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Kaceace

Kaceace

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2021-11-11

Oh ok

Nvidia is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</blockquote>

2021-08-24

Moon

抱歉，原内容已删除

2021-07-28

Oh ok

抱歉，原内容已删除

2021-07-27

Hcjioko

抱歉，原内容已删除

2021-07-26

Ok i see

抱歉，原内容已删除

2021-07-21

Oh

@财报研究社pro:【快讯】《消费者报告》称，特斯拉(TSLA.O)在公共道路上使用的“完全自动驾驶”测试软件缺乏安全措施。$特斯拉(TSLA)$

2021-07-15

Ok

抱歉，原内容已删除

2021-07-12

ok

@我是卡布斯:在投资蔚来汽车后，我更加确认2020年-2021年是新能源股票的高峰期，截止目前，当我复盘过去的投资决策，我发现我做的都是对的。

2021-06-21

Okay i see

抱歉，原内容已删除

2021-06-21

Ah okay

U.S. Dollar Faces Volatile Week as Fed Policy Makers Line Up to Speak<blockquote>美联储政策制定者排队发言，美元面临动荡的一周</blockquote>

2021-06-19

oh i see

@小虎综合资讯:爱回收登陆纽交所，首日挂牌开涨31.21%

2021-06-16

Like n comment

2021-06-14

Hello everyone

2021-06-13

Nice

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2021-06-12

yes i see//@Hopehope:Resending this article

@Hopehope赋予希望:11 June 2021: Tiger Brokers' Shortsellers go broke? Why?

2021-06-07

ahh okay

@小虎综合资讯:盘前异动：WSB概念股又嗨了，多只明星中概股“病怏怏”

