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samfernando

samfernando

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2021-10-20

Like and comment pls for good luck

Most of China tech stocks jumped in early trading<blockquote>大多数中国科技股早盘上涨</blockquote>

2021-09-25

Ike and comment pls.. For good luck

抱歉，原内容已删除

2021-11-01

Like and comment for Tesla good luck

Tesla stock surged another 2.3% in premarket trading<blockquote>特斯拉股价在盘前交易中又飙升2.3%</blockquote>

2021-09-14

Like and comment.. So that tesla will go to the moon!

Tesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</blockquote>

2021-06-11

Like and comment pls

Dow rises 80 points, S&P 500 adds to a record as tech shares gain<blockquote>道琼斯指数上涨80点，标普500科技股上涨创历史新高</blockquote>

2021-04-29

Apple remains the giant... 5G incoming in the next 5 years lads.. Like and comment pls

抱歉，原内容已删除

2021-09-11

Like and comment pls

Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>

2021-05-25

Tsla is here for the world.Like and comment if you agree

抱歉，原内容已删除

2021-05-09

Stay invested with risk management

What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>

2021-05-03

Correction time is good for us retailers

抱歉，原内容已删除

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16:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla stock surged another 2.3% in premarket trading.</p><p><blockquote>特斯拉股价在盘前交易中又飙升2.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/34cb5122bf0e428d879d706755bcccbc\" tg-width=\"1416\" tg-height=\"637\" 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":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128958892","content_text":"Tesla stock surged another 2.3% in premarket 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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>Most of China tech stocks jumped in early trading<blockquote>大多数中国科技股早盘上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ 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trading<blockquote>大多数中国科技股早盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-20 21:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Oct 20)&nbsp;Most of China tech stocks jumped in early trading.</p><p><blockquote>（10月20日）大多数中国科技股在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37d3dffc7b707efb56db05f11daa2434\" tg-width=\"340\" tg-height=\"833\" 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":"1124411702","content_text":"(Oct 20) Most of China tech stocks jumped in early trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826477480,"gmtCreate":1634050477884,"gmtModify":1634050478061,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/826477480","repostId":"1174197178","repostType":4,"repost":{"id":"1174197178","kind":"news","pubTimestamp":1634049962,"share":"https://www.laohu8.com/m/news/1174197178?lang=zh_CN&edition=full","pubTime":"2021-10-12 22:46","market":"us","language":"en","title":"Nvidia Is Set To Turn Into A Cash Machine<blockquote>英伟达将变成提款机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174197178","media":"Seeking Alpha","summary":"Summary\n\nNvidia’s main businesses experience massive momentum as graphics cards sales surge and dema","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Nvidia’s main businesses experience massive momentum as graphics cards sales surge and demand for data centers strengthens.</li>  <li>Strong GPU pricing served to improve Nvidia’s margins in the first six months of the year.</li>  <li>There is significant upside in Nvidia's free cash flow.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/12a40bc61cdb4aabe35ac1e3ed9ae5ac\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>随着显卡销量激增和数据中心需求增强，英伟达的主要业务发展势头强劲。</li><li>强劲的GPU定价提高了英伟达今年前六个月的利润率。</li><li>英伟达的自由现金流有显着的上升空间。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> Nvidia(NASDAQ:NVDA)is one of the world’s best growth stocks to own as gaming and data center revenues continue to soar. I believe Nvidia will grow into a massive cash machine over the next five years with an estimated annual free cash flow of $14.0B or more!</p><p><blockquote>随着游戏和数据中心收入持续飙升，英伟达（纳斯达克股票代码：NVDA）是全球最值得持有的成长型股票之一。我相信Nvidia将在未来五年内成长为一台巨大的提款机，预计每年自由现金流为$140亿或更多！</blockquote></p><p> <b>Why Nvidia is a long term buy</b></p><p><blockquote><b>为什么英伟达值得长期买入</b></blockquote></p><p> Nvidia just produces incredible growth. The firm generated 68% top line growth in the second-quarter, with revenues touching $6.51B due to soaring demand in the gaming and the data center segments. Gaming revenues surged to a record of $3.06B in the second-quarter, showing a year over year increase of 85%, chiefly because of strengthening sales in a severely undersupplied graphics cards market. Data center revenues also surged to a record, $2.37B in Q2’22, showing a year over year growth rate of 35%. With total revenues up by 68% and higher gross margins (66.7% in Q2’22), Nvidia’s commercial performance is getting better and better...</p><p><blockquote>英伟达带来了令人难以置信的增长。由于游戏和数据中心领域的需求飙升，该公司第二季度营收增长了68%，收入达到$6.51 B。第二季度游戏收入飙升至创纪录的$3.06 B，同比增长85%，主要是由于严重供应不足的显卡市场的销售增强。22年第二季度，数据中心收入也飙升至创纪录的$2.37 B，同比增长率为35%。随着总收入增长68%和毛利率更高（22年第二季度为66.7%），英伟达的商业业绩越来越好……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1af1b5d7b0be554a0ef5ed7d3b79435\" tg-width=\"742\" tg-height=\"192\" width=\"100%\" height=\"auto\"><span>Source: Nvidia</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：英伟达</span></p></blockquote></p><p> But I don’t believe Nvidia’s business has peaked yet. I believe Nvidia will continue to grow rapidly because of increasing demand for high performance data centers that can handle incredible amounts of workloads and because Nvidia’s largest business by revenues, gaming, is seeing pricing support from end markets. Graphics cards have been flying off the shelf in 2020 and 2021, in part because cryptocurrency miners compete with gamers for GPUs. The result has been that&nbsp;graphics cards are in a shortage, leading to a significant increase in GPU pricing. AMD(NASDAQ:AMD)and Nvidia, the two largest suppliers of high performance graphics processing units, benefit from this trend the most.</p><p><blockquote>但我不认为英伟达的业务已经见顶。我相信Nvidia将继续快速增长，因为对能够处理大量工作负载的高性能数据中心的需求不断增长，而且Nvidia按收入计算最大的业务游戏正在获得终端市场的定价支持。显卡在2020年和2021年大量下架，部分原因是加密货币矿工与游戏玩家争夺GPU。结果是显卡供不应求，导致GPU价格大幅上涨。AMD（纳斯达克股票代码：AMD）和英伟达这两家最大的高性能图形处理单元供应商从这一趋势中受益最多。</blockquote></p><p> Top-tier graphics cards like AMD’s Radeon RX 6000 and Nvidia’s GeForce RTX 30 series have seen strong demand/pricing in 2021, and the steep decline in cryptocurrency prices in the second-quarter did not significantly lower demand. GPU prices peaked in May - at the top of the crypto boom - and have fallen since. However, pricing is still strong with the AMD Radeon RX series selling for 1.64x suggested retail price at the end of August. Nvidia’s GeForce 30 series sold for 1.59x MSRP in August, indicating consistently high demand for GPUs.</p><p><blockquote>AMD的Radeon RX 6000和Nvidia的GeForce RTX 30系列等顶级显卡在2021年的需求/定价都很强劲，第二季度加密货币价格的急剧下跌并没有显著降低需求。GPU价格在5月份达到顶峰（加密货币繁荣的顶峰），此后一直在下降。然而，定价仍然强劲，AMD镭龙RX系列在8月底的售价为建议零售价的1.64倍。Nvidia的GeForce 30系列8月份的售价为建议零售价的1.59倍，表明对GPU的需求一直很高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e234f2daf83e24fdb585fce43d5b3236\" tg-width=\"1024\" tg-height=\"448\" width=\"100%\" height=\"auto\"><span>Source: FPS Reviews</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FPS评论</span></p></blockquote></p><p> Because of excellent commercial performance in its main businesses,accelerating momentum in niche businesses&nbsp;and strength in GPU pricing, Nvidia is looking at a dramatic improvement in free cash flow over the next five years... supplying yet another reason to buy the shares!</p><p><blockquote>由于其主要业务的出色商业表现、利基业务的加速势头以及GPU定价的优势，英伟达预计未来五年自由现金流将大幅改善……提供了另一个购买股票的理由！</blockquote></p><p> Nvidia is projecting revenues of $6.8B +/- 2 percent for the third-quarter. Including Q3’22 revenue projections, Nvidia should post revenues of around $19.0B for the first nine months of FY 2022. Adding $7.0B in revenues on top of that for the fourth-quarter, and Nvidia is looking at revenues of around $26.0B for FY 2022.</p><p><blockquote>英伟达预计第三季度收入为68亿美元+/-2%。包括22年第3季度的收入预测在内，Nvidia 2022财年前9个月的收入应约为$19.0 B。在第四季度的基础上增加了$7.0 B的收入，Nvidia预计2022财年的收入约为$26.0 B。</blockquote></p><p> The market projects revenues of $25.8B this year and $29.0B revenues next year (the assumption is for just 13% year over year growth in FY 2023). I believe revenues will be above $30.0B in FY 2023 due to strong business momentum and favorable GPU pricing. Nvidia’s revenues are projected to grow at an annual rate of 23% until FY 2026 (base year: FY 2021).</p><p><blockquote>市场预计今年收入为$25.8 B，明年收入为$29.0 B（假设2023财年同比仅增长13%）。我相信，由于强劲的业务势头和有利的GPU定价，2023财年的收入将超过$30.0 B。到2026财年（基准年：2021财年），Nvidia的收入预计将以每年23%的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76c03f31d7f5924796294fe4ef344ff8\" tg-width=\"640\" tg-height=\"244\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha Estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法估计</span></p></blockquote></p><p></p><p> Looking at Nvidia’s revenue to cash conversion, consistently high free cash flow margins can be found. The semiconductor firm generated annual free cash flow margins ranging between 28% and 39% from FY 2018 to FY 2021 with an average annual margin of 31%. I believe a free cash flow margin around 30% can be sustained going forward, especially if pricing in the graphics cards market stays strong. Because cryptocurrency prices started to recover in the third-quarter, GPUs could even see accelerating demand in the future. Rising digital currency prices benefit Nvidia in two ways: They boost the cryptocurrency mining business/CMP which sells dedicated processors, and higher demand for GPUs improves end market pricing, meaning Nvidia can sell the same graphics card for a higher price. Nvidia’s free cash flow margin in the first six months of FY 2022 was above 33%, due chiefly to strength in GPU demand and pricing.</p><p><blockquote>看看英伟达的收入现金转换，可以发现自由现金流利润率一直很高。从2018财年到2021财年，这家半导体公司的年自由现金流利润率在28%至39%之间，平均年利润率为31%。我相信未来可以维持30%左右的自由现金流利润率，特别是如果显卡市场的定价保持强劲的话。由于加密货币价格在第三季度开始复苏，GPU甚至可能在未来看到需求加速。数字货币价格上涨在两个方面使英伟达受益：它们提振了销售专用处理器的加密货币挖矿业务/CMP，对GPU的更高需求提高了终端市场定价，这意味着英伟达可以以更高的价格出售相同的显卡。英伟达2022财年前六个月的自由现金流利润率超过33%，这主要是由于GPU需求和定价的强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9e05cd7aa4844f19e4ba0899754633f\" tg-width=\"605\" tg-height=\"731\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Turning back to revenue projections.</p><p><blockquote>回到收入预测。</blockquote></p><p> The FY 2023 market expectation is for Nvidia to have revenues of $29.0B. Assuming a 30% free cash flow margin, Nvidia is looking at $8.7B in free cash flow next year... which is a 100% improvement over the firm's FY 2020 level of free cash flow. I believe the FY 2023 revenue estimate underestimates Nvidia’s growth potential next year as I see persistent strength in gaming and data centers, and a higher than 13% annual revenue growth rate. However, revenue estimates for Nvidia, for this year and next year, are rising...</p><p><blockquote>市场预期NVIDIA 2023财年的收入为$29.0 B。假设自由现金流利润率为30%，Nvidia预计明年的自由现金流为$8.7 B……这比公司2020财年的自由现金流水平提高了100%。我认为2023财年的收入预测低估了英伟达明年的增长潜力，因为我看到游戏和数据中心的持续实力，以及高于13%的年收入增长率。然而，英伟达今年和明年的收入预期正在上升...</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d979b6088a67cf25c6993d40c574bb7\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> If we were also to assume that Nvidia can generate 30% free cash flow margins in the future, Nvidia’s annual free cash flow is set to surpass $14B by FY 2026. In CAGR terms, this means that Nvidia will grow free cash flow at a 25% annual rate over the next five years. Nvidia may grow free cash flow at a faster rate if revenues also grow faster. I believe this will happen because the RTX upgrade cycle will lead to a higher volume of higher-priced GPUs being sold in the future, which is set to boost FCF margins.