762,500个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>4月份服务业PMI。普遍的看涨期权为64.6，比3月份的数据高出一个百分点。3月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务公司、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS和Zoetishold在评级召开会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至5月1日当周首次申请失业救济人数。4月份平均每周初请失业金人数为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节调整后的生产率年增长率为2.2%，而2020年第四季度为下降4.2%。单位劳动力成本在此前上涨6%后预计将下降0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>星期五5/7</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布四月份就业报告。经济学家预测非农就业人数将增加975,000人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</blockquote></p><p></p>","source":"lsy1601382232898","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>Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、ViacomCBS、General Motors等本周值得投资者关注的股票</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\">\nUber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、ViacomCBS、General Motors等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-03 07:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，130家标普500公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二情况有所好转：动视暴雪、CVS Health、杜邦、辉瑞和T-Mobile US均报告。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，Barrick Gold、Booking Holdings、General Motors、PayPal控股和Uber Technologies将发布财报。百威英博、Moderna、再生元制药、Square和ViacomCBS将于周四发布。最后，Cigna将于周五结束这一周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局预计将报告4月份非农就业人数增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的4月份制造业采购经理人指数和周三公布的服务业采购经理人指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和Public Storage举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。市场普遍预计建筑支出环比增长0.6%，经季节调整后的年率为1.53万亿美元。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布四月份制造业采购经理人指数。经济学家预测为65，与3月份的数据大致持平。3月份的读数是该指数自1983年12月以来的最高值。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、Sysco和T-Mobile US报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展计划。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋公司举办2021年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、BorgWarner、Emerson Electric、General Motors、Hilton Worldwide Holdings、Novo Nordisk、PayPal控股和Uber Technologies发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>四月份全国就业报告。继3月份增加517,000个工作岗位后，预计私营部门就业岗位将增加762,500个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>4月份服务业PMI。普遍的看涨期权为64.6，比3月份的数据高出一个百分点。3月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务公司、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS和Zoetishold在评级召开会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至5月1日当周首次申请失业救济人数。4月份平均每周初请失业金人数为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节调整后的生产率年增长率为2.2%，而2020年第四季度为下降4.2%。单位劳动力成本在此前上涨6%后预计将下降0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>星期五5/7</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布四月份就业报告。经济学家预测非农就业人数将增加975,000人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2\">Barrons</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":{".IXIC":"NASDAQ Composite","PFE":"辉瑞",".SPX":"S&P 500 Index","PYPL":"PayPal","TMUS":"T-Mobile US Inc",".DJI":"道琼斯","UBER":"优步","GM":"通用汽车"},"source_url":"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135819410","content_text":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday: Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.On Wednesday, Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings. Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on Friday.On the economic calendar this week, the main event will jobs Friday. The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its Services equivalent on Wednesday.Enterprise Products Partners and Estée Lauder release earnings.Merck and Public Storage hold virtual investor days.The Census Bureau reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.Tuesday 5/4Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.Eli Lilly holds a conference call to discuss its sustainability initiatives.Union Pacific holds its 2021 virtual investor day.Wednesday 5/5Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.ADP releases its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.ISM releases its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.Thursday 5/6Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and Zoetishold conference calls to discuss quarterly results.The Department of Labor reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.The Bureau of Labor Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.Friday 5/7The Bureau of Labor Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.Cigna and Liberty Media report earnings.","news_type":1,"symbols_score_info":{"TMUS":0.9,"VIACP":0.9,"UBER":0.9,"GM":0.9,".SPX":0.9,".IXIC":0.9,"PFE":0.9,".DJI":0.9,"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839538086,"gmtCreate":1629165309345,"gmtModify":1631892366134,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839538086","repostId":"1140894285","repostType":4,"repost":{"id":"1140894285","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629155562,"share":"https://www.laohu8.com/m/news/1140894285?lang=zh_CN&edition=full","pubTime":"2021-08-17 07:12","market":"us","language":"en","title":"Roblox bookings miss Wall St target as easing curbs hurt online games<blockquote>由于放松限制损害了在线游戏，Roblox预订量未达华尔街目标</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140894285","media":"Tiger Newspress","summary":"Roblox Corp's quarterly bookings missed market expectations on Monday, as easing restrictions slowed","content":"<p>Roblox Corp's&nbsp;quarterly bookings missed market expectations on Monday, as easing restrictions slowed the pandemic-fueled surge in spending for its games including \"Jailbreak\" and \"MeepCity\", sending its shares down 4.7%.</p><p><blockquote>Roblox Corp周一的季度预订量低于市场预期，原因是限制放松减缓了疫情推动的《越狱》和《MeepCity》等游戏支出激增，导致其股价下跌4.7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/01c434b068c08a4e8cb96171d78e7d8f\" tg-width=\"897\" tg-height=\"640\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The company, one of the world's most popular gaming sites for children, is a pandemic winner that had benefited from stay-at-home orders.</p><p><blockquote>该公司是世界上最受儿童欢迎的游戏网站之一，也是受益于居家订单的疫情赢家。</blockquote></p><p> But with school reopening following the rollout of vaccines in the United States, online games lagged as kids are now encouraged to return to outdoor activities.</p><p><blockquote>但随着美国疫苗推出后学校重新开放，网络游戏落后了，因为现在鼓励孩子们重返户外活动。</blockquote></p><p> The company's bookings rose just 35% to $665.5 million for the second quarter ended June 30 compared to a 161% surge in bookings during the previous quarter. Analysts had expected $683.3 million.</p><p><blockquote>截至6月30日的第二季度，该公司的预订量仅增长了35%，达到6.655亿美元，而上一季度的预订量激增了161%。分析师此前预期为6.833亿美元。</blockquote></p><p> Roblox generates most of its booking from the purchases of virtual currency \"Robux\" by kids, who then use it to upgrade player's avatars by buying in-game items like a hat, pet or accessories.</p><p><blockquote>Roblox的大部分预订来自孩子们购买虚拟货币“Robux”，然后孩子们用它通过购买帽子、宠物或配件等游戏内物品来升级玩家的头像。</blockquote></p><p> The company, which offers a host of titles across mobile devices and games consoles, said average bookings per daily active user increased slightly from the year-ago period.