2021-06-02

Oh i see

AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</blockquote>

2021-05-26

hahahaha

@我就是阿硕:$Flanigans Enterprises Inc(BDL)$没戏了，我挂50多一点点，伤心😔

2021-05-24

I see

2021-05-22

Yes i think

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"authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Oh ok","listText":"Oh ok","text":"Oh ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/870170231","repostId":"1151981691","repostType":4,"repost":{"id":"1151981691","kind":"news","pubTimestamp":1636595184,"share":"https://www.laohunote.com/m/news/1151981691?lang=zh_CN&edition=full","pubTime":"2021-11-11 09:46","market":"us","language":"en","title":"Nvidia is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151981691","media":"Yahoo","summary":"Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves\nNvidia (NVDA) unveiled","content":"<p>Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves</p><p><blockquote>英伟达仍然是图形之王，但 AMD、英特尔和苹果正在采取行动</blockquote></p><p> Nvidia (NVDA) unveiled a sweeping array of new technologies at its GTC conference this week, ranging from anAI-powered chauffeur that can park your carto a tool topredict the paths of wildfires. All of this from a company that started out selling graphics cards for gamers.</p><p><blockquote>Nvidia (NVDA) 在本周的 GTC 会议上推出了一系列新技术，从可以停放 carto 的 anAI 驱动司机到预测野火路径的工具。所有这些都来自一家开始为游戏玩家销售显卡的公司。</blockquote></p><p> But Nvidia still makes the majority of its money from the sale of those cards. Its gaming unit accounted for 47% oftotal revenue in the second quarter, while the data center business accounted for 36%.</p><p><blockquote>但英伟达的大部分收入仍然来自销售这些显卡。其游戏部门占第二季度总收入的47%，而数据中心业务占36%。</blockquote></p><p> And while Nvidia dominates with roughly83% of market sharecompared to AMD's (AMD) 17%, it has serious competition angling to take its crown.</p><p><blockquote>虽然英伟达以大约 83% 的市场份额占据主导地位，而 AMD (AMD) 为 17%，但它面临着激烈的竞争，试图夺取桂冠。</blockquote></p><p> First, there's Apple (AAPL), which has quickly built out its own laptop chips with graphics capabilities that it says can tangle with Nvidia’s best offerings. And waiting in the wings is Intel (INTC), which is set to launch its own line of graphics chips that could prove especially troublesome for Nvidia.</p><p><blockquote>首先是苹果（AAPL），该公司迅速制造出了自己的笔记本电脑芯片，其图形功能可以与英伟达的最佳产品相媲美。等待的是英特尔（INTC），该公司将推出自己的图形芯片系列，这可能会给英伟达带来特别麻烦。</blockquote></p><p> That's because unlike Apple's chips, Intel's graphics processors will find their way into Windows laptops and desktops. Windows PCs are the go-to computers for gamers around the world, and if Intel pushes out chips that can rival Nvidia's capabilities, it could threaten the gaming titan in the long term.</p><p><blockquote>这是因为与苹果的芯片不同，英特尔的图形处理器将进入Windows笔记本电脑和台式机。Windows PC是世界各地游戏玩家的首选电脑，如果英特尔推出可以与英伟达相媲美的芯片，从长远来看，它可能会威胁到这家游戏巨头。</blockquote></p><p> <b>Intel, Apple, and AMD are looking to take own Nvidia</b></p><p><blockquote><b>英特尔、苹果和 AMD 正在寻求收购 Nvidia</b></blockquote></p><p> Nvidia is a beast in the gaming market and AI business, but it’s quickly gaining new rivals. While the company’s RTX cards are some of the most powerful around, they aren’t the only option for consumers and businesses.</p><p><blockquote>英伟达是游戏市场和人工智能业务的巨兽，但它正在迅速获得新的竞争对手。虽然该公司的 RTX 显卡是目前最强大的显卡之一，但它们并不是消费者和企业的唯一选择。</blockquote></p><p> While AMD doesn’t have Nvidia’s market share, it’s got the kind of capabilities that gamers are looking for at similar prices. Intel, meanwhile, is preparing to roll out the first real competitors to mainstream Nvidia and AMD graphics in the form of its Arc Alchemist chips for laptops and desktop cards.</p><p><blockquote>虽然 AMD 没有 Nvidia 的市场份额，但它拥有游戏玩家在类似价格下所追求的功能。与此同时，英特尔正准备推出用于笔记本电脑和台式机卡的 Arc Alchemist 芯片，作为英伟达和 AMD 显卡的主流显卡的第一个真正竞争对手。</blockquote></p><p> “Intel has already got all the support for gaming in its GPUs, because Intel is actually the biggest GPU vendor in the market with its integrated GPUs,” explained Gartner analyst Alan Priestley.</p><p><blockquote>“Gartner 分析师艾伦-普里斯特利（Alan Priestley）解释说：”英特尔的 GPU 已经为游戏提供了所有支持，因为英特尔实际上是市场上最大的集成 GPU 供应商。</blockquote></p><p> But those chips, he says, don’t offer the kind of graphics capabilities of discrete graphics chips that have their own memory. They’re more in line with playing Solitaire rather than, say, “Call of Duty.” But Intel’s new chips, based on its Xe-HPG microarchitecture, appear to have all of the features necessary to take on Nvidia.</p><p><blockquote>但他说，这些芯片并不具备拥有自己内存的独立图形芯片的图形功能。它们更适合玩纸牌游戏，而不是《看涨期权的使命》。但英特尔基于 Xe-HPG 微架构的新芯片似乎具备与 Nvidia 一较高下所需的所有功能。</blockquote></p><p> Intel says its chips will support technologies like DirectX Ray Tracing, variable rate shading, and mesh shading — basically all things that make games look and run well. It's taking a direct swipe at Nvidia’s most important business.</p><p><blockquote>英特尔表示，其芯片将支持DirectX光线追踪、可变速率着色和网格着色等技术——基本上所有让游戏看起来和运行起来都很好的东西。它直接冲击了英伟达最重要的业务。</blockquote></p><p> “The challenge for Intel is going to be whether it can gain share, because it's either got to gain share from Nvidia or AMD or grow the market,” Priestley said.</p><p><blockquote>“普里斯特利说：”英特尔面临的挑战将是它能否获得份额，因为它要么从英伟达或 AMD 那里获得份额，要么扩大市场。</blockquote></p><p> Intel isn’t Nvidia’s only new competitor. Apple has become a surprising dark horse in the graphics game with its M1 Pro and M1 Max chips. Powering the company’s MacBook Pro 14-inch and MacBook Pro 16-inch, the chips make Apple’s laptops, according to the company’s own numbers, every bit as capable in terms of graphics performance as those running Nvidia chips.</p><p><blockquote>英特尔并不是英伟达唯一的新竞争对手。苹果凭借其M1 Pro和M1 Max芯片，已经成为图形游戏中令人惊讶的黑马。根据该公司自己的数据，这些芯片为该公司的 14 英寸 MacBook Pro 和 16 英寸 MacBook Pro 提供动力，使苹果的笔记本电脑在图形性能方面与运行 Nvidia 芯片的笔记本电脑不相上下。</blockquote></p><p> According to Apple’s testing, the M1 Max-powered MacBook Pro 16-inch with 64GB of RAM beats out Razer’s Blade 15 Advanced running an Intel Core i9, 32GB of RAM, and an Nvidia RTX 3080 in both performance and power efficiency. Both systems are roughly the same price.</p><p><blockquote>根据苹果的测试，搭载 M1 Max 的 16 英寸 MacBook Pro 配备 64GB 内存，在性能和能效方面都击败了搭载英特尔酷睿 i9、32GB 内存和英伟达 RTX 3080 处理器的 Razer Blade 15 Advanced。这两个系统的价格大致相同。</blockquote></p><p> There are some caveats there, of course. Namely that Apple doesn’t play much in the gaming space. Sure, there are games available through the App Store, but if you’re looking for AAA titles from the world’s biggest developers, you’ll find them on PC.</p><p><blockquote>当然，有一些注意事项。也就是说，苹果在游戏领域并不多。当然，App Store 上也有游戏，但如果你想找全球最大开发商的 AAA 级游戏，你可以在 PC 上找到它们。</blockquote></p><p> It’s not just gaming where Nvidia is facing stiffer competition, though. AMD on Monday rolled out its new MI200 GPU for high performance computing and AI acceleration, with its sights set on taking on Nvidia in the data center space. Not to be left out, Intel is expected to bring out its own Ponte Vecchio GPU in 2022 for AI applications.</p><p><blockquote>不过，英伟达面临更激烈竞争的不仅仅是游戏领域。AMD 周一推出了用于高性能计算和人工智能加速的新型 MI200 GPU，其目标是在数据中心领域与 Nvidia 展开竞争。英特尔也不例外，预计将在2022年推出自己的Ponte Vecchio GPU，用于人工智能应用。</blockquote></p><p> <b>Nvidia is still as formidable as they come</b></p><p><blockquote><b>英伟达仍然像他们来的时候一样强大</b></blockquote></p><p> Despite staring down strong contenders, Nvidia is still a powerhouse — in large part because of its software.</p><p><blockquote>尽管面对强大的竞争者，英伟达仍然是一个强大的竞争者——很大程度上是因为它的软件。</blockquote></p><p> “They make their products very sticky by creating software infrastructure that makes it hard for customers to shift, particularly in the data center,” explained Matt Bryson, SVP of Equity Research at Wedbush Securities. “So I really think that that is the differentiation that they've created both in gaming and in the data center space. And that it's just really hard for competitors to replicate that.”</p><p><blockquote>“韦德布什证券公司（Wedbush Securities）股票研究高级副总裁马特-布赖森（Matt Bryson）解释说：”他们通过创建软件基础设施，使客户难以转移，尤其是在数据中心，从而使产品具有很强的粘性。“所以我真的认为，这就是他们在游戏和数据中心领域创造的差异化。竞争对手很难复制这一点。”</blockquote></p><p> Nvidia also benefits by selling full-on supercomputers for AI applications, which can go for hundreds of thousands of dollars.</p><p><blockquote>英伟达还通过销售用于人工智能应用的功能齐全的超级计算机而受益，这些计算机的价格可能高达数十万美元。</blockquote></p><p></p><p> What’s more, Nvidia benefits from largely working only with GPUs. Unlike AMD, it doesn’t sell both CPUs and GPUs, and unlike Intel, it isn’t reentering the discrete GPU market. The company is set to launch its own CPU code named Grace to ensure it can provide its customers with its own CPU — but so far it’s been able to focus all of its efforts on GPUs.</p><p><blockquote>更重要的是，Nvidia 在很大程度上只使用 GPU。与 AMD 不同，它不同时销售 CPU 和 GPU，与英特尔不同，它也没有重新进入独立 GPU 市场。该公司将推出自己的 CPU 代码，名为 Grace，以确保能够为客户提供自己的 CPU，但到目前为止，该公司还能将所有精力集中在 GPU 上。</blockquote></p><p> “Nvidia has had that part of the market to itself. It has the resources to invest into the markets, both gaming and the data center, which has helped it build its business,” Priestley said. “It has one product GPUs, basically.”</p><p><blockquote>“英伟达独占了这部分市场。它有资源投资游戏和数据中心市场，这有助于它建立业务，”普里斯特利说。“它基本上只有一个产品 GPU。”</blockquote></p><p> Still, Nvidia’s rivals aren’t sitting idly by. And while the company is the market leader for now, there’s no guarantee it will stay that way forever. It needs to continue to innovate at a rapid clip if it wants to hold on to its position at the top.</p><p><blockquote>尽管如此，英伟达的竞争对手并没有袖手旁观。虽然该公司目前是市场领导者，但不能保证它会永远保持这种状态。如果它想保持其在顶端的地位，它需要继续快速创新。</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 is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</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\">\nNvidia is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-11-11 09:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves</p><p><blockquote>英伟达仍然是图形之王，但 AMD、英特尔和苹果正在采取行动</blockquote></p><p> Nvidia (NVDA) unveiled a sweeping array of new technologies at its GTC conference this week, ranging from anAI-powered chauffeur that can park your carto a tool topredict the paths of wildfires. All of this from a company that started out selling graphics cards for gamers.</p><p><blockquote>Nvidia (NVDA) 在本周的 GTC 会议上推出了一系列新技术，从可以停放 carto 的 anAI 驱动司机到预测野火路径的工具。所有这些都来自一家开始为游戏玩家销售显卡的公司。</blockquote></p><p> But Nvidia still makes the majority of its money from the sale of those cards. Its gaming unit accounted for 47% oftotal revenue in the second quarter, while the data center business accounted for 36%.</p><p><blockquote>但英伟达的大部分收入仍然来自销售这些显卡。其游戏部门占第二季度总收入的47%，而数据中心业务占36%。</blockquote></p><p> And while Nvidia dominates with roughly83% of market sharecompared to AMD's (AMD) 17%, it has serious competition angling to take its crown.</p><p><blockquote>虽然英伟达以大约 83% 的市场份额占据主导地位，而 AMD (AMD) 为 17%，但它面临着激烈的竞争，试图夺取桂冠。</blockquote></p><p> First, there's Apple (AAPL), which has quickly built out its own laptop chips with graphics capabilities that it says can tangle with Nvidia’s best offerings. And waiting in the wings is Intel (INTC), which is set to launch its own line of graphics chips that could prove especially troublesome for Nvidia.</p><p><blockquote>首先是苹果（AAPL），该公司迅速制造出了自己的笔记本电脑芯片，其图形功能可以与英伟达的最佳产品相媲美。等待的是英特尔（INTC），该公司将推出自己的图形芯片系列，这可能会给英伟达带来特别麻烦。</blockquote></p><p> That's because unlike Apple's chips, Intel's graphics processors will find their way into Windows laptops and desktops. Windows PCs are the go-to computers for gamers around the world, and if Intel pushes out chips that can rival Nvidia's capabilities, it could threaten the gaming titan in the long term.</p><p><blockquote>这是因为与苹果的芯片不同，英特尔的图形处理器将进入Windows笔记本电脑和台式机。Windows PC是世界各地游戏玩家的首选电脑，如果英特尔推出可以与英伟达相媲美的芯片，从长远来看，它可能会威胁到这家游戏巨头。</blockquote></p><p> <b>Intel, Apple, and AMD are looking to take own Nvidia</b></p><p><blockquote><b>英特尔、苹果和 AMD 正在寻求收购 Nvidia</b></blockquote></p><p> Nvidia is a beast in the gaming market and AI business, but it’s quickly gaining new rivals. While the company’s RTX cards are some of the most powerful around, they aren’t the only option for consumers and businesses.</p><p><blockquote>英伟达是游戏市场和人工智能业务的巨兽，但它正在迅速获得新的竞争对手。虽然该公司的 RTX 显卡是目前最强大的显卡之一，但它们并不是消费者和企业的唯一选择。</blockquote></p><p> While AMD doesn’t have Nvidia’s market share, it’s got the kind of capabilities that gamers are looking for at similar prices. Intel, meanwhile, is preparing to roll out the first real competitors to mainstream Nvidia and AMD graphics in the form of its Arc Alchemist chips for laptops and desktop cards.</p><p><blockquote>虽然 AMD 没有 Nvidia 的市场份额，但它拥有游戏玩家在类似价格下所追求的功能。与此同时，英特尔正准备推出用于笔记本电脑和台式机卡的 Arc Alchemist 芯片，作为英伟达和 AMD 显卡的主流显卡的第一个真正竞争对手。</blockquote></p><p> “Intel has already got all the support for gaming in its GPUs, because Intel is actually the biggest GPU vendor in the market with its integrated GPUs,” explained Gartner analyst Alan Priestley.