FlorCheah的个人主页 - 老虎社区

FlorCheah

FlorCheah

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2021-12-29

🍎

抱歉，原内容已删除

2021-12-28

AMD

Why AMD Stock Lit Up Today<blockquote>为什么 AMD 股票今天上涨</blockquote>

2021-12-27

🎅 🎅🎅

Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>

2021-12-25

EV

A Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</blockquote>

2021-12-24

TSLA

Tesla Stock Will Take Off in 2022 Thanks to a New Battery Deal<blockquote>得益于新的电池交易，特斯拉股价将于 2022 年上涨</blockquote>

2021-12-24

On watchlist

Want to Be a Millionaire? 2 Stocks to Buy and Hold for the Next Decade<blockquote>想成为百万富翁吗？未来十年值得买入和持有的 2 只股票</blockquote>

2021-12-23

🍎🍎🍎

Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>

2021-12-23

NVDA

Nvidia's Bright Growth Outlook<blockquote>英伟达光明的增长前景</blockquote>

2021-12-22

Nice rally

抱歉，原内容已删除

2021-12-21

Will rebound soon..

抱歉，原内容已删除

2021-12-21

Nice rally

Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</blockquote>

2021-12-21

CCL

抱歉，原内容已删除

2021-12-20

🍎

Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>

2021-12-19

Wow

抱歉，原内容已删除

2021-12-18

Will rebound soon

EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</blockquote>

2021-12-17

Yeah

Traders bet Fed will not raise rates as aggressively as forecast<blockquote>交易员押注美联储不会像预测那样激进加息</blockquote>

2021-12-17

Wow

Tesla,Nvidia And Apple Are Seeing The Highest Interest On WallStreetBets in the past 24 hours<blockquote>过去 24 小时内，特斯拉、英伟达和苹果对华尔街押注的兴趣最高</blockquote>

2021-12-16

Yay

Stocks Set to Extend Gains Ahead of More Central Bank Decisions<blockquote>在央行做出更多决定之前，股市将扩大涨幅</blockquote>

2021-12-15

PYPL

PayPal Holdings: Buying This Dip Will Make You Pay Pal<blockquote>PayPal控股：逢低买入会让你付出代价</blockquote>

2021-12-15

Rebound

Things look better for GameStop and AMC as retail buys into a dip, but things still look pretty terrible for Robinhood<blockquote>随着零售购买陷入低迷，游戏驿站和 AMC 的情况看起来有所好转，但 Robinhood 的情况看起来仍然相当糟糕</blockquote>