</p><p><blockquote>如果我们还假设Nvidia未来能够产生30%的自由现金流利润率，那么到2026财年，Nvidia的年度自由现金流将超过14B美元。以复合年增长率计算，这意味着英伟达的自由现金流将在未来五年内以每年25%的速度增长。如果收入增长更快，英伟达的自由现金流可能会以更快的速度增长。我相信这将会发生，因为RTX升级周期将导致未来销售更多价格更高的GPU，这将提高FCF利润率。</blockquote></p><p> As Nvidia releases more top-tier, higher margin graphics cards and gamers upgrade their equipment, Nvidia's free cash flow margins could even expand beyond 30%. Assuming a, say, 35% revenue to free cash flow conversion, Nvidia could generate up to $16.4B in annual free cash flow by FY 2026… which would imply a FCF CAGR of not 25%, but 29%.</p><p><blockquote>随着英伟达发布更多顶级、利润率更高的显卡以及游戏玩家升级设备，英伟达的自由现金流利润率甚至可能扩大到30%以上。假设35%的收入转换为自由现金流，到2026财年，Nvidia每年可产生高达$16.4 B的自由现金流……这意味着FCF复合年增长率不是25%，而是29%。</blockquote></p><p> For that reason, I believe Nvidia’s free cash flow potential is materially undervalued. Nvidia is set to generate a massive amount of cash flow in the next five years. Based off of FY 2023 revenue estimates, Nvidia is not cheap (P-S ratio: 17.9), but the potential for sales and free cash flow growth justifies the price.</p><p><blockquote>因此，我认为英伟达的自由现金流潜力被严重低估。英伟达将在未来五年内产生大量现金流。根据2023财年的收入预测，Nvidia的价格并不便宜（市盈率：17.9），但销售和自由现金流增长的潜力证明了价格的合理性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/acfca86b9c32ab42da6edcea7b9046b0\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Risks with Nvidia</b></p><p><blockquote><b>Nvidia的风险</b></blockquote></p><p> Nvidia has a couple of commercial risks that need to be considered. The industry environment is favorable for Nvidia at the moment which explains strong revenue growth projections, but weaker pricing in graphics cards potentially indicates growing risks to Nvidia’s top line. Lower gross margins will also likely be seen as the canary in the coal mine, indicating that slowing revenue growth is on the horizon. Longer term, Nvidia has to keep its technological edge to defend its tech leadership in GPUs, data centers and AI. Failing to do so would give its rivals, AMD and Intel(NASDAQ:INTC), an opportunity to grow their market share at the expense of Nvidia.</p><p><blockquote>英伟达有几个需要考虑的商业风险。目前行业环境对英伟达有利，这解释了强劲的收入增长预测，但显卡定价疲软可能表明英伟达营收面临的风险越来越大。较低的毛利率也可能被视为煤矿中的金丝雀，表明收入增长即将放缓。从长远来看，英伟达必须保持其技术优势，以捍卫其在GPU、数据中心和人工智能领域的技术领先地位。如果做不到这一点，其竞争对手AMD和英特尔（纳斯达克股票代码：INTC）将有机会以牺牲英伟达为代价扩大市场份额。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Nvidia, despite a high P-S ratio, may still be undervalued considering the massive ramp in free cash flow that can be expected in the next five years. Sales projections for FY 2023 imply a drop off in growth rates, which I just don’t see given the accelerating strength in Nvidia’s main and niche businesses. Nvidia is in a buy-the-dip situation and the risk profile remains heavily skewed to the upside!</p><p><blockquote>尽管市盈率很高，但考虑到未来五年自由现金流的大幅增长，英伟达的估值可能仍然被低估。2023财年的销售预测意味着增长率会下降，但考虑到Nvidia主要业务和利基业务的实力不断增强，我并没有看到这一点。英伟达处于逢低买入的境地，风险状况仍然严重偏向上行！</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Is Set To Turn Into A Cash Machine<blockquote>英伟达将变成提款机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Is Set To Turn Into A Cash Machine<blockquote>英伟达将变成提款机</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-12 22:46</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>Nvidia’s main businesses experience massive momentum as graphics cards sales surge and demand for data centers strengthens.</li>  <li>Strong GPU pricing served to improve Nvidia’s margins in the first six months of the year.</li>  <li>There is significant upside in Nvidia's free cash flow.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/12a40bc61cdb4aabe35ac1e3ed9ae5ac\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>随着显卡销量激增和数据中心需求增强，英伟达的主要业务发展势头强劲。</li><li>强劲的GPU定价提高了英伟达今年前六个月的利润率。</li><li>英伟达的自由现金流有显着的上升空间。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> Nvidia(NASDAQ:NVDA)is one of the world’s best growth stocks to own as gaming and data center revenues continue to soar. I believe Nvidia will grow into a massive cash machine over the next five years with an estimated annual free cash flow of $14.0B or more!</p><p><blockquote>随着游戏和数据中心收入持续飙升，英伟达（纳斯达克股票代码：NVDA）是全球最值得持有的成长型股票之一。我相信Nvidia将在未来五年内成长为一台巨大的提款机，预计每年自由现金流为$140亿或更多！</blockquote></p><p> <b>Why Nvidia is a long term buy</b></p><p><blockquote><b>为什么英伟达值得长期买入</b></blockquote></p><p> Nvidia just produces incredible growth. The firm generated 68% top line growth in the second-quarter, with revenues touching $6.51B due to soaring demand in the gaming and the data center segments. Gaming revenues surged to a record of $3.06B in the second-quarter, showing a year over year increase of 85%, chiefly because of strengthening sales in a severely undersupplied graphics cards market. Data center revenues also surged to a record, $2.37B in Q2’22, showing a year over year growth rate of 35%. With total revenues up by 68% and higher gross margins (66.7% in Q2’22), Nvidia’s commercial performance is getting better and better...</p><p><blockquote>英伟达带来了令人难以置信的增长。由于游戏和数据中心领域的需求飙升，该公司第二季度营收增长了68%，收入达到$6.51 B。第二季度游戏收入飙升至创纪录的$3.06 B，同比增长85%，主要是由于严重供应不足的显卡市场的销售增强。22年第二季度，数据中心收入也飙升至创纪录的$2.37 B，同比增长率为35%。随着总收入增长68%和毛利率更高（22年第二季度为66.7%），英伟达的商业业绩越来越好……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1af1b5d7b0be554a0ef5ed7d3b79435\" tg-width=\"742\" tg-height=\"192\" width=\"100%\" height=\"auto\"><span>Source: Nvidia</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：英伟达</span></p></blockquote></p><p> But I don’t believe Nvidia’s business has peaked yet. I believe Nvidia will continue to grow rapidly because of increasing demand for high performance data centers that can handle incredible amounts of workloads and because Nvidia’s largest business by revenues, gaming, is seeing pricing support from end markets. Graphics cards have been flying off the shelf in 2020 and 2021, in part because cryptocurrency miners compete with gamers for GPUs. The result has been that&nbsp;graphics cards are in a shortage, leading to a significant increase in GPU pricing. AMD(NASDAQ:AMD)and Nvidia, the two largest suppliers of high performance graphics processing units, benefit from this trend the most.</p><p><blockquote>但我不认为英伟达的业务已经见顶。我相信Nvidia将继续快速增长，因为对能够处理大量工作负载的高性能数据中心的需求不断增长，而且Nvidia按收入计算最大的业务游戏正在获得终端市场的定价支持。显卡在2020年和2021年大量下架，部分原因是加密货币矿工与游戏玩家争夺GPU。结果是显卡供不应求，导致GPU价格大幅上涨。AMD（纳斯达克股票代码：AMD）和英伟达这两家最大的高性能图形处理单元供应商从这一趋势中受益最多。</blockquote></p><p> Top-tier graphics cards like AMD’s Radeon RX 6000 and Nvidia’s GeForce RTX 30 series have seen strong demand/pricing in 2021, and the steep decline in cryptocurrency prices in the second-quarter did not significantly lower demand. GPU prices peaked in May - at the top of the crypto boom - and have fallen since. However, pricing is still strong with the AMD Radeon RX series selling for 1.64x suggested retail price at the end of August. Nvidia’s GeForce 30 series sold for 1.59x MSRP in August, indicating consistently high demand for GPUs.</p><p><blockquote>AMD的Radeon RX 6000和Nvidia的GeForce RTX 30系列等顶级显卡在2021年的需求/定价都很强劲，第二季度加密货币价格的急剧下跌并没有显著降低需求。GPU价格在5月份达到顶峰（加密货币繁荣的顶峰），此后一直在下降。然而，定价仍然强劲，AMD镭龙RX系列在8月底的售价为建议零售价的1.64倍。Nvidia的GeForce 30系列8月份的售价为建议零售价的1.59倍，表明对GPU的需求一直很高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e234f2daf83e24fdb585fce43d5b3236\" tg-width=\"1024\" tg-height=\"448\" width=\"100%\" height=\"auto\"><span>Source: FPS Reviews</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FPS评论</span></p></blockquote></p><p> Because of excellent commercial performance in its main businesses,accelerating momentum in niche businesses&nbsp;and strength in GPU pricing, Nvidia is looking at a dramatic improvement in free cash flow over the next five years... supplying yet another reason to buy the shares!</p><p><blockquote>由于其主要业务的出色商业表现、利基业务的加速势头以及GPU定价的优势，英伟达预计未来五年自由现金流将大幅改善……提供了另一个购买股票的理由！</blockquote></p><p> Nvidia is projecting revenues of $6.8B +/- 2 percent for the third-quarter. Including Q3’22 revenue projections, Nvidia should post revenues of around $19.0B for the first nine months of FY 2022. Adding $7.0B in revenues on top of that for the fourth-quarter, and Nvidia is looking at revenues of around $26.0B for FY 2022.</p><p><blockquote>英伟达预计第三季度收入为68亿美元+/-2%。包括22年第3季度的收入预测在内，Nvidia 2022财年前9个月的收入应约为$19.0 B。在第四季度的基础上增加了$7.0 B的收入，Nvidia预计2022财年的收入约为$26.0 B。</blockquote></p><p> The market projects revenues of $25.8B this year and $29.0B revenues next year (the assumption is for just 13% year over year growth in FY 2023). I believe revenues will be above $30.0B in FY 2023 due to strong business momentum and favorable GPU pricing. Nvidia’s revenues are projected to grow at an annual rate of 23% until FY 2026 (base year: FY 2021).</p><p><blockquote>市场预计今年收入为$25.8 B，明年收入为$29.0 B（假设2023财年同比仅增长13%）。我相信，由于强劲的业务势头和有利的GPU定价，2023财年的收入将超过$30.0 B。到2026财年（基准年：2021财年），Nvidia的收入预计将以每年23%的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/76c03f31d7f5924796294fe4ef344ff8\" tg-width=\"640\" tg-height=\"244\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha Estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法估计</span></p></blockquote></p><p></p><p> Looking at Nvidia’s revenue to cash conversion, consistently high free cash flow margins can be found. The semiconductor firm generated annual free cash flow margins ranging between 28% and 39% from FY 2018 to FY 2021 with an average annual margin of 31%. I believe a free cash flow margin around 30% can be sustained going forward, especially if pricing in the graphics cards market stays strong. Because cryptocurrency prices started to recover in the third-quarter, GPUs could even see accelerating demand in the future. Rising digital currency prices benefit Nvidia in two ways: They boost the cryptocurrency mining business/CMP which sells dedicated processors, and higher demand for GPUs improves end market pricing, meaning Nvidia can sell the same graphics card for a higher price. Nvidia’s free cash flow margin in the first six months of FY 2022 was above 33%, due chiefly to strength in GPU demand and pricing.</p><p><blockquote>看看英伟达的收入现金转换，可以发现自由现金流利润率一直很高。从2018财年到2021财年，这家半导体公司的年自由现金流利润率在28%至39%之间，平均年利润率为31%。我相信未来可以维持30%左右的自由现金流利润率，特别是如果显卡市场的定价保持强劲的话。由于加密货币价格在第三季度开始复苏，GPU甚至可能在未来看到需求加速。数字货币价格上涨在两个方面使英伟达受益：它们提振了销售专用处理器的加密货币挖矿业务/CMP，对GPU的更高需求提高了终端市场定价，这意味着英伟达可以以更高的价格出售相同的显卡。英伟达2022财年前六个月的自由现金流利润率超过33%，这主要是由于GPU需求和定价的强劲。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9e05cd7aa4844f19e4ba0899754633f\" tg-width=\"605\" tg-height=\"731\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Turning back to revenue projections.</p><p><blockquote>回到收入预测。</blockquote></p><p> The FY 2023 market expectation is for Nvidia to have revenues of $29.0B. Assuming a 30% free cash flow margin, Nvidia is looking at $8.7B in free cash flow next year... which is a 100% improvement over the firm's FY 2020 level of free cash flow. I believe the FY 2023 revenue estimate underestimates Nvidia’s growth potential next year as I see persistent strength in gaming and data centers, and a higher than 13% annual revenue growth rate. However, revenue estimates for Nvidia, for this year and next year, are rising...</p><p><blockquote>市场预期NVIDIA 2023财年的收入为$29.0 B。假设自由现金流利润率为30%，Nvidia预计明年的自由现金流为$8.7 B……这比公司2020财年的自由现金流水平提高了100%。我认为2023财年的收入预测低估了英伟达明年的增长潜力，因为我看到游戏和数据中心的持续实力，以及高于13%的年收入增长率。然而，英伟达今年和明年的收入预期正在上升...</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d979b6088a67cf25c6993d40c574bb7\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> If we were also to assume that Nvidia can generate 30% free cash flow margins in the future, Nvidia’s annual free cash flow is set to surpass $14B by FY 2026. In CAGR terms, this means that Nvidia will grow free cash flow at a 25% annual rate over the next five years. Nvidia may grow free cash flow at a faster rate if revenues also grow faster. I believe this will happen because the RTX upgrade cycle will lead to a higher volume of higher-priced GPUs being sold in the future, which is set to boost FCF margins.</p><p><blockquote>如果我们还假设Nvidia未来能够产生30%的自由现金流利润率，那么到2026财年，Nvidia的年度自由现金流将超过14B美元。