</p><p><blockquote>该公司在移动设备和游戏机上提供大量游戏，表示每日活跃用户的平均预订量较去年同期略有增加。</blockquote></p><p> The metric is the average amount that users pay per day to play the games and it had in the last quarter surged 46% from a year earlier.</p><p><blockquote>该指标是用户每天为玩游戏支付的平均金额，上个季度同比飙升46%。</blockquote></p><p> In July, it fell 5% to 7% year-over-year, a clear sign of how people are spending less time on its platform.</p><p><blockquote>7月份，它同比下降了5%至7%，这清楚地表明人们在其平台上花费的时间正在减少。</blockquote></p><p> The company, which listed on the NYSE in March, is reporting its second quarterly earnings and is yet to turn a profit.</p><p><blockquote>该公司于三月份在纽约证券交易所上市，目前正在报告第二季度收益，但尚未扭亏为盈。</blockquote></p><p> \"Roblox is suffering from the demands of very aggressive market expectations, combined with the prospect of continued unprofitability going forward,\" said John Patrick Lee, ETF product manager at VanEck.</p><p><blockquote>VanEck ETF产品经理John Patrick Lee表示：“Roblox正面临非常激进的市场预期的需求，以及未来持续无利可图的前景。”</blockquote></p><p> Its net loss attributable to common stockholders widened to $140.13 million, or 25 cents per share, compared to $71.5 million, or 40 cents per share, a year earlier.</p><p><blockquote>其归属于普通股股东的净亏损扩大至1.4013亿美元，即每股25美分，而去年同期为7150万美元，即每股40美分。</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>Roblox bookings miss Wall St target as easing curbs hurt online games<blockquote>由于放松限制损害了在线游戏，Roblox预订量未达华尔街目标</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\">\nRoblox bookings miss Wall St target as easing curbs hurt online games<blockquote>由于放松限制损害了在线游戏，Roblox预订量未达华尔街目标</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-17 07:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Roblox Corp's&nbsp;quarterly bookings missed market expectations on Monday, as easing restrictions slowed the pandemic-fueled surge in spending for its games including \"Jailbreak\" and \"MeepCity\", sending its shares down 4.7%.</p><p><blockquote>Roblox Corp周一的季度预订量低于市场预期，原因是限制放松减缓了疫情推动的《越狱》和《MeepCity》等游戏支出激增，导致其股价下跌4.7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/01c434b068c08a4e8cb96171d78e7d8f\" tg-width=\"897\" tg-height=\"640\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The company, one of the world's most popular gaming sites for children, is a pandemic winner that had benefited from stay-at-home orders.</p><p><blockquote>该公司是世界上最受儿童欢迎的游戏网站之一，也是受益于居家订单的疫情赢家。</blockquote></p><p> But with school reopening following the rollout of vaccines in the United States, online games lagged as kids are now encouraged to return to outdoor activities.</p><p><blockquote>但随着美国疫苗推出后学校重新开放，网络游戏落后了，因为现在鼓励孩子们重返户外活动。</blockquote></p><p> The company's bookings rose just 35% to $665.5 million for the second quarter ended June 30 compared to a 161% surge in bookings during the previous quarter. Analysts had expected $683.3 million.</p><p><blockquote>截至6月30日的第二季度，该公司的预订量仅增长了35%，达到6.655亿美元，而上一季度的预订量激增了161%。分析师此前预期为6.833亿美元。</blockquote></p><p> Roblox generates most of its booking from the purchases of virtual currency \"Robux\" by kids, who then use it to upgrade player's avatars by buying in-game items like a hat, pet or accessories.</p><p><blockquote>Roblox的大部分预订来自孩子们购买虚拟货币“Robux”，然后孩子们用它通过购买帽子、宠物或配件等游戏内物品来升级玩家的头像。</blockquote></p><p> The company, which offers a host of titles across mobile devices and games consoles, said average bookings per daily active user increased slightly from the year-ago period.</p><p><blockquote>该公司在移动设备和游戏机上提供大量游戏，表示每日活跃用户的平均预订量较去年同期略有增加。</blockquote></p><p> The metric is the average amount that users pay per day to play the games and it had in the last quarter surged 46% from a year earlier.</p><p><blockquote>该指标是用户每天为玩游戏支付的平均金额，上个季度同比飙升46%。</blockquote></p><p> In July, it fell 5% to 7% year-over-year, a clear sign of how people are spending less time on its platform.</p><p><blockquote>7月份，它同比下降了5%至7%，这清楚地表明人们在其平台上花费的时间正在减少。</blockquote></p><p> The company, which listed on the NYSE in March, is reporting its second quarterly earnings and is yet to turn a profit.</p><p><blockquote>该公司于三月份在纽约证券交易所上市，目前正在报告第二季度收益，但尚未扭亏为盈。</blockquote></p><p> \"Roblox is suffering from the demands of very aggressive market expectations, combined with the prospect of continued unprofitability going forward,\" said John Patrick Lee, ETF product manager at VanEck.</p><p><blockquote>VanEck ETF产品经理John Patrick Lee表示：“Roblox正面临非常激进的市场预期的需求，以及未来持续无利可图的前景。”</blockquote></p><p> Its net loss attributable to common stockholders widened to $140.13 million, or 25 cents per share, compared to $71.5 million, or 40 cents per share, a year earlier.</p><p><blockquote>其归属于普通股股东的净亏损扩大至1.4013亿美元，即每股25美分，而去年同期为7150万美元，即每股40美分。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140894285","content_text":"Roblox Corp's quarterly bookings missed market expectations on Monday, as easing restrictions slowed the pandemic-fueled surge in spending for its games including \"Jailbreak\" and \"MeepCity\", sending its shares down 4.7%.\n\nThe company, one of the world's most popular gaming sites for children, is a pandemic winner that had benefited from stay-at-home orders.\nBut with school reopening following the rollout of vaccines in the United States, online games lagged as kids are now encouraged to return to outdoor activities.\nThe company's bookings rose just 35% to $665.5 million for the second quarter ended June 30 compared to a 161% surge in bookings during the previous quarter. Analysts had expected $683.3 million.\nRoblox generates most of its booking from the purchases of virtual currency \"Robux\" by kids, who then use it to upgrade player's avatars by buying in-game items like a hat, pet or accessories.\nThe company, which offers a host of titles across mobile devices and games consoles, said average bookings per daily active user increased slightly from the year-ago period.\nThe metric is the average amount that users pay per day to play the games and it had in the last quarter surged 46% from a year earlier.\nIn July, it fell 5% to 7% year-over-year, a clear sign of how people are spending less time on its platform.\nThe company, which listed on the NYSE in March, is reporting its second quarterly earnings and is yet to turn a profit.\n\"Roblox is suffering from the demands of very aggressive market expectations, combined with the prospect of continued unprofitability going forward,\" said John Patrick Lee, ETF product manager at VanEck.\nIts net loss attributable to common stockholders widened to $140.13 million, or 25 cents per share, compared to $71.5 million, or 40 cents per share, a year earlier.