Lenaz的个人主页 - 老虎社区

Lenaz

Lenaz

Long term investor.

IP属地：未知

10关注

19粉丝

0主题

0勋章

2021-08-09

Pls like and comment, thank you 😊

AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote>

2021-09-20

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4 Stocks Insiders Are Selling<blockquote>内部人士正在抛售的4只股票</blockquote>

2021-09-17

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AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote>

2021-09-10

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2021-08-03

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EV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</blockquote>

2021-11-07

Pls comment & like, thank you :)

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2021-10-21

Crazy

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2021-08-15

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AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>

2021-03-29

Hold strong and for the long term 💪🙌

ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金进行了持仓洗牌。这对投资者意味着什么</blockquote>

2021-07-30

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2021-07-11

Wow

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2021-06-08

Good

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2022-01-22

Pls like and comment, thank you :))

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2021-11-08

Drop more so I can top it up!!

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2021-06-23

Def on the lookout

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2021-09-20

Wow

Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>

2021-06-29

Hold strong!

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2021-10-01

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2021-08-06

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The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</blockquote>

2021-10-30

Thanks for the pov.

Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</blockquote>

去老虎APP查看更多动态

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On Feb. 10, 2021, NIO stock hit a peak of $64.60 — a price that...</p><p><blockquote><div>中国电动汽车（EV）集团蔚来（纽约证券交易所股票代码：蔚来）股票的投资者在长达一年的下跌中一直摸不着头脑。2021年2月10日，蔚来股价触及64.60美元的峰值——这个价格...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Has Big Plans for 2022, But the Nio Stock Recovery Might Take Longer<blockquote>蔚来对2022年有宏伟计划，但蔚来股市复苏可能需要更长时间</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\">\nNio Has Big Plans for 2022, But the Nio Stock Recovery Might Take Longer<blockquote>蔚来对2022年有宏伟计划，但蔚来股市复苏可能需要更长时间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investorplace</strong><span class=\"h-time small\">2022-01-21 13:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Investors in the Chinese electric vehicle (EV) group Nio (NYSE:NIO) stock have been scratching their heads amidst the year-long decline. On Feb. 10, 2021, NIO stock hit a peak of $64.60 — a price that...</p><p><blockquote><div>中国电动汽车（EV）集团蔚来（纽约证券交易所股票代码：蔚来）股票的投资者在长达一年的下跌中一直摸不着头脑。2021年2月10日，蔚来股价触及64.60美元的峰值——这个价格...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">investorplace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121102846","content_text":"Investors in the Chinese electric vehicle (EV) group Nio (NYSE:NIO) stock have been scratching their heads amidst the year-long decline. On Feb. 10, 2021, NIO stock hit a peak of $64.60 — a price that is now in the rearview mirror.Then, Nio shares saw a 52-week low of $27.52 in late December and closed at $29.12 on Jan. 20, down 48% in the last 12 months and 4.5% year-to-date (YTD). By comparison, the S&P Kensho Electric Vehicles Index has dropped 21.6% in the past 52 weeks and 6.8% YTD.Despite the decline in shares of many EV names, the industry is growing. For instance, new-energy vehicles (NEV) sales in China, the largest EV market in the world, is expected to exceed 5 million units in 2022. And EV sales should comprise over 30% of the nation’s auto market, reaching at least 7 million units, by 2025.Meanwhile, Chinese authorities are reducing EV subsidies for 2022 and will withdraw them completely in 2023. Moreover, the government has recently removed a long-standing mandate and now allows for “full foreign ownership of passenger car manufacturing” in China.Puzzled by the extended downtrend, investors of NIO stock wonder what could be in store for the company in 2022. Despite the positive industry outlook, fierce competition and stringent regulations could create further headwinds for NIO. Thus, investors might want to wait on the sidelines for the short-term.Nio’s Q3 PerformanceFounded in 2014, the China-based EV group Nio aims to differentiate itself through its battery swapping solutions, Battery as a Service (BaaS) and Autonomous Driving as a Service (ADaaS).Management issued Q3 financial results in early November. Revenue soared 116.6% year-over-year (YoY) to 9,805.3 million RMB, or $1.5 billion. Total EV deliveries reached 24,439 vehicles, up 100.2% compared to year-ago quarter.Net loss attributable to NIO’s ordinary shareholders came in at 2.86 billion RMB (or $443.7 million). It went up by over 140%, mainly due to the increase in operating expenses. Cash and equivalents were 47 billion RMB, or $7.3 billion at quarter end.On these metrics, CEO William Bin Li said, “Despite the continued supply chain volatilities, our teams and partners are working closely together to secure the supply and production for the fourth quarter of 2021.”Meanwhile, recent delivery figures point to a record delivery of 25,034 vehicles in Q4, up 44.3% YOY. Total deliveries ended 2021 with 91,429 vehicles, up 109.1% YOY. Nio is expected to report Q4 earnings in late February.Adding NIO Stock to PortfoliosAmong 26 analysts polled, NIO stock has a consensus buy rating. Also, the consensus of 25 analysts for a 12-month median price target stands around $58.43, implying an upside potential of 95% from current levels. The 12-month price estimates for the stock range between $37.74 and $87.64.Its trailing price-to-book (P/B) and price-to-sales (P/S) ratios stand at 11.9 and 8.5, respectively. By comparison, these metrics for Tesla (NASDAQ:TSLA) are a P/B of 37.8 and a P/S of 24.7.Put another way, despite the recent decline, NIO shares still look frothy by traditional valuation metrics. The same holds true for TSLA stock as well.Yet the company gets significant attention due to its growth potential. Thus, despite the ongoing negative market sentiment, investors might want to keep the stock on their radars with a view to buy around $29, or even below.Meanwhile, interested readers could also consider investing in an exchange-traded fund (ETF) that also holds NIO stock. Examples include the First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN), the Invesco PureBeta FTSE Emerging Markets ETF (BATS:PBEE), the KraneShares MSCI China Clean Technology ETF (NYSEARCA:KGRN) or the VanEck Vectors Low Carbon Energy ETF (NYSEARCA:SMOG).Bottom Line on NIO StockCurrently, NIO is one of the top-selling EV manufacturers in China. It sells a number of car models including a coupe sports car and three SUV models. Since last September, Nio has been selling its ES8 model in Norway as well. The company plans to expand into five more countries in Europe in 2022 and more than 25 countries worldwide by 2025.Also, this year management is launching two new models. The luxury sedan ET7, will be available for orders as of Jan. 20. Deliveries are expected to start by late-March. The other new model, the ET5, is a midsize premium smart electric sedan. Deliveries are anticipated to commence in September 2022.As part of these expansion plans, a second manufacturing plant is being built at NeoPark in Hefei. The facility, which will help meet the growing demand, is expected to become operational around September 2022.In summary, Nio has a solid product line and offers tangible growth strategies. However, NIO shares could continue to come under pressure in 2022, in part due to tougher competition, higher operational costs and regulatory risks. Given the upcoming tightening moves by the Federal Reserve, investors are also taking money off the table. Therefore, NIO stock could easily continue to slip further below $30. Long-term investors might still need to be patient.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697331381,"gmtCreate":1642265528107,"gmtModify":1642265528399,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697331381","repostId":"692440566","repostType":1,"repost":{"id":692440566,"gmtCreate":1641187914401,"gmtModify":1641228025702,"author":{"id":"3562909664933798","authorId":"3562909664933798","name":"特斯拉","avatar":"https://static.tigerbbs.com/c97d09ce1f3268f15e9bd8d11f045f8c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562909664933798","idStr":"3562909664933798"},"themes":[],"title":"特斯拉2021年成绩单请查收","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>&nbsp;2021年成绩单请查收📩☝🏻我们始终从第一性原理出发，致力于打造更好的产品和服务，不负每位车主的信任。🌟我们坚信产品会说话，坚持做正确的事，用行动加速世界向可持续能源的转变。🚗2022 初心不变，加电出发！","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>&nbsp;2021年成绩单请查收📩☝🏻我们始终从第一性原理出发，致力于打造更好的产品和服务，不负每位车主的信任。🌟我们坚信产品会说话，坚持做正确的事，用行动加速世界向可持续能源的转变。🚗2022 初心不变，加电出发！","text":"$特斯拉(TSLA)$ 2021年成绩单请查收📩☝🏻我们始终从第一性原理出发，致力于打造更好的产品和服务，不负每位车主的信任。🌟我们坚信产品会说话，坚持做正确的事，用行动加速世界向可持续能源的转变。🚗2022 初心不变，加电出发！","images":[{"img":"https://static.tigerbbs.com/cd38feeca8f4448cd65d9b97a3817bbf"},{"img":"https://static.tigerbbs.com/2910277135ea3709a0d87758904bb744"},{"img":"https://static.tigerbbs.com/4ad6a4d98415de8ef9814495ac2abc56"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692440566","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873073657,"gmtCreate":1636813796714,"gmtModify":1636813796830,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Positive outlook, keep a lookout for $PLTR","listText":"Positive outlook, keep a lookout for $PLTR","text":"Positive outlook, keep a lookout for $PLTR","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873073657","repostId":"1129543601","repostType":4,"repost":{"id":"1129543601","kind":"news","pubTimestamp":1636770982,"share":"https://www.laohu8.com/m/news/1129543601?lang=zh_CN&edition=full","pubTime":"2021-11-13 10:36","market":"us","language":"en","title":"Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度表现良好，自由现金流增加，提高指引但抛售创造了机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129543601","media":"Seeking Alpha","summary":"Summary\n\nPalantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.</li>  <li>Palantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.</li>  <li>Palantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.</li>  <li>Palantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3fd5d395baf412802ef5e554f0efa64b\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>Palantir的收入环比增长36%，同时产生1.19亿美元的自由现金流，利润率为30%。</li><li>Palantir第三季度商业收入同比增长37%，政府收入同比增长34%，显示出强劲的前瞻性增长趋势。</li><li>Palantir在2021年第三季度完成了54笔交易，合同价值至少为100万美元，其中33笔价值超过500万美元，18笔价值超过1000万美元。</li><li>Palantir再次上调指引，预计收入同比增长40%，达到15.27亿美元，自由现金流为4亿美元，高于之前指引的3亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> Some investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.</p><p><blockquote>一些投资者又爱又恨Palantir(PLTR)，它过去被昵称为黑匣子公司，而另一些投资者则绝对喜欢它，因为他们相信PLTR的软件是未来。在我之前关于PLTR的文章中，我表示，根据PLTR当前的收入趋势，他们计划在第三季度实现3.9941亿美元的收入，在第四季度实现4.2322亿美元的收入。市场普遍认为第三季度的收入为3.8656亿美元，PLTR在2021年第四季度实现了3.921亿美元，预测为4.18亿美元。当进行盈利看涨期权时，盘前的反应只不过是PLTR急剧下跌的红海，每次试图填补缺口时，螺旋式下降的下一阶段就开始了。这个消息甚至还没有被消化，但人们决定要么获利了结，要么退出头寸，要么对PLTR失去信心。</blockquote></p><p> What wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.</p><p><blockquote>财报中有什么不让人喜欢的地方导致了一直徘徊在-9.03%区间的抛售？PLTR收入同比增长36%，第三季度增加了34个新客户，并完成了54笔价值100万美元或以上的交易。PLTR的剩余交易价值同比增加了50%，达到36亿美元，并提供了1.01亿美元的运营现金（利润率26%）和1.99亿美元的自由现金流（利润率30%）。PLTR还提高了2021年的指导，因为他们现在预计收入同比增长40%，而之前的预测为30%，并将自由现金流预测从3亿美元提高到4亿美元。除了这些数字之外，PLTR还宣布了新的产品平台和用例，这些平台和用例在未来推动收入和自由现金流方面具有巨大潜力。我相信这次抛售将是短暂的，我将其视为买入机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cfe1dd0e9b2c6a24ce3cb94bcfda56c\" tg-width=\"640\" tg-height=\"341\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：寻求阿尔法）</span></p></blockquote></p><p> <b>Palantir's revenue continues to expand on both the commercial and government side</b></p><p><blockquote><b>Palantir在商业和政府方面的收入持续扩张</b></blockquote></p><p> Quarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.</p><p><blockquote>自PLTR上市以来，他们的商业业务逐季扩张。上市五个季度后，PLTR的季度商业收入增长了6200万美元，增幅为55.36%。2021年第三季度，PLTR的商业运营收入为1.74亿美元，占其3.921亿美元季度收入的44.38%。过去两年，PLTR第三季度收入增长了85.11%，其中2020年第三季度同比增长35.11%，2021年第三季度同比增长37.01%。PLTR的商业剩余交易价值同比增长101%，从2020年第三季度的11亿美元增至2021年第三季度的22亿美元。商业客户邀请PLTR展示他们的软件解决方案，PLTR正在赢得他们的业务。2021年第三季度，PLTR净新增34家新客户，商业客户群环比增加20%，达到203家。过去一年，PLTR的商业客户群扩大了46.04%，客户数量从139个增加到203个，增加了64个。任何仍然将PLTR归类为黑匣子的人都是不准确的，因为商业市场正在了解PLTR的软件平台并实施其解决方案以改善其运营。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4084630f4e4be30a41c925c5a3fd0a\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> Since Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.</p><p><blockquote>自2020年第一季度以来，PLTR的季度收入增加了1.631亿美元（71.23%），平均季度环比增长率为9.43%。2021年第三季度，这一趋势保持不变，收入环比增长1610万美元，即4.28%。虽然与2021年第二季度的10.26%相比，季度收入增长环比略有放缓，但PLTR预计2021年第四季度收入将为4.18亿美元。PLTR预计将再创公司纪录，并在年底实现2590万美元（6.61%）的环比增长。</blockquote></p><p></p><p> The same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)</p><p><blockquote>同样的增长故事也适用于他们过去12个月(TTM)的总收入。在过去六个季度中，PLTR的TTM收入从8.106亿美元增加到14.3亿美元，增加了6.206亿美元（76.55%）。平均而言，PLTR的TTM收入环比增长1.0342亿美元（9.94%）。在Q1 2020-2020年第三季度，他们的平均环比收入增长为9403万美元，这一数字大幅增长，因为过去三个季度环比增长了至少1.05亿美元。2021年第三季度，PLTR的TTM收入增加至14.3亿美元，环比收入增长1.068亿美元（8.06%）。就像季度指标一样，PLTR的TTM预计将环比增长9590万美元，达到15.27亿美元，而市场普遍预期为15.1亿美元。这将使PLTR的年收入同比增长远高于30%的预测，因为到2021年，他们的收入将增加4.343亿美元(39.75%)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0ec6211d7ecb04785f406c7661c9124\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> I am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.</p><p><blockquote>我很震惊PLTR仍然处于亏损状态。PLTR是一家高增长公司，目前自由现金流为正，并正在扩大其指标。2020年前9个月，PLTR产生了-2.85亿美元的自由现金流，截至2021年前9个月末，PLTR实现了6.05亿美元的波动，年初至今已产生了3.2亿美元的自由现金流。PLTR此前将2021年自由现金流指引提高至300美元，而他们刚刚再次将其提高至4亿美元以上。在三个月的时间里，PLTR将其自由现金流预测额外增加了33.33%。第三季度，PLTR的自由现金流利润率为30%，预计2021年自由现金流将超过4亿美元。至少，这意味着他们将在2021年额外增加8000万美元的自由现金流。如果PLTR实现15.27亿美元的收入和4亿美元的自由现金流，其2021年的自由现金流利润率将为26.2%。PLTR仍预计到2025年年收入将同比增长30%，根据2021年1.527美元的预测，2025年收入将达到43.6亿美元。按照PLTR目前的自由现金流利润率，他们将在2025年产生11.4亿美元的自由现金流。考虑到PLTR目前的趋势，如果他们超出预测并同比增长35%，那么他们2025年的收入将达到50.7亿美元。按照目前的自由现金流利润率，到2025年，他们将产生13.3亿美元的自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87cff0d5c5ef70ea6926a1323c77bfe4\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>(Source: PLTR)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：PLTR）</span></p></blockquote></p><p> PLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.</p><p><blockquote>PLTR正在全速点火。第三季度收入同比增长36%，第二次将自由现金流指引从3亿美元上调至4亿美元以上，并将年收入增长指引从30%上调至约40%。PLTR仍维持每年30%的未来收入前景，并创造了一些令人印象深刻的利润。第三季度PLTR的商业收入同比增长37%，政府收入同比增长34%。PLTR在第三季度完成了至少54笔价值至少100万美元的交易，其中33笔收入至少500万美元，18笔收入至少1000万美元。PLTR的增长指标令人印象深刻，我预计它们未来将低于承诺并超额交付。</blockquote></p><p> <b>Palantir is entering two new sectors that are going to be huge, carbon emissions, and crypto</b></p><p><blockquote><b>Palantir正在进入两个巨大的新领域：碳排放和加密货币</b></blockquote></p><p> In the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.</p><p><blockquote>过去，我曾写过有关政府、亚马逊（纳斯达克股票代码：AMZN）和国际商业机器公司（纽约证券交易所股票代码：IBM）未来机遇的文章。在今天的收益看涨期权上，PLTR介绍了有关他们将为碳排放和加密货币提供的两种新产品的重要信息。</blockquote></p><p></p><p> There has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as&nbsp;Exxon Mobil(NYSE:XOM)&nbsp;are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to&nbsp;scrub emissions out of the air&nbsp;and carbonate fuel cells&nbsp;to capture industrial emissions&nbsp;from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.</p><p><blockquote>美国在气候问题上发生了根本性转变，拜登总统重新加入了《巴黎协定》，重新参与应对气候变化。该计划的一部分是到2050年实现整个经济的净零排放。最近，拜登总统在苏格兰格拉斯哥举行的联合国气候峰会上承诺与欧盟和其他数十个国家合作，到2030年将全球甲烷总排放量减少30%。无论你对气候的立场是什么，有许多人认为我们需要降低排放，许多国家正在朝着一个目标努力。为了遵守规定，埃克森美孚（纽约证券交易所股票代码：XOM）等公司正在与外部组织对几项有前途的创新进行长期研究，包括用于清除空气中排放物的直接空气捕获技术和用于捕获烟道中工业排放的碳酸盐燃料电池发电厂或制造设施的气流。碳排放管理已经是一项蓬勃发展的业务，PLTR正在Foundry上创建一个模块，以提供一个单一的窗格来查看收入、利润、生产和所有排放，以便公司可以更有效地管理结果。就我个人而言，我相信这对于推动PLTR未来的收入具有巨大的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2386d938e7f452a340dbb130de508f6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> The second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN)&nbsp;is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.</p><p><blockquote>PLTR讨论的第二个巨大前景是加密货币代工。看起来PLTR正在利用他们的反洗钱和了解你的客户的专业知识。多年来，PLTR一直与多个政府合作，寻找全球最大银行的合规问题，并帮助这些银行应对和加强其合规计划。这是完全有道理的，当您回到合同时，PLTR已获得IRS和SEC的授予（在之前的文章中讨论过）。仅在第三季度，PLTR就与IRS签署了6份合同。如果让我猜的话，PLTR的软件将被IRS和SEC在政府方面使用，并被银行和加密货币交易所在商业方面采用。目前，在过去24小时内，Coinbase（纳斯达克：COIN）显示比特币（BTC-USD）的交易量为438亿美元。我认为PLTR最终将从其加密货币代工厂的政府和商业合同中获得未来的收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53c762e27799c80dbaa9914bb98a6a10\" tg-width=\"624\" tg-height=\"234\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：联邦采购数据库）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/005d57c6c5c926b35eac100fa35c7415\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.</p><p><blockquote>PLTR已经成为市场误解其收益并在消息好的时候抛售消息的另一个统计数据。还有人想让PLTR做什么？这是一个出色的季度，第三季度收入同比增长36%，自由现金流为1.19亿美元，利润率为30%，PLTR完成了54笔交易，每笔价值超过100万美元。PLTR超出收入预期，第二次上调全年收入指引，上调自由现金流指引。这是一个基于所有积极因素的卖出消息，这创造了买入机会。我将做多PLTR，如果抛售继续，我计划增加我的头寸。</blockquote></p><p> <b>Seeking Alpha Marketplace</b></p><p><blockquote><b>寻求阿尔法市场</b></blockquote></p><p> I will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&amp;A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.