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10:47","market":"us","language":"en","title":"Why AMD Stock Lit Up Today<blockquote>为什么 AMD 股票今天上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178753028","media":"Motley Fool","summary":"What happened\nSemiconductor giantAdvanced Micro Devices(NASDAQ:AMD)stock is up a solid 5.7% as of 2:","content":"<p>What happened</p><p><blockquote>发生了什么事</blockquote></p><p> Semiconductor giant<b>Advanced Micro Devices</b>(NASDAQ:AMD)stock is up a solid 5.7% as of 2:05 p.m. ET Monday -- the first trading day after the Christmas break. Curiously, the reason that AMD stock is up today is the same thing that's been bugging semiconductor investors all year long:&nbsp;the&nbsp;global semiconductor shortage.</p><p><blockquote>半导体巨头<b>先进微器件</b>截至下午 2:05，（纳斯达克股票代码：AMD）股价稳步上涨 5.7%。美国东部时间周一——圣诞节假期后的第一个交易日。奇怪的是，AMD 股价今天上涨的原因与困扰半导体投资者一整年的事情是一样的：全球半导体短缺。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> By now this story should be familiar to you. All year long, companies that build things that need semiconductors to run them -- which, at this point in history, means everything from PCs to cellphones to cars to kids' toys -- have struggled to get enough semiconductors to manufacture all the products that their customers want to buy.</p><p><blockquote>现在你应该已经熟悉这个故事了。一整年，制造需要半导体来运行的东西的公司——在历史的这个阶段，半导体意味着从个人电脑到手机到汽车到儿童玩具的一切——一直在努力获得足够的半导体来制造所有的产品他们的客户想要购买。</blockquote></p><p> Evensemiconductor manufacturers&nbsp;are in something of a bind. On the one hand, constrained chip supplies mean semiconductor makers can charge more money for their chips -- but only if they have enough manufacturing capacity to make those chips in the first place. This is why the latest semiconductor news is such&nbsp;<i>good</i>&nbsp;news for AMD stock.</p><p><blockquote>甚至半导体制造商也陷入了某种困境。一方面，芯片供应受限意味着半导体制造商可以为其芯片收取更多费用——但前提是他们一开始就有足够的制造能力来制造这些芯片。这就是为什么最新的半导体新闻是这样的<i>好的</i>AMD 股票新闻。</blockquote></p><p> As Reuters reported on Thursday, just ahead of the Christmas break, AMD was able to amend and extend its contract manufacturing agreement with<b>GlobalFoundries</b>(NASDAQ:GFS). Instead of having GlobalFoundries send it just $1.6 billion worth of silicon wafers between 2022 and 2024, AMD will buy $2.1 billion in wafers from 2022 to 2025.</p><p><blockquote>据路透社周四报道，就在圣诞节假期之前，AMD 能够修改并延长与<b>全球代工厂</b>（纳斯达克股票代码：GFS）AMD 将在 2022 年至 2025 年间购买价值 21 亿美元的晶圆，而不是让 GlobalFoundries 在 2022 年至 2024 年间仅向其运送价值 16 亿美元的硅片。</blockquote></p><p> Now what</p><p><blockquote>现在呢</blockquote></p><p> Of course, this could actually be a \"good news, bad news\" development for AMD when you think about it. On the one hand, AMD has extended its access to GlobalFoundries', er, foundries for an extra year. On the other hand, though, extending a three-year contract by one year is a 33.3% extension in time, while the number of chips AMD is buying over that longer timespan is just 31.2% more than it was scheduled to acquire over the original three-year timespan.</p><p><blockquote>当然，仔细想想，这对AMD来说实际上可能是一个“好消息，坏消息”的发展。一方面，AMD 已将其对 GlobalFoundries 的代工厂的访问权限延长了一年。但另一方面，将三年期合同延长一年是延长 33.3% 的时间，而 AMD 在更长的时间内购买的芯片数量仅比其计划在原来的三年时间内购买的芯片数量多 31.2%。</blockquote></p><p> Net-net, that works out to slightly&nbsp;<i>less</i>&nbsp;access to GlobalFoundries' manufacturing capacity in the fourth year of the contract than in the original three years. And one also has to wonder if, given the rising prices of semiconductors globally, the extra $500 million AMD will be paying for the fourth year, will buy as large a volume of chips as the company was already contracted to acquire in the first three years of the contract -- a fact Reuters didn't elaborate on.</p><p><blockquote>Net-net，这似乎有点<i>低于</i>与最初三年相比，在合同的第四年获得 GlobalFoundries 的制造能力。人们还不得不怀疑，鉴于全球半导体价格上涨，AMD 将在第四年额外支付的 5 亿美元是否会购买与该公司已经签约收购的芯片数量一样多的芯片合同的前三年——路透社没有详细说明这一事实。</blockquote></p><p> Until we&nbsp;learn more about this deal, the answer to that question will remain up in the air.</p><p><blockquote>在我们对这笔交易有更多了解之前，这个问题的答案仍将悬而未决。</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>Why AMD Stock Lit Up Today<blockquote>为什么 AMD 股票今天上涨</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\">\nWhy AMD Stock Lit Up Today<blockquote>为什么 AMD 股票今天上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-28 10:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What happened</p><p><blockquote>发生了什么事</blockquote></p><p> Semiconductor giant<b>Advanced Micro Devices</b>(NASDAQ:AMD)stock is up a solid 5.7% as of 2:05 p.m. ET Monday -- the first trading day after the Christmas break. Curiously, the reason that AMD stock is up today is the same thing that's been bugging semiconductor investors all year long:&nbsp;the&nbsp;global semiconductor shortage.</p><p><blockquote>半导体巨头<b>先进微器件</b>截至下午 2:05，（纳斯达克股票代码：AMD）股价稳步上涨 5.7%。美国东部时间周一——圣诞节假期后的第一个交易日。奇怪的是，AMD 股价今天上涨的原因与困扰半导体投资者一整年的事情是一样的：全球半导体短缺。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> By now this story should be familiar to you. All year long, companies that build things that need semiconductors to run them -- which, at this point in history, means everything from PCs to cellphones to cars to kids' toys -- have struggled to get enough semiconductors to manufacture all the products that their customers want to buy.</p><p><blockquote>现在你应该已经熟悉这个故事了。一整年，制造需要半导体来运行的东西的公司——在历史的这个阶段，半导体意味着从个人电脑到手机到汽车到儿童玩具的一切——一直在努力获得足够的半导体来制造所有的产品他们的客户想要购买。</blockquote></p><p> Evensemiconductor manufacturers&nbsp;are in something of a bind. On the one hand, constrained chip supplies mean semiconductor makers can charge more money for their chips -- but only if they have enough manufacturing capacity to make those chips in the first place. This is why the latest semiconductor news is such&nbsp;<i>good</i>&nbsp;news for AMD stock.</p><p><blockquote>甚至半导体制造商也陷入了某种困境。一方面，芯片供应受限意味着半导体制造商可以为其芯片收取更多费用——但前提是他们一开始就有足够的制造能力来制造这些芯片。这就是为什么最新的半导体新闻是这样的<i>好的</i>AMD 股票新闻。</blockquote></p><p> As Reuters reported on Thursday, just ahead of the Christmas break, AMD was able to amend and extend its contract manufacturing agreement with<b>GlobalFoundries</b>(NASDAQ:GFS). Instead of having GlobalFoundries send it just $1.6 billion worth of silicon wafers between 2022 and 2024, AMD will buy $2.1 billion in wafers from 2022 to 2025.</p><p><blockquote>据路透社周四报道，就在圣诞节假期之前，AMD 能够修改并延长与<b>全球代工厂</b>（纳斯达克股票代码：GFS）AMD 将在 2022 年至 2025 年间购买价值 21 亿美元的晶圆，而不是让 GlobalFoundries 在 2022 年至 2024 年间仅向其运送价值 16 亿美元的硅片。</blockquote></p><p> Now what</p><p><blockquote>现在呢</blockquote></p><p> Of course, this could actually be a \"good news, bad news\" development for AMD when you think about it. On the one hand, AMD has extended its access to GlobalFoundries', er, foundries for an extra year. On the other hand, though, extending a three-year contract by one year is a 33.3% extension in time, while the number of chips AMD is buying over that longer timespan is just 31.2% more than it was scheduled to acquire over the original three-year timespan.</p><p><blockquote>当然，仔细想想，这对AMD来说实际上可能是一个“好消息，坏消息”的发展。一方面，AMD 已将其对 GlobalFoundries 的代工厂的访问权限延长了一年。但另一方面，将三年期合同延长一年是延长 33.3% 的时间，而 AMD 在更长的时间内购买的芯片数量仅比其计划在原来的三年时间内购买的芯片数量多 31.2%。</blockquote></p><p> Net-net, that works out to slightly&nbsp;<i>less</i>&nbsp;access to GlobalFoundries' manufacturing capacity in the fourth year of the contract than in the original three years. And one also has to wonder if, given the rising prices of semiconductors globally, the extra $500 million AMD will be paying for the fourth year, will buy as large a volume of chips as the company was already contracted to acquire in the first three years of the contract -- a fact Reuters didn't elaborate on.</p><p><blockquote>Net-net，这似乎有点<i>低于</i>与最初三年相比，在合同的第四年获得 GlobalFoundries 的制造能力。人们还不得不怀疑，鉴于全球半导体价格上涨，AMD 将在第四年额外支付的 5 亿美元是否会购买与该公司已经签约收购的芯片数量一样多的芯片合同的前三年——路透社没有详细说明这一事实。</blockquote></p><p> Until we&nbsp;learn more about this deal, the answer to that question will remain up in the air.</p><p><blockquote>在我们对这笔交易有更多了解之前，这个问题的答案仍将悬而未决。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/27/why-amd-stock-lit-up-today/\">Motley Fool</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.fool.com/investing/2021/12/27/why-amd-stock-lit-up-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178753028","content_text":"What happened\nSemiconductor giantAdvanced Micro Devices(NASDAQ:AMD)stock is up a solid 5.7% as of 2:05 p.m. ET Monday -- the first trading day after the Christmas break. Curiously, the reason that AMD stock is up today is the same thing that's been bugging semiconductor investors all year long: the global semiconductor shortage.\nSo what\nBy now this story should be familiar to you. All year long, companies that build things that need semiconductors to run them -- which, at this point in history, means everything from PCs to cellphones to cars to kids' toys -- have struggled to get enough semiconductors to manufacture all the products that their customers want to buy.\nEvensemiconductor manufacturers are in something of a bind. On the one hand, constrained chip supplies mean semiconductor makers can charge more money for their chips -- but only if they have enough manufacturing capacity to make those chips in the first place. This is why the latest semiconductor news is such good news for AMD stock.\nAs Reuters reported on Thursday, just ahead of the Christmas break, AMD was able to amend and extend its contract manufacturing agreement withGlobalFoundries(NASDAQ:GFS). Instead of having GlobalFoundries send it just $1.6 billion worth of silicon wafers between 2022 and 2024, AMD will buy $2.1 billion in wafers from 2022 to 2025.\nNow what\nOf course, this could actually be a \"good news, bad news\" development for AMD when you think about it. On the one hand, AMD has extended its access to GlobalFoundries', er, foundries for an extra year. On the other hand, though, extending a three-year contract by one year is a 33.3% extension in time, while the number of chips AMD is buying over that longer timespan is just 31.2% more than it was scheduled to acquire over the original three-year timespan.\nNet-net, that works out to slightly less access to GlobalFoundries' manufacturing capacity in the fourth year of the contract than in the original three years. And one also has to wonder if, given the rising prices of semiconductors globally, the extra $500 million AMD will be paying for the fourth year, will buy as large a volume of chips as the company was already contracted to acquire in the first three years of the contract -- a fact Reuters didn't elaborate on.\nUntil we learn more about this deal, the answer to that question will remain up in the air.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":3824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698758957,"gmtCreate":1640563445770,"gmtModify":1640563446349,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"🎅 🎅🎅","listText":"🎅 🎅🎅","text":"🎅 🎅🎅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698758957","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohunote.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</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; 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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\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</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":{"SPY.AU":"SPDR® S&P 500® ETF Trust","FCEL":"燃料电池能源","BK4541":"氢能源","BK4096":"电气部件与设备"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"FCEL":0.9,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":4804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698289992,"gmtCreate":1640405712590,"gmtModify":1640405936079,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"EV&nbsp;","listText":"EV&nbsp;","text":"EV","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698289992","repostId":"1173048178","repostType":4,"repost":{"id":"1173048178","kind":"news","pubTimestamp":1640393368,"share":"https://www.laohunote.com/m/news/1173048178?lang=zh_CN&edition=full","pubTime":"2021-12-25 08:49","market":"us","language":"en","title":"A Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173048178","media":"Benzinga","summary":"Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish lists for the EV makers.Christmas Wish List:The EV sectors would be hoping for two things heading into Christmas and the end of the year, Ives said.Moderation in the chip shortage that severely constrained production.Hope the EV demand inflection predicted for 2022 materializes.$5T Market Opportunit","content":"<p><div> Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish ...</p><p><blockquote><div>华尔街一致认为未来几年将出现巨大的电动汽车市场机遇。在这种背景下，韦德布什的一位分析师思考了圣诞愿望可能是什么……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>A Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</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\">\nA Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-25 08:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish ...</p><p><blockquote><div>华尔街一致认为未来几年将出现巨大的电动汽车市场机遇。在这种背景下，韦德布什的一位分析师思考了圣诞愿望可能是什么……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">Benzinga</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":{"F":"福特汽车","TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173048178","content_text":"Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish lists for the EV makers.\nChristmas Wish List:The EV sectors would be hoping for two things heading into Christmas and the end of the year, Ives said.\n\nModeration in the chip shortage that severely constrained production.\nHope the EV demand inflection predicted for 2022 materializes.\n\n$5T Market Opportunity Over Next Decade: The EV revolution expected to materialize in 2022 and beyond will translate to a $5 trillion market opportunity over the next decade, Ives said in the note. Tesla Inc(NASDAQ:TSLA) will be the major beneficiary of the inflection, the analyst said.\nOthers such as traditional automakers General Motors Company(NYSE:GM), Volkswagen AG(OTC:VWAGY) and Ford Motor Company(NYSE:F), as well as EV-focused vendorsCanoo Inc(NASDAQ:GOEV), Lucid Group Inc(NASDAQ:LCID), Fisker Inc(NYSE:FSR) and Rivian Automotive Inc(NASDAQ:RIVN) also stand to capitalize, he added.\nEurope and China have seen a clear acceleration in EV adoption. The U.S., with just 2% penetration, lags behind, the analyst noted.\nEV supply chain plays such as Li-Cycle Holdings Corp(NYSE:LICY), ChargePoint Holdings Inc(NYSE:CHPT), Evgo Inc(NASDAQ:EVGO), Electric Last Mile Solutions Inc(NASDAQ:ELMS), Xos Inc(NASDAQ:XOS) and Hyzon Motors Inc(NASDAQ:HYZN), among others are well-positioned to benefit, Ives said.\nOn the software front, connected data plays such as Wejo Group Ltd(NASDAQ:WEJO) are likely to benefit from the next generation of EVs and adoption taking hold over the next 12 to 18 months, he added.\nEV Valuations Reflecting Future Growth: EV valuations continue to soar, leading many to wonder whether this is a bubble or the first stage of a decade-long EV metamorphosis, Ives said.\n\"The EV stocks are reflecting future parabolic growth and margin potential over the coming years, with now the execution/capacity story taking hold into 2022,\" the analyst wrote in the note.","news_type":1,"symbols_score_info":{"TSLA":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":4838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698151399,"gmtCreate":1640324872211,"gmtModify":1640324872819,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"TSLA","listText":"TSLA","text":"TSLA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698151399","repostId":"1108174302","repostType":4,"repost":{"id":"1108174302","kind":"news","pubTimestamp":1640315277,"share":"https://www.laohunote.com/m/news/1108174302?lang=zh_CN&edition=full","pubTime":"2021-12-24 11:07","market":"us","language":"en","title":"Tesla Stock Will Take Off in 2022 Thanks to a New Battery Deal<blockquote>得益于新的电池交易，特斯拉股价将于 2022 年上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108174302","media":"InvestorPlace","summary":"It’s been a tough month, but as the holidays rapidly approach,Tesla(NASDAQ:TSLA) is poised to delive","content":"<p><div> It’s been a tough month, but as the holidays rapidly approach,Tesla(NASDAQ:TSLA) is poised to deliver the gift of high returns to its investors. The leader of the electric vehicle (EV) race has ...</p><p><blockquote><div>这是艰难的一个月，但随着假期的迅速临近，特斯拉（纳斯达克股票代码：TSLA）准备为投资者带来高回报。电动汽车（EV）竞赛的领导者……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/tesla-stock-will-take-off-in-2022-thanks-to-a-new-battery-deal/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/tesla-stock-will-take-off-in-2022-thanks-to-a-new-battery-deal/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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 Stock Will Take Off in 2022 Thanks to a New Battery Deal<blockquote>得益于新的电池交易，特斯拉股价将于 2022 年上涨</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 Stock Will Take Off in 2022 Thanks to a New Battery Deal<blockquote>得益于新的电池交易，特斯拉股价将于 2022 年上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-24 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> It’s been a tough month, but as the holidays rapidly approach,Tesla(NASDAQ:TSLA) is poised to deliver the gift of high returns to its investors. The leader of the electric vehicle (EV) race has ...</p><p><blockquote><div>这是艰难的一个月，但随着假期的迅速临近，特斯拉（纳斯达克股票代码：TSLA）准备为投资者带来高回报。电动汽车（EV）竞赛的领导者……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/tesla-stock-will-take-off-in-2022-thanks-to-a-new-battery-deal/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/tesla-stock-will-take-off-in-2022-thanks-to-a-new-battery-deal/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/tesla-stock-will-take-off-in-2022-thanks-to-a-new-battery-deal/\">InvestorPlace</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":{"SYAAF":"Syrah Resources Ltd.","TSLA":"特斯拉"},"source_url":"https://investorplace.com/2021/12/tesla-stock-will-take-off-in-2022-thanks-to-a-new-battery-deal/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108174302","content_text":"It’s been a tough month, but as the holidays rapidly approach,Tesla(NASDAQ:TSLA) is poised to deliver the gift of high returns to its investors. The leader of the electric vehicle (EV) race has finally regained the momentum that it lost early in December. Indeed, Tesla stock has been rising all week with only minimal downticks. Despite the growing number of analyst reports that predict a year of slower growth for the EV sector, recent developments have helped push Tesla stock back onto the road. Most recently, the company announced a new deal that promises to help streamline battery production.\nThe Latest Driver of TSLA Stock\nIt’s well known that battery production has posed many complications for the fast-growing EV sector. Today brought a significant step for Tesla as the company announced a deal with Australian graphite miner Syrah Resources(OTCMKTS:SYAAF). Syrah Resources will supply Tesla with its battery-ready graphite processed at its U.S. facility in Louisiana. Tesla stock isn’t the only one that has reacted well to this news.\nBoth stocks are rising today, with Tesla stock shooting straight up by 5.76% and the small cap Syrah rising by an astounding 83.14% today. While Tesla’s gains are nowhere near as high as that of its new partner, investors should see this news for the bigger picture. A giant of industry has taken a step that will put it significantly ahead of its competitors. Indeed, this should help Tesla in its quest to conquer one of the challenges it has faced throughout recent years.\nIt’s clear that investors see this deal as being quite beneficial to both companies, and they are not wrong. For a little-known mining company, the chance to partner with the EV leader likely means a ride to the top. This is especially true as Tesla streamlines its battery production process.\nEqually important is the fact that Tesla’s decision comes not a moment too soon. Two days ago,Electrek reported that not only was a global graphite deficit looming, it was predicted to start as early as 2022. The material is critical in the production of EV batteries. However, 84% of its global supply is currently from China.\nTesla’s new partnership will enable it to remain well supplied throughout a difficult time.\nThe EV sector may be in for slower growth in 2022, but that doesn’t mean companies won’t take steps to advance and prioritize innovative measures. Tesla is doing exactly that. Furthermore, this partnership will help secure its position of power for years to come as the graphite deficit takes shape.\nMoves like this should inspire investor confidence as Wall Street prepares for a less profitable year from EV stocks across the board. Tesla stock has seen its share of turbulence. However, the company is doing everything it can to prevent such patterns from repeating in 2022.","news_type":1,"symbols_score_info":{"TSLA":0.9,"SYAAF":0.9}},"isVote":1,"tweetType":1,"viewCount":3838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698153476,"gmtCreate":1640324850141,"gmtModify":1640324850687,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"On watchlist","listText":"On watchlist","text":"On watchlist","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698153476","repostId":"1155518588","repostType":4,"repost":{"id":"1155518588","kind":"news","pubTimestamp":1640315866,"share":"https://www.laohunote.com/m/news/1155518588?lang=zh_CN&edition=full","pubTime":"2021-12-24 11:17","market":"us","language":"en","title":"Want to Be a Millionaire? 2 Stocks to Buy and Hold for the Next Decade<blockquote>想成为百万富翁吗？未来十年值得买入和持有的 2 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155518588","media":"Motley Fool","summary":"$250,000 invested in these businesses could be worth $1 million in 10 years.","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Consumers will spend $7.4 trillion online by 2025, up 50% from $4.9 trillion in 2021.</li>  <li>MercadoLibre is the largest online marketplace in Latin America.</li>  <li>Shopify is the most popular e-commerce software vendor.</li> </ul> According to eMarketer, consumers will spend $4.9 trillion shopping online this year, and that figure is expected to grow at an annualized rate of 10.7% to reach $7.4 trillion by 2025. Even then, e-commerce will represent just 25% of total retail spending, leaving plenty of room for future growth. That creates a significant opportunity for investors.</p><p><blockquote><ul><li>到2025年，消费者将在网上花费7.4万亿美元，比2021年的4.9万亿美元增长50%。</li><li>MercadoLibre是拉丁美洲最大的在线市场。</li><li>Shopify是最受欢迎的电子商务软件供应商。</li></ul>根据eMarketer的数据，消费者今年将在网上购物上花费4.9万亿美元，预计到2025年，这一数字将以10.7%的年化增长率增长，达到7.4万亿美元。即便如此，电子商务也仅占零售总支出的25%，为未来的增长留下了充足的空间。这为投资者创造了一个重要的机会。</blockquote></p><p> With that in mind,<b>MercadoLibre</b>(NASDAQ:MELI)&nbsp;and&nbsp;<b>Shopify</b>(NYSE:SHOP)&nbsp;have become key players in the&nbsp;e-commerce industry. Both businesses benefit from strong competitive positions, and I think both stocks could grow fourfold over the next decade, a pace that would turn $250,000 into $1 million.</p><p><blockquote>考虑到这一点，<b>自由市场</b>（纳斯达克股票代码：MELI）和<b>商店</b>（纽约证券交易所代码：SHOP）已成为电子商务行业的关键参与者。两家企业都受益于强大的竞争地位，我认为这两只股票在未来十年内都可能增长四倍，这一速度将使 25 万美元增加到 100 万美元。</blockquote></p><p> Here's what you should know.</p><p><blockquote>以下是你应该知道的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2a171fc5fe60ac9d0335362d62ab885\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. MercadoLibre</b></p><p><blockquote><b>1. 自由市场</b></blockquote></p><p> MercadoLibre is the largest e-commerce and fintech platform in Latin America. The company operates across 18 countries, and in each region its marketplace is the leader in terms of unique visitors and page views. To reinforce that advantage, it offers a number of value-added services to its merchants, including payment processing, financing, advertising, and logistics support.</p><p><blockquote>MercadoLibre是拉丁美洲最大的电子商务和金融科技平台。该公司在18个国家开展业务，在每个地区，其市场在独立访问者和页面浏览量方面都处于领先地位。为了巩固这一优势，它向商家提供许多增值服务，包括支付处理、融资、广告和物流支持。</blockquote></p><p> The company's fintech platform, Mercado Pago, is of particular importance. A relatively small percentage of the Latin American population has access to bank accounts and debit cards, and Mercado Pago democratizes access to financial services, allowing consumers to fund purchases both online and offline. Mercado Pago allows MercadoLibre to monetize commerce more broadly, even when the transactions don't occur on its marketplace.</p><p><blockquote>该公司的金融科技平台 Mercado Pago 尤为重要。相对较小比例的拉丁美洲人口可以使用银行账户和借记卡，Mercado Pago 使金融服务的获取更加民主化，允许消费者在线和线下为购物提供资金。Mercado Pago 允许 MercadoLibre 更广泛地将商业货币化，即使交易并未发生在其市场上。</blockquote></p><p> Collectively, MercadoLibre's scale and product portfolio create a powerful network effect. Merchants naturally gravitate toward the most popular marketplace, and consumers seek out the greatest product selection. In other words, each new merchant creates value for every consumer, and each new consumer creates value for every merchant. And the same dynamic applies to Mercado Pago.</p><p><blockquote>总的来说，MercadoLibre的规模和产品组合创造了强大的网络效应。商家自然会被最受欢迎的市场所吸引，而消费者则会寻求最大的产品选择。换句话说，每个新商家都为每个消费者创造价值，每个新消费者都为每个商家创造价值。同样的动态也适用于Mercado Pago。</blockquote></p><p> That virtuous cycle has translated into strong sales growth.</p><p><blockquote>这种良性循环转化为强劲的销售增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cbd0c937796cf8e168e3b31db62072f\" tg-width=\"1148\" tg-height=\"161\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: YCHARTS. TTM = TRAILING-12-MONTHS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCHARTS。TTM=过去12个月。</span></p></blockquote></p><p> Also noteworthy: MercadoLibre is profitable on a&nbsp;GAAP basis, generating net income of $78.8 million over the last 12 months, up from a loss of $4.1 million&nbsp;in the previous year.</p><p><blockquote>同样值得注意的是：MercadoLibre 按 GAAP 计算是盈利的，过去 12 个月净利润为 7880 万美元，高于上一年的亏损 410 万美元。</blockquote></p><p> Internet penetration currently sits at 62%&nbsp;in Latin America, far lower than the 95%&nbsp;internet penetration in North America. As that number trends upward in the coming years, e-commerce and digital payments should become increasingly popular with consumers, and MercadoLibre's strong competitive position means it should be a major beneficiary.</p><p><blockquote>拉丁美洲的互联网普及率目前为62%，远低于北美95%的互联网普及率。随着未来几年这一数字呈上升趋势，电子商务和数字支付应该会越来越受到消费者的欢迎，而 MercadoLibre 强大的竞争地位意味着它应该成为主要受益者。</blockquote></p><p> Here's the bottom line: Despite its strong financial performance and massive market opportunity, MercadoLibre is still just a $62 billion business. But if the company can maintain its competitive edge, it's easy to imagine MercadoLibre as a $248 billion company a decade from now. In fact, I think&nbsp;this stock could grow tenfold&nbsp;over the next 10 to 15 years.</p><p><blockquote>底线是：尽管 MercadoLibre 拥有强劲的财务业绩和巨大的市场机会，但它仍然只是一家价值 620 亿美元的企业。但如果该公司能够保持其竞争优势，那么很容易想象 MercadoLibre 十年后将成为一家市值 2480 亿美元的公司。事实上，我认为这只股票在未来 10 到 15 年内可能会增长十倍。</blockquote></p><p> <b>2. Shopify</b></p><p><blockquote><b>2. 商店</b></blockquote></p><p> Shopify takes a slightly different approach. Its software helps merchants build their own custom websites, and it syncs sales across physical and digital storefronts, making it easy to manage an omnichannel business. Shopify also provides value-added services like payment processing, shipping, and financing, as well as tools for money management and marketing.</p><p><blockquote>Shopify采取了略有不同的方法。它的软件帮助商家建立自己的定制网站，并同步实体和数字店面的销售，使管理全渠道业务变得容易。Shopify 还提供支付处理、运输和融资等增值服务，以及资金管理和营销工具。</blockquote></p><p> In short, Shopify helps businesses build their own brands and forge lasting relationships with customers. And the company's comprehensive portfolio of software and services makes its platform very sticky, which has translated into strong demand. In fact, Shopify is the most popular e-commerce software in the world, powering approximately 27% of online storefronts.</p><p><blockquote>简而言之，Shopify帮助企业建立自己的品牌，并与客户建立持久的关系。该公司全面的软件和服务组合使其平台非常粘性，这转化为强劲的需求。事实上，Shopify是世界上最受欢迎的电子商务软件，为大约27%的在线店面提供支持。</blockquote></p><p> To reinforce that advantage, Shopify launched the Shop mobile app last year, a product designed to drive buyer engagement and repeat purchases. Specifically, the Shop app allows consumers to find and follow new brands, receive relevant product recommendations, and track orders. The app is now available in 17&nbsp;different countries.</p><p><blockquote>为了巩固这一优势，Shopify 去年推出了 Shop mobile 应用程序，该产品旨在推动买家参与度和重复购买。具体来说，商店应用程序允许消费者查找和关注新品牌，接收相关产品推荐，并跟踪订单。该应用程序现已在17个不同的国家推出。</blockquote></p><p> Collectively, Shopify's ambitious growth strategy and strong competitive position have powered an impressive top-line performance over the past year.</p><p><blockquote>总体而言，Shopify 雄心勃勃的增长战略和强大的竞争地位推动了过去一年令人印象深刻的营收业绩。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/589e4a47d2a21c066d305f839e18a2c6\" tg-width=\"1148\" tg-height=\"162\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: YCHARTS. TTM = TRAILING-12-MONTHS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCHARTS。TTM=过去12个月。</span></p></blockquote></p><p> Like MercadoLibre, Shopify is profitable on a GAAP basis. The company generated $3.4 billion&nbsp;in net income over the past 12 months. And while the vast majority of that came from unrealized gains on investments,adjusted net income&nbsp;(which excludes those gains) was&nbsp;still&nbsp;$840.4 million, up&nbsp;145% from the prior year.</p><p><blockquote>与 MercadoLibre 一样，Shopify 按 GAAP 计算也是盈利的。该公司在过去12个月中创造了34亿美元的净利润。虽然其中绝大部分来自未实现的投资收益，但调整后净利润（不包括这些收益）仍为 8.404 亿美元，比上年增长 145%。</blockquote></p><p> Going forward, Shopify is well positioned to maintain that momentum. The company puts its addressable market at $153 billion,, and management is executing on a smart growth strategy. I think those tailwinds could transform this $172 billion business into a $688 billion enterprise over the next decade, a pace that would produce fourfold returns for shareholders.</p><p><blockquote>展望未来，Shopify 完全有能力保持这一势头。该公司将其潜在市场定为1530亿美元，管理层正在执行明智的增长战略。我认为这些推动力可能会在未来十年将这家价值 1,720 亿美元的企业转变为一家价值 6,880 亿美元的企业，这一速度将为股东带来四倍的回报。</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>Want to Be a Millionaire? 2 Stocks to Buy and Hold for the Next Decade<blockquote>想成为百万富翁吗？未来十年值得买入和持有的 2 只股票</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\">\nWant to Be a Millionaire? 2 Stocks to Buy and Hold for the Next Decade<blockquote>想成为百万富翁吗？未来十年值得买入和持有的 2 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-24 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Consumers will spend $7.4 trillion online by 2025, up 50% from $4.9 trillion in 2021.</li>  <li>MercadoLibre is the largest online marketplace in Latin America.</li>  <li>Shopify is the most popular e-commerce software vendor.</li> </ul> According to eMarketer, consumers will spend $4.9 trillion shopping online this year, and that figure is expected to grow at an annualized rate of 10.7% to reach $7.4 trillion by 2025. Even then, e-commerce will represent just 25% of total retail spending, leaving plenty of room for future growth. That creates a significant opportunity for investors.</p><p><blockquote><ul><li>到2025年，消费者将在网上花费7.4万亿美元，比2021年的4.9万亿美元增长50%。</li><li>MercadoLibre是拉丁美洲最大的在线市场。</li><li>Shopify是最受欢迎的电子商务软件供应商。</li></ul>根据eMarketer的数据，消费者今年将在网上购物上花费4.9万亿美元，预计到2025年，这一数字将以10.7%的年化增长率增长，达到7.4万亿美元。即便如此，电子商务也仅占零售总支出的25%，为未来的增长留下了充足的空间。这为投资者创造了一个重要的机会。</blockquote></p><p> With that in mind,<b>MercadoLibre</b>(NASDAQ:MELI)&nbsp;and&nbsp;<b>Shopify</b>(NYSE:SHOP)&nbsp;have become key players in the&nbsp;e-commerce industry. Both businesses benefit from strong competitive positions, and I think both stocks could grow fourfold over the next decade, a pace that would turn $250,000 into $1 million.</p><p><blockquote>考虑到这一点，<b>自由市场</b>（纳斯达克股票代码：MELI）和<b>商店</b>（纽约证券交易所代码：SHOP）已成为电子商务行业的关键参与者。两家企业都受益于强大的竞争地位，我认为这两只股票在未来十年内都可能增长四倍，这一速度将使 25 万美元增加到 100 万美元。</blockquote></p><p> Here's what you should know.</p><p><blockquote>以下是你应该知道的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2a171fc5fe60ac9d0335362d62ab885\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. MercadoLibre</b></p><p><blockquote><b>1. 自由市场</b></blockquote></p><p> MercadoLibre is the largest e-commerce and fintech platform in Latin America. The company operates across 18 countries, and in each region its marketplace is the leader in terms of unique visitors and page views. To reinforce that advantage, it offers a number of value-added services to its merchants, including payment processing, financing, advertising, and logistics support.</p><p><blockquote>MercadoLibre是拉丁美洲最大的电子商务和金融科技平台。该公司在18个国家开展业务，在每个地区，其市场在独立访问者和页面浏览量方面都处于领先地位。为了巩固这一优势，它向商家提供许多增值服务，包括支付处理、融资、广告和物流支持。</blockquote></p><p> The company's fintech platform, Mercado Pago, is of particular importance. A relatively small percentage of the Latin American population has access to bank accounts and debit cards, and Mercado Pago democratizes access to financial services, allowing consumers to fund purchases both online and offline. Mercado Pago allows MercadoLibre to monetize commerce more broadly, even when the transactions don't occur on its marketplace.</p><p><blockquote>该公司的金融科技平台 Mercado Pago 尤为重要。相对较小比例的拉丁美洲人口可以使用银行账户和借记卡，Mercado Pago 使金融服务的获取更加民主化，允许消费者在线和线下为购物提供资金。Mercado Pago 允许 MercadoLibre 更广泛地将商业货币化，即使交易并未发生在其市场上。</blockquote></p><p> Collectively, MercadoLibre's scale and product portfolio create a powerful network effect. Merchants naturally gravitate toward the most popular marketplace, and consumers seek out the greatest product selection. In other words, each new merchant creates value for every consumer, and each new consumer creates value for every merchant. And the same dynamic applies to Mercado Pago.</p><p><blockquote>总的来说，MercadoLibre的规模和产品组合创造了强大的网络效应。商家自然会被最受欢迎的市场所吸引，而消费者则会寻求最大的产品选择。换句话说，每个新商家都为每个消费者创造价值，每个新消费者都为每个商家创造价值。同样的动态也适用于Mercado Pago。</blockquote></p><p> That virtuous cycle has translated into strong sales growth.</p><p><blockquote>这种良性循环转化为强劲的销售增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cbd0c937796cf8e168e3b31db62072f\" tg-width=\"1148\" tg-height=\"161\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: YCHARTS. TTM = TRAILING-12-MONTHS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCHARTS。TTM=过去12个月。</span></p></blockquote></p><p> Also noteworthy: MercadoLibre is profitable on a&nbsp;GAAP basis, generating net income of $78.8 million over the last 12 months, up from a loss of $4.1 million&nbsp;in the previous year.</p><p><blockquote>同样值得注意的是：MercadoLibre 按 GAAP 计算是盈利的，过去 12 个月净利润为 7880 万美元，高于上一年的亏损 410 万美元。</blockquote></p><p> Internet penetration currently sits at 62%&nbsp;in Latin America, far lower than the 95%&nbsp;internet penetration in North America. As that number trends upward in the coming years, e-commerce and digital payments should become increasingly popular with consumers, and MercadoLibre's strong competitive position means it should be a major beneficiary.</p><p><blockquote>拉丁美洲的互联网普及率目前为62%，远低于北美95%的互联网普及率。随着未来几年这一数字呈上升趋势，电子商务和数字支付应该会越来越受到消费者的欢迎，而 MercadoLibre 强大的竞争地位意味着它应该成为主要受益者。</blockquote></p><p> Here's the bottom line: Despite its strong financial performance and massive market opportunity, MercadoLibre is still just a $62 billion business. But if the company can maintain its competitive edge, it's easy to imagine MercadoLibre as a $248 billion company a decade from now. In fact, I think&nbsp;this stock could grow tenfold&nbsp;over the next 10 to 15 years.</p><p><blockquote>底线是：尽管 MercadoLibre 拥有强劲的财务业绩和巨大的市场机会，但它仍然只是一家价值 620 亿美元的企业。但如果该公司能够保持其竞争优势，那么很容易想象 MercadoLibre 十年后将成为一家市值 2480 亿美元的公司。事实上，我认为这只股票在未来 10 到 15 年内可能会增长十倍。</blockquote></p><p> <b>2. Shopify</b></p><p><blockquote><b>2. 商店</b></blockquote></p><p> Shopify takes a slightly different approach. Its software helps merchants build their own custom websites, and it syncs sales across physical and digital storefronts, making it easy to manage an omnichannel business. Shopify also provides value-added services like payment processing, shipping, and financing, as well as tools for money management and marketing.</p><p><blockquote>Shopify采取了略有不同的方法。