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":852910865,"gmtCreate":1635233687883,"gmtModify":1635233712056,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"☺️☺️","listText":"☺️☺️","text":"☺️☺️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852910865","repostId":"2177412181","repostType":4,"repost":{"id":"2177412181","kind":"highlight","pubTimestamp":1635219132,"share":"https://www.laohu8.com/m/news/2177412181?lang=zh_CN&edition=full","pubTime":"2021-10-26 11:32","market":"us","language":"en","title":"AMD earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2177412181","media":"MarketWatch","summary":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analy","content":"<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>","source":"lsy1603348471595","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 earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</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; 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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 earnings look to again succeed where Intel disappointed<blockquote>AMD盈利有望在英特尔失望的地方再次取得成功</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-26 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD盈利预览：在英特尔连续两个季度下滑后，分析师现在指出，由于英特尔的利润率预计将萎缩，AMD的利润率将不断增长</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc.不断增长的Epyc服务器芯片系列最近几个季度一直是华尔街的热门话题，但在本季度的收益报告中，这可能会转向毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>超微设备公司（Advanced Micro Devices Inc.）将紧随英特尔公司（Intel Corp.）发布另一份粗略的收益报告，并可能再次在给其规模更大的竞争对手带来痛苦的领域显示收益。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的公布，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的制造能力，试图重新夺回其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及英特尔自这家芯片领导者表示将推迟下一代芯片以来最糟糕的单日表现，这一声明当时引发了更多投资者对AMD的支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein分析师Stacy Rasgon对AMD给予市场表现评级，目标价为110美元，她表示AMD将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的AMD指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街的毛利率预期似乎并不激进（这不是我们通常对AMD所说的），该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次凸显了英特尔和AMD如何相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在50%以上。与此同时，AMD的毛利率一直在上升，很可能会突破50%，如果不是在这份收益报告中，那么很快就会突破50%。三个月前，AMD公布的毛利率为48%，高于上一年的44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD市值为1453.4亿美元，占英特尔2006.6亿美元市值的近73%。就在去年夏天，AMD 1115亿美元的估值略高于英特尔2195亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的是数据中心销售，该销售最终在本季度实现了增长。在过去的两个季度中，英特尔在这一日益重要的类别中的销售额同比大幅下降，而AMD的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否总体上更好，AMD的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在FactSet调查的34名分析师中，AMD平均预计调整后每股收益为66美分，高于去年同期的每股41美分。Estimize是一个软件平台，众包对冲基金高管、券商、买方分析师和其他人对评级每股收益72美分的估计。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在FactSet调查的32名分析师中，AMD平均预计营收为41.1亿美元，高于去年同期的28亿美元。AMD此前预测为40亿至42亿美元。Estimize预计营收为42.2亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管AMD在过去五份季度报告中的盈利和销售额均超出了华尔街的预期，但该股仅在第二天上涨了两次，分别是大约三个月前和五个季度前该股上涨了近13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD股价第三季度上涨9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，也就是英特尔发布报告的第二天，AMD股价收于119.82美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen分析师马修·拉姆齐(Matthew Ramsay)对AMD给予跑赢大盘评级，目标价为120美元，他表示“正在寻找更多同样的结果”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>Ramsay表示：“我们将继续关注PC市场，寻找需求放缓或供应改善的迹象。”“短期内，我们看到Chromebook以外的需求具有弹性，但更倾向于对2022年采取谨慎/不可知论的观点，就像AMD在上一次看涨期权中采取的那样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，疫情推动的个人电脑出货量增长已大幅放缓，因为世界不仅面临芯片短缺问题，还面临整体供应链问题。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售额方面，Ramsay更加乐观地估计该细分市场将占销售额的25%以上，而一年前这一比例还不到20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>拉姆齐表示：“我们相信数据中心超过AMD四分之一的业务可能会引起投资者的关注。”“我们提醒投资者，AMD最重要的业务仍然是数据中心，我们估计该业务在2020年翻了一番，首席执行官Lisa Su指出，她预计2021年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>Susquehanna Financial分析师Christopher Rolland对AMD给予正面评级，目标价为130美元，他表示，他预计企业和服务器销售将推动另一个稳健的季度，但“鉴于PC市场放缓，我们预计管理层不会提高他们的财务业绩。”正如他们在去年的多次更新中所做的那样，顶线指导。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，魅兰预计AMD在台式机和笔记本电脑以及企业级和游戏PC领域的份额将从英特尔增长。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在关注AMD的39名分析师中，23名分析师给予买入或跑赢大盘评级，16名分析师给予持有评级，平均目标价为117.55美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news\">MarketWatch</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":{"AMD":"美国超微公司"},"source_url":"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177412181","content_text":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink\nAdvanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.\nAdvanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.\nAMD is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.\nThat led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.\nBernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.\n\"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.\nThat underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.\nWhile AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.\nOne other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.\nRevenue: Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.\nStock movement: While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.\nAMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.\nWhat analysts are saying\nCowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"\n\"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"\nEarlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.\nOn data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.\n\"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"\nStill, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.\nOf the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802709163,"gmtCreate":1627801354052,"gmtModify":1633756239599,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802709163","repostId":"1141267906","repostType":4,"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164540636,"gmtCreate":1624231349625,"gmtModify":1634009339010,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164540636","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814958269,"gmtCreate":1630749866951,"gmtModify":1631886553746,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814958269","repostId":"1169514310","repostType":4,"repost":{"id":"1169514310","kind":"news","pubTimestamp":1630656896,"share":"https://www.laohu8.com/m/news/1169514310?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:14","market":"us","language":"en","title":"2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169514310","media":"Barron's","summary":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So w","content":"<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>","source":"lsy1610680873436","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>2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</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\">\n2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的2个充分理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，股票经历了令人印象深刻的一年，但距离2021年结束还有四个月的时间。那么接下来会发生什么？更正？更多收获？现在，更容易证明涨势继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔500指数今年迄今已上涨约21%，远高于约10%的历史平均年回报率。在前八个月，该指数的回调幅度没有超过5%——回调被定义为下跌10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调5%或更多。或者持续的通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测经济会出现回落。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间才能建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。缩减购债规模的讨论已经持续了几个月，美联储仍坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场上涨的性质似乎是未来最确定、最强烈的迹象。自8月18日以来，标普500已上涨3%，这是短暂而浅跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>雷蒙德·詹姆斯(Raymond James)股票投资组合和技术策略总监迈克尔·吉布斯(Michael Gibbs)写道：“上周[市场]内部结构有所改善。”