</p><p><blockquote>我将在Seeking Alpha市场上推出一项名为Barbell Capital的订阅服务。Barbell Capital将为其成员提供独家研究、模型投资组合、投资工具、问答环节、观察列表和其他功能。我还将拥有一个实时投资组合，致力于通过交易、出售看跌期权和出售备兑评级来产生资本。利润将分配给未来的资本增值投资和投资股息投资，在我们睡觉时产生收入。</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>Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度表现良好，自由现金流增加，提高指引但抛售创造了机会</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度表现良好，自由现金流增加，提高指引但抛售创造了机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-13 10:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.</li>  <li>Palantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.</li>  <li>Palantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.</li>  <li>Palantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3fd5d395baf412802ef5e554f0efa64b\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>Palantir的收入环比增长36%，同时产生1.19亿美元的自由现金流，利润率为30%。</li><li>Palantir第三季度商业收入同比增长37%，政府收入同比增长34%，显示出强劲的前瞻性增长趋势。</li><li>Palantir在2021年第三季度完成了54笔交易，合同价值至少为100万美元，其中33笔价值超过500万美元，18笔价值超过1000万美元。</li><li>Palantir再次上调指引，预计收入同比增长40%，达到15.27亿美元，自由现金流为4亿美元，高于之前指引的3亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> Some investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.</p><p><blockquote>一些投资者又爱又恨Palantir(PLTR)，它过去被昵称为黑匣子公司，而另一些投资者则绝对喜欢它，因为他们相信PLTR的软件是未来。在我之前关于PLTR的文章中，我表示，根据PLTR当前的收入趋势，他们计划在第三季度实现3.9941亿美元的收入，在第四季度实现4.2322亿美元的收入。市场普遍认为第三季度的收入为3.8656亿美元，PLTR在2021年第四季度实现了3.921亿美元，预测为4.18亿美元。当进行盈利看涨期权时，盘前的反应只不过是PLTR急剧下跌的红海，每次试图填补缺口时，螺旋式下降的下一阶段就开始了。这个消息甚至还没有被消化，但人们决定要么获利了结，要么退出头寸，要么对PLTR失去信心。</blockquote></p><p> What wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.</p><p><blockquote>财报中有什么不让人喜欢的地方导致了一直徘徊在-9.03%区间的抛售？PLTR收入同比增长36%，第三季度增加了34个新客户，并完成了54笔价值100万美元或以上的交易。PLTR的剩余交易价值同比增加了50%，达到36亿美元，并提供了1.01亿美元的运营现金（利润率26%）和1.99亿美元的自由现金流（利润率30%）。PLTR还提高了2021年的指导，因为他们现在预计收入同比增长40%，而之前的预测为30%，并将自由现金流预测从3亿美元提高到4亿美元。除了这些数字之外，PLTR还宣布了新的产品平台和用例，这些平台和用例在未来推动收入和自由现金流方面具有巨大潜力。我相信这次抛售将是短暂的，我将其视为买入机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cfe1dd0e9b2c6a24ce3cb94bcfda56c\" tg-width=\"640\" tg-height=\"341\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：寻求阿尔法）</span></p></blockquote></p><p> <b>Palantir's revenue continues to expand on both the commercial and government side</b></p><p><blockquote><b>Palantir在商业和政府方面的收入持续扩张</b></blockquote></p><p> Quarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.</p><p><blockquote>自PLTR上市以来，他们的商业业务逐季扩张。上市五个季度后，PLTR的季度商业收入增长了6200万美元，增幅为55.36%。2021年第三季度，PLTR的商业运营收入为1.74亿美元，占其3.921亿美元季度收入的44.38%。过去两年，PLTR第三季度收入增长了85.11%，其中2020年第三季度同比增长35.11%，2021年第三季度同比增长37.01%。PLTR的商业剩余交易价值同比增长101%，从2020年第三季度的11亿美元增至2021年第三季度的22亿美元。商业客户邀请PLTR展示他们的软件解决方案，PLTR正在赢得他们的业务。2021年第三季度，PLTR净新增34家新客户，商业客户群环比增加20%，达到203家。过去一年，PLTR的商业客户群扩大了46.04%，客户数量从139个增加到203个，增加了64个。任何仍然将PLTR归类为黑匣子的人都是不准确的，因为商业市场正在了解PLTR的软件平台并实施其解决方案以改善其运营。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4084630f4e4be30a41c925c5a3fd0a\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> Since Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.</p><p><blockquote>自2020年第一季度以来，PLTR的季度收入增加了1.631亿美元（71.23%），平均季度环比增长率为9.43%。2021年第三季度，这一趋势保持不变，收入环比增长1610万美元，即4.28%。虽然与2021年第二季度的10.26%相比，季度收入增长环比略有放缓，但PLTR预计2021年第四季度收入将为4.18亿美元。PLTR预计将再创公司纪录，并在年底实现2590万美元（6.61%）的环比增长。</blockquote></p><p></p><p> The same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)</p><p><blockquote>同样的增长故事也适用于他们过去12个月(TTM)的总收入。在过去六个季度中，PLTR的TTM收入从8.106亿美元增加到14.3亿美元，增加了6.206亿美元（76.55%）。平均而言，PLTR的TTM收入环比增长1.0342亿美元（9.94%）。在Q1 2020-2020年第三季度，他们的平均环比收入增长为9403万美元，这一数字大幅增长，因为过去三个季度环比增长了至少1.05亿美元。2021年第三季度，PLTR的TTM收入增加至14.3亿美元，环比收入增长1.068亿美元（8.06%）。就像季度指标一样，PLTR的TTM预计将环比增长9590万美元，达到15.27亿美元，而市场普遍预期为15.1亿美元。这将使PLTR的年收入同比增长远高于30%的预测，因为到2021年，他们的收入将增加4.343亿美元(39.75%)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0ec6211d7ecb04785f406c7661c9124\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> I am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.</p><p><blockquote>我很震惊PLTR仍然处于亏损状态。PLTR是一家高增长公司，目前自由现金流为正，并正在扩大其指标。2020年前9个月，PLTR产生了-2.85亿美元的自由现金流，截至2021年前9个月末，PLTR实现了6.05亿美元的波动，年初至今已产生了3.2亿美元的自由现金流。PLTR此前将2021年自由现金流指引提高至300美元，而他们刚刚再次将其提高至4亿美元以上。在三个月的时间里，PLTR将其自由现金流预测额外增加了33.33%。第三季度，PLTR的自由现金流利润率为30%，预计2021年自由现金流将超过4亿美元。至少，这意味着他们将在2021年额外增加8000万美元的自由现金流。如果PLTR实现15.27亿美元的收入和4亿美元的自由现金流，其2021年的自由现金流利润率将为26.2%。PLTR仍预计到2025年年收入将同比增长30%，根据2021年1.527美元的预测，2025年收入将达到43.6亿美元。按照PLTR目前的自由现金流利润率，他们将在2025年产生11.4亿美元的自由现金流。考虑到PLTR目前的趋势，如果他们超出预测并同比增长35%，那么他们2025年的收入将达到50.7亿美元。按照目前的自由现金流利润率，到2025年，他们将产生13.3亿美元的自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87cff0d5c5ef70ea6926a1323c77bfe4\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>(Source: PLTR)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：PLTR）</span></p></blockquote></p><p> PLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.</p><p><blockquote>PLTR正在全速点火。第三季度收入同比增长36%，第二次将自由现金流指引从3亿美元上调至4亿美元以上，并将年收入增长指引从30%上调至约40%。PLTR仍维持每年30%的未来收入前景，并创造了一些令人印象深刻的利润。第三季度PLTR的商业收入同比增长37%，政府收入同比增长34%。PLTR在第三季度完成了至少54笔价值至少100万美元的交易，其中33笔收入至少500万美元，18笔收入至少1000万美元。PLTR的增长指标令人印象深刻，我预计它们未来将低于承诺并超额交付。</blockquote></p><p> <b>Palantir is entering two new sectors that are going to be huge, carbon emissions, and crypto</b></p><p><blockquote><b>Palantir正在进入两个巨大的新领域：碳排放和加密货币</b></blockquote></p><p> In the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.</p><p><blockquote>过去，我曾写过有关政府、亚马逊（纳斯达克股票代码：AMZN）和国际商业机器公司（纽约证券交易所股票代码：IBM）未来机遇的文章。在今天的收益看涨期权上，PLTR介绍了有关他们将为碳排放和加密货币提供的两种新产品的重要信息。</blockquote></p><p></p><p> There has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as&nbsp;Exxon Mobil(NYSE:XOM)&nbsp;are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to&nbsp;scrub emissions out of the air&nbsp;and carbonate fuel cells&nbsp;to capture industrial emissions&nbsp;from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.</p><p><blockquote>美国在气候问题上发生了根本性转变，拜登总统重新加入了《巴黎协定》，重新参与应对气候变化。该计划的一部分是到2050年实现整个经济的净零排放。最近，拜登总统在苏格兰格拉斯哥举行的联合国气候峰会上承诺与欧盟和其他数十个国家合作，到2030年将全球甲烷总排放量减少30%。无论你对气候的立场是什么，有许多人认为我们需要降低排放，许多国家正在朝着一个目标努力。为了遵守规定，埃克森美孚（纽约证券交易所股票代码：XOM）等公司正在与外部组织对几项有前途的创新进行长期研究，包括用于清除空气中排放物的直接空气捕获技术和用于捕获烟道中工业排放的碳酸盐燃料电池发电厂或制造设施的气流。碳排放管理已经是一项蓬勃发展的业务，PLTR正在Foundry上创建一个模块，以提供一个单一的窗格来查看收入、利润、生产和所有排放，以便公司可以更有效地管理结果。就我个人而言，我相信这对于推动PLTR未来的收入具有巨大的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2386d938e7f452a340dbb130de508f6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> The second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN)&nbsp;is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.</p><p><blockquote>PLTR讨论的第二个巨大前景是加密货币代工。看起来PLTR正在利用他们的反洗钱和了解你的客户的专业知识。多年来，PLTR一直与多个政府合作，寻找全球最大银行的合规问题，并帮助这些银行应对和加强其合规计划。这是完全有道理的，当您回到合同时，PLTR已获得IRS和SEC的授予（在之前的文章中讨论过）。仅在第三季度，PLTR就与IRS签署了6份合同。如果让我猜的话，PLTR的软件将被IRS和SEC在政府方面使用，并被银行和加密货币交易所在商业方面采用。目前，在过去24小时内，Coinbase（纳斯达克：COIN）显示比特币（BTC-USD）的交易量为438亿美元。我认为PLTR最终将从其加密货币代工厂的政府和商业合同中获得未来的收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53c762e27799c80dbaa9914bb98a6a10\" tg-width=\"624\" tg-height=\"234\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：联邦采购数据库）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/005d57c6c5c926b35eac100fa35c7415\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.</p><p><blockquote>PLTR已经成为市场误解其收益并在消息好的时候抛售消息的另一个统计数据。还有人想让PLTR做什么？这是一个出色的季度，第三季度收入同比增长36%，自由现金流为1.19亿美元，利润率为30%，PLTR完成了54笔交易，每笔价值超过100万美元。PLTR超出收入预期，第二次上调全年收入指引，上调自由现金流指引。这是一个基于所有积极因素的卖出消息，这创造了买入机会。我将做多PLTR，如果抛售继续，我计划增加我的头寸。</blockquote></p><p> <b>Seeking Alpha Marketplace</b></p><p><blockquote><b>寻求阿尔法市场</b></blockquote></p><p> I will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&amp;A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.</p><p><blockquote>我将在Seeking Alpha市场上推出一项名为Barbell Capital的订阅服务。Barbell Capital将为其成员提供独家研究、模型投资组合、投资工具、问答环节、观察列表和其他功能。我还将拥有一个实时投资组合，致力于通过交易、出售看跌期权和出售备兑评级来产生资本。利润将分配给未来的资本增值投资和投资股息投资，在我们睡觉时产生收入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4468059-palantir-q3-beat-creating-an-opportunity\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4468059-palantir-q3-beat-creating-an-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129543601","content_text":"Summary\n\nPalantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.\nPalantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.\nPalantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.\nPalantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.\n\nAndreas Rentz/Getty Images Entertainment\nSome investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.\nWhat wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.\n(Source: Seeking Alpha)\nPalantir's revenue continues to expand on both the commercial and government side\nQuarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.\n(Source: Steven Fiorillo) (Data Source: Palantir)\nSince Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.\nThe same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)\n(Source: Steven Fiorillo) (Data Source: Palantir)\nI am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.\n(Source: PLTR)\nPLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.\nPalantir is entering two new sectors that are going to be huge, carbon emissions, and crypto\nIn the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.\nThere has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as Exxon Mobil(NYSE:XOM) are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to scrub emissions out of the air and carbonate fuel cells to capture industrial emissions from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.\n(Source: Palantir)\nThe second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN) is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.\n(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)\n(Source: Palantir)\nConclusion\nPLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.\nSeeking Alpha Marketplace\nI will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844043349,"gmtCreate":1636380221748,"gmtModify":1636380294592,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Drop more so I can top it up!!&nbsp;","listText":"Drop more so I can top it up!!&nbsp;","text":"Drop more so I can top it up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/844043349","repostId":"2181773705","repostType":4,"isVote":1,"tweetType":1,"viewCount":1807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845105597,"gmtCreate":1636296413321,"gmtModify":1636296413697,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls comment &amp; like, thank you :)&nbsp;","listText":"Pls comment &amp; like, thank you :)&nbsp;","text":"Pls comment & like, thank you :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/845105597","repostId":"2181074782","repostType":4,"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857265392,"gmtCreate":1635531021687,"gmtModify":1635531021790,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Thanks for the pov.&nbsp;","listText":"Thanks for the pov.&nbsp;","text":"Thanks for the pov.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857265392","repostId":"1196513869","repostType":2,"repost":{"id":"1196513869","kind":"news","pubTimestamp":1635490949,"share":"https://www.laohu8.com/m/news/1196513869?lang=zh_CN&edition=full","pubTime":"2021-10-29 15:02","market":"us","language":"en","title":"Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196513869","media":"InvestorPlace","summary":"In my estimation, investing in Nio(NYSE:NIO) stock remains an excellent opportunity. I don’t say tha","content":"<p>In my estimation, investing in&nbsp;<b>Nio</b>(NYSE:<b>NIO</b>) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.</p><p><blockquote>据我估计，投资于<b>蔚来</b>（纽约证券交易所：<b>蔚来</b>）股票仍然是一个绝佳的机会。我这么说不仅仅是因为过去两周它的价格上涨了20%。事实上，我对股价在不久的将来继续上涨并不是很感兴趣。事实证明，蔚来在过去一年中一直不稳定。它是一家电动汽车制造商，也是一家中国公司，因此它完全有机会保持波动。</blockquote></p><p> But the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.</p><p><blockquote>但长期前景是清晰的。蔚来前途无量。尽管估值担忧依然存在，但它们被夸大了。电动汽车股票不是化石燃料汽车股票，它们永远不会以类似的方式交易。</blockquote></p><p> The reasons that investors should consider Nio remain the same: growth and position.</p><p><blockquote>投资者应该考虑蔚来的原因保持不变：增长和头寸。</blockquote></p><p> <b>Losses are Paramount</b></p><p><blockquote><b>损失至关重要</b></blockquote></p><p> Naysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.</p><p><blockquote>反对者经常出于各种原因对蔚来吹毛求疵。这是一家年轻的公司，最近的季度收入为12.25亿美元，利润达到2.438亿美元。对于这样一家年轻的公司来说，这些数字是惊人的。然而，由于销售数据强劲，蔚来第二季度仍录得9090万美元的净亏损。</blockquote></p><p> If we compare those net losses to&nbsp;<b>Tesla’s</b>(NASDAQ:<b>TSLA</b>), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.</p><p><blockquote>如果我们将这些净损失与<b>特斯拉的</b>（纳斯达克：<b>特斯拉</b>），蔚来看起来还不错。从2015年到2019年，特斯拉每年净亏损超过5亿美元。2017年，这些损失接近20亿美元。而这些损失在2020年才变成净收益。</blockquote></p><p> That should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.</p><p><blockquote>这应该会缓解蔚来股票投资者的担忧。如果我们假设蔚来会步特斯拉的后尘，那么一个扭亏为盈的转折点显然就在前方。</blockquote></p><p> In my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.</p><p><blockquote>在我看来，损失是研究蔚来时需要考虑的最重要的数字之一。运营效率不可能一蹴而就。但任何积极的投资者都必须想象净收益对公司来说是不可避免的。</blockquote></p><p> Nio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.</p><p><blockquote>蔚来将继续增加交付数量，同时寻找新的效率。转折点很快就会出现。最近的一篇文章表明，这一点将在2023年出现。</blockquote></p><p> For now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.</p><p><blockquote>目前，在全球半导体短缺和供应链中断的情况下，投资者应该对蔚来的交付数据感到满意。</blockquote></p><p> <b>Deliveries Equally Paramount</b></p><p><blockquote><b>交付同样重要</b></blockquote></p><p> In Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车。根据一个人的观点，这是令人失望的。与去年同期相比，这是一个非常强劲的数字。这些交付量比20年第二季度的10,331辆增加了112%。</blockquote></p><p> However, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.</p><p><blockquote>然而，在连续的基础上，有理由感到一些担忧。蔚来第一季度交付了20,060辆汽车。目前，9.15%的交付量增长对于蔚来来说还不够。这一事实导致蔚来股价在第二季度财报公布后立即下跌15%。</blockquote></p><p> So it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:</p><p><blockquote>因此，蔚来希望公众了解它预计会增加这些交付量也就不足为奇了。最近的一份新闻稿也显示了这一点：</blockquote></p><p>   “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”  We can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.</p><p><blockquote>“在蔚来团队和供应链合作伙伴的共同努力下，蔚来于2021年9月在全球交付了10,628辆汽车，创下历史最高月度记录，同比强劲增长125.7%。”我们可以假设，如果供应链问题正常，蔚来在第二季度交付的车辆会多得多。然而，他们不是。蔚来指出，与其供应链合作伙伴的共同努力导致了9月份创纪录的交付量。换句话说，尽管存在问题，它还是努力推动，以便交付量增加。</blockquote></p><p> The company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.</p><p><blockquote>该公司还指出，截至9月份的三个月内交付了24,439辆汽车。这表明增长更符合投资者的预期，并且该公司正在解决供应链问题。</blockquote></p><p> <b>What to Do</b></p><p><blockquote><b>怎么办</b></blockquote></p><p> I remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.</p><p><blockquote>尽管蔚来的宏观环境包括严重的阻力，但我仍然是它的粉丝。鉴于中国努力控制其经济，成为一家中国公司会让蔚来面临更大的风险。半导体供应链也特别困难。</blockquote></p><p> But Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.</p><p><blockquote>但蔚来将在第三季度再创历史新高。蔚来作为全球电动汽车竞争对手的未来是确定的。</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>Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</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\">\nNio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-10-29 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In my estimation, investing in&nbsp;<b>Nio</b>(NYSE:<b>NIO</b>) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.</p><p><blockquote>据我估计，投资于<b>蔚来</b>（纽约证券交易所：<b>蔚来</b>）股票仍然是一个绝佳的机会。我这么说不仅仅是因为过去两周它的价格上涨了20%。事实上，我对股价在不久的将来继续上涨并不是很感兴趣。事实证明，蔚来在过去一年中一直不稳定。它是一家电动汽车制造商，也是一家中国公司，因此它完全有机会保持波动。</blockquote></p><p> But the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.</p><p><blockquote>但长期前景是清晰的。蔚来前途无量。尽管估值担忧依然存在，但它们被夸大了。电动汽车股票不是化石燃料汽车股票，它们永远不会以类似的方式交易。</blockquote></p><p> The reasons that investors should consider Nio remain the same: growth and position.</p><p><blockquote>投资者应该考虑蔚来的原因保持不变：增长和头寸。</blockquote></p><p> <b>Losses are Paramount</b></p><p><blockquote><b>损失至关重要</b></blockquote></p><p> Naysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.</p><p><blockquote>反对者经常出于各种原因对蔚来吹毛求疵。这是一家年轻的公司，最近的季度收入为12.25亿美元，利润达到2.438亿美元。对于这样一家年轻的公司来说，这些数字是惊人的。然而，由于销售数据强劲，蔚来第二季度仍录得9090万美元的净亏损。</blockquote></p><p> If we compare those net losses to&nbsp;<b>Tesla’s</b>(NASDAQ:<b>TSLA</b>), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.</p><p><blockquote>如果我们将这些净损失与<b>特斯拉的</b>（纳斯达克：<b>特斯拉</b>），蔚来看起来还不错。从2015年到2019年，特斯拉每年净亏损超过5亿美元。2017年，这些损失接近20亿美元。而这些损失在2020年才变成净收益。</blockquote></p><p> That should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.</p><p><blockquote>这应该会缓解蔚来股票投资者的担忧。如果我们假设蔚来会步特斯拉的后尘，那么一个扭亏为盈的转折点显然就在前方。</blockquote></p><p> In my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.</p><p><blockquote>在我看来，损失是研究蔚来时需要考虑的最重要的数字之一。运营效率不可能一蹴而就。但任何积极的投资者都必须想象净收益对公司来说是不可避免的。</blockquote></p><p> Nio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.</p><p><blockquote>蔚来将继续增加交付数量，同时寻找新的效率。转折点很快就会出现。最近的一篇文章表明，这一点将在2023年出现。</blockquote></p><p> For now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.</p><p><blockquote>目前，在全球半导体短缺和供应链中断的情况下，投资者应该对蔚来的交付数据感到满意。</blockquote></p><p> <b>Deliveries Equally Paramount</b></p><p><blockquote><b>交付同样重要</b></blockquote></p><p> In Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车。根据一个人的观点，这是令人失望的。与去年同期相比，这是一个非常强劲的数字。这些交付量比20年第二季度的10,331辆增加了112%。</blockquote></p><p> However, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.</p><p><blockquote>然而，在连续的基础上，有理由感到一些担忧。蔚来第一季度交付了20,060辆汽车。目前，9.15%的交付量增长对于蔚来来说还不够。这一事实导致蔚来股价在第二季度财报公布后立即下跌15%。</blockquote></p><p> So it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:</p><p><blockquote>因此，蔚来希望公众了解它预计会增加这些交付量也就不足为奇了。最近的一份新闻稿也显示了这一点：</blockquote></p><p>   “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”  We can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.</p><p><blockquote>“在蔚来团队和供应链合作伙伴的共同努力下，蔚来于2021年9月在全球交付了10,628辆汽车，创下历史最高月度记录，同比强劲增长125.7%。”我们可以假设，如果供应链问题正常，蔚来在第二季度交付的车辆会多得多。然而，他们不是。蔚来指出，与其供应链合作伙伴的共同努力导致了9月份创纪录的交付量。