以复合年增长率计算，这意味着英伟达的自由现金流将在未来五年内以每年25%的速度增长。如果收入增长更快，英伟达的自由现金流可能会以更快的速度增长。我相信这将会发生，因为RTX升级周期将导致未来销售更多价格更高的GPU，这将提高FCF利润率。</blockquote></p><p> As Nvidia releases more top-tier, higher margin graphics cards and gamers upgrade their equipment, Nvidia's free cash flow margins could even expand beyond 30%. Assuming a, say, 35% revenue to free cash flow conversion, Nvidia could generate up to $16.4B in annual free cash flow by FY 2026… which would imply a FCF CAGR of not 25%, but 29%.</p><p><blockquote>随着英伟达发布更多顶级、利润率更高的显卡以及游戏玩家升级设备，英伟达的自由现金流利润率甚至可能扩大到30%以上。假设35%的收入转换为自由现金流，到2026财年，Nvidia每年可产生高达$16.4 B的自由现金流……这意味着FCF复合年增长率不是25%，而是29%。</blockquote></p><p> For that reason, I believe Nvidia’s free cash flow potential is materially undervalued. Nvidia is set to generate a massive amount of cash flow in the next five years. Based off of FY 2023 revenue estimates, Nvidia is not cheap (P-S ratio: 17.9), but the potential for sales and free cash flow growth justifies the price.</p><p><blockquote>因此，我认为英伟达的自由现金流潜力被严重低估。英伟达将在未来五年内产生大量现金流。根据2023财年的收入预测，Nvidia的价格并不便宜（市盈率：17.9），但销售和自由现金流增长的潜力证明了价格的合理性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/acfca86b9c32ab42da6edcea7b9046b0\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Risks with Nvidia</b></p><p><blockquote><b>Nvidia的风险</b></blockquote></p><p> Nvidia has a couple of commercial risks that need to be considered. The industry environment is favorable for Nvidia at the moment which explains strong revenue growth projections, but weaker pricing in graphics cards potentially indicates growing risks to Nvidia’s top line. Lower gross margins will also likely be seen as the canary in the coal mine, indicating that slowing revenue growth is on the horizon. Longer term, Nvidia has to keep its technological edge to defend its tech leadership in GPUs, data centers and AI. Failing to do so would give its rivals, AMD and Intel(NASDAQ:INTC), an opportunity to grow their market share at the expense of Nvidia.</p><p><blockquote>英伟达有几个需要考虑的商业风险。目前行业环境对英伟达有利，这解释了强劲的收入增长预测，但显卡定价疲软可能表明英伟达营收面临的风险越来越大。较低的毛利率也可能被视为煤矿中的金丝雀，表明收入增长即将放缓。从长远来看，英伟达必须保持其技术优势，以捍卫其在GPU、数据中心和人工智能领域的技术领先地位。如果做不到这一点，其竞争对手AMD和英特尔（纳斯达克股票代码：INTC）将有机会以牺牲英伟达为代价扩大市场份额。</blockquote></p><p> <b>Final thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Nvidia, despite a high P-S ratio, may still be undervalued considering the massive ramp in free cash flow that can be expected in the next five years. Sales projections for FY 2023 imply a drop off in growth rates, which I just don’t see given the accelerating strength in Nvidia’s main and niche businesses. Nvidia is in a buy-the-dip situation and the risk profile remains heavily skewed to the upside!</p><p><blockquote>尽管市盈率很高，但考虑到未来五年自由现金流的大幅增长，英伟达的估值可能仍然被低估。2023财年的销售预测意味着增长率会下降，但考虑到Nvidia主要业务和利基业务的实力不断增强，我并没有看到这一点。英伟达处于逢低买入的境地，风险状况仍然严重偏向上行！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459353-nvidia-set-to-turn-into-cash-machine\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4459353-nvidia-set-to-turn-into-cash-machine","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174197178","content_text":"Summary\n\nNvidia’s main businesses experience massive momentum as graphics cards sales surge and demand for data centers strengthens.\nStrong GPU pricing served to improve Nvidia’s margins in the first six months of the year.\nThere is significant upside in Nvidia's free cash flow.\n\nJustin Sullivan/Getty Images News\nNvidia(NASDAQ:NVDA)is one of the world’s best growth stocks to own as gaming and data center revenues continue to soar. I believe Nvidia will grow into a massive cash machine over the next five years with an estimated annual free cash flow of $14.0B or more!\nWhy Nvidia is a long term buy\nNvidia just produces incredible growth. The firm generated 68% top line growth in the second-quarter, with revenues touching $6.51B due to soaring demand in the gaming and the data center segments. Gaming revenues surged to a record of $3.06B in the second-quarter, showing a year over year increase of 85%, chiefly because of strengthening sales in a severely undersupplied graphics cards market. Data center revenues also surged to a record, $2.37B in Q2’22, showing a year over year growth rate of 35%. With total revenues up by 68% and higher gross margins (66.7% in Q2’22), Nvidia’s commercial performance is getting better and better...\nSource: Nvidia\nBut I don’t believe Nvidia’s business has peaked yet. I believe Nvidia will continue to grow rapidly because of increasing demand for high performance data centers that can handle incredible amounts of workloads and because Nvidia’s largest business by revenues, gaming, is seeing pricing support from end markets. Graphics cards have been flying off the shelf in 2020 and 2021, in part because cryptocurrency miners compete with gamers for GPUs. The result has been that graphics cards are in a shortage, leading to a significant increase in GPU pricing. AMD(NASDAQ:AMD)and Nvidia, the two largest suppliers of high performance graphics processing units, benefit from this trend the most.\nTop-tier graphics cards like AMD’s Radeon RX 6000 and Nvidia’s GeForce RTX 30 series have seen strong demand/pricing in 2021, and the steep decline in cryptocurrency prices in the second-quarter did not significantly lower demand. GPU prices peaked in May - at the top of the crypto boom - and have fallen since. However, pricing is still strong with the AMD Radeon RX series selling for 1.64x suggested retail price at the end of August. Nvidia’s GeForce 30 series sold for 1.59x MSRP in August, indicating consistently high demand for GPUs.\nSource: FPS Reviews\nBecause of excellent commercial performance in its main businesses,accelerating momentum in niche businesses and strength in GPU pricing, Nvidia is looking at a dramatic improvement in free cash flow over the next five years... supplying yet another reason to buy the shares!\nNvidia is projecting revenues of $6.8B +/- 2 percent for the third-quarter. Including Q3’22 revenue projections, Nvidia should post revenues of around $19.0B for the first nine months of FY 2022. Adding $7.0B in revenues on top of that for the fourth-quarter, and Nvidia is looking at revenues of around $26.0B for FY 2022.\nThe market projects revenues of $25.8B this year and $29.0B revenues next year (the assumption is for just 13% year over year growth in FY 2023). I believe revenues will be above $30.0B in FY 2023 due to strong business momentum and favorable GPU pricing. Nvidia’s revenues are projected to grow at an annual rate of 23% until FY 2026 (base year: FY 2021).\nSource: Seeking Alpha Estimates\nLooking at Nvidia’s revenue to cash conversion, consistently high free cash flow margins can be found. The semiconductor firm generated annual free cash flow margins ranging between 28% and 39% from FY 2018 to FY 2021 with an average annual margin of 31%. I believe a free cash flow margin around 30% can be sustained going forward, especially if pricing in the graphics cards market stays strong. Because cryptocurrency prices started to recover in the third-quarter, GPUs could even see accelerating demand in the future. Rising digital currency prices benefit Nvidia in two ways: They boost the cryptocurrency mining business/CMP which sells dedicated processors, and higher demand for GPUs improves end market pricing, meaning Nvidia can sell the same graphics card for a higher price. Nvidia’s free cash flow margin in the first six months of FY 2022 was above 33%, due chiefly to strength in GPU demand and pricing.\nSource: Author\nTurning back to revenue projections.\nThe FY 2023 market expectation is for Nvidia to have revenues of $29.0B. Assuming a 30% free cash flow margin, Nvidia is looking at $8.7B in free cash flow next year... which is a 100% improvement over the firm's FY 2020 level of free cash flow. I believe the FY 2023 revenue estimate underestimates Nvidia’s growth potential next year as I see persistent strength in gaming and data centers, and a higher than 13% annual revenue growth rate. However, revenue estimates for Nvidia, for this year and next year, are rising...\nData by YCharts\nIf we were also to assume that Nvidia can generate 30% free cash flow margins in the future, Nvidia’s annual free cash flow is set to surpass $14B by FY 2026. In CAGR terms, this means that Nvidia will grow free cash flow at a 25% annual rate over the next five years. Nvidia may grow free cash flow at a faster rate if revenues also grow faster. I believe this will happen because the RTX upgrade cycle will lead to a higher volume of higher-priced GPUs being sold in the future, which is set to boost FCF margins.\nAs Nvidia releases more top-tier, higher margin graphics cards and gamers upgrade their equipment, Nvidia's free cash flow margins could even expand beyond 30%. Assuming a, say, 35% revenue to free cash flow conversion, Nvidia could generate up to $16.4B in annual free cash flow by FY 2026… which would imply a FCF CAGR of not 25%, but 29%.\nFor that reason, I believe Nvidia’s free cash flow potential is materially undervalued. Nvidia is set to generate a massive amount of cash flow in the next five years. Based off of FY 2023 revenue estimates, Nvidia is not cheap (P-S ratio: 17.9), but the potential for sales and free cash flow growth justifies the price.\nData by YCharts\nRisks with Nvidia\nNvidia has a couple of commercial risks that need to be considered. The industry environment is favorable for Nvidia at the moment which explains strong revenue growth projections, but weaker pricing in graphics cards potentially indicates growing risks to Nvidia’s top line. Lower gross margins will also likely be seen as the canary in the coal mine, indicating that slowing revenue growth is on the horizon. Longer term, Nvidia has to keep its technological edge to defend its tech leadership in GPUs, data centers and AI. Failing to do so would give its rivals, AMD and Intel(NASDAQ:INTC), an opportunity to grow their market share at the expense of Nvidia.\nFinal thoughts\nNvidia, despite a high P-S ratio, may still be undervalued considering the massive ramp in free cash flow that can be expected in the next five years. Sales projections for FY 2023 imply a drop off in growth rates, which I just don’t see given the accelerating strength in Nvidia’s main and niche businesses. Nvidia is in a buy-the-dip situation and the risk profile remains heavily skewed to the upside!","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":3668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866782614,"gmtCreate":1632806910938,"gmtModify":1632806910995,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls.. Pray for btc","listText":"Like and comment pls.. Pray for btc","text":"Like and comment pls.. Pray for btc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866782614","repostId":"1141752032","repostType":4,"repost":{"id":"1141752032","kind":"news","pubTimestamp":1632806661,"share":"https://www.laohu8.com/m/news/1141752032?lang=zh_CN&edition=full","pubTime":"2021-09-28 13:24","market":"us","language":"en","title":"Why Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141752032","media":"Institutional Investor","summary":"The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely,","content":"<p>  <b>The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely, researchers say.</b>  Bitcoin is not the equities hedge that some investors want it to be, but that doesn’t mean it’s not worth including in a portfolio, new research shows.</p><p><blockquote><b>研究人员表示，加密货币比股票更不稳定，但投资者不应该完全注销它。</b>新的研究显示，比特币并不是一些投资者希望的股票对冲工具，但这并不意味着它不值得纳入投资组合。</blockquote></p><p> A paper published in mid-September reveals that while Bitcoin doesn’t hedge against equity portfolio risk, it can act as a hedge against assets with a similar or higher risk profile than its own.</p><p><blockquote>9月中旬发表的一篇论文显示，虽然比特币不对冲股票投资组合风险，但它可以对冲与自身风险状况相似或更高的资产。