</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>FactSet的数据显示，8月底，SPDR标普500交易所交易基金信托（SPDR标普500指数ETF）的每日交易股票数量约为5400万股。这高于本月中旬的略低于5000万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果是：当更多的市场参与者进行交易并且他们出价更高时，这是对市场的信任票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，涨势基础广泛——许多股票都参与其中。例如，雷蒙德·詹姆斯(Raymond James)表示，纽约证券交易所上市的近80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在2020年11月。更多股票参与涨势意味着主要股指较少依赖一组股票走高。此外，经济敏感型股票也在上涨，这意味着投资者对未来经济持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的收益还是修正？我们已经证明了我们的观点，但时间会证明一切。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2\">Barron's</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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169514310","content_text":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.\nFirst, though, it’s understandable why investors might be nervous.\nTheS&P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.\nStill, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.\nBut who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.\nSo the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.\n“[Market] internals improved last week,” writes Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.\nFirst off, transaction volumes are improving.\nIn late August, the daily number of shares traded on the SPDR S&P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.\nThe upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.\nSecondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.\nThe last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.\nSo more gains or a correction? We’ve made our case, but time will tell.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897699811,"gmtCreate":1628909889233,"gmtModify":1631892366169,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897699811","repostId":"2159721520","repostType":2,"repost":{"id":"2159721520","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1628887162,"share":"https://www.laohu8.com/m/news/2159721520?lang=zh_CN&edition=full","pubTime":"2021-08-14 04:39","market":"hk","language":"en","title":"Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159721520","media":"T-Reuters","summary":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil V","content":"<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></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>Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</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\">\nTesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向SEC提交的文件中为23,760美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-14 04:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉Technoking兼首席执行官Elon Musk 2020年的总薪酬为零，而2019年向Sec提交的文件中为23,760美元。特斯拉公司表示，硬币大师兼首席财务官Zachary Kirkhorn 2020年的总薪酬为4660万美元，而2019年为2120万美元。进一步的公司报道：Tsla.O。（（Reuters.Briefs@Thomsonreuters.Com；））。</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LHDX":"Lucira Health, Inc.","TSLA":"特斯拉","CGEM":"Cullinan Therapeutics","LABP":"Landos Biopharma, Inc.","SANA":"Sana Biotechnology, Inc.","TSS":"Total System Services"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159721520","content_text":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"APR":1,"CGEM":1,"TSS":1,"LHDX":1,"TSLA":1,"SANA":1,"LABP":1}},"isVote":1,"tweetType":1,"viewCount":177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804685373,"gmtCreate":1627954153292,"gmtModify":1633754943640,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Smile]&nbsp;[Smile]&nbsp;","listText":"[Smile]&nbsp;[Smile]&nbsp;","text":"[Smile] [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804685373","repostId":"2155915751","repostType":4,"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170994818,"gmtCreate":1626398635534,"gmtModify":1633927127063,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170994818","repostId":"1107139193","repostType":4,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143530756,"gmtCreate":1625800100775,"gmtModify":1633937182003,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143530756","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377603543,"gmtCreate":1619520061182,"gmtModify":1634212107432,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"Hen hao~","listText":"Hen hao~","text":"Hen hao~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/377603543","repostId":"1155157199","repostType":4,"repost":{"id":"1155157199","kind":"news","pubTimestamp":1619494851,"share":"https://www.laohu8.com/m/news/1155157199?lang=zh_CN&edition=full","pubTime":"2021-04-27 11:40","market":"us","language":"en","title":"Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155157199","media":"Barrons","summary":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.J.P. Mo","content":"<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>","source":"lsy1601382232898","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>Microsoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</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\">\nMicrosoft Nears $2 Trillion Market Cap. Earnings Are Tuesday.<blockquote>微软市值接近2万亿美元。收益将于周二公布。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-27 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.</p><p><blockquote>华尔街预计微软将在周二收盘后公布三月份季度数据时公布强劲的财务业绩。</blockquote></p><p>The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.&nbsp; On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.</p><p><blockquote>分析师普遍预测营收为410亿美元，同比增长17%，每股利润为1.78美元。周一，微软股价创下262.44美元的盘中纪录，距离首次触及2万亿美元估值仅小幅上涨。要实现这一目标，该股需要上涨至264.55美元。</blockquote></p><p>The shares have gained 18% year to date.</p><p><blockquote>今年迄今为止，该股已上涨18%。</blockquote></p><p>Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system.&nbsp;</p><p><blockquote>分析师预计该公司的Azure和Office 365云业务将迎来另一个强劲的季度，并将寻找其企业运营加速增长的迹象。鉴于近期PC购买量大幅增长，Surface硬件（笔记本电脑和白板）的销售可能在本季度强劲，尽管组件短缺可能导致需求未得到满足。个人电脑市场的强劲也预示着Windows操作系统的销售。</blockquote></p><p>Microsoft breaks down its results into&nbsp;three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.</p><p><blockquote>微软将其业绩分为三个部分：生产力和业务流程，其中包括Office 365、Dynamics和LinkedIn；智能云，包括Azure和企业服务器软件；以及更多的个人计算，包括Windows、Xbox、Surface硬件和Bing。</blockquote></p><p>When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.</p><p><blockquote>当微软在1月底公布第二财季业绩时，首席财务官Amy Hood提供了每个部门的收入指引。对于生产力和业务流程，她预计收入为133.5亿至136亿美元。智能云的看涨期权是收入为147亿至149.5亿美元，而她预测更多个人计算的收入为123亿至127亿美元。如果每个部门的收入都处于预测范围的顶部，那么总收入将达到412.5亿美元。</blockquote></p><p>In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.</p><p><blockquote>在研究报告中，几位分析师引用了客户和经销商的积极评论来预测强劲的业绩。</blockquote></p><p>Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.</p><p><blockquote>上周，KeyBanc Capital的Michael Turits重申了对该股的跑赢大盘评级，同时将目标价从280美元上调至295美元。他表示，该公司可能会受益于强劲的IT需求和个人电脑出货量的持续强劲。</blockquote></p><p>“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”</p><p><blockquote>他写道：“我们继续看到微软不断扩大的Azure范围、广泛的企业应用程序创新和积极的捆绑在市场上取得了成功。”“我们采访的几乎所有北美微软分销商/经销商都报告微软渠道收入达到或高于计划。”</blockquote></p><p>J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.</p><p><blockquote>摩根大通分析师Mark Murphy对微软产品经销商进行了新的调查，对前景感到鼓舞。他表示，在企业需求改善的推动下，这些公司的微软商品季度销售额平均比预期高出3.3%。他报告了公司企业产品线的实力，包括Azure、Teams、Office 365和安全产品等领域的增长。Murphy对微软的评级为跑赢大盘，目标股价为245美元。