它的软件帮助商家建立自己的定制网站，并同步实体和数字店面的销售，使管理全渠道业务变得容易。Shopify 还提供支付处理、运输和融资等增值服务，以及资金管理和营销工具。</blockquote></p><p> In short, Shopify helps businesses build their own brands and forge lasting relationships with customers. And the company's comprehensive portfolio of software and services makes its platform very sticky, which has translated into strong demand. In fact, Shopify is the most popular e-commerce software in the world, powering approximately 27% of online storefronts.</p><p><blockquote>简而言之，Shopify帮助企业建立自己的品牌，并与客户建立持久的关系。该公司全面的软件和服务组合使其平台非常粘性，这转化为强劲的需求。事实上，Shopify是世界上最受欢迎的电子商务软件，为大约27%的在线店面提供支持。</blockquote></p><p> To reinforce that advantage, Shopify launched the Shop mobile app last year, a product designed to drive buyer engagement and repeat purchases. Specifically, the Shop app allows consumers to find and follow new brands, receive relevant product recommendations, and track orders. The app is now available in 17&nbsp;different countries.</p><p><blockquote>为了巩固这一优势，Shopify 去年推出了 Shop mobile 应用程序，该产品旨在推动买家参与度和重复购买。具体来说，商店应用程序允许消费者查找和关注新品牌，接收相关产品推荐，并跟踪订单。该应用程序现已在17个不同的国家推出。</blockquote></p><p> Collectively, Shopify's ambitious growth strategy and strong competitive position have powered an impressive top-line performance over the past year.</p><p><blockquote>总体而言，Shopify 雄心勃勃的增长战略和强大的竞争地位推动了过去一年令人印象深刻的营收业绩。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/589e4a47d2a21c066d305f839e18a2c6\" tg-width=\"1148\" tg-height=\"162\" width=\"100%\" height=\"auto\"><span>DATA SOURCE: YCHARTS. TTM = TRAILING-12-MONTHS.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCHARTS。TTM=过去12个月。</span></p></blockquote></p><p> Like MercadoLibre, Shopify is profitable on a GAAP basis. The company generated $3.4 billion&nbsp;in net income over the past 12 months. And while the vast majority of that came from unrealized gains on investments,adjusted net income&nbsp;(which excludes those gains) was&nbsp;still&nbsp;$840.4 million, up&nbsp;145% from the prior year.</p><p><blockquote>与 MercadoLibre 一样，Shopify 按 GAAP 计算也是盈利的。该公司在过去12个月中创造了34亿美元的净利润。虽然其中绝大部分来自未实现的投资收益，但调整后净利润（不包括这些收益）仍为 8.404 亿美元，比上年增长 145%。</blockquote></p><p> Going forward, Shopify is well positioned to maintain that momentum. The company puts its addressable market at $153 billion,, and management is executing on a smart growth strategy. I think those tailwinds could transform this $172 billion business into a $688 billion enterprise over the next decade, a pace that would produce fourfold returns for shareholders.</p><p><blockquote>展望未来，Shopify 完全有能力保持这一势头。该公司将其潜在市场定为1530亿美元，管理层正在执行明智的增长战略。我认为这些推动力可能会在未来十年将这家价值 1,720 亿美元的企业转变为一家价值 6,880 亿美元的企业，这一速度将为股东带来四倍的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/23/want-to-be-a-millionaire-2-stocks-to-buy-and-hold/\">Motley Fool</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":{"SHOP":"Shopify Inc","MELI":"MercadoLibre"},"source_url":"https://www.fool.com/investing/2021/12/23/want-to-be-a-millionaire-2-stocks-to-buy-and-hold/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155518588","content_text":"Key Points\n\nConsumers will spend $7.4 trillion online by 2025, up 50% from $4.9 trillion in 2021.\nMercadoLibre is the largest online marketplace in Latin America.\nShopify is the most popular e-commerce software vendor.\n\nAccording to eMarketer, consumers will spend $4.9 trillion shopping online this year, and that figure is expected to grow at an annualized rate of 10.7% to reach $7.4 trillion by 2025. Even then, e-commerce will represent just 25% of total retail spending, leaving plenty of room for future growth. That creates a significant opportunity for investors.\nWith that in mind,MercadoLibre(NASDAQ:MELI) and Shopify(NYSE:SHOP) have become key players in the e-commerce industry. Both businesses benefit from strong competitive positions, and I think both stocks could grow fourfold over the next decade, a pace that would turn $250,000 into $1 million.\nHere's what you should know.\nIMAGE SOURCE: GETTY IMAGES.\n1. MercadoLibre\nMercadoLibre is the largest e-commerce and fintech platform in Latin America. The company operates across 18 countries, and in each region its marketplace is the leader in terms of unique visitors and page views. To reinforce that advantage, it offers a number of value-added services to its merchants, including payment processing, financing, advertising, and logistics support.\nThe company's fintech platform, Mercado Pago, is of particular importance. A relatively small percentage of the Latin American population has access to bank accounts and debit cards, and Mercado Pago democratizes access to financial services, allowing consumers to fund purchases both online and offline. Mercado Pago allows MercadoLibre to monetize commerce more broadly, even when the transactions don't occur on its marketplace.\nCollectively, MercadoLibre's scale and product portfolio create a powerful network effect. Merchants naturally gravitate toward the most popular marketplace, and consumers seek out the greatest product selection. In other words, each new merchant creates value for every consumer, and each new consumer creates value for every merchant. And the same dynamic applies to Mercado Pago.\nThat virtuous cycle has translated into strong sales growth.\nDATA SOURCE: YCHARTS. TTM = TRAILING-12-MONTHS.\nAlso noteworthy: MercadoLibre is profitable on a GAAP basis, generating net income of $78.8 million over the last 12 months, up from a loss of $4.1 million in the previous year.\nInternet penetration currently sits at 62% in Latin America, far lower than the 95% internet penetration in North America. As that number trends upward in the coming years, e-commerce and digital payments should become increasingly popular with consumers, and MercadoLibre's strong competitive position means it should be a major beneficiary.\nHere's the bottom line: Despite its strong financial performance and massive market opportunity, MercadoLibre is still just a $62 billion business. But if the company can maintain its competitive edge, it's easy to imagine MercadoLibre as a $248 billion company a decade from now. In fact, I think this stock could grow tenfold over the next 10 to 15 years.\n2. Shopify\nShopify takes a slightly different approach. Its software helps merchants build their own custom websites, and it syncs sales across physical and digital storefronts, making it easy to manage an omnichannel business. Shopify also provides value-added services like payment processing, shipping, and financing, as well as tools for money management and marketing.\nIn short, Shopify helps businesses build their own brands and forge lasting relationships with customers. And the company's comprehensive portfolio of software and services makes its platform very sticky, which has translated into strong demand. In fact, Shopify is the most popular e-commerce software in the world, powering approximately 27% of online storefronts.\nTo reinforce that advantage, Shopify launched the Shop mobile app last year, a product designed to drive buyer engagement and repeat purchases. Specifically, the Shop app allows consumers to find and follow new brands, receive relevant product recommendations, and track orders. The app is now available in 17 different countries.\nCollectively, Shopify's ambitious growth strategy and strong competitive position have powered an impressive top-line performance over the past year.\nDATA SOURCE: YCHARTS. TTM = TRAILING-12-MONTHS.\nLike MercadoLibre, Shopify is profitable on a GAAP basis. The company generated $3.4 billion in net income over the past 12 months. And while the vast majority of that came from unrealized gains on investments,adjusted net income (which excludes those gains) was still $840.4 million, up 145% from the prior year.\nGoing forward, Shopify is well positioned to maintain that momentum. The company puts its addressable market at $153 billion,, and management is executing on a smart growth strategy. I think those tailwinds could transform this $172 billion business into a $688 billion enterprise over the next decade, a pace that would produce fourfold returns for shareholders.","news_type":1,"symbols_score_info":{"SHOP":0.9,"MELI":0.9}},"isVote":1,"tweetType":1,"viewCount":3387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691794855,"gmtCreate":1640239547602,"gmtModify":1640239548147,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"🍎🍎🍎","listText":"🍎🍎🍎","text":"🍎🍎🍎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691794855","repostId":"1164467804","repostType":4,"repost":{"id":"1164467804","kind":"news","pubTimestamp":1640230809,"share":"https://www.laohunote.com/m/news/1164467804?lang=zh_CN&edition=full","pubTime":"2021-12-23 11:40","market":"us","language":"en","title":"Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164467804","media":"Seeking Alpha","summary":"Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.This has led some to say that the stock is in a bubble, as its price is rising rapidly.However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.Apple Inc. stock has delivered a solid performance in 2021. U","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨 34%，远远超过纳斯达克 100 指数。</li><li>这导致一些人说该股处于泡沫中，因为其价格正在快速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上低于最近一个季度的每股收益增长。</li><li>在本文中，我将阐述一个看好苹果的论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL) 股票在 2021 年表现强劲。今年上涨了 35%，表现稳步优于纳斯达克 100 指数和标普500指数。苹果的 2021 年是该公司连续多年获胜的最新一年，这表明一只股票永远不会太大，无法战胜市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>尽管如此，仍有不少人认为苹果的连胜需要修正。最近几周，我们看到大量文章声称 AAPL 被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是一个泡沫”。</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个随时可能破裂的泡沫”。</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“卖掉苹果？这位专家为何认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都是明确的悲观。少数人提到了积极的一面和消极的一面。但总的来说，认为苹果是一个泡沫，或者至少被高估的观点正在变得普遍。如果你看看 TipRanks 的情绪图，就会发现对苹果股票的负面情绪明显。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks 的情绪图表</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的看跌情绪与对<b>元平台</b>（脸书）。Meta 是一家因违反反垄断规定而被起诉并每天受到媒体攻击的公司，其情绪得分近乎完美。因此，没有特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是它自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只护城河宽阔的股票，是少数几家同时为大多数用户控制硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的战略，但成功的公司寥寥无几。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，以至于愿意为苹果的产品支付高价。很少有其他科技公司拥有这种优势——<b>任天堂</b>（OTCPK：NTDOY）如果你把游戏算作技术，这是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只宽护城河股票。你需要苹果硬件来运行苹果软件，而人们喜欢苹果软件。这使得苹果对某些软件体验集合拥有了 “垄断权”。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，是第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍有巨大的盈利能力和增长潜力。因此，我将在本文中阐述一个看涨苹果的论点，认为其坚实的经济护城河为其股票未来的升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的事情之一是它的竞争地位。该公司在各种各样的不同市场开展业务，因此很难将其业务局限于 “技术 ”之外。从技术上讲，该公司的 SIC 代码（行业分类）是 7372，表示 “预打包软件”。然而，这并没有反映苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐等领域。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得关注的竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）- 笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>由于该公司在许多不同的垂直领域开展业务，因此不可能列出苹果竞争对手的全面名单。除了上面所有的名字，苹果可以说是在与大型半导体公司竞争，因为它销售带有苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，与数十家公司进行默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据 Counterpoint Research 和 Statista 的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国47%，全球14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量上落后于三星，但在手表和平板电脑销量上领先。这是一个相当不错的市场地位。它会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才进军智能手表领域，该类别的销售额正以 50% 的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，苹果最有前途的两个类别值得探讨：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在真的是M1系列芯片）是苹果基于ARM架构设计的一款新芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16千兆字节的RAM（物理内置于芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。最重要的是，还有两款新机型——M1 Pro和M1 Max——在基础机型的基础上进行了改进。列出这些高端机型的详细规格表会很乏味，但一个令人瞠目结舌的数据是 M1 Max 的 570 亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的Mac电脑本身可以作为游戏机。苹果已经在笔记本电脑和台式机领域占据了相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说难以捉摸。因此，苹果的计算机产品线有很大的加速增长潜力。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并有可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，后者为 25%，而后者为 30%。然而，服务是很有前途的，因为即使在硬件产品达到其总目标市场之后，服务这一类别仍有可能继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，指望苹果的硬件销售额能像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，即使硬件销售不佳，苹果也能继续增长总收入。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以看看苹果的财务状况了。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均不佳；然而，从绝对角度来看，结果是强劲的。本季度，苹果实现了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>收入 830 亿美元，增长 29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>经营利润273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为 1.24 美元，上涨 69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告称，运营产生了 1040 亿美元的 TTM 现金。这比上一年增长了 28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。苹果是世界上市值最大的公司，但其收入和盈利均高于成长型股票的水平。这一季度并非侥幸。根据 Seeking Alpha Quant 的数据，苹果在上述指标中的五年复合年增长率如下：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>经营利润：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这又是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这正是本文论文的核心所在：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。它的估值相当高，因为它的交易价格是市盈率的 30 倍、销售额的 7.7 倍和现金流的 26 倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利增长率为 22%，正如最近一个季度所显示的那样，它还有加速增长的空间。如果同时考虑增长和价值，过去 12 个月的 PEG 比率仅为 0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超高利润公司，但其股票并非没有风险。作为一家大型硬件公司，它很容易受到供应链问题和其他冲击。本文概述的看涨论点的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技零部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司削减了iPhone的产量。就在关键的假期之前。对于像苹果这样依赖现成的原材料供应来保持销售的硬件公司来说，这类问题是一个无处不在的威胁。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某件事变得越大，就需要更大的增长来推动与过去相同的百分比增长。如果你开始销售1000美元的小部件，并在第一年卖出一个，那么第二年只要卖出价值2000美元的小部件，你的销售额就会翻一番。然而，如果十年后，你的销售额达到了 3320 亿美元，那么你需要客户在第 11 年拿出 6640 亿美元，才能实现同样的增长。这在数学上是不太可能的。巧合的是，苹果第四季度 830 亿美元的收入年化达到了 3320 亿美元。因此，未来实现增长将更加困难。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求其始终处于技术创新的前沿。如果另一家公司推出明显优于 iPhone 的产品，那可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，<b>黑莓</b>（BB），命运多舛的黑莓智能手机的制造商。科技行业的历史上充满了公司互相吃掉对方的午餐，虽然苹果有数十亿美元用于研发，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险，非常真实，在几份季度报告中都被列为一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、体面的增长和不合理的估值。这绝对不是一只可以做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们仍然应该是不错的。</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>Are there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAre there any bubbles in Apple stock?<blockquote>苹果股票有泡沫吗？</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\">2021-12-23 11:40</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>Apple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.</li>  <li>This has led some to say that the stock is in a bubble, as its price is rising rapidly.</li>  <li>However, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.</li>  <li>In this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e9d29c6db997dd98e087415e7e2acfe\" tg-width=\"1536\" tg-height=\"1036\" referrerpolicy=\"no-referrer\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>苹果股价今年已上涨 34%，远远超过纳斯达克 100 指数。</li><li>这导致一些人说该股处于泡沫中，因为其价格正在快速上涨。</li><li>然而，苹果的股价涨幅与收入增长大致一致，实际上低于最近一个季度的每股收益增长。</li><li>在本文中，我将阐述一个看好苹果的论点，认为它拥有宽阔的护城河，将推动未来的增长和盈利能力。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Apple Inc.</b>(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&amp;P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.</p><p><blockquote><b>苹果公司。</b>(AAPL) 股票在 2021 年表现强劲。今年上涨了 35%，表现稳步优于纳斯达克 100 指数和标普500指数。苹果的 2021 年是该公司连续多年获胜的最新一年，这表明一只股票永远不会太大，无法战胜市场。</blockquote></p><p> With that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:</p><p><blockquote>尽管如此，仍有不少人认为苹果的连胜需要修正。最近几周，我们看到大量文章声称 AAPL 被高估，标题如下：</blockquote></p><p> <ul>  <li><i>“Apple Stock is Now a Bubble.”</i></p><p><blockquote><ul><li><i>“苹果股票现在是一个泡沫”。</i></li></ul></blockquote></p><p></li>  <li><i>“Why Apple Stock May Be a Bubble That’s Ready to Burst.”</i></p><p><blockquote><li><i>“为什么苹果股票可能是一个随时可能破裂的泡沫”。</i></li></blockquote></p><p></li>  <li><i>“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”</i></p><p><blockquote><li><i>“卖掉苹果？这位专家为何认为苹果股价下跌12%”</i></li></blockquote></p><p></li> </ul> Not all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at&nbsp;TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.</p><p><blockquote>并非所有这些文章都是明确的悲观。少数人提到了积极的一面和消极的一面。但总的来说，认为苹果是一个泡沫，或者至少被高估的观点正在变得普遍。如果你看看 TipRanks 的情绪图，就会发现对苹果股票的负面情绪明显。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce8357bc3eaf626336dbf12b2ff1f410\" tg-width=\"485\" tg-height=\"457\" referrerpolicy=\"no-referrer\"><span>Source: TipRanks’ sentiment chart</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TipRanks 的情绪图表</span></p></blockquote></p><p> The bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward&nbsp;<b>Meta Platforms</b>(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.</p><p><blockquote>当我们将投资者对苹果的看跌情绪与对<b>元平台</b>（脸书）。Meta 是一家因违反反垄断规定而被起诉并每天受到媒体攻击的公司，其情绪得分近乎完美。因此，没有特殊的科技诅咒可以保证对该行业个股的负面情绪。苹果的情绪问题确实是它自己的问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/68bc8cf3f8fc200c2b7a9c85e69cc9f2\" tg-width=\"488\" tg-height=\"461\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Which begs the question:</p><p><blockquote>这就引出了一个问题：</blockquote></p><p> <i>Why?</i></p><p><blockquote><i>为什么？</i></blockquote></p><p> Apple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage –&nbsp;<b>Nintendo</b>(OTCPK:NTDOY) being one exception, if you count gaming as tech.</p><p><blockquote>苹果是一只护城河宽阔的股票，是少数几家同时为大多数用户控制硬件和软件的科技公司之一。许多公司都试图复制苹果通过整合硬件和应用程序来实现收入最大化的战略，但成功的公司寥寥无几。如果你想要IOS或Mac OS体验，你需要一部iPhone或Mac。数十亿人想要这些体验，以至于愿意为苹果的产品支付高价。很少有其他科技公司拥有这种优势——<b>任天堂</b>（OTCPK：NTDOY）如果你把游戏算作技术，这是一个例外。</blockquote></p><p> This makes Apple arguably a&nbsp;wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated&nbsp;Apple ecosystem.</p><p><blockquote>这使得苹果可以说是一只宽护城河股票。你需要苹果硬件来运行苹果软件，而人们喜欢苹果软件。这使得苹果对某些软件体验集合拥有了 “垄断权”。它并不垄断任何特定的设备类别，但它是唯一一家能够提供集成苹果生态系统的公司。</blockquote></p><p> This advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the&nbsp;fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.</p><p><blockquote>这一优势为苹果股东带来了红利——无论是象征性的还是字面上的。按市值计算，苹果是全球最大的公司，按收入计算，是第四大公司。近年来，其收入增长率有所放缓，但某些细分市场（如手表和服务）的增长速度比以往任何时候都快。因此，苹果似乎仍有巨大的盈利能力和增长潜力。因此，我将在本文中阐述一个看涨苹果的论点，认为其坚实的经济护城河为其股票未来的升值提供了潜力。</blockquote></p><p> <b>Competitive Landscape</b></p><p><blockquote><b>竞争格局</b></blockquote></p><p> One of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments&nbsp;and entertainment.</p><p><blockquote>了解苹果最重要的事情之一是它的竞争地位。该公司在各种各样的不同市场开展业务，因此很难将其业务局限于 “技术 ”之外。从技术上讲，该公司的 SIC 代码（行业分类）是 7372，表示 “预打包软件”。然而，这并没有反映苹果业务活动的全部范围，因为它还涉及硬件、半导体、支付和娱乐等领域。</blockquote></p><p> Some of Apple’s most noteworthy competitors include:</p><p><blockquote>苹果最值得关注的竞争对手包括：</blockquote></p><p> <ul>  <li><b>Samsung</b>(OTC:SSNLF) - smartphones.</p><p><blockquote><ul><li><b>三星</b>（场外交易代码：SSNLF）-智能手机。</li></ul></blockquote></p><p></li>  <li><b>Huawei</b>- smartphones.</p><p><blockquote><li><b>华为</b>-智能手机。</li></blockquote></p><p></li>  <li><b>Alphabet</b>(GOOG) - smartphones, laptops, and software.</p><p><blockquote><li><b>Alphabet</b>智能手机、笔记本电脑和软件。</li></blockquote></p><p></li>  <li><b>Microsoft</b>(MSFT) - laptops.</p><p><blockquote><li><b>微软</b>（MSFT）-笔记本电脑。</li></blockquote></p><p></li>  <li><b>Dell</b>(NYSE:DELL)- laptops.</p><p><blockquote><li><b>戴尔</b>（纽约证券交易所代码：戴尔）- 笔记本电脑。</li></blockquote></p><p></li>  <li><b>Adobe</b>(ADBE) - creative software.</p><p><blockquote><li><b>土坯</b>（ADBE）-创意软件。</li></blockquote></p><p></p><p></li>  <li>And many more.</p><p><blockquote><li>还有更多。</li></blockquote></p><p></li> </ul> A comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.</p><p><blockquote>由于该公司在许多不同的垂直领域开展业务，因此不可能列出苹果竞争对手的全面名单。除了上面所有的名字，苹果可以说是在与大型半导体公司竞争，因为它销售带有苹果芯片的手机和笔记本电脑。苹果是最全面的科技公司之一，拥有庞大的硬件、软件和服务阵容，与数十家公司进行默契竞争。</blockquote></p><p> How is Apple doing in the industries it competes in? According to&nbsp;Counterpoint Research&nbsp;and Statista, Apple’s market shares include:</p><p><blockquote>苹果在其竞争的行业中表现如何？根据 Counterpoint Research 和 Statista 的数据，苹果的市场份额包括：</blockquote></p><p> <ul>  <li>Smartphones: 47% in the US and 14% globally.</p><p><blockquote><ul><li>智能手机：美国47%，全球14%。</li></ul></blockquote></p><p></li>  <li>Laptops: 15% in the US and 7.6% globally.</p><p><blockquote><li>笔记本电脑：美国15%，全球7.6%。</li></blockquote></p><p></li>  <li>Smartwatches: over 50% globally.</p><p><blockquote><li>智能手表：全球超过50%。</li></blockquote></p><p></li>  <li>Tablets: 35% globally.</p><p><blockquote><li>平板电脑：全球35%。</li></blockquote></p><p></li> </ul> On the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and&nbsp;sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.</p><p><blockquote>总体而言，苹果在其大部分市场都处于第一或第二的位置。它在智能手机销量上落后于三星，但在手表和平板电脑销量上领先。这是一个相当不错的市场地位。它会随着时间的推移而增长。苹果的一些产品类别仍然相当新。该公司最近才进军智能手表领域，该类别的销售额正以 50% 的速度增长。苹果最近因增长放缓而受到批评，但该公司产品线中的某些产品增长速度比以往任何时候都快。这为未来的强劲增长提供了潜力。</blockquote></p><p> <b>The M1 Chip and Apple Services</b></p><p><blockquote><b>M1芯片和苹果服务</b></blockquote></p><p> Speaking of future growth, it’s worth exploring two of Apple’s most promising categories:</p><p><blockquote>说到未来的增长，苹果最有前途的两个类别值得探讨：</blockquote></p><p> <i>The M1 Chip and Apple Services.</i></p><p><blockquote><i>M1芯片和苹果服务。</i></blockquote></p><p> The M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:</p><p><blockquote>M1芯片（现在真的是M1系列芯片）是苹果基于ARM架构设计的一款新芯片。基本配置拥有：</blockquote></p><p> <ul>  <li>An 8-core CPU.</p><p><blockquote><ul><li>8核CPU。</li></ul></blockquote></p><p></li>  <li>A 7-core GPU.</p><p><blockquote><li>7核GPU。</li></blockquote></p><p></li>  <li>8 or 16 gigs of RAM (physically built into the chip).</p><p><blockquote><li>8或16千兆字节的RAM（物理内置于芯片中）。</li></blockquote></p><p></li>  <li>5nm process.</p><p><blockquote><li>5nm工艺。</li></blockquote></p><p></li>  <li>16 billion transistors.</p><p><blockquote><li>160亿个晶体管。</li></blockquote></p><p></li>  <li>3.2 GHZ max clock rate.</p><p><blockquote><li>3.2 GHZ最大时钟速率。</li></blockquote></p><p></li> </ul> Incredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless&nbsp;YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.</p><p><blockquote>难以置信的规格。最重要的是，还有两款新机型——M1 Pro和M1 Max——在基础机型的基础上进行了改进。列出这些高端机型的详细规格表会很乏味，但一个令人瞠目结舌的数据是 M1 Max 的 570 亿个晶体管。这与极高端游戏PC中包含的CPU竞争。当然，正如无数YouTube评论者指出的那样，这使得较新的Mac电脑本身可以作为游戏机。苹果已经在笔记本电脑和台式机领域占据了相当大的市场份额，但凭借M1芯片系列，它现在也有机会占领游戏领域。到目前为止，事实证明，这一细分市场对苹果来说难以捉摸。因此，苹果的计算机产品线有很大的加速增长潜力。</blockquote></p><p> Next up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually&nbsp;lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been&nbsp;flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.</p><p><blockquote>接下来是苹果服务。这是一个广泛的类别，包括流媒体音乐、电影、书籍等。这一类别一直在扩大，并有可能在硬件增长放缓后推动更多增长。在最近一个季度，服务增长实际上落后于产品增长，后者为 25%，而后者为 30%。然而，服务是很有前途的，因为即使在硬件产品达到其总目标市场之后，服务这一类别仍有可能继续增长。经过多年的强劲增长，全球智能手机销量一直持平。在这种环境下，指望苹果的硬件销售额能像过去那样快速增长是不现实的。但通过向现有客户销售更多服务，即使硬件销售不佳，苹果也能继续增长总收入。</blockquote></p><p> <b>Financials and Valuation</b></p><p><blockquote><b>财务及估值</b></blockquote></p><p> Now we can turn to Apple’s financials.</p><p><blockquote>现在我们可以看看苹果的财务状况了。</blockquote></p><p> Apple’s most recent quarter was a&nbsp;miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:</p><p><blockquote>苹果最近一个季度的收入和盈利均不佳；然而，从绝对角度来看，结果是强劲的。本季度，苹果实现了：</blockquote></p><p> <ul>  <li>$83 billion in revenue, up 29%.</p><p><blockquote><ul><li>收入 830 亿美元，增长 29%。</li></ul></blockquote></p><p></li>  <li>$27.3 billion in operating income, up 60%.</p><p><blockquote><li>经营利润273亿美元，增长60%。</li></blockquote></p><p></li>  <li>$20.5 billion in net income, up 63%.</p><p><blockquote><li>净利润205亿美元，增长63%。</li></blockquote></p><p></li>  <li>$1.24 in diluted EPS, up 69%.</p><p><blockquote><li>稀释后每股收益为 1.24 美元，上涨 69%。</li></blockquote></p><p></li> </ul> The company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.</p><p><blockquote>该公司还在第四季度报告中报告称，运营产生了 1040 亿美元的 TTM 现金。这比上一年增长了 28%。</blockquote></p><p> These were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to&nbsp;Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:</p><p><blockquote>这些都是相当可靠的结果。尤其是对于一家成熟的公司来说。苹果是世界上市值最大的公司，但其收入和盈利均高于成长型股票的水平。这一季度并非侥幸。根据 Seeking Alpha Quant 的数据，苹果在上述指标中的五年复合年增长率如下：</blockquote></p><p> <ul>  <li>Revenue: 11%.</p><p><blockquote><ul><li>收入：11%。</li></ul></blockquote></p><p></li>  <li>Operating income: 12.7%.</p><p><blockquote><li>经营利润：12.7%。</li></blockquote></p><p></li>  <li>Net income: 15.7%.</p><p><blockquote><li>净利润：15.7%。</li></blockquote></p><p></li>  <li>Diluted EPS: 22%.</p><p><blockquote><li>稀释每股收益：22%。</li></blockquote></p><p></li>  <li>Cash flow: 10.7%.</p><p><blockquote><li>现金流：10.7%。</li></blockquote></p><p></li> </ul> Again very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:</p><p><blockquote>对于一家成熟的公司来说，这又是非常可靠的。最近一个季度看起来确实好于平均水平，但长期指标仍然非常好。这正是本文论文的核心所在：</blockquote></p><p></p><p> Apple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a&nbsp;PEG ratio of just 0.43&nbsp;for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.</p><p><blockquote>苹果绝对不是泡沫股。它的估值相当高，因为它的交易价格是市盈率的 30 倍、销售额的 7.7 倍和现金流的 26 倍。但该公司仍有很大的增长潜力。按年复合计算，其盈利增长率为 22%，正如最近一个季度所显示的那样，它还有加速增长的空间。如果同时考虑增长和价值，过去 12 个月的 PEG 比率仅为 0.43。这远非泡沫估值。事实上，它看起来非常便宜。</blockquote></p><p> <b>Risks and Challenges</b></p><p><blockquote><b>风险与挑战</b></blockquote></p><p> While Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:</p><p><blockquote>虽然苹果绝对是一家增长强劲、估值适中的超高利润公司，但其股票并非没有风险。作为一家大型硬件公司，它很容易受到供应链问题和其他冲击。本文概述的看涨论点的一些主要风险和挑战包括：</blockquote></p><p> <ul>  <li><b>Supply chain issues.</b>The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company&nbsp;slashed iPhone production&nbsp;because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.</p><p><blockquote><ul><li><b>供应链问题。</b>世界目前正在经历芯片短缺，以及各种其他高科技零部件的短缺。这些问题正在影响苹果。就在最近，由于供应链问题，该公司削减了iPhone的产量。就在关键的假期之前。对于像苹果这样依赖现成的原材料供应来保持销售的硬件公司来说，这类问题是一个无处不在的威胁。</li></ul></blockquote></p><p></li>  <li><b>Scale.</b>Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.</p><p><blockquote><li><b>比例。</b>从数学上讲，某件事变得越大，就需要更大的增长来推动与过去相同的百分比增长。如果你开始销售1000美元的小部件，并在第一年卖出一个，那么第二年只要卖出价值2000美元的小部件，你的销售额就会翻一番。然而，如果十年后，你的销售额达到了 3320 亿美元，那么你需要客户在第 11 年拿出 6640 亿美元，才能实现同样的增长。这在数学上是不太可能的。巧合的是，苹果第四季度 830 亿美元的收入年化达到了 3320 亿美元。因此，未来实现增长将更加困难。</li></blockquote></p><p></li>  <li><b>Disruption.</b>Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself&nbsp;did this once, to&nbsp;<b>BlackBerry</b>(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&amp;D, you never know where the next threat will come from.</p><p><blockquote><li><b>中断。</b>苹果的商业模式要求其始终处于技术创新的前沿。如果另一家公司推出明显优于 iPhone 的产品，那可能会在一夜之间扼杀苹果的业务。苹果自己也做过一次，<b>黑莓</b>（BB），命运多舛的黑莓智能手机的制造商。科技行业的历史上充满了公司互相吃掉对方的午餐，虽然苹果有数十亿美元用于研发，但你永远不知道下一个威胁会来自哪里。</li></blockquote></p><p></li> </ul> The above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.</p><p><blockquote>以上是投资者需要牢记的一些非常真实的风险。尤其是供应链风险，非常真实，在几份季度报告中都被列为一个问题。话虽如此，苹果股票拥有令人难以置信的护城河、体面的增长和不合理的估值。这绝对不是一只可以做空的股票。虽然多头实现的收益在未来不会像过去那么好，但它们仍然应该是不错的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476363-apple-stock-no-bubble\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4476363-apple-stock-no-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164467804","content_text":"Summary\n\nApple stock has risen 34% this year, beating the NASDAQ 100 by a wide margin.\nThis has led some to say that the stock is in a bubble, as its price is rising rapidly.\nHowever, Apple's stock price gains are about in line with revenue growth, and actually slower than the most recent quarter's EPS growth.\nIn this article, I will develop a bullish thesis on Apple, arguing that it has a wide moat that will power future growth and profitability.\n\nJustin Sullivan/Getty Images News\nApple Inc.(AAPL) stock has delivered a solid performance in 2021. Up 35% for the year, it has solidly outperformed both the NASDAQ 100 and the S&P 500. The latest in a long streak of winning years for the company, Apple’s 2021 shows that a stock is never too big to beat the market.\nWith that said, there’s no shortage of people who think Apple’s winning run is due for a correction. In recent weeks, we’ve seen a deluge of articles claiming that AAPL is overvalued, with titles like:\n\n“Apple Stock is Now a Bubble.”\n“Why Apple Stock May Be a Bubble That’s Ready to Burst.”\n“Sell AAPL? Why This Expert Sees Apple Stock Dipping 12%”\n\nNot all of these articles have been unambiguously bearish. A few mention positives along with negatives. But generally speaking, the sentiment that Apple is a bubble, or at least overvalued, is becoming common. If you look at TipRanks’ sentiment chart, it shows decisively negative sentiment toward Apple stock.\nSource: TipRanks’ sentiment chart\nThe bearishness of investor sentiment toward Apple becomes clear when we compare it to the sentiment toward Meta Platforms(FB). Meta, a company that is being sued for antitrust violations and getting attacked in the press daily, has a nearly perfect sentiment score. So there is no special tech curse that guarantees negative sentiment toward individual stocks in the sector. Apple’s sentiment problem is indeed its own problem.\n\nWhich begs the question:\nWhy?\nApple is a wide-moat stock, one of the few tech companies that controls both hardware and software for most of its users. Many companies have attempted to copy Apple’s strategy of maximizing revenue by integrating hardware and apps, but few have succeeded at it. If you want the IOS or Mac OS experience, you need an iPhone or Mac. And billions of people want those experiences enough to pay top dollar for Apple’s products. Few other tech companies have that advantage – Nintendo(OTCPK:NTDOY) being one exception, if you count gaming as tech.\nThis makes Apple arguably a wide-moat stock. You need Apple hardware to run Apple software, and people like Apple software. This gives Apple a “monopoly” on a certain collection of software experiences. It does not have a monopoly on any particular device category, but it’s the only company that can provide the integrated Apple ecosystem.\nThis advantage has paid dividends to Apple shareholders – both figuratively and literally. Apple is the world’s biggest company by market cap and the fourth-biggest by revenue. Its revenue growth rate has slowed in recent years, but certain segments (such as watches and services) are growing faster than ever. It appears, then, that Apple still has the potential for significant profitability and growth. Accordingly, I’ll develop a bullish thesis on Apple in this article, arguing that its solid economic moat provides potential for its stock to appreciate in the future.\nCompetitive Landscape\nOne of the most important things to understand about Apple is its competitive position. The company operates in such a wide variety of different markets that it’s hard to pin down its business beyond simply “tech.” Technically, the company’s SIC Code (industry classification) is 7372, denoting “prepackaged software.” However, this doesn’t capture the full extent of Apple’s business activities, as it’s also involved in hardware, semiconductors,payments and entertainment.\nSome of Apple’s most noteworthy competitors include:\n\nSamsung(OTC:SSNLF) - smartphones.\nHuawei- smartphones.\nAlphabet(GOOG) - smartphones, laptops, and software.\nMicrosoft(MSFT) - laptops.\nDell(NYSE:DELL)- laptops.\nAdobe(ADBE) - creative software.\nAnd many more.\n\nA comprehensive list of Apple’s competitors would be impossible to come up with, because the company operates in so many different verticals. In addition to all the names above, Apple is arguably in competition with the big semi companies, as it sells phones and laptops with Apple chips. Apple is one of the most comprehensive tech companies around, with a massive lineup of hardware, software and services, putting it in tacit competition with dozens of companies.\nHow is Apple doing in the industries it competes in? According to Counterpoint Research and Statista, Apple’s market shares include:\n\nSmartphones: 47% in the US and 14% globally.\nLaptops: 15% in the US and 7.6% globally.\nSmartwatches: over 50% globally.\nTablets: 35% globally.\n\nOn the whole, Apple is in first or second place in most of its markets. It’s behind Samsung on smartphone sales but it leads in watches and tablets. This is a pretty good market position. And it could grow over time. Some of Apple’s product categories are still fairly new. The company only just recently broke into smart watches and sales in the category are growing at 50%. Apple has taken heat lately for its slowing growth, but certain products within the company’s lineup are growing faster than ever. This provides potential for strong growth well into the future.\nThe M1 Chip and Apple Services\nSpeaking of future growth, it’s worth exploring two of Apple’s most promising categories:\nThe M1 Chip and Apple Services.\nThe M1 Chip (really the M1 family of chips now) is a new chip designed by Apple based on ARM architecture. The base configuration boasts:\n\nAn 8-core CPU.\nA 7-core GPU.\n8 or 16 gigs of RAM (physically built into the chip).\n5nm process.\n16 billion transistors.\n3.2 GHZ max clock rate.\n\nIncredible specs. And on top of that, there are two new models–the M1 Pro and M1 Max–that offer improvements on the base model. It would be tedious to list detailed spec sheets for these higher end models, but one eye-popping stat is the M1 Max’s 57 billion transistors. This competes with the CPUs included in extremely high end gaming PCs. And of course, that makes newer Macs themselves viable as gaming rigs, as countless YouTube reviewers have noted. Apple already has a sizable market share in laptops and desktops, but with the M1 chip family, it now has a shot at capturing the gaming segment as well. Until now, that market segment has proven elusive to Apple. So, there is significant potential for accelerating growth in Apple’s computer lineup.\nNext up is Apple services. This is a broad category that includes streaming music, movies, books and more. This category is always expanding and could potentially drive more growth after hardware growth slows down. In the most recent quarter, service growth actually lagged product growth, at 25% vs 30% for the latter. However, services are promising because they’re a category that could continue to grow even after hardware products reach their total addressable market. Global smartphone sales have been flat-lining after years of strong growth. In this environment, it would be unrealistic to expect Apple’s hardware sales to grow as fast as they did in the past. But by selling more services to existing customers, Apple can keep growing its total revenue even as hardware sales underwhelm.\nFinancials and Valuation\nNow we can turn to Apple’s financials.\nApple’s most recent quarter was a miss on both revenue and earnings; however, the results were strong in absolute terms. In the quarter, Apple delivered:\n\n$83 billion in revenue, up 29%.\n$27.3 billion in operating income, up 60%.\n$20.5 billion in net income, up 63%.\n$1.24 in diluted EPS, up 69%.\n\nThe company also reported $104 billion in TTM cash from operations in its fourth quarter report. That was up 28% from the year before.\nThese were pretty solid results. Especially for a mature company. Apple is the biggest company in the world by market cap, yet its revenue and earnings are both up by growth stock levels. And this one quarter wasn’t a fluke. According to Seeking Alpha Quant, Apple’s five-year CAGR growth rates in the metrics listed above are:\n\nRevenue: 11%.\nOperating income: 12.7%.\nNet income: 15.7%.\nDiluted EPS: 22%.\nCash flow: 10.7%.\n\nAgain very solid for a mature company. It does look like the most recent quarter was better than average, but the long-term metrics are still very good. Which gets to the heart of this article’s thesis:\nApple is definitely not a bubble stock. Its valuation is fairly steep, as it trades at 30 times earnings, 7.7 times sales, and 26 times cash flow. But the company still has plenty of growth potential. Compounded annually, its earnings are growing at 22%, and as the most recent quarter showed, it has room for acceleration. If you factor in both growth and value, you get a PEG ratio of just 0.43 for the trailing 12-month period. That’s far from a bubble valuation. In fact, it looks downright cheap.