换句话说，尽管存在问题，它还是努力推动，以便交付量增加。</blockquote></p><p> The company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.</p><p><blockquote>该公司还指出，截至9月份的三个月内交付了24,439辆汽车。这表明增长更符合投资者的预期，并且该公司正在解决供应链问题。</blockquote></p><p> <b>What to Do</b></p><p><blockquote><b>怎么办</b></blockquote></p><p> I remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.</p><p><blockquote>尽管蔚来的宏观环境包括严重的阻力，但我仍然是它的粉丝。鉴于中国努力控制其经济，成为一家中国公司会让蔚来面临更大的风险。半导体供应链也特别困难。</blockquote></p><p> But Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.</p><p><blockquote>但蔚来将在第三季度再创历史新高。蔚来作为全球电动汽车竞争对手的未来是确定的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/nio-same-great-investment-opportunity-100041924.html\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://finance.yahoo.com/news/nio-same-great-investment-opportunity-100041924.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196513869","content_text":"In my estimation, investing in Nio(NYSE:NIO) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.\nBut the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.\nThe reasons that investors should consider Nio remain the same: growth and position.\nLosses are Paramount\nNaysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.\nIf we compare those net losses to Tesla’s(NASDAQ:TSLA), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.\nThat should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.\nIn my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.\nNio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.\nFor now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.\nDeliveries Equally Paramount\nIn Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.\nHowever, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.\nSo it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:\n\n “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”\n\nWe can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.\nThe company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.\nWhat to Do\nI remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.\nBut Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857269635,"gmtCreate":1635530439291,"gmtModify":1635530439393,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857269635","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857681665,"gmtCreate":1635521714567,"gmtModify":1635521714676,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857681665","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853997448,"gmtCreate":1634751093922,"gmtModify":1634751094337,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"This is interesting :))&nbsp;","listText":"This is interesting :))&nbsp;","text":"This is interesting :))","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853997448","repostId":"1181418547","repostType":4,"isVote":1,"tweetType":1,"viewCount":3386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853994168,"gmtCreate":1634750769485,"gmtModify":1634750769866,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Crazy","listText":"Crazy","text":"Crazy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/853994168","repostId":"1181418547","repostType":4,"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865724204,"gmtCreate":1633024181284,"gmtModify":1633024181655,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thanks :)&nbsp;","listText":"Pls like &amp; comment, thanks :)&nbsp;","text":"Pls like & comment, thanks :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865724204","repostId":"1143063659","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860130022,"gmtCreate":1632144797266,"gmtModify":1632802564934,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860130022","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohu8.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COST":"好市多","ADBE":"Adobe",".DJI":"道琼斯","CRM":"赛富时","NKE":"耐克",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"COST":0.9,".IXIC":0.9,"ADBE":0.9,"FDX":0.9,".SPX":0.9,".DJI":0.9,"CRM":0.9,"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860197206,"gmtCreate":1632144754305,"gmtModify":1632802565296,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you 😊&nbsp;","listText":"Pls like and comment, thank you 😊&nbsp;","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860197206","repostId":"1131742866","repostType":4,"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884866462,"gmtCreate":1631879915756,"gmtModify":1632805631360,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thank you 😊&nbsp;","listText":"Pls like &amp; comment, thank you 😊&nbsp;","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/884866462","repostId":"1101041809","repostType":4,"repost":{"id":"1101041809","kind":"news","pubTimestamp":1631878190,"share":"https://www.laohu8.com/m/news/1101041809?lang=zh_CN&edition=full","pubTime":"2021-09-17 19:29","market":"us","language":"en","title":"AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101041809","media":"Seeking Alpha","summary":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD在过去几年中改变了其业务和财务状况，现已成为半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要是由其产品组合推动的，该产品组合使AMD能够报告创纪录的收入和收益。</li><li>与Nvidia或ASML相比，它的估值较低，我的目标价是到2024年底每股215美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微设备公司</b>（AMD）是长期半导体增长主题中的一个很好的选择，因为它增长强劲，与其他在各自领域处于领先地位的公司相比估值合理，并且在未来三年具有强大的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元(APU)和图形处理单元(GPU)提供微处理器。其主要竞争对手是<b>英特尔</b>(INTC)和<b>英伟达</b>(NVDA)，历史上一直是各自领域（CPU和GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有一家公司占其年收入的10%以上，而且超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年10月，AMD签订了intoan协议，收购<b>Xilinx</b>(XLNX)，当时的全股票交易价值350亿美元。此次收购的战略理由是增强AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，并将带来成本协同效应以及更强的创新和产品差异化，这对AMD未来的增长和盈利能力来说是个好兆头。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD的成长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在上一篇关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长整个行业。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据MarketWatch的数据，半导体行业预计在2021-28年期间将以8.6%的复合年增长率(CAGR)增长，其中逻辑领域是主要的增长动力，这对AMD的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力之外，AMD还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位显着提高。虽然英特尔多年来一直是PC领域的领先芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏崛起的主要参与者，这些都是不断增长的市场，AMD的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的潜在市场总额约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中获得了大量增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD在多个应用程序中的产品组合的支持，这些应用程序目前在性能方面处于领先地位，例如，性能对于个人和企业客户来说都是一个关键因素，而能效对于数据中心客户来说更为重要。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年期间，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，这表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对AMD在不久的将来的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领导地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着AMD处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管该行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于2023年进入高性能计算的CPU市场），因此行业格局可能会发生相当快的变化，任何参与者都不应认为自己能够长期拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了在数据中心、PC和游戏领域的增长机会外，AMD在汽车行业也有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA)在Model S/X信息娱乐系统中成为英特尔的客户，尽管其在汽车行业的影响力仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强AMD在汽车等新行业的地位，AMD大约一年前同意收购Xilinx，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使AMD的潜在市场总额增加到约1100亿美元，预计在产生协同效应之前将实现财务增值，这使得这笔交易对AMD来说非常有趣。目前还不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会对这笔交易表示欢迎。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>就其财务业绩而言，AMD拥有非常良好的历史，尤其是在过去几年。在公司改进的产品组合的支持下，AMD的收入和盈利显着增长，该公司去年公布了创纪录的业绩。尽管如此，AMD的收入从2016年到2020年以22%的复合年增长率增长，这表明AMD能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD确认了与递延税资产相关的13亿美元税收收益，因此其“干净”净利润接近12亿美元，但与2019年（净利润3.41亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其收入增长大部分来自计算和图形业务的销量增加，这受到2020年多款产品发布的推动，但也来自大流行导致对消费电子和游戏产品的需求增加，以及数据中心领域的收入增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下季度新纪录，毛利率增至48%，净利润达7.1亿美元（同比增长350%），自由现金流本季度达到8.88亿美元的新纪录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的业绩是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长160%，表明AMD的产品组合质量上乘，正在赢得超过竞争对手的市场份额，尤其是在数据中心领域。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>数据中心的这种强劲增长预计不会很快改变，因为AMD显然在技术上领先于其主要竞争对手英特尔，在我看来，这与台积电强大的制造能力密不可分。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电的生产能力是目前业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在技术发展方面遇到了几次挫折，即7纳米工艺延迟，预计在未来2-3年内不会与台积电持平。此外，台积电已经在研究3纳米工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5纳米工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中表现得很明显，AMD在数据中心领域的收入增长让英特尔相形见绌，而在过去几年中，数据中心一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”中所讨论的那样，英特尔最近关于其产品组合的公告没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>未来，AMD的增长率应该会开始下降，因为年度比较变得更加困难，但中期增长前景仍然相当不错。确实，据分析师的估算，AMD 2021年营收有望约为156亿美元（同比+60%），而未来四年年增长率应该会下降至15-20%之间，至2025年营收约280亿美元。这意味着未来四年的复合年增长率约为16%，这仍然相当不错。然而，这些预期不包括即将与Xilinx的合并，如果交易继续进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长之外，AMD的利润率预计也将有所改善，因为其2020年的毛利率为45%，并且在2023年之后应该会持续高于50%。这意味着在此期间，盈利增长应该略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本的增长速度应该低于收入，此外，通过整合赛灵思实现的协同效应，其利润率甚至可能高于目前预期。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至6月底AMD拥有37.9亿美元的现金和现金等价物，而其总债务仅为3.13亿美元，AMD的状况非常好。这一财务状况比几年前有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思也拥有强劲的净现金状况，合并后公司的现金流生成将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着AMD如今处于有利地位，可以为股东带来强劲的资本回报，而过去其股东薪酬政策则较弱。AMD不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>然而，我认为未来几年股息分配是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是AMD管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为这将吸引更加多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD最近的增长令人印象深刻，其财务状况相当强劲，与几年前相比发生了巨大的转变。AMD在半导体行业拥有强大的产品组合和良好的竞争地位，处于有利地位，可以驾驭该行业未来十年预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，AMD的市盈率约为未来12个月预期收益的36倍，低于半导体行业的其他长期增长公司，例如Nvidia或<b>ASML</b>(ASML)的预期市盈率接近50倍，因此相对而言具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，从绝对的角度来看，我的估值方法是关注未来几年的收入和盈利，而不仅仅是关注今年或明年，看看该股在2-4年的时间范围内是否有上涨潜力。因此，2025年将根据未来12个月的收益（混合远期收益）来估计AMD目前是否被低估及其过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为42倍，考虑到2025年每股收益预期5.06美元，我对2024年底的目标价为每股215美元，仅为AMD的两倍多目前的股价。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</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>AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-17 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD在过去几年中改变了其业务和财务状况，现已成为半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要是由其产品组合推动的，该产品组合使AMD能够报告创纪录的收入和收益。</li><li>与Nvidia或ASML相比，它的估值较低，我的目标价是到2024年底每股215美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微设备公司</b>（AMD）是长期半导体增长主题中的一个很好的选择，因为它增长强劲，与其他在各自领域处于领先地位的公司相比估值合理，并且在未来三年具有强大的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元(APU)和图形处理单元(GPU)提供微处理器。其主要竞争对手是<b>英特尔</b>(INTC)和<b>英伟达</b>(NVDA)，历史上一直是各自领域（CPU和GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有一家公司占其年收入的10%以上，而且超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年10月，AMD签订了intoan协议，收购<b>Xilinx</b>(XLNX)，当时的全股票交易价值350亿美元。此次收购的战略理由是增强AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，并将带来成本协同效应以及更强的创新和产品差异化，这对AMD未来的增长和盈利能力来说是个好兆头。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD的成长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在上一篇关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长整个行业。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据MarketWatch的数据，半导体行业预计在2021-28年期间将以8.6%的复合年增长率(CAGR)增长，其中逻辑领域是主要的增长动力，这对AMD的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力之外，AMD还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位显着提高。虽然英特尔多年来一直是PC领域的领先芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏崛起的主要参与者，这些都是不断增长的市场，AMD的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的潜在市场总额约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中获得了大量增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD在多个应用程序中的产品组合的支持，这些应用程序目前在性能方面处于领先地位，例如，性能对于个人和企业客户来说都是一个关键因素，而能效对于数据中心客户来说更为重要。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年期间，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，这表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对AMD在不久的将来的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领导地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着AMD处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管该行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于2023年进入高性能计算的CPU市场），因此行业格局可能会发生相当快的变化，任何参与者都不应认为自己能够长期拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了在数据中心、PC和游戏领域的增长机会外，AMD在汽车行业也有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA)在Model S/X信息娱乐系统中成为英特尔的客户，尽管其在汽车行业的影响力仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强AMD在汽车等新行业的地位，AMD大约一年前同意收购Xilinx，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使AMD的潜在市场总额增加到约1100亿美元，预计在产生协同效应之前将实现财务增值，这使得这笔交易对AMD来说非常有趣。目前还不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会对这笔交易表示欢迎。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>就其财务业绩而言，AMD拥有非常良好的历史，尤其是在过去几年。在公司改进的产品组合的支持下，AMD的收入和盈利显着增长，该公司去年公布了创纪录的业绩。尽管如此，AMD的收入从2016年到2020年以22%的复合年增长率增长，这表明AMD能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD确认了与递延税资产相关的13亿美元税收收益，因此其“干净”净利润接近12亿美元，但与2019年（净利润3.41亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其收入增长大部分来自计算和图形业务的销量增加，这受到2020年多款产品发布的推动，但也来自大流行导致对消费电子和游戏产品的需求增加，以及数据中心领域的收入增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下季度新纪录，毛利率增至48%，净利润达7.1亿美元（同比增长350%），自由现金流本季度达到8.88亿美元的新纪录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的业绩是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长160%，表明AMD的产品组合质量上乘，正在赢得超过竞争对手的市场份额，尤其是在数据中心领域。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>数据中心的这种强劲增长预计不会很快改变，因为AMD显然在技术上领先于其主要竞争对手英特尔，在我看来，这与台积电强大的制造能力密不可分。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电的生产能力是目前业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在技术发展方面遇到了几次挫折，即7纳米工艺延迟，预计在未来2-3年内不会与台积电持平。此外，台积电已经在研究3纳米工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5纳米工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中表现得很明显，AMD在数据中心领域的收入增长让英特尔相形见绌，而在过去几年中，数据中心一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”中所讨论的那样，英特尔最近关于其产品组合的公告没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>未来，AMD的增长率应该会开始下降，因为年度比较变得更加困难，但中期增长前景仍然相当不错。确实，据分析师的估算，AMD 2021年营收有望约为156亿美元（同比+60%），而未来四年年增长率应该会下降至15-20%之间，至2025年营收约280亿美元。这意味着未来四年的复合年增长率约为16%，这仍然相当不错。然而，这些预期不包括即将与Xilinx的合并，如果交易继续进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长之外，AMD的利润率预计也将有所改善，因为其2020年的毛利率为45%，并且在2023年之后应该会持续高于50%。这意味着在此期间，盈利增长应该略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本的增长速度应该低于收入，此外，通过整合赛灵思实现的协同效应，其利润率甚至可能高于目前预期。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至6月底AMD拥有37.9亿美元的现金和现金等价物，而其总债务仅为3.13亿美元，AMD的状况非常好。这一财务状况比几年前有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思也拥有强劲的净现金状况，合并后公司的现金流生成将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着AMD如今处于有利地位，可以为股东带来强劲的资本回报，而过去其股东薪酬政策则较弱。AMD不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>然而，我认为未来几年股息分配是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是AMD管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为这将吸引更加多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD最近的增长令人印象深刻，其财务状况相当强劲，与几年前相比发生了巨大的转变。AMD在半导体行业拥有强大的产品组合和良好的竞争地位，处于有利地位，可以驾驭该行业未来十年预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，AMD的市盈率约为未来12个月预期收益的36倍，低于半导体行业的其他长期增长公司，例如Nvidia或<b>ASML</b>(ASML)的预期市盈率接近50倍，因此相对而言具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，从绝对的角度来看，我的估值方法是关注未来几年的收入和盈利，而不仅仅是关注今年或明年，看看该股在2-4年的时间范围内是否有上涨潜力。因此，2025年将根据未来12个月的收益（混合远期收益）来估计AMD目前是否被低估及其过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为42倍，考虑到2025年每股收益预期5.06美元，我对2024年底的目标价为每股215美元，仅为AMD的两倍多目前的股价。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101041809","content_text":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.\nIts recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.\nIt is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.\n\nJHVEPhoto/iStock Editorial via Getty Images\nAdvanced Micro Devices(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.\nAMD Overview\nAMD is a semiconductor company offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are Intel(INTC) and Nvidia(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.\nAMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the Taiwan Semiconductor Manufacturing Company(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.\nLast October, AMD entered intoan agreement to acquire Xilinx(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.\nAMD's Growth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.\nIndeed, according to MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.\nBeyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.\nAMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.\nSource: AMD.\nThis is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.\nDuring 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.\nThis bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.\nFor long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.\nBeyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain Tesla(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.\nTo strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.\nSource: AMD.\nAMD Financial Performance\nRegarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.\nIn 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).\nMost of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.\nDuring the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.\nSource: AMD.\nThis outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.\nThis strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.\nOn the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.