</blockquote></p><p>Wedbush analyst Dan Ives&nbsp;forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.</p><p><blockquote>Wedbush分析师丹·艾夫斯(Dan Ives)预测，在Azure至少增长45%的推动下，这将是“又一个杰作季度”，他认为Azure正在从亚马逊网络服务(Amazon Web Services)手中夺取市场份额。他表示，当前的在家工作环境正在鼓励更多企业采取战略举措，转向基于云的运营，“微软全面展开，Azure增长依然强劲”。他维持跑赢大盘评级，目标股价为300美元。</blockquote></p><p>Citi analyst Tyler Radke&nbsp;last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”&nbsp;</p><p><blockquote>花旗分析师泰勒·拉德克(Tyler Radke)上周重申了对微软股票的买入评级，将目标价从292美元上调至302美元，并在业绩公布前对该股设定了“积极催化剂观察”。他写道，对经销商的调查和渠道检查的结合使他更有信心，微软可以推动所有三个主要业务部门的收入，消费者和企业对个人电脑的需求强劲，服务器软件的强劲升级活动，以及由于“企业消费持续强劲增长”，Azure持续走强。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1\">Barrons</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":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-nears-2-trillion-market-cap-earnings-are-tuesday-51619457928?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155157199","content_text":"Wall Street is expecting Microsoft to report strong financial results when the company posts its March quarter numbers after the close of trading on Tuesday.The consensus forecast among analysts is for revenue of $41 billion, up 17% from a year ago, with profits of $1.78 a share.  On Monday, Microsoft stock set an intraday record of $262.44, leaving the stock just a modest rally away from hitting a $2 trillion valuation for the first time. To get there, the stock needs to rise to $264.55.The shares have gained 18% year to date.Analysts expect another strong quarter from the company’s Azure and Office 365 cloud businesses, and will be looking for signs of accelerating growth in its enterprise operation. Sales of Surface hardware—laptops and whiteboards—were likely strong in the quarter, given the huge recent growth in PC purchases, although there is some potential that shortages of components resulted in unfilled demand. Strength in the PC market also bodes well for sales of the Windows operating system. Microsoft breaks down its results into three segments: Productivity and Business Processes, which includes Office 365, Dynamics, and LinkedIn; Intelligence Cloud, which includes Azure and enterprise server software; and More Personal Computing, which includes Windows, Xbox, Surface hardware, and Bing.When Microsoft reported its results for its fiscal second quarter in late January,CFO Amy Hood provided revenue guidance for each segment. For Productivity and Business Processes, she projected revenue of $13.35 billion to $13.6 billion. The call for Intelligent Cloud was for revenue of $14.7 billion to $14.95 billion, while she predicted $12.3 billion to $12.7 billion for More Personal Computing. If revenue for each segment came in at the top of its forecast range, the total would be $41.25 billion.In research notes, several analysts cited positive comments from customers and resellers in projecting strong results.Last week, KeyBanc Capital’s Michael Turits repeated his Overweight rating on the stock while lifting his target for the price to $295, from $280. He says the company is likely benefiting from a combination of strong IT demand and continuing strength in PC shipments.“We continue to see Microsoft’s combination of expanding Azure scope, broad enterprise application innovation, and aggressive bundling seeing success in the market,” he wrote. “Nearly all North American Microsoft distributors/resellers we spoke with reported Microsoft channel revenue on or above plan.”J.P. Morgan analyst Mark Murphy came away from his own new survey of resellers of Microsoft products encouraged about the outlook. He says those companies’ quarterly sales of Microsoft goods came in an average of 3.3% above their expectations, driven by improving enterprise demand. He reported strength across the company’s enterprise product lines, with growth in Azure, Teams, Office 365, and security products, among other places. Murphy rates Microsoft at Overweight and has a target of $245 for the stock price.Wedbush analyst Dan Ives forecast “another masterpiece quarter,” driven by growth of at least 45% from Azure, which he thinks is taking market share from Amazon Web Services. He said the current work-from-home environment is encouraging more businesses to make strategic moves toward cloud-based operations “with Microsoft across the board with Azure growth remaining brisk.” He maintained an Outperform rating, with a target of $300 for the share price.Citi analyst Tyler Radke last week reiterated a Buy rating on Microsoft shares, lifting his price target to $302, from $292, and setting a “positive catalyst watch” on the stock ahead of the results. He wrote that a combination of a survey of resellers and channel checks made him more confident that Microsoft can propel revenue across all three primary business segments, with strength in personal computer demand from both consumers and businesses, robust upgrade activity on server software, and continued strength in Azure as a result of “continued strong enterprise consumption growth.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372109595,"gmtCreate":1619183666617,"gmtModify":1634287939835,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372109595","repostId":"2129354094","repostType":4,"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":854740197,"gmtCreate":1635487317883,"gmtModify":1635487318256,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/854740197","repostId":"1122237204","repostType":4,"repost":{"id":"1122237204","kind":"news","pubTimestamp":1635476471,"share":"https://www.laohu8.com/m/news/1122237204?lang=zh_CN&edition=full","pubTime":"2021-10-29 11:01","market":"us","language":"en","title":"Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122237204","media":"Seeking Alpha","summary":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused w","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布了一系列相当不错的收益。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices在2021财年继续取得惊人的业绩。苏丽莎博士公司正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。预计公司增长势头将继续放缓。</li><li>我们讨论现在购买哪只半导体股票更好。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>超微设备公司（AMD）最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了AMD作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司取得了收益，而英特尔（INTC）报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳存在一些担忧，但这是意料之中的。然而，市场并不喜欢帕特·基辛格公司(Pat Gelsinger&amp;Co.)的电报，并在财报公布后大幅下跌该股。英特尔传达了重新夺回其工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力和自由现金流前景减弱，一些价值导向型投资者似乎已走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>Nvidia(NVDA)将于11月17日发布第三季度成绩单。该公司此前曾预计本季度业绩强劲。黄仁勋公司请参阅“环比增长主要是由数据中心需求加速推动的”。该公司还预计其三个市场都将增长，尤其是在游戏领域。鉴于AMD强劲的业绩，投资者的期望也很高。因此，随着NVDA股价本周创下历史新高（ATH），投资者热切期待NVDA的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论他们之间现在购买哪只半导体股票更好。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>迄今为止，NVDA股票继续享受非凡的一年。该股本周创下新的ATH，年初至今回报率飙升至87.3%。看跌NVDA的投资者可以随心所欲地说，但我们从未采纳看跌NVDA股票的论点。这根本说不通。该股在Seeking Alpha全年动量评级中获得了最好的A+。因此，我们真的无法理解那些看跌的论点。AMD股票排名第二，年初至今上涨33.3%。该股似乎远远落后于NVDA股票令人难以置信的表现。然而，投资者应该考虑这样一个事实，即AMD股票在21年上半年的大部分时间里都处于亏损状态。因此，其在H2'21的巨大势头确实令人印象深刻。因此，该股的势头在Seeking Alpha中也被评为A级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的INTC股票继续表现不佳。