</p><p><blockquote>“Gartner 分析师艾伦-普里斯特利（Alan Priestley）解释说：”英特尔的 GPU 已经为游戏提供了所有支持，因为英特尔实际上是市场上最大的集成 GPU 供应商。</blockquote></p><p> But those chips, he says, don’t offer the kind of graphics capabilities of discrete graphics chips that have their own memory. They’re more in line with playing Solitaire rather than, say, “Call of Duty.” But Intel’s new chips, based on its Xe-HPG microarchitecture, appear to have all of the features necessary to take on Nvidia.</p><p><blockquote>但他说，这些芯片并不具备拥有自己内存的独立图形芯片的图形功能。它们更适合玩纸牌游戏，而不是《看涨期权的使命》。但英特尔基于 Xe-HPG 微架构的新芯片似乎具备与 Nvidia 一较高下所需的所有功能。</blockquote></p><p> Intel says its chips will support technologies like DirectX Ray Tracing, variable rate shading, and mesh shading — basically all things that make games look and run well. It's taking a direct swipe at Nvidia’s most important business.</p><p><blockquote>英特尔表示，其芯片将支持DirectX光线追踪、可变速率着色和网格着色等技术——基本上所有让游戏看起来和运行起来都很好的东西。它直接冲击了英伟达最重要的业务。</blockquote></p><p> “The challenge for Intel is going to be whether it can gain share, because it's either got to gain share from Nvidia or AMD or grow the market,” Priestley said.</p><p><blockquote>“普里斯特利说：”英特尔面临的挑战将是它能否获得份额，因为它要么从英伟达或 AMD 那里获得份额，要么扩大市场。</blockquote></p><p> Intel isn’t Nvidia’s only new competitor. Apple has become a surprising dark horse in the graphics game with its M1 Pro and M1 Max chips. Powering the company’s MacBook Pro 14-inch and MacBook Pro 16-inch, the chips make Apple’s laptops, according to the company’s own numbers, every bit as capable in terms of graphics performance as those running Nvidia chips.</p><p><blockquote>英特尔并不是英伟达唯一的新竞争对手。苹果凭借其M1 Pro和M1 Max芯片，已经成为图形游戏中令人惊讶的黑马。根据该公司自己的数据，这些芯片为该公司的 14 英寸 MacBook Pro 和 16 英寸 MacBook Pro 提供动力，使苹果的笔记本电脑在图形性能方面与运行 Nvidia 芯片的笔记本电脑不相上下。</blockquote></p><p> According to Apple’s testing, the M1 Max-powered MacBook Pro 16-inch with 64GB of RAM beats out Razer’s Blade 15 Advanced running an Intel Core i9, 32GB of RAM, and an Nvidia RTX 3080 in both performance and power efficiency. Both systems are roughly the same price.</p><p><blockquote>根据苹果的测试，搭载 M1 Max 的 16 英寸 MacBook Pro 配备 64GB 内存，在性能和能效方面都击败了搭载英特尔酷睿 i9、32GB 内存和英伟达 RTX 3080 处理器的 Razer Blade 15 Advanced。这两个系统的价格大致相同。</blockquote></p><p> There are some caveats there, of course. Namely that Apple doesn’t play much in the gaming space. Sure, there are games available through the App Store, but if you’re looking for AAA titles from the world’s biggest developers, you’ll find them on PC.</p><p><blockquote>当然，有一些注意事项。也就是说，苹果在游戏领域并不多。当然，App Store 上也有游戏，但如果你想找全球最大开发商的 AAA 级游戏，你可以在 PC 上找到它们。</blockquote></p><p> It’s not just gaming where Nvidia is facing stiffer competition, though. AMD on Monday rolled out its new MI200 GPU for high performance computing and AI acceleration, with its sights set on taking on Nvidia in the data center space. Not to be left out, Intel is expected to bring out its own Ponte Vecchio GPU in 2022 for AI applications.</p><p><blockquote>不过，英伟达面临更激烈竞争的不仅仅是游戏领域。AMD 周一推出了用于高性能计算和人工智能加速的新型 MI200 GPU，其目标是在数据中心领域与 Nvidia 展开竞争。英特尔也不例外，预计将在2022年推出自己的Ponte Vecchio GPU，用于人工智能应用。</blockquote></p><p> <b>Nvidia is still as formidable as they come</b></p><p><blockquote><b>英伟达仍然像他们来的时候一样强大</b></blockquote></p><p> Despite staring down strong contenders, Nvidia is still a powerhouse — in large part because of its software.</p><p><blockquote>尽管面对强大的竞争者，英伟达仍然是一个强大的竞争者——很大程度上是因为它的软件。</blockquote></p><p> “They make their products very sticky by creating software infrastructure that makes it hard for customers to shift, particularly in the data center,” explained Matt Bryson, SVP of Equity Research at Wedbush Securities. “So I really think that that is the differentiation that they've created both in gaming and in the data center space. And that it's just really hard for competitors to replicate that.”</p><p><blockquote>“韦德布什证券公司（Wedbush Securities）股票研究高级副总裁马特-布赖森（Matt Bryson）解释说：”他们通过创建软件基础设施，使客户难以转移，尤其是在数据中心，从而使产品具有很强的粘性。“所以我真的认为，这就是他们在游戏和数据中心领域创造的差异化。竞争对手很难复制这一点。”</blockquote></p><p> Nvidia also benefits by selling full-on supercomputers for AI applications, which can go for hundreds of thousands of dollars.</p><p><blockquote>英伟达还通过销售用于人工智能应用的功能齐全的超级计算机而受益，这些计算机的价格可能高达数十万美元。</blockquote></p><p></p><p> What’s more, Nvidia benefits from largely working only with GPUs. Unlike AMD, it doesn’t sell both CPUs and GPUs, and unlike Intel, it isn’t reentering the discrete GPU market. The company is set to launch its own CPU code named Grace to ensure it can provide its customers with its own CPU — but so far it’s been able to focus all of its efforts on GPUs.</p><p><blockquote>更重要的是，Nvidia 在很大程度上只使用 GPU。与 AMD 不同，它不同时销售 CPU 和 GPU，与英特尔不同，它也没有重新进入独立 GPU 市场。该公司将推出自己的 CPU 代码，名为 Grace，以确保能够为客户提供自己的 CPU，但到目前为止，该公司还能将所有精力集中在 GPU 上。</blockquote></p><p> “Nvidia has had that part of the market to itself. It has the resources to invest into the markets, both gaming and the data center, which has helped it build its business,” Priestley said. “It has one product GPUs, basically.”</p><p><blockquote>“英伟达独占了这部分市场。它有资源投资游戏和数据中心市场，这有助于它建立业务，”普里斯特利说。“它基本上只有一个产品 GPU。”</blockquote></p><p> Still, Nvidia’s rivals aren’t sitting idly by. And while the company is the market leader for now, there’s no guarantee it will stay that way forever. It needs to continue to innovate at a rapid clip if it wants to hold on to its position at the top.</p><p><blockquote>尽管如此，英伟达的竞争对手并没有袖手旁观。虽然该公司目前是市场领导者，但不能保证它会永远保持这种状态。如果它想保持其在顶端的地位，它需要继续快速创新。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/nvidia-is-on-top-of-the-world-but-its-rivals-are-gaining-steam-181437845.html\">Yahoo</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://finance.yahoo.com/news/nvidia-is-on-top-of-the-world-but-its-rivals-are-gaining-steam-181437845.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151981691","content_text":"Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves\nNvidia (NVDA) unveiled a sweeping array of new technologies at its GTC conference this week, ranging from anAI-powered chauffeur that can park your carto a tool topredict the paths of wildfires. All of this from a company that started out selling graphics cards for gamers.\nBut Nvidia still makes the majority of its money from the sale of those cards. Its gaming unit accounted for 47% oftotal revenue in the second quarter, while the data center business accounted for 36%.\nAnd while Nvidia dominates with roughly83% of market sharecompared to AMD's (AMD) 17%, it has serious competition angling to take its crown.\nFirst, there's Apple (AAPL), which has quickly built out its own laptop chips with graphics capabilities that it says can tangle with Nvidia’s best offerings. And waiting in the wings is Intel (INTC), which is set to launch its own line of graphics chips that could prove especially troublesome for Nvidia.\nThat's because unlike Apple's chips, Intel's graphics processors will find their way into Windows laptops and desktops. Windows PCs are the go-to computers for gamers around the world, and if Intel pushes out chips that can rival Nvidia's capabilities, it could threaten the gaming titan in the long term.\nIntel, Apple, and AMD are looking to take own Nvidia\nNvidia is a beast in the gaming market and AI business, but it’s quickly gaining new rivals. While the company’s RTX cards are some of the most powerful around, they aren’t the only option for consumers and businesses.\nWhile AMD doesn’t have Nvidia’s market share, it’s got the kind of capabilities that gamers are looking for at similar prices. Intel, meanwhile, is preparing to roll out the first real competitors to mainstream Nvidia and AMD graphics in the form of its Arc Alchemist chips for laptops and desktop cards.\n“Intel has already got all the support for gaming in its GPUs, because Intel is actually the biggest GPU vendor in the market with its integrated GPUs,” explained Gartner analyst Alan Priestley.\nBut those chips, he says, don’t offer the kind of graphics capabilities of discrete graphics chips that have their own memory. They’re more in line with playing Solitaire rather than, say, “Call of Duty.” But Intel’s new chips, based on its Xe-HPG microarchitecture, appear to have all of the features necessary to take on Nvidia.\nIntel says its chips will support technologies like DirectX Ray Tracing, variable rate shading, and mesh shading — basically all things that make games look and run well. It's taking a direct swipe at Nvidia’s most important business.\n“The challenge for Intel is going to be whether it can gain share, because it's either got to gain share from Nvidia or AMD or grow the market,” Priestley said.\nIntel isn’t Nvidia’s only new competitor. Apple has become a surprising dark horse in the graphics game with its M1 Pro and M1 Max chips. Powering the company’s MacBook Pro 14-inch and MacBook Pro 16-inch, the chips make Apple’s laptops, according to the company’s own numbers, every bit as capable in terms of graphics performance as those running Nvidia chips.\nAccording to Apple’s testing, the M1 Max-powered MacBook Pro 16-inch with 64GB of RAM beats out Razer’s Blade 15 Advanced running an Intel Core i9, 32GB of RAM, and an Nvidia RTX 3080 in both performance and power efficiency. Both systems are roughly the same price.\nThere are some caveats there, of course. Namely that Apple doesn’t play much in the gaming space. Sure, there are games available through the App Store, but if you’re looking for AAA titles from the world’s biggest developers, you’ll find them on PC.\nIt’s not just gaming where Nvidia is facing stiffer competition, though. AMD on Monday rolled out its new MI200 GPU for high performance computing and AI acceleration, with its sights set on taking on Nvidia in the data center space. Not to be left out, Intel is expected to bring out its own Ponte Vecchio GPU in 2022 for AI applications.\nNvidia is still as formidable as they come\nDespite staring down strong contenders, Nvidia is still a powerhouse — in large part because of its software.\n“They make their products very sticky by creating software infrastructure that makes it hard for customers to shift, particularly in the data center,” explained Matt Bryson, SVP of Equity Research at Wedbush Securities. “So I really think that that is the differentiation that they've created both in gaming and in the data center space. And that it's just really hard for competitors to replicate that.”\nNvidia also benefits by selling full-on supercomputers for AI applications, which can go for hundreds of thousands of dollars.\nWhat’s more, Nvidia benefits from largely working only with GPUs. Unlike AMD, it doesn’t sell both CPUs and GPUs, and unlike Intel, it isn’t reentering the discrete GPU market. The company is set to launch its own CPU code named Grace to ensure it can provide its customers with its own CPU — but so far it’s been able to focus all of its efforts on GPUs.\n“Nvidia has had that part of the market to itself. It has the resources to invest into the markets, both gaming and the data center, which has helped it build its business,” Priestley said. “It has one product GPUs, basically.”\nStill, Nvidia’s rivals aren’t sitting idly by. And while the company is the market leader for now, there’s no guarantee it will stay that way forever. It needs to continue to innovate at a rapid clip if it wants to hold on to its position at the 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\n \n  在投资蔚来汽车后，我更加确认2020年-2021年是新能源股票的高峰期，截止目前，当我复盘过去的投资决策，我发现我做的都是对的。\n 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i see","listText":"Okay i see","text":"Okay i see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167844842","repostId":"1117073468","repostType":4,"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167845740,"gmtCreate":1624262107080,"gmtModify":1631891472009,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Ah okay","listText":"Ah okay","text":"Ah okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167845740","repostId":"1135081526","repostType":4,"repost":{"id":"1135081526","kind":"news","pubTimestamp":1624261638,"share":"https://www.laohunote.com/m/news/1135081526?lang=zh_CN&edition=full","pubTime":"2021-06-21 15:47","market":"us","language":"en","title":"U.S. Dollar Faces Volatile Week as Fed Policy Makers Line Up to Speak<blockquote>美联储政策制定者排队发言，美元面临动荡的一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135081526","media":"Bloomberg","summary":"(Bloomberg) -- The dollar faces a week of volatile trade as a slew of Federal Reserve speakers and U","content":"<p><div> (Bloomberg) -- The dollar faces a week of volatile trade as a slew of Federal Reserve speakers and U.S. inflation data test investors trying to gauge the pace of monetary tightening. St. Louis Fed ...