\nThis competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.\nMore recently, there were some rumors about possible price cuts from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.\nGoing forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.\nBeyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.\nAMD Balance Sheet & Capital Returns\nRegarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.\nThis means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.\nHowever, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.\nBottom Line\nAMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.\nDespite these strong fundamentals, AMD is tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or ASML(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.\nMoreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).\nIts historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883529343,"gmtCreate":1631256942582,"gmtModify":1631891351851,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like thank you 😊&nbsp;","listText":"Pls like thank you 😊&nbsp;","text":"Pls like thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/883529343","repostId":"2166120346","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830152441,"gmtCreate":1629035550083,"gmtModify":1631891351854,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830152441","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</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>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"NVDA":"英伟达","AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"INTC":0.9,"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898743506,"gmtCreate":1628524298405,"gmtModify":1631891351875,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/898743506","repostId":"1159439117","repostType":4,"repost":{"id":"1159439117","kind":"news","pubTimestamp":1628519565,"share":"https://www.laohu8.com/m/news/1159439117?lang=zh_CN&edition=full","pubTime":"2021-08-09 22:32","market":"us","language":"en","title":"AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159439117","media":"Thestreet","summary":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted the","content":"<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微设备公司（<b>AMD</b>在盈利背景改善以及相对于竞争对手的市场份额增长的情况下，BMO资本市场分析师提高了对chipamaker的评级和目标价后，周一股价走高。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO资本市场分析师Ambrish Srivastava在他所说的对这家芯片制造商的“道歉”报告中将AMD的评级提高了一级，至“跑赢大盘”，并将目标价提高了30美元，至每股110美元，理由是与主要竞争对手英特尔INTC相比，估值有所改善、2022年盈利增长好于预期以及市场份额持续增长。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为，随着这一年的过去，存在持续的向上偏差。特别是当AMD开始提升其在数据中心方面已经赢得的设计时，从HPC到企业，包括CPU和GPU，”xxxx说。“虽然在意料之中，但我们认为这些胜利并没有适当反映发生的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>他补充道：“关于CPU与英特尔的份额增长，我们仍然认为，随着英特尔在Icelake平台上构建并推出Sapphire Rapids，明年与英特尔的份额增长速度将放缓。”“然而，AMD现在已经执行并交付了一定程度，在可预见的未来，它已经成为英特尔的可行替代品。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD股价周一早盘上涨0.5%，而纳斯达克则下跌0.05%，换手价格为每股110.75美元，此举将使该股今年迄今的涨幅扩大至20.7%左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD公布第二季度收入同比增长99%，每股盈利63美分，强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖GPU和PC CPU销售，在客户端和图形处理器销售增长的推动下，总收入为22.5亿美元，同比增长65%，环比增长7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为16亿美元，同比增长183%，环比增长19%。该公司表示，这一增长是由EPYC处理器收入和半定制产品销售增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>在所有业务强劲增长的推动下，AMD目前预计2021年全年收入增长约60%，高于之前约50%的指导。</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>AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-09 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微设备公司（<b>AMD</b>在盈利背景改善以及相对于竞争对手的市场份额增长的情况下，BMO资本市场分析师提高了对chipamaker的评级和目标价后，周一股价走高。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO资本市场分析师Ambrish Srivastava在他所说的对这家芯片制造商的“道歉”报告中将AMD的评级提高了一级，至“跑赢大盘”，并将目标价提高了30美元，至每股110美元，理由是与主要竞争对手英特尔INTC相比，估值有所改善、2022年盈利增长好于预期以及市场份额持续增长。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为，随着这一年的过去，存在持续的向上偏差。特别是当AMD开始提升其在数据中心方面已经赢得的设计时，从HPC到企业，包括CPU和GPU，”xxxx说。“虽然在意料之中，但我们认为这些胜利并没有适当反映发生的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>他补充道：“关于CPU与英特尔的份额增长，我们仍然认为，随着英特尔在Icelake平台上构建并推出Sapphire Rapids，明年与英特尔的份额增长速度将放缓。”“然而，AMD现在已经执行并交付了一定程度，在可预见的未来，它已经成为英特尔的可行替代品。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD股价周一早盘上涨0.5%，而纳斯达克则下跌0.05%，换手价格为每股110.75美元，此举将使该股今年迄今的涨幅扩大至20.7%左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD公布第二季度收入同比增长99%，每股盈利63美分，强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖GPU和PC CPU销售，在客户端和图形处理器销售增长的推动下，总收入为22.5亿美元，同比增长65%，环比增长7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为16亿美元，同比增长183%，环比增长19%。该公司表示，这一增长是由EPYC处理器收入和半定制产品销售增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>在所有业务强劲增长的推动下，AMD目前预计2021年全年收入增长约60%，高于之前约50%的指导。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159439117","content_text":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.\nIn what he described as a 'mea culpa' note on the chipmaker, BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.\n\"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"\n\"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"\nAMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.\nLast month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.\nThe computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.\nEnterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.\nFor the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":789,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893908894,"gmtCreate":1628225928018,"gmtModify":1631891351861,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thank you 😊","listText":"Pls like &amp; comment, thank you 😊","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893908894","repostId":"1199377263","repostType":4,"repost":{"id":"1199377263","kind":"news","pubTimestamp":1628222564,"share":"https://www.laohu8.com/m/news/1199377263?lang=zh_CN&edition=full","pubTime":"2021-08-06 12:02","market":"us","language":"en","title":"The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199377263","media":"MarketWatch","summary":"The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered ","content":"<p>The S&amp;P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.</p><p><blockquote>标普500指数继续加速上行。周二创下历史收盘新高。然而，市场的“内部”仍然处于更糟糕的状态。这种情况已经持续了一段时间（至少自6月11日以来），而且这种情况可能会持续一段时间。</blockquote></p><p> But as long as the S&amp;P&nbsp;chart is positive and above support, a “core” long position is recommended.</p><p><blockquote>但只要标普图表为正且高于支撑位，建议建立“核心”多头头寸。</blockquote></p><p> The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.</p><p><blockquote>第一支撑位现在大致在4370。这是SPX抛售然后反弹的最近两天的低点——7月27日和周二（是的，同一天SPX从该水平反弹，然后收于历史新高）。由于它已经过双重测试，这使它成为一个可行的支撑位。盘中历史高点4430有阻力。</blockquote></p><p> You can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.</p><p><blockquote>你可以从附图中看到，自7月23日以来，SPX一直处于相当正确的交易状态——在4370到4430之间。</blockquote></p><p> A breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.</p><p><blockquote>突破该范围将具有重要意义。如果它向下突破，这将对SPX图表不利。在此下方，主要支撑区域位于4233点，跌破4370点后可能会很快受到测试。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fde9899a8fd1227a022dfe59858d4c5\" tg-width=\"699\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> So the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).</p><p><blockquote>因此，SPX图表仍然是积极的，但有一个麦克米兰波动带（MVB）卖出信号（图表上的绿色“S”）。</blockquote></p><p> Now let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.</p><p><blockquote>现在让我们看看一些包含大量股票的指标。你会发现他们远没有那么积极。首先是仅股票的看跌看涨期权比率。这些价格已经上涨了一个月，这意味着在此期间它们一直在发出卖出信号。相对于看涨期权交易量，看跌交易量一直很大，这就是导致这些比率上升的原因。看起来标准比率的图表中有轻微的“波动”，但计算机分析程序说这并不显著。</blockquote></p><p> The larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.</p><p><blockquote>这里更大的情况是，随着许多股票下跌，期权交易者一直在购买这些股票的看跌期权，迫使这些仅股票的看跌期权与看涨期权比率走高。只要比率上升，它们就会保持卖出信号。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87099f2be31d9ce51b1b0c4708a9f046\" tg-width=\"699\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f08da61f702fd9abb483cd1d8f5b4ba\" tg-width=\"700\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> Market breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).</p><p><blockquote>自6月中旬以来，市场广度（上涨减去下跌）一直很糟糕。也就是说，大多数股票都在下跌，尽管SPX在上涨。事实上，推动这个市场的是少数大盘股纳斯达克股票（FAANG股票加上微软是最强的股票）。</blockquote></p><p> Things have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.</p><p><blockquote>过去几周情况有所改善，因此我们的宽度振荡器发出买入信号，但仍处于负值区域。通常情况下，当SPX创下历史新高时，宽度振荡指标将进入正值区域，反映出整体市场强劲。但现在情况并非如此。</blockquote></p><p> Moreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.</p><p><blockquote>此外，自6月11日以来，累计广度（每日涨幅减去跌幅）尚未创下历史新高。此后，SPX已连续19个交易日创下收盘或盘中新高。这是一个巨大的负面市场背离，但它本身并不是卖出信号。相反，这是一个强烈的警告，要保持警惕——避免自满。</blockquote></p><p> New 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.</p><p><blockquote>纽交所52周新高继续领涨52周新低。最近，有一些孤立的日子，使用纳斯达克或“仅股票”数据，新低超过新高，但使用纽约证券交易所数据时则不然。这意味着该指标仍然看涨股市。如果纽交所新低超过新高且足够大，则会转为负值，但这种情况并未发生。</blockquote></p><p> There is a realized volatility sell signal in place, as well. That occurred when the S&amp;P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).</p><p><blockquote>还有一个已实现的波动性卖出信号。这发生在标准普尔20天历史波动率首先跌破8%（6月中旬），然后升至11%以上（7月下旬）。</blockquote></p><p> Implied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.</p><p><blockquote>另一方面，就股市而言，隐含波动率仍处于看涨状态。7月20日的VIX“峰值”买入信号仍然存在。而且，VIX 200日均线仍在下降，远高于VIX的价格。上个月，VIX指数从15点缓慢“攀升”至19点，但这似乎并不是趋势的重大变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3501a851250cf90d4f08e0152a5d9a9\" tg-width=\"700\" tg-height=\"524\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p></p><p> Finally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.</p><p><blockquote>最后，波动性衍生品的结构对股市仍然有利。VIX期货的交易价格高于VIX，这些VIX期货和CBOE波动率指数的期限结构向上倾斜。</blockquote></p><p> The SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.</p><p><blockquote>SPX图表仍然是积极的。这是最重要的事实。在这种情况发生变化之前，建议持有多头“核心”头寸。围绕这一点，人们可以交易确认的信号——买入和卖出。SPX突破4370区域将改变负面影响，但突破4430以上的历史新高将强化看涨理由。</blockquote></p><p> <b>New recommendation: Conditional SPX sell signal</b></p><p><blockquote><b>新建议：有条件SPX卖出信号</b></blockquote></p><p> Based on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:</p><p><blockquote>根据上述文章，我们将列出一些有关在SPX支撑位被突破时采取看跌头寸的参数：</blockquote></p><p> <b>IF SPX trades below 4370 and stays there for an hour,</b></p><p><blockquote><b>如果SPX低于4370并在那里停留一小时，</b></blockquote></p><p> <b>THEN buy 1 SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>然后买入1 SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以下跌25点的价格卖出1 SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> In addition,</p><p><blockquote>此外，</blockquote></p><p> <b>IF SPX closes below 4370,</b></p><p><blockquote><b>如果SPX收盘低于4370，</b></blockquote></p><p> <b>THEN buy another bear spread:</b></p><p><blockquote><b>然后再买一个熊市价差：</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy 1 (more) SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>购买1（更多）SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以较低25点的价格卖出1（更多）SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> Note that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.</p><p><blockquote>请注意，在没有满足第一个条件的情况下，第二个条件（收盘低于4370）可能会发生（如果SPX在交易日晚些时候跌破4370）。如果是这样的话，那么在收盘时买入2个这样的价差。</blockquote></p><p> Finally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.</p><p><blockquote>最后，如果这些价差成立，请在SPX收盘价高于4430时停止所有这些熊市价差。</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>The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</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\">\nThe S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.</p><p><blockquote>标普500指数继续加速上行。周二创下历史收盘新高。然而，市场的“内部”仍然处于更糟糕的状态。这种情况已经持续了一段时间（至少自6月11日以来），而且这种情况可能会持续一段时间。</blockquote></p><p> But as long as the S&amp;P&nbsp;chart is positive and above support, a “core” long position is recommended.</p><p><blockquote>但只要标普图表为正且高于支撑位，建议建立“核心”多头头寸。</blockquote></p><p> The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.</p><p><blockquote>第一支撑位现在大致在4370。这是SPX抛售然后反弹的最近两天的低点——7月27日和周二（是的，同一天SPX从该水平反弹，然后收于历史新高）。由于它已经过双重测试，这使它成为一个可行的支撑位。盘中历史高点4430有阻力。</blockquote></p><p> You can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.</p><p><blockquote>你可以从附图中看到，自7月23日以来，SPX一直处于相当正确的交易状态——在4370到4430之间。</blockquote></p><p> A breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.</p><p><blockquote>突破该范围将具有重要意义。如果它向下突破，这将对SPX图表不利。在此下方，主要支撑区域位于4233点，跌破4370点后可能会很快受到测试。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fde9899a8fd1227a022dfe59858d4c5\" tg-width=\"699\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> So the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).</p><p><blockquote>因此，SPX图表仍然是积极的，但有一个麦克米兰波动带（MVB）卖出信号（图表上的绿色“S”）。</blockquote></p><p> Now let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.</p><p><blockquote>现在让我们看看一些包含大量股票的指标。你会发现他们远没有那么积极。首先是仅股票的看跌看涨期权比率。这些价格已经上涨了一个月，这意味着在此期间它们一直在发出卖出信号。相对于看涨期权交易量，看跌交易量一直很大，这就是导致这些比率上升的原因。看起来标准比率的图表中有轻微的“波动”，但计算机分析程序说这并不显著。</blockquote></p><p> The larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.</p><p><blockquote>这里更大的情况是，随着许多股票下跌，期权交易者一直在购买这些股票的看跌期权，迫使这些仅股票的看跌期权与看涨期权比率走高。只要比率上升，它们就会保持卖出信号。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87099f2be31d9ce51b1b0c4708a9f046\" tg-width=\"699\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f08da61f702fd9abb483cd1d8f5b4ba\" tg-width=\"700\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> Market breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).</p><p><blockquote>自6月中旬以来，市场广度（上涨减去下跌）一直很糟糕。也就是说，大多数股票都在下跌，尽管SPX在上涨。事实上，推动这个市场的是少数大盘股纳斯达克股票（FAANG股票加上微软是最强的股票）。</blockquote></p><p> Things have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.</p><p><blockquote>过去几周情况有所改善，因此我们的宽度振荡器发出买入信号，但仍处于负值区域。通常情况下，当SPX创下历史新高时，宽度振荡指标将进入正值区域，反映出整体市场强劲。但现在情况并非如此。</blockquote></p><p> Moreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.</p><p><blockquote>此外，自6月11日以来，累计广度（每日涨幅减去跌幅）尚未创下历史新高。此后，SPX已连续19个交易日创下收盘或盘中新高。这是一个巨大的负面市场背离，但它本身并不是卖出信号。相反，这是一个强烈的警告，要保持警惕——避免自满。</blockquote></p><p> New 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.</p><p><blockquote>纽交所52周新高继续领涨52周新低。最近，有一些孤立的日子，使用纳斯达克或“仅股票”数据，新低超过新高，但使用纽约证券交易所数据时则不然。这意味着该指标仍然看涨股市。如果纽交所新低超过新高且足够大，则会转为负值，但这种情况并未发生。</blockquote></p><p> There is a realized volatility sell signal in place, as well. That occurred when the S&amp;P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).</p><p><blockquote>还有一个已实现的波动性卖出信号。这发生在标准普尔20天历史波动率首先跌破8%（6月中旬），然后升至11%以上（7月下旬）。</blockquote></p><p> Implied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.</p><p><blockquote>另一方面，就股市而言，隐含波动率仍处于看涨状态。7月20日的VIX“峰值”买入信号仍然存在。而且，VIX 200日均线仍在下降，远高于VIX的价格。上个月，VIX指数从15点缓慢“攀升”至19点，但这似乎并不是趋势的重大变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3501a851250cf90d4f08e0152a5d9a9\" tg-width=\"700\" tg-height=\"524\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p></p><p> Finally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.</p><p><blockquote>最后，波动性衍生品的结构对股市仍然有利。VIX期货的交易价格高于VIX，这些VIX期货和CBOE波动率指数的期限结构向上倾斜。</blockquote></p><p> The SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.</p><p><blockquote>SPX图表仍然是积极的。这是最重要的事实。在这种情况发生变化之前，建议持有多头“核心”头寸。围绕这一点，人们可以交易确认的信号——买入和卖出。SPX突破4370区域将改变负面影响，但突破4430以上的历史新高将强化看涨理由。</blockquote></p><p> <b>New recommendation: Conditional SPX sell signal</b></p><p><blockquote><b>新建议：有条件SPX卖出信号</b></blockquote></p><p> Based on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:</p><p><blockquote>根据上述文章，我们将列出一些有关在SPX支撑位被突破时采取看跌头寸的参数：</blockquote></p><p> <b>IF SPX trades below 4370 and stays there for an hour,</b></p><p><blockquote><b>如果SPX低于4370并在那里停留一小时，</b></blockquote></p><p> <b>THEN buy 1 SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>然后买入1 SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以下跌25点的价格卖出1 SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> In addition,</p><p><blockquote>此外，</blockquote></p><p> <b>IF SPX closes below 4370,</b></p><p><blockquote><b>如果SPX收盘低于4370，</b></blockquote></p><p> <b>THEN buy another bear spread:</b></p><p><blockquote><b>然后再买一个熊市价差：</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy 1 (more) SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>购买1（更多）SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以较低25点的价格卖出1（更多）SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> Note that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.</p><p><blockquote>请注意，在没有满足第一个条件的情况下，第二个条件（收盘低于4370）可能会发生（如果SPX在交易日晚些时候跌破4370）。如果是这样的话，那么在收盘时买入2个这样的价差。</blockquote></p><p> Finally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.</p><p><blockquote>最后，如果这些价差成立，请在SPX收盘价高于4430时停止所有这些熊市价差。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-s-p-500-looks-strong-but-these-internals-are-far-less-positive-01628176855?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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-s-p-500-looks-strong-but-these-internals-are-far-less-positive-01628176855?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199377263","content_text":"The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.\nBut as long as the S&P chart is positive and above support, a “core” long position is recommended.\nThe first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.\nYou can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.\nA breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.\nLAWRENCE MCMILLAN\nSo the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).\nNow let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.\nThe larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.\nLAWRENCE MCMILLAN\nLAWRENCE MCMILLAN\nMarket breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).\nThings have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.\nMoreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.\nNew 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.