该股开局非常亮眼，年初至今上涨了40%。然而，它的势头已经完全消失了。目前，与AMD股票和NVDA股票相比，其年初至今下跌了3.9%，看起来糟透了。此外，Seeking Alpha还给予其动力D+评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单表明其领导力正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD充分利用了最近对英特尔的主导地位。然而，更令英特尔投资者担忧、同样令AMD投资者感到鼓舞的是他们各自首席执行官提供的明确性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>英特尔LTM按细分市场划分的收入。数据来源：公司备案</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔报告了另一个令人印象深刻的季度，但我们认为这并不意外。当然，与NVDA和AMD相比，该公司的数据中心业务(DCG)仍然令人失望。然而，INTC投资者不应该感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>第三季度DCG季度收入同比增长10%。然而，自20年第二季度以来，DCG收入在过去12个月(LTM)中一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在21年第二季度历史上首次突破15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，其前管理层的重大失误是如何破坏其先前“无懈可击”的领导地位的。现在，基辛格公司面临着一项不值得羡慕的任务，那就是试图扭转英特尔不断下滑的命运。随着AMD以牺牲英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算部门（CCG）在第三季度的业绩表现不佳。其收入分别同比下降1.9%和环比下降4.4%。值得注意的是，这发生在2021年PC销量强劲复苏之际。在苹果(AAPL)最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常出色。仅在前三个FQ中，Mac就超过了过去三年每个财年的收入。它的复兴也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research指出，“2021年第三季度，全球PC出货量连续第六次同比增长，达到8420万台。尽管零部件短缺和其他供应限制持续存在，但这一情况还是出现了。”尽管如此，该公司还强调，“[第三季度]9.3%的同比增长意味着自2020年第三季度以来连续四个季度实现两位数同比增长后，PC出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research指出，第三季度Mac同比出货量增长加速至10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长至8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，自与英特尔芯片脱钩以来，苹果似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚案目前看起来已经“敲定”。但半导体公司的投资者应该记住，在技术领先方面，永远不要说永远。英特尔仍然是一家高利润的公司，因此拥有竞争所需的资金和信念。能否推翻AMD和NVDA的领先地位，还有待观察。但永远不要这么早就放弃公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC和AMD LTM毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格(Pat Gelsinger)宣布了一项雄心勃勃的计划，以承担技术领先地位。这主要是基于其“四年内实现五个工艺节点”的追求，以取代台积电（TSM）的代工领导地位。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来4至5年我们的收入增长将加速至10%至12%的复合年增长率</i>就毛利率而言，受我们产能投资及工艺技术加速的影响，<i>我们预计未来2至3年毛利率将在51%至53%之间</i>在向上移动之前。（来自英特尔第三季度看涨期权收益）我们觉得这很有趣。是的，流程领先和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少需要五年的时间。这个时候，公司是不是要让苏姿丰博士（Dr.Lisa Su&amp;Co.）拿走所有的荣耀，而英特尔则解决它的麻烦？显然不是。帕特认识到他需要一个权宜之计。除了说“我们现在正在降价”来与AMD竞争之外，这已经是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（9月20日发布）中强调，“据报道，英特尔最近准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已转向竞争对手Advanced Micro Devices的数据中心运营商。”否则，基辛格公司怎么能如此自信地阻止AMD持续成功的颓势呢？英特尔宣布了一项雄心勃勃的计划，在未来四到五年内将收入以10%到12%的复合年增长率增长。英特尔正试图将自己变回一家成长型公司。如果你想增长，没有技术领先，你必须放弃一些利润。这完全有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。其毛利率较利润率超过60%时明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价上与AMD正面竞争，同时投资占据代工领导地位。苏丽莎博士公司，你已经被警告了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD按部门划分的季度收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su&amp;Co.充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它继续在所有领域展现出巨大的实力。Advanced Micro Devices报告第三季度计算和图形业务收入同比增长43.9%。此外，AMD的企业、嵌入式和半定制(EESC)部门继续保持惊人的表现，收入同比增长68.9%。因此，AMD当然充分利用了英特尔在数据中心方面的亏损。此外，它的计算和图形增长也非常出色。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计营收约为45亿美元，正负1亿美元，增长约<i>同比增长39%，环比增长约4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长将受到服务器和半定制销售额增加的推动。2021年全年，<i>我们现在预计，在所有业务增长的推动下，收入将比2020年增长约65%</i>，高于之前60%的指导。（来自AMD看涨期权第三季度收益）对于一家告诉您预计2020财年同比增长65%的公司来说，很明显它已经取得了惊人的成果。因此，市场应该奖励AMD投资者。AMD股票在经历了年初的下跌后，显然一直跑赢大盘。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD东部时间。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑AMD未来的表现。继第三季度成绩单出色之后，共识预期也被上调。AMD预计收入复合年增长率为30.2%，EBITDA复合年增长率为50.4%。与该公司2021财年65%的收入同比增长指引相比，这是一个明显的减速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM收入和EBITDA。数据来源：标普资本智商</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD的LTM收入和EBITDA在过去四年中也分别以31.2%和160%的复合年增长率增长。因此，AMD未来不太可能实现如此惊人的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望AMD继续以如此惊人的增长率不断增长。我们知道这听起来不错，但这根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从它的FQ3表现中观察到。与前两个季度相比，其细分市场在21年第三季度的同比增长是最慢的。因此，它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>英伟达的增长预计将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于11月17日发布22年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>该公司在之前的收益看涨期权上预计第三季度收入为$6.8 B。共识估计也符合公司的指引。然而，在我们之前的英伟达文章中，我们强调了该公司主要细分市场的收入增长似乎正在减速。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>22年第二季度数据中心同比增长率降至35%。而且，游戏也出现了减速的迹象。第二季度的同比增长也放缓至85%。因此，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预测，Nvidia预计在22年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人震惊。投资者可能不得不降低对NVDA未来强劲增长势头的预期。没有什么是永远直线上升的。展望未来，黄仁勋公司的收入竞争将变得越来越难以击败。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA盈利超出/未达到预期。资料来源：寻求Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到NVDA也可能在其指导中降低预期。我们注意到，NVDA在过去四年中只未达到一个季度预期。这是一场近乎完美的表演。值得注意的是，虽然NVDA的表现一直优于其指导，但这些表现并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视共识估计，认为这是不合理的。随着时间的推移，它们变得相当准确。因此，尽管NVDA可能已经将之前的指导意见沙袋化，以可能超额交付，但他们并没有做得太过分。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些NVDA投资者预计其TAM将扩展到其软件堆栈、omniverse应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到NVDA为将自己转变为一家拥有巨大GPU主导地位的人工智能公司所付出的令人难以置信的努力。再加上其DPU和CPU的进军，硬件战略看起来非常令人印象深刻。此外，Nvidia的AI Enterprise现在向客户提供完整的AI Enterprise软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是稳固的。随着时间的推移，随着更多开发者的加入，生态系统将变得更加强大。如果该公司能够完成对Arm的收购，我们认为英特尔或AMD不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是英伟达不能/不愿意设定时间表<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia最近只能补充道：“但正如[我们]所说，[我们]向您引用的NVIDIA enterprise和Omniverse enterprise价值数十亿美元的机会，我们认为这些都是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股更好买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD股票目前的EV/NTM EBITDA为29.7倍。其3年NTM EBITDA平均值为30.8倍。因此，投资者可以说AMD目前的估值似乎相当合理。相比之下，NVDA股票的EV/NTM EBITDA为53.5倍。其3年NTM EBITDA平均值为41.6倍。因此，该股的交易价格比其3年平均水平高出约28.6%。因此，我们认为NVDA股票目前看起来被高估。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，2023年潜在的产能过剩问题也可能因其估值过高而严重打击NVDA股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：标普资本智商</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC股票的EV/NTM EBITDA为6.7倍。这明显低于7.6倍的3年平均水平。因此，INTC显然是一种价值游戏，而不是一种增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至2.8%。多年来，INTC投资者一直对其强劲的盈利能力和稳健的股息收益率感到非常满意。这些价值和股息收入投资者投资INTC股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格(Pat Gelsinger)雄心勃勃的增长计划给他们带来了意想不到的麻烦。当英特尔表示这些计划将对其盈利能力产生明显影响时，他们担心股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在增长路线图上取得成功，它可能会成为巨大的赢家。鉴于现在的预期如此之低，该股甚至不一定要取得巨大成功才能重新上调评级。INTC与增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现INTC股票目前的估值很有吸引力。再加上2.8%的股息收益率，为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于AMD股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD股票代表我们优先买入</i>就目前而言。<i>INTC股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持我们对NVDA的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</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>Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</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\">\nIntel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达或AMD：哪只芯片股票更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-29 11:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布了一系列相当不错的收益。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices在2021财年继续取得惊人的业绩。苏丽莎博士公司正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。预计公司增长势头将继续放缓。</li><li>我们讨论现在购买哪只半导体股票更好。