</p><p><blockquote><div>（彭博社）——随着一系列美联储发言人和美国通胀数据考验试图衡量货币紧缩步伐的投资者，美元面临一周的波动交易。圣路易斯联储……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/u-dollar-faces-volatile-week-064145743.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/u-dollar-faces-volatile-week-064145743.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1612507957220","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. Dollar Faces Volatile Week as Fed Policy Makers Line Up to Speak<blockquote>美联储政策制定者排队发言，美元面临动荡的一周</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. Dollar Faces Volatile Week as Fed Policy Makers Line Up to Speak<blockquote>美联储政策制定者排队发言，美元面临动荡的一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-21 15:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- The dollar faces a week of volatile trade as a slew of Federal Reserve speakers and U.S. inflation data test investors trying to gauge the pace of monetary tightening. St. Louis Fed ...</p><p><blockquote><div>（彭博社）——随着一系列美联储发言人和美国通胀数据考验试图衡量货币紧缩步伐的投资者，美元面临一周的波动交易。圣路易斯联储……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/u-dollar-faces-volatile-week-064145743.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/u-dollar-faces-volatile-week-064145743.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/u-dollar-faces-volatile-week-064145743.html\">Bloomberg</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://finance.yahoo.com/news/u-dollar-faces-volatile-week-064145743.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135081526","content_text":"(Bloomberg) -- The dollar faces a week of volatile trade as a slew of Federal Reserve speakers and U.S. inflation data test investors trying to gauge the pace of monetary tightening.\nSt. Louis Fed President James Bullard, Dallas Fed President Robert Kaplan and New York Fed President John Williams will speak on Monday before Chair Jerome Powell testifies to Congress on Tuesday. Friday will feature a reading on the central bank’s favored inflation gauge, while in between, other regional Fed chiefs discuss the economy and monetary policy.\nThe JPMorgan Global FX Volatility Index has climbed sharply since the Fed projections last week showed more than one rate hike in 2023. In an indication of what what may be to come this week, two-year Treasury yields and the greenback jumped on Friday after Bullard said it may be appropriate for the central bank to start raising interest rates next year.\nPolicy makers will have a close eye on how hawkishly markets are taking their comments and forecasts, according to Vishnu Varathan, the Singapore-based head of economics and strategy at Mizuho Bank Ltd. “If markets fall into old habits of over-indulgence, then Fed attempts to rein in run-away hawks down the road should not surprise anyone,” he wrote in a research note.\nKey Gauges\nThe Bloomberg Dollar Spot Index is little changed on Monday after jumping 2% last week, the most since April 2020.\nData due Friday is projected to show year-on-year growth in core personal consumption expenditures probably quickened to 3.4% last month, from 3.1% in April, which was already the highest since 1992.\n“Market participants will be interested in whether Powell and Williams indicate concerns about an inflation overshoot,” according to a research note from Commonwealth Bank of Australia. “Signs that the FOMC is growing less certain about the inflation outlook is important for the policy outlook, and can support the U.S. dollar.”","news_type":1,"symbols_score_info":{"USDindexmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162190204,"gmtCreate":1624038624108,"gmtModify":1631891472021,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"oh i see","listText":"oh i see","text":"oh i see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162190204","repostId":"162970771","repostType":1,"repost":{"id":162970771,"gmtCreate":1624032856088,"gmtModify":1624032856088,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667586584720","authorIdStr":"3527667586584720"},"themes":[],"title":"爱回收登陆纽交所，首日挂牌开涨31.21%","htmlText":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。 今晚，80后复旦学子率队站上了IPO敲钟舞台。 投资界6月18日消息，中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。 万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。 而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。 回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。 复旦学子「收垃圾」 从回收旧手机起家，做出230亿市值 爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。 1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。 爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物","listText":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。 今晚，80后复旦学子率队站上了IPO敲钟舞台。 投资界6月18日消息，中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。 万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。 而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。 回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。 复旦学子「收垃圾」 从回收旧手机起家，做出230亿市值 爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。 1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。 爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物","text":"6月18日，互联网二手电子产品销售平台爱回收在纽约证交所首日挂牌高开31.21%，报18.37美元，总市值46.78亿美元。 今晚，80后复旦学子率队站上了IPO敲钟舞台。 投资界6月18日消息，中国最大的二手消费电子产品交易和服务平台——万物新生（爱回收）集团成功在纽交所挂牌上市，成为中概股ESG第一股。此次IPO发行价为14美元，对应市值35.65亿美元（约合人民币230亿元）。 万物新生背后，是一对复旦师兄弟的创业故事。2011年，已经31岁的陈雪峰联手师兄孙文俊踏入一门被忽视的生意——二手手机回收。一路走来，万物新生曾经历一段艰难岁月，陈雪峰一度被投资人拒之门外。如今，这位41岁创始人终于斩获人生第一个IPO。 而万物新生的崛起，同样离不开身后一支投资天团。IPO前，万物新生完成超70亿元的融资，浮现了五源资本、天图投资、景林投资、达晨财智、凯辉基金、前海母基金、老虎环球基金、启承资本、国泰君安、清新资本、京东、快手等十余家VC/PE机构和巨头企业的身影。 回望十年历程，陈雪峰在公开信写到，我们从一个看似简单的手机回收业务出发，“很幸运，我们不经意之间进入到了这样一个容易被低估的行业。很长一段时间，我们一度被误解为是一个做手机拆解和提炼金属的公司。”他感慨，创业中“被低估”很可能并不是坏事，很多成功往往都源于“被低估”。 复旦学子「收垃圾」 从回收旧手机起家，做出230亿市值 爱回收的背后，是一位复旦程序员进阶CEO的逆袭故事。 1980年，爱回收CEO陈雪峰出生于湖北黄石，从小学习成绩出众。他本科就读于同济大学计算机科学专业，之后又在复旦大学计算机系取得硕士学位。2006年，陈雪峰入职上海一家公司担任技术经理，这段经历持续了4年。 爱回收最初的创立灵感缘于几年前的换物概念。2008年，还在做程序员的陈雪峰看到一则“别针换别墅”的新闻。新闻讲述了一个美国男子通过以物","images":[{"img":"https://static.tigerbbs.com/6e069bd4e7e98cc4e8ef67ef245de551","width":"1080","height":"723"},{"img":"https://static.tigerbbs.com/291f9455ffca3312c81f6745545bdbf7","width":"866","height":"424"},{"img":"https://static.tigerbbs.com/8076b9e3d9cb89fc46a4b6aa923eaaea","width":"1080","height":"2222"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162970771","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169315133,"gmtCreate":1623816950422,"gmtModify":1634027635434,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169315133","isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185562968,"gmtCreate":1623660837154,"gmtModify":1634030515363,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Hello everyone","listText":"Hello everyone","text":"Hello everyone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185562968","isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182176831,"gmtCreate":1623560132223,"gmtModify":1634031676111,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182176831","repostId":"1191179846","repostType":4,"isVote":1,"tweetType":1,"viewCount":886,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188650597,"gmtCreate":1623434566419,"gmtModify":1634033196790,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"yes i see//<a href=\"https://laohu8.com/U/3563421686188310\">@Hopehope</a>:Resending this article","listText":"yes i see//<a href=\"https://laohu8.com/U/3563421686188310\">@Hopehope</a>:Resending this article","text":"yes i see//@Hopehope:Resending this article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188650597","repostId":"181849722","repostType":1,"repost":{"id":181849722,"gmtCreate":1623386697866,"gmtModify":1782585011152,"author":{"id":"3563421686188310","authorId":"3563421686188310","name":"Hopehope赋予希望","avatar":"https://static.tigerbbs.com/9d9527ab7ac6557b84288abebb9ec540","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563421686188310","authorIdStr":"3563421686188310"},"themes":[],"title":"11 June 2021: Tiger Brokers' Shortsellers go broke? Why?","htmlText":"Readers would have known that I have a view of the broad markets and have mentioned that my view is for Nasdaq 100 to hit 16,000. Will I be right or wrong? Like what I have always said, only time will tell if I will be right. Even if I am right now, will I continue to `be right? As you know, past performance does not guarantee future performance though it is one indicator to assess my ability to read the markets.As it goes, I had in May 2021 mentioned that we had to see if support can be held at 13,000 for Nasdaq 100 futures during the cryptocurrencies crashed when Bitcoin first broke 40,000 USD and then tanked rapidly to 31,000 USD. ETH and Dogecoin also fell rapidly back then. Since then, I had mentioned that further support should be seen at 13,400, 13,560, 13,700 and 13,760 and have ov","listText":"Readers would have known that I have a view of the broad markets and have mentioned that my view is for Nasdaq 100 to hit 16,000. Will I be right or wrong? Like what I have always said, only time will tell if I will be right. Even if I am right now, will I continue to `be right? As you know, past performance does not guarantee future performance though it is one indicator to assess my ability to read the markets.As it goes, I had in May 2021 mentioned that we had to see if support can be held at 13,000 for Nasdaq 100 futures during the cryptocurrencies crashed when Bitcoin first broke 40,000 USD and then tanked rapidly to 31,000 USD. ETH and Dogecoin also fell rapidly back then. Since then, I had mentioned that further support should be seen at 13,400, 13,560, 13,700 and 13,760 and have ov","text":"Readers would have known that I have a view of the broad markets and have mentioned that my view is for Nasdaq 100 to hit 16,000. Will I be right or wrong? Like what I have always said, only time will tell if I will be right. Even if I am right now, will I continue to `be right? As you know, past performance does not guarantee future performance though it is one indicator to assess my ability to read the markets.As it goes, I had in May 2021 mentioned that we had to see if support can be held at 13,000 for Nasdaq 100 futures during the cryptocurrencies crashed when Bitcoin first broke 40,000 USD and then tanked rapidly to 31,000 USD. ETH and Dogecoin also fell rapidly back then. Since then, I had mentioned that further support should be seen at 13,400, 13,560, 13,700 and 13,760 and have ov","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/181849722","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114172815,"gmtCreate":1623061509137,"gmtModify":1634037385352,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"ahh okay","listText":"ahh okay","text":"ahh okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114172815","repostId":"114169204","repostType":1,"repost":{"id":114169204,"gmtCreate":1623057865104,"gmtModify":1781683922410,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667586584720","authorIdStr":"3527667586584720"},"themes":[],"title":"盘前异动：WSB概念股又嗨了，多只明星中概股“病怏怏”","htmlText":"6月7日，美国三大股指期货涨跌不一，截至发稿，道指期货涨0.01%；标普500指数期货跌0.14%；纳斯达克100指数期货跌0.30%。WSB概念股盘前上涨，<a href=\"https://laohu8.com/S/MVIS\">$维视图像(MVIS)$</a>涨超9%，Naked Brand涨超8%，<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>、<a href=\"https://laohu8.com/S/BBRY\">$黑莓(BBRY)$</a>涨超4%，<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>涨近2%。 部分明星中概股走弱，<a href=\"https://laohu8.com/S/EM\">$怪兽充电(EM)$</a>跌超4%，<a href=\"https://laohu8.com/S/EDU\">$新东方(EDU)$</a>跌超3%，<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>、<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>、<a href=\"https://laohu8.com/S/IQ\">$爱奇艺(IQ)$</a>、<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>跌超1% 加拿大临床阶段生物制药公司Liminal BioSciences盘前涨超46%，美国食品药品监督管理局通过其药物Ryplazim的生物制剂许可证申请。 明星科技股盘前走弱，<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>、","listText":"6月7日，美国三大股指期货涨跌不一，截至发稿，道指期货涨0.01%；标普500指数期货跌0.14%；纳斯达克100指数期货跌0.30%。WSB概念股盘前上涨，<a href=\"https://laohu8.com/S/MVIS\">$维视图像(MVIS)$</a>涨超9%，Naked Brand涨超8%，<a href=\"https://laohu8.com/S/AMC\">$AMC院线(AMC)$</a>、<a href=\"https://laohu8.com/S/BBRY\">$黑莓(BBRY)$</a>涨超4%，<a href=\"https://laohu8.com/S/GME\">$游戏驿站(GME)$</a>涨近2%。 部分明星中概股走弱，<a href=\"https://laohu8.com/S/EM\">$怪兽充电(EM)$</a>跌超4%，<a href=\"https://laohu8.com/S/EDU\">$新东方(EDU)$</a>跌超3%，<a href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a>、<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>、<a href=\"https://laohu8.com/S/IQ\">$爱奇艺(IQ)$</a>、<a href=\"https://laohu8.com/S/BILI\">$哔哩哔哩(BILI)$</a>跌超1% 加拿大临床阶段生物制药公司Liminal BioSciences盘前涨超46%，美国食品药品监督管理局通过其药物Ryplazim的生物制剂许可证申请。 