\nThere is a realized volatility sell signal in place, as well. That occurred when the S&P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).\nImplied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.\nLAWRENCE MCMILLAN\nFinally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.\nThe SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.\nNew recommendation: Conditional SPX sell signal\nBased on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:\nIF SPX trades below 4370 and stays there for an hour,\nTHEN buy 1 SPY Aug (27th) at-the-money put\n            And sell 1 SPY Aug (27th) put with a striking price 25 points lower.\nIn addition,\nIF SPX closes below 4370,\nTHEN buy another bear spread:\n            Buy 1 (more) SPY Aug (27th) at-the-money put\n            And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.\nNote that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.\nFinally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807360186,"gmtCreate":1628000852845,"gmtModify":1631891351886,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thankss 😊","listText":"Pls like &amp; comment, thankss 😊","text":"Pls like & comment, thankss 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807360186","repostId":"1181392592","repostType":4,"repost":{"id":"1181392592","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627999893,"share":"https://www.laohu8.com/m/news/1181392592?lang=zh_CN&edition=full","pubTime":"2021-08-03 22:11","market":"us","language":"en","title":"EV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181392592","media":"Tiger Newspress","summary":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","content":"<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉跌0.22%，蔚来跌3.45%，理想汽车跌近5%，小鹏汽车跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 22:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉跌0.22%，蔚来跌3.45%，理想汽车跌近5%，小鹏汽车跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181392592","content_text":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":898743506,"gmtCreate":1628524298405,"gmtModify":1631891351875,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/898743506","repostId":"1159439117","repostType":4,"repost":{"id":"1159439117","kind":"news","pubTimestamp":1628519565,"share":"https://www.laohu8.com/m/news/1159439117?lang=zh_CN&edition=full","pubTime":"2021-08-09 22:32","market":"us","language":"en","title":"AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159439117","media":"Thestreet","summary":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted the","content":"<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微设备公司（<b>AMD</b>在盈利背景改善以及相对于竞争对手的市场份额增长的情况下，BMO资本市场分析师提高了对chipamaker的评级和目标价后，周一股价走高。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO资本市场分析师Ambrish Srivastava在他所说的对这家芯片制造商的“道歉”报告中将AMD的评级提高了一级，至“跑赢大盘”，并将目标价提高了30美元，至每股110美元，理由是与主要竞争对手英特尔INTC相比，估值有所改善、2022年盈利增长好于预期以及市场份额持续增长。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为，随着这一年的过去，存在持续的向上偏差。特别是当AMD开始提升其在数据中心方面已经赢得的设计时，从HPC到企业，包括CPU和GPU，”xxxx说。“虽然在意料之中，但我们认为这些胜利并没有适当反映发生的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>他补充道：“关于CPU与英特尔的份额增长，我们仍然认为，随着英特尔在Icelake平台上构建并推出Sapphire Rapids，明年与英特尔的份额增长速度将放缓。”“然而，AMD现在已经执行并交付了一定程度，在可预见的未来，它已经成为英特尔的可行替代品。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD股价周一早盘上涨0.5%，而纳斯达克则下跌0.05%，换手价格为每股110.75美元，此举将使该股今年迄今的涨幅扩大至20.7%左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD公布第二季度收入同比增长99%，每股盈利63美分，强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖GPU和PC CPU销售，在客户端和图形处理器销售增长的推动下，总收入为22.5亿美元，同比增长65%，环比增长7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为16亿美元，同比增长183%，环比增长19%。该公司表示，这一增长是由EPYC处理器收入和半定制产品销售增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>在所有业务强劲增长的推动下，AMD目前预计2021年全年收入增长约60%，高于之前约50%的指导。</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>AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital上调评级和目标价后AMD股价走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-09 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微设备公司（<b>AMD</b>在盈利背景改善以及相对于竞争对手的市场份额增长的情况下，BMO资本市场分析师提高了对chipamaker的评级和目标价后，周一股价走高。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO资本市场分析师Ambrish Srivastava在他所说的对这家芯片制造商的“道歉”报告中将AMD的评级提高了一级，至“跑赢大盘”，并将目标价提高了30美元，至每股110美元，理由是与主要竞争对手英特尔INTC相比，估值有所改善、2022年盈利增长好于预期以及市场份额持续增长。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为，随着这一年的过去，存在持续的向上偏差。特别是当AMD开始提升其在数据中心方面已经赢得的设计时，从HPC到企业，包括CPU和GPU，”xxxx说。“虽然在意料之中，但我们认为这些胜利并没有适当反映发生的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>他补充道：“关于CPU与英特尔的份额增长，我们仍然认为，随着英特尔在Icelake平台上构建并推出Sapphire Rapids，明年与英特尔的份额增长速度将放缓。”“然而，AMD现在已经执行并交付了一定程度，在可预见的未来，它已经成为英特尔的可行替代品。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD股价周一早盘上涨0.5%，而纳斯达克则下跌0.05%，换手价格为每股110.75美元，此举将使该股今年迄今的涨幅扩大至20.7%左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD公布第二季度收入同比增长99%，每股盈利63美分，强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖GPU和PC CPU销售，在客户端和图形处理器销售增长的推动下，总收入为22.5亿美元，同比增长65%，环比增长7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为16亿美元，同比增长183%，环比增长19%。该公司表示，这一增长是由EPYC处理器收入和半定制产品销售增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>在所有业务强劲增长的推动下，AMD目前预计2021年全年收入增长约60%，高于之前约50%的指导。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159439117","content_text":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.\nIn what he described as a 'mea culpa' note on the chipmaker, BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.\n\"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"\n\"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"\nAMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.\nLast month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.\nThe computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.\nEnterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.\nFor the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":789,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860197206,"gmtCreate":1632144754305,"gmtModify":1632802565296,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you 😊&nbsp;","listText":"Pls like and comment, thank you 😊&nbsp;","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860197206","repostId":"1131742866","repostType":4,"repost":{"id":"1131742866","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632143946,"share":"https://www.laohu8.com/m/news/1131742866?lang=zh_CN&edition=full","pubTime":"2021-09-20 21:19","market":"us","language":"en","title":"4 Stocks Insiders Are Selling<blockquote>内部人士正在抛售的4只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131742866","media":"Benzinga","summary":"When insiders sell shares, it indicates their concern in the company’s prospects or that they view t","content":"<p>When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.</p><p><blockquote>当内部人士出售股票时，表明他们对公司前景的担忧，或者他们认为股票定价过高。无论哪种方式，这都标志着做空该股票的机会。内幕交易不应被视为做出投资或交易决策的唯一指标。充其量，它可以为销售决策提供信心。</blockquote></p><p> Below is a look at a few recent notable insider sales.</p><p><blockquote>以下是最近一些值得注意的内幕交易。</blockquote></p><p> <b>International Money Express</b></p><p><blockquote><b>国际货币快递</b></blockquote></p><p> <b>The Trade:International Money <a href=\"https://laohu8.com/S/EXPR\">Express, Inc.</a></b>&nbsp;IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincon<i>disposed a total of 57719 shares</i>at an average price of $17.01. The insider received $981,903.03 as a result of the transaction.</p><p><blockquote><b>贸易：国际货币<a href=\"https://laohu8.com/S/EXPR\">快递公司。</a></b>IMXI+未定义%（获取IMXI的免费提醒）导演John Rincon<i>出售合共57719股</i>平均价格为17.01美元。该内部人士通过交易获得了981,903.03美元。</blockquote></p><p> <b>What’s Happening:</b>International Money Express, last month announced a $40 million buyback program.</p><p><blockquote><b>发生了什么：</b>国际货币快递上个月宣布了一项4000万美元的回购计划。</blockquote></p><p> <b>What International Money Express Does:</b>International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).</p><p><blockquote><b>国际货币快递的作用：</b>国际货币快递是美国向拉丁美洲走廊（LAC）汇款服务的处理商。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> </b></p><p><blockquote><b><a href=\"https://laohu8.com/S/SKX\">斯凯奇美国</a></b></blockquote></p><p> <b>The Trade:Skechers U.S.A., Inc.</b>&nbsp;SKX+0.02%Director Jeffrey Greenberg<i>sold a total of 50000 shares</i>at an average price of $45.38. The insider received $2,269,140.00 from selling those shares.</p><p><blockquote><b>行业：斯凯奇美国公司。</b>SKX+0.02%董事杰弗里·格林伯格<i>共卖出50000股</i>平均价格为45.38美元。内部人士通过出售这些股票获得了2,269,140.00美元。</blockquote></p><p> <b>What’s Happening:</b>The company, in July, said it swung to a profit for the second quarter.</p><p><blockquote><b>发生了什么：</b>该公司7月份表示，第二季度扭亏为盈。</blockquote></p><p> <b>What Skechers Does:</b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> is a lifestyle footwear company under the Skechers GO brand name.</p><p><blockquote><b>斯凯奇做什么：</b><a href=\"https://laohu8.com/S/SKX\">斯凯奇美国</a>是斯凯奇围棋品牌下的生活方式鞋类公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CROX\">Crocs</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/CROX\">卡骆驰</a></b></blockquote></p><p> <b>The Trade:Crocs, Inc.</b>&nbsp;CROX+0.02%Director Ronald Frasch<i>sold a total of 33000 shares</i>at an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.</p><p><blockquote><b>行业：鳄鱼公司。</b>CROX+0.02%董事Ronald Frasch<i>共卖出3.3万股</i>平均价格为153.92美元。该内部人士通过交易获得了5,079,387.66美元。</blockquote></p><p> <b>What’s Happening:</b>Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.</p><p><blockquote><b>发生了什么：</b>Crocs首席执行官Andrew Rees最近表示，预计到2026年，Crocs品牌的销售额将增长到50亿美元以上。</blockquote></p><p> <b>What Crocs Does:</b>Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.</p><p><blockquote><b>Crocs的作用：</b>Crocs从事男士、女士和儿童休闲生活方式鞋类配件的设计、开发、营销、分销和销售。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <b>The Trade:Workday, Inc.</b>&nbsp;WDAY+0.02%Director David Duffield<i>sold a total of 108900 shares</i>at an average price of $269.37. The insider received $29,334,827.31 from selling those shares.</p><p><blockquote><b>行业：Workday公司。</b>WDAY+0.02%董事大卫·达菲尔德<i>共卖出10.89万股</i>平均价格为269.37美元。内部人士通过出售这些股票获得了29,334,827.31美元。</blockquote></p><p> <b>What’s Happening:</b>Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.</p><p><blockquote><b>发生了什么：</b>周五，巴克莱维持Workday的跑赢大盘评级，并将目标价从309美元上调至340美元。</blockquote></p><p> <b>What Workday Does:</b>Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.</p><p><blockquote><b>Workday的作用：</b>Workday是一家软件公司，提供人力资本管理（HCM）、财务管理和业务规划解决方案。Workday以纯云软件提供商而闻名，总部位于加利福尼亚州普莱森顿。</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>4 Stocks Insiders Are Selling<blockquote>内部人士正在抛售的4只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Stocks Insiders Are Selling<blockquote>内部人士正在抛售的4只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-09-20 21:19</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.</p><p><blockquote>当内部人士出售股票时，表明他们对公司前景的担忧，或者他们认为股票定价过高。无论哪种方式，这都标志着做空该股票的机会。内幕交易不应被视为做出投资或交易决策的唯一指标。充其量，它可以为销售决策提供信心。</blockquote></p><p> Below is a look at a few recent notable insider sales.</p><p><blockquote>以下是最近一些值得注意的内幕交易。</blockquote></p><p> <b>International Money Express</b></p><p><blockquote><b>国际货币快递</b></blockquote></p><p> <b>The Trade:International Money <a href=\"https://laohu8.com/S/EXPR\">Express, Inc.</a></b>&nbsp;IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincon<i>disposed a total of 57719 shares</i>at an average price of $17.01. The insider received $981,903.03 as a result of the transaction.</p><p><blockquote><b>贸易：国际货币<a href=\"https://laohu8.com/S/EXPR\">快递公司。</a></b>IMXI+未定义%（获取IMXI的免费提醒）导演John Rincon<i>出售合共57719股</i>平均价格为17.01美元。该内部人士通过交易获得了981,903.03美元。</blockquote></p><p> <b>What’s Happening:</b>International Money Express, last month announced a $40 million buyback program.</p><p><blockquote><b>发生了什么：</b>国际货币快递上个月宣布了一项4000万美元的回购计划。</blockquote></p><p> <b>What International Money Express Does:</b>International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).</p><p><blockquote><b>国际货币快递的作用：</b>国际货币快递是美国向拉丁美洲走廊（LAC）汇款服务的处理商。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> </b></p><p><blockquote><b><a href=\"https://laohu8.com/S/SKX\">斯凯奇美国</a></b></blockquote></p><p> <b>The Trade:Skechers U.S.A., Inc.</b>&nbsp;SKX+0.02%Director Jeffrey Greenberg<i>sold a total of 50000 shares</i>at an average price of $45.38. The insider received $2,269,140.00 from selling those shares.</p><p><blockquote><b>行业：斯凯奇美国公司。</b>SKX+0.02%董事杰弗里·格林伯格<i>共卖出50000股</i>平均价格为45.38美元。内部人士通过出售这些股票获得了2,269,140.00美元。</blockquote></p><p> <b>What’s Happening:</b>The company, in July, said it swung to a profit for the second quarter.</p><p><blockquote><b>发生了什么：</b>该公司7月份表示，第二季度扭亏为盈。</blockquote></p><p> <b>What Skechers Does:</b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> is a lifestyle footwear company under the Skechers GO brand name.</p><p><blockquote><b>斯凯奇做什么：</b><a href=\"https://laohu8.com/S/SKX\">斯凯奇美国</a>是斯凯奇围棋品牌下的生活方式鞋类公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CROX\">Crocs</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/CROX\">卡骆驰</a></b></blockquote></p><p> <b>The Trade:Crocs, Inc.</b>&nbsp;CROX+0.02%Director Ronald Frasch<i>sold a total of 33000 shares</i>at an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.</p><p><blockquote><b>行业：鳄鱼公司。</b>CROX+0.02%董事Ronald Frasch<i>共卖出3.3万股</i>平均价格为153.92美元。该内部人士通过交易获得了5,079,387.66美元。</blockquote></p><p> <b>What’s Happening:</b>Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.</p><p><blockquote><b>发生了什么：</b>Crocs首席执行官Andrew Rees最近表示，预计到2026年，Crocs品牌的销售额将增长到50亿美元以上。</blockquote></p><p> <b>What Crocs Does:</b>Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.</p><p><blockquote><b>Crocs的作用：</b>Crocs从事男士、女士和儿童休闲生活方式鞋类配件的设计、开发、营销、分销和销售。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <b>The Trade:Workday, Inc.</b>&nbsp;WDAY+0.02%Director David Duffield<i>sold a total of 108900 shares</i>at an average price of $269.37. The insider received $29,334,827.31 from selling those shares.</p><p><blockquote><b>行业：Workday公司。</b>WDAY+0.02%董事大卫·达菲尔德<i>共卖出10.89万股</i>平均价格为269.37美元。内部人士通过出售这些股票获得了29,334,827.31美元。</blockquote></p><p> <b>What’s Happening:</b>Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.</p><p><blockquote><b>发生了什么：</b>周五，巴克莱维持Workday的跑赢大盘评级，并将目标价从309美元上调至340美元。</blockquote></p><p> <b>What Workday Does:</b>Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.</p><p><blockquote><b>Workday的作用：</b>Workday是一家软件公司，提供人力资本管理（HCM）、财务管理和业务规划解决方案。Workday以纯云软件提供商而闻名，总部位于加利福尼亚州普莱森顿。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WDAY":"Workday","SKX":"斯凯奇","IMXI":"国际货币快递","EXPR":"Express, Inc.","CORX":"2x Corn ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131742866","content_text":"When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.\nBelow is a look at a few recent notable insider sales.\nInternational Money Express\nThe Trade:International Money Express, Inc. IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincondisposed a total of 57719 sharesat an average price of $17.01. The insider received $981,903.03 as a result of the transaction.\nWhat’s Happening:International Money Express, last month announced a $40 million buyback program.\nWhat International Money Express Does:International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).\nSkechers USA \nThe Trade:Skechers U.S.A., Inc. SKX+0.02%Director Jeffrey Greenbergsold a total of 50000 sharesat an average price of $45.38. The insider received $2,269,140.00 from selling those shares.\nWhat’s Happening:The company, in July, said it swung to a profit for the second quarter.\nWhat Skechers Does:Skechers USA is a lifestyle footwear company under the Skechers GO brand name.\nCrocs\nThe Trade:Crocs, Inc. CROX+0.02%Director Ronald Fraschsold a total of 33000 sharesat an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.\nWhat’s Happening:Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.\nWhat Crocs Does:Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.\nWorkday\nThe Trade:Workday, Inc. WDAY+0.02%Director David Duffieldsold a total of 108900 sharesat an average price of $269.37. The insider received $29,334,827.31 from selling those shares.\nWhat’s Happening:Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.\nWhat Workday Does:Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.","news_type":1,"symbols_score_info":{"WDAY":0.9,"IMXI":0.9,"EXPR":0.9,"SKX":0.9,"CORX":0.9}},"isVote":1,"tweetType":1,"viewCount":534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884866462,"gmtCreate":1631879915756,"gmtModify":1632805631360,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thank you 😊&nbsp;","listText":"Pls like &amp; comment, thank you 😊&nbsp;","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/884866462","repostId":"1101041809","repostType":4,"repost":{"id":"1101041809","kind":"news","pubTimestamp":1631878190,"share":"https://www.laohu8.com/m/news/1101041809?lang=zh_CN&edition=full","pubTime":"2021-09-17 19:29","market":"us","language":"en","title":"AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101041809","media":"Seeking Alpha","summary":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD在过去几年中改变了其业务和财务状况，现已成为半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要是由其产品组合推动的，该产品组合使AMD能够报告创纪录的收入和收益。</li><li>与Nvidia或ASML相比，它的估值较低，我的目标价是到2024年底每股215美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微设备公司</b>（AMD）是长期半导体增长主题中的一个很好的选择，因为它增长强劲，与其他在各自领域处于领先地位的公司相比估值合理，并且在未来三年具有强大的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元(APU)和图形处理单元(GPU)提供微处理器。其主要竞争对手是<b>英特尔</b>(INTC)和<b>英伟达</b>(NVDA)，历史上一直是各自领域（CPU和GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有一家公司占其年收入的10%以上，而且超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年10月，AMD签订了intoan协议，收购<b>Xilinx</b>(XLNX)，当时的全股票交易价值350亿美元。