</blockquote></p><p> The cryptocurrency’s introduction into the market in the early 2010s was marked by the promise of its low correlation to other assets — and thus, high potential to act as a hedge against asset classes like equities.</p><p><blockquote>加密货币在2010年代初进入市场的特点是其与其他资产的相关性较低，因此作为股票等资产类别对冲的潜力很大。</blockquote></p><p> Since then, a growing body of work — including at least 19 scholarly articles — has explored whether Bitcoin is a hedge or can reduce portfolio risk. The latest piece, entitled<i>Is Bitcoin A Hedge?</i>waspublished on September 18by a trio from the University of Western Australia: Dirk Baur, Lai Hoang, and Md Zakir Hossain.</p><p><blockquote>从那时起，越来越多的工作——包括至少19篇学术文章——探索了比特币是否是一种对冲或可以降低投资组合风险。最新的作品，名为<i>比特币是对冲吗？</i>由西澳大利亚大学的三人组于9月18日出版：Dirk Baur、Lai Hoang和Md Zakir Hossain。</blockquote></p><p> “The question [of] how excess volatility of Bitcoin affects its hedge and diversifier properties is generally not analyzed,” they wrote in the paper’s introduction.</p><p><blockquote>他们在论文的介绍中写道：“比特币的过度波动如何影响其对冲和多元化属性的问题通常没有得到分析。”</blockquote></p><p> So they attempted to analyze which weight of Bitcoin in a portfolio alongside the S&amp;P 500 index could reduce portfolio risk — in other words, act as a hedge. Their work suggests that Bitcoin is a “rather poor risk diversifier and hedge for the S&amp;P 500,” the paper said.</p><p><blockquote>因此，他们试图分析投资组合中比特币与标普500指数的哪个权重可以降低投资组合风险——换句话说，起到对冲作用。该报称，他们的工作表明，比特币“对于标普500来说是一个相当糟糕的风险分散和对冲工具”。</blockquote></p><p> The authors created model portfolios using monthly and daily return data from 2011 through 2021 for both the S&amp;P 500 and Bitcoin. The model portfolios included zero, low, and high Bitcoin weights, then analyzed whether the inclusion of Bitcoin reduced the risk relative to a standalone S&amp;P 500 portfolio.</p><p><blockquote>作者使用标普500和比特币2011年至2021年的月度和每日回报数据创建了模型投资组合。模型投资组合包括零、低和高比特币权重，然后分析了相对于独立的标普500投资组合，纳入比特币是否降低了风险。</blockquote></p><p> They found that the inclusion of Bitcoin increased portfolio risk, even for allocations as low as 1 percent, the paper said. According to the research, Bitcoin’s risk-diversifying or risk-hedging capabilities are undermined by its extreme volatility.</p><p><blockquote>该报称，他们发现，即使配置比例低至1%，纳入比特币也会增加投资组合风险。研究表明，比特币的风险分散或风险对冲能力因其极端波动性而受到削弱。</blockquote></p><p> “Since Bitcoin is very volatile, it hardly reduces any risk,” Baur said via email. “However, this does not imply that it cannot improve the risk-return relationship or Sharpe ratio of a portfolio; Bitcoin often improves the Sharpe ratio of a portfolio because the (historical) returns are much higher than the risk relative to other assets such as the S&amp;P 500.”</p><p><blockquote>“由于比特币非常不稳定，它很难降低任何风险，”鲍尔通过电子邮件表示。“然而，这并不意味着它不能改善投资组合的风险收益关系或夏普比率；比特币往往会改善投资组合的夏普比率，因为相对于标普500等其他资产，（历史）收益远高于风险。”</blockquote></p><p> According to Baur, the findings also apply to other asset classes.</p><p><blockquote>鲍尔表示，这些发现也适用于其他资产类别。</blockquote></p><p> “The higher the volatility of an asset relative to Bitcoin, the better the risk hedging potential of Bitcoin,” he said via email. He added that because the volatility of the S&amp;P 500 is much lower than that of Bitcoin, adding the cryptocurrency to a simple public equities portfolio is less effective at reducing risk than it may be for other, riskier assets.</p><p><blockquote>他通过电子邮件表示：“资产相对于比特币的波动性越高，比特币的风险对冲潜力就越好。”他补充说，由于标普500的波动性远低于比特币，因此将加密货币添加到简单的公共股票投资组合中在降低风险方面不如其他风险较高的资产有效。</blockquote></p><p> And that’s not the only benefit of including Bitcoin in a portfolio. According toresearch publishedin August, including certain cryptocurrencies in a portfolio can offer diversification benefits to investors,<i>Institutional Investor</i>previously reported.</p><p><blockquote>这并不是将比特币纳入投资组合的唯一好处。根据八月份发布的研究，将某些加密货币纳入投资组合可以为投资者带来多元化的好处，<i>机构投资者</i>此前报道。</blockquote></p><p> In other words, while Bitcoin isn’t a hedge, it still can be a tool for investors — as long as they know how to use it.</p><p><blockquote>换句话说，虽然比特币不是对冲工具，但它仍然可以成为投资者的工具——只要他们知道如何使用它。</blockquote></p><p></p>","source":"lsy1632806693597","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Bitcoin Isn’t a Good Market Hedge<blockquote>为什么比特币不是一个好的市场对冲工具</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Institutional Investor</strong><span class=\"h-time small\">2021-09-28 13:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely, researchers say.</b>  Bitcoin is not the equities hedge that some investors want it to be, but that doesn’t mean it’s not worth including in a portfolio, new research shows.</p><p><blockquote><b>研究人员表示，加密货币比股票更不稳定，但投资者不应该完全注销它。</b>新的研究显示，比特币并不是一些投资者希望的股票对冲工具，但这并不意味着它不值得纳入投资组合。</blockquote></p><p> A paper published in mid-September reveals that while Bitcoin doesn’t hedge against equity portfolio risk, it can act as a hedge against assets with a similar or higher risk profile than its own.</p><p><blockquote>9月中旬发表的一篇论文显示，虽然比特币不对冲股票投资组合风险，但它可以对冲与自身风险状况相似或更高的资产。</blockquote></p><p> The cryptocurrency’s introduction into the market in the early 2010s was marked by the promise of its low correlation to other assets — and thus, high potential to act as a hedge against asset classes like equities.</p><p><blockquote>加密货币在2010年代初进入市场的特点是其与其他资产的相关性较低，因此作为股票等资产类别对冲的潜力很大。</blockquote></p><p> Since then, a growing body of work — including at least 19 scholarly articles — has explored whether Bitcoin is a hedge or can reduce portfolio risk. The latest piece, entitled<i>Is Bitcoin A Hedge?</i>waspublished on September 18by a trio from the University of Western Australia: Dirk Baur, Lai Hoang, and Md Zakir Hossain.</p><p><blockquote>从那时起，越来越多的工作——包括至少19篇学术文章——探索了比特币是否是一种对冲或可以降低投资组合风险。最新的作品，名为<i>比特币是对冲吗？</i>由西澳大利亚大学的三人组于9月18日出版：Dirk Baur、Lai Hoang和Md Zakir Hossain。</blockquote></p><p> “The question [of] how excess volatility of Bitcoin affects its hedge and diversifier properties is generally not analyzed,” they wrote in the paper’s introduction.</p><p><blockquote>他们在论文的介绍中写道：“比特币的过度波动如何影响其对冲和多元化属性的问题通常没有得到分析。”</blockquote></p><p> So they attempted to analyze which weight of Bitcoin in a portfolio alongside the S&amp;P 500 index could reduce portfolio risk — in other words, act as a hedge. Their work suggests that Bitcoin is a “rather poor risk diversifier and hedge for the S&amp;P 500,” the paper said.</p><p><blockquote>因此，他们试图分析投资组合中比特币与标普500指数的哪个权重可以降低投资组合风险——换句话说，起到对冲作用。该报称，他们的工作表明，比特币“对于标普500来说是一个相当糟糕的风险分散和对冲工具”。</blockquote></p><p> The authors created model portfolios using monthly and daily return data from 2011 through 2021 for both the S&amp;P 500 and Bitcoin. The model portfolios included zero, low, and high Bitcoin weights, then analyzed whether the inclusion of Bitcoin reduced the risk relative to a standalone S&amp;P 500 portfolio.</p><p><blockquote>作者使用标普500和比特币2011年至2021年的月度和每日回报数据创建了模型投资组合。模型投资组合包括零、低和高比特币权重，然后分析了相对于独立的标普500投资组合，纳入比特币是否降低了风险。</blockquote></p><p> They found that the inclusion of Bitcoin increased portfolio risk, even for allocations as low as 1 percent, the paper said. According to the research, Bitcoin’s risk-diversifying or risk-hedging capabilities are undermined by its extreme volatility.</p><p><blockquote>该报称，他们发现，即使配置比例低至1%，纳入比特币也会增加投资组合风险。研究表明，比特币的风险分散或风险对冲能力因其极端波动性而受到削弱。</blockquote></p><p> “Since Bitcoin is very volatile, it hardly reduces any risk,” Baur said via email. “However, this does not imply that it cannot improve the risk-return relationship or Sharpe ratio of a portfolio; Bitcoin often improves the Sharpe ratio of a portfolio because the (historical) returns are much higher than the risk relative to other assets such as the S&amp;P 500.”</p><p><blockquote>“由于比特币非常不稳定，它很难降低任何风险，”鲍尔通过电子邮件表示。“然而，这并不意味着它不能改善投资组合的风险收益关系或夏普比率；比特币往往会改善投资组合的夏普比率，因为相对于标普500等其他资产，（历史）收益远高于风险。”</blockquote></p><p> According to Baur, the findings also apply to other asset classes.</p><p><blockquote>鲍尔表示，这些发现也适用于其他资产类别。</blockquote></p><p> “The higher the volatility of an asset relative to Bitcoin, the better the risk hedging potential of Bitcoin,” he said via email. He added that because the volatility of the S&amp;P 500 is much lower than that of Bitcoin, adding the cryptocurrency to a simple public equities portfolio is less effective at reducing risk than it may be for other, riskier assets.</p><p><blockquote>他通过电子邮件表示：“资产相对于比特币的波动性越高，比特币的风险对冲潜力就越好。”他补充说，由于标普500的波动性远低于比特币，因此将加密货币添加到简单的公共股票投资组合中在降低风险方面不如其他风险较高的资产有效。</blockquote></p><p> And that’s not the only benefit of including Bitcoin in a portfolio. According toresearch publishedin August, including certain cryptocurrencies in a portfolio can offer diversification benefits to investors,<i>Institutional Investor</i>previously reported.</p><p><blockquote>这并不是将比特币纳入投资组合的唯一好处。根据八月份发布的研究，将某些加密货币纳入投资组合可以为投资者带来多元化的好处，<i>机构投资者</i>此前报道。</blockquote></p><p> In other words, while Bitcoin isn’t a hedge, it still can be a tool for investors — as long as they know how to use it.</p><p><blockquote>换句话说，虽然比特币不是对冲工具，但它仍然可以成为投资者的工具——只要他们知道如何使用它。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.institutionalinvestor.com/article/b1ts0s52n8wztf/Why-Bitcoin-Isn-t-a-Good-Market-Hedge\">Institutional Investor</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":{"GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"source_url":"https://www.institutionalinvestor.com/article/b1ts0s52n8wztf/Why-Bitcoin-Isn-t-a-Good-Market-Hedge","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141752032","content_text":"The cryptocurrency is more volatile than equities — but investors shouldn’t write it off completely, researchers say.\n\nBitcoin is not the equities hedge that some investors want it to be, but that doesn’t mean it’s not worth including in a portfolio, new research shows.\nA paper published in mid-September reveals that while Bitcoin doesn’t hedge against equity portfolio risk, it can act as a hedge against assets with a similar or higher risk profile than its own.\nThe cryptocurrency’s introduction into the market in the early 2010s was marked by the promise of its low correlation to other assets — and thus, high potential to act as a hedge against asset classes like equities.\nSince then, a growing body of work — including at least 19 scholarly articles — has explored whether Bitcoin is a hedge or can reduce portfolio risk. The latest piece, entitledIs Bitcoin A Hedge?waspublished on September 18by a trio from the University of Western Australia: Dirk Baur, Lai Hoang, and Md Zakir Hossain.\n“The question [of] how excess volatility of Bitcoin affects its hedge and diversifier properties is generally not analyzed,” they wrote in the paper’s introduction.\nSo they attempted to analyze which weight of Bitcoin in a portfolio alongside the S&P 500 index could reduce portfolio risk — in other words, act as a hedge. Their work suggests that Bitcoin is a “rather poor risk diversifier and hedge for the S&P 500,” the paper said.\nThe authors created model portfolios using monthly and daily return data from 2011 through 2021 for both the S&P 500 and Bitcoin. The model portfolios included zero, low, and high Bitcoin weights, then analyzed whether the inclusion of Bitcoin reduced the risk relative to a standalone S&P 500 portfolio.\nThey found that the inclusion of Bitcoin increased portfolio risk, even for allocations as low as 1 percent, the paper said. According to the research, Bitcoin’s risk-diversifying or risk-hedging capabilities are undermined by its extreme volatility.\n“Since Bitcoin is very volatile, it hardly reduces any risk,” Baur said via email. “However, this does not imply that it cannot improve the risk-return relationship or Sharpe ratio of a portfolio; Bitcoin often improves the Sharpe ratio of a portfolio because the (historical) returns are much higher than the risk relative to other assets such as the S&P 500.”\nAccording to Baur, the findings also apply to other asset classes.