明星科技股盘前走弱，<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>、","text":"6月7日，美国三大股指期货涨跌不一，截至发稿，道指期货涨0.01%；标普500指数期货跌0.14%；纳斯达克100指数期货跌0.30%。WSB概念股盘前上涨，$维视图像(MVIS)$涨超9%，Naked Brand涨超8%，$AMC院线(AMC)$、$黑莓(BBRY)$涨超4%，$游戏驿站(GME)$涨近2%。 部分明星中概股走弱，$怪兽充电(EM)$跌超4%，$新东方(EDU)$跌超3%，$小鹏汽车(XPEV)$、$蔚来(NIO)$、$爱奇艺(IQ)$、$哔哩哔哩(BILI)$跌超1% 加拿大临床阶段生物制药公司Liminal BioSciences盘前涨超46%，美国食品药品监督管理局通过其药物Ryplazim的生物制剂许可证申请。 明星科技股盘前走弱，$特斯拉(TSLA)$、","images":[{"img":"https://static.tigerbbs.com/d4b94d86f2af352ecc41613220ce7e78","width":"828","height":"245"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114169204","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113578916,"gmtCreate":1622629527935,"gmtModify":1634099785516,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Oh i see","listText":"Oh i see","text":"Oh i see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/113578916","repostId":"1188552613","repostType":4,"repost":{"id":"1188552613","kind":"news","pubTimestamp":1622627641,"share":"https://www.laohunote.com/m/news/1188552613?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线飙升的股价很容易被视为只是迷因交易的疯狂，这种社交媒体引发的投资者狂热已经将游戏驿站和黑莓等公司推入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者有可能错过了电影院行业的根本性变革--这也不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升 23%，收于 32.04 美元，略低于 5 月下旬创下的 36.72 美元的历史高点。这使得这家连锁影院的市值约为 160 亿美元，是 2018 年的 15 倍多，2018 年是票房创纪录的一年。在周三的盘前交易中，该公司股价又上涨了 34%，至 42.92 美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不会相加。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上就是市值和债务。AMC 的企业价值约为 260 亿美元，而 2018 年底约为 62 亿美元。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>由于全国最大城市的影院几个月来一直处于黑暗状态，AMC 在大流行病期间增加了债务。这些数字很容易理解为什么：2020年美国票房产生了约21亿美元的门票销售额，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到困扰。但这并不是第一次。这个行业在千禧年之交基本上崩溃了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，由于一种新的剧院设计——体育场座椅可以提供更好的屏幕视野，该行业有足够的容量。这种转变意味着连锁电影院不得不翻新，否则就有可能失去所有顾客，转而去视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量趋于稳定。2002年至2007年间，富豪影院成为一台赚钱机器，因为股票定价错误。该股平均年回报率为 21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于 9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当时，富豪影院的企业价值约为 50 亿美元，约占美国总票房的 50%。这与今天的 AMC 相去甚远。对于 AMC 来说，新的东西必须与众不同才有价值。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>或许影院业务又将经历一段盘整期，或许会迎来另一个回报的黄金时代。事实上，AMC 周二的涨幅是由新筹集的资金推动的，这样该公司就可以发动攻势，收购倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房能够在几年内恢复到2018年的水平，at的总销售额可能达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，凭借更大的规模带来的更好的毛利率，AMC 每年可能能够产生 6 亿美元的自由现金流，这使得该股的自由现金流收益率约为 4%。标普500的自由现金流收益率约为 3%。这些数字是可以起作用的--如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况也存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。达到 6 亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，随着并购，AMC 市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，由电影世界控股公司（Cine.London）所有。Cinemark (CNK) 也是。不存在真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC 及其同行也必须处理流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一进程。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地流向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股的问题。他们不会像这样交易，这对剧院来说是一个勇敢的新世界。Cineworld 股价较 52 周低点上涨 484%，但仍较历史高点下跌 72%。Cinemark 股价较 52 周低点上涨 222%。它们比历史高点下降了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC 股价再次较 52 周低点上涨近 1,600%，较 5 月份的历史高点仅下跌 13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也看不到这种潜力。九名分析师研究了该股。分析师的平均目标价约为 5 美元。在大流行之前，分析师的平均目标价为 15 美元。但当时的股份较少。旧目标企业价值约为70亿美元。从 70 亿美元到 260 亿美元很难预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正的自由现金流——2022 年为 1300 万美元，2023 年为 9000 万美元。这距离 6 亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是另一种说法，即 AMC 看涨者离计算成功还有很长的路要走。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线飙升的股价很容易被视为只是迷因交易的疯狂，这种社交媒体引发的投资者狂热已经将游戏驿站和黑莓等公司推入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者有可能错过了电影院行业的根本性变革--这也不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升 23%，收于 32.04 美元，略低于 5 月下旬创下的 36.72 美元的历史高点。这使得这家连锁影院的市值约为 160 亿美元，是 2018 年的 15 倍多，2018 年是票房创纪录的一年。在周三的盘前交易中，该公司股价又上涨了 34%，至 42.92 美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不会相加。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上就是市值和债务。AMC 的企业价值约为 260 亿美元，而 2018 年底约为 62 亿美元。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>由于全国最大城市的影院几个月来一直处于黑暗状态，AMC 在大流行病期间增加了债务。这些数字很容易理解为什么：2020年美国票房产生了约21亿美元的门票销售额，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到困扰。但这并不是第一次。这个行业在千禧年之交基本上崩溃了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，由于一种新的剧院设计——体育场座椅可以提供更好的屏幕视野，该行业有足够的容量。这种转变意味着连锁电影院不得不翻新，否则就有可能失去所有顾客，转而去视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量趋于稳定。2002年至2007年间，富豪影院成为一台赚钱机器，因为股票定价错误。该股平均年回报率为 21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于 9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当时，富豪影院的企业价值约为 50 亿美元，约占美国总票房的 50%。这与今天的 AMC 相去甚远。对于 AMC 来说，新的东西必须与众不同才有价值。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>或许影院业务又将经历一段盘整期，或许会迎来另一个回报的黄金时代。事实上，AMC 周二的涨幅是由新筹集的资金推动的，这样该公司就可以发动攻势，收购倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房能够在几年内恢复到2018年的水平，at的总销售额可能达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，凭借更大的规模带来的更好的毛利率，AMC 每年可能能够产生 6 亿美元的自由现金流，这使得该股的自由现金流收益率约为 4%。标普500的自由现金流收益率约为 3%。这些数字是可以起作用的--如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况也存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。达到 6 亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，随着并购，AMC 市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，由电影世界控股公司（Cine.London）所有。Cinemark (CNK) 也是。不存在真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC 及其同行也必须处理流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一进程。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地流向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股的问题。他们不会像这样交易，这对剧院来说是一个勇敢的新世界。Cineworld 股价较 52 周低点上涨 484%，但仍较历史高点下跌 72%。Cinemark 股价较 52 周低点上涨 222%。它们比历史高点下降了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC 股价再次较 52 周低点上涨近 1,600%，较 5 月份的历史高点仅下跌 13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也看不到这种潜力。九名分析师研究了该股。分析师的平均目标价约为 5 美元。在大流行之前，分析师的平均目标价为 15 美元。但当时的股份较少。旧目标企业价值约为70亿美元。从 70 亿美元到 260 亿美元很难预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正的自由现金流——2022 年为 1300 万美元，2023 年为 9000 万美元。这距离 6 亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是另一种说法，即 AMC 看涨者离计算成功还有很长的路要走。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138765311,"gmtCreate":1621968943433,"gmtModify":1634185104339,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"hahahaha","listText":"hahahaha","text":"hahahaha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/138765311","repostId":"138735954","repostType":1,"repost":{"id":138735954,"gmtCreate":1621961275678,"gmtModify":1621961275678,"author":{"id":"3483669283508638","authorId":"3483669283508638","name":"我就是阿硕","avatar":"https://static.tigerbbs.com/ef3a6f12848da8815606073e69dae4be","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3483669283508638","authorIdStr":"3483669283508638"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/BDL\">$Flanigans Enterprises Inc(BDL)$</a>没戏了，我挂50多一点点，伤心😔","listText":"<a href=\"https://laohu8.com/S/BDL\">$Flanigans Enterprises Inc(BDL)$</a>没戏了，我挂50多一点点，伤心😔","text":"$Flanigans Enterprises Inc(BDL)$没戏了，我挂50多一点点，伤心😔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/138735954","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131521079,"gmtCreate":1621868463791,"gmtModify":1634185933309,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577181668002271","authorIdStr":"3577181668002271"},"themes":[],"title":"","htmlText":"I see","listText":"I see","text":"I 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i see","listText":"Oh i see","text":"Oh i see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/113578916","repostId":"1188552613","repostType":4,"repost":{"id":"1188552613","kind":"news","pubTimestamp":1622627641,"share":"https://www.laohunote.com/m/news/1188552613?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线飙升的股价很容易被视为只是迷因交易的疯狂，这种社交媒体引发的投资者狂热已经将游戏驿站和黑莓等公司推入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者有可能错过了电影院行业的根本性变革--这也不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升 23%，收于 32.04 美元，略低于 5 月下旬创下的 36.72 美元的历史高点。这使得这家连锁影院的市值约为 160 亿美元，是 2018 年的 15 倍多，2018 年是票房创纪录的一年。在周三的盘前交易中，该公司股价又上涨了 34%，至 42.92 美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不会相加。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上就是市值和债务。AMC 的企业价值约为 260 亿美元，而 2018 年底约为 62 亿美元。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>由于全国最大城市的影院几个月来一直处于黑暗状态，AMC 在大流行病期间增加了债务。这些数字很容易理解为什么：2020年美国票房产生了约21亿美元的门票销售额，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到困扰。但这并不是第一次。这个行业在千禧年之交基本上崩溃了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，由于一种新的剧院设计——体育场座椅可以提供更好的屏幕视野，该行业有足够的容量。这种转变意味着连锁电影院不得不翻新，否则就有可能失去所有顾客，转而去视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量趋于稳定。2002年至2007年间，富豪影院成为一台赚钱机器，因为股票定价错误。该股平均年回报率为 21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于 9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当时，富豪影院的企业价值约为 50 亿美元，约占美国总票房的 50%。这与今天的 AMC 相去甚远。对于 AMC 来说，新的东西必须与众不同才有价值。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>或许影院业务又将经历一段盘整期，或许会迎来另一个回报的黄金时代。事实上，AMC 周二的涨幅是由新筹集的资金推动的，这样该公司就可以发动攻势，收购倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房能够在几年内恢复到2018年的水平，at的总销售额可能达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，凭借更大的规模带来的更好的毛利率，AMC 每年可能能够产生 6 亿美元的自由现金流，这使得该股的自由现金流收益率约为 4%。标普500的自由现金流收益率约为 3%。这些数字是可以起作用的--如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况也存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。达到 6 亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，随着并购，AMC 市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，由电影世界控股公司（Cine.London）所有。Cinemark (CNK) 也是。不存在真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC 及其同行也必须处理流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一进程。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地流向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股的问题。他们不会像这样交易，这对剧院来说是一个勇敢的新世界。Cineworld 股价较 52 周低点上涨 484%，但仍较历史高点下跌 72%。Cinemark 股价较 52 周低点上涨 222%。它们比历史高点下降了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC 股价再次较 52 周低点上涨近 1,600%，较 5 月份的历史高点仅下跌 13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也看不到这种潜力。九名分析师研究了该股。分析师的平均目标价约为 5 美元。在大流行之前，分析师的平均目标价为 15 美元。但当时的股份较少。旧目标企业价值约为70亿美元。从 70 亿美元到 260 亿美元很难预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正的自由现金流——2022 年为 1300 万美元，2023 年为 9000 万美元。这距离 6 亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是另一种说法，即 AMC 看涨者离计算成功还有很长的路要走。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC 股价再次飙升。如何理解这一举动？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线飙升的股价很容易被视为只是迷因交易的疯狂，这种社交媒体引发的投资者狂热已经将游戏驿站和黑莓等公司推入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者有可能错过了电影院行业的根本性变革--这也不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升 23%，收于 32.04 美元，略低于 5 月下旬创下的 36.72 美元的历史高点。这使得这家连锁影院的市值约为 160 亿美元，是 2018 年的 15 倍多，2018 年是票房创纪录的一年。在周三的盘前交易中，该公司股价又上涨了 34%，至 42.92 美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不会相加。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上就是市值和债务。AMC 的企业价值约为 260 亿美元，而 2018 年底约为 62 亿美元。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>由于全国最大城市的影院几个月来一直处于黑暗状态，AMC 在大流行病期间增加了债务。这些数字很容易理解为什么：2020年美国票房产生了约21亿美元的门票销售额，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到困扰。但这并不是第一次。这个行业在千禧年之交基本上崩溃了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，由于一种新的剧院设计——体育场座椅可以提供更好的屏幕视野，该行业有足够的容量。这种转变意味着连锁电影院不得不翻新，否则就有可能失去所有顾客，转而去视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量趋于稳定。2002年至2007年间，富豪影院成为一台赚钱机器，因为股票定价错误。该股平均年回报率为 21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于 9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当时，富豪影院的企业价值约为 50 亿美元，约占美国总票房的 50%。这与今天的 AMC 相去甚远。对于 AMC 来说，新的东西必须与众不同才有价值。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>或许影院业务又将经历一段盘整期，或许会迎来另一个回报的黄金时代。事实上，AMC 周二的涨幅是由新筹集的资金推动的，这样该公司就可以发动攻势，收购倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房能够在几年内恢复到2018年的水平，at的总销售额可能达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，凭借更大的规模带来的更好的毛利率，AMC 每年可能能够产生 6 亿美元的自由现金流，这使得该股的自由现金流收益率约为 4%。标普500的自由现金流收益率约为 3%。这些数字是可以起作用的--如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况也存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。达到 6 亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，随着并购，AMC 市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，由电影世界控股公司（Cine.London）所有。Cinemark (CNK) 也是。不存在真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC 及其同行也必须处理流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一进程。