此次收购的战略理由是增强AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，并将带来成本协同效应以及更强的创新和产品差异化，这对AMD未来的增长和盈利能力来说是个好兆头。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD的成长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在上一篇关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长整个行业。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据MarketWatch的数据，半导体行业预计在2021-28年期间将以8.6%的复合年增长率(CAGR)增长，其中逻辑领域是主要的增长动力，这对AMD的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力之外，AMD还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位显着提高。虽然英特尔多年来一直是PC领域的领先芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏崛起的主要参与者，这些都是不断增长的市场，AMD的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的潜在市场总额约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中获得了大量增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD在多个应用程序中的产品组合的支持，这些应用程序目前在性能方面处于领先地位，例如，性能对于个人和企业客户来说都是一个关键因素，而能效对于数据中心客户来说更为重要。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年期间，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，这表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对AMD在不久的将来的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领导地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着AMD处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管该行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于2023年进入高性能计算的CPU市场），因此行业格局可能会发生相当快的变化，任何参与者都不应认为自己能够长期拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了在数据中心、PC和游戏领域的增长机会外，AMD在汽车行业也有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA)在Model S/X信息娱乐系统中成为英特尔的客户，尽管其在汽车行业的影响力仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强AMD在汽车等新行业的地位，AMD大约一年前同意收购Xilinx，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使AMD的潜在市场总额增加到约1100亿美元，预计在产生协同效应之前将实现财务增值，这使得这笔交易对AMD来说非常有趣。目前还不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会对这笔交易表示欢迎。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>就其财务业绩而言，AMD拥有非常良好的历史，尤其是在过去几年。在公司改进的产品组合的支持下，AMD的收入和盈利显着增长，该公司去年公布了创纪录的业绩。尽管如此，AMD的收入从2016年到2020年以22%的复合年增长率增长，这表明AMD能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD确认了与递延税资产相关的13亿美元税收收益，因此其“干净”净利润接近12亿美元，但与2019年（净利润3.41亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其收入增长大部分来自计算和图形业务的销量增加，这受到2020年多款产品发布的推动，但也来自大流行导致对消费电子和游戏产品的需求增加，以及数据中心领域的收入增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下季度新纪录，毛利率增至48%，净利润达7.1亿美元（同比增长350%），自由现金流本季度达到8.88亿美元的新纪录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的业绩是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长160%，表明AMD的产品组合质量上乘，正在赢得超过竞争对手的市场份额，尤其是在数据中心领域。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>数据中心的这种强劲增长预计不会很快改变，因为AMD显然在技术上领先于其主要竞争对手英特尔，在我看来，这与台积电强大的制造能力密不可分。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电的生产能力是目前业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在技术发展方面遇到了几次挫折，即7纳米工艺延迟，预计在未来2-3年内不会与台积电持平。此外，台积电已经在研究3纳米工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5纳米工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中表现得很明显，AMD在数据中心领域的收入增长让英特尔相形见绌，而在过去几年中，数据中心一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”中所讨论的那样，英特尔最近关于其产品组合的公告没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>未来，AMD的增长率应该会开始下降，因为年度比较变得更加困难，但中期增长前景仍然相当不错。确实，据分析师的估算，AMD 2021年营收有望约为156亿美元（同比+60%），而未来四年年增长率应该会下降至15-20%之间，至2025年营收约280亿美元。这意味着未来四年的复合年增长率约为16%，这仍然相当不错。然而，这些预期不包括即将与Xilinx的合并，如果交易继续进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长之外，AMD的利润率预计也将有所改善，因为其2020年的毛利率为45%，并且在2023年之后应该会持续高于50%。这意味着在此期间，盈利增长应该略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本的增长速度应该低于收入，此外，通过整合赛灵思实现的协同效应，其利润率甚至可能高于目前预期。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至6月底AMD拥有37.9亿美元的现金和现金等价物，而其总债务仅为3.13亿美元，AMD的状况非常好。这一财务状况比几年前有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思也拥有强劲的净现金状况，合并后公司的现金流生成将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着AMD如今处于有利地位，可以为股东带来强劲的资本回报，而过去其股东薪酬政策则较弱。AMD不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>然而，我认为未来几年股息分配是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是AMD管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为这将吸引更加多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD最近的增长令人印象深刻，其财务状况相当强劲，与几年前相比发生了巨大的转变。AMD在半导体行业拥有强大的产品组合和良好的竞争地位，处于有利地位，可以驾驭该行业未来十年预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，AMD的市盈率约为未来12个月预期收益的36倍，低于半导体行业的其他长期增长公司，例如Nvidia或<b>ASML</b>(ASML)的预期市盈率接近50倍，因此相对而言具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，从绝对的角度来看，我的估值方法是关注未来几年的收入和盈利，而不仅仅是关注今年或明年，看看该股在2-4年的时间范围内是否有上涨潜力。因此，2025年将根据未来12个月的收益（混合远期收益）来估计AMD目前是否被低估及其过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为42倍，考虑到2025年每股收益预期5.06美元，我对2024年底的目标价为每股215美元，仅为AMD的两倍多目前的股价。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</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>AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD股票：半导体行业最佳长期增长股票之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-17 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD在过去几年中改变了其业务和财务状况，现已成为半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要是由其产品组合推动的，该产品组合使AMD能够报告创纪录的收入和收益。</li><li>与Nvidia或ASML相比，它的估值较低，我的目标价是到2024年底每股215美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微设备公司</b>（AMD）是长期半导体增长主题中的一个很好的选择，因为它增长强劲，与其他在各自领域处于领先地位的公司相比估值合理，并且在未来三年具有强大的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元(APU)和图形处理单元(GPU)提供微处理器。其主要竞争对手是<b>英特尔</b>(INTC)和<b>英伟达</b>(NVDA)，历史上一直是各自领域（CPU和GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有一家公司占其年收入的10%以上，而且超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年10月，AMD签订了intoan协议，收购<b>Xilinx</b>(XLNX)，当时的全股票交易价值350亿美元。此次收购的战略理由是增强AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，并将带来成本协同效应以及更强的创新和产品差异化，这对AMD未来的增长和盈利能力来说是个好兆头。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD的成长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在上一篇关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长整个行业。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据MarketWatch的数据，半导体行业预计在2021-28年期间将以8.6%的复合年增长率(CAGR)增长，其中逻辑领域是主要的增长动力，这对AMD的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力之外，AMD还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位显着提高。虽然英特尔多年来一直是PC领域的领先芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏崛起的主要参与者，这些都是不断增长的市场，AMD的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的潜在市场总额约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中获得了大量增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD在多个应用程序中的产品组合的支持，这些应用程序目前在性能方面处于领先地位，例如，性能对于个人和企业客户来说都是一个关键因素，而能效对于数据中心客户来说更为重要。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年期间，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，这表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对AMD在不久的将来的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领导地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着AMD处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管该行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于2023年进入高性能计算的CPU市场），因此行业格局可能会发生相当快的变化，任何参与者都不应认为自己能够长期拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了在数据中心、PC和游戏领域的增长机会外，AMD在汽车行业也有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA)在Model S/X信息娱乐系统中成为英特尔的客户，尽管其在汽车行业的影响力仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强AMD在汽车等新行业的地位，AMD大约一年前同意收购Xilinx，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使AMD的潜在市场总额增加到约1100亿美元，预计在产生协同效应之前将实现财务增值，这使得这笔交易对AMD来说非常有趣。目前还不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会对这笔交易表示欢迎。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>就其财务业绩而言，AMD拥有非常良好的历史，尤其是在过去几年。在公司改进的产品组合的支持下，AMD的收入和盈利显着增长，该公司去年公布了创纪录的业绩。尽管如此，AMD的收入从2016年到2020年以22%的复合年增长率增长，这表明AMD能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD确认了与递延税资产相关的13亿美元税收收益，因此其“干净”净利润接近12亿美元，但与2019年（净利润3.41亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其收入增长大部分来自计算和图形业务的销量增加，这受到2020年多款产品发布的推动，但也来自大流行导致对消费电子和游戏产品的需求增加，以及数据中心领域的收入增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下季度新纪录，毛利率增至48%，净利润达7.1亿美元（同比增长350%），自由现金流本季度达到8.88亿美元的新纪录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的业绩是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长160%，表明AMD的产品组合质量上乘，正在赢得超过竞争对手的市场份额，尤其是在数据中心领域。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>数据中心的这种强劲增长预计不会很快改变，因为AMD显然在技术上领先于其主要竞争对手英特尔，在我看来，这与台积电强大的制造能力密不可分。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电的生产能力是目前业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在技术发展方面遇到了几次挫折，即7纳米工艺延迟，预计在未来2-3年内不会与台积电持平。此外，台积电已经在研究3纳米工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5纳米工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中表现得很明显，AMD在数据中心领域的收入增长让英特尔相形见绌，而在过去几年中，数据中心一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”中所讨论的那样，英特尔最近关于其产品组合的公告没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>未来，AMD的增长率应该会开始下降，因为年度比较变得更加困难，但中期增长前景仍然相当不错。确实，据分析师的估算，AMD 2021年营收有望约为156亿美元（同比+60%），而未来四年年增长率应该会下降至15-20%之间，至2025年营收约280亿美元。这意味着未来四年的复合年增长率约为16%，这仍然相当不错。然而，这些预期不包括即将与Xilinx的合并，如果交易继续进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长之外，AMD的利润率预计也将有所改善，因为其2020年的毛利率为45%，并且在2023年之后应该会持续高于50%。这意味着在此期间，盈利增长应该略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本的增长速度应该低于收入，此外，通过整合赛灵思实现的协同效应，其利润率甚至可能高于目前预期。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至6月底AMD拥有37.9亿美元的现金和现金等价物，而其总债务仅为3.13亿美元，AMD的状况非常好。这一财务状况比几年前有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思也拥有强劲的净现金状况，合并后公司的现金流生成将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着AMD如今处于有利地位，可以为股东带来强劲的资本回报，而过去其股东薪酬政策则较弱。AMD不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>然而，我认为未来几年股息分配是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是AMD管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为这将吸引更加多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD最近的增长令人印象深刻，其财务状况相当强劲，与几年前相比发生了巨大的转变。AMD在半导体行业拥有强大的产品组合和良好的竞争地位，处于有利地位，可以驾驭该行业未来十年预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，AMD的市盈率约为未来12个月预期收益的36倍，低于半导体行业的其他长期增长公司，例如Nvidia或<b>ASML</b>(ASML)的预期市盈率接近50倍，因此相对而言具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，从绝对的角度来看，我的估值方法是关注未来几年的收入和盈利，而不仅仅是关注今年或明年，看看该股在2-4年的时间范围内是否有上涨潜力。因此，2025年将根据未来12个月的收益（混合远期收益）来估计AMD目前是否被低估及其过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为42倍，考虑到2025年每股收益预期5.06美元，我对2024年底的目标价为每股215美元，仅为AMD的两倍多目前的股价。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101041809","content_text":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.\nIts recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.\nIt is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.\n\nJHVEPhoto/iStock Editorial via Getty Images\nAdvanced Micro Devices(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.\nAMD Overview\nAMD is a semiconductor company offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are Intel(INTC) and Nvidia(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.\nAMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the Taiwan Semiconductor Manufacturing Company(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.\nLast October, AMD entered intoan agreement to acquire Xilinx(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.\nAMD's Growth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.\nIndeed, according to MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.\nBeyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.\nAMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.\nSource: AMD.\nThis is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.\nDuring 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.\nThis bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.\nFor long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.\nBeyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain Tesla(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.\nTo strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.\nSource: AMD.\nAMD Financial Performance\nRegarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.\nIn 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).\nMost of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.\nDuring the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.\nSource: AMD.\nThis outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.\nThis strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.\nOn the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.\nThis competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.\nMore recently, there were some rumors about possible price cuts from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.\nGoing forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.\nBeyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.\nAMD Balance Sheet & Capital Returns\nRegarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.\nThis means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.\nHowever, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.\nBottom Line\nAMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.\nDespite these strong fundamentals, AMD is tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or ASML(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.\nMoreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).\nIts historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883529343,"gmtCreate":1631256942582,"gmtModify":1631891351851,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like thank you 😊&nbsp;","listText":"Pls like thank you 😊&nbsp;","text":"Pls like thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/883529343","repostId":"2166120346","repostType":4,"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807360186,"gmtCreate":1628000852845,"gmtModify":1631891351886,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thankss 😊","listText":"Pls like &amp; comment, thankss 😊","text":"Pls like & comment, thankss 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807360186","repostId":"1181392592","repostType":4,"repost":{"id":"1181392592","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627999893,"share":"https://www.laohu8.com/m/news/1181392592?lang=zh_CN&edition=full","pubTime":"2021-08-03 22:11","market":"us","language":"en","title":"EV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181392592","media":"Tiger Newspress","summary":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","content":"<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉跌0.22%，蔚来跌3.45%，理想汽车跌近5%，小鹏汽车跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks tumbled in morning trading<blockquote>电动汽车股早盘暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 22:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉跌0.22%，蔚来跌3.45%，理想汽车跌近5%，小鹏汽车跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181392592","content_text":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":845105597,"gmtCreate":1636296413321,"gmtModify":1636296413697,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls comment &amp; like, thank you :)&nbsp;","listText":"Pls comment &amp; like, thank you :)&nbsp;","text":"Pls comment & like, thank you :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/845105597","repostId":"2181074782","repostType":4,"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853994168,"gmtCreate":1634750769485,"gmtModify":1634750769866,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Crazy","listText":"Crazy","text":"Crazy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/853994168","repostId":"1181418547","repostType":4,"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":830152441,"gmtCreate":1629035550083,"gmtModify":1631891351854,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830152441","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</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>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"NVDA":"英伟达","AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"INTC":0.9,"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355372665,"gmtCreate":1617031656457,"gmtModify":1634523003203,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Hold strong and for the long term 💪🙌","listText":"Hold strong and for the long term 💪🙌","text":"Hold strong and for the long term 💪🙌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/355372665","repostId":"1192930137","repostType":4,"repost":{"id":"1192930137","kind":"news","pubTimestamp":1617021734,"share":"https://www.laohu8.com/m/news/1192930137?lang=zh_CN&edition=full","pubTime":"2021-03-29 20:42","market":"us","language":"en","title":"ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金进行了持仓洗牌。这对投资者意味着什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192930137","media":"Barron's","summary":"Pretty much everything changed in 2020—some things more than others.The ARK Innovation exchange-trad","content":"<p>Pretty much everything changed in 2020—some things more than others.</p><p><blockquote>2020年，几乎所有事情都发生了变化——有些事情比其他事情变化更大。</blockquote></p><p>The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.</p><p><blockquote>ARK Innovation交易所交易基金（股票代码：ARKK）从2019年回报率为36%的有点沉睡的主动管理基金，成为2020年表现最好的基金，回报率为153%，使其经理、ARK Investment创始人Cathie Wood成为家喻户晓的名字。但ARK Innovation 2021年的日子很艰难：这只价值220亿美元的ETF在2月中旬又上涨26%后，在过去六周内暴跌，今年迄今已下跌9%。投资者需要了解过去一年发生的巨大投资组合变化，以了解他们拥有什么并确定基金在其投资组合中的作用。</blockquote></p><p>For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.</p><p><blockquote>首先：一年前，方舟创新还是一只小公司基金。如今，它已成为稳定的中型股，51%的资产投资于大公司股票。其持有的平均市值已从去年3月的50亿美元增至2月底的390亿美元。这在很大程度上是由于持有量增加了多少。值得注意的是，即使在最近的回调之后，顶级控股特斯拉(TSLA)在过去一年中的回报率仍为500%。</blockquote></p><p>Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”</p><p><blockquote>许多主动型基金对其可以购买和继续拥有的公司规模都有限制。方舟创新没有这样的约束。它向市值范围内上下波动的股票开放——从5,940亿美元的特斯拉到10亿美元的Cerus(CERS)。ARK的客户投资组合经理Ren Leggi表示：“我们并不真正关注市值。我们对此非常不可知。”“我们正在研究创新将带我们走向何方。”</blockquote></p><p>The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).</p><p><blockquote>其现有持股的增长只能部分解释该基金倾向于大型股票的原因。