\n“The higher the volatility of an asset relative to Bitcoin, the better the risk hedging potential of Bitcoin,” he said via email. He added that because the volatility of the S&P 500 is much lower than that of Bitcoin, adding the cryptocurrency to a simple public equities portfolio is less effective at reducing risk than it may be for other, riskier assets.\nAnd that’s not the only benefit of including Bitcoin in a portfolio. According toresearch publishedin August, including certain cryptocurrencies in a portfolio can offer diversification benefits to investors,Institutional Investorpreviously reported.\nIn other words, while Bitcoin isn’t a hedge, it still can be a tool for investors — as long as they know how to use it.","news_type":1,"symbols_score_info":{"GBTC":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868071714,"gmtCreate":1632562395138,"gmtModify":1632657189386,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Ike and comment pls.. For good luck&nbsp;","listText":"Ike and comment pls.. For good luck&nbsp;","text":"Ike and comment pls.. For good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868071714","repostId":"1149730497","repostType":4,"isVote":1,"tweetType":1,"viewCount":2673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887906547,"gmtCreate":1631952523089,"gmtModify":1632805108168,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887906547","repostId":"2168716185","repostType":4,"isVote":1,"tweetType":1,"viewCount":2874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886586372,"gmtCreate":1631605711896,"gmtModify":1632807316029,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment.. So that tesla will go to the moon!&nbsp;","listText":"Like and comment.. So that tesla will go to the moon!&nbsp;","text":"Like and comment.. So that tesla will go to the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886586372","repostId":"1107351506","repostType":4,"repost":{"id":"1107351506","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":1631603290,"share":"https://www.laohu8.com/m/news/1107351506?lang=zh_CN&edition=full","pubTime":"2021-09-14 15:08","market":"us","language":"en","title":"Tesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107351506","media":"Benzinga","summary":"Tesla Inc CEO Elon Musk sent a company-wide email on Sept. 8 asking employees to \"go super hardcore’","content":"<p><b>Tesla Inc</b> CEO&nbsp;<b>Elon Musk</b>&nbsp;sent a company-wide&nbsp;email&nbsp;on Sept. 8 asking employees to \"go super hardcore’ in an effort to motivate the workers to meet delivery targets for the third quarter. The electric vehicle manufacturer, like many automakers, has been negatively impacted by the global chip shortage.</p><p><blockquote><b>特斯拉公司</b>首席执行官<b>埃隆·马斯克</b>9月8日向全公司发送了一封电子邮件，要求员工“超级努力”，以激励员工实现第三季度的交付目标。与许多汽车制造商一样，这家电动汽车制造商也受到了全球芯片短缺的负面影响。</blockquote></p><p> <b>For the second quarter of 2021, Tesla delivered a record number of vehicles but the company has had to send out vehicles with missing or alternative parts and a promise to install or replace the components when new parts become available.</b></p><p><blockquote><b>2021年第二季度，特斯拉交付了创纪录数量的车辆，但该公司不得不发送带有缺失或替换零件的车辆，并承诺在新零件可用时安装或更换组件。</b></blockquote></p><p> Despite the struggles, Musk wants the largest delivery push in Tesla’s history.</p><p><blockquote>尽管困难重重，马斯克仍希望推动特斯拉历史上最大规模的交付。</blockquote></p><p> On Monday,&nbsp;options&nbsp;traders sold a slew of Tesla call contracts when the markets opened, likely due to the monthly options expiry coming up this Friday. Over the coming days, traders will want to see whether institutions roll their calls out or if an increasing amount of put contracts are purchased, which could signal further downside is expected.</p><p><blockquote>周一，期权交易员在市场开盘时出售了大量特斯拉·看涨期权合约，可能是因为月度期权将于本周五到期。未来几天，交易员将希望了解机构是否推出评级，或者是否购买了越来越多的看跌合约，这可能表明预计将进一步下跌。</blockquote></p><p> <b>The Tesla Chart:</b>Tesla’s stock fell straight through a support level at the $720 mark Monday morning and backtested and wicked from the descending trendline of a triangle the stock broke up from on Aug. 30. When a stock backtests and bounces from a pattern the formation gains validity.</p><p><blockquote><b>特斯拉图表：</b>周一上午，特斯拉股价直接跌破720美元关口的支撑位，并从该股8月30日突破的三角形下降趋势线进行了回测。当一只股票回测并从一个形态反弹时，该形态就获得了有效性。</blockquote></p><p> <b>On Sept. 9,&nbsp;Tesla’s relative strength index reached 67% which indicated consolidation was needed on the daily chart. When Tesla reached the same level on Aug. 5 the stock retraced 10% over the following seven trading days.</b>When a stock’s RSI nears or exceeds 70% it enters overbought territory which is often a sell signal for technical traders.</p><p><blockquote><b>9月9日，特斯拉相对强弱指数达到67%，表明日线图上需要盘整。当特斯拉在8月5日达到同一水平时，该股在接下来的7个交易日内回撤了10%。</b>当股票的RSI接近或超过70%时，它就进入了超买区域，这通常是技术交易者的卖出信号。</blockquote></p><p> Tesla is trading in line with the 21-day exponential moving average (EMA) but below the eight-day EMA with the eight-day EMA trending above the 21-day, which indicates indecision. The stock is trading above the 200-day simple moving average, which is bullish.</p><p><blockquote>特斯拉的交易价格与21日指数移动平均线(EMA)一致，但低于8日EMA，8日EMA趋势高于21日，这表明犹豫不决。该股交易价格高于200日简单移动平均线，看涨。</blockquote></p><p> <ul>  <li>Bulls want to see Tesla continue to consolidate sideways with low volume and for the stock to remain above the triangle pattern. Tesla has resistance at $745 and $780.</li>  <li>Bears want to see sustained bearish volume drive Tesla down below the descending trendline of the pattern. If Tesla’s stock loses the trendline as support it could fall toward the $700 level and below that there is another support area at $671.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfd8b2a75ca089b8aed45093cb31ab4e\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\"><span>Photo: Courtesy Tesla Inc.</span></p><p><blockquote><ul><li>多头希望看到特斯拉继续以低成交量横盘整理，并希望该股保持在三角形形态之上。特斯拉在745美元和780美元有阻力。</li><li>空头希望看到持续的看跌成交量推动特斯拉跌破该模式的下降趋势线。如果特斯拉的股票失去趋势线作为支撑，它可能会跌向700美元水平，低于该水平还有另一个支撑区域671美元。</li></ul><p class=\"t-img-caption\"><span>照片：由特斯拉公司提供。</span></p></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</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\">\nTesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</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\">2021-09-14 15:08</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Tesla Inc</b> CEO&nbsp;<b>Elon Musk</b>&nbsp;sent a company-wide&nbsp;email&nbsp;on Sept. 8 asking employees to \"go super hardcore’ in an effort to motivate the workers to meet delivery targets for the third quarter. The electric vehicle manufacturer, like many automakers, has been negatively impacted by the global chip shortage.</p><p><blockquote><b>特斯拉公司</b>首席执行官<b>埃隆·马斯克</b>9月8日向全公司发送了一封电子邮件，要求员工“超级努力”，以激励员工实现第三季度的交付目标。与许多汽车制造商一样，这家电动汽车制造商也受到了全球芯片短缺的负面影响。</blockquote></p><p> <b>For the second quarter of 2021, Tesla delivered a record number of vehicles but the company has had to send out vehicles with missing or alternative parts and a promise to install or replace the components when new parts become available.</b></p><p><blockquote><b>2021年第二季度，特斯拉交付了创纪录数量的车辆，但该公司不得不发送带有缺失或替换零件的车辆，并承诺在新零件可用时安装或更换组件。</b></blockquote></p><p> Despite the struggles, Musk wants the largest delivery push in Tesla’s history.</p><p><blockquote>尽管困难重重，马斯克仍希望推动特斯拉历史上最大规模的交付。</blockquote></p><p> On Monday,&nbsp;options&nbsp;traders sold a slew of Tesla call contracts when the markets opened, likely due to the monthly options expiry coming up this Friday. Over the coming days, traders will want to see whether institutions roll their calls out or if an increasing amount of put contracts are purchased, which could signal further downside is expected.</p><p><blockquote>周一，期权交易员在市场开盘时出售了大量特斯拉·看涨期权合约，可能是因为月度期权将于本周五到期。未来几天，交易员将希望了解机构是否推出评级，或者是否购买了越来越多的看跌合约，这可能表明预计将进一步下跌。</blockquote></p><p> <b>The Tesla Chart:</b>Tesla’s stock fell straight through a support level at the $720 mark Monday morning and backtested and wicked from the descending trendline of a triangle the stock broke up from on Aug. 30. When a stock backtests and bounces from a pattern the formation gains validity.</p><p><blockquote><b>特斯拉图表：</b>周一上午，特斯拉股价直接跌破720美元关口的支撑位，并从该股8月30日突破的三角形下降趋势线进行了回测。当一只股票回测并从一个形态反弹时，该形态就获得了有效性。</blockquote></p><p> <b>On Sept. 9,&nbsp;Tesla’s relative strength index reached 67% which indicated consolidation was needed on the daily chart. When Tesla reached the same level on Aug. 5 the stock retraced 10% over the following seven trading days.</b>When a stock’s RSI nears or exceeds 70% it enters overbought territory which is often a sell signal for technical traders.</p><p><blockquote><b>9月9日，特斯拉相对强弱指数达到67%，表明日线图上需要盘整。当特斯拉在8月5日达到同一水平时，该股在接下来的7个交易日内回撤了10%。</b>当股票的RSI接近或超过70%时，它就进入了超买区域，这通常是技术交易者的卖出信号。</blockquote></p><p> Tesla is trading in line with the 21-day exponential moving average (EMA) but below the eight-day EMA with the eight-day EMA trending above the 21-day, which indicates indecision. The stock is trading above the 200-day simple moving average, which is bullish.</p><p><blockquote>特斯拉的交易价格与21日指数移动平均线(EMA)一致，但低于8日EMA，8日EMA趋势高于21日，这表明犹豫不决。该股交易价格高于200日简单移动平均线，看涨。</blockquote></p><p> <ul>  <li>Bulls want to see Tesla continue to consolidate sideways with low volume and for the stock to remain above the triangle pattern. Tesla has resistance at $745 and $780.</li>  <li>Bears want to see sustained bearish volume drive Tesla down below the descending trendline of the pattern. If Tesla’s stock loses the trendline as support it could fall toward the $700 level and below that there is another support area at $671.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfd8b2a75ca089b8aed45093cb31ab4e\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\"><span>Photo: Courtesy Tesla Inc.</span></p><p><blockquote><ul><li>多头希望看到特斯拉继续以低成交量横盘整理，并希望该股保持在三角形形态之上。特斯拉在745美元和780美元有阻力。</li><li>空头希望看到持续的看跌成交量推动特斯拉跌破该模式的下降趋势线。如果特斯拉的股票失去趋势线作为支撑，它可能会跌向700美元水平，低于该水平还有另一个支撑区域671美元。</li></ul><p class=\"t-img-caption\"><span>照片：由特斯拉公司提供。</span></p></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107351506","content_text":"Tesla Inc CEO Elon Musk sent a company-wide email on Sept. 8 asking employees to \"go super hardcore’ in an effort to motivate the workers to meet delivery targets for the third quarter. The electric vehicle manufacturer, like many automakers, has been negatively impacted by the global chip shortage.\nFor the second quarter of 2021, Tesla delivered a record number of vehicles but the company has had to send out vehicles with missing or alternative parts and a promise to install or replace the components when new parts become available.\nDespite the struggles, Musk wants the largest delivery push in Tesla’s history.\nOn Monday, options traders sold a slew of Tesla call contracts when the markets opened, likely due to the monthly options expiry coming up this Friday. Over the coming days, traders will want to see whether institutions roll their calls out or if an increasing amount of put contracts are purchased, which could signal further downside is expected.\nThe Tesla Chart:Tesla’s stock fell straight through a support level at the $720 mark Monday morning and backtested and wicked from the descending trendline of a triangle the stock broke up from on Aug. 30. When a stock backtests and bounces from a pattern the formation gains validity.\nOn Sept. 9, Tesla’s relative strength index reached 67% which indicated consolidation was needed on the daily chart. When Tesla reached the same level on Aug. 5 the stock retraced 10% over the following seven trading days.When a stock’s RSI nears or exceeds 70% it enters overbought territory which is often a sell signal for technical traders.\nTesla is trading in line with the 21-day exponential moving average (EMA) but below the eight-day EMA with the eight-day EMA trending above the 21-day, which indicates indecision. The stock is trading above the 200-day simple moving average, which is bullish.\n\nBulls want to see Tesla continue to consolidate sideways with low volume and for the stock to remain above the triangle pattern. Tesla has resistance at $745 and $780.