\nRisks and Challenges\nWhile Apple is definitely an ultra-profitable company with strong growth and a moderate valuation, its stock is not without its risks. As a major hardware company, it is vulnerable to supply chain issues, and other shocks. Some major risks and challenges to the bullish thesis outlined in this article include:\n\nSupply chain issues.The world is currently going through a chip shortage, as well as shortages of various other hi-tech parts. These problems are affecting Apple. Just recently, the company slashed iPhone production because of supply chain issues. That right before the crucial Holiday season, no less. These kinds of problems are an ever-present threat for a hardware company like Apple, which depends on a ready supply of raw materials to keep sales flowing.\nScale.Mathematically, the bigger something gets, the larger of an increase is needed to drive percentage gains equal to past ones. If you start selling $1,000 widgets and sell one your first year, you double your sales just by selling $2,000 worth the next year. If, however, ten years later, you’re selling $332 billion worth, you need customers to come up with $664 billion in the eleventh year to achieve the same growth. This is mathematically unlikely. And as it just so happens, Apple’s $83 billion Q4 revenue annualizes to $332 billion. So growth will be harder to achieve going forward.\nDisruption.Apple’s business model requires that it stay on the leading edge of tech innovation. If another company comes out with something decisively superior to the iPhone, that could kill Apple’s business overnight. Apple itself did this once, to BlackBerry(BB), makers of the ill-fated BlackBerry Smartphone. The history of the tech industry is littered with companies eating each other's lunch, and while Apple has billions to spend on R&D, you never know where the next threat will come from.\n\nThe above are some very real risks for investors to keep in mind. The supply chain risk, in particular, is very real, having been cited as a problem in several quarterly reports. With that said, Apple stock has an incredible moat, decent growth, and a not-unreasonable valuation. This is definitely not a stock to short. And while the gains realized by longs will not be as good in the future as they were in the past, they should still be decent.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691794068,"gmtCreate":1640239486955,"gmtModify":1640239487499,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"NVDA","listText":"NVDA","text":"NVDA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691794068","repostId":"1184640882","repostType":4,"repost":{"id":"1184640882","kind":"news","pubTimestamp":1640238232,"share":"https://www.laohunote.com/m/news/1184640882?lang=zh_CN&edition=full","pubTime":"2021-12-23 13:43","market":"us","language":"en","title":"Nvidia's Bright Growth Outlook<blockquote>英伟达光明的增长前景</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184640882","media":"Seeking Alpha","summary":"Summary\n\nThe top end of our fair value estimate range for Nvidia Corporation, derived through our di","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>The top end of our fair value estimate range for Nvidia Corporation, derived through our discounted free cash flow analysis process, sits at $311 per share.</li>  <li>Several powerful secular growth tailwinds including the ongoing proliferation of e-commerce, cloud computing, AI, and autonomous driving operations underpin Nvidia's promising growth outlook.</li>  <li>Nvidia is a stellar free cash flow generator with a fortress-like balance sheet and balanced capital allocation priorities.</li>  <li>We think it is growing unlikely that Nvidia's planned purchase of Arm from SoftBank Group Corp will go through due to antitrust and other regulatory concerns seen around the world.</li>  <li>Nvidia's recent push into the CPU market on top of its dominant position in the GPU market further underpins why the firm's growth outlook appears so promising, in our view.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0d88c6fe83f28815faabe05002aaad5\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>serg3d/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>通过我们的贴现自由现金流分析流程得出的 Nvidia Corporation 公允价值估计范围的上限为每股 311 美元。</li><li>包括电子商务、云计算、人工智能和自动驾驶业务的持续扩散在内的几个强大的长期增长推动力支撑了英伟达充满希望的增长前景。</li><li>Nvidia 是一家出色的自由现金流生成器，拥有堡垒般的资产负债表和平衡的资本配置优先事项。</li><li>我们认为，由于世界各地的反垄断和其他监管担忧，英伟达从软银集团公司收购 Arm 的计划越来越不可能实现。</li><li>我们认为，英伟达最近在 GPU 市场占据主导地位的基础上进军 CPU 市场，这进一步证实了该公司增长前景如此光明的原因。</li></ul><p class=\"t-img-caption\"><span>serg3d/iStock 社论来自 Getty Images</span></p></blockquote></p><p> As part of our investment analysis process, we perform a rigorous discounted cash-flow methodology that dives into the cash-flow-derived intrinsic worth of companies. This process is built around forecasting a firm's future free cash flows, discounting those future forecasted free cash flows at the appropriate rate, and then taking its balance sheet considerations (such as its net cash/debt position, and legal/environmental/pension liabilities) into account. In NVIDIA Corporation's (NVDA) case, the top end of our fair value estimate range sits at $311 per share, modestly above where shares of NVDA are trading at as of this writing. Please note that over the coming years, the top end ofNVIDIA's fair value estimate range could grow north of $410 per share, something we will cover in this article.</p><p><blockquote>作为我们投资分析流程的一部分，我们执行严格的贴现现金流方法，深入研究公司现金流衍生的内在价值。这一过程围绕着预测一家公司的未来自由现金流，以适当的利率贴现这些未来预测的自由现金流，然后考虑其资产负债表因素（如净现金/债务头寸和法律/环境/养老金负债）。就 NVIDIA Corporation (NVDA) 而言，我们的公允价值估计范围的上限为每股 311 美元，略高于 NVDA 股票在撰写本文时的交易价格。请注意，未来几年，英伟达公允价值估计范围的上限可能会增长到每股 410 美元以上，我们将在本文中介绍这一点。</blockquote></p><p> <b>Investment Highlights</b></p><p><blockquote><b>投资亮点</b></blockquote></p><p> NVIDIA is a computer graphics company. Its business is based on two technologies: the graphics processing units ('GPUs') and the&nbsp;Tegra&nbsp;system-on-a-chip ('SoC') offering. GPUs are the&nbsp;engine&nbsp;of visual computing. Tegra processors incorporate multi-core GPUs and central processing units ('CPUs') together with audio and video capabilities, and are used in smartphones, tablets, and luxury automobiles.NVIDIA was founded in 1993 and is headquartered in Santa Clara, California. Like many of its peers,NVIDIA relies on&nbsp;third-party foundries&nbsp;to produce the semiconductor components (or \"chips\") that it designs.</p><p><blockquote>英伟达是一家计算机图形公司。其业务基于两种技术：图形处理单元（“GPU”）和Tegra片上系统（“SoC”）产品。GPU是视觉计算的引擎。Tegra 处理器集成了多核 GPU 和中央处理器 (“CPU”) 以及音频和视频功能，用于智能手机、平板电脑和豪华汽车。英伟达成立于 1993 年，总部位于加利福尼亚州圣克拉拉。与许多同行一样，英伟达依靠第三方代工厂来生产其设计的半导体元件（或“芯片”）。</blockquote></p><p> Gaming and data centers have been key sources of revenue growth forNVIDIA as demand for its core GPU offerings surged higher in the wake of the coronavirus ('COVID-19') pandemic. During the first three quarters of fiscal 2022 (period ended&nbsp;October 31, 2021),NVIDIA's GAAP revenues grew by 65% year-over-year while its GAAP operating income more than doubled during this period. This strong showing was largely made possible through the stellar performance of its 'Gaming' and 'Data Center' business segments.</p><p><blockquote>随着冠状病毒（“COVID-19”）大流行后对其核心 GPU 产品的需求激增，游戏和数据中心一直是 Vidia 收入增长的主要来源。在2022财年前三个季度（截至2021年10月31日），英伟达的GAAP收入同比增长65%，而其GAAP经营利润在此期间增长了一倍多。这一强劲表现在很大程度上得益于其“游戏”和“数据中心”业务部门的出色表现。</blockquote></p><p> Looking ahead, management offered guidance for the fiscal fourth quarter in conjunction withNVIDIA's latest earnings update that indicated its strong financial performance is expected to continue going forward. Its high-end graphics rendering platform,NVIDIA RTX, is setting new standards in gaming technology.</p><p><blockquote>展望未来，管理层结合 VIDIA 最新的收益更新提供了第四财季的指引，表明其强劲的财务业绩预计将继续保持。其高端图形渲染平台NVIDIA RTX正在为游戏技术树立新标准。</blockquote></p><p> NVIDIA is also making&nbsp;inroads&nbsp;in the \"omniverse\" space, its preferred way to refer to the digital worlds that the \"metaverse\" aims to create. These are still early days, though we appreciate the effortNVIDIA's management team is making as it concerns identifying growth opportunities with long legs.</p><p><blockquote>英伟达也在“omniverse”领域取得进展，这是其首选的“元宇宙”旨在创造的数字世界的方式。尽管我们赞赏英伟达管理团队在识别长腿增长机会方面所做的努力，但现在还为时尚早。</blockquote></p><p> While its GPU offerings areNVIDIA's bread-and-butter, the company is working on rolling out a standalone CPU offering, the&nbsp;NVIDIA Grace CPU, which is geared towards data centers. This new offering was announced in April 2021 and is expected to be made available on a commercial basis in 2023. Please note both GPUs and CPUs are used in data centers, personal computers, and for a variety of other computing purposes. Expanding into the CPU market represents a massive growth opportunity forNVIDIA and this move is one of several reasons why we view the company's growth trajectory so favorably.</p><p><blockquote>虽然其 GPU 产品是 Vidia 的主要产品，但该公司正在努力推出面向数据中心的独立 CPU 产品 NVIDIA Grace CPU。这项新产品于2021年4月宣布，预计将于2023年商业化。请注意，GPU和CPU都用于数据中心、个人电脑和各种其他计算目的。进军 CPU 市场代表着 VIDIA 的巨大增长机会，此举也是我们如此看好该公司增长轨迹的几个原因之一。</blockquote></p><p> The forecasts for our enterprise cash flow model (which we will cover in this article) assumes double-digit annual revenue growth and meaningful margin expansion over the coming fiscal years. This forecast is underpinned byNVIDIA’s relentless focus on innovation, secular growth tailwinds, and its successes in the realm of gaming, data centers, autonomous driving,and AI. Should the firm stumble for any reason, its intrinsic value would face serious headwinds.</p><p><blockquote>我们的企业现金流模型（我们将在本文中介绍）的预测假设未来几个财年的年收入增长和有意义的利润率扩张。这一预测得到了英伟达对创新、长期增长的不懈关注以及在游戏、数据中心、自动驾驶和人工智能领域取得的成功的支持。如果该公司因任何原因陷入困境，其内在价值将面临严重阻力。</blockquote></p><p></p><p> NVIDIA expects to be a significant player in autonomous driving. Hundreds of companies use its&nbsp;Drive AGX&nbsp;open computing platform, and the list includes many of the top names in next-gen car and truck manufacturing.NVIDIA tabs autonomous vehicles as a $60 billion&nbsp;opportunity&nbsp;by 2035.</p><p><blockquote>英伟达预计将成为自动驾驶领域的重要参与者。数百家公司使用其 Drive AGX 开放计算平台，该名单包括下一代汽车和卡车制造领域的许多顶级公司。 NVIDIA 预计到 2035 年自动驾驶汽车将是一个价值 600 亿美元的机会。</blockquote></p><p> In April 2020,NVIDIA&nbsp;completed&nbsp;its ~$7 billion acquisition of Mellanox, bolstering its operations that cater to data centers.NVIDIA is in&nbsp;the process&nbsp;of acquiring Arm Limited (designer of semiconductor architecture) from SoftBank Group Corp (OTCPK:SFTBY) and SoftBank's Vision Fund in a transaction priced at ~$40 billion (with a ~$12 billion cash component), though antitrust hurdles&nbsp;remain&nbsp;and it is looking increasingly&nbsp;unlikely&nbsp;that the deal will go forward.</p><p><blockquote>2020 年 4 月，NVIDIA 完成了对 Mellanox 的约 70 亿美元收购，增强了其服务于数据中心的业务。 NVIDIA 正在从软银集团公司 (OTCPK:SFTBY) 收购 Arm Limited（半导体架构设计师）和软银的愿景基金，交易价格约为 400 亿美元（其中现金部分约为 120 亿美元），但反垄断障碍仍然存在，而且该交易继续进行的可能性越来越小。</blockquote></p><p> <b>Economic Profit Analysis</b></p><p><blockquote><b>经济效益分析</b></blockquote></p><p> The best measure of a firm's ability to create value for shareholders is expressed by comparing its return on invested capital ['ROIC'] with its weighted average cost of capital ['WACC']. The gap or difference between ROIC and WACC is called the firm's economic profit spread.NVIDIA has historically been a stellar generator of shareholder value and we expect that this will continue being the case going forward.</p><p><blockquote>衡量一家公司为股东创造价值的能力的最佳指标是通过将其投资资本回报率【“ROIC”】与其加权平均资本成本【“WACC”】进行比较来表达的。ROIC 和 WACC 之间的差距或差异称为公司的经济利润利差。英伟达历来一直是股东价值的出色创造者，我们预计未来这种情况将继续存在。</blockquote></p><p> NVIDIA's 3-fiscal year&nbsp;historical return&nbsp;on invested capital (without goodwill) is 94.5%, which is above the estimate of its cost of capital of 9.8%. In the upcoming graphic down below, we show the probable path of its forecasted ROIC in the fiscal years ahead based on the estimated volatility of key drivers behind the measure. The solid grey line reflects the most likely outcome (our \"base\" case scenario), in our opinion, and represents the scenario that results in our fair value estimate. The blue dots represent our \"bull\" case scenario and the green dots represent our \"bear\" case scenario.</p><p><blockquote>英伟达3财年历史投资资本回报率（不含商誉）为94.5%，高于其9.8%的资本成本预估。在下图中，我们根据该措施背后关键驱动因素的估计波动性，显示了其未来财年预测投资回报率的可能路径。我们认为，实心灰线反映了最可能的结果（我们的“基本”案例情景），并代表导致我们公允价值估计的情景。蓝点代表我们的“牛市”情况，绿点代表我们的“熊市”情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df45d00b608333d9732ab8afeaaba4a2\" tg-width=\"553\" tg-height=\"480\" width=\"100%\" height=\"auto\"><span>Image Shown: NVIDIA is a stellar generator of shareholder value as its forecasted ROIC, excluding goodwill, is expected to vastly exceed its estimated WACC over the coming fiscal years. Historically, NVIDIA's ROIC excluding goodwill has significantly outpaced its estimated WACC, indicating that in the past it has generated substantial shareholder value, but we are most interested in its future. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：英伟达是股东价值的出色创造者，因为其预测的投资回报率（不包括商誉）预计将在未来财年大大超过其预计的 WACC。从历史上看，NVIDIA 不包括商誉的 ROIC 大大超过了其估计的 WACC，表明过去它创造了可观的股东价值，但我们最感兴趣的是它的未来。图片来源：Valuentum</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a76899e4ecec2cb399eb536f039a8d14\" tg-width=\"559\" tg-height=\"736\" width=\"100%\" height=\"auto\"><span>Image Shown: An overview of how we calculated NVIDIA's estimated WACC. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：我们如何计算 NVIDIA 估计 WACC 的概述。图片来源：Valuentum</span></p></blockquote></p><p> <b>Cash Flow Analysis</b></p><p><blockquote><b>现金流量分析</b></blockquote></p><p> NVIDIA is a tremendous generator of free cash flow. From fiscal 2019-2021 (NVIDIA's fiscal year ends in late-January), the company generated ~$4.0 billion in annual free cash flow on average. In fiscal 2020 and fiscal 2021, asNVIDIA was building up cash to fund its aforementioned acquisition activities, the firm did not repurchase a meaningful amount of its stock. However, in fiscal 2019,NVIDIA repurchased $1.6 billion of its stock. The firm exited fiscal 2021 with $0.4 billion in run-rate dividend obligations.</p><p><blockquote>英伟达是自由现金流的巨大创造者。从2019-2021财年（英伟达的财年于1月下旬结束），该公司平均每年产生约40亿美元的自由现金流。在 2020 财年和 2021 财年，asNVIDIA 正在积累现金以资助其上述收购活动，但该公司并未回购大量股票。然而，在2019财年，英伟达回购了16亿美元的股票。该公司在 2021 财年结束时拥有 4 亿美元的运行率股息义务。</blockquote></p><p> Its stellar free cash flow performance continued into fiscal 2022. During the first three quarters of the current fiscal year,NVIDIA generated $5.4 billion in free cash flow while spending $0.3 billion covering its dividend obligations. The firm continued to hold off on share buybacks during this period. At the end of October 2021,NVIDIA had a net cash position of $8.4 billion with no short-term debt on the books. We are huge fans ofNVIDIA's pristine balance sheet and balanced approached to capital allocation decisions.</p><p><blockquote>其出色的自由现金流表现一直持续到 2022 财年。在本财年的前三个季度， 英伟达产生了54亿美元的自由现金流， 同时花费了3亿美元来支付其股息义务。在此期间，该公司继续推迟股票回购。截至 2021 年 10 月底，英伟达的净现金头寸为 84 亿美元，账面上没有短期债务。我们非常喜欢英伟达简洁的资产负债表和平衡的资本分配决策方法。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a33e177ba3b8979c4701cd8c7017c0f6\" tg-width=\"561\" tg-height=\"483\" width=\"100%\" height=\"auto\"><span>Image Shown: NVIDIA has historically been a tremendous generator of free cash flow, and we forecast that will continue being the case going forward. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：NVIDIA 历来一直是自由现金流的巨大创造者，我们预测未来这种情况将继续存在。图片来源：Valuentum</span></p></blockquote></p><p> <b>Valuation Analysis</b></p><p><blockquote><b>估值分析</b></blockquote></p><p> We thinkNVIDIA is worth $247 per share (under our base case scenario) with a fair value range of $183-$311 per share (the lower rung of our fair value estimate represents our bear case scenario and the upper rung represents our bull case scenario). The near-term operating forecasts we used in our enterprise cash flow models, including revenue and earnings forecasts, do not differ much from consensus estimates or management guidance.</p><p><blockquote>我们认为英伟达每股价值 247 美元（在我们的基本情况下），公允价值范围为每股 183-311 美元（我们公允价值估计的下层代表我们的熊市情况，上层代表我们的牛市情况）。我们在企业现金流量模型中使用的近期经营预测（包括收入和盈利预测）与共识估计或管理层指引没有太大差异。</blockquote></p><p></p><p> Our discounted cash flow models reflect a compound annual revenue growth rate of 24.7% during the next five full fiscal years, a pace that is higher than the firm's 3-fiscal year historical compound annual growth rate of 19.7%. Our models reflects a 5-fiscal year projected average operating margin of 49.2%, which is aboveNVIDIA's trailing 3-fiscal year average (in fiscal 2021,NVIDIA's GAAP operating margin stood at 43.6%).</p><p><blockquote>我们的贴现现金流模型反映了未来五个完整财年的复合年收入增长率为 24.7%，这一增长率高于公司 3 个财年的历史复合年增长率 19.7%。我们的模型反映了 5 个财年的预计平均营业利润率为 49.2%，高于 Vidia 过去 3 个财年的平均水平（2021 财年，NVIDIA 的 GAAP 营业利润率为 43.6%）。</blockquote></p><p> Beyond Year 5 (five full fiscal years from the end ofNVIDIA's latest fiscal year), we assume free cash flow will grow at an annual rate of 10.9% for the next 15 fiscal years and 3% in perpetuity. ForNVIDIA, we use a 9.8% weighted average cost of capital to discount future free cash flows. The coming graphic down below highlights the key valuation assumptions used in our base case scenario covering&nbsp;NVIDIA.</p><p><blockquote>在第 5 年之后（从 NVIDIA 最近一个财年结束算起的五个完整财年），我们假设自由现金流在未来 15 个财年将以每年 10.9% 的速度增长，永久增长 3%。对于 VIDIA，我们使用 9.8% 的加权平均资本成本来贴现未来自由现金流。下图突出显示了我们涵盖 NVIDIA 的基本案例场景中使用的关键估值假设。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ec17bc624989924f5e557d74e07b7f2\" tg-width=\"556\" tg-height=\"490\" width=\"100%\" height=\"auto\"><span>Image Shown: An overview of the key valuation assumptions used in our cash flow model covering NVIDIA under our base case scenario. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：我们的现金流模型中使用的关键估值假设概述，涵盖了我们的基本案例情景下的英伟达。图片来源：Valuentum</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d48f53155ec22cc97ef62fe0239d5930\" tg-width=\"548\" tg-height=\"505\" width=\"100%\" height=\"auto\"><span>Image Shown: NVIDIA's long growth tail underpins why most of the intrinsic value of its equity comes from its forecasted free cash flows, discounted at the appropriate rate, during the Year 6+ period into perpetuity. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：NVIDIA 的长长的增长尾巴支撑了为什么其股权的大部分内在价值来自其预测的自由现金流，并在 6 年以上期间以适当的利率贴现。图片来源：Valuentum</span></p></blockquote></p><p> Please note thatNVIDIA could exceed the key valuation assumptions within our base case scenario. For instance, its revenue might grow at a faster pace than our cash flow model is assuming asNVIDIA pushes into the CPU space while powerful secular growth tailwinds underpin demand for its semiconductor offerings. Additionally,NVIDIA's operating margins could expand at a more robust pace than our cash flow models are assuming if the uplift from economies of scale and its immense pricing power outperforms.</p><p><blockquote>请注意，在我们的基本案例情景中，英伟达可能会超出关键估值假设。例如，随着 NVIDIA 进军 CPU 领域，而强大的长期增长顺风支撑着对其半导体产品的需求，其收入增长速度可能会比我们现金流模型假设的更快。此外， 如果规模经济的提升及其巨大的定价能力跑赢大盘， 英伟达的营业利润率可能会以比我们现金流模型假设的更强劲的速度扩张。</blockquote></p><p> With this in mind, we like to provide a range of potential outcomes that take into the chance for a firm to outperform or underperform the key valuation assumptions used in our cash flow models. ShouldNVIDIA outperform, the top end of our fair value estimate range sits at $311 per share.</p><p><blockquote>考虑到这一点，我们希望提供一系列潜在结果，这些结果考虑了公司跑赢或跑输我们现金流模型中使用的关键估值假设的机会。如果英伟达跑赢大盘，我们的公允价值估计范围的上限为每股 311 美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a77a92954fa4327f4f5d246ee8a84a8\" tg-width=\"550\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Image Shown: At the top end of our fair value estimate range, NVIDIA has an intrinsic value of $311 per share. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：在我们公允价值估计范围的上限，英伟达的内在价值为每股 311 美元。图片来源：Valuentum</span></p></blockquote></p><p> <b>Future Path of Fair Value</b></p><p><blockquote><b>公允价值的未来路径</b></blockquote></p><p> As time passes, companies generate cash flow and pay out cash to shareholders in the form of dividends. The upcoming graphic down below compares the firm's recent share price with the path ofNVIDIA's expected equity value per share over the next three fiscal years, assuming our long-term projections prove accurate. The range between the resulting downside fair value and upside fair value in Year 3 represents our best estimate of the value of the firm's shares three full fiscal years hence.</p><p><blockquote>随着时间的推移，公司会产生现金流，并以股息的形式向股东支付现金。下面即将发布的图表将该公司最近的股价与英伟达未来三个财年的预期每股股权价值路径进行了比较，假设我们的长期预测被证明是准确的。第三年由此产生的下行公允价值和上行公允价值之间的范围代表了我们对公司股票价值的最佳估计。</blockquote></p><p> This range of potential outcomes is also subject to change over time, should our views on the firm's future cash flow potential change. The expected fair value of $327 per share in Year 3 represents our existing fair value per share of $247 increased at an annual rate of the firm's cost of equity less its dividend yield. The upside and downside ranges are derived in the same way, but from the upper and lower bounds of our fair value estimate range. ShouldNVIDIA outperform, its fair value estimate could grow to over $410 by Year 3.</p><p><blockquote>如果我们对公司未来现金流潜力的看法发生变化，这一系列潜在结果也会随着时间的推移而发生变化。第三年的预期公允价值为每股327美元，代表我们现有的每股247美元的公允价值，以公司权益成本减去股息收益率的年增长率增加。上行和下行范围以相同方式得出，但来自我们公允价值估计范围的上限和下限。如果英伟达跑赢大盘，到第三年，其公允价值估计可能会增长至 410 美元以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bb37f5bbe479c8ce940639d804694f3\" tg-width=\"551\" tg-height=\"414\" width=\"100%\" height=\"auto\"><span>Image Shown: We forecast that NVIDIA's fair value estimate will grow significantly over the coming fiscal years. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：我们预测英伟达的公允价值估计将在未来财年大幅增长。图片来源：Valuentum</span></p></blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> ThoughNVIDIA's planned acquisition of Arm will probably not go through due to growing and sizable antitrust concerns,NVIDIA's growth outlook is still quite bright.NVIDIA has a fortress-like balance sheet, stellar free cash flow generating abilities, and has been growing like a weed in recent fiscal years. Powerful secular growth tailwinds, such as the proliferation of e-commerce, cloud computing, AI, and autonomous driving offerings all underpinNVIDIA's bright long-term growth outlook. Shares of NVDA yield a negligible amount as of this writing as management prefers to invest in the business and build up cash on hand to fund acquisition activities. Virtually all ofNVIDIA's upside comes from its capital appreciation potential.</p><p><blockquote>尽管由于日益严重的反垄断担忧，英伟达收购 Arm 的计划可能不会实现，但英伟达的增长前景仍然相当光明。英伟达拥有堡垒般的资产负债表、出色的自由现金流产生能力，并且一直在像杂草一样生长最近几个财年。强大的长期增长推动力，例如电子商务、云计算、人工智能和自动驾驶产品的激增，都支撑着 VIDIA 光明的长期增长前景。截至撰写本文时，NVDA 股票的收益率可以忽略不计，因为管理层更愿意投资该业务并积累手头现金来为收购活动提供资金。英伟达几乎所有的上涨空间都来自其资本增值潜力。</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>Nvidia's Bright Growth Outlook<blockquote>英伟达光明的增长前景</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; 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}\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\">\nNvidia's Bright Growth Outlook<blockquote>英伟达光明的增长前景</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\">2021-12-23 13:43</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>The top end of our fair value estimate range for Nvidia Corporation, derived through our discounted free cash flow analysis process, sits at $311 per share.</li>  <li>Several powerful secular growth tailwinds including the ongoing proliferation of e-commerce, cloud computing, AI, and autonomous driving operations underpin Nvidia's promising growth outlook.</li>  <li>Nvidia is a stellar free cash flow generator with a fortress-like balance sheet and balanced capital allocation priorities.</li>  <li>We think it is growing unlikely that Nvidia's planned purchase of Arm from SoftBank Group Corp will go through due to antitrust and other regulatory concerns seen around the world.</li>  <li>Nvidia's recent push into the CPU market on top of its dominant position in the GPU market further underpins why the firm's growth outlook appears so promising, in our view.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0d88c6fe83f28815faabe05002aaad5\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>serg3d/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>通过我们的贴现自由现金流分析流程得出的 Nvidia Corporation 公允价值估计范围的上限为每股 311 美元。</li><li>包括电子商务、云计算、人工智能和自动驾驶业务的持续扩散在内的几个强大的长期增长推动力支撑了英伟达充满希望的增长前景。</li><li>Nvidia 是一家出色的自由现金流生成器，拥有堡垒般的资产负债表和平衡的资本配置优先事项。</li><li>我们认为，由于世界各地的反垄断和其他监管担忧，英伟达从软银集团公司收购 Arm 的计划越来越不可能实现。</li><li>我们认为，英伟达最近在 GPU 市场占据主导地位的基础上进军 CPU 市场，这进一步证实了该公司增长前景如此光明的原因。</li></ul><p class=\"t-img-caption\"><span>serg3d/iStock 社论来自 Getty Images</span></p></blockquote></p><p> As part of our investment analysis process, we perform a rigorous discounted cash-flow methodology that dives into the cash-flow-derived intrinsic worth of companies. This process is built around forecasting a firm's future free cash flows, discounting those future forecasted free cash flows at the appropriate rate, and then taking its balance sheet considerations (such as its net cash/debt position, and legal/environmental/pension liabilities) into account. In NVIDIA Corporation's (NVDA) case, the top end of our fair value estimate range sits at $311 per share, modestly above where shares of NVDA are trading at as of this writing. Please note that over the coming years, the top end ofNVIDIA's fair value estimate range could grow north of $410 per share, something we will cover in this article.</p><p><blockquote>作为我们投资分析流程的一部分，我们执行严格的贴现现金流方法，深入研究公司现金流衍生的内在价值。这一过程围绕着预测一家公司的未来自由现金流，以适当的利率贴现这些未来预测的自由现金流，然后考虑其资产负债表因素（如净现金/债务头寸和法律/环境/养老金负债）。就 NVIDIA Corporation (NVDA) 而言，我们的公允价值估计范围的上限为每股 311 美元，略高于 NVDA 股票在撰写本文时的交易价格。请注意，未来几年，英伟达公允价值估计范围的上限可能会增长到每股 410 美元以上，我们将在本文中介绍这一点。</blockquote></p><p> <b>Investment Highlights</b></p><p><blockquote><b>投资亮点</b></blockquote></p><p> NVIDIA is a computer graphics company. Its business is based on two technologies: the graphics processing units ('GPUs') and the&nbsp;Tegra&nbsp;system-on-a-chip ('SoC') offering. GPUs are the&nbsp;engine&nbsp;of visual computing. Tegra processors incorporate multi-core GPUs and central processing units ('CPUs') together with audio and video capabilities, and are used in smartphones, tablets, and luxury automobiles.NVIDIA was founded in 1993 and is headquartered in Santa Clara, California. Like many of its peers,NVIDIA relies on&nbsp;third-party foundries&nbsp;to produce the semiconductor components (or \"chips\") that it designs.</p><p><blockquote>英伟达是一家计算机图形公司。其业务基于两种技术：图形处理单元（“GPU”）和Tegra片上系统（“SoC”）产品。GPU是视觉计算的引擎。Tegra 处理器集成了多核 GPU 和中央处理器 (“CPU”) 以及音频和视频功能，用于智能手机、平板电脑和豪华汽车。英伟达成立于 1993 年，总部位于加利福尼亚州圣克拉拉。与许多同行一样，英伟达依靠第三方代工厂来生产其设计的半导体元件（或“芯片”）。</blockquote></p><p> Gaming and data centers have been key sources of revenue growth forNVIDIA as demand for its core GPU offerings surged higher in the wake of the coronavirus ('COVID-19') pandemic. During the first three quarters of fiscal 2022 (period ended&nbsp;October 31, 2021),NVIDIA's GAAP revenues grew by 65% year-over-year while its GAAP operating income more than doubled during this period. This strong showing was largely made possible through the stellar performance of its 'Gaming' and 'Data Center' business segments.</p><p><blockquote>随着冠状病毒（“COVID-19”）大流行后对其核心 GPU 产品的需求激增，游戏和数据中心一直是 Vidia 收入增长的主要来源。在2022财年前三个季度（截至2021年10月31日），英伟达的GAAP收入同比增长65%，而其GAAP经营利润在此期间增长了一倍多。这一强劲表现在很大程度上得益于其“游戏”和“数据中心”业务部门的出色表现。</blockquote></p><p> Looking ahead, management offered guidance for the fiscal fourth quarter in conjunction withNVIDIA's latest earnings update that indicated its strong financial performance is expected to continue going forward. Its high-end graphics rendering platform,NVIDIA RTX, is setting new standards in gaming technology.</p><p><blockquote>展望未来，管理层结合 VIDIA 最新的收益更新提供了第四财季的指引，表明其强劲的财务业绩预计将继续保持。其高端图形渲染平台NVIDIA RTX正在为游戏技术树立新标准。</blockquote></p><p> NVIDIA is also making&nbsp;inroads&nbsp;in the \"omniverse\" space, its preferred way to refer to the digital worlds that the \"metaverse\" aims to create. These are still early days, though we appreciate the effortNVIDIA's management team is making as it concerns identifying growth opportunities with long legs.</p><p><blockquote>英伟达也在“omniverse”领域取得进展，这是其首选的“元宇宙”旨在创造的数字世界的方式。尽管我们赞赏英伟达管理团队在识别长腿增长机会方面所做的努力，但现在还为时尚早。</blockquote></p><p> While its GPU offerings areNVIDIA's bread-and-butter, the company is working on rolling out a standalone CPU offering, the&nbsp;NVIDIA Grace CPU, which is geared towards data centers. This new offering was announced in April 2021 and is expected to be made available on a commercial basis in 2023. Please note both GPUs and CPUs are used in data centers, personal computers, and for a variety of other computing purposes. Expanding into the CPU market represents a massive growth opportunity forNVIDIA and this move is one of several reasons why we view the company's growth trajectory so favorably.</p><p><blockquote>虽然其 GPU 产品是 Vidia 的主要产品，但该公司正在努力推出面向数据中心的独立 CPU 产品 NVIDIA Grace CPU。这项新产品于2021年4月宣布，预计将于2023年商业化。请注意，GPU和CPU都用于数据中心、个人电脑和各种其他计算目的。进军 CPU 市场代表着 VIDIA 的巨大增长机会，此举也是我们如此看好该公司增长轨迹的几个原因之一。</blockquote></p><p> The forecasts for our enterprise cash flow model (which we will cover in this article) assumes double-digit annual revenue growth and meaningful margin expansion over the coming fiscal years. This forecast is underpinned byNVIDIA’s relentless focus on innovation, secular growth tailwinds, and its successes in the realm of gaming, data centers, autonomous driving,and AI. Should the firm stumble for any reason, its intrinsic value would face serious headwinds.</p><p><blockquote>我们的企业现金流模型（我们将在本文中介绍）的预测假设未来几个财年的年收入增长和有意义的利润率扩张。这一预测得到了英伟达对创新、长期增长的不懈关注以及在游戏、数据中心、自动驾驶和人工智能领域取得的成功的支持。如果该公司因任何原因陷入困境，其内在价值将面临严重阻力。</blockquote></p><p></p><p> NVIDIA expects to be a significant player in autonomous driving. Hundreds of companies use its&nbsp;Drive AGX&nbsp;open computing platform, and the list includes many of the top names in next-gen car and truck manufacturing.NVIDIA tabs autonomous vehicles as a $60 billion&nbsp;opportunity&nbsp;by 2035.</p><p><blockquote>英伟达预计将成为自动驾驶领域的重要参与者。数百家公司使用其 Drive AGX 开放计算平台，该名单包括下一代汽车和卡车制造领域的许多顶级公司。 NVIDIA 预计到 2035 年自动驾驶汽车将是一个价值 600 亿美元的机会。</blockquote></p><p> In April 2020,NVIDIA&nbsp;completed&nbsp;its ~$7 billion acquisition of Mellanox, bolstering its operations that cater to data centers.NVIDIA is in&nbsp;the process&nbsp;of acquiring Arm Limited (designer of semiconductor architecture) from SoftBank Group Corp (OTCPK:SFTBY) and SoftBank's Vision Fund in a transaction priced at ~$40 billion (with a ~$12 billion cash component), though antitrust hurdles&nbsp;remain&nbsp;and it is looking increasingly&nbsp;unlikely&nbsp;that the deal will go forward.</p><p><blockquote>2020 年 4 月，NVIDIA 完成了对 Mellanox 的约 70 亿美元收购，增强了其服务于数据中心的业务。 NVIDIA 正在从软银集团公司 (OTCPK:SFTBY) 收购 Arm Limited（半导体架构设计师）和软银的愿景基金，交易价格约为 400 亿美元（其中现金部分约为 120 亿美元），但反垄断障碍仍然存在，而且该交易继续进行的可能性越来越小。</blockquote></p><p> <b>Economic Profit Analysis</b></p><p><blockquote><b>经济效益分析</b></blockquote></p><p> The best measure of a firm's ability to create value for shareholders is expressed by comparing its return on invested capital ['ROIC'] with its weighted average cost of capital ['WACC']. The gap or difference between ROIC and WACC is called the firm's economic profit spread.NVIDIA has historically been a stellar generator of shareholder value and we expect that this will continue being the case going forward.</p><p><blockquote>衡量一家公司为股东创造价值的能力的最佳指标是通过将其投资资本回报率【“ROIC”】与其加权平均资本成本【“WACC”】进行比较来表达的。ROIC 和 WACC 之间的差距或差异称为公司的经济利润利差。英伟达历来一直是股东价值的出色创造者，我们预计未来这种情况将继续存在。</blockquote></p><p> NVIDIA's 3-fiscal year&nbsp;historical return&nbsp;on invested capital (without goodwill) is 94.5%, which is above the estimate of its cost of capital of 9.8%. In the upcoming graphic down below, we show the probable path of its forecasted ROIC in the fiscal years ahead based on the estimated volatility of key drivers behind the measure. The solid grey line reflects the most likely outcome (our \"base\" case scenario), in our opinion, and represents the scenario that results in our fair value estimate. The blue dots represent our \"bull\" case scenario and the green dots represent our \"bear\" case scenario.</p><p><blockquote>英伟达3财年历史投资资本回报率（不含商誉）为94.5%，高于其9.8%的资本成本预估。在下图中，我们根据该措施背后关键驱动因素的估计波动性，显示了其未来财年预测投资回报率的可能路径。我们认为，实心灰线反映了最可能的结果（我们的“基本”案例情景），并代表导致我们公允价值估计的情景。蓝点代表我们的“牛市”情况，绿点代表我们的“熊市”情况。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df45d00b608333d9732ab8afeaaba4a2\" tg-width=\"553\" tg-height=\"480\" width=\"100%\" height=\"auto\"><span>Image Shown: NVIDIA is a stellar generator of shareholder value as its forecasted ROIC, excluding goodwill, is expected to vastly exceed its estimated WACC over the coming fiscal years. Historically, NVIDIA's ROIC excluding goodwill has significantly outpaced its estimated WACC, indicating that in the past it has generated substantial shareholder value, but we are most interested in its future. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：英伟达是股东价值的出色创造者，因为其预测的投资回报率（不包括商誉）预计将在未来财年大大超过其预计的 WACC。从历史上看，NVIDIA 不包括商誉的 ROIC 大大超过了其估计的 WACC，表明过去它创造了可观的股东价值，但我们最感兴趣的是它的未来。图片来源：Valuentum</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a76899e4ecec2cb399eb536f039a8d14\" tg-width=\"559\" tg-height=\"736\" width=\"100%\" height=\"auto\"><span>Image Shown: An overview of how we calculated NVIDIA's estimated WACC. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：我们如何计算 NVIDIA 估计 WACC 的概述。图片来源：Valuentum</span></p></blockquote></p><p> <b>Cash Flow Analysis</b></p><p><blockquote><b>现金流量分析</b></blockquote></p><p> NVIDIA is a tremendous generator of free cash flow. From fiscal 2019-2021 (NVIDIA's fiscal year ends in late-January), the company generated ~$4.0 billion in annual free cash flow on average. In fiscal 2020 and fiscal 2021, asNVIDIA was building up cash to fund its aforementioned acquisition activities, the firm did not repurchase a meaningful amount of its stock. However, in fiscal 2019,NVIDIA repurchased $1.6 billion of its stock. The firm exited fiscal 2021 with $0.4 billion in run-rate dividend obligations.</p><p><blockquote>英伟达是自由现金流的巨大创造者。从2019-2021财年（英伟达的财年于1月下旬结束），该公司平均每年产生约40亿美元的自由现金流。在 2020 财年和 2021 财年，asNVIDIA 正在积累现金以资助其上述收购活动，但该公司并未回购大量股票。然而，在2019财年，英伟达回购了16亿美元的股票。该公司在 2021 财年结束时拥有 4 亿美元的运行率股息义务。</blockquote></p><p> Its stellar free cash flow performance continued into fiscal 2022. During the first three quarters of the current fiscal year,NVIDIA generated $5.4 billion in free cash flow while spending $0.3 billion covering its dividend obligations. The firm continued to hold off on share buybacks during this period. At the end of October 2021,NVIDIA had a net cash position of $8.4 billion with no short-term debt on the books. We are huge fans ofNVIDIA's pristine balance sheet and balanced approached to capital allocation decisions.</p><p><blockquote>其出色的自由现金流表现一直持续到 2022 财年。在本财年的前三个季度， 英伟达产生了54亿美元的自由现金流， 同时花费了3亿美元来支付其股息义务。在此期间，该公司继续推迟股票回购。截至 2021 年 10 月底，英伟达的净现金头寸为 84 亿美元，账面上没有短期债务。我们非常喜欢英伟达简洁的资产负债表和平衡的资本分配决策方法。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a33e177ba3b8979c4701cd8c7017c0f6\" tg-width=\"561\" tg-height=\"483\" width=\"100%\" height=\"auto\"><span>Image Shown: NVIDIA has historically been a tremendous generator of free cash flow, and we forecast that will continue being the case going forward. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：NVIDIA 历来一直是自由现金流的巨大创造者，我们预测未来这种情况将继续存在。图片来源：Valuentum</span></p></blockquote></p><p> <b>Valuation Analysis</b></p><p><blockquote><b>估值分析</b></blockquote></p><p> We thinkNVIDIA is worth $247 per share (under our base case scenario) with a fair value range of $183-$311 per share (the lower rung of our fair value estimate represents our bear case scenario and the upper rung represents our bull case scenario). The near-term operating forecasts we used in our enterprise cash flow models, including revenue and earnings forecasts, do not differ much from consensus estimates or management guidance.</p><p><blockquote>我们认为英伟达每股价值 247 美元（在我们的基本情况下），公允价值范围为每股 183-311 美元（我们公允价值估计的下层代表我们的熊市情况，上层代表我们的牛市情况）。