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>超微设备公司（AMD）最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了AMD作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司取得了收益，而英特尔（INTC）报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳存在一些担忧，但这是意料之中的。然而，市场并不喜欢帕特·基辛格公司(Pat Gelsinger&amp;Co.)的电报，并在财报公布后大幅下跌该股。英特尔传达了重新夺回其工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力和自由现金流前景减弱，一些价值导向型投资者似乎已走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>Nvidia(NVDA)将于11月17日发布第三季度成绩单。该公司此前曾预计本季度业绩强劲。黄仁勋公司请参阅“环比增长主要是由数据中心需求加速推动的”。该公司还预计其三个市场都将增长，尤其是在游戏领域。鉴于AMD强劲的业绩，投资者的期望也很高。因此，随着NVDA股价本周创下历史新高（ATH），投资者热切期待NVDA的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论他们之间现在购买哪只半导体股票更好。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>迄今为止，NVDA股票继续享受非凡的一年。该股本周创下新的ATH，年初至今回报率飙升至87.3%。看跌NVDA的投资者可以随心所欲地说，但我们从未采纳看跌NVDA股票的论点。这根本说不通。该股在Seeking Alpha全年动量评级中获得了最好的A+。因此，我们真的无法理解那些看跌的论点。AMD股票排名第二，年初至今上涨33.3%。该股似乎远远落后于NVDA股票令人难以置信的表现。然而，投资者应该考虑这样一个事实，即AMD股票在21年上半年的大部分时间里都处于亏损状态。因此，其在H2'21的巨大势头确实令人印象深刻。因此，该股的势头在Seeking Alpha中也被评为A级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的INTC股票继续表现不佳。该股开局非常亮眼，年初至今上涨了40%。然而，它的势头已经完全消失了。目前，与AMD股票和NVDA股票相比，其年初至今下跌了3.9%，看起来糟透了。此外，Seeking Alpha还给予其动力D+评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单表明其领导力正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD充分利用了最近对英特尔的主导地位。然而，更令英特尔投资者担忧、同样令AMD投资者感到鼓舞的是他们各自首席执行官提供的明确性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>英特尔LTM按细分市场划分的收入。数据来源：公司备案</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔报告了另一个令人印象深刻的季度，但我们认为这并不意外。当然，与NVDA和AMD相比，该公司的数据中心业务(DCG)仍然令人失望。然而，INTC投资者不应该感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>第三季度DCG季度收入同比增长10%。然而，自20年第二季度以来，DCG收入在过去12个月(LTM)中一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在21年第二季度历史上首次突破15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，其前管理层的重大失误是如何破坏其先前“无懈可击”的领导地位的。现在，基辛格公司面临着一项不值得羡慕的任务，那就是试图扭转英特尔不断下滑的命运。随着AMD以牺牲英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算部门（CCG）在第三季度的业绩表现不佳。其收入分别同比下降1.9%和环比下降4.4%。值得注意的是，这发生在2021年PC销量强劲复苏之际。在苹果(AAPL)最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常出色。仅在前三个FQ中，Mac就超过了过去三年每个财年的收入。它的复兴也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research指出，“2021年第三季度，全球PC出货量连续第六次同比增长，达到8420万台。尽管零部件短缺和其他供应限制持续存在，但这一情况还是出现了。”尽管如此，该公司还强调，“[第三季度]9.3%的同比增长意味着自2020年第三季度以来连续四个季度实现两位数同比增长后，PC出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research指出，第三季度Mac同比出货量增长加速至10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长至8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，自与英特尔芯片脱钩以来，苹果似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚案目前看起来已经“敲定”。但半导体公司的投资者应该记住，在技术领先方面，永远不要说永远。英特尔仍然是一家高利润的公司，因此拥有竞争所需的资金和信念。能否推翻AMD和NVDA的领先地位，还有待观察。但永远不要这么早就放弃公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC和AMD LTM毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格(Pat Gelsinger)宣布了一项雄心勃勃的计划，以承担技术领先地位。这主要是基于其“四年内实现五个工艺节点”的追求，以取代台积电（TSM）的代工领导地位。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来4至5年我们的收入增长将加速至10%至12%的复合年增长率</i>就毛利率而言，受我们产能投资及工艺技术加速的影响，<i>我们预计未来2至3年毛利率将在51%至53%之间</i>在向上移动之前。（来自英特尔第三季度看涨期权收益）我们觉得这很有趣。是的，流程领先和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少需要五年的时间。这个时候，公司是不是要让苏姿丰博士（Dr.Lisa Su&amp;Co.）拿走所有的荣耀，而英特尔则解决它的麻烦？显然不是。帕特认识到他需要一个权宜之计。除了说“我们现在正在降价”来与AMD竞争之外，这已经是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（9月20日发布）中强调，“据报道，英特尔最近准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已转向竞争对手Advanced Micro Devices的数据中心运营商。”否则，基辛格公司怎么能如此自信地阻止AMD持续成功的颓势呢？英特尔宣布了一项雄心勃勃的计划，在未来四到五年内将收入以10%到12%的复合年增长率增长。英特尔正试图将自己变回一家成长型公司。如果你想增长，没有技术领先，你必须放弃一些利润。这完全有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。其毛利率较利润率超过60%时明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价上与AMD正面竞争，同时投资占据代工领导地位。苏丽莎博士公司，你已经被警告了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD按部门划分的季度收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su&amp;Co.充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它继续在所有领域展现出巨大的实力。Advanced Micro Devices报告第三季度计算和图形业务收入同比增长43.9%。此外，AMD的企业、嵌入式和半定制(EESC)部门继续保持惊人的表现，收入同比增长68.9%。因此，AMD当然充分利用了英特尔在数据中心方面的亏损。此外，它的计算和图形增长也非常出色。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计营收约为45亿美元，正负1亿美元，增长约<i>同比增长39%，环比增长约4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长将受到服务器和半定制销售额增加的推动。2021年全年，<i>我们现在预计，在所有业务增长的推动下，收入将比2020年增长约65%</i>，高于之前60%的指导。（来自AMD看涨期权第三季度收益）对于一家告诉您预计2020财年同比增长65%的公司来说，很明显它已经取得了惊人的成果。因此，市场应该奖励AMD投资者。AMD股票在经历了年初的下跌后，显然一直跑赢大盘。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD东部时间。收入和EBITDA意味着共识。数据来源：标普资本智商</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑AMD未来的表现。继第三季度成绩单出色之后，共识预期也被上调。AMD预计收入复合年增长率为30.2%，EBITDA复合年增长率为50.4%。与该公司2021财年65%的收入同比增长指引相比，这是一个明显的减速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM收入和EBITDA。数据来源：标普资本智商</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD的LTM收入和EBITDA在过去四年中也分别以31.2%和160%的复合年增长率增长。因此，AMD未来不太可能实现如此惊人的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望AMD继续以如此惊人的增长率不断增长。我们知道这听起来不错，但这根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从它的FQ3表现中观察到。与前两个季度相比，其细分市场在21年第三季度的同比增长是最慢的。因此，它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>英伟达的增长预计将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于11月17日发布22年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>该公司在之前的收益看涨期权上预计第三季度收入为$6.8 B。共识估计也符合公司的指引。然而，在我们之前的英伟达文章中，我们强调了该公司主要细分市场的收入增长似乎正在减速。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>22年第二季度数据中心同比增长率降至35%。而且，游戏也出现了减速的迹象。第二季度的同比增长也放缓至85%。因此，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预测，Nvidia预计在22年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人震惊。投资者可能不得不降低对NVDA未来强劲增长势头的预期。没有什么是永远直线上升的。展望未来，黄仁勋公司的收入竞争将变得越来越难以击败。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA盈利超出/未达到预期。资料来源：寻求Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到NVDA也可能在其指导中降低预期。我们注意到，NVDA在过去四年中只未达到一个季度预期。这是一场近乎完美的表演。值得注意的是，虽然NVDA的表现一直优于其指导，但这些表现并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视共识估计，认为这是不合理的。随着时间的推移，它们变得相当准确。因此，尽管NVDA可能已经将之前的指导意见沙袋化，以可能超额交付，但他们并没有做得太过分。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些NVDA投资者预计其TAM将扩展到其软件堆栈、omniverse应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到NVDA为将自己转变为一家拥有巨大GPU主导地位的人工智能公司所付出的令人难以置信的努力。再加上其DPU和CPU的进军，硬件战略看起来非常令人印象深刻。此外，Nvidia的AI Enterprise现在向客户提供完整的AI Enterprise软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是稳固的。随着时间的推移，随着更多开发者的加入，生态系统将变得更加强大。如果该公司能够完成对Arm的收购，我们认为英特尔或AMD不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是英伟达不能/不愿意设定时间表<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia最近只能补充道：“但正如[我们]所说，[我们]向您引用的NVIDIA enterprise和Omniverse enterprise价值数十亿美元的机会，我们认为这些都是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股更好买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD股票目前的EV/NTM EBITDA为29.7倍。其3年NTM EBITDA平均值为30.8倍。因此，投资者可以说AMD目前的估值似乎相当合理。相比之下，NVDA股票的EV/NTM EBITDA为53.5倍。其3年NTM EBITDA平均值为41.6倍。因此，该股的交易价格比其3年平均水平高出约28.6%。因此，我们认为NVDA股票目前看起来被高估。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，2023年潜在的产能过剩问题也可能因其估值过高而严重打击NVDA股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票EV/NTM EBITDA 3年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：标普资本智商</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC股票的EV/NTM EBITDA为6.7倍。这明显低于7.6倍的3年平均水平。因此，INTC显然是一种价值游戏，而不是一种增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至2.8%。