\nBears want to see sustained bearish volume drive Tesla down below the descending trendline of the pattern. If Tesla’s stock loses the trendline as support it could fall toward the $700 level and below that there is another support area at $671.\n\nPhoto: Courtesy Tesla Inc.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881569010,"gmtCreate":1631364757130,"gmtModify":1632882946437,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/881569010","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohu8.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889502080,"gmtCreate":1631155114740,"gmtModify":1632884257820,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/889502080","repostId":"2166392072","repostType":4,"isVote":1,"tweetType":1,"viewCount":3163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880188583,"gmtCreate":1631025131042,"gmtModify":1632904501736,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880188583","repostId":"2165359930","repostType":4,"isVote":1,"tweetType":1,"viewCount":2027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814256849,"gmtCreate":1630830787081,"gmtModify":1632905649405,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls.. 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TIP is China Tech","listText":"Like and comment pls. TIP is China Tech","text":"Like and comment pls. TIP is China Tech","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/149032467","repostId":"1118316014","repostType":4,"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157628223,"gmtCreate":1625580949362,"gmtModify":1633939400214,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"SMHLike and comment pls.. The tip above is all u need","listText":"SMHLike and comment pls.. The tip above is all u need","text":"SMHLike and comment pls.. The tip above is all u need","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157628223","repostId":"1189769697","repostType":4,"repost":{"id":"1189769697","kind":"news","pubTimestamp":1625579734,"share":"https://www.laohu8.com/m/news/1189769697?lang=zh_CN&edition=full","pubTime":"2021-07-06 21:55","market":"us","language":"en","title":"Nvidia Gains on Another Analyst Price-Target Boost<blockquote>英伟达因分析师再次上调目标价而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189769697","media":"Thestreet","summary":"Nvidia  shares gained on Tuesday after another Wall Street analyst lifted his price target to near $1,000 amid expectations of continued strong demand for video graphics cards and related semiconductors that are used for both gaming and mining cryptocurrencies.Keybanc analyst John Vinh lifted his one-year price target on Nvidia to $950 from $775, following in the footsteps of BMO Capital Markets analyst Ambrish Srivastava, who just last Thursdaylifted his own price target on the chip titanto a W","content":"<p>Nvidia&nbsp;(<b>NVDA</b>)&nbsp;shares gained on Tuesday after another Wall Street analyst lifted his price target to near $1,000 amid expectations of continued strong demand for video graphics cards and related semiconductors that are used for both gaming and mining cryptocurrencies.</p><p><blockquote>英伟达(<b>NVDA</b>）周二，另一位华尔街分析师将目标价上调至近1,000美元，原因是预计对用于游戏和挖掘加密货币的视频显卡和相关半导体的需求将持续强劲，股价上涨。</blockquote></p><p> Keybanc analyst John Vinh lifted his one-year price target on Nvidia to $950 from $775, following in the footsteps of BMO Capital Markets analyst Ambrish Srivastava, who just last Thursdaylifted his own price target on the chip titanto a Wall Street high of $1,000 from $975 and affirmed an outperform rating.</p><p><blockquote>Keybanc分析师John Vinh将Nvidia的一年目标价从775美元上调至950美元，紧随BMO资本市场分析师Ambrish Srivastava的脚步，后者上周四将芯片titanto的目标价从华尔街高点1,000美元上调至975美元，并确认跑赢大盘评级。</blockquote></p><p> Analysts have piled on the praise for Nvidia since the company’s first-quarter results,which came in better than expected&nbsp;amid strength in so-called hyperscale data center demand, which includes demand for its graphics cards and chips using for both gaming and crypto mining.</p><p><blockquote>自英伟达公布第一季度业绩以来，分析师对该公司赞不绝口，由于所谓的超大规模数据中心需求强劲，该公司的业绩好于预期，其中包括对用于游戏和加密货币挖矿的显卡和芯片的需求。</blockquote></p><p> Even before then, analysts were&nbsp;touting Nvidia’s performance&nbsp;amid strong demand for its gaming graphics cards, which surged through the pandemic and stay-at-home orders that boosted demand for at-home entertainment like video games, compounded by the ongoing chip shortage that has boosted demand - and prices -for the chips and the cards themselves.</p><p><blockquote>甚至在此之前，分析师就在对英伟达游戏显卡的强劲需求中吹捧英伟达的业绩，该显卡在大流行期间激增，而居家订单提振了对视频游戏等家庭娱乐的需求，而持续的芯片短缺又加剧了这种情况。增加了芯片和卡本身的需求和价格。</blockquote></p><p> At the same time, surging prices for Bitcoin, Ethereum and other cryptocurrencies this year also have fueled demand. Crypto miners use graphics processing units, or GPUs, to mine currencies such as Bitcoin and Ethereum. Nvidia’slatest RTX 30 series, launched last year, has proven particularly popular with miners.</p><p><blockquote>与此同时，今年比特币、以太币和其他加密货币的价格飙升也刺激了需求。加密货币矿工使用图形处理单元（GPU）来挖掘比特币和以太币等货币。事实证明，英伟达去年推出的最新RTX 30系列特别受矿工欢迎。</blockquote></p><p> TheStreet's&nbsp;Jim Cramerin his&nbsp;Real Money&nbsp;column on Tuesdaynoted another reason to be bullish on Nvidia: a potential acquisition that will beef up its business even more.</p><p><blockquote>《华尔街日报》的吉姆·克莱默(Jim Cramerer)在周二的《真钱》专栏中指出了看好英伟达的另一个原因：一项潜在的收购将进一步增强其业务。</blockquote></p><p> Specifically, Jim pointed to the increasing likelihood that regulators will allow the company to buy Arm Holdings, a British company that excels in cellphones and personal computers, which will add to its already strong sales pipeline that has been driven by far more than just demand from Ethereum miners.</p><p><blockquote>具体来说，吉姆指出，监管机构允许该公司收购Arm Holdings的可能性越来越大，Arm Holdings是一家擅长手机和个人电脑的英国公司，这将增加其本已强劲的销售渠道，而该渠道的推动因素不仅仅是来自以太币矿工的需求。</blockquote></p><p> \"I'm sure some of you might think that Nvidia is more of an Ethereum play, because its cards are used to mine the cryptocurrency,\" Cramer wrote. \"In reality, that's a tiny portion of their business and is made up of cards that aren't up to specification for gaming, scrap if you will.\"</p><p><blockquote>克莱默写道：“我相信你们中的一些人可能会认为英伟达更像是一家以太币公司，因为它的卡是用来挖掘加密货币的。”“事实上，这只是他们业务的一小部分，而且由不符合游戏规格的卡组成，如果你愿意的话，可以报废。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nNvidia Gains on Another Analyst Price-Target Boost<blockquote>英伟达因分析师再次上调目标价而上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-06 21:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nvidia&nbsp;(<b>NVDA</b>)&nbsp;shares gained on Tuesday after another Wall Street analyst lifted his price target to near $1,000 amid expectations of continued strong demand for video graphics cards and related semiconductors that are used for both gaming and mining cryptocurrencies.</p><p><blockquote>英伟达(<b>NVDA</b>）周二，另一位华尔街分析师将目标价上调至近1,000美元，原因是预计对用于游戏和挖掘加密货币的视频显卡和相关半导体的需求将持续强劲，股价上涨。</blockquote></p><p> Keybanc analyst John Vinh lifted his one-year price target on Nvidia to $950 from $775, following in the footsteps of BMO Capital Markets analyst Ambrish Srivastava, who just last Thursdaylifted his own price target on the chip titanto a Wall Street high of $1,000 from $975 and affirmed an outperform rating.</p><p><blockquote>Keybanc分析师John Vinh将Nvidia的一年目标价从775美元上调至950美元，紧随BMO资本市场分析师Ambrish Srivastava的脚步，后者上周四将芯片titanto的目标价从华尔街高点1,000美元上调至975美元，并确认跑赢大盘评级。</blockquote></p><p> Analysts have piled on the praise for Nvidia since the company’s first-quarter results,which came in better than expected&nbsp;amid strength in so-called hyperscale data center demand, which includes demand for its graphics cards and chips using for both gaming and crypto mining.</p><p><blockquote>自英伟达公布第一季度业绩以来，分析师对该公司赞不绝口，由于所谓的超大规模数据中心需求强劲，该公司的业绩好于预期，其中包括对用于游戏和加密货币挖矿的显卡和芯片的需求。</blockquote></p><p> Even before then, analysts were&nbsp;touting Nvidia’s performance&nbsp;amid strong demand for its gaming graphics cards, which surged through the pandemic and stay-at-home orders that boosted demand for at-home entertainment like video games, compounded by the ongoing chip shortage that has boosted demand - and prices -for the chips and the cards themselves.</p><p><blockquote>甚至在此之前，分析师就在对英伟达游戏显卡的强劲需求中吹捧英伟达的业绩，该显卡在大流行期间激增，而居家订单提振了对视频游戏等家庭娱乐的需求，而持续的芯片短缺又加剧了这种情况。增加了芯片和卡本身的需求和价格。</blockquote></p><p> At the same time, surging prices for Bitcoin, Ethereum and other cryptocurrencies this year also have fueled demand. Crypto miners use graphics processing units, or GPUs, to mine currencies such as Bitcoin and Ethereum. Nvidia’slatest RTX 30 series, launched last year, has proven particularly popular with miners.</p><p><blockquote>与此同时，今年比特币、以太币和其他加密货币的价格飙升也刺激了需求。加密货币矿工使用图形处理单元（GPU）来挖掘比特币和以太币等货币。事实证明，英伟达去年推出的最新RTX 30系列特别受矿工欢迎。</blockquote></p><p> TheStreet's&nbsp;Jim Cramerin his&nbsp;Real Money&nbsp;column on Tuesdaynoted another reason to be bullish on Nvidia: a potential acquisition that will beef up its business even more.</p><p><blockquote>《华尔街日报》的吉姆·克莱默(Jim Cramerer)在周二的《真钱》专栏中指出了看好英伟达的另一个原因：一项潜在的收购将进一步增强其业务。</blockquote></p><p> Specifically, Jim pointed to the increasing likelihood that regulators will allow the company to buy Arm Holdings, a British company that excels in cellphones and personal computers, which will add to its already strong sales pipeline that has been driven by far more than just demand from Ethereum miners.</p><p><blockquote>具体来说，吉姆指出，监管机构允许该公司收购Arm Holdings的可能性越来越大，Arm Holdings是一家擅长手机和个人电脑的英国公司，这将增加其本已强劲的销售渠道，而该渠道的推动因素不仅仅是来自以太币矿工的需求。</blockquote></p><p> \"I'm sure some of you might think that Nvidia is more of an Ethereum play, because its cards are used to mine the cryptocurrency,\" Cramer wrote. \"In reality, that's a tiny portion of their business and is made up of cards that aren't up to specification for gaming, scrap if you will.\"</p><p><blockquote>克莱默写道：“我相信你们中的一些人可能会认为英伟达更像是一家以太币公司，因为它的卡是用来挖掘加密货币的。”“事实上，这只是他们业务的一小部分，而且由不符合游戏规格的卡组成，如果你愿意的话，可以报废。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/nvidia-nvda-keybanc-price-target-boost-070621\">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":{"NVDA":"英伟达"},"source_url":"https://www.thestreet.com/investing/nvidia-nvda-keybanc-price-target-boost-070621","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189769697","content_text":"Nvidia (NVDA) shares gained on Tuesday after another Wall Street analyst lifted his price target to near $1,000 amid expectations of continued strong demand for video graphics cards and related semiconductors that are used for both gaming and mining cryptocurrencies.\nKeybanc analyst John Vinh lifted his one-year price target on Nvidia to $950 from $775, following in the footsteps of BMO Capital Markets analyst Ambrish Srivastava, who just last Thursdaylifted his own price target on the chip titanto a Wall Street high of $1,000 from $975 and affirmed an outperform rating.\nAnalysts have piled on the praise for Nvidia since the company’s first-quarter results,which came in better than expected amid strength in so-called hyperscale data center demand, which includes demand for its graphics cards and chips using for both gaming and crypto mining.\nEven before then, analysts were touting Nvidia’s performance amid strong demand for its gaming graphics cards, which surged through the pandemic and stay-at-home orders that boosted demand for at-home entertainment like video games, compounded by the ongoing chip shortage that has boosted demand - and prices -for the chips and the cards themselves.\nAt the same time, surging prices for Bitcoin, Ethereum and other cryptocurrencies this year also have fueled demand. Crypto miners use graphics processing units, or GPUs, to mine currencies such as Bitcoin and Ethereum. Nvidia’slatest RTX 30 series, launched last year, has proven particularly popular with miners.\nTheStreet's Jim Cramerin his Real Money column on Tuesdaynoted another reason to be bullish on Nvidia: a potential acquisition that will beef up its business even more.