在过去的几个月里，ARK Innovation还一直在出售小型公司的股票，其中许多是生物技术公司，包括Organovo Holdings(ONVO)、Seres Therapeutics(MCRB)、Compugen(CGEN)和Editas Medicine(EDIT)。</blockquote></p><p>Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.</p><p><blockquote>与此同时，该基金增持了大量大型互联网股票，如PayPal Holdings(PYPL)、Shopify(SHOP)、Zoom Video通信(ZM)；以及腾讯控股控股(TCEHY)、百度(BIDU)、Sea(SE)和任天堂(NTDOY)等外国公司。去年7月，该ETF没有拥有这些名字。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e1bf566255ea478e6111c62695a5ade\" tg-width=\"677\" tg-height=\"357\" referrerpolicy=\"no-referrer\">The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.</p><p><blockquote>最近的交易也改变了方舟创新的行业构成。2020年3月，生物技术和诊断是该基金最大的行业，分别占投资组合的22%和15%。截至2月底，生物技术仅占14%，诊断技术仅占8%。</blockquote></p><p>Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.</p><p><blockquote>与此同时，方舟创新增加了互联网和软件股票的资产——从2020年3月各占6%，增加到2月份的15%和9%。截至去年10月，Shopify尚未纳入ARK Innovation，但现在是该基金第八大股票，权重为3.1%。</blockquote></p><p>Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.</p><p><blockquote>晨星公司投资组合策略师艾米·阿诺特(Amy Arnott)表示，尽管如此，与中型成长类同行相比，方舟创新相对偏重医疗保健，轻科技。</blockquote></p><p>Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.</p><p><blockquote>一些人怀疑向大公司的转变是方舟创新前所未有的增长的结果。该基金在过去一年吸引了160亿美元的新资产。如果这笔钱投资于规模较小的公司，方舟在这些公司的股份可能会迅速增加到危险的水平。从这个角度来看，将资金投入流动性更强的大盘股似乎是一个更安全的选择。“他们的规模越大，就越难在小盘股中建立有意义的头寸，”阿诺特说。</blockquote></p><p>ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.</p><p><blockquote>ARK否认最近的交易决策与产能有任何关系，称这些举措是由信念、估值和战术考虑驱动的。例如，ARK Innovation退出了DNA测序公司Millumina(ILMN)（曾经是仅次于特斯拉的第二大控股公司），并增加了竞争对手加州太平洋生物科学公司(PACB)，因为它看到了从短阅读到长阅读基因组测序的颠覆性转变，莱吉说。它出售了其他品牌，因为与同行相比，它们变得太贵了。</blockquote></p><p>The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.</p><p><blockquote>莱吉表示，该公司自去年以来也一直在为市场调整做准备，增持大盘股的目的是提供下行保护和类似现金的储备，以便在经济低迷时期以低价购买信誉良好的股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0c6368f23c2e33e58f63f2868e48ee2b\" tg-width=\"644\" tg-height=\"344\" referrerpolicy=\"no-referrer\">A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.</p><p><blockquote>投资组合特征的转变——从小盘股到中盘股，更多的医疗保健到更多的互联网——意味着方舟创新未来的波动性可能会更小。许多生物技术公司在产品获得批准之前缺乏现金流或收入，而互联网公司通常在市场上有一些产品或服务。</blockquote></p><p>This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”</p><p><blockquote>这可能意味着ARK今年的表现看起来更像2019年，而不是2020年。阿诺特表示：“它仍然是一只非常激进的增长基金，但随着资产的增加，基金可能更难维持其业绩优势。”</blockquote></p><p></p><p>Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.</p><p><blockquote>Leggi表示，规模更大的公司并不一定意味着增长更少：ARK刚刚发布了到2025年特斯拉的更新价格目标，为3,000美元，比目前的价格高出385%。莱吉表示，事实上，在某些行业，更早、更大的颠覆者已经站稳脚跟，小竞争对手很难竞争。</blockquote></p><p>“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”</p><p><blockquote>“已经有许多规模较小的电动汽车制造商通过SPAC上市，”他说，他指的是特殊目的收购公司，本质上是用来让私营公司上市的空壳公司。“我们不投资它们，因为我们认为它们不适合成为新的领导者，因为它们的资本密集型程度很高。特斯拉遥遥领先。我们的投资组合中不太可能出现那么多小盘股敞口。”</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金进行了持仓洗牌。这对投资者意味着什么</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\">\nARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金进行了持仓洗牌。这对投资者意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-03-29 20:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pretty much everything changed in 2020—some things more than others.</p><p><blockquote>2020年，几乎所有事情都发生了变化——有些事情比其他事情变化更大。</blockquote></p><p>The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.</p><p><blockquote>ARK Innovation交易所交易基金（股票代码：ARKK）从2019年回报率为36%的有点沉睡的主动管理基金，成为2020年表现最好的基金，回报率为153%，使其经理、ARK Investment创始人Cathie Wood成为家喻户晓的名字。但ARK Innovation 2021年的日子很艰难：这只价值220亿美元的ETF在2月中旬又上涨26%后，在过去六周内暴跌，今年迄今已下跌9%。投资者需要了解过去一年发生的巨大投资组合变化，以了解他们拥有什么并确定基金在其投资组合中的作用。</blockquote></p><p>For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.</p><p><blockquote>首先：一年前，方舟创新还是一只小公司基金。如今，它已成为稳定的中型股，51%的资产投资于大公司股票。其持有的平均市值已从去年3月的50亿美元增至2月底的390亿美元。这在很大程度上是由于持有量增加了多少。值得注意的是，即使在最近的回调之后，顶级控股特斯拉(TSLA)在过去一年中的回报率仍为500%。</blockquote></p><p>Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”</p><p><blockquote>许多主动型基金对其可以购买和继续拥有的公司规模都有限制。方舟创新没有这样的约束。它向市值范围内上下波动的股票开放——从5,940亿美元的特斯拉到10亿美元的Cerus(CERS)。ARK的客户投资组合经理Ren Leggi表示：“我们并不真正关注市值。我们对此非常不可知。”“我们正在研究创新将带我们走向何方。”</blockquote></p><p>The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).</p><p><blockquote>其现有持股的增长只能部分解释该基金倾向于大型股票的原因。在过去的几个月里，ARK Innovation还一直在出售小型公司的股票，其中许多是生物技术公司，包括Organovo Holdings(ONVO)、Seres Therapeutics(MCRB)、Compugen(CGEN)和Editas Medicine(EDIT)。</blockquote></p><p>Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.</p><p><blockquote>与此同时，该基金增持了大量大型互联网股票，如PayPal Holdings(PYPL)、Shopify(SHOP)、Zoom Video通信(ZM)；以及腾讯控股控股(TCEHY)、百度(BIDU)、Sea(SE)和任天堂(NTDOY)等外国公司。去年7月，该ETF没有拥有这些名字。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e1bf566255ea478e6111c62695a5ade\" tg-width=\"677\" tg-height=\"357\" referrerpolicy=\"no-referrer\">The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.</p><p><blockquote>最近的交易也改变了方舟创新的行业构成。2020年3月，生物技术和诊断是该基金最大的行业，分别占投资组合的22%和15%。截至2月底，生物技术仅占14%，诊断技术仅占8%。</blockquote></p><p>Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.</p><p><blockquote>与此同时，方舟创新增加了互联网和软件股票的资产——从2020年3月各占6%，增加到2月份的15%和9%。截至去年10月，Shopify尚未纳入ARK Innovation，但现在是该基金第八大股票，权重为3.1%。</blockquote></p><p>Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.</p><p><blockquote>晨星公司投资组合策略师艾米·阿诺特(Amy Arnott)表示，尽管如此，与中型成长类同行相比，方舟创新相对偏重医疗保健，轻科技。</blockquote></p><p>Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.</p><p><blockquote>一些人怀疑向大公司的转变是方舟创新前所未有的增长的结果。该基金在过去一年吸引了160亿美元的新资产。如果这笔钱投资于规模较小的公司，方舟在这些公司的股份可能会迅速增加到危险的水平。从这个角度来看，将资金投入流动性更强的大盘股似乎是一个更安全的选择。“他们的规模越大，就越难在小盘股中建立有意义的头寸，”阿诺特说。</blockquote></p><p>ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.</p><p><blockquote>ARK否认最近的交易决策与产能有任何关系，称这些举措是由信念、估值和战术考虑驱动的。例如，ARK Innovation退出了DNA测序公司Millumina(ILMN)（曾经是仅次于特斯拉的第二大控股公司），并增加了竞争对手加州太平洋生物科学公司(PACB)，因为它看到了从短阅读到长阅读基因组测序的颠覆性转变，莱吉说。它出售了其他品牌，因为与同行相比，它们变得太贵了。</blockquote></p><p>The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.</p><p><blockquote>莱吉表示，该公司自去年以来也一直在为市场调整做准备，增持大盘股的目的是提供下行保护和类似现金的储备，以便在经济低迷时期以低价购买信誉良好的股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0c6368f23c2e33e58f63f2868e48ee2b\" tg-width=\"644\" tg-height=\"344\" referrerpolicy=\"no-referrer\">A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.</p><p><blockquote>投资组合特征的转变——从小盘股到中盘股，更多的医疗保健到更多的互联网——意味着方舟创新未来的波动性可能会更小。许多生物技术公司在产品获得批准之前缺乏现金流或收入，而互联网公司通常在市场上有一些产品或服务。</blockquote></p><p>This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”</p><p><blockquote>这可能意味着ARK今年的表现看起来更像2019年，而不是2020年。阿诺特表示：“它仍然是一只非常激进的增长基金，但随着资产的增加，基金可能更难维持其业绩优势。”</blockquote></p><p></p><p>Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.</p><p><blockquote>Leggi表示，规模更大的公司并不一定意味着增长更少：ARK刚刚发布了到2025年特斯拉的更新价格目标，为3,000美元，比目前的价格高出385%。莱吉表示，事实上，在某些行业，更早、更大的颠覆者已经站稳脚跟，小竞争对手很难竞争。</blockquote></p><p>“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”</p><p><blockquote>“已经有许多规模较小的电动汽车制造商通过SPAC上市，”他说，他指的是特殊目的收购公司，本质上是用来让私营公司上市的空壳公司。“我们不投资它们，因为我们认为它们不适合成为新的领导者，因为它们的资本密集型程度很高。特斯拉遥遥领先。我们的投资组合中不太可能出现那么多小盘股敞口。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/ark-innovation-fund-has-reshuffled-its-holdings-what-that-means-for-investors-51616800226?mod=mw_more_headlines\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/articles/ark-innovation-fund-has-reshuffled-its-holdings-what-that-means-for-investors-51616800226?mod=mw_more_headlines","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192930137","content_text":"Pretty much everything changed in 2020—some things more than others.The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806646741,"gmtCreate":1627655237483,"gmtModify":1631891351889,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment thank you 😊","listText":"Pls like &amp; comment thank you 😊","text":"Pls like & comment thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/806646741","repostId":"1157771608","repostType":4,"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148797389,"gmtCreate":1626014704241,"gmtModify":1631891351884,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148797389","repostId":"1135090843","repostType":4,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114487035,"gmtCreate":1623088547627,"gmtModify":1631893820331,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/114487035","repostId":"1187003503","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":630643662,"gmtCreate":1642841587245,"gmtModify":1642841587483,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like and comment, thank you :))&nbsp;","listText":"Pls like and comment, thank you :))&nbsp;","text":"Pls like and comment, thank you :))","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/630643662","repostId":"2205441860","repostType":4,"isVote":1,"tweetType":1,"viewCount":3281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844043349,"gmtCreate":1636380221748,"gmtModify":1636380294592,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Drop more so I can top it up!!&nbsp;","listText":"Drop more so I can top it up!!&nbsp;","text":"Drop more so I can top it up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/844043349","repostId":"2181773705","repostType":4,"isVote":1,"tweetType":1,"viewCount":1807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":121663383,"gmtCreate":1624462151242,"gmtModify":1631893820320,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Def on the lookout&nbsp;","listText":"Def on the lookout&nbsp;","text":"Def on the lookout","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121663383","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860130022,"gmtCreate":1632144797266,"gmtModify":1632802564934,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860130022","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohu8.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周重头戏将是美联储9月政策会议。投资者还将关注多家企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar将于周一公布季度收益，随后Adobe、AutoZone和FedEx将于周二公布业绩。通用磨坊周三上市，然后耐克、埃森哲、好市多批发和达顿餐厅周四上市。本周的投资者日包括周二的Biogen、周三的Weyerhaeuser和周四的Salesforce。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆·鲍威尔的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括周四公布的世界大型企业联合会8月份领先经济指数。美国房地产市场还将发布多项更新，包括周一全国住宅建筑商协会9月份住房市场指数、周二人口普查局8月份新住宅建设数据以及全国房地产经纪人协会现房销售数据。周三八月。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>星期一9/20</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar报告2021财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤内科学会2021年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了9月份的房地产市场指数。经济学家预测为73，比8月份的数据低两个百分点，这是一年多来的最低水平。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>星期二9/21</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone和FedEx发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健(Biogen)举办投资者日活动，讨论其神经科学治疗产品线。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>八月份新住宅建设报告。市场普遍估计，经季节调整后的新屋开工年率为155万套，比7月份的水平高出1%。新屋开工量较今年3月达到的金融危机后172.5万套的峰值有所下降。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9/22星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>FOMC宣布</b>它的货币政策决定。美联储可能会将联邦基金利率维持在接近零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布2022财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股举办2021年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布其货币政策决定。市场普遍预计日本央行将把关键短期利率维持在负0.1%不变，因为由于Covid-19德尔塔变异毒株，东京都和其他地区在9月底之前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份现房销售情况。预计经季节调整后的房屋销售量为578,000套，比7月份的599,000套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>星期四9/23</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>Accenture、Costco Wholesale、Darden Restaurants和Nike在评级召开会议讨论季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com举办2021年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将是参与者之一。Salesforce今年夏天完成了对Slack的280亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布8月份领先经济指数。经济学家预测环比增长0.5%，7月份增长0.9%。世界大型企业联合会目前预计2021年国内生产总值增长6%，2022年增长4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>星期五9/24</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方铁路公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COST":"好市多","ADBE":"Adobe",".DJI":"道琼斯","CRM":"赛富时","NKE":"耐克",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"COST":0.9,".IXIC":0.9,"ADBE":0.9,"FDX":0.9,".SPX":0.9,".DJI":0.9,"CRM":0.9,"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159781455,"gmtCreate":1624980240677,"gmtModify":1631891351913,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Hold strong!","listText":"Hold strong!","text":"Hold strong!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159781455","repostId":"2147343850","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":865724204,"gmtCreate":1633024181284,"gmtModify":1633024181655,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thanks :)&nbsp;","listText":"Pls like &amp; comment, thanks :)&nbsp;","text":"Pls like & comment, thanks :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865724204","repostId":"1143063659","repostType":4,"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893908894,"gmtCreate":1628225928018,"gmtModify":1631891351861,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Pls like &amp; comment, thank you 😊","listText":"Pls like &amp; comment, thank you 😊","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893908894","repostId":"1199377263","repostType":4,"repost":{"id":"1199377263","kind":"news","pubTimestamp":1628222564,"share":"https://www.laohu8.com/m/news/1199377263?lang=zh_CN&edition=full","pubTime":"2021-08-06 12:02","market":"us","language":"en","title":"The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199377263","media":"MarketWatch","summary":"The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered ","content":"<p>The S&amp;P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.</p><p><blockquote>标普500指数继续加速上行。周二创下历史收盘新高。然而，市场的“内部”仍然处于更糟糕的状态。这种情况已经持续了一段时间（至少自6月11日以来），而且这种情况可能会持续一段时间。</blockquote></p><p> But as long as the S&amp;P&nbsp;chart is positive and above support, a “core” long position is recommended.</p><p><blockquote>但只要标普图表为正且高于支撑位，建议建立“核心”多头头寸。</blockquote></p><p> The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.</p><p><blockquote>第一支撑位现在大致在4370。这是SPX抛售然后反弹的最近两天的低点——7月27日和周二（是的，同一天SPX从该水平反弹，然后收于历史新高）。由于它已经过双重测试，这使它成为一个可行的支撑位。盘中历史高点4430有阻力。</blockquote></p><p> You can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.</p><p><blockquote>你可以从附图中看到，自7月23日以来，SPX一直处于相当正确的交易状态——在4370到4430之间。</blockquote></p><p> A breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.</p><p><blockquote>突破该范围将具有重要意义。如果它向下突破，这将对SPX图表不利。在此下方，主要支撑区域位于4233点，跌破4370点后可能会很快受到测试。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fde9899a8fd1227a022dfe59858d4c5\" tg-width=\"699\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> So the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).</p><p><blockquote>因此，SPX图表仍然是积极的，但有一个麦克米兰波动带（MVB）卖出信号（图表上的绿色“S”）。</blockquote></p><p> Now let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.</p><p><blockquote>现在让我们看看一些包含大量股票的指标。你会发现他们远没有那么积极。首先是仅股票的看跌看涨期权比率。这些价格已经上涨了一个月，这意味着在此期间它们一直在发出卖出信号。相对于看涨期权交易量，看跌交易量一直很大，这就是导致这些比率上升的原因。看起来标准比率的图表中有轻微的“波动”，但计算机分析程序说这并不显著。</blockquote></p><p> The larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.</p><p><blockquote>这里更大的情况是，随着许多股票下跌，期权交易者一直在购买这些股票的看跌期权，迫使这些仅股票的看跌期权与看涨期权比率走高。只要比率上升，它们就会保持卖出信号。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87099f2be31d9ce51b1b0c4708a9f046\" tg-width=\"699\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f08da61f702fd9abb483cd1d8f5b4ba\" tg-width=\"700\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> Market breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).</p><p><blockquote>自6月中旬以来，市场广度（上涨减去下跌）一直很糟糕。也就是说，大多数股票都在下跌，尽管SPX在上涨。事实上，推动这个市场的是少数大盘股纳斯达克股票（FAANG股票加上微软是最强的股票）。</blockquote></p><p> Things have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.</p><p><blockquote>过去几周情况有所改善，因此我们的宽度振荡器发出买入信号，但仍处于负值区域。通常情况下，当SPX创下历史新高时，宽度振荡指标将进入正值区域，反映出整体市场强劲。但现在情况并非如此。</blockquote></p><p> Moreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.</p><p><blockquote>此外，自6月11日以来，累计广度（每日涨幅减去跌幅）尚未创下历史新高。此后，SPX已连续19个交易日创下收盘或盘中新高。这是一个巨大的负面市场背离，但它本身并不是卖出信号。相反，这是一个强烈的警告，要保持警惕——避免自满。</blockquote></p><p> New 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.</p><p><blockquote>纽交所52周新高继续领涨52周新低。最近，有一些孤立的日子，使用纳斯达克或“仅股票”数据，新低超过新高，但使用纽约证券交易所数据时则不然。这意味着该指标仍然看涨股市。如果纽交所新低超过新高且足够大，则会转为负值，但这种情况并未发生。</blockquote></p><p> There is a realized volatility sell signal in place, as well. That occurred when the S&amp;P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).</p><p><blockquote>还有一个已实现的波动性卖出信号。这发生在标准普尔20天历史波动率首先跌破8%（6月中旬），然后升至11%以上（7月下旬）。</blockquote></p><p> Implied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.</p><p><blockquote>另一方面，就股市而言，隐含波动率仍处于看涨状态。7月20日的VIX“峰值”买入信号仍然存在。而且，VIX 200日均线仍在下降，远高于VIX的价格。上个月，VIX指数从15点缓慢“攀升”至19点，但这似乎并不是趋势的重大变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3501a851250cf90d4f08e0152a5d9a9\" tg-width=\"700\" tg-height=\"524\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p></p><p> Finally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.</p><p><blockquote>最后，波动性衍生品的结构对股市仍然有利。VIX期货的交易价格高于VIX，这些VIX期货和CBOE波动率指数的期限结构向上倾斜。</blockquote></p><p> The SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.</p><p><blockquote>SPX图表仍然是积极的。这是最重要的事实。在这种情况发生变化之前，建议持有多头“核心”头寸。围绕这一点，人们可以交易确认的信号——买入和卖出。SPX突破4370区域将改变负面影响，但突破4430以上的历史新高将强化看涨理由。</blockquote></p><p> <b>New recommendation: Conditional SPX sell signal</b></p><p><blockquote><b>新建议：有条件SPX卖出信号</b></blockquote></p><p> Based on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:</p><p><blockquote>根据上述文章，我们将列出一些有关在SPX支撑位被突破时采取看跌头寸的参数：</blockquote></p><p> <b>IF SPX trades below 4370 and stays there for an hour,</b></p><p><blockquote><b>如果SPX低于4370并在那里停留一小时，</b></blockquote></p><p> <b>THEN buy 1 SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>然后买入1 SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以下跌25点的价格卖出1 SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> In addition,</p><p><blockquote>此外，</blockquote></p><p> <b>IF SPX closes below 4370,</b></p><p><blockquote><b>如果SPX收盘低于4370，</b></blockquote></p><p> <b>THEN buy another bear spread:</b></p><p><blockquote><b>然后再买一个熊市价差：</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy 1 (more) SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>购买1（更多）SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以较低25点的价格卖出1（更多）SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> Note that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.