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地流向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股的问题。他们不会像这样交易，这对剧院来说是一个勇敢的新世界。Cineworld 股价较 52 周低点上涨 484%，但仍较历史高点下跌 72%。Cinemark 股价较 52 周低点上涨 222%。它们比历史高点下降了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC 股价再次较 52 周低点上涨近 1,600%，较 5 月份的历史高点仅下跌 13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也看不到这种潜力。九名分析师研究了该股。分析师的平均目标价约为 5 美元。在大流行之前，分析师的平均目标价为 15 美元。但当时的股份较少。旧目标企业价值约为70亿美元。从 70 亿美元到 260 亿美元很难预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正的自由现金流——2022 年为 1300 万美元，2023 年为 9000 万美元。这距离 6 亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是另一种说法，即 AMC 看涨者离计算成功还有很长的路要走。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":870170231,"gmtCreate":1636596088525,"gmtModify":1636596088525,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Oh ok","listText":"Oh ok","text":"Oh ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/870170231","repostId":"1151981691","repostType":4,"repost":{"id":"1151981691","kind":"news","pubTimestamp":1636595184,"share":"https://www.laohunote.com/m/news/1151981691?lang=zh_CN&edition=full","pubTime":"2021-11-11 09:46","market":"us","language":"en","title":"Nvidia is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151981691","media":"Yahoo","summary":"Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves\nNvidia (NVDA) unveiled","content":"<p>Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves</p><p><blockquote>英伟达仍然是图形之王，但 AMD、英特尔和苹果正在采取行动</blockquote></p><p> Nvidia (NVDA) unveiled a sweeping array of new technologies at its GTC conference this week, ranging from anAI-powered chauffeur that can park your carto a tool topredict the paths of wildfires. All of this from a company that started out selling graphics cards for gamers.</p><p><blockquote>Nvidia (NVDA) 在本周的 GTC 会议上推出了一系列新技术，从可以停放 carto 的 anAI 驱动司机到预测野火路径的工具。所有这些都来自一家开始为游戏玩家销售显卡的公司。</blockquote></p><p> But Nvidia still makes the majority of its money from the sale of those cards. Its gaming unit accounted for 47% oftotal revenue in the second quarter, while the data center business accounted for 36%.</p><p><blockquote>但英伟达的大部分收入仍然来自销售这些显卡。其游戏部门占第二季度总收入的47%，而数据中心业务占36%。</blockquote></p><p> And while Nvidia dominates with roughly83% of market sharecompared to AMD's (AMD) 17%, it has serious competition angling to take its crown.</p><p><blockquote>虽然英伟达以大约 83% 的市场份额占据主导地位，而 AMD (AMD) 为 17%，但它面临着激烈的竞争，试图夺取桂冠。</blockquote></p><p> First, there's Apple (AAPL), which has quickly built out its own laptop chips with graphics capabilities that it says can tangle with Nvidia’s best offerings. And waiting in the wings is Intel (INTC), which is set to launch its own line of graphics chips that could prove especially troublesome for Nvidia.</p><p><blockquote>首先是苹果（AAPL），该公司迅速制造出了自己的笔记本电脑芯片，其图形功能可以与英伟达的最佳产品相媲美。等待的是英特尔（INTC），该公司将推出自己的图形芯片系列，这可能会给英伟达带来特别麻烦。</blockquote></p><p> That's because unlike Apple's chips, Intel's graphics processors will find their way into Windows laptops and desktops. Windows PCs are the go-to computers for gamers around the world, and if Intel pushes out chips that can rival Nvidia's capabilities, it could threaten the gaming titan in the long term.</p><p><blockquote>这是因为与苹果的芯片不同，英特尔的图形处理器将进入Windows笔记本电脑和台式机。Windows PC是世界各地游戏玩家的首选电脑，如果英特尔推出可以与英伟达相媲美的芯片，从长远来看，它可能会威胁到这家游戏巨头。</blockquote></p><p> <b>Intel, Apple, and AMD are looking to take own Nvidia</b></p><p><blockquote><b>英特尔、苹果和 AMD 正在寻求收购 Nvidia</b></blockquote></p><p> Nvidia is a beast in the gaming market and AI business, but it’s quickly gaining new rivals. While the company’s RTX cards are some of the most powerful around, they aren’t the only option for consumers and businesses.</p><p><blockquote>英伟达是游戏市场和人工智能业务的巨兽，但它正在迅速获得新的竞争对手。虽然该公司的 RTX 显卡是目前最强大的显卡之一，但它们并不是消费者和企业的唯一选择。</blockquote></p><p> While AMD doesn’t have Nvidia’s market share, it’s got the kind of capabilities that gamers are looking for at similar prices. Intel, meanwhile, is preparing to roll out the first real competitors to mainstream Nvidia and AMD graphics in the form of its Arc Alchemist chips for laptops and desktop cards.</p><p><blockquote>虽然 AMD 没有 Nvidia 的市场份额，但它拥有游戏玩家在类似价格下所追求的功能。与此同时，英特尔正准备推出用于笔记本电脑和台式机卡的 Arc Alchemist 芯片，作为英伟达和 AMD 显卡的主流显卡的第一个真正竞争对手。</blockquote></p><p> “Intel has already got all the support for gaming in its GPUs, because Intel is actually the biggest GPU vendor in the market with its integrated GPUs,” explained Gartner analyst Alan Priestley.</p><p><blockquote>“Gartner 分析师艾伦-普里斯特利（Alan Priestley）解释说：”英特尔的 GPU 已经为游戏提供了所有支持，因为英特尔实际上是市场上最大的集成 GPU 供应商。</blockquote></p><p> But those chips, he says, don’t offer the kind of graphics capabilities of discrete graphics chips that have their own memory. They’re more in line with playing Solitaire rather than, say, “Call of Duty.” But Intel’s new chips, based on its Xe-HPG microarchitecture, appear to have all of the features necessary to take on Nvidia.</p><p><blockquote>但他说，这些芯片并不具备拥有自己内存的独立图形芯片的图形功能。它们更适合玩纸牌游戏，而不是《看涨期权的使命》。但英特尔基于 Xe-HPG 微架构的新芯片似乎具备与 Nvidia 一较高下所需的所有功能。</blockquote></p><p> Intel says its chips will support technologies like DirectX Ray Tracing, variable rate shading, and mesh shading — basically all things that make games look and run well. It's taking a direct swipe at Nvidia’s most important business.</p><p><blockquote>英特尔表示，其芯片将支持DirectX光线追踪、可变速率着色和网格着色等技术——基本上所有让游戏看起来和运行起来都很好的东西。它直接冲击了英伟达最重要的业务。</blockquote></p><p> “The challenge for Intel is going to be whether it can gain share, because it's either got to gain share from Nvidia or AMD or grow the market,” Priestley said.</p><p><blockquote>“普里斯特利说：”英特尔面临的挑战将是它能否获得份额，因为它要么从英伟达或 AMD 那里获得份额，要么扩大市场。</blockquote></p><p> Intel isn’t Nvidia’s only new competitor. Apple has become a surprising dark horse in the graphics game with its M1 Pro and M1 Max chips. Powering the company’s MacBook Pro 14-inch and MacBook Pro 16-inch, the chips make Apple’s laptops, according to the company’s own numbers, every bit as capable in terms of graphics performance as those running Nvidia chips.</p><p><blockquote>英特尔并不是英伟达唯一的新竞争对手。苹果凭借其M1 Pro和M1 Max芯片，已经成为图形游戏中令人惊讶的黑马。根据该公司自己的数据，这些芯片为该公司的 14 英寸 MacBook Pro 和 16 英寸 MacBook Pro 提供动力，使苹果的笔记本电脑在图形性能方面与运行 Nvidia 芯片的笔记本电脑不相上下。</blockquote></p><p> According to Apple’s testing, the M1 Max-powered MacBook Pro 16-inch with 64GB of RAM beats out Razer’s Blade 15 Advanced running an Intel Core i9, 32GB of RAM, and an Nvidia RTX 3080 in both performance and power efficiency. Both systems are roughly the same price.</p><p><blockquote>根据苹果的测试，搭载 M1 Max 的 16 英寸 MacBook Pro 配备 64GB 内存，在性能和能效方面都击败了搭载英特尔酷睿 i9、32GB 内存和英伟达 RTX 3080 处理器的 Razer Blade 15 Advanced。这两个系统的价格大致相同。</blockquote></p><p> There are some caveats there, of course. Namely that Apple doesn’t play much in the gaming space. Sure, there are games available through the App Store, but if you’re looking for AAA titles from the world’s biggest developers, you’ll find them on PC.</p><p><blockquote>当然，有一些注意事项。也就是说，苹果在游戏领域并不多。当然，App Store 上也有游戏，但如果你想找全球最大开发商的 AAA 级游戏，你可以在 PC 上找到它们。</blockquote></p><p> It’s not just gaming where Nvidia is facing stiffer competition, though. AMD on Monday rolled out its new MI200 GPU for high performance computing and AI acceleration, with its sights set on taking on Nvidia in the data center space. Not to be left out, Intel is expected to bring out its own Ponte Vecchio GPU in 2022 for AI applications.</p><p><blockquote>不过，英伟达面临更激烈竞争的不仅仅是游戏领域。AMD 周一推出了用于高性能计算和人工智能加速的新型 MI200 GPU，其目标是在数据中心领域与 Nvidia 展开竞争。英特尔也不例外，预计将在2022年推出自己的Ponte Vecchio GPU，用于人工智能应用。</blockquote></p><p> <b>Nvidia is still as formidable as they come</b></p><p><blockquote><b>英伟达仍然像他们来的时候一样强大</b></blockquote></p><p> Despite staring down strong contenders, Nvidia is still a powerhouse — in large part because of its software.</p><p><blockquote>尽管面对强大的竞争者，英伟达仍然是一个强大的竞争者——很大程度上是因为它的软件。</blockquote></p><p> “They make their products very sticky by creating software infrastructure that makes it hard for customers to shift, particularly in the data center,” explained Matt Bryson, SVP of Equity Research at Wedbush Securities. “So I really think that that is the differentiation that they've created both in gaming and in the data center space. And that it's just really hard for competitors to replicate that.”</p><p><blockquote>“韦德布什证券公司（Wedbush Securities）股票研究高级副总裁马特-布赖森（Matt Bryson）解释说：”他们通过创建软件基础设施，使客户难以转移，尤其是在数据中心，从而使产品具有很强的粘性。“所以我真的认为，这就是他们在游戏和数据中心领域创造的差异化。竞争对手很难复制这一点。”</blockquote></p><p> Nvidia also benefits by selling full-on supercomputers for AI applications, which can go for hundreds of thousands of dollars.</p><p><blockquote>英伟达还通过销售用于人工智能应用的功能齐全的超级计算机而受益，这些计算机的价格可能高达数十万美元。</blockquote></p><p></p><p> What’s more, Nvidia benefits from largely working only with GPUs. Unlike AMD, it doesn’t sell both CPUs and GPUs, and unlike Intel, it isn’t reentering the discrete GPU market. The company is set to launch its own CPU code named Grace to ensure it can provide its customers with its own CPU — but so far it’s been able to focus all of its efforts on GPUs.</p><p><blockquote>更重要的是，Nvidia 在很大程度上只使用 GPU。与 AMD 不同，它不同时销售 CPU 和 GPU，与英特尔不同，它也没有重新进入独立 GPU 市场。该公司将推出自己的 CPU 代码，名为 Grace，以确保能够为客户提供自己的 CPU，但到目前为止，该公司还能将所有精力集中在 GPU 上。</blockquote></p><p> “Nvidia has had that part of the market to itself. It has the resources to invest into the markets, both gaming and the data center, which has helped it build its business,” Priestley said. “It has one product GPUs, basically.”</p><p><blockquote>“英伟达独占了这部分市场。它有资源投资游戏和数据中心市场，这有助于它建立业务，”普里斯特利说。“它基本上只有一个产品 GPU。”</blockquote></p><p> Still, Nvidia’s rivals aren’t sitting idly by. And while the company is the market leader for now, there’s no guarantee it will stay that way forever. It needs to continue to innovate at a rapid clip if it wants to hold on to its position at the top.</p><p><blockquote>尽管如此，英伟达的竞争对手并没有袖手旁观。虽然该公司目前是市场领导者，但不能保证它会永远保持这种状态。如果它想保持其在顶端的地位，它需要继续快速创新。</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 is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</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\">\nNvidia is on top of the world, but its rivals are gaining steam<blockquote>英伟达 (Nvidia) 处于世界之巅，但其竞争对手正在崛起</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-11-11 09:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves</p><p><blockquote>英伟达仍然是图形之王，但 AMD、英特尔和苹果正在采取行动</blockquote></p><p> Nvidia (NVDA) unveiled a sweeping array of new technologies at its GTC conference this week, ranging from anAI-powered chauffeur that can park your carto a tool topredict the paths of wildfires. All of this from a company that started out selling graphics cards for gamers.</p><p><blockquote>Nvidia (NVDA) 在本周的 GTC 会议上推出了一系列新技术，从可以停放 carto 的 anAI 驱动司机到预测野火路径的工具。所有这些都来自一家开始为游戏玩家销售显卡的公司。</blockquote></p><p> But Nvidia still makes the majority of its money from the sale of those cards. Its gaming unit accounted for 47% oftotal revenue in the second quarter, while the data center business accounted for 36%.</p><p><blockquote>但英伟达的大部分收入仍然来自销售这些显卡。其游戏部门占第二季度总收入的47%，而数据中心业务占36%。</blockquote></p><p> And while Nvidia dominates with roughly83% of market sharecompared to AMD's (AMD) 17%, it has serious competition angling to take its crown.</p><p><blockquote>虽然英伟达以大约 83% 的市场份额占据主导地位，而 AMD (AMD) 为 17%，但它面临着激烈的竞争，试图夺取桂冠。</blockquote></p><p> First, there's Apple (AAPL), which has quickly built out its own laptop chips with graphics capabilities that it says can tangle with Nvidia’s best offerings. And waiting in the wings is Intel (INTC), which is set to launch its own line of graphics chips that could prove especially troublesome for Nvidia.</p><p><blockquote>首先是苹果（AAPL），该公司迅速制造出了自己的笔记本电脑芯片，其图形功能可以与英伟达的最佳产品相媲美。等待的是英特尔（INTC），该公司将推出自己的图形芯片系列，这可能会给英伟达带来特别麻烦。</blockquote></p><p> That's because unlike Apple's chips, Intel's graphics processors will find their way into Windows laptops and desktops. Windows PCs are the go-to computers for gamers around the world, and if Intel pushes out chips that can rival Nvidia's capabilities, it could threaten the gaming titan in the long term.</p><p><blockquote>这是因为与苹果的芯片不同，英特尔的图形处理器将进入Windows笔记本电脑和台式机。Windows PC是世界各地游戏玩家的首选电脑，如果英特尔推出可以与英伟达相媲美的芯片，从长远来看，它可能会威胁到这家游戏巨头。</blockquote></p><p> <b>Intel, Apple, and AMD are looking to take own Nvidia</b></p><p><blockquote><b>英特尔、苹果和 AMD 正在寻求收购 Nvidia</b></blockquote></p><p> Nvidia is a beast in the gaming market and AI business, but it’s quickly gaining new rivals. While the company’s RTX cards are some of the most powerful around, they aren’t the only option for consumers and businesses.</p><p><blockquote>英伟达是游戏市场和人工智能业务的巨兽，但它正在迅速获得新的竞争对手。虽然该公司的 RTX 显卡是目前最强大的显卡之一，但它们并不是消费者和企业的唯一选择。