\nSpecifically, Jim pointed to the increasing likelihood that regulators will allow the company to buy Arm Holdings, a British company that excels in cellphones and personal computers, which will add to its already strong sales pipeline that has been driven by far more than just demand from Ethereum miners.\n\"I'm sure some of you might think that Nvidia is more of an Ethereum play, because its cards are used to mine the cryptocurrency,\" Cramer wrote. \"In reality, that's a tiny portion of their business and is made up of cards that aren't up to specification for gaming, scrap if you will.\"","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154152727,"gmtCreate":1625492022669,"gmtModify":1633940230753,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577774343761638","idStr":"3577774343761638"},"themes":[],"htmlText":"Tsla winning","listText":"Tsla winning","text":"Tsla winning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154152727","repostId":"1133670347","repostType":4,"isVote":1,"tweetType":1,"viewCount":631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":859751397,"gmtCreate":1634737676138,"gmtModify":1634737912442,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls for good luck&nbsp;","listText":"Like and comment pls for good luck&nbsp;","text":"Like and comment pls for good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/859751397","repostId":"1124411702","repostType":4,"repost":{"id":"1124411702","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":1634737096,"share":"https://www.laohu8.com/m/news/1124411702?lang=zh_CN&edition=full","pubTime":"2021-10-20 21:38","market":"us","language":"en","title":"Most of China tech stocks jumped in early trading<blockquote>大多数中国科技股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124411702","media":"Tiger Newspress","summary":"(Oct 20) Most of China tech stocks jumped in early trading.","content":"<p>(Oct 20)&nbsp;Most of China tech stocks jumped in early trading.</p><p><blockquote>（10月20日）大多数中国科技股在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37d3dffc7b707efb56db05f11daa2434\" tg-width=\"340\" tg-height=\"833\" 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>Most of China tech stocks jumped in early trading<blockquote>大多数中国科技股早盘上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nMost of China tech stocks jumped in early trading<blockquote>大多数中国科技股早盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-20 21:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Oct 20)&nbsp;Most of China tech stocks jumped in early trading.</p><p><blockquote>（10月20日）大多数中国科技股在早盘交易中上涨。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37d3dffc7b707efb56db05f11daa2434\" tg-width=\"340\" tg-height=\"833\" 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":"1124411702","content_text":"(Oct 20) Most of China tech stocks jumped in early trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868071714,"gmtCreate":1632562395138,"gmtModify":1632657189386,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Ike and comment pls.. For good luck&nbsp;","listText":"Ike and comment pls.. For good luck&nbsp;","text":"Ike and comment pls.. For good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868071714","repostId":"1149730497","repostType":4,"isVote":1,"tweetType":1,"viewCount":2673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":849659736,"gmtCreate":1635754343732,"gmtModify":1635754343832,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment for Tesla good luck","listText":"Like and comment for Tesla good luck","text":"Like and comment for Tesla good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/849659736","repostId":"1128958892","repostType":4,"repost":{"id":"1128958892","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":1635754043,"share":"https://www.laohu8.com/m/news/1128958892?lang=zh_CN&edition=full","pubTime":"2021-11-01 16:07","market":"us","language":"en","title":"Tesla stock surged another 2.3% in premarket trading<blockquote>特斯拉股价在盘前交易中又飙升2.3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128958892","media":"Tiger Newspress","summary":"Tesla stock surged another 2.3% in premarket trading.","content":"<p>Tesla stock surged another 2.3% in premarket trading.</p><p><blockquote>特斯拉股价在盘前交易中又飙升2.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/34cb5122bf0e428d879d706755bcccbc\" tg-width=\"1416\" tg-height=\"637\" 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>Tesla stock surged another 2.3% in premarket trading<blockquote>特斯拉股价在盘前交易中又飙升2.3%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock surged another 2.3% in premarket trading<blockquote>特斯拉股价在盘前交易中又飙升2.3%</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\">2021-11-01 16:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla stock surged another 2.3% in premarket trading.</p><p><blockquote>特斯拉股价在盘前交易中又飙升2.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/34cb5122bf0e428d879d706755bcccbc\" tg-width=\"1416\" tg-height=\"637\" 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":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128958892","content_text":"Tesla stock surged another 2.3% in premarket trading.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3788,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886586372,"gmtCreate":1631605711896,"gmtModify":1632807316029,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment.. So that tesla will go to the moon!&nbsp;","listText":"Like and comment.. So that tesla will go to the moon!&nbsp;","text":"Like and comment.. So that tesla will go to the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886586372","repostId":"1107351506","repostType":4,"repost":{"id":"1107351506","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":1631603290,"share":"https://www.laohu8.com/m/news/1107351506?lang=zh_CN&edition=full","pubTime":"2021-09-14 15:08","market":"us","language":"en","title":"Tesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107351506","media":"Benzinga","summary":"Tesla Inc CEO Elon Musk sent a company-wide email on Sept. 8 asking employees to \"go super hardcore’","content":"<p><b>Tesla Inc</b> CEO&nbsp;<b>Elon Musk</b>&nbsp;sent a company-wide&nbsp;email&nbsp;on Sept. 8 asking employees to \"go super hardcore’ in an effort to motivate the workers to meet delivery targets for the third quarter. The electric vehicle manufacturer, like many automakers, has been negatively impacted by the global chip shortage.</p><p><blockquote><b>特斯拉公司</b>首席执行官<b>埃隆·马斯克</b>9月8日向全公司发送了一封电子邮件，要求员工“超级努力”，以激励员工实现第三季度的交付目标。与许多汽车制造商一样，这家电动汽车制造商也受到了全球芯片短缺的负面影响。</blockquote></p><p> <b>For the second quarter of 2021, Tesla delivered a record number of vehicles but the company has had to send out vehicles with missing or alternative parts and a promise to install or replace the components when new parts become available.</b></p><p><blockquote><b>2021年第二季度，特斯拉交付了创纪录数量的车辆，但该公司不得不发送带有缺失或替换零件的车辆，并承诺在新零件可用时安装或更换组件。</b></blockquote></p><p> Despite the struggles, Musk wants the largest delivery push in Tesla’s history.</p><p><blockquote>尽管困难重重，马斯克仍希望推动特斯拉历史上最大规模的交付。</blockquote></p><p> On Monday,&nbsp;options&nbsp;traders sold a slew of Tesla call contracts when the markets opened, likely due to the monthly options expiry coming up this Friday. Over the coming days, traders will want to see whether institutions roll their calls out or if an increasing amount of put contracts are purchased, which could signal further downside is expected.</p><p><blockquote>周一，期权交易员在市场开盘时出售了大量特斯拉·看涨期权合约，可能是因为月度期权将于本周五到期。未来几天，交易员将希望了解机构是否推出评级，或者是否购买了越来越多的看跌合约，这可能表明预计将进一步下跌。</blockquote></p><p> <b>The Tesla Chart:</b>Tesla’s stock fell straight through a support level at the $720 mark Monday morning and backtested and wicked from the descending trendline of a triangle the stock broke up from on Aug. 30. When a stock backtests and bounces from a pattern the formation gains validity.</p><p><blockquote><b>特斯拉图表：</b>周一上午，特斯拉股价直接跌破720美元关口的支撑位，并从该股8月30日突破的三角形下降趋势线进行了回测。当一只股票回测并从一个形态反弹时，该形态就获得了有效性。</blockquote></p><p> <b>On Sept. 9,&nbsp;Tesla’s relative strength index reached 67% which indicated consolidation was needed on the daily chart. When Tesla reached the same level on Aug. 5 the stock retraced 10% over the following seven trading days.</b>When a stock’s RSI nears or exceeds 70% it enters overbought territory which is often a sell signal for technical traders.</p><p><blockquote><b>9月9日，特斯拉相对强弱指数达到67%，表明日线图上需要盘整。当特斯拉在8月5日达到同一水平时，该股在接下来的7个交易日内回撤了10%。</b>当股票的RSI接近或超过70%时，它就进入了超买区域，这通常是技术交易者的卖出信号。</blockquote></p><p> Tesla is trading in line with the 21-day exponential moving average (EMA) but below the eight-day EMA with the eight-day EMA trending above the 21-day, which indicates indecision. The stock is trading above the 200-day simple moving average, which is bullish.</p><p><blockquote>特斯拉的交易价格与21日指数移动平均线(EMA)一致，但低于8日EMA，8日EMA趋势高于21日，这表明犹豫不决。该股交易价格高于200日简单移动平均线，看涨。</blockquote></p><p> <ul>  <li>Bulls want to see Tesla continue to consolidate sideways with low volume and for the stock to remain above the triangle pattern. Tesla has resistance at $745 and $780.</li>  <li>Bears want to see sustained bearish volume drive Tesla down below the descending trendline of the pattern. If Tesla’s stock loses the trendline as support it could fall toward the $700 level and below that there is another support area at $671.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfd8b2a75ca089b8aed45093cb31ab4e\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\"><span>Photo: Courtesy Tesla Inc.</span></p><p><blockquote><ul><li>多头希望看到特斯拉继续以低成交量横盘整理，并希望该股保持在三角形形态之上。特斯拉在745美元和780美元有阻力。</li><li>空头希望看到持续的看跌成交量推动特斯拉跌破该模式的下降趋势线。如果特斯拉的股票失去趋势线作为支撑，它可能会跌向700美元水平，低于该水平还有另一个支撑区域671美元。</li></ul><p class=\"t-img-caption\"><span>照片：由特斯拉公司提供。</span></p></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</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\">\nTesla Gears Down To A Support Level: What's Next For The Stock?<blockquote>特斯拉跌至支撑位：该股的下一步走势是什么？</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\">2021-09-14 15:08</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Tesla Inc</b> CEO&nbsp;<b>Elon Musk</b>&nbsp;sent a company-wide&nbsp;email&nbsp;on Sept. 8 asking employees to \"go super hardcore’ in an effort to motivate the workers to meet delivery targets for the third quarter. The electric vehicle manufacturer, like many automakers, has been negatively impacted by the global chip shortage.</p><p><blockquote><b>特斯拉公司</b>首席执行官<b>埃隆·马斯克</b>9月8日向全公司发送了一封电子邮件，要求员工“超级努力”，以激励员工实现第三季度的交付目标。与许多汽车制造商一样，这家电动汽车制造商也受到了全球芯片短缺的负面影响。</blockquote></p><p> <b>For the second quarter of 2021, Tesla delivered a record number of vehicles but the company has had to send out vehicles with missing or alternative parts and a promise to install or replace the components when new parts become available.</b></p><p><blockquote><b>2021年第二季度，特斯拉交付了创纪录数量的车辆，但该公司不得不发送带有缺失或替换零件的车辆，并承诺在新零件可用时安装或更换组件。</b></blockquote></p><p> Despite the struggles, Musk wants the largest delivery push in Tesla’s history.</p><p><blockquote>尽管困难重重，马斯克仍希望推动特斯拉历史上最大规模的交付。</blockquote></p><p> On Monday,&nbsp;options&nbsp;traders sold a slew of Tesla call contracts when the markets opened, likely due to the monthly options expiry coming up this Friday. Over the coming days, traders will want to see whether institutions roll their calls out or if an increasing amount of put contracts are purchased, which could signal further downside is expected.</p><p><blockquote>周一，期权交易员在市场开盘时出售了大量特斯拉·看涨期权合约，可能是因为月度期权将于本周五到期。未来几天，交易员将希望了解机构是否推出评级，或者是否购买了越来越多的看跌合约，这可能表明预计将进一步下跌。</blockquote></p><p> <b>The Tesla Chart:</b>Tesla’s stock fell straight through a support level at the $720 mark Monday morning and backtested and wicked from the descending trendline of a triangle the stock broke up from on Aug. 30. When a stock backtests and bounces from a pattern the formation gains validity.</p><p><blockquote><b>特斯拉图表：</b>周一上午，特斯拉股价直接跌破720美元关口的支撑位，并从该股8月30日突破的三角形下降趋势线进行了回测。当一只股票回测并从一个形态反弹时，该形态就获得了有效性。