多年来，INTC投资者一直对其强劲的盈利能力和稳健的股息收益率感到非常满意。这些价值和股息收入投资者投资INTC股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格(Pat Gelsinger)雄心勃勃的增长计划给他们带来了意想不到的麻烦。当英特尔表示这些计划将对其盈利能力产生明显影响时，他们担心股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在增长路线图上取得成功，它可能会成为巨大的赢家。鉴于现在的预期如此之低，该股甚至不一定要取得巨大成功才能重新上调评级。INTC与增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现INTC股票目前的估值很有吸引力。再加上2.8%的股息收益率，为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于AMD股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD股票代表我们优先买入</i>就目前而言。<i>INTC股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持我们对NVDA的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy\">Seeking Alpha</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":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122237204","content_text":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.\nAdvanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su & Co. is making the most out of Intel's stumbles.\nNvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.\nWe discuss which semiconductor stock is the better buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nAdvanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.\nNotably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger & Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.\nNvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang & Co. see \"sequential growth driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.\nWe will discuss which semiconductor stock is the better buy now between them.\nINTC, NVDA, AMD Stock YTD Performance\nINTC, NVDA, AMD stock YTD performance (as of 27 October 21).\nNVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.\nIn contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.\nIntel FQ3 Report Card Is Telling Of Its Weakening Leadership\nThere's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.\nIntel LTM revenue by segment. Data source: Company filings\nIntel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.\nDCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger & Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.\nIntel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.\nCounterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021 at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"\nNotwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that Apple's YoY shipment growth in CQ2 was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.\nTherefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.\nINTC and AMD LTM gross margins. Data source: S&P Capital IQ\nPat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:\n\nWe expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology, \n we expect gross margins between 51% and 53% over the next 2 to 3 yearsbefore moving upward. (from Intel Q3 earnings call)\n\nWe find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su & Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.\nWe also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger & Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.\nThe good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su & Co., you have been cautioned.\nAMD Continues Its Gangbusters Growth\nAMD quarterly revenue by segment. Data source: Company filings\nAMD revenue segments YoY growth. Data source: Company filings\nThere's little doubt that Dr. Lisa Su & Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.\nIn fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:\n\n We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately \n 39% year-over-year and approximately 4% sequentially. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021, \n we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses, up from the prior guidance of 60%. (from AMD FQ3 earnings call)\n\nFor a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.\nAMD est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nHowever, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.\nAMD LTM revenue and EBITDA. Data source: S&P Capital IQ\nImportantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.\nWe can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.\nNvidia Is Expected To Post Slower Much Growth Than Before\nJensen Huang & Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.\nThe company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.\nDatacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.\nNVDA actual and est. quarterly revenue YoY growth. Data source: S&P Capital IQ\nNotably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang & Co. to beat.\nNVDA earnings beats/misses. Source: Seeking Alpha Premium\nNotwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.\nWe understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.\nWe recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.\nThe main problem is that Nvidia couldn't/is not willing to put a timeline towhen they would derive meaningful revenues from its software stack.Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"\nSo, Which Chip Stock Is The Better Buy?\nAMD stock EV/NTM EBITDA 3Y mean.\nNVDA stock EV/NTM EBITDA 3Y mean.\nAMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.\nINTC stock EV/NTM EBITDA 3Y mean.\nINTC stock LTM dividend yield. Data source: S&P Capital IQ\nINTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.\nPat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.\nDespite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.\nTherefore, we think AMD stock represents our preferred Buy for now.INTC stock is also a Buy for dividend and value investors. At the same time, we retain our Neutral rating on NVDA.\nThis article was written by JR Research.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":885134472,"gmtCreate":1631763715796,"gmtModify":1631886553645,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885134472","repostId":"2167185235","repostType":4,"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880550220,"gmtCreate":1631066773760,"gmtModify":1631886553721,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;","listText":"[Observation]&nbsp;","text":"[Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880550220","repostId":"2165685413","repostType":4,"isVote":1,"tweetType":1,"viewCount":663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818388572,"gmtCreate":1630376292496,"gmtModify":1704959349257,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818388572","repostId":"2163839150","repostType":4,"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176768982,"gmtCreate":1626916505746,"gmtModify":1633769783539,"author":{"id":"3570689023160998","authorId":"3570689023160998","name":"您解释看看","avatar":"https://static.tigerbbs.com/534b01f4d9f64217e12e115de2fef0e1","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570689023160998","idStr":"3570689023160998"},"themes":[],"htmlText":"[Observation]&nbsp;[Observation]&nbsp;","listText":"[Observation]&nbsp;[Observation]&nbsp;","text":"[Observation] [Observation]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/176768982","repostId":"2153640192","repostType":4,"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}