我们在企业现金流量模型中使用的近期经营预测（包括收入和盈利预测）与共识估计或管理层指引没有太大差异。</blockquote></p><p></p><p> Our discounted cash flow models reflect a compound annual revenue growth rate of 24.7% during the next five full fiscal years, a pace that is higher than the firm's 3-fiscal year historical compound annual growth rate of 19.7%. Our models reflects a 5-fiscal year projected average operating margin of 49.2%, which is aboveNVIDIA's trailing 3-fiscal year average (in fiscal 2021,NVIDIA's GAAP operating margin stood at 43.6%).</p><p><blockquote>我们的贴现现金流模型反映了未来五个完整财年的复合年收入增长率为 24.7%，这一增长率高于公司 3 个财年的历史复合年增长率 19.7%。我们的模型反映了 5 个财年的预计平均营业利润率为 49.2%，高于 Vidia 过去 3 个财年的平均水平（2021 财年，NVIDIA 的 GAAP 营业利润率为 43.6%）。</blockquote></p><p> Beyond Year 5 (five full fiscal years from the end ofNVIDIA's latest fiscal year), we assume free cash flow will grow at an annual rate of 10.9% for the next 15 fiscal years and 3% in perpetuity. ForNVIDIA, we use a 9.8% weighted average cost of capital to discount future free cash flows. The coming graphic down below highlights the key valuation assumptions used in our base case scenario covering&nbsp;NVIDIA.</p><p><blockquote>在第 5 年之后（从 NVIDIA 最近一个财年结束算起的五个完整财年），我们假设自由现金流在未来 15 个财年将以每年 10.9% 的速度增长，永久增长 3%。对于 VIDIA，我们使用 9.8% 的加权平均资本成本来贴现未来自由现金流。下图突出显示了我们涵盖 NVIDIA 的基本案例场景中使用的关键估值假设。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ec17bc624989924f5e557d74e07b7f2\" tg-width=\"556\" tg-height=\"490\" width=\"100%\" height=\"auto\"><span>Image Shown: An overview of the key valuation assumptions used in our cash flow model covering NVIDIA under our base case scenario. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：我们的现金流模型中使用的关键估值假设概述，涵盖了我们的基本案例情景下的英伟达。图片来源：Valuentum</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d48f53155ec22cc97ef62fe0239d5930\" tg-width=\"548\" tg-height=\"505\" width=\"100%\" height=\"auto\"><span>Image Shown: NVIDIA's long growth tail underpins why most of the intrinsic value of its equity comes from its forecasted free cash flows, discounted at the appropriate rate, during the Year 6+ period into perpetuity. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：NVIDIA 的长长的增长尾巴支撑了为什么其股权的大部分内在价值来自其预测的自由现金流，并在 6 年以上期间以适当的利率贴现。图片来源：Valuentum</span></p></blockquote></p><p> Please note thatNVIDIA could exceed the key valuation assumptions within our base case scenario. For instance, its revenue might grow at a faster pace than our cash flow model is assuming asNVIDIA pushes into the CPU space while powerful secular growth tailwinds underpin demand for its semiconductor offerings. Additionally,NVIDIA's operating margins could expand at a more robust pace than our cash flow models are assuming if the uplift from economies of scale and its immense pricing power outperforms.</p><p><blockquote>请注意，在我们的基本案例情景中，英伟达可能会超出关键估值假设。例如，随着 NVIDIA 进军 CPU 领域，而强大的长期增长顺风支撑着对其半导体产品的需求，其收入增长速度可能会比我们现金流模型假设的更快。此外， 如果规模经济的提升及其巨大的定价能力跑赢大盘， 英伟达的营业利润率可能会以比我们现金流模型假设的更强劲的速度扩张。</blockquote></p><p> With this in mind, we like to provide a range of potential outcomes that take into the chance for a firm to outperform or underperform the key valuation assumptions used in our cash flow models. ShouldNVIDIA outperform, the top end of our fair value estimate range sits at $311 per share.</p><p><blockquote>考虑到这一点，我们希望提供一系列潜在结果，这些结果考虑了公司跑赢或跑输我们现金流模型中使用的关键估值假设的机会。如果英伟达跑赢大盘，我们的公允价值估计范围的上限为每股 311 美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a77a92954fa4327f4f5d246ee8a84a8\" tg-width=\"550\" tg-height=\"331\" width=\"100%\" height=\"auto\"><span>Image Shown: At the top end of our fair value estimate range, NVIDIA has an intrinsic value of $311 per share. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：在我们公允价值估计范围的上限，英伟达的内在价值为每股 311 美元。图片来源：Valuentum</span></p></blockquote></p><p> <b>Future Path of Fair Value</b></p><p><blockquote><b>公允价值的未来路径</b></blockquote></p><p> As time passes, companies generate cash flow and pay out cash to shareholders in the form of dividends. The upcoming graphic down below compares the firm's recent share price with the path ofNVIDIA's expected equity value per share over the next three fiscal years, assuming our long-term projections prove accurate. The range between the resulting downside fair value and upside fair value in Year 3 represents our best estimate of the value of the firm's shares three full fiscal years hence.</p><p><blockquote>随着时间的推移，公司会产生现金流，并以股息的形式向股东支付现金。下面即将发布的图表将该公司最近的股价与英伟达未来三个财年的预期每股股权价值路径进行了比较，假设我们的长期预测被证明是准确的。第三年由此产生的下行公允价值和上行公允价值之间的范围代表了我们对公司股票价值的最佳估计。</blockquote></p><p> This range of potential outcomes is also subject to change over time, should our views on the firm's future cash flow potential change. The expected fair value of $327 per share in Year 3 represents our existing fair value per share of $247 increased at an annual rate of the firm's cost of equity less its dividend yield. The upside and downside ranges are derived in the same way, but from the upper and lower bounds of our fair value estimate range. ShouldNVIDIA outperform, its fair value estimate could grow to over $410 by Year 3.</p><p><blockquote>如果我们对公司未来现金流潜力的看法发生变化，这一系列潜在结果也会随着时间的推移而发生变化。第三年的预期公允价值为每股327美元，代表我们现有的每股247美元的公允价值，以公司权益成本减去股息收益率的年增长率增加。上行和下行范围以相同方式得出，但来自我们公允价值估计范围的上限和下限。如果英伟达跑赢大盘，到第三年，其公允价值估计可能会增长至 410 美元以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bb37f5bbe479c8ce940639d804694f3\" tg-width=\"551\" tg-height=\"414\" width=\"100%\" height=\"auto\"><span>Image Shown: We forecast that NVIDIA's fair value estimate will grow significantly over the coming fiscal years. Image Source: Valuentum</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片显示：我们预测英伟达的公允价值估计将在未来财年大幅增长。图片来源：Valuentum</span></p></blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> ThoughNVIDIA's planned acquisition of Arm will probably not go through due to growing and sizable antitrust concerns,NVIDIA's growth outlook is still quite bright.NVIDIA has a fortress-like balance sheet, stellar free cash flow generating abilities, and has been growing like a weed in recent fiscal years. Powerful secular growth tailwinds, such as the proliferation of e-commerce, cloud computing, AI, and autonomous driving offerings all underpinNVIDIA's bright long-term growth outlook. Shares of NVDA yield a negligible amount as of this writing as management prefers to invest in the business and build up cash on hand to fund acquisition activities. Virtually all ofNVIDIA's upside comes from its capital appreciation potential.</p><p><blockquote>尽管由于日益严重的反垄断担忧，英伟达收购 Arm 的计划可能不会实现，但英伟达的增长前景仍然相当光明。英伟达拥有堡垒般的资产负债表、出色的自由现金流产生能力，并且一直在像杂草一样生长最近几个财年。强大的长期增长推动力，例如电子商务、云计算、人工智能和自动驾驶产品的激增，都支撑着 VIDIA 光明的长期增长前景。截至撰写本文时，NVDA 股票的收益率可以忽略不计，因为管理层更愿意投资该业务并积累手头现金来为收购活动提供资金。英伟达几乎所有的上涨空间都来自其资本增值潜力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476513-nvidia-nvda-stock-bright-growth-outlook\">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":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4476513-nvidia-nvda-stock-bright-growth-outlook","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184640882","content_text":"Summary\n\nThe top end of our fair value estimate range for Nvidia Corporation, derived through our discounted free cash flow analysis process, sits at $311 per share.\nSeveral powerful secular growth tailwinds including the ongoing proliferation of e-commerce, cloud computing, AI, and autonomous driving operations underpin Nvidia's promising growth outlook.\nNvidia is a stellar free cash flow generator with a fortress-like balance sheet and balanced capital allocation priorities.\nWe think it is growing unlikely that Nvidia's planned purchase of Arm from SoftBank Group Corp will go through due to antitrust and other regulatory concerns seen around the world.\nNvidia's recent push into the CPU market on top of its dominant position in the GPU market further underpins why the firm's growth outlook appears so promising, in our view.\n\nserg3d/iStock Editorial via Getty Images\nAs part of our investment analysis process, we perform a rigorous discounted cash-flow methodology that dives into the cash-flow-derived intrinsic worth of companies. This process is built around forecasting a firm's future free cash flows, discounting those future forecasted free cash flows at the appropriate rate, and then taking its balance sheet considerations (such as its net cash/debt position, and legal/environmental/pension liabilities) into account. In NVIDIA Corporation's (NVDA) case, the top end of our fair value estimate range sits at $311 per share, modestly above where shares of NVDA are trading at as of this writing. Please note that over the coming years, the top end ofNVIDIA's fair value estimate range could grow north of $410 per share, something we will cover in this article.\nInvestment Highlights\nNVIDIA is a computer graphics company. Its business is based on two technologies: the graphics processing units ('GPUs') and the Tegra system-on-a-chip ('SoC') offering. GPUs are the engine of visual computing. Tegra processors incorporate multi-core GPUs and central processing units ('CPUs') together with audio and video capabilities, and are used in smartphones, tablets, and luxury automobiles.NVIDIA was founded in 1993 and is headquartered in Santa Clara, California. Like many of its peers,NVIDIA relies on third-party foundries to produce the semiconductor components (or \"chips\") that it designs.\nGaming and data centers have been key sources of revenue growth forNVIDIA as demand for its core GPU offerings surged higher in the wake of the coronavirus ('COVID-19') pandemic. During the first three quarters of fiscal 2022 (period ended October 31, 2021),NVIDIA's GAAP revenues grew by 65% year-over-year while its GAAP operating income more than doubled during this period. This strong showing was largely made possible through the stellar performance of its 'Gaming' and 'Data Center' business segments.\nLooking ahead, management offered guidance for the fiscal fourth quarter in conjunction withNVIDIA's latest earnings update that indicated its strong financial performance is expected to continue going forward. Its high-end graphics rendering platform,NVIDIA RTX, is setting new standards in gaming technology.\nNVIDIA is also making inroads in the \"omniverse\" space, its preferred way to refer to the digital worlds that the \"metaverse\" aims to create. These are still early days, though we appreciate the effortNVIDIA's management team is making as it concerns identifying growth opportunities with long legs.\nWhile its GPU offerings areNVIDIA's bread-and-butter, the company is working on rolling out a standalone CPU offering, the NVIDIA Grace CPU, which is geared towards data centers. This new offering was announced in April 2021 and is expected to be made available on a commercial basis in 2023. Please note both GPUs and CPUs are used in data centers, personal computers, and for a variety of other computing purposes. Expanding into the CPU market represents a massive growth opportunity forNVIDIA and this move is one of several reasons why we view the company's growth trajectory so favorably.\nThe forecasts for our enterprise cash flow model (which we will cover in this article) assumes double-digit annual revenue growth and meaningful margin expansion over the coming fiscal years. This forecast is underpinned byNVIDIA’s relentless focus on innovation, secular growth tailwinds, and its successes in the realm of gaming, data centers, autonomous driving,and AI. Should the firm stumble for any reason, its intrinsic value would face serious headwinds.\nNVIDIA expects to be a significant player in autonomous driving. Hundreds of companies use its Drive AGX open computing platform, and the list includes many of the top names in next-gen car and truck manufacturing.NVIDIA tabs autonomous vehicles as a $60 billion opportunity by 2035.\nIn April 2020,NVIDIA completed its ~$7 billion acquisition of Mellanox, bolstering its operations that cater to data centers.NVIDIA is in the process of acquiring Arm Limited (designer of semiconductor architecture) from SoftBank Group Corp (OTCPK:SFTBY) and SoftBank's Vision Fund in a transaction priced at ~$40 billion (with a ~$12 billion cash component), though antitrust hurdles remain and it is looking increasingly unlikely that the deal will go forward.\nEconomic Profit Analysis\nThe best measure of a firm's ability to create value for shareholders is expressed by comparing its return on invested capital ['ROIC'] with its weighted average cost of capital ['WACC']. The gap or difference between ROIC and WACC is called the firm's economic profit spread.NVIDIA has historically been a stellar generator of shareholder value and we expect that this will continue being the case going forward.\nNVIDIA's 3-fiscal year historical return on invested capital (without goodwill) is 94.5%, which is above the estimate of its cost of capital of 9.8%. In the upcoming graphic down below, we show the probable path of its forecasted ROIC in the fiscal years ahead based on the estimated volatility of key drivers behind the measure. The solid grey line reflects the most likely outcome (our \"base\" case scenario), in our opinion, and represents the scenario that results in our fair value estimate. The blue dots represent our \"bull\" case scenario and the green dots represent our \"bear\" case scenario.\nImage Shown: NVIDIA is a stellar generator of shareholder value as its forecasted ROIC, excluding goodwill, is expected to vastly exceed its estimated WACC over the coming fiscal years. Historically, NVIDIA's ROIC excluding goodwill has significantly outpaced its estimated WACC, indicating that in the past it has generated substantial shareholder value, but we are most interested in its future. Image Source: Valuentum\nImage Shown: An overview of how we calculated NVIDIA's estimated WACC. Image Source: Valuentum\nCash Flow Analysis\nNVIDIA is a tremendous generator of free cash flow. From fiscal 2019-2021 (NVIDIA's fiscal year ends in late-January), the company generated ~$4.0 billion in annual free cash flow on average. In fiscal 2020 and fiscal 2021, asNVIDIA was building up cash to fund its aforementioned acquisition activities, the firm did not repurchase a meaningful amount of its stock. However, in fiscal 2019,NVIDIA repurchased $1.6 billion of its stock. The firm exited fiscal 2021 with $0.4 billion in run-rate dividend obligations.\nIts stellar free cash flow performance continued into fiscal 2022. During the first three quarters of the current fiscal year,NVIDIA generated $5.4 billion in free cash flow while spending $0.3 billion covering its dividend obligations. The firm continued to hold off on share buybacks during this period. At the end of October 2021,NVIDIA had a net cash position of $8.4 billion with no short-term debt on the books. We are huge fans ofNVIDIA's pristine balance sheet and balanced approached to capital allocation decisions.\nImage Shown: NVIDIA has historically been a tremendous generator of free cash flow, and we forecast that will continue being the case going forward. Image Source: Valuentum\nValuation Analysis\nWe thinkNVIDIA is worth $247 per share (under our base case scenario) with a fair value range of $183-$311 per share (the lower rung of our fair value estimate represents our bear case scenario and the upper rung represents our bull case scenario). The near-term operating forecasts we used in our enterprise cash flow models, including revenue and earnings forecasts, do not differ much from consensus estimates or management guidance.\nOur discounted cash flow models reflect a compound annual revenue growth rate of 24.7% during the next five full fiscal years, a pace that is higher than the firm's 3-fiscal year historical compound annual growth rate of 19.7%. Our models reflects a 5-fiscal year projected average operating margin of 49.2%, which is aboveNVIDIA's trailing 3-fiscal year average (in fiscal 2021,NVIDIA's GAAP operating margin stood at 43.6%).\nBeyond Year 5 (five full fiscal years from the end ofNVIDIA's latest fiscal year), we assume free cash flow will grow at an annual rate of 10.9% for the next 15 fiscal years and 3% in perpetuity. ForNVIDIA, we use a 9.8% weighted average cost of capital to discount future free cash flows. The coming graphic down below highlights the key valuation assumptions used in our base case scenario covering NVIDIA.\nImage Shown: An overview of the key valuation assumptions used in our cash flow model covering NVIDIA under our base case scenario. Image Source: Valuentum\nImage Shown: NVIDIA's long growth tail underpins why most of the intrinsic value of its equity comes from its forecasted free cash flows, discounted at the appropriate rate, during the Year 6+ period into perpetuity. Image Source: Valuentum\nPlease note thatNVIDIA could exceed the key valuation assumptions within our base case scenario. For instance, its revenue might grow at a faster pace than our cash flow model is assuming asNVIDIA pushes into the CPU space while powerful secular growth tailwinds underpin demand for its semiconductor offerings. Additionally,NVIDIA's operating margins could expand at a more robust pace than our cash flow models are assuming if the uplift from economies of scale and its immense pricing power outperforms.\nWith this in mind, we like to provide a range of potential outcomes that take into the chance for a firm to outperform or underperform the key valuation assumptions used in our cash flow models. ShouldNVIDIA outperform, the top end of our fair value estimate range sits at $311 per share.\nImage Shown: At the top end of our fair value estimate range, NVIDIA has an intrinsic value of $311 per share. Image Source: Valuentum\nFuture Path of Fair Value\nAs time passes, companies generate cash flow and pay out cash to shareholders in the form of dividends. The upcoming graphic down below compares the firm's recent share price with the path ofNVIDIA's expected equity value per share over the next three fiscal years, assuming our long-term projections prove accurate. The range between the resulting downside fair value and upside fair value in Year 3 represents our best estimate of the value of the firm's shares three full fiscal years hence.\nThis range of potential outcomes is also subject to change over time, should our views on the firm's future cash flow potential change. The expected fair value of $327 per share in Year 3 represents our existing fair value per share of $247 increased at an annual rate of the firm's cost of equity less its dividend yield. The upside and downside ranges are derived in the same way, but from the upper and lower bounds of our fair value estimate range. ShouldNVIDIA outperform, its fair value estimate could grow to over $410 by Year 3.\nImage Shown: We forecast that NVIDIA's fair value estimate will grow significantly over the coming fiscal years. Image Source: Valuentum\nConcluding Thoughts\nThoughNVIDIA's planned acquisition of Arm will probably not go through due to growing and sizable antitrust concerns,NVIDIA's growth outlook is still quite bright.NVIDIA has a fortress-like balance sheet, stellar free cash flow generating abilities, and has been growing like a weed in recent fiscal years. Powerful secular growth tailwinds, such as the proliferation of e-commerce, cloud computing, AI, and autonomous driving offerings all underpinNVIDIA's bright long-term growth outlook. Shares of NVDA yield a negligible amount as of this writing as management prefers to invest in the business and build up cash on hand to fund acquisition activities. Virtually all ofNVIDIA's upside comes from its capital appreciation potential.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":3932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691394153,"gmtCreate":1640134318398,"gmtModify":1640134318909,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Nice rally","listText":"Nice rally","text":"Nice rally","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691394153","repostId":"2193663561","repostType":4,"isVote":1,"tweetType":1,"viewCount":3313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693258451,"gmtCreate":1640043883490,"gmtModify":1640043884072,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Will rebound soon..&nbsp;","listText":"Will rebound soon..&nbsp;","text":"Will rebound soon..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/693258451","repostId":"2193761136","repostType":4,"isVote":1,"tweetType":1,"viewCount":3911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693258851,"gmtCreate":1640043813882,"gmtModify":1640043814430,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Nice rally","listText":"Nice rally","text":"Nice rally","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693258851","repostId":"1154367089","repostType":4,"repost":{"id":"1154367089","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":1640041733,"share":"https://www.laohunote.com/m/news/1154367089?lang=zh_CN&edition=full","pubTime":"2021-12-21 07:08","market":"us","language":"en","title":"Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154367089","media":"Tiger Newspress","summary":"Micron Technology shares headed higher after the memory-chip company posted strong results, while pr","content":"<p>Micron Technology&nbsp;shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.</p><p><blockquote>存储芯片公司美光科技公布强劲业绩后，其股价走高，同时对本季度的预测好于预期。</blockquote></p><p> For the fiscal first quarter, ended Dec. 2, Micron&nbsp;reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.</p><p><blockquote>在截至 12 月 2 日的第一财季，美光公司公布的收入为 76.9 亿美元，比去年同期增长 33%，略高于公司 76.5 亿美元的目标，但环比下降了 7%。非美国通用会计准则利润为 2.16 美元，高于公司每股 2.10 美元的目标。</blockquote></p><p> In&nbsp;extended trading, the stock was up 6.2% to $87.14.</p><p><blockquote>在盘后交易中，该股上涨 6.2%，至 87.14 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b8e920f4d2951731af2a972df72f89e\" tg-width=\"840\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.</p><p><blockquote>该公司表示，动态随机存取存储器（DRAM）的收入比去年同期增长了38%，占本季度总收入的73%。NAND芯片同比增长19%，占总收入的24%。该公司表示，DRAM 的平均销售价格连续下降至低个位数，而 NAND 的平均销售价格则下降至中个位数。</blockquote></p><p> For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.</p><p><blockquote>美光预计第二财季营收为 75 亿美元，误差为 2 亿美元，非 GAAP 每股利润为 1.95 美元，上下浮动 10 美分。华尔街的共识是营收为 72.7 亿美元，每股收益为 1.86 美元。该公司预计本季度毛利率为 46%，低于上一季度的 47%。</blockquote></p><p> The company also said it bought back $259 million of its shares in the latest quarter.</p><p><blockquote>该公司还表示，最近一个季度回购了 2.59 亿美元的股票。</blockquote></p><p> “Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”</p><p><blockquote>“美光首席执行官桑杰-梅赫罗特拉（Sanjay Mehrotra）在一份声明中说：”在强劲的产品组合势头的带动下，美光第一财季业绩稳健。“我们现在正在向主要终端市场提供行业领先的 DRAM 和 NAND 技术，并为数据中心、客户端、移动、图形和汽车客户提供新的解决方案。”</blockquote></p><p> In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.</p><p><blockquote>美光在为定于周一晚些时候举行的投资者看涨期权准备的演示文稿中表示，预计 2022 年 8 月财年 “创纪录的收入和稳健的盈利能力”，下半年的出货量增长将更加强劲。该公司预计今年的资本支出在 110 亿至 120 亿美元之间，高于 2021 财年的 97 亿美元。</blockquote></p><p> Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.</p><p><blockquote>美光预计 2021 年 DRAM 存储容量需求（或 bit 需求）将在 20% 的低范围内增长，2022 年将以中高水平增长。对于 NAND，该公司预计今年的增长率将在 30% 左右，明年将达到 30% 左右。</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>Micron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</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\">\nMicron Stock Rallies as Outlook Tops Street Estimates<blockquote>前景超出华尔街预期，美光科技股市上涨</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\">2021-12-21 07:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Micron Technology&nbsp;shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.</p><p><blockquote>存储芯片公司美光科技公布强劲业绩后，其股价走高，同时对本季度的预测好于预期。</blockquote></p><p> For the fiscal first quarter, ended Dec. 2, Micron&nbsp;reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.</p><p><blockquote>在截至 12 月 2 日的第一财季，美光公司公布的收入为 76.9 亿美元，比去年同期增长 33%，略高于公司 76.5 亿美元的目标，但环比下降了 7%。非美国通用会计准则利润为 2.16 美元，高于公司每股 2.10 美元的目标。</blockquote></p><p> In&nbsp;extended trading, the stock was up 6.2% to $87.14.</p><p><blockquote>在盘后交易中，该股上涨 6.2%，至 87.14 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b8e920f4d2951731af2a972df72f89e\" tg-width=\"840\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.</p><p><blockquote>该公司表示，动态随机存取存储器（DRAM）的收入比去年同期增长了38%，占本季度总收入的73%。NAND芯片同比增长19%，占总收入的24%。该公司表示，DRAM 的平均销售价格连续下降至低个位数，而 NAND 的平均销售价格则下降至中个位数。</blockquote></p><p> For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.</p><p><blockquote>美光预计第二财季营收为 75 亿美元，误差为 2 亿美元，非 GAAP 每股利润为 1.95 美元，上下浮动 10 美分。华尔街的共识是营收为 72.7 亿美元，每股收益为 1.86 美元。该公司预计本季度毛利率为 46%，低于上一季度的 47%。</blockquote></p><p> The company also said it bought back $259 million of its shares in the latest quarter.</p><p><blockquote>该公司还表示，最近一个季度回购了 2.59 亿美元的股票。</blockquote></p><p> “Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”</p><p><blockquote>“美光首席执行官桑杰-梅赫罗特拉（Sanjay Mehrotra）在一份声明中说：”在强劲的产品组合势头的带动下，美光第一财季业绩稳健。“我们现在正在向主要终端市场提供行业领先的 DRAM 和 NAND 技术，并为数据中心、客户端、移动、图形和汽车客户提供新的解决方案。”</blockquote></p><p> In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.</p><p><blockquote>美光在为定于周一晚些时候举行的投资者看涨期权准备的演示文稿中表示，预计 2022 年 8 月财年 “创纪录的收入和稳健的盈利能力”，下半年的出货量增长将更加强劲。该公司预计今年的资本支出在 110 亿至 120 亿美元之间，高于 2021 财年的 97 亿美元。</blockquote></p><p> Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.</p><p><blockquote>美光预计 2021 年 DRAM 存储容量需求（或 bit 需求）将在 20% 的低范围内增长，2022 年将以中高水平增长。对于 NAND，该公司预计今年的增长率将在 30% 左右，明年将达到 30% 左右。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154367089","content_text":"Micron Technology shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.\nFor the fiscal first quarter, ended Dec. 2, Micron reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.\nIn extended trading, the stock was up 6.2% to $87.14.\n\nThe company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.\nFor the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.\nThe company also said it bought back $259 million of its shares in the latest quarter.\n“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”\nIn a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.\nMicron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":1175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693258176,"gmtCreate":1640043773451,"gmtModify":1640043773985,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"CCL","listText":"CCL","text":"CCL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693258176","repostId":"1175424299","repostType":4,"isVote":1,"tweetType":1,"viewCount":1290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693369155,"gmtCreate":1639972078298,"gmtModify":1639972078903,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"🍎","listText":"🍎","text":"🍎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693369155","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</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>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</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; 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}\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\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</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\">2021-12-20 10:37</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>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">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":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699476070,"gmtCreate":1639884578128,"gmtModify":1639884578625,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699476070","repostId":"2192903795","repostType":4,"isVote":1,"tweetType":1,"viewCount":940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699609498,"gmtCreate":1639787300526,"gmtModify":1639787301043,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Will rebound soon","listText":"Will rebound soon","text":"Will rebound soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699609498","repostId":"1113440959","repostType":4,"repost":{"id":"1113440959","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":1639752802,"share":"https://www.laohunote.com/m/news/1113440959?lang=zh_CN&edition=full","pubTime":"2021-12-17 22:53","market":"us","language":"en","title":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113440959","media":"Tiger Newspress","summary":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown","content":"<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</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>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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; 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}\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\">\nEV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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\">2021-12-17 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc.","LCID":"Lucid Group Inc","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113440959","content_text":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown Motors sliding 6% and General Motors sliding 5%.","news_type":1,"symbols_score_info":{"RIDE":0.9,"GM":0.9,"LCID":0.9,"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":1232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699908013,"gmtCreate":1639731401138,"gmtModify":1639731401665,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699908013","repostId":"1169429645","repostType":4,"repost":{"id":"1169429645","kind":"news","pubTimestamp":1639727894,"share":"https://www.laohunote.com/m/news/1169429645?lang=zh_CN&edition=full","pubTime":"2021-12-17 15:58","market":"us","language":"en","title":"Traders bet Fed will not raise rates as aggressively as forecast<blockquote>交易员押注美联储不会像预测那样激进加息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169429645","media":"Financial Times","summary":"Markets dismiss central bank guidance amid investor uncertainty over US economic prospects\nFed chair","content":"<p><div> Markets dismiss central bank guidance amid investor uncertainty over US economic prospects Fed chair Jay Powell said that, with inflation as high as it is, ‘we have to make policy in real time’ © ...</p><p><blockquote><div>投资者对美国经济前景不确定，市场不屑一顾 美联储主席杰伊-鲍威尔（Jay Powell）表示，在通胀如此之高的情况下，“我们必须实时制定政策”...©</div></blockquote></p><p>  <a href=\"https://www.ft.com/content/b16f1969-c524-4aba-8560-730ab1ccd511\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.ft.com/content/b16f1969-c524-4aba-8560-730ab1ccd511\">网页连接</a></blockquote></p><p></p>","source":"lsy1580170736413","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>Traders bet Fed will not raise rates as aggressively as forecast<blockquote>交易员押注美联储不会像预测那样激进加息</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\">\nTraders bet Fed will not raise rates as aggressively as forecast<blockquote>交易员押注美联储不会像预测那样激进加息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Financial Times</strong><span class=\"h-time small\">2021-12-17 15:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Markets dismiss central bank guidance amid investor uncertainty over US economic prospects Fed chair Jay Powell said that, with inflation as high as it is, ‘we have to make policy in real time’ © ...</p><p><blockquote><div>投资者对美国经济前景不确定，市场不屑一顾 美联储主席杰伊-鲍威尔（Jay Powell）表示，在通胀如此之高的情况下，“我们必须实时制定政策”...©</div></blockquote></p><p>  <a href=\"https://www.ft.com/content/b16f1969-c524-4aba-8560-730ab1ccd511\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.ft.com/content/b16f1969-c524-4aba-8560-730ab1ccd511\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.ft.com/content/b16f1969-c524-4aba-8560-730ab1ccd511\">Financial Times</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",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.ft.com/content/b16f1969-c524-4aba-8560-730ab1ccd511","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169429645","content_text":"Markets dismiss central bank guidance amid investor uncertainty over US economic prospects\nFed chair Jay Powell said that, with inflation as high as it is, ‘we have to make policy in real time’ © Bloomberg\nTraders dialled back their expectations on Thursday for how far the Federal Reserve would be able to lift interest rates, dismissing the US central bank’s own guidance as it tries to rein in inflation during the pandemic.\nTrading in futures markets, which offers insight into how investors are positioning for changes to Fed interest rate policy in the years ahead, showed that money managers expected the US central bank’s overnight rate to rise to just 1.27 per cent by the end of 2023.\nThat was a full 0.11 percentage points below the 1.38 per cent rate implied on Wednesday, and compared to Fed policymaker’s projections for 1.6 per cent released yesterday.\nBeyond 2023, trading in futures contracts for Sofr (the secured overnight financing rate) and eurodollars suggested the Fed would have trouble lifting rates any higher, in contrast to the views of a majority of Fed officials that interest rates would eventually climb to about 2.5 per cent.\nImplied rates on Sofr and eurodollar contracts between 2024 and 2026 topped out at about 1.42 per cent, down from 1.5 a day prior.\n\nThe division between the markets and the Fed underlines the uncertainty investors have about the prospects for the US economy in the years ahead, as well as how aggressively the US central bank will need to act to tame inflation that last month rose by its fastest pace since 1982.\nThe Fed said on Wednesday it would more quickly remove pandemic-era stimulus and is ready to lift interest rates to combat inflation given the recovery in the labour market. Jay Powell, chair of the central bank, said that, with “inflation as high as it is, we have to make policy in real time”.\nThe so-called dot plot of interest rate predictions from individual Fed governors published on Wednesday showed three quarter-point rate rises in 2022 followed by another three in 2023.\nInvestors, by contrast, are now betting that a faster tightening cycle in 2022 could lead to fewer rate rises in the years ahead.\n“The most logical conclusion is that the market just doesn’t believe the Fed will ever get past 1.5 per cent,” said Tom Graff, head of international fixed income at Brown Advisory. “With the Fed apparently ready to hike in early 2022, the market is determining that will result in fewer hikes total.”\n\nAlthough a tightening of monetary policy is expected to tamp down inflation, some investors worry it may begin to crimp economic growth, putting a cap on how high the Fed can raise rates. Traders and investors also warned that the rapid shifts prompted by the pandemic, including the quick spread of the Omicron variant, could complicate the Fed’s plans.\n“We think the moves may be driven by market concerns over Covid,” Gennadiy Goldberg, US rates strategist at TD Securities, said about the moves in short-term funding markets.\n“There has been a significant increase in mentions of returns to offices being put on hold and holiday parties being cancelled, so investors may be concerned about the impact of Omicron on the economic recovery,” he added.\nIf the Fed’s dot-plot vision is realised, it would also put the US interest rate policy out of sync with some other big economies, most notably the EU. The European Central Bank said on Thursday it had ruled out the possibility of raising interest rates in 2022 despite higher inflation.\n“It is hard to reconcile three to four Fed rate increases versus none for the ECB,” said Andrew Brenner, head of international fixed income at NatAlliance Securities.