</blockquote></p><p> <b>On Sept. 9,&nbsp;Tesla’s relative strength index reached 67% which indicated consolidation was needed on the daily chart. When Tesla reached the same level on Aug. 5 the stock retraced 10% over the following seven trading days.</b>When a stock’s RSI nears or exceeds 70% it enters overbought territory which is often a sell signal for technical traders.</p><p><blockquote><b>9月9日，特斯拉相对强弱指数达到67%，表明日线图上需要盘整。当特斯拉在8月5日达到同一水平时，该股在接下来的7个交易日内回撤了10%。</b>当股票的RSI接近或超过70%时，它就进入了超买区域，这通常是技术交易者的卖出信号。</blockquote></p><p> Tesla is trading in line with the 21-day exponential moving average (EMA) but below the eight-day EMA with the eight-day EMA trending above the 21-day, which indicates indecision. The stock is trading above the 200-day simple moving average, which is bullish.</p><p><blockquote>特斯拉的交易价格与21日指数移动平均线(EMA)一致，但低于8日EMA，8日EMA趋势高于21日，这表明犹豫不决。该股交易价格高于200日简单移动平均线，看涨。</blockquote></p><p> <ul>  <li>Bulls want to see Tesla continue to consolidate sideways with low volume and for the stock to remain above the triangle pattern. Tesla has resistance at $745 and $780.</li>  <li>Bears want to see sustained bearish volume drive Tesla down below the descending trendline of the pattern. If Tesla’s stock loses the trendline as support it could fall toward the $700 level and below that there is another support area at $671.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cfd8b2a75ca089b8aed45093cb31ab4e\" tg-width=\"1366\" tg-height=\"768\" width=\"100%\" height=\"auto\"><span>Photo: Courtesy Tesla Inc.</span></p><p><blockquote><ul><li>多头希望看到特斯拉继续以低成交量横盘整理，并希望该股保持在三角形形态之上。特斯拉在745美元和780美元有阻力。</li><li>空头希望看到持续的看跌成交量推动特斯拉跌破该模式的下降趋势线。如果特斯拉的股票失去趋势线作为支撑，它可能会跌向700美元水平，低于该水平还有另一个支撑区域671美元。</li></ul><p class=\"t-img-caption\"><span>照片：由特斯拉公司提供。</span></p></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107351506","content_text":"Tesla Inc CEO Elon Musk sent a company-wide email on Sept. 8 asking employees to \"go super hardcore’ in an effort to motivate the workers to meet delivery targets for the third quarter. The electric vehicle manufacturer, like many automakers, has been negatively impacted by the global chip shortage.\nFor the second quarter of 2021, Tesla delivered a record number of vehicles but the company has had to send out vehicles with missing or alternative parts and a promise to install or replace the components when new parts become available.\nDespite the struggles, Musk wants the largest delivery push in Tesla’s history.\nOn Monday, options traders sold a slew of Tesla call contracts when the markets opened, likely due to the monthly options expiry coming up this Friday. Over the coming days, traders will want to see whether institutions roll their calls out or if an increasing amount of put contracts are purchased, which could signal further downside is expected.\nThe Tesla Chart:Tesla’s stock fell straight through a support level at the $720 mark Monday morning and backtested and wicked from the descending trendline of a triangle the stock broke up from on Aug. 30. When a stock backtests and bounces from a pattern the formation gains validity.\nOn Sept. 9, Tesla’s relative strength index reached 67% which indicated consolidation was needed on the daily chart. When Tesla reached the same level on Aug. 5 the stock retraced 10% over the following seven trading days.When a stock’s RSI nears or exceeds 70% it enters overbought territory which is often a sell signal for technical traders.\nTesla is trading in line with the 21-day exponential moving average (EMA) but below the eight-day EMA with the eight-day EMA trending above the 21-day, which indicates indecision. The stock is trading above the 200-day simple moving average, which is bullish.\n\nBulls want to see Tesla continue to consolidate sideways with low volume and for the stock to remain above the triangle pattern. Tesla has resistance at $745 and $780.\nBears want to see sustained bearish volume drive Tesla down below the descending trendline of the pattern. If Tesla’s stock loses the trendline as support it could fall toward the $700 level and below that there is another support area at $671.\n\nPhoto: Courtesy Tesla Inc.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188904090,"gmtCreate":1623418674110,"gmtModify":1634033477802,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/188904090","repostId":"1158585683","repostType":4,"repost":{"id":"1158585683","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":1623418302,"share":"https://www.laohu8.com/m/news/1158585683?lang=zh_CN&edition=full","pubTime":"2021-06-11 21:31","market":"us","language":"en","title":"Dow rises 80 points, S&P 500 adds to a record as tech shares gain<blockquote>道琼斯指数上涨80点，标普500科技股上涨创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158585683","media":"Tiger Newspress","summary":"(June 11) U.S. stocks rose on Friday with the S&P 500 adding to its new record, as Wall Street aims ","content":"<p>(June 11)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.</p><p><blockquote>（六月十一日）美国。周五股市上涨，标普500再创新高，华尔街的目标是以高调结束本周。</blockquote></p><p> The Dow Jones Industrial Average gained 100 points while S&amp;P 500 added 0.2% after closing at a record in the previous session. Nasdaq-100 futures gained 0.1%. Apple, Amazon, Netflix, Microsoft and Alphabet all traded in the green.</p><p><blockquote>道琼斯工业平均指数上涨100点，标普500上涨0.2%，前一交易日收于创纪录水平。纳斯达克100指数期货上涨0.1%。苹果、亚马逊、Netflix、微软和Alphabet均上涨。</blockquote></p><p> There were not many big movers in premarket trading. Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop was up 7% in the premarket. Those twosuffered double digit percent losseson Thursday as momentum in the Reddit favorites faded.</p><p><blockquote>盘前交易中没有太多大动作。一些模因股票在周四经历了艰难的一天后出现反弹。AMC股价盘前上涨3%，游戏驿站股价上涨7%。随着Reddit热门网站的势头减弱，这两家公司周四遭受了两位数的百分比损失。</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>Dow rises 80 points, S&P 500 adds to a record as tech shares gain<blockquote>道琼斯指数上涨80点，标普500科技股上涨创历史新高</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\">\nDow rises 80 points, S&P 500 adds to a record as tech shares gain<blockquote>道琼斯指数上涨80点，标普500科技股上涨创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-11 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 11)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.</p><p><blockquote>（六月十一日）美国。周五股市上涨，标普500再创新高，华尔街的目标是以高调结束本周。</blockquote></p><p> The Dow Jones Industrial Average gained 100 points while S&amp;P 500 added 0.2% after closing at a record in the previous session. Nasdaq-100 futures gained 0.1%. Apple, Amazon, Netflix, Microsoft and Alphabet all traded in the green.</p><p><blockquote>道琼斯工业平均指数上涨100点，标普500上涨0.2%，前一交易日收于创纪录水平。纳斯达克100指数期货上涨0.1%。苹果、亚马逊、Netflix、微软和Alphabet均上涨。</blockquote></p><p> There were not many big movers in premarket trading. Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop was up 7% in the premarket. Those twosuffered double digit percent losseson Thursday as momentum in the Reddit favorites faded.</p><p><blockquote>盘前交易中没有太多大动作。一些模因股票在周四经历了艰难的一天后出现反弹。AMC股价盘前上涨3%，游戏驿站股价上涨7%。随着Reddit热门网站的势头减弱，这两家公司周四遭受了两位数的百分比损失。</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":"1158585683","content_text":"(June 11) U.S. stocks rose on Friday with the S&P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.\nThe Dow Jones Industrial Average gained 100 points while S&P 500 added 0.2% after closing at a record in the previous session. Nasdaq-100 futures gained 0.1%. Apple, Amazon, Netflix, Microsoft and Alphabet all traded in the green.\nThere were not many big movers in premarket trading. Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop was up 7% in the premarket. Those twosuffered double digit percent losseson Thursday as momentum in the Reddit favorites faded.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109636911,"gmtCreate":1619689059833,"gmtModify":1634210708427,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Apple remains the giant... 5G incoming in the next 5 years lads.. Like and comment pls","listText":"Apple remains the giant... 5G incoming in the next 5 years lads.. Like and comment pls","text":"Apple remains the giant... 5G incoming in the next 5 years lads.. Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/109636911","repostId":"1198510299","repostType":4,"isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881569010,"gmtCreate":1631364757130,"gmtModify":1632882946437,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/881569010","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohu8.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序中的购买提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商Epic Games提起的案件中，美国地区法官Yvonne Gonzalez Rogers发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里收取30%的提成。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪器SensorTower的数据显示，2020年，苹果从App Store获得的总收入为723亿美元，产生的费用估计为217亿美元，约占苹果总收入的7%。其中包括在美国的210亿美元支出，产生约63亿美元的费用，约占年收入的2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower估计，2020年App Store中的手机游戏支出为476亿美元，产生143亿美元的费用，略低于苹果总收入的5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司Loup Capital董事总经理、长期跟踪苹果的前卖方分析师吉恩·蒙斯特(Gene Munster)估计，App Store约占该公司利润的14%。但他认为周五裁决的风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>蒙斯特认为大多数应用程序开发人员将留在苹果系统内。他认为整体收入“最多”会受到2%的阻力，利润可能会受到4%的打击。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“在这些变化的第一年之后，app store的增长率将恢复正常，”他说。“最重要的是，这最多是一年的逆风，不会改变苹果未来5年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI分析师Amit Daryanani在一份研究报告中表示，这一裁决对苹果来说是一次挫折，但鉴于苹果有其他方式从商店创收，包括其不断增长的店内广告业务，最终的影响可能是可控的。他指出，苹果实际上在该案中的一个更大问题上取得了胜利：法官驳回了Epic关于App Store是非法垄断的主张。Daryanani估计苹果每股收益面临的风险为2%至4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>Wedbush分析师Dan Ives告诉<i>巴伦周刊</i>他认为最坏的情况是收入受到3%至4%的打击，并将这种风险描述为“舍入误差”。虽然Ives表示，华尔街原本预计苹果会全面获胜，但这一喜忧参半的决定消除了该股的悬念，投资者可能会因为解决这个问题而松一口气。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他表示，这一裁决对Spotify Technology和Match Group等公司来说更多的是积极的，而不是对苹果的负面影响。苹果股价周五下跌3.3%，至148.97美元，Spotify和March分别上涨0.7%和4.</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138502960,"gmtCreate":1621947742450,"gmtModify":1634185261824,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Tsla is here for the world.Like and comment if you agree&nbsp;","listText":"Tsla is here for the world.Like and comment if you agree&nbsp;","text":"Tsla is here for the world.Like and comment if you agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/138502960","repostId":"2138167226","repostType":4,"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190942099,"gmtCreate":1620575778111,"gmtModify":1634197952264,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Stay invested with risk management&nbsp;","listText":"Stay invested with risk management&nbsp;","text":"Stay invested with risk management","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/190942099","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。有风险的公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</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>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</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\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。有风险的公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</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.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108524085,"gmtCreate":1620043921547,"gmtModify":1634208301008,"author":{"id":"3577774343761638","authorId":"3577774343761638","name":"samfernando","avatar":"https://static.tigerbbs.com/a0364524ada7527bd96fee8e8676450a","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577774343761638","authorIdStr":"3577774343761638"},"themes":[],"htmlText":"Correction time is good for us retailers&nbsp;","listText":"Correction time is good for us retailers&nbsp;","text":"Correction time is good for us retailers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108524085","repostId":"1133315528","repostType":4,"isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}