</blockquote></p><p> While AMD doesn’t have Nvidia’s market share, it’s got the kind of capabilities that gamers are looking for at similar prices. Intel, meanwhile, is preparing to roll out the first real competitors to mainstream Nvidia and AMD graphics in the form of its Arc Alchemist chips for laptops and desktop cards.</p><p><blockquote>虽然 AMD 没有 Nvidia 的市场份额，但它拥有游戏玩家在类似价格下所追求的功能。与此同时，英特尔正准备推出用于笔记本电脑和台式机卡的 Arc Alchemist 芯片，作为英伟达和 AMD 显卡的主流显卡的第一个真正竞争对手。</blockquote></p><p> “Intel has already got all the support for gaming in its GPUs, because Intel is actually the biggest GPU vendor in the market with its integrated GPUs,” explained Gartner analyst Alan Priestley.</p><p><blockquote>“Gartner 分析师艾伦-普里斯特利（Alan Priestley）解释说：”英特尔的 GPU 已经为游戏提供了所有支持，因为英特尔实际上是市场上最大的集成 GPU 供应商。</blockquote></p><p> But those chips, he says, don’t offer the kind of graphics capabilities of discrete graphics chips that have their own memory. They’re more in line with playing Solitaire rather than, say, “Call of Duty.” But Intel’s new chips, based on its Xe-HPG microarchitecture, appear to have all of the features necessary to take on Nvidia.</p><p><blockquote>但他说，这些芯片并不具备拥有自己内存的独立图形芯片的图形功能。它们更适合玩纸牌游戏，而不是《看涨期权的使命》。但英特尔基于 Xe-HPG 微架构的新芯片似乎具备与 Nvidia 一较高下所需的所有功能。</blockquote></p><p> Intel says its chips will support technologies like DirectX Ray Tracing, variable rate shading, and mesh shading — basically all things that make games look and run well. It's taking a direct swipe at Nvidia’s most important business.</p><p><blockquote>英特尔表示，其芯片将支持DirectX光线追踪、可变速率着色和网格着色等技术——基本上所有让游戏看起来和运行起来都很好的东西。它直接冲击了英伟达最重要的业务。</blockquote></p><p> “The challenge for Intel is going to be whether it can gain share, because it's either got to gain share from Nvidia or AMD or grow the market,” Priestley said.</p><p><blockquote>“普里斯特利说：”英特尔面临的挑战将是它能否获得份额，因为它要么从英伟达或 AMD 那里获得份额，要么扩大市场。</blockquote></p><p> Intel isn’t Nvidia’s only new competitor. Apple has become a surprising dark horse in the graphics game with its M1 Pro and M1 Max chips. Powering the company’s MacBook Pro 14-inch and MacBook Pro 16-inch, the chips make Apple’s laptops, according to the company’s own numbers, every bit as capable in terms of graphics performance as those running Nvidia chips.</p><p><blockquote>英特尔并不是英伟达唯一的新竞争对手。苹果凭借其M1 Pro和M1 Max芯片，已经成为图形游戏中令人惊讶的黑马。根据该公司自己的数据，这些芯片为该公司的 14 英寸 MacBook Pro 和 16 英寸 MacBook Pro 提供动力，使苹果的笔记本电脑在图形性能方面与运行 Nvidia 芯片的笔记本电脑不相上下。</blockquote></p><p> According to Apple’s testing, the M1 Max-powered MacBook Pro 16-inch with 64GB of RAM beats out Razer’s Blade 15 Advanced running an Intel Core i9, 32GB of RAM, and an Nvidia RTX 3080 in both performance and power efficiency. Both systems are roughly the same price.</p><p><blockquote>根据苹果的测试，搭载 M1 Max 的 16 英寸 MacBook Pro 配备 64GB 内存，在性能和能效方面都击败了搭载英特尔酷睿 i9、32GB 内存和英伟达 RTX 3080 处理器的 Razer Blade 15 Advanced。这两个系统的价格大致相同。</blockquote></p><p> There are some caveats there, of course. Namely that Apple doesn’t play much in the gaming space. Sure, there are games available through the App Store, but if you’re looking for AAA titles from the world’s biggest developers, you’ll find them on PC.</p><p><blockquote>当然，有一些注意事项。也就是说，苹果在游戏领域并不多。当然，App Store 上也有游戏，但如果你想找全球最大开发商的 AAA 级游戏，你可以在 PC 上找到它们。</blockquote></p><p> It’s not just gaming where Nvidia is facing stiffer competition, though. AMD on Monday rolled out its new MI200 GPU for high performance computing and AI acceleration, with its sights set on taking on Nvidia in the data center space. Not to be left out, Intel is expected to bring out its own Ponte Vecchio GPU in 2022 for AI applications.</p><p><blockquote>不过，英伟达面临更激烈竞争的不仅仅是游戏领域。AMD 周一推出了用于高性能计算和人工智能加速的新型 MI200 GPU，其目标是在数据中心领域与 Nvidia 展开竞争。英特尔也不例外，预计将在2022年推出自己的Ponte Vecchio GPU，用于人工智能应用。</blockquote></p><p> <b>Nvidia is still as formidable as they come</b></p><p><blockquote><b>英伟达仍然像他们来的时候一样强大</b></blockquote></p><p> Despite staring down strong contenders, Nvidia is still a powerhouse — in large part because of its software.</p><p><blockquote>尽管面对强大的竞争者，英伟达仍然是一个强大的竞争者——很大程度上是因为它的软件。</blockquote></p><p> “They make their products very sticky by creating software infrastructure that makes it hard for customers to shift, particularly in the data center,” explained Matt Bryson, SVP of Equity Research at Wedbush Securities. “So I really think that that is the differentiation that they've created both in gaming and in the data center space. And that it's just really hard for competitors to replicate that.”</p><p><blockquote>“韦德布什证券公司（Wedbush Securities）股票研究高级副总裁马特-布赖森（Matt Bryson）解释说：”他们通过创建软件基础设施，使客户难以转移，尤其是在数据中心，从而使产品具有很强的粘性。“所以我真的认为，这就是他们在游戏和数据中心领域创造的差异化。竞争对手很难复制这一点。”</blockquote></p><p> Nvidia also benefits by selling full-on supercomputers for AI applications, which can go for hundreds of thousands of dollars.</p><p><blockquote>英伟达还通过销售用于人工智能应用的功能齐全的超级计算机而受益，这些计算机的价格可能高达数十万美元。</blockquote></p><p></p><p> What’s more, Nvidia benefits from largely working only with GPUs. Unlike AMD, it doesn’t sell both CPUs and GPUs, and unlike Intel, it isn’t reentering the discrete GPU market. The company is set to launch its own CPU code named Grace to ensure it can provide its customers with its own CPU — but so far it’s been able to focus all of its efforts on GPUs.</p><p><blockquote>更重要的是，Nvidia 在很大程度上只使用 GPU。与 AMD 不同，它不同时销售 CPU 和 GPU，与英特尔不同，它也没有重新进入独立 GPU 市场。该公司将推出自己的 CPU 代码，名为 Grace，以确保能够为客户提供自己的 CPU，但到目前为止，该公司还能将所有精力集中在 GPU 上。</blockquote></p><p> “Nvidia has had that part of the market to itself. It has the resources to invest into the markets, both gaming and the data center, which has helped it build its business,” Priestley said. “It has one product GPUs, basically.”</p><p><blockquote>“英伟达独占了这部分市场。它有资源投资游戏和数据中心市场，这有助于它建立业务，”普里斯特利说。“它基本上只有一个产品 GPU。”</blockquote></p><p> Still, Nvidia’s rivals aren’t sitting idly by. And while the company is the market leader for now, there’s no guarantee it will stay that way forever. It needs to continue to innovate at a rapid clip if it wants to hold on to its position at the top.</p><p><blockquote>尽管如此，英伟达的竞争对手并没有袖手旁观。虽然该公司目前是市场领导者，但不能保证它会永远保持这种状态。如果它想保持其在顶端的地位，它需要继续快速创新。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/nvidia-is-on-top-of-the-world-but-its-rivals-are-gaining-steam-181437845.html\">Yahoo</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://finance.yahoo.com/news/nvidia-is-on-top-of-the-world-but-its-rivals-are-gaining-steam-181437845.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151981691","content_text":"Nvidia is still the graphics king, but AMD, Intel, and Apple are making moves\nNvidia (NVDA) unveiled a sweeping array of new technologies at its GTC conference this week, ranging from anAI-powered chauffeur that can park your carto a tool topredict the paths of wildfires. All of this from a company that started out selling graphics cards for gamers.\nBut Nvidia still makes the majority of its money from the sale of those cards. Its gaming unit accounted for 47% oftotal revenue in the second quarter, while the data center business accounted for 36%.\nAnd while Nvidia dominates with roughly83% of market sharecompared to AMD's (AMD) 17%, it has serious competition angling to take its crown.\nFirst, there's Apple (AAPL), which has quickly built out its own laptop chips with graphics capabilities that it says can tangle with Nvidia’s best offerings. And waiting in the wings is Intel (INTC), which is set to launch its own line of graphics chips that could prove especially troublesome for Nvidia.\nThat's because unlike Apple's chips, Intel's graphics processors will find their way into Windows laptops and desktops. Windows PCs are the go-to computers for gamers around the world, and if Intel pushes out chips that can rival Nvidia's capabilities, it could threaten the gaming titan in the long term.\nIntel, Apple, and AMD are looking to take own Nvidia\nNvidia is a beast in the gaming market and AI business, but it’s quickly gaining new rivals. While the company’s RTX cards are some of the most powerful around, they aren’t the only option for consumers and businesses.\nWhile AMD doesn’t have Nvidia’s market share, it’s got the kind of capabilities that gamers are looking for at similar prices. Intel, meanwhile, is preparing to roll out the first real competitors to mainstream Nvidia and AMD graphics in the form of its Arc Alchemist chips for laptops and desktop cards.\n“Intel has already got all the support for gaming in its GPUs, because Intel is actually the biggest GPU vendor in the market with its integrated GPUs,” explained Gartner analyst Alan Priestley.\nBut those chips, he says, don’t offer the kind of graphics capabilities of discrete graphics chips that have their own memory. They’re more in line with playing Solitaire rather than, say, “Call of Duty.” But Intel’s new chips, based on its Xe-HPG microarchitecture, appear to have all of the features necessary to take on Nvidia.\nIntel says its chips will support technologies like DirectX Ray Tracing, variable rate shading, and mesh shading — basically all things that make games look and run well. It's taking a direct swipe at Nvidia’s most important business.\n“The challenge for Intel is going to be whether it can gain share, because it's either got to gain share from Nvidia or AMD or grow the market,” Priestley said.\nIntel isn’t Nvidia’s only new competitor. Apple has become a surprising dark horse in the graphics game with its M1 Pro and M1 Max chips. Powering the company’s MacBook Pro 14-inch and MacBook Pro 16-inch, the chips make Apple’s laptops, according to the company’s own numbers, every bit as capable in terms of graphics performance as those running Nvidia chips.\nAccording to Apple’s testing, the M1 Max-powered MacBook Pro 16-inch with 64GB of RAM beats out Razer’s Blade 15 Advanced running an Intel Core i9, 32GB of RAM, and an Nvidia RTX 3080 in both performance and power efficiency. Both systems are roughly the same price.\nThere are some caveats there, of course. Namely that Apple doesn’t play much in the gaming space. Sure, there are games available through the App Store, but if you’re looking for AAA titles from the world’s biggest developers, you’ll find them on PC.\nIt’s not just gaming where Nvidia is facing stiffer competition, though. AMD on Monday rolled out its new MI200 GPU for high performance computing and AI acceleration, with its sights set on taking on Nvidia in the data center space. Not to be left out, Intel is expected to bring out its own Ponte Vecchio GPU in 2022 for AI applications.\nNvidia is still as formidable as they come\nDespite staring down strong contenders, Nvidia is still a powerhouse — in large part because of its software.\n“They make their products very sticky by creating software infrastructure that makes it hard for customers to shift, particularly in the data center,” explained Matt Bryson, SVP of Equity Research at Wedbush Securities. “So I really think that that is the differentiation that they've created both in gaming and in the data center space. And that it's just really hard for competitors to replicate that.”\nNvidia also benefits by selling full-on supercomputers for AI applications, which can go for hundreds of thousands of dollars.\nWhat’s more, Nvidia benefits from largely working only with GPUs. Unlike AMD, it doesn’t sell both CPUs and GPUs, and unlike Intel, it isn’t reentering the discrete GPU market. The company is set to launch its own CPU code named Grace to ensure it can provide its customers with its own CPU — but so far it’s been able to focus all of its efforts on GPUs.\n“Nvidia has had that part of the market to itself. It has the resources to invest into the markets, both gaming and the data center, which has helped it build its business,” Priestley said. “It has one product GPUs, basically.”\nStill, Nvidia’s rivals aren’t sitting idly by. And while the company is the market leader for now, there’s no guarantee it will stay that way forever. It needs to continue to innovate at a rapid clip if it wants to hold on to its position at the top.