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699901818,"gmtCreate":1639731320238,"gmtModify":1639731320785,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699901818","repostId":"1190449344","repostType":4,"repost":{"id":"1190449344","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":1639727897,"share":"https://www.laohunote.com/m/news/1190449344?lang=zh_CN&edition=full","pubTime":"2021-12-17 15:58","market":"us","language":"en","title":"Tesla,Nvidia And Apple Are Seeing The Highest Interest On WallStreetBets in the past 24 hours<blockquote>过去 24 小时内，特斯拉、英伟达和苹果对华尔街押注的兴趣最高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190449344","media":"Tiger Newspress","summary":"Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 695 mentions in the past 24 hours, followed by Tesla with 319 mentions.Nvidia and Apple are in the third and fourth positions, having attracted 275 and 222 mentions, respectively.Musk sold another 934,091 shares for $884.1 million on Thursday to pay for taxes on the exercise of stock options at a price of $6.24 to buy 2.2 million shares in Tesla, according to U.S. securities filings.Musk has sold about 1","content":"<p>Exchange-traded fund&nbsp;<b>SPDR S&amp;P 500 ETF Trust</b>(NYSE:SPY) is seeing the highest interest on the forum with 695 mentions in&nbsp;the&nbsp;past&nbsp;24&nbsp;hours, followed by Tesla with 319 mentions.</p><p><blockquote>交易所交易基金<b>SPDR标普500 ETF信托</b>（纽约证券交易所股票代码：SPY）在论坛上的关注度最高，在过去 24 小时内被提及 695 次，其次是特斯拉，被提及 319 次。</blockquote></p><p> Nvidia&nbsp;and&nbsp;Apple&nbsp;are in the third and fourth positions, having attracted 275 and 222 mentions, respectively.<img src=\"https://static.tigerbbs.com/329d655dad3c4ed7e1e96a9a39cf19c0\" tg-width=\"937\" tg-height=\"541\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/08cba58058c383f2a39eaafec295eb49\" tg-width=\"938\" tg-height=\"423\" width=\"100%\" height=\"auto\">Musk&nbsp;sold another 934,091 shares for $884.1 million on Thursday to pay for taxes on the exercise of stock options&nbsp;at a price of $6.24 to buy 2.2 million shares in Tesla, according to U.S. securities filings.</p><p><blockquote>英伟达和苹果分别位列第三和第四，分别吸引了 275 次和 222 次提及。根据美国证券文件，马斯克周四以 8.841 亿美元的价格出售了另外 934,091 股股票，以支付以 6.24 美元的价格行使股票期权的税款，以购买 220 万股特斯拉股票。</blockquote></p><p> Musk has sold about 12900512 Tesla shares since November 8, accounting for 75.66% of his previously committed shares.</p><p><blockquote>自11月8日以来，马斯克已出售约12900512股特斯拉股票，占其此前承诺股票的75.66%。</blockquote></p><p> While&nbsp;Apple Inc. is hiring engineers for a new office in Southern California to develop wireless chips that could eventually replace components supplied by Broadcom Inc. and Skyworks Solutions Inc.</p><p><blockquote>而苹果公司正在为南加州的一个新办公室招聘工程师，以开发最终可能取代博通公司和Skyworks解决方案公司提供的组件的无线芯片。</blockquote></p><p> Shares of Nvidia dropped 7%, while Apple shares slid 4%. Apple shares are still ahead for the month, rising 11% over the past 30 days.</p><p><blockquote>英伟达股价下跌 7%，苹果股价下跌 4%。苹果股价本月仍领先，过去 30 天内上涨 11%。</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,Nvidia And Apple Are Seeing The Highest Interest On WallStreetBets in the past 24 hours<blockquote>过去 24 小时内，特斯拉、英伟达和苹果对华尔街押注的兴趣最高</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,Nvidia And Apple Are Seeing The Highest Interest On WallStreetBets in the past 24 hours<blockquote>过去 24 小时内，特斯拉、英伟达和苹果对华尔街押注的兴趣最高</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\">2021-12-17 15:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Exchange-traded fund&nbsp;<b>SPDR S&amp;P 500 ETF Trust</b>(NYSE:SPY) is seeing the highest interest on the forum with 695 mentions in&nbsp;the&nbsp;past&nbsp;24&nbsp;hours, followed by Tesla with 319 mentions.</p><p><blockquote>交易所交易基金<b>SPDR标普500 ETF信托</b>（纽约证券交易所股票代码：SPY）在论坛上的关注度最高，在过去 24 小时内被提及 695 次，其次是特斯拉，被提及 319 次。</blockquote></p><p> Nvidia&nbsp;and&nbsp;Apple&nbsp;are in the third and fourth positions, having attracted 275 and 222 mentions, respectively.<img src=\"https://static.tigerbbs.com/329d655dad3c4ed7e1e96a9a39cf19c0\" tg-width=\"937\" tg-height=\"541\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/08cba58058c383f2a39eaafec295eb49\" tg-width=\"938\" tg-height=\"423\" width=\"100%\" height=\"auto\">Musk&nbsp;sold another 934,091 shares for $884.1 million on Thursday to pay for taxes on the exercise of stock options&nbsp;at a price of $6.24 to buy 2.2 million shares in Tesla, according to U.S. securities filings.</p><p><blockquote>英伟达和苹果分别位列第三和第四，分别吸引了 275 次和 222 次提及。根据美国证券文件，马斯克周四以 8.841 亿美元的价格出售了另外 934,091 股股票，以支付以 6.24 美元的价格行使股票期权的税款，以购买 220 万股特斯拉股票。</blockquote></p><p> Musk has sold about 12900512 Tesla shares since November 8, accounting for 75.66% of his previously committed shares.</p><p><blockquote>自11月8日以来，马斯克已出售约12900512股特斯拉股票，占其此前承诺股票的75.66%。</blockquote></p><p> While&nbsp;Apple Inc. is hiring engineers for a new office in Southern California to develop wireless chips that could eventually replace components supplied by Broadcom Inc. and Skyworks Solutions Inc.</p><p><blockquote>而苹果公司正在为南加州的一个新办公室招聘工程师，以开发最终可能取代博通公司和Skyworks解决方案公司提供的组件的无线芯片。</blockquote></p><p> Shares of Nvidia dropped 7%, while Apple shares slid 4%. Apple shares are still ahead for the month, rising 11% over the past 30 days.</p><p><blockquote>英伟达股价下跌 7%，苹果股价下跌 4%。苹果股价本月仍领先，过去 30 天内上涨 11%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","NVDA":"英伟达","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190449344","content_text":"Exchange-traded fund SPDR S&P 500 ETF Trust(NYSE:SPY) is seeing the highest interest on the forum with 695 mentions in the past 24 hours, followed by Tesla with 319 mentions.\nNvidia and Apple are in the third and fourth positions, having attracted 275 and 222 mentions, respectively.Musk sold another 934,091 shares for $884.1 million on Thursday to pay for taxes on the exercise of stock options at a price of $6.24 to buy 2.2 million shares in Tesla, according to U.S. securities filings.\nMusk has sold about 12900512 Tesla shares since November 8, accounting for 75.66% of his previously committed shares.\nWhile Apple Inc. is hiring engineers for a new office in Southern California to develop wireless chips that could eventually replace components supplied by Broadcom Inc. and Skyworks Solutions Inc.\nShares of Nvidia dropped 7%, while Apple shares slid 4%. Apple shares are still ahead for the month, rising 11% over the past 30 days.","news_type":1,"symbols_score_info":{"AAPL":0.9,"TSLA":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690808024,"gmtCreate":1639651454906,"gmtModify":1639651455416,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690808024","repostId":"1184616731","repostType":4,"repost":{"id":"1184616731","kind":"news","pubTimestamp":1639650290,"share":"https://www.laohunote.com/m/news/1184616731?lang=zh_CN&edition=full","pubTime":"2021-12-16 18:24","market":"us","language":"en","title":"Stocks Set to Extend Gains Ahead of More Central Bank Decisions<blockquote>在央行做出更多决定之前，股市将扩大涨幅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184616731","media":"WSJ","summary":"Stocks were poised to extend gains ahead of policy decisions by the European Central Bank and Bank o","content":"<p>Stocks were poised to extend gains ahead of policy decisions by the European Central Bank and Bank of England, which follow the Federal Reserve’s pivot toward higher interest rates.</p><p><blockquote>在欧洲央行和英格兰银行做出政策决定之前，股市有望延续涨势，而美联储也将转向更高的利率。</blockquote></p><p> Futures for the S&amp;P 500 rose 0.5% Thursday, a day after the broad stocks gauge closed at its second-highest level on record. Contracts for the Dow Jones Industrial Average added 0.4% and Nasdaq-100 futures climbed 0.6%, pointing to a strong start to the session for technology stocks.</p><p><blockquote>标普500期货周四上涨 0.5%，一天前，该指数收于有记录以来的第二高水平。道琼斯工业平均指数合约上涨 0.4%，纳斯达克 100 指数期货上涨 0.6%，表明科技股开局强劲。</blockquote></p><p> Brent-crude futures, the benchmark in international oil markets, rose 0.9% to $74.51 a barrel. Yields on 10-year Treasury notes ticked down to 1.451% Thursday from 1.460% Wednesday. Yields move in the opposite direction to bond prices and barely moved in response to the Fed’s shift to tighten monetary policy.</p><p><blockquote>国际石油市场基准布伦特原油期货上涨0.9%，至每桶74.51美元。10 年期国债收益率从周三的 1.460% 降至周四的 1.451%。收益率的变动方向与债券价格相反，几乎没有因美联储收紧货币政策的转变而变动。</blockquote></p><p> Stocks rallied when the central bank completed that pivot Wednesday, approving plans to end a program of asset purchases by March and penciling in three rate rises in 2022. Investors said the change of stance—ending months in which the Fed said higher inflation would fade—removed the risk of runaway growth in consumer prices.</p><p><blockquote>当央行周三完成这一转变时，股市上涨，批准了在 3 月份结束资产购买计划并计划在 2022 年加息三次的计划。投资者表示，立场的转变——结束了美联储表示通胀上升将会消退的几个月——消除了消费者价格失控增长的风险。</blockquote></p><p> “There’s a goldilocks interpretation,” said Edward Park, chief investment officer at Brooks Macdonald, referring to a situation in which the Fed tames inflation but doesn’t push rates high enough to kill the economic recovery.</p><p><blockquote>“布鲁克斯-麦克唐纳（Brooks Macdonald）首席投资官爱德华-帕克（Edward Park）说：”有一种金发姑娘的解释，他指的是美联储抑制通胀，但没有将利率推高到足以扼杀经济复苏的程度。</blockquote></p><p> Mr. Park said stocks are likely to keep rising through to year end. “You have people saying, you know, it’s painful being in fixed income or cash.”</p><p><blockquote>朴先生表示，股市可能会持续上升直至年底。“有人说，你知道，靠固定收入或现金是很痛苦的”。</blockquote></p><p> European stock markets followed Wall Street higher Thursday. The pan-continental Stoxx Europe 600 rose 1.4%, led by tech, energy, travel and leisure stocks.</p><p><blockquote>欧洲股市周四跟随华尔街走高。泛洲斯托克欧洲 600 指数上涨 1.4%，科技、能源、旅游和休闲股领涨。</blockquote></p><p> Turkey’s currency crisis deepened ahead of a potential interest-rate cut by the central bank, which has come under pressure from President Recep Tayyip Erdogan to lower borrowing costs. The lira weakened 2.5% to trade at 15.18 per dollar.</p><p><blockquote>土耳其央行在总统雷杰普-塔伊普-埃尔多安（Recep Tayyip Erdogan）的压力下降低借贷成本，在央行可能降息之前，土耳其的货币危机加深。里拉贬值2.5%，至1美元兑15.18。</blockquote></p><p> Like the U.S., the eurozone and the U.K. are experiencing their highest inflation in years. Central banks there are also contending with waves of coronavirus infections that complicate the outlook for consumer prices and economic growth.</p><p><blockquote>与美国一样，欧元区和英国正在经历多年来最高的通胀。那里的央行还在应对一波又一波的冠状病毒感染，这使得消费者价格和经济增长的前景变得复杂。</blockquote></p><p> The Bank of England, which will publish its decision at 7 a.m. ET, was until recently expected to raise interest rates Thursday. However, a jump in Covid-19 cases driven by the Omicron variant might encourage the central bank to keep policy on hold, Mr. Park said. The pound rose 0.2% to $1.3293 before the decision.</p><p><blockquote>英国央行将于美国东部时间上午 7 点公布决定，直到最近人们还预计将在周四加息。然而，朴槿惠表示，奥密克戎变种导致的 Covid-19 病例激增可能会鼓励央行搁置政策。在做出决定之前，英镑上涨 0.2%，至 1.3293 美元。</blockquote></p><p> The European Central Bank, meanwhile, is expected to signal that it will continue buying bonds for some time, and that it won’t increase interest rates next year. The central bank is due to publish its decision at 7:45 a.m. The euro traded 0.2% higher at $1.1316.</p><p><blockquote>与此同时，欧洲央行预计将发出信号，表示将在一段时间内继续购买债券，明年不会加息。央行将于上午7点45分公布决定。欧元兑美元上涨 0.2%，至 1.1316 美元。</blockquote></p><p> Investors will parse surveys of purchasing managers in the U.S. and Europe for evidence of the extent to which rising coronavirus cases have knocked economic growth. The reports—due at 9:45 a.m. for the U.S.—are expected to show factory output is growing, though at a slower pace than in November.</p><p><blockquote>投资者将分析对美国和欧洲采购经理的调查，以寻找冠状病毒病例增加在多大程度上打击了经济增长的证据。美国将于上午 9:45 发布的报告预计将显示工厂产量正在增长，但增速低于 11 月份。</blockquote></p><p> In individual European stock moves, Novartis rose 4.3% after the Swiss pharmaceutical firm said it would use the proceeds from the recent sale of its stake in Roche to buy back up to $15 billion of its shares. Food-delivery firms Just Eat Takeaway.com and Delivery Hero both rose more than 5%. Électricité de France dropped 11% after the French utility cut earnings forecasts to reflect the safety-related outages at nuclear-power plants.</p><p><blockquote>在欧洲个股走势中，诺华上涨 4.3%，此前这家瑞士制药公司表示将利用最近出售罗氏股份的收益回购高达 150 亿美元的股票。送餐公司 Just Eat Takeaway.com 和 Delivery Hero 的股价均上涨超过 5%。法国电力公司下调盈利预测以反映核电站与安全相关的停电，该公司股价下跌 11%。</blockquote></p><p> In Asia, Japan’s Nikkei 225 gained 2.1%, the Shanghai Composite Index rose 0.8% and Hong Kong’s Hang Seng added 0.2%.</p><p><blockquote>在亚洲，日本日经 225 指数上涨 2.1%，上证综合指数上涨 0.8%，香港恒生指数上涨 0.2%。</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>Stocks Set to Extend Gains Ahead of More Central Bank Decisions<blockquote>在央行做出更多决定之前，股市将扩大涨幅</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\">\nStocks Set to Extend Gains Ahead of More Central Bank Decisions<blockquote>在央行做出更多决定之前，股市将扩大涨幅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-12-16 18:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks were poised to extend gains ahead of policy decisions by the European Central Bank and Bank of England, which follow the Federal Reserve’s pivot toward higher interest rates.</p><p><blockquote>在欧洲央行和英格兰银行做出政策决定之前，股市有望延续涨势，而美联储也将转向更高的利率。</blockquote></p><p> Futures for the S&amp;P 500 rose 0.5% Thursday, a day after the broad stocks gauge closed at its second-highest level on record. Contracts for the Dow Jones Industrial Average added 0.4% and Nasdaq-100 futures climbed 0.6%, pointing to a strong start to the session for technology stocks.</p><p><blockquote>标普500期货周四上涨 0.5%，一天前，该指数收于有记录以来的第二高水平。道琼斯工业平均指数合约上涨 0.4%，纳斯达克 100 指数期货上涨 0.6%，表明科技股开局强劲。</blockquote></p><p> Brent-crude futures, the benchmark in international oil markets, rose 0.9% to $74.51 a barrel. Yields on 10-year Treasury notes ticked down to 1.451% Thursday from 1.460% Wednesday. Yields move in the opposite direction to bond prices and barely moved in response to the Fed’s shift to tighten monetary policy.</p><p><blockquote>国际石油市场基准布伦特原油期货上涨0.9%，至每桶74.51美元。10 年期国债收益率从周三的 1.460% 降至周四的 1.451%。收益率的变动方向与债券价格相反，几乎没有因美联储收紧货币政策的转变而变动。</blockquote></p><p> Stocks rallied when the central bank completed that pivot Wednesday, approving plans to end a program of asset purchases by March and penciling in three rate rises in 2022. Investors said the change of stance—ending months in which the Fed said higher inflation would fade—removed the risk of runaway growth in consumer prices.</p><p><blockquote>当央行周三完成这一转变时，股市上涨，批准了在 3 月份结束资产购买计划并计划在 2022 年加息三次的计划。投资者表示，立场的转变——结束了美联储表示通胀上升将会消退的几个月——消除了消费者价格失控增长的风险。</blockquote></p><p> “There’s a goldilocks interpretation,” said Edward Park, chief investment officer at Brooks Macdonald, referring to a situation in which the Fed tames inflation but doesn’t push rates high enough to kill the economic recovery.</p><p><blockquote>“布鲁克斯-麦克唐纳（Brooks Macdonald）首席投资官爱德华-帕克（Edward Park）说：”有一种金发姑娘的解释，他指的是美联储抑制通胀，但没有将利率推高到足以扼杀经济复苏的程度。</blockquote></p><p> Mr. Park said stocks are likely to keep rising through to year end. “You have people saying, you know, it’s painful being in fixed income or cash.”</p><p><blockquote>朴先生表示，股市可能会持续上升直至年底。“有人说，你知道，靠固定收入或现金是很痛苦的”。</blockquote></p><p> European stock markets followed Wall Street higher Thursday. The pan-continental Stoxx Europe 600 rose 1.4%, led by tech, energy, travel and leisure stocks.</p><p><blockquote>欧洲股市周四跟随华尔街走高。泛洲斯托克欧洲 600 指数上涨 1.4%，科技、能源、旅游和休闲股领涨。</blockquote></p><p> Turkey’s currency crisis deepened ahead of a potential interest-rate cut by the central bank, which has come under pressure from President Recep Tayyip Erdogan to lower borrowing costs. The lira weakened 2.5% to trade at 15.18 per dollar.</p><p><blockquote>土耳其央行在总统雷杰普-塔伊普-埃尔多安（Recep Tayyip Erdogan）的压力下降低借贷成本，在央行可能降息之前，土耳其的货币危机加深。里拉贬值2.5%，至1美元兑15.18。</blockquote></p><p> Like the U.S., the eurozone and the U.K. are experiencing their highest inflation in years. Central banks there are also contending with waves of coronavirus infections that complicate the outlook for consumer prices and economic growth.</p><p><blockquote>与美国一样，欧元区和英国正在经历多年来最高的通胀。那里的央行还在应对一波又一波的冠状病毒感染，这使得消费者价格和经济增长的前景变得复杂。</blockquote></p><p> The Bank of England, which will publish its decision at 7 a.m. ET, was until recently expected to raise interest rates Thursday. However, a jump in Covid-19 cases driven by the Omicron variant might encourage the central bank to keep policy on hold, Mr. Park said. The pound rose 0.2% to $1.3293 before the decision.</p><p><blockquote>英国央行将于美国东部时间上午 7 点公布决定，直到最近人们还预计将在周四加息。然而，朴槿惠表示，奥密克戎变种导致的 Covid-19 病例激增可能会鼓励央行搁置政策。在做出决定之前，英镑上涨 0.2%，至 1.3293 美元。</blockquote></p><p> The European Central Bank, meanwhile, is expected to signal that it will continue buying bonds for some time, and that it won’t increase interest rates next year. The central bank is due to publish its decision at 7:45 a.m. The euro traded 0.2% higher at $1.1316.</p><p><blockquote>与此同时，欧洲央行预计将发出信号，表示将在一段时间内继续购买债券，明年不会加息。央行将于上午7点45分公布决定。欧元兑美元上涨 0.2%，至 1.1316 美元。</blockquote></p><p> Investors will parse surveys of purchasing managers in the U.S. and Europe for evidence of the extent to which rising coronavirus cases have knocked economic growth. The reports—due at 9:45 a.m. for the U.S.—are expected to show factory output is growing, though at a slower pace than in November.</p><p><blockquote>投资者将分析对美国和欧洲采购经理的调查，以寻找冠状病毒病例增加在多大程度上打击了经济增长的证据。美国将于上午 9:45 发布的报告预计将显示工厂产量正在增长，但增速低于 11 月份。</blockquote></p><p> In individual European stock moves, Novartis rose 4.3% after the Swiss pharmaceutical firm said it would use the proceeds from the recent sale of its stake in Roche to buy back up to $15 billion of its shares. Food-delivery firms Just Eat Takeaway.com and Delivery Hero both rose more than 5%. Électricité de France dropped 11% after the French utility cut earnings forecasts to reflect the safety-related outages at nuclear-power plants.</p><p><blockquote>在欧洲个股走势中，诺华上涨 4.3%，此前这家瑞士制药公司表示将利用最近出售罗氏股份的收益回购高达 150 亿美元的股票。送餐公司 Just Eat Takeaway.com 和 Delivery Hero 的股价均上涨超过 5%。法国电力公司下调盈利预测以反映核电站与安全相关的停电，该公司股价下跌 11%。</blockquote></p><p> In Asia, Japan’s Nikkei 225 gained 2.1%, the Shanghai Composite Index rose 0.8% and Hong Kong’s Hang Seng added 0.2%.</p><p><blockquote>在亚洲，日本日经 225 指数上涨 2.1%，上证综合指数上涨 0.8%，香港恒生指数上涨 0.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/global-stock-markets-dow-update-12-16-2021-11639643633?mod=hp_lead_pos1\">WSJ</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"},"source_url":"https://www.wsj.com/articles/global-stock-markets-dow-update-12-16-2021-11639643633?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184616731","content_text":"Stocks were poised to extend gains ahead of policy decisions by the European Central Bank and Bank of England, which follow the Federal Reserve’s pivot toward higher interest rates.\nFutures for the S&P 500 rose 0.5% Thursday, a day after the broad stocks gauge closed at its second-highest level on record. Contracts for the Dow Jones Industrial Average added 0.4% and Nasdaq-100 futures climbed 0.6%, pointing to a strong start to the session for technology stocks.\nBrent-crude futures, the benchmark in international oil markets, rose 0.9% to $74.51 a barrel. Yields on 10-year Treasury notes ticked down to 1.451% Thursday from 1.460% Wednesday. Yields move in the opposite direction to bond prices and barely moved in response to the Fed’s shift to tighten monetary policy.\nStocks rallied when the central bank completed that pivot Wednesday, approving plans to end a program of asset purchases by March and penciling in three rate rises in 2022. Investors said the change of stance—ending months in which the Fed said higher inflation would fade—removed the risk of runaway growth in consumer prices.\n“There’s a goldilocks interpretation,” said Edward Park, chief investment officer at Brooks Macdonald, referring to a situation in which the Fed tames inflation but doesn’t push rates high enough to kill the economic recovery.\nMr. Park said stocks are likely to keep rising through to year end. “You have people saying, you know, it’s painful being in fixed income or cash.”\nEuropean stock markets followed Wall Street higher Thursday. The pan-continental Stoxx Europe 600 rose 1.4%, led by tech, energy, travel and leisure stocks.\nTurkey’s currency crisis deepened ahead of a potential interest-rate cut by the central bank, which has come under pressure from President Recep Tayyip Erdogan to lower borrowing costs. The lira weakened 2.5% to trade at 15.18 per dollar.\nLike the U.S., the eurozone and the U.K. are experiencing their highest inflation in years. Central banks there are also contending with waves of coronavirus infections that complicate the outlook for consumer prices and economic growth.\nThe Bank of England, which will publish its decision at 7 a.m. ET, was until recently expected to raise interest rates Thursday. However, a jump in Covid-19 cases driven by the Omicron variant might encourage the central bank to keep policy on hold, Mr. Park said. The pound rose 0.2% to $1.3293 before the decision.\nThe European Central Bank, meanwhile, is expected to signal that it will continue buying bonds for some time, and that it won’t increase interest rates next year. The central bank is due to publish its decision at 7:45 a.m. The euro traded 0.2% higher at $1.1316.\nInvestors will parse surveys of purchasing managers in the U.S. and Europe for evidence of the extent to which rising coronavirus cases have knocked economic growth. The reports—due at 9:45 a.m. for the U.S.—are expected to show factory output is growing, though at a slower pace than in November.\nIn individual European stock moves, Novartis rose 4.3% after the Swiss pharmaceutical firm said it would use the proceeds from the recent sale of its stake in Roche to buy back up to $15 billion of its shares. Food-delivery firms Just Eat Takeaway.com and Delivery Hero both rose more than 5%. Électricité de France dropped 11% after the French utility cut earnings forecasts to reflect the safety-related outages at nuclear-power plants.\nIn Asia, Japan’s Nikkei 225 gained 2.1%, the Shanghai Composite Index rose 0.8% and Hong Kong’s Hang Seng added 0.2%.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"YMmain":0.9,"CLmain":0.9,".IXIC":0.9,"BZmain":0.9,"NQmain":0.9,"ESmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607825821,"gmtCreate":1639526928256,"gmtModify":1639526928767,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"PYPL","listText":"PYPL","text":"PYPL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607825821","repostId":"1101216534","repostType":4,"repost":{"id":"1101216534","kind":"news","pubTimestamp":1639525158,"share":"https://www.laohunote.com/m/news/1101216534?lang=zh_CN&edition=full","pubTime":"2021-12-15 07:39","market":"us","language":"en","title":"PayPal Holdings: Buying This Dip Will Make You Pay Pal<blockquote>PayPal控股：逢低买入会让你付出代价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101216534","media":"seekingalpha","summary":"Summary\n\nPayPal Holdings has demonstrated weak returns on invested capital in 2021 relative to their","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal Holdings has demonstrated weak returns on invested capital in 2021 relative to their peers.</li>  <li>The company is currently trading at 53 times its GAAP forward earnings making shares egregiously over-priced.</li>  <li>I believe that PayPal's FCF calculation is not a fair representation with transaction and credit losses being added to the company's cashflow.</li>  <li>Advancement in financial technology will begin to reduce the benefit of PayPal's value proposition.</li> </ul> </p><p><blockquote><ul><li>与同行相比，PayPal控股公司 2021 年的投资资本回报率较弱。</li><li>该公司目前的交易价格是其 GAAP 预期市盈率的 53 倍，导致股价严重高估。</li><li>我认为 PayPal 的自由现金流计算并不公正，因为交易和信用损失被添加到公司的现金流中。</li><li>金融技术的进步将开始降低 PayPal 价值主张的好处。</li></ul></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> PayPal Holdings (PYPL), the household online payment firm with around 416 million active merchant accounts is currently gaining investors attention after sliding 30% over the last 6 months. The stock is extremely popular amongst American investors as approximately 245 hedge funds have it in their top 10 holdings. That being said, despite the large institutions and Wall Street's optimism around the stock, I fail to see what the majority of analysts see in PayPal. To begin with, despite the company's stock sliding 30% over the last 6 months, PayPal is still trading at a GAAP forward Price-to-earnings multiple of 53. Secondly, the company has had poor performance when looking at their return on invested capital. Thirdly, PayPal's FCF calculations in my opinion are inaccurate to the actual volume of cash the company is bringing in. Lastly, PayPal's business model appears to be fizzling out as India's FinTech expansion has shown that a transaction middleman is becoming increasingly redundant.</p><p><blockquote>PayPal控股公司 (PYPL) 是一家拥有约 4.16 亿活跃商户账户的家庭在线支付公司，在过去 6 个月下滑 30% 后，目前正受到投资者的关注。该股在美国投资者中非常受欢迎，约有 245 家对冲基金将其列为前 10 名持股。话虽如此，尽管大型机构和华尔街对该股持乐观态度，但我看不到大多数分析师对PayPal的看法。首先，尽管该公司的股价在过去 6 个月内下跌了 30%，但PayPal的 GAAP 远期市盈率仍然为 53。其次，从投资资本回报率来看，该公司表现不佳。第三，在我看来，PayPal 的自由现金流计算与该公司实际带来的现金量并不准确。最后，随着印度金融科技的扩张表明交易中间商变得越来越多余，PayPal 的商业模式似乎正在失败。</blockquote></p><p> <b>PayPal's Underperformance</b></p><p><blockquote><b>PayPal 表现不佳</b></blockquote></p><p> In order for me to come to the conclusion that PayPal has under-performed this year, I had compared the returns on invested capital of PayPal versus peers Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). The return on invested capital is a key metric measuring how well management is at deploying their capital profitably. The following are the three companies current ROIC.</p><p><blockquote>为了让我得出PayPal今年表现不佳的结论，我将PayPal的投资资本回报率与同行 Visa Inc (NYSE:V) 和 Mastercard Inc (NYSE:MA) 进行了比较。投资资本回报率是衡量管理层盈利部署资本情况的关键指标。以下是三家公司目前的投资回报率。</blockquote></p><p> PYPL return on invested capital</p><p><blockquote>PYPL投资资本回报率</blockquote></p><p> Data by YCharts</p><p><blockquote>数据由YCharts提供</blockquote></p><p> One of the main reasons why Visa and Mastercard has and will continue to outperform PayPal in returns on invested capital is because their business models are much less risky. Visa and Mastercard are just payment processors who pass on any additional risks to retailers and banks, whereas PayPal has to endure the risk of a merchant either defaulting or not making a payment. That additional risk PayPal is forced to endure leads to transaction and credit losses which hurts their profitability. This ultimately gives PayPal's competitors a competitive advantage when looking through the lens of an investor.</p><p><blockquote>Visa 和万事达卡在投资资本回报率方面已经并将继续优于PayPal的主要原因之一是因为它们的商业模式风险要小得多。Visa 和万事达卡只是支付处理商，将任何额外风险转嫁给零售商和银行，而PayPal则必须承担商家违约或不付款的风险。PayPal被迫承受的额外风险会导致交易和信用损失，从而损害其盈利能力。从投资者的角度来看，这最终使 PayPal 的竞争对手具有竞争优势。</blockquote></p><p> <b>Transaction And Credit Losses</b></p><p><blockquote><b>交易及信贷亏损</b></blockquote></p><p> From my perspective, the method in which is used to calculate PayPal's cashflows comes with some misrepresentations. The big problem with PayPal's FCF calculation is that they are able to add back all of their transaction and credit losses back onto their cashflow statement. This made up around 30% of PayPal's operating cashflow in 2020.</p><p><blockquote>从我的角度来看，用于计算 PayPal 现金流的方法存在一些误解。PayPal 自由现金流计算的大问题是，他们能够将所有交易和信用损失加回到现金流量表中。这约占 PayPal 2020 年运营现金流的 30%。</blockquote></p><p> As you can see, these transaction and credit losses have been making up a solid chunk of PayPal's annual free cashflow. These transaction and credit losses are simple to explain. PayPal provides loans to individuals with bad credit, and should they write off those bad loans (which they're in fact doing a lot of), the losses are added back on PayPal's cashflow statement. I am of the opinion that investors should be aware of the risks involved in this and be vigilant when accounting it in your analysis. PayPal even acknowledges the risk of these bad loans in their 10-k form.</p><p><blockquote>如您所见，这些交易和信用损失已构成 PayPal 年度自由现金流的很大一部分。这些交易和信用损失很容易解释。PayPal向信用不良的个人提供贷款，如果他们注销这些不良贷款（事实上他们已经做了很多），损失会被添加到 PayPal 的现金流量表中。我认为投资者应该意识到其中涉及的风险，并在您的分析中考虑它时保持警惕。PayPal甚至在10-k表格中承认这些不良贷款的风险。</blockquote></p><p> For this reason, the large amount of transaction and credit losses being added back onto PayPal's cashflow statement represent additional risk and also leads me to believe that their cashflow calculation is slightly misrepresented.</p><p><blockquote>因此，PayPal 现金流量表中添加的大量交易和信用损失代表了额外的风险，也让我相信他们的现金流量计算略有失实。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> In order to compute the intrinsic value of PayPal stock, I will provide a discount cashflow model. The following is a forecast of some key data points needed to compute the calculation (all figures in millions USD).</p><p><blockquote>为了计算PayPal股票的内在价值，我将提供一个贴现现金流模型。以下是计算计算所需的一些关键数据点的预测（所有数字均以百万美元为单位）。</blockquote></p><p> For this calculation, I will be subtracting PayPal's transaction and credit losses as I've earlier stated that they overstate the company's cashflow. Additionally, I used 3 year moving averages to forecast D&amp;A and CapEx costs. Lastly, I chose a discount rate of 8% and a perpetual growth rate of 3%. The following is my discount cashflow model.</p><p><blockquote>在此计算中，我将减去 PayPal 的交易和信用损失，因为我之前已经说过，它们夸大了公司的现金流。此外，我使用 3 年移动平均值来预测 D&amp;A 和资本支出成本。最后，我选择了8%的贴现率和3%的永久增长率。以下是我的折扣现金流模型。</blockquote></p><p> My final consensus after computing my DCF model is that PayPal's intrinsic value is 77% lower than where shares are currently trading. This makes PayPal shares egregiously overvalued. Furthermore, looking deeper at PayPal's valuation using a comparable cost analysis, you can once again see by comparing the company's EV/EBITDA ratio to Visa and Mastercard, how overpriced PayPal shares are currently when compared to its peers.</p><p><blockquote>在计算我的 DCF 模型后，我的最终共识是 PayPal 的内在价值比当前股票交易价低 77%。这使得PayPal股票被严重高估。此外，使用可比成本分析更深入地研究 PayPal 的估值，通过将该公司的 EV/EBITDA 比率与 Visa 和 Mastercard 进行比较，您可以再次看到PayPal股票与同行相比目前的定价有多高。</blockquote></p><p></p><p> I thought it would be important to add that PayPal's 1 year EPS growth rate is only about 4%, which compared to peers Visa and Mastercard is worse. Additionally, despite PayPal having a higher EV/EBITDA than both Mastercard and Visa, the company's YoY quarterly EPS growth has been lower and has shown a massive slowdown. Moreover, I don't expect PayPal's growth to pick up in the future as the industry moves away from their value proposition. The following is a chart representing quarterly YoY growth of the three companies.</p><p><blockquote>我认为有必要补充一点，PayPal 的 1 年每股收益增长率仅为 4% 左右，与同行 Visa 和万事达卡相比更差。此外，尽管PayPal的 EV/EBITDA 高于万事达卡和 Visa，但该公司的季度每股收益同比增长较低，并出现大幅放缓。此外，随着行业偏离其价值主张，我预计 PayPal 的增长未来不会加快。以下是这三家公司的季度同比增长图表。</blockquote></p><p> As you can see, PayPal's EV-to-EBITDA is higher, despite lower EPS growth then their two largest rivals. To conclude on PayPal's valuation, PayPal has the price of a growth stock however, the company's growth rate and growth catalyst closer resembles a retirement value stock. This further amplifies my conviction that in my opinion PayPal shares are overvalued.</p><p><blockquote>正如您所看到的，尽管 PayPal 的每股收益增长率低于其两个最大竞争对手，但其 EV 与 EBITDA 的比率较高。总结 PayPal 的估值，PayPal的价格相当于成长型股票，然而，该公司的增长率和增长催化剂更类似于退休价值股票。这进一步强化了我的信念，即在我看来，PayPal股票被高估了。</blockquote></p><p> <b>FinTech Evolution Is Leaving PayPal Behind</b></p><p><blockquote><b>金融科技的发展正在将PayPal抛在身后</b></blockquote></p><p> When PayPal originally released its initial concept and value proposition, it took the world by storm as their business model was nothing others had seen before. That being said, the greatest risk PayPal faces in the future is that its clock may be ticking as banks and other new FinTech solutions change the market to where we just have bank-to-bank transactions, leaving less need for a middleman such as PayPal. You're already beginning to see this in countries such as China and now India. India specifically is set to have bank-to-bank digital payments increase rapidly over the next couple of years. The following is the forecasted dollar amount of digital payments in India in trillions of rupees.</p><p><blockquote>当PayPal最初发布其最初的概念和价值主张时，它席卷了世界，因为他们的商业模式是其他人以前从未见过的。话虽如此，PayPal未来面临的最大风险是，随着银行和其他新的金融科技解决方案将市场转变为只有银行对银行交易的市场，从而减少对PayPal等中间商的需求，它的时间可能会流逝。你已经开始在中国和现在的印度等国家看到这一点。特别是印度，未来几年银行间数字支付将迅速增长。以下是印度数字支付的预测金额，单位为万亿卢比。</blockquote></p><p> Between China and India's adoption of FinTech and digital payments, the countries are setting the stage as to where the payment market will be headed in the next couple of years. Unfortunately for PayPal, that seems to be a world without a middleman between a merchant and a bank. Mastercard and Visa don't carry this risk because both companies just process payments, leaving them to be much better alternative investments.</p><p><blockquote>随着中国和印度采用金融科技和数字支付，两国正在为未来几年支付市场的发展方向奠定基础。对PayPal来说不幸的是，这似乎是一个没有商人和银行之间中间人的世界。万事达卡和维萨卡不承担这种风险，因为两家公司都只处理付款，这使得它们成为更好的替代投资。</blockquote></p><p> <b>Why I Could Be Wrong And Final Thoughts</b></p><p><blockquote><b>为什么我可能是错的和最后的想法</b></blockquote></p><p> To conclude my bearish PayPal thesis, I would like to say that if PayPal is able to pull together a couple of decent quarters, then in the short-term I could be wrong about the stock price as Wall Street's fondness for the company could push the valuation a little bit higher. That being said, I have to say that longer-term this is definitely a position I would want to avoid. PayPal's FCF calculations in my opinion are questionable, the company is currently egregiously overpriced with little growth, and its business model could begin to be fazed out down the line. For these reasons, I believe that PayPal is poised to fall by an additional 30-40% over the next 1-2 years. As much as investors want to talk about the past performance for this company, past performance does not equate to future performance. Therefore, I have to say that if you decide to purchase some PayPal shares, I think you will certainly pay pal.</p><p><blockquote>总结我的看跌PayPal论点，我想说，如果PayPal能够实现几个不错的季度，那么在短期内我对股价的看法可能是错误的，因为华尔街对该公司的喜爱可能会推高估值一点。话虽如此，我不得不说，从长远来看，这绝对是我想要避免的职位。在我看来，PayPal 的自由现金流计算值得怀疑，该公司目前定价严重过高，增长甚微，其商业模式未来可能会开始被淘汰。出于这些原因，我认为PayPal将在未来1-2年内再下跌30-40%。尽管投资者想谈论这家公司过去的业绩，但过去的业绩并不等同于未来的业绩。因此，我不得不说，如果你决定购买一些PayPal股票，我认为你肯定会支付pal。</blockquote></p><p></p>","source":"lsy1638401102509","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>PayPal Holdings: Buying This Dip Will Make You Pay Pal<blockquote>PayPal控股：逢低买入会让你付出代价</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\">\nPayPal Holdings: Buying This Dip Will Make You Pay Pal<blockquote>PayPal控股：逢低买入会让你付出代价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-12-15 07:39</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>PayPal Holdings has demonstrated weak returns on invested capital in 2021 relative to their peers.</li>  <li>The company is currently trading at 53 times its GAAP forward earnings making shares egregiously over-priced.</li>  <li>I believe that PayPal's FCF calculation is not a fair representation with transaction and credit losses being added to the company's cashflow.</li>  <li>Advancement in financial technology will begin to reduce the benefit of PayPal's value proposition.</li> </ul> </p><p><blockquote><ul><li>与同行相比，PayPal控股公司 2021 年的投资资本回报率较弱。</li><li>该公司目前的交易价格是其 GAAP 预期市盈率的 53 倍，导致股价严重高估。</li><li>我认为 PayPal 的自由现金流计算并不公正，因为交易和信用损失被添加到公司的现金流中。</li><li>金融技术的进步将开始降低 PayPal 价值主张的好处。</li></ul></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> PayPal Holdings (PYPL), the household online payment firm with around 416 million active merchant accounts is currently gaining investors attention after sliding 30% over the last 6 months. The stock is extremely popular amongst American investors as approximately 245 hedge funds have it in their top 10 holdings. That being said, despite the large institutions and Wall Street's optimism around the stock, I fail to see what the majority of analysts see in PayPal. To begin with, despite the company's stock sliding 30% over the last 6 months, PayPal is still trading at a GAAP forward Price-to-earnings multiple of 53. Secondly, the company has had poor performance when looking at their return on invested capital. Thirdly, PayPal's FCF calculations in my opinion are inaccurate to the actual volume of cash the company is bringing in. Lastly, PayPal's business model appears to be fizzling out as India's FinTech expansion has shown that a transaction middleman is becoming increasingly redundant.</p><p><blockquote>PayPal控股公司 (PYPL) 是一家拥有约 4.16 亿活跃商户账户的家庭在线支付公司，在过去 6 个月下滑 30% 后，目前正受到投资者的关注。该股在美国投资者中非常受欢迎，约有 245 家对冲基金将其列为前 10 名持股。话虽如此，尽管大型机构和华尔街对该股持乐观态度，但我看不到大多数分析师对PayPal的看法。首先，尽管该公司的股价在过去 6 个月内下跌了 30%，但PayPal的 GAAP 远期市盈率仍然为 53。其次，从投资资本回报率来看，该公司表现不佳。第三，在我看来，PayPal 的自由现金流计算与该公司实际带来的现金量并不准确。最后，随着印度金融科技的扩张表明交易中间商变得越来越多余，PayPal 的商业模式似乎正在失败。