</p><p><blockquote>请注意，在没有满足第一个条件的情况下，第二个条件（收盘低于4370）可能会发生（如果SPX在交易日晚些时候跌破4370）。如果是这样的话，那么在收盘时买入2个这样的价差。</blockquote></p><p> Finally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.</p><p><blockquote>最后，如果这些价差成立，请在SPX收盘价高于4430时停止所有这些熊市价差。</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>The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</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\">\nThe S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强劲——但这些“内部因素”远没有那么积极</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.</p><p><blockquote>标普500指数继续加速上行。周二创下历史收盘新高。然而，市场的“内部”仍然处于更糟糕的状态。这种情况已经持续了一段时间（至少自6月11日以来），而且这种情况可能会持续一段时间。</blockquote></p><p> But as long as the S&amp;P&nbsp;chart is positive and above support, a “core” long position is recommended.</p><p><blockquote>但只要标普图表为正且高于支撑位，建议建立“核心”多头头寸。</blockquote></p><p> The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.</p><p><blockquote>第一支撑位现在大致在4370。这是SPX抛售然后反弹的最近两天的低点——7月27日和周二（是的，同一天SPX从该水平反弹，然后收于历史新高）。由于它已经过双重测试，这使它成为一个可行的支撑位。盘中历史高点4430有阻力。</blockquote></p><p> You can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.</p><p><blockquote>你可以从附图中看到，自7月23日以来，SPX一直处于相当正确的交易状态——在4370到4430之间。</blockquote></p><p> A breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.</p><p><blockquote>突破该范围将具有重要意义。如果它向下突破，这将对SPX图表不利。在此下方，主要支撑区域位于4233点，跌破4370点后可能会很快受到测试。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fde9899a8fd1227a022dfe59858d4c5\" tg-width=\"699\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> So the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).</p><p><blockquote>因此，SPX图表仍然是积极的，但有一个麦克米兰波动带（MVB）卖出信号（图表上的绿色“S”）。</blockquote></p><p> Now let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.</p><p><blockquote>现在让我们看看一些包含大量股票的指标。你会发现他们远没有那么积极。首先是仅股票的看跌看涨期权比率。这些价格已经上涨了一个月，这意味着在此期间它们一直在发出卖出信号。相对于看涨期权交易量，看跌交易量一直很大，这就是导致这些比率上升的原因。看起来标准比率的图表中有轻微的“波动”，但计算机分析程序说这并不显著。</blockquote></p><p> The larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.</p><p><blockquote>这里更大的情况是，随着许多股票下跌，期权交易者一直在购买这些股票的看跌期权，迫使这些仅股票的看跌期权与看涨期权比率走高。只要比率上升，它们就会保持卖出信号。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87099f2be31d9ce51b1b0c4708a9f046\" tg-width=\"699\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f08da61f702fd9abb483cd1d8f5b4ba\" tg-width=\"700\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p> Market breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).</p><p><blockquote>自6月中旬以来，市场广度（上涨减去下跌）一直很糟糕。也就是说，大多数股票都在下跌，尽管SPX在上涨。事实上，推动这个市场的是少数大盘股纳斯达克股票（FAANG股票加上微软是最强的股票）。</blockquote></p><p> Things have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.</p><p><blockquote>过去几周情况有所改善，因此我们的宽度振荡器发出买入信号，但仍处于负值区域。通常情况下，当SPX创下历史新高时，宽度振荡指标将进入正值区域，反映出整体市场强劲。但现在情况并非如此。</blockquote></p><p> Moreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.</p><p><blockquote>此外，自6月11日以来，累计广度（每日涨幅减去跌幅）尚未创下历史新高。此后，SPX已连续19个交易日创下收盘或盘中新高。这是一个巨大的负面市场背离，但它本身并不是卖出信号。相反，这是一个强烈的警告，要保持警惕——避免自满。</blockquote></p><p> New 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.</p><p><blockquote>纽交所52周新高继续领涨52周新低。最近，有一些孤立的日子，使用纳斯达克或“仅股票”数据，新低超过新高，但使用纽约证券交易所数据时则不然。这意味着该指标仍然看涨股市。如果纽交所新低超过新高且足够大，则会转为负值，但这种情况并未发生。</blockquote></p><p> There is a realized volatility sell signal in place, as well. That occurred when the S&amp;P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).</p><p><blockquote>还有一个已实现的波动性卖出信号。这发生在标准普尔20天历史波动率首先跌破8%（6月中旬），然后升至11%以上（7月下旬）。</blockquote></p><p> Implied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.</p><p><blockquote>另一方面，就股市而言，隐含波动率仍处于看涨状态。7月20日的VIX“峰值”买入信号仍然存在。而且，VIX 200日均线仍在下降，远高于VIX的价格。上个月，VIX指数从15点缓慢“攀升”至19点，但这似乎并不是趋势的重大变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3501a851250cf90d4f08e0152a5d9a9\" tg-width=\"700\" tg-height=\"524\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米兰</span></p></blockquote></p><p></p><p> Finally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.</p><p><blockquote>最后，波动性衍生品的结构对股市仍然有利。VIX期货的交易价格高于VIX，这些VIX期货和CBOE波动率指数的期限结构向上倾斜。</blockquote></p><p> The SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.</p><p><blockquote>SPX图表仍然是积极的。这是最重要的事实。在这种情况发生变化之前，建议持有多头“核心”头寸。围绕这一点，人们可以交易确认的信号——买入和卖出。SPX突破4370区域将改变负面影响，但突破4430以上的历史新高将强化看涨理由。</blockquote></p><p> <b>New recommendation: Conditional SPX sell signal</b></p><p><blockquote><b>新建议：有条件SPX卖出信号</b></blockquote></p><p> Based on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:</p><p><blockquote>根据上述文章，我们将列出一些有关在SPX支撑位被突破时采取看跌头寸的参数：</blockquote></p><p> <b>IF SPX trades below 4370 and stays there for an hour,</b></p><p><blockquote><b>如果SPX低于4370并在那里停留一小时，</b></blockquote></p><p> <b>THEN buy 1 SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>然后买入1 SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以下跌25点的价格卖出1 SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> In addition,</p><p><blockquote>此外，</blockquote></p><p> <b>IF SPX closes below 4370,</b></p><p><blockquote><b>如果SPX收盘低于4370，</b></blockquote></p><p> <b>THEN buy another bear spread:</b></p><p><blockquote><b>然后再买一个熊市价差：</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy 1 (more) SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>购买1（更多）SPDR标普500指数ETF 8月（27日）平价看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以较低25点的价格卖出1（更多）SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> Note that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.</p><p><blockquote>请注意，在没有满足第一个条件的情况下，第二个条件（收盘低于4370）可能会发生（如果SPX在交易日晚些时候跌破4370）。如果是这样的话，那么在收盘时买入2个这样的价差。</blockquote></p><p> Finally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.</p><p><blockquote>最后，如果这些价差成立，请在SPX收盘价高于4430时停止所有这些熊市价差。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-s-p-500-looks-strong-but-these-internals-are-far-less-positive-01628176855?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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-s-p-500-looks-strong-but-these-internals-are-far-less-positive-01628176855?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199377263","content_text":"The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.\nBut as long as the S&P chart is positive and above support, a “core” long position is recommended.\nThe first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.\nYou can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.\nA breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.\nLAWRENCE MCMILLAN\nSo the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).\nNow let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.\nThe larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.\nLAWRENCE MCMILLAN\nLAWRENCE MCMILLAN\nMarket breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).\nThings have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.\nMoreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.\nNew 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.\nThere is a realized volatility sell signal in place, as well. That occurred when the S&P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).\nImplied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.\nLAWRENCE MCMILLAN\nFinally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.\nThe SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.\nNew recommendation: Conditional SPX sell signal\nBased on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:\nIF SPX trades below 4370 and stays there for an hour,\nTHEN buy 1 SPY Aug (27th) at-the-money put\n            And sell 1 SPY Aug (27th) put with a striking price 25 points lower.\nIn addition,\nIF SPX closes below 4370,\nTHEN buy another bear spread:\n            Buy 1 (more) SPY Aug (27th) at-the-money put\n            And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.\nNote that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.\nFinally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":753,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":857265392,"gmtCreate":1635531021687,"gmtModify":1635531021790,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577623438086474","idStr":"3577623438086474"},"themes":[],"htmlText":"Thanks for the pov.&nbsp;","listText":"Thanks for the pov.&nbsp;","text":"Thanks for the pov.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857265392","repostId":"1196513869","repostType":2,"repost":{"id":"1196513869","kind":"news","pubTimestamp":1635490949,"share":"https://www.laohu8.com/m/news/1196513869?lang=zh_CN&edition=full","pubTime":"2021-10-29 15:02","market":"us","language":"en","title":"Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196513869","media":"InvestorPlace","summary":"In my estimation, investing in Nio(NYSE:NIO) stock remains an excellent opportunity. I don’t say tha","content":"<p>In my estimation, investing in&nbsp;<b>Nio</b>(NYSE:<b>NIO</b>) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.</p><p><blockquote>据我估计，投资于<b>蔚来</b>（纽约证券交易所：<b>蔚来</b>）股票仍然是一个绝佳的机会。我这么说不仅仅是因为过去两周它的价格上涨了20%。事实上，我对股价在不久的将来继续上涨并不是很感兴趣。事实证明，蔚来在过去一年中一直不稳定。它是一家电动汽车制造商，也是一家中国公司，因此它完全有机会保持波动。</blockquote></p><p> But the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.</p><p><blockquote>但长期前景是清晰的。蔚来前途无量。尽管估值担忧依然存在，但它们被夸大了。电动汽车股票不是化石燃料汽车股票，它们永远不会以类似的方式交易。</blockquote></p><p> The reasons that investors should consider Nio remain the same: growth and position.</p><p><blockquote>投资者应该考虑蔚来的原因保持不变：增长和头寸。</blockquote></p><p> <b>Losses are Paramount</b></p><p><blockquote><b>损失至关重要</b></blockquote></p><p> Naysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.</p><p><blockquote>反对者经常出于各种原因对蔚来吹毛求疵。这是一家年轻的公司，最近的季度收入为12.25亿美元，利润达到2.438亿美元。对于这样一家年轻的公司来说，这些数字是惊人的。然而，由于销售数据强劲，蔚来第二季度仍录得9090万美元的净亏损。</blockquote></p><p> If we compare those net losses to&nbsp;<b>Tesla’s</b>(NASDAQ:<b>TSLA</b>), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.</p><p><blockquote>如果我们将这些净损失与<b>特斯拉的</b>（纳斯达克：<b>特斯拉</b>），蔚来看起来还不错。从2015年到2019年，特斯拉每年净亏损超过5亿美元。2017年，这些损失接近20亿美元。而这些损失在2020年才变成净收益。</blockquote></p><p> That should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.</p><p><blockquote>这应该会缓解蔚来股票投资者的担忧。如果我们假设蔚来会步特斯拉的后尘，那么一个扭亏为盈的转折点显然就在前方。</blockquote></p><p> In my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.</p><p><blockquote>在我看来，损失是研究蔚来时需要考虑的最重要的数字之一。运营效率不可能一蹴而就。但任何积极的投资者都必须想象净收益对公司来说是不可避免的。</blockquote></p><p> Nio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.</p><p><blockquote>蔚来将继续增加交付数量，同时寻找新的效率。转折点很快就会出现。最近的一篇文章表明，这一点将在2023年出现。</blockquote></p><p> For now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.</p><p><blockquote>目前，在全球半导体短缺和供应链中断的情况下，投资者应该对蔚来的交付数据感到满意。</blockquote></p><p> <b>Deliveries Equally Paramount</b></p><p><blockquote><b>交付同样重要</b></blockquote></p><p> In Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车。根据一个人的观点，这是令人失望的。与去年同期相比，这是一个非常强劲的数字。这些交付量比20年第二季度的10,331辆增加了112%。</blockquote></p><p> However, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.</p><p><blockquote>然而，在连续的基础上，有理由感到一些担忧。蔚来第一季度交付了20,060辆汽车。目前，9.15%的交付量增长对于蔚来来说还不够。这一事实导致蔚来股价在第二季度财报公布后立即下跌15%。</blockquote></p><p> So it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:</p><p><blockquote>因此，蔚来希望公众了解它预计会增加这些交付量也就不足为奇了。最近的一份新闻稿也显示了这一点：</blockquote></p><p>   “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”  We can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.</p><p><blockquote>“在蔚来团队和供应链合作伙伴的共同努力下，蔚来于2021年9月在全球交付了10,628辆汽车，创下历史最高月度记录，同比强劲增长125.7%。”我们可以假设，如果供应链问题正常，蔚来在第二季度交付的车辆会多得多。然而，他们不是。蔚来指出，与其供应链合作伙伴的共同努力导致了9月份创纪录的交付量。换句话说，尽管存在问题，它还是努力推动，以便交付量增加。</blockquote></p><p> The company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.</p><p><blockquote>该公司还指出，截至9月份的三个月内交付了24,439辆汽车。这表明增长更符合投资者的预期，并且该公司正在解决供应链问题。</blockquote></p><p> <b>What to Do</b></p><p><blockquote><b>怎么办</b></blockquote></p><p> I remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.</p><p><blockquote>尽管蔚来的宏观环境包括严重的阻力，但我仍然是它的粉丝。鉴于中国努力控制其经济，成为一家中国公司会让蔚来面临更大的风险。半导体供应链也特别困难。</blockquote></p><p> But Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.</p><p><blockquote>但蔚来将在第三季度再创历史新高。蔚来作为全球电动汽车竞争对手的未来是确定的。</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>Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</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\">\nNio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来一如既往地是一个巨大的投资机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-10-29 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In my estimation, investing in&nbsp;<b>Nio</b>(NYSE:<b>NIO</b>) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.</p><p><blockquote>据我估计，投资于<b>蔚来</b>（纽约证券交易所：<b>蔚来</b>）股票仍然是一个绝佳的机会。我这么说不仅仅是因为过去两周它的价格上涨了20%。事实上，我对股价在不久的将来继续上涨并不是很感兴趣。事实证明，蔚来在过去一年中一直不稳定。它是一家电动汽车制造商，也是一家中国公司，因此它完全有机会保持波动。</blockquote></p><p> But the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.</p><p><blockquote>但长期前景是清晰的。蔚来前途无量。尽管估值担忧依然存在，但它们被夸大了。电动汽车股票不是化石燃料汽车股票，它们永远不会以类似的方式交易。</blockquote></p><p> The reasons that investors should consider Nio remain the same: growth and position.</p><p><blockquote>投资者应该考虑蔚来的原因保持不变：增长和头寸。</blockquote></p><p> <b>Losses are Paramount</b></p><p><blockquote><b>损失至关重要</b></blockquote></p><p> Naysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.</p><p><blockquote>反对者经常出于各种原因对蔚来吹毛求疵。这是一家年轻的公司，最近的季度收入为12.25亿美元，利润达到2.438亿美元。对于这样一家年轻的公司来说，这些数字是惊人的。然而，由于销售数据强劲，蔚来第二季度仍录得9090万美元的净亏损。</blockquote></p><p> If we compare those net losses to&nbsp;<b>Tesla’s</b>(NASDAQ:<b>TSLA</b>), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.</p><p><blockquote>如果我们将这些净损失与<b>特斯拉的</b>（纳斯达克：<b>特斯拉</b>），蔚来看起来还不错。从2015年到2019年，特斯拉每年净亏损超过5亿美元。2017年，这些损失接近20亿美元。而这些损失在2020年才变成净收益。</blockquote></p><p> That should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.</p><p><blockquote>这应该会缓解蔚来股票投资者的担忧。如果我们假设蔚来会步特斯拉的后尘，那么一个扭亏为盈的转折点显然就在前方。</blockquote></p><p> In my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.</p><p><blockquote>在我看来，损失是研究蔚来时需要考虑的最重要的数字之一。运营效率不可能一蹴而就。但任何积极的投资者都必须想象净收益对公司来说是不可避免的。</blockquote></p><p> Nio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.</p><p><blockquote>蔚来将继续增加交付数量，同时寻找新的效率。转折点很快就会出现。最近的一篇文章表明，这一点将在2023年出现。</blockquote></p><p> For now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.</p><p><blockquote>目前，在全球半导体短缺和供应链中断的情况下，投资者应该对蔚来的交付数据感到满意。</blockquote></p><p> <b>Deliveries Equally Paramount</b></p><p><blockquote><b>交付同样重要</b></blockquote></p><p> In Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车。根据一个人的观点，这是令人失望的。与去年同期相比，这是一个非常强劲的数字。这些交付量比20年第二季度的10,331辆增加了112%。</blockquote></p><p> However, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.</p><p><blockquote>然而，在连续的基础上，有理由感到一些担忧。蔚来第一季度交付了20,060辆汽车。目前，9.15%的交付量增长对于蔚来来说还不够。这一事实导致蔚来股价在第二季度财报公布后立即下跌15%。</blockquote></p><p> So it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:</p><p><blockquote>因此，蔚来希望公众了解它预计会增加这些交付量也就不足为奇了。最近的一份新闻稿也显示了这一点：</blockquote></p><p>   “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”  We can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.</p><p><blockquote>“在蔚来团队和供应链合作伙伴的共同努力下，蔚来于2021年9月在全球交付了10,628辆汽车，创下历史最高月度记录，同比强劲增长125.7%。”我们可以假设，如果供应链问题正常，蔚来在第二季度交付的车辆会多得多。然而，他们不是。蔚来指出，与其供应链合作伙伴的共同努力导致了9月份创纪录的交付量。换句话说，尽管存在问题，它还是努力推动，以便交付量增加。</blockquote></p><p> The company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.</p><p><blockquote>该公司还指出，截至9月份的三个月内交付了24,439辆汽车。这表明增长更符合投资者的预期，并且该公司正在解决供应链问题。</blockquote></p><p> <b>What to Do</b></p><p><blockquote><b>怎么办</b></blockquote></p><p> I remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.</p><p><blockquote>尽管蔚来的宏观环境包括严重的阻力，但我仍然是它的粉丝。鉴于中国努力控制其经济，成为一家中国公司会让蔚来面临更大的风险。半导体供应链也特别困难。</blockquote></p><p> But Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.</p><p><blockquote>但蔚来将在第三季度再创历史新高。蔚来作为全球电动汽车竞争对手的未来是确定的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/nio-same-great-investment-opportunity-100041924.html\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://finance.yahoo.com/news/nio-same-great-investment-opportunity-100041924.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196513869","content_text":"In my estimation, investing in Nio(NYSE:NIO) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.\nBut the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.\nThe reasons that investors should consider Nio remain the same: growth and position.\nLosses are Paramount\nNaysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.\nIf we compare those net losses to Tesla’s(NASDAQ:TSLA), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.\nThat should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.\nIn my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.\nNio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.\nFor now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.\nDeliveries Equally Paramount\nIn Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.\nHowever, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.\nSo it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:\n\n “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”\n\nWe can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.\nThe company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.\nWhat to Do\nI remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.\nBut Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}