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":4227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":194877393,"gmtCreate":1621365331812,"gmtModify":1634192146973,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"JXHXJ","listText":"JXHXJ","text":"JXHXJ","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194877393","repostId":"2136995492","repostType":4,"isVote":1,"tweetType":1,"viewCount":454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329021100,"gmtCreate":1615191876800,"gmtModify":1703485414116,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329021100","repostId":"2117651365","repostType":4,"isVote":1,"tweetType":1,"viewCount":761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144761879,"gmtCreate":1626315005491,"gmtModify":1631891471973,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144761879","repostId":"2151454562","repostType":4,"isVote":1,"tweetType":1,"viewCount":1904,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343831479,"gmtCreate":1617699940791,"gmtModify":1634297046791,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Yes true","listText":"Yes true","text":"Yes true","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/343831479","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohunote.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（按 2021 年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄罗斯的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆炸，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于门外汉来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思： 咨询公司安永估计，全球约有 10,000 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——约 300 亿美元。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道 Archegos 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012 年，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特-耶伦（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，以帮助各机构更好地 “共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，以及类似的问题是否会爆发？</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>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</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\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（按 2021 年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄罗斯的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆炸，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于门外汉来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思： 咨询公司安永估计，全球约有 10,000 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——约 300 亿美元。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道 Archegos 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012 年，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特-耶伦（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，以帮助各机构更好地 “共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">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":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321429665,"gmtCreate":1615463541057,"gmtModify":1703489389131,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Wow amazing!","listText":"Wow amazing!","text":"Wow amazing!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/321429665","repostId":"1148700766","repostType":4,"isVote":1,"tweetType":1,"viewCount":564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329881283,"gmtCreate":1615220462942,"gmtModify":1703485951015,"author":{"id":"3577181668002271","authorId":"3577181668002271","name":"Kaceace","avatar":"https://static.tigerbbs.com/d18b89625c850035e9c86a16c0a91612","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577181668002271","idStr":"3577181668002271"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329881283","repostId":"1130305981","repostType":4,"repost":{"id":"1130305981","kind":"news","pubTimestamp":1615217480,"share":"https://www.laohunote.com/m/news/1130305981?lang=zh_CN&edition=full","pubTime":"2021-03-08 23:31","market":"us","language":"en","title":"Buy Target Stock on the Dip, Analyst Says<blockquote>分析师表示，逢低买入目标股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130305981","media":"Barrons","summary":"Targetstock soared in 2020, as the Covid-19 pandemic funneled millions of new customers to its store","content":"<p>Targetstock soared in 2020, as the Covid-19 pandemic funneled millions of new customers to its stores and website, yet that rally has stalled as investors look toward an end to the crisis. Yet Guggenheim argues that Target’s advantage is here to stay, and that selloff is a buying opportunity.</p><p><blockquote>Targetstock 在 2020 年飙升，因为 Covid-19 大流行为其商店和网站带来了数百万新客户，但随着投资者期待危机结束，这种涨势已经停滞。然而，古根海姆认为，塔吉特的优势将继续存在，抛售是一个买入机会。</blockquote></p><p> Analyst Robert Drbul boosted his rating on Target (ticker: TGT) to Buy from Neutral, and established a $200 price target on Monday. He writes that he has “admired the execution and performance of the company over the past year and have been waiting for a pullback to become more constructive.” With the shares off some 6% last week,despite another upbeat earnings report, that time has come.</p><p><blockquote>分析师 Robert Drbul 将 Target（股票代码：TGT）的评级从中性上调至买入，并在周一将目标价定为 200 美元。他写道，他 “对公司过去一年的执行力和业绩表示钦佩，并一直在等待公司的回调变得更具建设性”。尽管发布了另一份乐观的收益报告，但上周股价下跌了约 6%，但时机已经到来。</blockquote></p><p> Drbul sees three main reasons to be bullish on Target. First, he notes the tremendous growth the company saw last year, when it grew revenue by $15 billion, more than the company had grown over the prior 11 years combined.</p><p><blockquote>Drbul 认为看好 Target 有三个主要原因。首先，他指出该公司去年实现了巨大的增长，收入增长了 150 亿美元，超过了该公司过去 11 年的总和。</blockquote></p><p> “Target proved fulfill-from-store can work, driving share gains and meeting an unprecedented demand led by a rise in digital demand,” he writes, and while he had “stubbornly been skeptical” of the company’s ability to execute as well as major competitors such asWalmart(WMT) andAmazon.com(AMZN), those fears have been laid to rest, leading him to think that these three retailers will keep their pandemic market-share gains.</p><p><blockquote>“他写道：”事实证明，门店配送是可行的，可以推动市场份额增长，并满足数字需求增长带来的前所未有的需求。</blockquote></p><p> Second, he also likes the company’s expanding partnerships with key brands, includingLevi Strauss(LEVI), Ulta Beauty (ULTA), andWalt Disney(DIS). He notes that these high-profile agreements with popular consumer brands could be a “tipping point for vendors,” as they drive more and more traffic to Target.</p><p><blockquote>其次，他还喜欢公司与主要品牌不断扩大的合作伙伴关系，包括李维斯（LEVI）、Ulta Beauty（ULTA）和华特迪士尼（DIS）。他指出，这些与热门消费品牌达成的高调协议可能会成为 “供应商的转折点”，因为它们能为 Target 带来越来越多的流量。</blockquote></p><p> Finally, Drbul is upbeat about the U.S. consumer in 2021: While unemployment remains an issue, government stimulus and greater savings rates should allow for more shopping. “We expect Target to fully participate in the discretionary spending increase in 2021, led by its apparel offering.”</p><p><blockquote>最后，Drbul 对 2021 年美国消费者持乐观态度：虽然失业仍然是一个问题，但政府刺激措施和更高的储蓄率应该会允许更多购物。“我们预计塔吉特百货将在 2021 年全面参与以服装产品为首的可自由支配支出增长。”</blockquote></p><p> Target stock is up 1.4% to $175 in recent trading. The shares are up 66% in the past 12 months but have fallen 2.2% year to date. Other analysts have also argued that therecent selloff is overdone.</p><p><blockquote>Target 股票在最近的交易中上涨 1.4%，至 175 美元。该股在过去 12 个月中上涨了 66%，但今年迄今已下跌 2.2%。其他分析师也认为，最近的抛售过度了。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy Target Stock on the Dip, Analyst Says<blockquote>分析师表示，逢低买入目标股票</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\">\nBuy Target Stock on the Dip, Analyst Says<blockquote>分析师表示，逢低买入目标股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-08 23:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Targetstock soared in 2020, as the Covid-19 pandemic funneled millions of new customers to its stores and website, yet that rally has stalled as investors look toward an end to the crisis. Yet Guggenheim argues that Target’s advantage is here to stay, and that selloff is a buying opportunity.</p><p><blockquote>Targetstock 在 2020 年飙升，因为 Covid-19 大流行为其商店和网站带来了数百万新客户，但随着投资者期待危机结束，这种涨势已经停滞。然而，古根海姆认为，塔吉特的优势将继续存在，抛售是一个买入机会。</blockquote></p><p> Analyst Robert Drbul boosted his rating on Target (ticker: TGT) to Buy from Neutral, and established a $200 price target on Monday. He writes that he has “admired the execution and performance of the company over the past year and have been waiting for a pullback to become more constructive.” With the shares off some 6% last week,despite another upbeat earnings report, that time has come.</p><p><blockquote>分析师 Robert Drbul 将 Target（股票代码：TGT）的评级从中性上调至买入，并在周一将目标价定为 200 美元。他写道，他 “对公司过去一年的执行力和业绩表示钦佩，并一直在等待公司的回调变得更具建设性”。尽管发布了另一份乐观的收益报告，但上周股价下跌了约 6%，但时机已经到来。</blockquote></p><p> Drbul sees three main reasons to be bullish on Target. First, he notes the tremendous growth the company saw last year, when it grew revenue by $15 billion, more than the company had grown over the prior 11 years combined.</p><p><blockquote>Drbul 认为看好 Target 有三个主要原因。首先，他指出该公司去年实现了巨大的增长，收入增长了 150 亿美元，超过了该公司过去 11 年的总和。</blockquote></p><p> “Target proved fulfill-from-store can work, driving share gains and meeting an unprecedented demand led by a rise in digital demand,” he writes, and while he had “stubbornly been skeptical” of the company’s ability to execute as well as major competitors such asWalmart(WMT) andAmazon.com(AMZN), those fears have been laid to rest, leading him to think that these three retailers will keep their pandemic market-share gains.</p><p><blockquote>“他写道：”事实证明，门店配送是可行的，可以推动市场份额增长，并满足数字需求增长带来的前所未有的需求。</blockquote></p><p> Second, he also likes the company’s expanding partnerships with key brands, includingLevi Strauss(LEVI), Ulta Beauty (ULTA), andWalt Disney(DIS). He notes that these high-profile agreements with popular consumer brands could be a “tipping point for vendors,” as they drive more and more traffic to Target.</p><p><blockquote>其次，他还喜欢公司与主要品牌不断扩大的合作伙伴关系，包括李维斯（LEVI）、Ulta Beauty（ULTA）和华特迪士尼（DIS）。他指出，这些与热门消费品牌达成的高调协议可能会成为 “供应商的转折点”，因为它们能为 Target 带来越来越多的流量。</blockquote></p><p> Finally, Drbul is upbeat about the U.S. consumer in 2021: While unemployment remains an issue, government stimulus and greater savings rates should allow for more shopping. “We expect Target to fully participate in the discretionary spending increase in 2021, led by its apparel offering.”</p><p><blockquote>最后，Drbul 对 2021 年美国消费者持乐观态度：虽然失业仍然是一个问题，但政府刺激措施和更高的储蓄率应该会允许更多购物。“我们预计塔吉特百货将在 2021 年全面参与以服装产品为首的可自由支配支出增长。”</blockquote></p><p> Target stock is up 1.4% to $175 in recent trading. The shares are up 66% in the past 12 months but have fallen 2.2% year to date. Other analysts have also argued that therecent selloff is overdone.</p><p><blockquote>Target 股票在最近的交易中上涨 1.4%，至 175 美元。该股在过去 12 个月中上涨了 66%，但今年迄今已下跌 2.2%。其他分析师也认为，最近的抛售过度了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-target-stock-on-the-dip-analyst-says-51615214880?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/buy-target-stock-on-the-dip-analyst-says-51615214880?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130305981","content_text":"Targetstock soared in 2020, as the Covid-19 pandemic funneled millions of new customers to its stores and website, yet that rally has stalled as investors look toward an end to the crisis. Yet Guggenheim argues that Target’s advantage is here to stay, and that selloff is a buying opportunity.\nAnalyst Robert Drbul boosted his rating on Target (ticker: TGT) to Buy from Neutral, and established a $200 price target on Monday. He writes that he has “admired the execution and performance of the company over the past year and have been waiting for a pullback to become more constructive.” With the shares off some 6% last week,despite another upbeat earnings report, that time has come.\nDrbul sees three main reasons to be bullish on Target. First, he notes the tremendous growth the company saw last year, when it grew revenue by $15 billion, more than the company had grown over the prior 11 years combined.\n“Target proved fulfill-from-store can work, driving share gains and meeting an unprecedented demand led by a rise in digital demand,” he writes, and while he had “stubbornly been skeptical” of the company’s ability to execute as well as major competitors such asWalmart(WMT) andAmazon.com(AMZN), those fears have been laid to rest, leading him to think that these three retailers will keep their pandemic market-share gains.\nSecond, he also likes the company’s expanding partnerships with key brands, includingLevi Strauss(LEVI), Ulta Beauty (ULTA), andWalt Disney(DIS). He notes that these high-profile agreements with popular consumer brands could be a “tipping point for vendors,” as they drive more and more traffic to Target.\nFinally, Drbul is upbeat about the U.S. consumer in 2021: While unemployment remains an issue, government stimulus and greater savings rates should allow for more shopping. “We expect Target to fully participate in the discretionary spending increase in 2021, led by its apparel offering.”\nTarget stock is up 1.4% to $175 in recent trading. The shares are up 66% in the past 12 months but have fallen 2.2% year to date. Other analysts have also argued that therecent selloff is overdone.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}