</blockquote></p><p> <b>PayPal's Underperformance</b></p><p><blockquote><b>PayPal 表现不佳</b></blockquote></p><p> In order for me to come to the conclusion that PayPal has under-performed this year, I had compared the returns on invested capital of PayPal versus peers Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). The return on invested capital is a key metric measuring how well management is at deploying their capital profitably. The following are the three companies current ROIC.</p><p><blockquote>为了让我得出PayPal今年表现不佳的结论，我将PayPal的投资资本回报率与同行 Visa Inc (NYSE:V) 和 Mastercard Inc (NYSE:MA) 进行了比较。投资资本回报率是衡量管理层盈利部署资本情况的关键指标。以下是三家公司目前的投资回报率。</blockquote></p><p> PYPL return on invested capital</p><p><blockquote>PYPL投资资本回报率</blockquote></p><p> Data by YCharts</p><p><blockquote>数据由YCharts提供</blockquote></p><p> One of the main reasons why Visa and Mastercard has and will continue to outperform PayPal in returns on invested capital is because their business models are much less risky. Visa and Mastercard are just payment processors who pass on any additional risks to retailers and banks, whereas PayPal has to endure the risk of a merchant either defaulting or not making a payment. That additional risk PayPal is forced to endure leads to transaction and credit losses which hurts their profitability. This ultimately gives PayPal's competitors a competitive advantage when looking through the lens of an investor.</p><p><blockquote>Visa 和万事达卡在投资资本回报率方面已经并将继续优于PayPal的主要原因之一是因为它们的商业模式风险要小得多。Visa 和万事达卡只是支付处理商，将任何额外风险转嫁给零售商和银行，而PayPal则必须承担商家违约或不付款的风险。PayPal被迫承受的额外风险会导致交易和信用损失，从而损害其盈利能力。从投资者的角度来看，这最终使 PayPal 的竞争对手具有竞争优势。</blockquote></p><p> <b>Transaction And Credit Losses</b></p><p><blockquote><b>交易及信贷亏损</b></blockquote></p><p> From my perspective, the method in which is used to calculate PayPal's cashflows comes with some misrepresentations. The big problem with PayPal's FCF calculation is that they are able to add back all of their transaction and credit losses back onto their cashflow statement. This made up around 30% of PayPal's operating cashflow in 2020.</p><p><blockquote>从我的角度来看，用于计算 PayPal 现金流的方法存在一些误解。PayPal 自由现金流计算的大问题是，他们能够将所有交易和信用损失加回到现金流量表中。这约占 PayPal 2020 年运营现金流的 30%。</blockquote></p><p> As you can see, these transaction and credit losses have been making up a solid chunk of PayPal's annual free cashflow. These transaction and credit losses are simple to explain. PayPal provides loans to individuals with bad credit, and should they write off those bad loans (which they're in fact doing a lot of), the losses are added back on PayPal's cashflow statement. I am of the opinion that investors should be aware of the risks involved in this and be vigilant when accounting it in your analysis. PayPal even acknowledges the risk of these bad loans in their 10-k form.</p><p><blockquote>如您所见，这些交易和信用损失已构成 PayPal 年度自由现金流的很大一部分。这些交易和信用损失很容易解释。PayPal向信用不良的个人提供贷款，如果他们注销这些不良贷款（事实上他们已经做了很多），损失会被添加到 PayPal 的现金流量表中。我认为投资者应该意识到其中涉及的风险，并在您的分析中考虑它时保持警惕。PayPal甚至在10-k表格中承认这些不良贷款的风险。</blockquote></p><p> For this reason, the large amount of transaction and credit losses being added back onto PayPal's cashflow statement represent additional risk and also leads me to believe that their cashflow calculation is slightly misrepresented.</p><p><blockquote>因此，PayPal 现金流量表中添加的大量交易和信用损失代表了额外的风险，也让我相信他们的现金流量计算略有失实。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> In order to compute the intrinsic value of PayPal stock, I will provide a discount cashflow model. The following is a forecast of some key data points needed to compute the calculation (all figures in millions USD).</p><p><blockquote>为了计算PayPal股票的内在价值，我将提供一个贴现现金流模型。以下是计算计算所需的一些关键数据点的预测（所有数字均以百万美元为单位）。</blockquote></p><p> For this calculation, I will be subtracting PayPal's transaction and credit losses as I've earlier stated that they overstate the company's cashflow. Additionally, I used 3 year moving averages to forecast D&amp;A and CapEx costs. Lastly, I chose a discount rate of 8% and a perpetual growth rate of 3%. The following is my discount cashflow model.</p><p><blockquote>在此计算中，我将减去 PayPal 的交易和信用损失，因为我之前已经说过，它们夸大了公司的现金流。此外，我使用 3 年移动平均值来预测 D&amp;A 和资本支出成本。最后，我选择了8%的贴现率和3%的永久增长率。以下是我的折扣现金流模型。</blockquote></p><p> My final consensus after computing my DCF model is that PayPal's intrinsic value is 77% lower than where shares are currently trading. This makes PayPal shares egregiously overvalued. Furthermore, looking deeper at PayPal's valuation using a comparable cost analysis, you can once again see by comparing the company's EV/EBITDA ratio to Visa and Mastercard, how overpriced PayPal shares are currently when compared to its peers.</p><p><blockquote>在计算我的 DCF 模型后，我的最终共识是 PayPal 的内在价值比当前股票交易价低 77%。这使得PayPal股票被严重高估。此外，使用可比成本分析更深入地研究 PayPal 的估值，通过将该公司的 EV/EBITDA 比率与 Visa 和 Mastercard 进行比较，您可以再次看到PayPal股票与同行相比目前的定价有多高。</blockquote></p><p></p><p> I thought it would be important to add that PayPal's 1 year EPS growth rate is only about 4%, which compared to peers Visa and Mastercard is worse. Additionally, despite PayPal having a higher EV/EBITDA than both Mastercard and Visa, the company's YoY quarterly EPS growth has been lower and has shown a massive slowdown. Moreover, I don't expect PayPal's growth to pick up in the future as the industry moves away from their value proposition. The following is a chart representing quarterly YoY growth of the three companies.</p><p><blockquote>我认为有必要补充一点，PayPal 的 1 年每股收益增长率仅为 4% 左右，与同行 Visa 和万事达卡相比更差。此外，尽管PayPal的 EV/EBITDA 高于万事达卡和 Visa，但该公司的季度每股收益同比增长较低，并出现大幅放缓。此外，随着行业偏离其价值主张，我预计 PayPal 的增长未来不会加快。以下是这三家公司的季度同比增长图表。</blockquote></p><p> As you can see, PayPal's EV-to-EBITDA is higher, despite lower EPS growth then their two largest rivals. To conclude on PayPal's valuation, PayPal has the price of a growth stock however, the company's growth rate and growth catalyst closer resembles a retirement value stock. This further amplifies my conviction that in my opinion PayPal shares are overvalued.</p><p><blockquote>正如您所看到的，尽管 PayPal 的每股收益增长率低于其两个最大竞争对手，但其 EV 与 EBITDA 的比率较高。总结 PayPal 的估值，PayPal的价格相当于成长型股票，然而，该公司的增长率和增长催化剂更类似于退休价值股票。这进一步强化了我的信念，即在我看来，PayPal股票被高估了。</blockquote></p><p> <b>FinTech Evolution Is Leaving PayPal Behind</b></p><p><blockquote><b>金融科技的发展正在将PayPal抛在身后</b></blockquote></p><p> When PayPal originally released its initial concept and value proposition, it took the world by storm as their business model was nothing others had seen before. That being said, the greatest risk PayPal faces in the future is that its clock may be ticking as banks and other new FinTech solutions change the market to where we just have bank-to-bank transactions, leaving less need for a middleman such as PayPal. You're already beginning to see this in countries such as China and now India. India specifically is set to have bank-to-bank digital payments increase rapidly over the next couple of years. The following is the forecasted dollar amount of digital payments in India in trillions of rupees.</p><p><blockquote>当PayPal最初发布其最初的概念和价值主张时，它席卷了世界，因为他们的商业模式是其他人以前从未见过的。话虽如此，PayPal未来面临的最大风险是，随着银行和其他新的金融科技解决方案将市场转变为只有银行对银行交易的市场，从而减少对PayPal等中间商的需求，它的时间可能会流逝。你已经开始在中国和现在的印度等国家看到这一点。特别是印度，未来几年银行间数字支付将迅速增长。以下是印度数字支付的预测金额，单位为万亿卢比。</blockquote></p><p> Between China and India's adoption of FinTech and digital payments, the countries are setting the stage as to where the payment market will be headed in the next couple of years. Unfortunately for PayPal, that seems to be a world without a middleman between a merchant and a bank. Mastercard and Visa don't carry this risk because both companies just process payments, leaving them to be much better alternative investments.</p><p><blockquote>随着中国和印度采用金融科技和数字支付，两国正在为未来几年支付市场的发展方向奠定基础。对PayPal来说不幸的是，这似乎是一个没有商人和银行之间中间人的世界。万事达卡和维萨卡不承担这种风险，因为两家公司都只处理付款，这使得它们成为更好的替代投资。</blockquote></p><p> <b>Why I Could Be Wrong And Final Thoughts</b></p><p><blockquote><b>为什么我可能是错的和最后的想法</b></blockquote></p><p> To conclude my bearish PayPal thesis, I would like to say that if PayPal is able to pull together a couple of decent quarters, then in the short-term I could be wrong about the stock price as Wall Street's fondness for the company could push the valuation a little bit higher. That being said, I have to say that longer-term this is definitely a position I would want to avoid. PayPal's FCF calculations in my opinion are questionable, the company is currently egregiously overpriced with little growth, and its business model could begin to be fazed out down the line. For these reasons, I believe that PayPal is poised to fall by an additional 30-40% over the next 1-2 years. As much as investors want to talk about the past performance for this company, past performance does not equate to future performance. Therefore, I have to say that if you decide to purchase some PayPal shares, I think you will certainly pay pal.</p><p><blockquote>总结我的看跌PayPal论点，我想说，如果PayPal能够实现几个不错的季度，那么在短期内我对股价的看法可能是错误的，因为华尔街对该公司的喜爱可能会推高估值一点。话虽如此，我不得不说，从长远来看，这绝对是我想要避免的职位。在我看来，PayPal 的自由现金流计算值得怀疑，该公司目前定价严重过高，增长甚微，其商业模式未来可能会开始被淘汰。出于这些原因，我认为PayPal将在未来1-2年内再下跌30-40%。尽管投资者想谈论这家公司过去的业绩，但过去的业绩并不等同于未来的业绩。因此，我不得不说，如果你决定购买一些PayPal股票，我认为你肯定会支付pal。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475141-paypal-holdings-buying-dip-unattractive\">seekingalpha</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":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4475141-paypal-holdings-buying-dip-unattractive","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101216534","content_text":"Summary\n\nPayPal Holdings has demonstrated weak returns on invested capital in 2021 relative to their peers.\nThe company is currently trading at 53 times its GAAP forward earnings making shares egregiously over-priced.\nI believe that PayPal's FCF calculation is not a fair representation with transaction and credit losses being added to the company's cashflow.\nAdvancement in financial technology will begin to reduce the benefit of PayPal's value proposition.\n\n\n\nInvestment Thesis\nPayPal Holdings (PYPL), the household online payment firm with around 416 million active merchant accounts is currently gaining investors attention after sliding 30% over the last 6 months. The stock is extremely popular amongst American investors as approximately 245 hedge funds have it in their top 10 holdings. That being said, despite the large institutions and Wall Street's optimism around the stock, I fail to see what the majority of analysts see in PayPal. To begin with, despite the company's stock sliding 30% over the last 6 months, PayPal is still trading at a GAAP forward Price-to-earnings multiple of 53. Secondly, the company has had poor performance when looking at their return on invested capital. Thirdly, PayPal's FCF calculations in my opinion are inaccurate to the actual volume of cash the company is bringing in. Lastly, PayPal's business model appears to be fizzling out as India's FinTech expansion has shown that a transaction middleman is becoming increasingly redundant.\n\nPayPal's Underperformance\nIn order for me to come to the conclusion that PayPal has under-performed this year, I had compared the returns on invested capital of PayPal versus peers Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). The return on invested capital is a key metric measuring how well management is at deploying their capital profitably. The following are the three companies current ROIC.\n\nPYPL return on invested capital\nData by YCharts\nOne of the main reasons why Visa and Mastercard has and will continue to outperform PayPal in returns on invested capital is because their business models are much less risky. Visa and Mastercard are just payment processors who pass on any additional risks to retailers and banks, whereas PayPal has to endure the risk of a merchant either defaulting or not making a payment. That additional risk PayPal is forced to endure leads to transaction and credit losses which hurts their profitability. This ultimately gives PayPal's competitors a competitive advantage when looking through the lens of an investor.\n\nTransaction And Credit Losses\nFrom my perspective, the method in which is used to calculate PayPal's cashflows comes with some misrepresentations. The big problem with PayPal's FCF calculation is that they are able to add back all of their transaction and credit losses back onto their cashflow statement. This made up around 30% of PayPal's operating cashflow in 2020.\n\nAs you can see, these transaction and credit losses have been making up a solid chunk of PayPal's annual free cashflow. These transaction and credit losses are simple to explain. PayPal provides loans to individuals with bad credit, and should they write off those bad loans (which they're in fact doing a lot of), the losses are added back on PayPal's cashflow statement. I am of the opinion that investors should be aware of the risks involved in this and be vigilant when accounting it in your analysis. PayPal even acknowledges the risk of these bad loans in their 10-k form.\n\nFor this reason, the large amount of transaction and credit losses being added back onto PayPal's cashflow statement represent additional risk and also leads me to believe that their cashflow calculation is slightly misrepresented.\n\nValuation\nIn order to compute the intrinsic value of PayPal stock, I will provide a discount cashflow model. The following is a forecast of some key data points needed to compute the calculation (all figures in millions USD).\n\nFor this calculation, I will be subtracting PayPal's transaction and credit losses as I've earlier stated that they overstate the company's cashflow. Additionally, I used 3 year moving averages to forecast D&A and CapEx costs. Lastly, I chose a discount rate of 8% and a perpetual growth rate of 3%. The following is my discount cashflow model.\nMy final consensus after computing my DCF model is that PayPal's intrinsic value is 77% lower than where shares are currently trading. This makes PayPal shares egregiously overvalued. Furthermore, looking deeper at PayPal's valuation using a comparable cost analysis, you can once again see by comparing the company's EV/EBITDA ratio to Visa and Mastercard, how overpriced PayPal shares are currently when compared to its peers.\n\nI thought it would be important to add that PayPal's 1 year EPS growth rate is only about 4%, which compared to peers Visa and Mastercard is worse. Additionally, despite PayPal having a higher EV/EBITDA than both Mastercard and Visa, the company's YoY quarterly EPS growth has been lower and has shown a massive slowdown. Moreover, I don't expect PayPal's growth to pick up in the future as the industry moves away from their value proposition. The following is a chart representing quarterly YoY growth of the three companies.\n\nAs you can see, PayPal's EV-to-EBITDA is higher, despite lower EPS growth then their two largest rivals. To conclude on PayPal's valuation, PayPal has the price of a growth stock however, the company's growth rate and growth catalyst closer resembles a retirement value stock. This further amplifies my conviction that in my opinion PayPal shares are overvalued.\n\nFinTech Evolution Is Leaving PayPal Behind\nWhen PayPal originally released its initial concept and value proposition, it took the world by storm as their business model was nothing others had seen before. That being said, the greatest risk PayPal faces in the future is that its clock may be ticking as banks and other new FinTech solutions change the market to where we just have bank-to-bank transactions, leaving less need for a middleman such as PayPal. You're already beginning to see this in countries such as China and now India. India specifically is set to have bank-to-bank digital payments increase rapidly over the next couple of years. The following is the forecasted dollar amount of digital payments in India in trillions of rupees.\n\nBetween China and India's adoption of FinTech and digital payments, the countries are setting the stage as to where the payment market will be headed in the next couple of years. Unfortunately for PayPal, that seems to be a world without a middleman between a merchant and a bank. Mastercard and Visa don't carry this risk because both companies just process payments, leaving them to be much better alternative investments.\n\n\nWhy I Could Be Wrong And Final Thoughts\nTo conclude my bearish PayPal thesis, I would like to say that if PayPal is able to pull together a couple of decent quarters, then in the short-term I could be wrong about the stock price as Wall Street's fondness for the company could push the valuation a little bit higher. That being said, I have to say that longer-term this is definitely a position I would want to avoid. PayPal's FCF calculations in my opinion are questionable, the company is currently egregiously overpriced with little growth, and its business model could begin to be fazed out down the line. For these reasons, I believe that PayPal is poised to fall by an additional 30-40% over the next 1-2 years. As much as investors want to talk about the past performance for this company, past performance does not equate to future performance. Therefore, I have to say that if you decide to purchase some PayPal shares, I think you will certainly pay pal.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1645,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607822425,"gmtCreate":1639526897393,"gmtModify":1639526898423,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Rebound","listText":"Rebound","text":"Rebound","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/607822425","repostId":"1126502725","repostType":4,"repost":{"id":"1126502725","kind":"news","pubTimestamp":1639525700,"share":"https://www.laohunote.com/m/news/1126502725?lang=zh_CN&edition=full","pubTime":"2021-12-15 07:48","market":"us","language":"en","title":"Things look better for GameStop and AMC as retail buys into a dip, but things still look pretty terrible for Robinhood<blockquote>随着零售购买陷入低迷，游戏驿站和 AMC 的情况看起来有所好转，但 Robinhood 的情况看起来仍然相当糟糕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126502725","media":"MarketWatch","summary":"BTFD, unless its Robinhood\nMeme stocks bounce back on Tuesday Joe Raedle/Getty Images\n\nWho doesn’t l","content":"<p>BTFD, unless its Robinhood</p><p><blockquote>BTFD，除非它的罗宾汉</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d93245b59d137e71fd2ca563fbcc8547\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Meme stocks bounce back on Tuesday Joe Raedle/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>模因股票周二反弹 Joe Raedle/Getty Images</span></p></blockquote></p><p> Who doesn’t love a good dip at Christmas?</p><p><blockquote>谁不喜欢在圣诞节享用美食呢？</blockquote></p><p> Shares of GameStop&nbsp;and AMC Entertainment&nbsp;on Tuesday both bounced back from Monday’s plummet, advancing 7.9% and 5.4%, respectively, as retail investors keyed the move with their long held investment thesis of BTFD, or “buy the f’ing dip.”</p><p><blockquote>游戏驿站和AMC院线的股价周二均从周一的暴跌中反弹，分别上涨 7.9% 和 5.4%，因为散户投资者将他们长期持有的 BTFD 投资论点（即 “逢低买入 ”）作为股价走势的关键。</blockquote></p><p> After GameStop dropped almost 14% and AMC dropped more than 15% to start the week, furious retail investors were back Tuesday supporting some of their favorite tickers.</p><p><blockquote>本周初，游戏驿站股价下跌近 14%，AMC 股价下跌超过 15%，愤怒的散户投资者周二又回来支持他们最喜欢的一些股票。</blockquote></p><p> However, the volume growth of short interest on both stocks was much higher on Tuesday than it was the day previous. Neither meme stock broke the 1% mark on Monday but short interest in GameStop was up more than 7% at Tuesday’s close, and AMC’s short volume rose more than 3.5%, according to data from Ortex.</p><p><blockquote>不过，周二两只股票的空头利息增幅均远高于前一天。Ortex 的数据显示，周一两只 meme 股票均未突破 1% 大关，但截至周二收盘，游戏驿站的空头兴趣上涨了 7% 以上，AMC 的空头成交量上涨了 3.5% 以上。</blockquote></p><p> Fidelity data showed a more narrow [albeit still very wide] buy-to-sell ratio on both stocks compared with Monday. Buy-to-sell ratios are closely watched by the meme crowd because they can be a gauge of investor sentiment.</p><p><blockquote>富达数据显示，与周一相比，这两只股票的买卖比率都有所收窄（尽管仍然非常宽）。买卖比率受到模因人群的密切关注，因为它们可以作为投资者情绪的衡量标准。</blockquote></p><p> The upswing for the popular memes comes as U.S. stock indexes posted back-to-back losses Tuesday and with nearly everyone in finance waiting on the Federal Reserve to announce where it stands on tapering its bond purchases Wednesday.</p><p><blockquote>流行模因的上涨正值美国股指周二连续下跌之际，几乎所有金融界人士都在等待美联储周三宣布其对缩减债券购买的立场。</blockquote></p><p> What impact reduced asset purchases by America’s central bank would potentially have on retail “Apes” HODLing meme stocks remains something of a thought experiment, not to mention the Fed’s eventual lifting of policy rates. [We’re placing our bets on “not much.”] But that action could have a major impact on short-sellers who could be living in a much more target-rich environment, particularly if struggling companies feel the actual pinch&nbsp;of pandemic-era liquidity beginning to drain from financial markets. There’s also the Justice Department wildcard.</p><p><blockquote>美国央行减少资产购买可能会对持有备忘录股票的零售 “猿 ”产生什么影响，这仍然是一个思想实验，更不用说美联储最终会提高政策利率了。[我们把赌注押在 “不多 ”上。]但这一行动可能会对卖空者产生重大影响，因为他们可能生活在一个目标更加丰富的环境中，尤其是如果陷入困境的公司感受到大流行病时代流动性开始从金融市场流出的实际压力。还有司法部的通配符。</blockquote></p><p> But what might be most interesting about Tuesday’s action is that both “mother meme stocks” moved in the opposite direction that the data would indicate if compared side-by-side, meaning the real action remains almost entirely in every kind of options trade fathomable.</p><p><blockquote>但周二的走势最有趣的地方可能是，如果并排比较，这两只 “母股 ”的走势与数据显示的方向相反，这意味着真正的走势几乎完全存在于每种期权交易中。</blockquote></p><p> And we also liked that they moved together because that’s our kink now, and it’s nice to see everyone in MemeLand get along, even if just for a day.</p><p><blockquote>我们也很喜欢他们搬到一起，因为这就是我们现在的癖好，很高兴看到梅梅兰的每个人都能和睦相处，哪怕只是一天。</blockquote></p><p> We’d be remiss not to also include note that quasi-embattled AMC CEO Adam Aron fired off an unsubtle happy tweet near the closing bell, inviting his AMC Apes to the movies this weekend…but not Spider-Man.</p><p><blockquote>如果我们不提到，准陷入困境的 AMC 首席执行官亚当-阿伦（Adam Aron）在闭幕钟声临近时发布了一条毫不含糊的快乐推文，邀请他的 AMC 猿类们参加本周末的电影.但不是蜘蛛侠。</blockquote></p><p> Speaking of plunging stocks that have benefited from a long and low interest-rate environment, let’s check in on Robinhood.</p><p><blockquote>说到受益于长期低利率环境的暴跌股票，让我们来看看 Robinhood。</blockquote></p><p> The zero-commission trading app, which in retrospect might have been the face tattoo moment of our descent into cheap money addiction, closed down 2.9% on Tuesday at $19.13, a 49.6% drop from its IPO price in July.</p><p><blockquote>回想起来，这款零佣金交易应用程序可能是我们陷入廉价货币成瘾的面部纹身时刻，周二收盘下跌 2.9%，至 19.13 美元，比 7 月份的 IPO 价格下降了 49.6%。</blockquote></p><p> And when your stock is almost 50% below its IPO price <i>before</i> the SEC comes after your “payment for order flow” business model [which many inside the Beltway and Wall Street think will happen, in some form, in 2022], that’s not great.</p><p><blockquote>当你的股票比IPO价格低近50%时<i>以前</i>美国证券交易委员会（SEC）是在追求你的 “订单流付费 ”商业模式[环城公路和华尔街内部的许多人认为，这种模式将在 2022 年以某种形式出现]，这并不好。</blockquote></p><p> But Robinhood, which is possibly reaping the whirlwind for introducing a new generation of retail investors to “free” options trading and then ticking them off right before the IPO, already has become a darling to short-sellers.</p><p><blockquote>但是，Robinhood 可能会因为向新一代散户投资者介绍 “免费 ”期权交易，然后在 IPO 前对他们进行勾选而收获旋风，但它已经成为卖空者的宠儿。</blockquote></p><p> Shorting Robinhood over the summer was not cheap with the company’s borrowing rate in the nosebleed 75% range, meaning shares would have had to plummet fast for short bets to pay off. But now the rapidly falling share price has not just paid out, it’s lowered the barrier of entry to less-wealthy investors looking to short HOOD.</p><p><blockquote>今年夏天做空 Robinhood 并不便宜，因为该公司的借款利率高达 75%，这意味着股价必须迅速暴跌才能获得回报。但现在，股价的快速下跌不仅带来了回报，还降低了希望做空的不太富裕投资者的进入门槛。</blockquote></p><p> 50% in less than five months? That makes a lot of short-sellers very merry, and can turn some very unmerry former Robinhood users into short-sellers.</p><p><blockquote>不到五个月就达到50%？这让许多卖空者非常高兴，并可以将一些非常不高兴的前 Robinhood 用户变成卖空者。</blockquote></p><p> And we don’t see a lot of dip buyers here in a name that has been down steadily since mid-August. Guess that’s what happens when you kill the MoASS…</p><p><blockquote>我们在这里并没有看到很多逢低买家，因为这个股票自 8 月中旬以来一直在稳步下跌。我猜这就是你杀死莫阿斯时会发生什么..</blockquote></p><p> Per a Tuesday press release from the Trump Media &amp; Technology Group, which is totally a thing because it’s going public with a $1 billion PIPE&nbsp;from Digital World Acquisition Corp.:</p><p><blockquote>根据特朗普媒体与技术集团（Trump Media &amp; Technology Group）周二发布的新闻稿，这完全是因为该公司将获得数字世界收购公司（Digital World Acquisition Corp.</blockquote></p><p></p><p>   Trump Media &amp; Technology Group, today announced that it has entered into a wide-ranging technology and cloud services agreement with Rumble Inc. As part of the partnership, Rumble will deliver video and streaming for TRUTH Social. TMTG and Rumble are also in exclusive negotiations for Rumble to provide infrastructure and video delivery services for TMTG’s Subscription Video On-Demand product, TMTG+.  That’s cool. TMTG and incoming CEO/outgoing congressman Devin Nunes will get to outsource how he distributes all that premium content to TMTG+ subscribers…once he has any content– or a plan to produce that content.</p><p><blockquote>特朗普媒体技术集团今天宣布，它已经与Rumble Inc.签订了一项广泛的技术和云服务协议。作为合作的一部分，Rumble将为TRUTH Social提供视频和流媒体。TMTG 和 Rumble 还在就 Rumble 为 TMTG 的订阅视频点播产品 TMTG+ 提供基础设施和视频交付服务进行独家谈判。太酷了。TMTG和即将上任的首席执行官/即将离任的国会议员Devin Nunes将外包他如何向TMTG+订户分发所有优质内容……一旦他有任何内容——或制作这些内容的计划。</blockquote></p><p> But it’s also cool for Rumble, which is also going public via a SPAC called CF Acquisition Corp VI.Shares in the conservative answer to YouTube’s SPAC spiked by more than 15% after the bell Tuesday, begging the question: why not just invest in Rumble?</p><p><blockquote>但这对 Rumble 来说也很酷，它也将通过一家名为 CF Acquisition Corp VI 的 SPAC 进行上市。周二收盘后，YouTube SPAC 的保守派回应股价飙升超过 15%，引出了一个问题： 为什么不直接投资 Rumble？</blockquote></p><p> Oh, who are we kidding? No one is buying DWAC/TMTG for the airtight business model or the warrants that are essentially a retail investment hand grenade that you can hold on your Fidelity account once the SEC gives up and lets this thing get merged and listed.</p><p><blockquote>哦，我们在骗谁？没有人购买 DWAC/TMTG 是因为其严密的商业模式或认股权证，这些认股权证本质上是一种散户投资手榴弹，一旦 SEC 放弃并让这件事合并上市，你就可以持有它在你的富达账户上。</blockquote></p><p> TMTG is the purest growth story of all time: no product, huge valuation, fascinating hires, deals before launch. It makes Snapchat’s&nbsp;entrance to public markets look like the D-Day invasion…and it’s trading at 5x on partisan sentiment.</p><p><blockquote>TMTG是有史以来最纯粹的增长故事：没有产品，巨大的估值，迷人的雇佣，上市前的交易。这让 Snapchat 进入公开市场看起来就像 D 日入侵.而且它的交易价格是党派情绪的 5 倍。</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>Things look better for GameStop and AMC as retail buys into a dip, but things still look pretty terrible for Robinhood<blockquote>随着零售购买陷入低迷，游戏驿站和 AMC 的情况看起来有所好转，但 Robinhood 的情况看起来仍然相当糟糕</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\">\nThings look better for GameStop and AMC as retail buys into a dip, but things still look pretty terrible for Robinhood<blockquote>随着零售购买陷入低迷，游戏驿站和 AMC 的情况看起来有所好转，但 Robinhood 的情况看起来仍然相当糟糕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-12-15 07:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BTFD, unless its Robinhood</p><p><blockquote>BTFD，除非它的罗宾汉</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d93245b59d137e71fd2ca563fbcc8547\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Meme stocks bounce back on Tuesday Joe Raedle/Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>模因股票周二反弹 Joe Raedle/Getty Images</span></p></blockquote></p><p> Who doesn’t love a good dip at Christmas?</p><p><blockquote>谁不喜欢在圣诞节享用美食呢？</blockquote></p><p> Shares of GameStop&nbsp;and AMC Entertainment&nbsp;on Tuesday both bounced back from Monday’s plummet, advancing 7.9% and 5.4%, respectively, as retail investors keyed the move with their long held investment thesis of BTFD, or “buy the f’ing dip.”</p><p><blockquote>游戏驿站和AMC院线的股价周二均从周一的暴跌中反弹，分别上涨 7.9% 和 5.4%，因为散户投资者将他们长期持有的 BTFD 投资论点（即 “逢低买入 ”）作为股价走势的关键。</blockquote></p><p> After GameStop dropped almost 14% and AMC dropped more than 15% to start the week, furious retail investors were back Tuesday supporting some of their favorite tickers.</p><p><blockquote>本周初，游戏驿站股价下跌近 14%，AMC 股价下跌超过 15%，愤怒的散户投资者周二又回来支持他们最喜欢的一些股票。</blockquote></p><p> However, the volume growth of short interest on both stocks was much higher on Tuesday than it was the day previous. Neither meme stock broke the 1% mark on Monday but short interest in GameStop was up more than 7% at Tuesday’s close, and AMC’s short volume rose more than 3.5%, according to data from Ortex.</p><p><blockquote>不过，周二两只股票的空头利息增幅均远高于前一天。Ortex 的数据显示，周一两只 meme 股票均未突破 1% 大关，但截至周二收盘，游戏驿站的空头兴趣上涨了 7% 以上，AMC 的空头成交量上涨了 3.5% 以上。</blockquote></p><p> Fidelity data showed a more narrow [albeit still very wide] buy-to-sell ratio on both stocks compared with Monday. Buy-to-sell ratios are closely watched by the meme crowd because they can be a gauge of investor sentiment.</p><p><blockquote>富达数据显示，与周一相比，这两只股票的买卖比率都有所收窄（尽管仍然非常宽）。买卖比率受到模因人群的密切关注，因为它们可以作为投资者情绪的衡量标准。</blockquote></p><p> The upswing for the popular memes comes as U.S. stock indexes posted back-to-back losses Tuesday and with nearly everyone in finance waiting on the Federal Reserve to announce where it stands on tapering its bond purchases Wednesday.</p><p><blockquote>流行模因的上涨正值美国股指周二连续下跌之际，几乎所有金融界人士都在等待美联储周三宣布其对缩减债券购买的立场。</blockquote></p><p> What impact reduced asset purchases by America’s central bank would potentially have on retail “Apes” HODLing meme stocks remains something of a thought experiment, not to mention the Fed’s eventual lifting of policy rates. [We’re placing our bets on “not much.”] But that action could have a major impact on short-sellers who could be living in a much more target-rich environment, particularly if struggling companies feel the actual pinch&nbsp;of pandemic-era liquidity beginning to drain from financial markets. There’s also the Justice Department wildcard.</p><p><blockquote>美国央行减少资产购买可能会对持有备忘录股票的零售 “猿 ”产生什么影响，这仍然是一个思想实验，更不用说美联储最终会提高政策利率了。[我们把赌注押在 “不多 ”上。]但这一行动可能会对卖空者产生重大影响，因为他们可能生活在一个目标更加丰富的环境中，尤其是如果陷入困境的公司感受到大流行病时代流动性开始从金融市场流出的实际压力。还有司法部的通配符。</blockquote></p><p> But what might be most interesting about Tuesday’s action is that both “mother meme stocks” moved in the opposite direction that the data would indicate if compared side-by-side, meaning the real action remains almost entirely in every kind of options trade fathomable.</p><p><blockquote>但周二的走势最有趣的地方可能是，如果并排比较，这两只 “母股 ”的走势与数据显示的方向相反，这意味着真正的走势几乎完全存在于每种期权交易中。</blockquote></p><p> And we also liked that they moved together because that’s our kink now, and it’s nice to see everyone in MemeLand get along, even if just for a day.</p><p><blockquote>我们也很喜欢他们搬到一起，因为这就是我们现在的癖好，很高兴看到梅梅兰的每个人都能和睦相处，哪怕只是一天。</blockquote></p><p> We’d be remiss not to also include note that quasi-embattled AMC CEO Adam Aron fired off an unsubtle happy tweet near the closing bell, inviting his AMC Apes to the movies this weekend…but not Spider-Man.</p><p><blockquote>如果我们不提到，准陷入困境的 AMC 首席执行官亚当-阿伦（Adam Aron）在闭幕钟声临近时发布了一条毫不含糊的快乐推文，邀请他的 AMC 猿类们参加本周末的电影.但不是蜘蛛侠。</blockquote></p><p> Speaking of plunging stocks that have benefited from a long and low interest-rate environment, let’s check in on Robinhood.</p><p><blockquote>说到受益于长期低利率环境的暴跌股票，让我们来看看 Robinhood。</blockquote></p><p> The zero-commission trading app, which in retrospect might have been the face tattoo moment of our descent into cheap money addiction, closed down 2.9% on Tuesday at $19.13, a 49.6% drop from its IPO price in July.</p><p><blockquote>回想起来，这款零佣金交易应用程序可能是我们陷入廉价货币成瘾的面部纹身时刻，周二收盘下跌 2.9%，至 19.13 美元，比 7 月份的 IPO 价格下降了 49.6%。</blockquote></p><p> And when your stock is almost 50% below its IPO price <i>before</i> the SEC comes after your “payment for order flow” business model [which many inside the Beltway and Wall Street think will happen, in some form, in 2022], that’s not great.</p><p><blockquote>当你的股票比IPO价格低近50%时<i>以前</i>美国证券交易委员会（SEC）是在追求你的 “订单流付费 ”商业模式[环城公路和华尔街内部的许多人认为，这种模式将在 2022 年以某种形式出现]，这并不好。</blockquote></p><p> But Robinhood, which is possibly reaping the whirlwind for introducing a new generation of retail investors to “free” options trading and then ticking them off right before the IPO, already has become a darling to short-sellers.</p><p><blockquote>但是，Robinhood 可能会因为向新一代散户投资者介绍 “免费 ”期权交易，然后在 IPO 前对他们进行勾选而收获旋风，但它已经成为卖空者的宠儿。</blockquote></p><p> Shorting Robinhood over the summer was not cheap with the company’s borrowing rate in the nosebleed 75% range, meaning shares would have had to plummet fast for short bets to pay off. But now the rapidly falling share price has not just paid out, it’s lowered the barrier of entry to less-wealthy investors looking to short HOOD.</p><p><blockquote>今年夏天做空 Robinhood 并不便宜，因为该公司的借款利率高达 75%，这意味着股价必须迅速暴跌才能获得回报。但现在，股价的快速下跌不仅带来了回报，还降低了希望做空的不太富裕投资者的进入门槛。</blockquote></p><p> 50% in less than five months? That makes a lot of short-sellers very merry, and can turn some very unmerry former Robinhood users into short-sellers.</p><p><blockquote>不到五个月就达到50%？这让许多卖空者非常高兴，并可以将一些非常不高兴的前 Robinhood 用户变成卖空者。</blockquote></p><p> And we don’t see a lot of dip buyers here in a name that has been down steadily since mid-August. Guess that’s what happens when you kill the MoASS…</p><p><blockquote>我们在这里并没有看到很多逢低买家，因为这个股票自 8 月中旬以来一直在稳步下跌。我猜这就是你杀死莫阿斯时会发生什么..</blockquote></p><p> Per a Tuesday press release from the Trump Media &amp; Technology Group, which is totally a thing because it’s going public with a $1 billion PIPE&nbsp;from Digital World Acquisition Corp.:</p><p><blockquote>根据特朗普媒体与技术集团（Trump Media &amp; Technology Group）周二发布的新闻稿，这完全是因为该公司将获得数字世界收购公司（Digital World Acquisition Corp.</blockquote></p><p></p><p>   Trump Media &amp; Technology Group, today announced that it has entered into a wide-ranging technology and cloud services agreement with Rumble Inc. As part of the partnership, Rumble will deliver video and streaming for TRUTH Social. TMTG and Rumble are also in exclusive negotiations for Rumble to provide infrastructure and video delivery services for TMTG’s Subscription Video On-Demand product, TMTG+.  That’s cool. TMTG and incoming CEO/outgoing congressman Devin Nunes will get to outsource how he distributes all that premium content to TMTG+ subscribers…once he has any content– or a plan to produce that content.</p><p><blockquote>特朗普媒体技术集团今天宣布，它已经与Rumble Inc.签订了一项广泛的技术和云服务协议。作为合作的一部分，Rumble将为TRUTH Social提供视频和流媒体。TMTG 和 Rumble 还在就 Rumble 为 TMTG 的订阅视频点播产品 TMTG+ 提供基础设施和视频交付服务进行独家谈判。太酷了。TMTG和即将上任的首席执行官/即将离任的国会议员Devin Nunes将外包他如何向TMTG+订户分发所有优质内容……一旦他有任何内容——或制作这些内容的计划。</blockquote></p><p> But it’s also cool for Rumble, which is also going public via a SPAC called CF Acquisition Corp VI.Shares in the conservative answer to YouTube’s SPAC spiked by more than 15% after the bell Tuesday, begging the question: why not just invest in Rumble?</p><p><blockquote>但这对 Rumble 来说也很酷，它也将通过一家名为 CF Acquisition Corp VI 的 SPAC 进行上市。周二收盘后，YouTube SPAC 的保守派回应股价飙升超过 15%，引出了一个问题： 为什么不直接投资 Rumble？</blockquote></p><p> Oh, who are we kidding? No one is buying DWAC/TMTG for the airtight business model or the warrants that are essentially a retail investment hand grenade that you can hold on your Fidelity account once the SEC gives up and lets this thing get merged and listed.</p><p><blockquote>哦，我们在骗谁？没有人购买 DWAC/TMTG 是因为其严密的商业模式或认股权证，这些认股权证本质上是一种散户投资手榴弹，一旦 SEC 放弃并让这件事合并上市，你就可以持有它在你的富达账户上。</blockquote></p><p> TMTG is the purest growth story of all time: no product, huge valuation, fascinating hires, deals before launch. It makes Snapchat’s&nbsp;entrance to public markets look like the D-Day invasion…and it’s trading at 5x on partisan sentiment.</p><p><blockquote>TMTG是有史以来最纯粹的增长故事：没有产品，巨大的估值，迷人的雇佣，上市前的交易。这让 Snapchat 进入公开市场看起来就像 D 日入侵.而且它的交易价格是党派情绪的 5 倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/things-look-better-for-gamestop-and-amc-as-retail-buys-into-a-dip-but-things-still-look-pretty-terrible-for-robinhood-11639524917?mod=mw_latestnews\">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":{"GME":"游戏驿站","AMC":"AMC院线","HOOD":"Robinhood"},"source_url":"https://www.marketwatch.com/story/things-look-better-for-gamestop-and-amc-as-retail-buys-into-a-dip-but-things-still-look-pretty-terrible-for-robinhood-11639524917?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126502725","content_text":"BTFD, unless its Robinhood\nMeme stocks bounce back on Tuesday Joe Raedle/Getty Images\n\nWho doesn’t love a good dip at Christmas?\nShares of GameStop and AMC Entertainment on Tuesday both bounced back from Monday’s plummet, advancing 7.9% and 5.4%, respectively, as retail investors keyed the move with their long held investment thesis of BTFD, or “buy the f’ing dip.”\nAfter GameStop dropped almost 14% and AMC dropped more than 15% to start the week, furious retail investors were back Tuesday supporting some of their favorite tickers.\nHowever, the volume growth of short interest on both stocks was much higher on Tuesday than it was the day previous. Neither meme stock broke the 1% mark on Monday but short interest in GameStop was up more than 7% at Tuesday’s close, and AMC’s short volume rose more than 3.5%, according to data from Ortex.\nFidelity data showed a more narrow [albeit still very wide] buy-to-sell ratio on both stocks compared with Monday. Buy-to-sell ratios are closely watched by the meme crowd because they can be a gauge of investor sentiment.\nThe upswing for the popular memes comes as U.S. stock indexes posted back-to-back losses Tuesday and with nearly everyone in finance waiting on the Federal Reserve to announce where it stands on tapering its bond purchases Wednesday.\nWhat impact reduced asset purchases by America’s central bank would potentially have on retail “Apes” HODLing meme stocks remains something of a thought experiment, not to mention the Fed’s eventual lifting of policy rates. [We’re placing our bets on “not much.”] But that action could have a major impact on short-sellers who could be living in a much more target-rich environment, particularly if struggling companies feel the actual pinch of pandemic-era liquidity beginning to drain from financial markets. There’s also the Justice Department wildcard.\nBut what might be most interesting about Tuesday’s action is that both “mother meme stocks” moved in the opposite direction that the data would indicate if compared side-by-side, meaning the real action remains almost entirely in every kind of options trade fathomable.\nAnd we also liked that they moved together because that’s our kink now, and it’s nice to see everyone in MemeLand get along, even if just for a day.\nWe’d be remiss not to also include note that quasi-embattled AMC CEO Adam Aron fired off an unsubtle happy tweet near the closing bell, inviting his AMC Apes to the movies this weekend…but not Spider-Man.\nSpeaking of plunging stocks that have benefited from a long and low interest-rate environment, let’s check in on Robinhood.\nThe zero-commission trading app, which in retrospect might have been the face tattoo moment of our descent into cheap money addiction, closed down 2.9% on Tuesday at $19.13, a 49.6% drop from its IPO price in July.\nAnd when your stock is almost 50% below its IPO price before the SEC comes after your “payment for order flow” business model [which many inside the Beltway and Wall Street think will happen, in some form, in 2022], that’s not great.\nBut Robinhood, which is possibly reaping the whirlwind for introducing a new generation of retail investors to “free” options trading and then ticking them off right before the IPO, already has become a darling to short-sellers.\nShorting Robinhood over the summer was not cheap with the company’s borrowing rate in the nosebleed 75% range, meaning shares would have had to plummet fast for short bets to pay off. But now the rapidly falling share price has not just paid out, it’s lowered the barrier of entry to less-wealthy investors looking to short HOOD.\n50% in less than five months? That makes a lot of short-sellers very merry, and can turn some very unmerry former Robinhood users into short-sellers.\nAnd we don’t see a lot of dip buyers here in a name that has been down steadily since mid-August. Guess that’s what happens when you kill the MoASS…\nPer a Tuesday press release from the Trump Media & Technology Group, which is totally a thing because it’s going public with a $1 billion PIPE from Digital World Acquisition Corp.:\n\n Trump Media & Technology Group, today announced that it has entered into a wide-ranging technology and cloud services agreement with Rumble Inc. As part of the partnership, Rumble will deliver video and streaming for TRUTH Social. TMTG and Rumble are also in exclusive negotiations for Rumble to provide infrastructure and video delivery services for TMTG’s Subscription Video On-Demand product, TMTG+.\n\nThat’s cool. TMTG and incoming CEO/outgoing congressman Devin Nunes will get to outsource how he distributes all that premium content to TMTG+ subscribers…once he has any content– or a plan to produce that content.\nBut it’s also cool for Rumble, which is also going public via a SPAC called CF Acquisition Corp VI.Shares in the conservative answer to YouTube’s SPAC spiked by more than 15% after the bell Tuesday, begging the question: why not just invest in Rumble?\nOh, who are we kidding? No one is buying DWAC/TMTG for the airtight business model or the warrants that are essentially a retail investment hand grenade that you can hold on your Fidelity account once the SEC gives up and lets this thing get merged and listed.\nTMTG is the purest growth story of all time: no product, huge valuation, fascinating hires, deals before launch. It makes Snapchat’s entrance to public markets look like the D-Day invasion…and it’s trading at 5x on partisan sentiment.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9,"DWAC":0.9,"HOOD":0.9,"CFVI":0.9}},"isVote":1,"tweetType":1,"viewCount":967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":112218139,"gmtCreate":1622873166521,"gmtModify":1634097142536,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Buy the dip :)","listText":"Buy the dip :)","text":"Buy the dip :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/112218139","repostId":"1158897173","repostType":4,"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139583346,"gmtCreate":1621644690885,"gmtModify":1634187481558,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Yes correction time...&nbsp;","listText":"Yes correction time...&nbsp;","text":"Yes correction time...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/139583346","repostId":"1174075999","repostType":4,"isVote":1,"tweetType":1,"viewCount":820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":693258451,"gmtCreate":1640043883490,"gmtModify":1640043884072,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Will rebound soon..&nbsp;","listText":"Will rebound soon..&nbsp;","text":"Will rebound soon..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/693258451","repostId":"2193761136","repostType":4,"isVote":1,"tweetType":1,"viewCount":3911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821370187,"gmtCreate":1633702076666,"gmtModify":1633702077243,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"It will have strong&nbsp;Rebound","listText":"It will have strong&nbsp;Rebound","text":"It will have strong Rebound","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/821370187","repostId":"1183441822","repostType":4,"repost":{"id":"1183441822","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":1633699900,"share":"https://www.laohunote.com/m/news/1183441822?lang=zh_CN&edition=full","pubTime":"2021-10-08 21:31","market":"us","language":"en","title":"U.S. stocks edged higher Friday<blockquote>美国股市周五小幅走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183441822","media":"Tiger Newspress","summary":"(Oct 8) Stock market opens slightly higher as September jobs report comes in lighter than expected.\n","content":"<p>(Oct 8)&nbsp;Stock market opens slightly higher as September jobs report comes in lighter than expected.</p><p><blockquote>（10月8日）由于9月份就业报告弱于预期，股市小幅开盘走高。</blockquote></p><p> Dow gains 0.1%; S&amp;P 500 rises 0.2%,&nbsp;Nasdaq Composite advances 0.3% early Friday.</p><p><blockquote>道琼斯指数上涨0.1%；周五早些时候，标普500指数上涨 0.2%，纳斯达克综合指数上涨 0.3%。</blockquote></p><p> China tech names mixed&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>中国科技股早盘涨跌互现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/40625180925bb30a021e88a6d3107dfe\" tg-width=\"343\" tg-height=\"839\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Camber Energy surged 30%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>Camber Energy 早盘交易中飙升 30%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ca3cb2fa5905e41409b20eddef6b63b3\" tg-width=\"1189\" tg-height=\"562\" referrerpolicy=\"no-referrer\">The yield on the benchmark 10-year Treasury note climbed above 1.6% before the jobs report was out, for the first time since June. It then edged down to 1.58% in recent trading.</p><p><blockquote>在就业报告公布之前，基准 10 年期国债收益率攀升至 1.6% 以上，这是自 6 月份以来的首次。随后在最近的交易中小幅下跌至 1.58%。</blockquote></p><p> The U.S. added 194,000 jobs in September,data showed Friday, substantially less than expected and down from August. Economists had forecast a gain of 500,000 jobs. The end of federal Covid-related jobless benefits and reopened schools drove some workers back into the labor force, but the Delta variant and persistent staffing shortages are restraining the recovery.</p><p><blockquote>周五的数据显示，美国 9 月份新增就业岗位 19.4 万个，远低于预期，也低于 8 月份。经济学家曾预测就业岗位将增加50万个。联邦与Covid相关的失业救济金的结束和学校的重新开放促使一些工人重返劳动力市场，但德尔塔变异毒株和持续的人员短缺限制了复苏。</blockquote></p><p> “I was surprised at how bad the miss was,” said Shana Sissel, chief investment officer at Spotlight Asset Group.</p><p><blockquote>“Spotlight Asset Group 首席投资官 Shana Sissel 说：”我对失误的严重程度感到惊讶。</blockquote></p><p> The Federal Reserve has said the labor market’s recovery is the key variable driving monetary policy and investors are watching closely to see if Friday’s report could affect plans to taper stimulus.</p><p><blockquote>美联储表示，劳动力市场的复苏是推动货币政策的关键变量，投资者正在密切关注周五的报告是否会影响缩减刺激计划。</blockquote></p><p> Volatility returned to markets in recent days, with the S&amp;P 500 swinging at least 1% for three out of four days this week. Investors have been focused on surging energy prices, concerns about inflation and negotiations on the debt ceiling. Lawmakers struck a deal for ashort-term extension to the debt limitin the Senate on Thursday, stoking a rally in the stock market.</p><p><blockquote>最近几天，市场再次出现波动，标普500本周四天中有三天波动至少 1%。投资者一直关注能源价格飙升、对通胀的担忧以及债务上限的谈判。周四，立法者在参议院达成协议，短期延长债务限额，引发股市上涨。</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>U.S. stocks edged higher Friday<blockquote>美国股市周五小幅走高</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\">\nU.S. stocks edged higher Friday<blockquote>美国股市周五小幅走高</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\">2021-10-08 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Oct 8)&nbsp;Stock market opens slightly higher as September jobs report comes in lighter than expected.</p><p><blockquote>（10月8日）由于9月份就业报告弱于预期，股市小幅开盘走高。</blockquote></p><p> Dow gains 0.1%; S&amp;P 500 rises 0.2%,&nbsp;Nasdaq Composite advances 0.3% early Friday.</p><p><blockquote>道琼斯指数上涨0.1%；周五早些时候，标普500指数上涨 0.2%，纳斯达克综合指数上涨 0.3%。</blockquote></p><p> China tech names mixed&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>中国科技股早盘涨跌互现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/40625180925bb30a021e88a6d3107dfe\" tg-width=\"343\" tg-height=\"839\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Camber Energy surged 30%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>Camber Energy 早盘交易中飙升 30%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ca3cb2fa5905e41409b20eddef6b63b3\" tg-width=\"1189\" tg-height=\"562\" referrerpolicy=\"no-referrer\">The yield on the benchmark 10-year Treasury note climbed above 1.6% before the jobs report was out, for the first time since June. It then edged down to 1.58% in recent trading.</p><p><blockquote>在就业报告公布之前，基准 10 年期国债收益率攀升至 1.6% 以上，这是自 6 月份以来的首次。随后在最近的交易中小幅下跌至 1.58%。</blockquote></p><p> The U.S. added 194,000 jobs in September,data showed Friday, substantially less than expected and down from August. Economists had forecast a gain of 500,000 jobs. The end of federal Covid-related jobless benefits and reopened schools drove some workers back into the labor force, but the Delta variant and persistent staffing shortages are restraining the recovery.</p><p><blockquote>周五的数据显示，美国 9 月份新增就业岗位 19.4 万个，远低于预期，也低于 8 月份。经济学家曾预测就业岗位将增加50万个。联邦与Covid相关的失业救济金的结束和学校的重新开放促使一些工人重返劳动力市场，但德尔塔变异毒株和持续的人员短缺限制了复苏。</blockquote></p><p> “I was surprised at how bad the miss was,” said Shana Sissel, chief investment officer at Spotlight Asset Group.</p><p><blockquote>“Spotlight Asset Group 首席投资官 Shana Sissel 说：”我对失误的严重程度感到惊讶。</blockquote></p><p> The Federal Reserve has said the labor market’s recovery is the key variable driving monetary policy and investors are watching closely to see if Friday’s report could affect plans to taper stimulus.</p><p><blockquote>美联储表示，劳动力市场的复苏是推动货币政策的关键变量，投资者正在密切关注周五的报告是否会影响缩减刺激计划。</blockquote></p><p> Volatility returned to markets in recent days, with the S&amp;P 500 swinging at least 1% for three out of four days this week. Investors have been focused on surging energy prices, concerns about inflation and negotiations on the debt ceiling. Lawmakers struck a deal for ashort-term extension to the debt limitin the Senate on Thursday, stoking a rally in the stock market.</p><p><blockquote>最近几天，市场再次出现波动，标普500本周四天中有三天波动至少 1%。投资者一直关注能源价格飙升、对通胀的担忧以及债务上限的谈判。周四，立法者在参议院达成协议，短期延长债务限额，引发股市上涨。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183441822","content_text":"(Oct 8) Stock market opens slightly higher as September jobs report comes in lighter than expected.\nDow gains 0.1%; S&P 500 rises 0.2%, Nasdaq Composite advances 0.3% early Friday.\nChina tech names mixed in early trading.\n\nCamber Energy surged 30% in early trading.\nThe yield on the benchmark 10-year Treasury note climbed above 1.6% before the jobs report was out, for the first time since June. It then edged down to 1.58% in recent trading.\nThe U.S. added 194,000 jobs in September,data showed Friday, substantially less than expected and down from August. Economists had forecast a gain of 500,000 jobs. The end of federal Covid-related jobless benefits and reopened schools drove some workers back into the labor force, but the Delta variant and persistent staffing shortages are restraining the recovery.\n“I was surprised at how bad the miss was,” said Shana Sissel, chief investment officer at Spotlight Asset Group.\nThe Federal Reserve has said the labor market’s recovery is the key variable driving monetary policy and investors are watching closely to see if Friday’s report could affect plans to taper stimulus.\nVolatility returned to markets in recent days, with the S&P 500 swinging at least 1% for three out of four days this week. Investors have been focused on surging energy prices, concerns about inflation and negotiations on the debt ceiling. Lawmakers struck a deal for ashort-term extension to the debt limitin the Senate on Thursday, stoking a rally in the stock market.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":698,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698289992,"gmtCreate":1640405712590,"gmtModify":1640405936079,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"EV&nbsp;","listText":"EV&nbsp;","text":"EV","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698289992","repostId":"1173048178","repostType":4,"repost":{"id":"1173048178","kind":"news","pubTimestamp":1640393368,"share":"https://www.laohunote.com/m/news/1173048178?lang=zh_CN&edition=full","pubTime":"2021-12-25 08:49","market":"us","language":"en","title":"A Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173048178","media":"Benzinga","summary":"Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish lists for the EV makers.Christmas Wish List:The EV sectors would be hoping for two things heading into Christmas and the end of the year, Ives said.Moderation in the chip shortage that severely constrained production.Hope the EV demand inflection predicted for 2022 materializes.$5T Market Opportunit","content":"<p><div> Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish ...</p><p><blockquote><div>华尔街一致认为未来几年将出现巨大的电动汽车市场机遇。在这种背景下，韦德布什的一位分析师思考了圣诞愿望可能是什么……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>A Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</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\">\nA Christmas Wish List For EV Makers<blockquote>电动汽车制造商的圣诞愿望清单</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-25 08:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish ...</p><p><blockquote><div>华尔街一致认为未来几年将出现巨大的电动汽车市场机遇。在这种背景下，韦德布什的一位分析师思考了圣诞愿望可能是什么……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers\">Benzinga</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":{"F":"福特汽车","TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/12/24757706/a-christmas-wish-list-for-ev-makers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173048178","content_text":"Wall Street is unanimous about the massive electric vehicle market opportunity set to unfold in the coming years. Against this backdrop, an analyst at Wedbush pondered what could be on Christmas wish lists for the EV makers.\nChristmas Wish List:The EV sectors would be hoping for two things heading into Christmas and the end of the year, Ives said.\n\nModeration in the chip shortage that severely constrained production.\nHope the EV demand inflection predicted for 2022 materializes.\n\n$5T Market Opportunity Over Next Decade: The EV revolution expected to materialize in 2022 and beyond will translate to a $5 trillion market opportunity over the next decade, Ives said in the note. Tesla Inc(NASDAQ:TSLA) will be the major beneficiary of the inflection, the analyst said.\nOthers such as traditional automakers General Motors Company(NYSE:GM), Volkswagen AG(OTC:VWAGY) and Ford Motor Company(NYSE:F), as well as EV-focused vendorsCanoo Inc(NASDAQ:GOEV), Lucid Group Inc(NASDAQ:LCID), Fisker Inc(NYSE:FSR) and Rivian Automotive Inc(NASDAQ:RIVN) also stand to capitalize, he added.\nEurope and China have seen a clear acceleration in EV adoption. The U.S., with just 2% penetration, lags behind, the analyst noted.\nEV supply chain plays such as Li-Cycle Holdings Corp(NYSE:LICY), ChargePoint Holdings Inc(NYSE:CHPT), Evgo Inc(NASDAQ:EVGO), Electric Last Mile Solutions Inc(NASDAQ:ELMS), Xos Inc(NASDAQ:XOS) and Hyzon Motors Inc(NASDAQ:HYZN), among others are well-positioned to benefit, Ives said.\nOn the software front, connected data plays such as Wejo Group Ltd(NASDAQ:WEJO) are likely to benefit from the next generation of EVs and adoption taking hold over the next 12 to 18 months, he added.\nEV Valuations Reflecting Future Growth: EV valuations continue to soar, leading many to wonder whether this is a bubble or the first stage of a decade-long EV metamorphosis, Ives said.\n\"The EV stocks are reflecting future parabolic growth and margin potential over the coming years, with now the execution/capacity story taking hold into 2022,\" the analyst wrote in the note.","news_type":1,"symbols_score_info":{"TSLA":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":4838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601942538,"gmtCreate":1638487897730,"gmtModify":1638487897969,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Good rebound&nbsp;","listText":"Good rebound&nbsp;","text":"Good rebound","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/601942538","repostId":"2188510525","repostType":4,"isVote":1,"tweetType":1,"viewCount":788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":374730298,"gmtCreate":1619480603414,"gmtModify":1634273162182,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Why reversed way","listText":"Why reversed way","text":"Why reversed way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374730298","repostId":"1190086074","repostType":4,"repost":{"id":"1190086074","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":1619480390,"share":"https://www.laohunote.com/m/news/1190086074?lang=zh_CN&edition=full","pubTime":"2021-04-27 07:39","market":"us","language":"en","title":"Tesla posts record net income of $438 million, revenue surges by 74%<blockquote>特斯拉净利润创历史新高 4.38 亿美元，收入激增 74%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190086074","media":"Tiger Newspress","summary":"Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be deliv","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><blockquote><ul><li>特斯拉公布本季度净利润为创纪录的 4.38 亿美元，每股收益为 93 美分，营收为 103.9 亿美元。</li><li>该公司在财报发布中表示，它已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。</li><li>首席执行官埃隆-马斯克（Elon Musk）在财报看涨期权上表示，公司推迟推出的 Model S 轿车新版本将于 2021 年 5 月开始交付，Model X 将于今年第三季度开始交付。</li></ul>特斯拉周一盘后公布了第一季度业绩。在比特币出售和监管信贷的提振下，该公司轻松超出预期，但随着投资者消化这些数据，该股盘后下跌了 2.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是该公司本季度的表现与 Refinitiv 编制的分析师预期的比较：</blockquote></p><p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><blockquote><ul><li><b>收益：</b>每股 93 美分，预计每股 79 美分</li><li><b>收入：</b>103.9 亿美元，而预期为 102.9 亿美元，同比增长 74%</li></ul>按公认会计准则计算，季度净利润达到创纪录的 4.38 亿美元，该公司在此期间从监管信用销售收入中获得 5.18 亿美元。本季度比特币销售额还带来了 1.01 亿美元的积极影响。</blockquote></p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p><blockquote>首席执行官埃隆-马斯克（Elon Musk）的电动汽车业务第一季度交付了 18.48 万辆 Model 3 和 Model Y 汽车，超出预期，创下了特斯拉的纪录。不过，该公司还表示，截至 3 月份，它没有生产任何高端 Model S 轿车或 Model X SUV。它从库存中交付了 2,020 辆旧款 Model S 轿车和 Model X SUV。</blockquote></p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p><blockquote>在周一的财报看涨期权上，马斯克表示，公司新版 Model S 轿车最终将于 2021 年 5 月开始交付给客户，Model X 将于今年第三季度开始交付。马斯克和首席财务官扎卡里·柯克霍恩都表示，供应链问题今年可能仍然是特斯拉面临的挑战。</blockquote></p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p><blockquote>2021 年 1 月（在 2020 年第四季度收益更新期间），马斯克曾表示 Model S Plaid 已经投入生产，将于 2021 年 2 月开始交付。但他在周一承认，在生产这些车辆的更新版本时，“面临的挑战比预期的要多”。他没有详细说明。</blockquote></p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p><blockquote>特斯拉目前的目标是在今年晚些时候每周生产 2,000 辆 Model S 和 X 汽车。</blockquote></p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p><blockquote>该公司周一表示，预计 2021 年整体汽车交付量将增长 50% 以上，这意味着今年的最低交付量约为 75 万辆。</blockquote></p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p><blockquote>事实上，特斯拉的汽车销量同比增长超过 100%，但服务中心仅增长 28%，移动服务车队仅增长 22%，这解释了为什么一些特斯拉客户面临令人沮丧的漫长维修等待时间。服务扩展跟不上车辆销量。</blockquote></p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p><blockquote>特斯拉表示，该公司已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。它没有透露新供应商的名字。</blockquote></p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p><blockquote>它还重申了马斯克经常说的，即摄像头而不是雷达是自动驾驶汽车的更好途径。“我们基于人工智能的软件架构越来越依赖摄像头，以至于雷达比预期更早变得不必要。因此，我们的 FSD（全自动驾驶）团队正全力致力于发展基于视觉的自主系统，我们几乎准备好将美国市场转向特斯拉视觉，”该公司在财报发布会上说。</blockquote></p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p><blockquote>与 2020 年同期相比，特斯拉的能源发电和存储业务收入几乎翻了一番，当时马斯克表示，当时新兴的新冠疫情使其能源业务大幅放缓。但能源收入从第四季度的7.87亿美元下降至2021年第一季度的5.95亿美元。</blockquote></p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p><blockquote>最近，特斯拉将太阳能屋顶的价格提高了 50%，现在要求任何订购太阳能光伏（包括特斯拉太阳能屋顶瓦）的人也必须订购特斯拉的家庭储能系统 Powerwall。突然的价格变化追溯适用于一些烦恼的顾客。</blockquote></p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p><blockquote>马斯克在 2021 年第一季度看涨期权上表示，他的目标是让拥有太阳能屋顶和特斯拉电池的家庭成为 “巨型分布式公用事业公司”，随着需求和极端天气事件的增加，帮助现有电力公司为客户提供所需的所有电力。</blockquote></p><p></p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p><blockquote>高管们没有透露他们将如何改变供应商电池的生产或组合，以便在 2021 年生产更多的汽车和储能产品。</blockquote></p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p><blockquote>马斯克说，该公司自主研发并在加州弗里蒙特的一个试点工厂生产的 4680 电池还不够可靠，无法在特斯拉汽车上运输。他说，特斯拉可能会在 12 到 18 个月内 “实现这些电池的量产 ”。</blockquote></p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</p><p><blockquote>该公司在2月份透露，它在比特币购买了15亿美元，未来可能会投资其他加密货币。到四月份，比特币升至创纪录水平，然后回落。特斯拉在现金流量表中透露，该公司在本季度出售了价值 2.72 亿美元的 “数字资产”，大概是比特币。</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 posts record net income of $438 million, revenue surges by 74%<blockquote>特斯拉净利润创历史新高 4.38 亿美元，收入激增 74%</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 posts record net income of $438 million, revenue surges by 74%<blockquote>特斯拉净利润创历史新高 4.38 亿美元，收入激增 74%</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\">2021-04-27 07:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><blockquote><ul><li>特斯拉公布本季度净利润为创纪录的 4.38 亿美元，每股收益为 93 美分，营收为 103.9 亿美元。</li><li>该公司在财报发布中表示，它已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。</li><li>首席执行官埃隆-马斯克（Elon Musk）在财报看涨期权上表示，公司推迟推出的 Model S 轿车新版本将于 2021 年 5 月开始交付，Model X 将于今年第三季度开始交付。</li></ul>特斯拉周一盘后公布了第一季度业绩。在比特币出售和监管信贷的提振下，该公司轻松超出预期，但随着投资者消化这些数据，该股盘后下跌了 2.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是该公司本季度的表现与 Refinitiv 编制的分析师预期的比较：</blockquote></p><p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><blockquote><ul><li><b>收益：</b>每股 93 美分，预计每股 79 美分</li><li><b>收入：</b>103.9 亿美元，而预期为 102.9 亿美元，同比增长 74%</li></ul>按公认会计准则计算，季度净利润达到创纪录的 4.38 亿美元，该公司在此期间从监管信用销售收入中获得 5.18 亿美元。本季度比特币销售额还带来了 1.01 亿美元的积极影响。</blockquote></p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p><blockquote>首席执行官埃隆-马斯克（Elon Musk）的电动汽车业务第一季度交付了 18.48 万辆 Model 3 和 Model Y 汽车，超出预期，创下了特斯拉的纪录。不过，该公司还表示，截至 3 月份，它没有生产任何高端 Model S 轿车或 Model X SUV。它从库存中交付了 2,020 辆旧款 Model S 轿车和 Model X SUV。</blockquote></p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p><blockquote>在周一的财报看涨期权上，马斯克表示，公司新版 Model S 轿车最终将于 2021 年 5 月开始交付给客户，Model X 将于今年第三季度开始交付。马斯克和首席财务官扎卡里·柯克霍恩都表示，供应链问题今年可能仍然是特斯拉面临的挑战。</blockquote></p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p><blockquote>2021 年 1 月（在 2020 年第四季度收益更新期间），马斯克曾表示 Model S Plaid 已经投入生产，将于 2021 年 2 月开始交付。但他在周一承认，在生产这些车辆的更新版本时，“面临的挑战比预期的要多”。他没有详细说明。</blockquote></p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p><blockquote>特斯拉目前的目标是在今年晚些时候每周生产 2,000 辆 Model S 和 X 汽车。</blockquote></p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p><blockquote>该公司周一表示，预计 2021 年整体汽车交付量将增长 50% 以上，这意味着今年的最低交付量约为 75 万辆。</blockquote></p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p><blockquote>事实上，特斯拉的汽车销量同比增长超过 100%，但服务中心仅增长 28%，移动服务车队仅增长 22%，这解释了为什么一些特斯拉客户面临令人沮丧的漫长维修等待时间。服务扩展跟不上车辆销量。</blockquote></p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p><blockquote>特斯拉表示，该公司已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。它没有透露新供应商的名字。</blockquote></p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p><blockquote>它还重申了马斯克经常说的，即摄像头而不是雷达是自动驾驶汽车的更好途径。“我们基于人工智能的软件架构越来越依赖摄像头，以至于雷达比预期更早变得不必要。因此，我们的 FSD（全自动驾驶）团队正全力致力于发展基于视觉的自主系统，我们几乎准备好将美国市场转向特斯拉视觉，”该公司在财报发布会上说。</blockquote></p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p><blockquote>与 2020 年同期相比，特斯拉的能源发电和存储业务收入几乎翻了一番，当时马斯克表示，当时新兴的新冠疫情使其能源业务大幅放缓。但能源收入从第四季度的7.87亿美元下降至2021年第一季度的5.95亿美元。</blockquote></p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p><blockquote>最近，特斯拉将太阳能屋顶的价格提高了 50%，现在要求任何订购太阳能光伏（包括特斯拉太阳能屋顶瓦）的人也必须订购特斯拉的家庭储能系统 Powerwall。突然的价格变化追溯适用于一些烦恼的顾客。</blockquote></p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p><blockquote>马斯克在 2021 年第一季度看涨期权上表示，他的目标是让拥有太阳能屋顶和特斯拉电池的家庭成为 “巨型分布式公用事业公司”，随着需求和极端天气事件的增加，帮助现有电力公司为客户提供所需的所有电力。</blockquote></p><p></p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p><blockquote>高管们没有透露他们将如何改变供应商电池的生产或组合，以便在 2021 年生产更多的汽车和储能产品。</blockquote></p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p><blockquote>马斯克说，该公司自主研发并在加州弗里蒙特的一个试点工厂生产的 4680 电池还不够可靠，无法在特斯拉汽车上运输。他说，特斯拉可能会在 12 到 18 个月内 “实现这些电池的量产 ”。</blockquote></p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</p><p><blockquote>该公司在2月份透露，它在比特币购买了15亿美元，未来可能会投资其他加密货币。到四月份，比特币升至创纪录水平，然后回落。特斯拉在现金流量表中透露，该公司在本季度出售了价值 2.72 亿美元的 “数字资产”，大概是比特币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190086074","content_text":"KEY POINTSTesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.Tesla reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:Earnings:93 cents per share vs. 79 cents per share expectedRevenue:$10.39 billion vs. $10.29 billion expected, up 74% from a year agoNet profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from sales of bitcoin during the quarter.CEO Elon Musk’s electric vehicle business reported in the first quarter vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some vexed customers.Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.The company revealed in February it purchased $1.5 billion in bitcoin and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833027542,"gmtCreate":1629191037286,"gmtModify":1633686694136,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Hopefully will rebound..&nbsp;","listText":"Hopefully will rebound..&nbsp;","text":"Hopefully will rebound..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/833027542","repostId":"1167648128","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105148258,"gmtCreate":1620282092174,"gmtModify":1634206387955,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Depending on the market trend","listText":"Depending on the market trend","text":"Depending on the market trend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/105148258","repostId":"1197402336","repostType":4,"repost":{"id":"1197402336","kind":"news","pubTimestamp":1620273156,"share":"https://www.laohunote.com/m/news/1197402336?lang=zh_CN&edition=full","pubTime":"2021-05-06 11:52","market":"sh","language":"en","title":"Is Ethereum Classic's Outpacing Of Bitcoin, Ethereum, Dogecoin Gains All About Being 'Cheaper?'<blockquote>以太币经典赛超越比特币、以太币、狗狗币收益是否都是为了“更便宜”？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197402336","media":"Benzinga","summary":"Gains in Ethereum Classic(ETC) continue to outpace the ones made by the cryptocurrency’s peers Bitco","content":"<p><div> Gains in Ethereum Classic(ETC) continue to outpace the ones made by the cryptocurrency’s peers Bitcoin(BTC),Ethereum(ETH), andDogecoin(DOGE), which all enjoy larger market capitalizations.What ...</p><p><blockquote><div>以太币经典币（ETC）的涨幅继续超过加密货币的同行比特币（BTC）、以太币（ETH）和狗狗币（DOGE），这些加密货币的市值都更大。什么……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cannabis/21/05/20980403/is-ethereum-classics-outpacing-of-bitcoin-ethereum-dogecoin-gains-all-about-being-cheaper\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cannabis/21/05/20980403/is-ethereum-classics-outpacing-of-bitcoin-ethereum-dogecoin-gains-all-about-being-cheaper\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Is Ethereum Classic's Outpacing Of Bitcoin, Ethereum, Dogecoin Gains All About Being 'Cheaper?'<blockquote>以太币经典赛超越比特币、以太币、狗狗币收益是否都是为了“更便宜”？</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\">\nIs Ethereum Classic's Outpacing Of Bitcoin, Ethereum, Dogecoin Gains All About Being 'Cheaper?'<blockquote>以太币经典赛超越比特币、以太币、狗狗币收益是否都是为了“更便宜”？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-05-06 11:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Gains in Ethereum Classic(ETC) continue to outpace the ones made by the cryptocurrency’s peers Bitcoin(BTC),Ethereum(ETH), andDogecoin(DOGE), which all enjoy larger market capitalizations.What ...</p><p><blockquote><div>以太币经典币（ETC）的涨幅继续超过加密货币的同行比特币（BTC）、以太币（ETH）和狗狗币（DOGE），这些加密货币的市值都更大。什么……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cannabis/21/05/20980403/is-ethereum-classics-outpacing-of-bitcoin-ethereum-dogecoin-gains-all-about-being-cheaper\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cannabis/21/05/20980403/is-ethereum-classics-outpacing-of-bitcoin-ethereum-dogecoin-gains-all-about-being-cheaper\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cannabis/21/05/20980403/is-ethereum-classics-outpacing-of-bitcoin-ethereum-dogecoin-gains-all-about-being-cheaper\">Benzinga</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":{},"source_url":"https://www.benzinga.com/markets/cannabis/21/05/20980403/is-ethereum-classics-outpacing-of-bitcoin-ethereum-dogecoin-gains-all-about-being-cheaper","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197402336","content_text":"Gains in Ethereum Classic(ETC) continue to outpace the ones made by the cryptocurrency’s peers Bitcoin(BTC),Ethereum(ETH), andDogecoin(DOGE), which all enjoy larger market capitalizations.What Happened:ETC has soared 160.83% in a seven-day trailing period, while BTC and ETH have risen 3.54% and 26.80% in a similar period, according to CoinMarketCap data.At press time on Wednesday night, ETC traded 16.85% higher at $90.06 in a 24-hour period. BTC was up 4.46% at $57,201.19 and ETH was higher by 3.71% at $3,484.ETC is trading 10.43% below the all-time high of $100.03 it reached on Wednesday.Ethereum Classiccame into existenceafter a hard fork of the Ethereum blockchain took place in 2016 due to prevailing disagreements at the time in the community.Barry Silbert — CEO of Digital Currency Group, which owns Grayscale — is a well-known proponent of ETC.On Wednesday, Ethereum Classic noted that theGrayscale Ethereum Classic Trust(OTC:ETCG) has over $1 billion in assets under management.ETCG closed 27.76% higher at $67.15 on Wednesday.Why It Matters:ETC has caught the attention of the social media investment crowd. The cryptocurrency’s ticker featured in the Stocktwits list of top 10 trending streams at press time.The rise in ETC is despite the fact that it is not typically classified as an “Ethereum Killer,” which is thecase with several coinssuch asPolkadot(DOT),Solana(SOL), andCardano(ADA).Synergia Capital’s head of research, Denis Vinokourov, said that the rise in ETC “appears to be dominated by ‘cheaper’ Ethereum play and retail flow that has pushed DOGE to sky-high levels,” CoinDeskreported, dubbing the surge in ETC as a sign of froth in the cryptocurrency market.ETC’s retail fueled rise is similar to the story ofDogecoin(DOGE), which has soared 13,604.64% since the year began. However, even DOGE’s weekly gains of 102.68% are weaker than those of ETC. DOGE traded 6.63% higher at $0.63 at press time.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":699609498,"gmtCreate":1639787300526,"gmtModify":1639787301043,"author":{"id":"3573025586175142","authorId":"3573025586175142","name":"FlorCheah","avatar":"https://static.tigerbbs.com/8cb91e5f44e414335718e1beffda39e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573025586175142","idStr":"3573025586175142"},"themes":[],"title":"","htmlText":"Will rebound soon","listText":"Will rebound soon","text":"Will rebound soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699609498","repostId":"1113440959","repostType":4,"repost":{"id":"1113440959","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":1639752802,"share":"https://www.laohunote.com/m/news/1113440959?lang=zh_CN&edition=full","pubTime":"2021-12-17 22:53","market":"us","language":"en","title":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113440959","media":"Tiger Newspress","summary":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown","content":"<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</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>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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\">\nEV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7% and General Motors sliding 5%<blockquote>电动汽车股早盘大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，通用汽车下跌 5%</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\">2021-12-17 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown&nbsp;Motors&nbsp;sliding&nbsp;6%&nbsp;and General Motors sliding 5%.<img src=\"https://static.tigerbbs.com/cd629a366b9a963976bc2a56e7c34763\" tg-width=\"282\" tg-height=\"468\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股在早盘交易中大幅下跌，Rivian下跌 12%，Lucid Group 下跌 7%，Lordstown Motors 下跌 6%，通用汽车下跌 5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc.","LCID":"Lucid Group Inc","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113440959","content_text":"EV stocks fell sharply in morning trading ,with Rivian sliding 12%,Lucid Group sliding 7%, Lordstown Motors sliding 6% and General Motors sliding 5%.","news_type":1,"symbols_score_info":{"RIDE":0.9,"GM":0.9,"LCID":0.9,"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":1232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}