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2021-06-20
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2021-06-28
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Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价涨超5%创新高</blockquote>
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2021-06-23
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The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年9月，英伟达（股票代码：NVDA）宣布以400亿美元现金和股票从软银集团（SFTBY）手中收购Arm，这笔交易将使软银成为英伟达的最大投资者。鉴于Arm作为芯片行业微处理器设计领先供应商的地位，该交易吸引了监管机构和其他芯片公司的广泛审查。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s <i>Sunday Times</i> over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>周末有报道称，Arm的三个重要客户——博通(AVGO)、Marvell(MRVL)和台湾联发科(2454.TW)——已批准该交易。记者无法立即联系到任何相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师Atif Malk周日在一份研究报告中写道，该报告是拟议交易向前迈出的一大步。他认为，鉴于英伟达公开承诺加大对Arm英国业务的投资，英国可能会批准此次合并。但他仍然看到了相当大的障碍，尤其是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>他在一份研究报告中写道：“随着美国继续积极反对中国在科技竞赛中获胜，我们认为中国不太可能支持一项可能导致他们失去Arm准入权的交易。”“如果英伟达找到一种方法，将Arm中国子公司保留为一个独立实体，而无法访问任何[图形处理器或人工智能]IP，那么就有办法获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说，他认为获得批准的道路仍然狭窄。他现在认为获得批准的可能性为30%，高于之前估计的10%。</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 shares rose more than 5% to a new high<blockquote>英伟达股价涨超5%创新高</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\">\nNvidia shares rose more than 5% to a new high<blockquote>英伟达股价涨超5%创新高</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\">2021-06-28 22:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称三大芯片制造商支持收购Arm，英伟达股价上涨逾5%，创新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道，三大芯片制造商已出面表示，他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年9月，英伟达（股票代码：NVDA）宣布以400亿美元现金和股票从软银集团（SFTBY）手中收购Arm，这笔交易将使软银成为英伟达的最大投资者。鉴于Arm作为芯片行业微处理器设计领先供应商的地位，该交易吸引了监管机构和其他芯片公司的广泛审查。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s <i>Sunday Times</i> over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>周末有报道称，Arm的三个重要客户——博通(AVGO)、Marvell(MRVL)和台湾联发科(2454.TW)——已批准该交易。记者无法立即联系到任何相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师Atif Malk周日在一份研究报告中写道，该报告是拟议交易向前迈出的一大步。他认为，鉴于英伟达公开承诺加大对Arm英国业务的投资，英国可能会批准此次合并。但他仍然看到了相当大的障碍，尤其是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>他在一份研究报告中写道：“随着美国继续积极反对中国在科技竞赛中获胜，我们认为中国不太可能支持一项可能导致他们失去Arm准入权的交易。”“如果英伟达找到一种方法，将Arm中国子公司保留为一个独立实体，而无法访问任何[图形处理器或人工智能]IP，那么就有办法获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说，他认为获得批准的道路仍然狭窄。他现在认为获得批准的可能性为30%，高于之前估计的10%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182036516","content_text":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\nThree major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.\nLast September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.\nBut the U.K.’s Sunday Times over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.\nCiti analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.\n“With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”\nMalik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122882656,"gmtCreate":1624610802175,"gmtModify":1631889767878,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"i need T","listText":"i need T","text":"i need T","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122882656","repostId":"114899451","repostType":1,"repost":{"id":114899451,"gmtCreate":1623063308869,"gmtModify":1631884627596,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎7周年】集卡瓜分百万奖金","htmlText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> 如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。  如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","listText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> 如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。  如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","text":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ 戳我即可参与活动 \u0001如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。\u0001如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 \u0001 \u0001如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。\u0001 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 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07:13","market":"us","language":"en","title":"Fed will not raise rates on inflation fears alone, Powell says<blockquote>鲍威尔表示，美联储不会仅因通胀担忧而加息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153148497","media":"Reuters","summary":"WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central ba","content":"<p>WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.</p><p><blockquote>华盛顿（路透社）-美联储主席杰罗姆·鲍威尔周二重申，美联储打算鼓励就业市场“广泛和包容性”复苏，而不是仅仅基于对即将到来的通胀的担忧而过快加息。</blockquote></p><p> “We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.</p><p><blockquote>鲍威尔在美国众议院小组的听证会上表示：“我们不会先发制人地加息，因为我们担心通胀可能爆发。我们将等待实际通胀或其他失衡的证据。”</blockquote></p><p> Recent price increases have pushed the consumer price index to a 13-year high, prompting Republicans on the committee to offer charts detailing spikes in consumer items like bacon and used cars to suggest price increases are getting out of hand.</p><p><blockquote>最近的价格上涨已将消费者价格指数推至13年来的新高，促使委员会中的共和党人提供图表，详细说明培根和二手车等消费品的飙升，以表明价格上涨正在失控。</blockquote></p><p> “We have unstable employment and higher inflation,” said Representative Jim Jordan, an Ohio Republican, referring to the Fed’s congressionally mandated goals of ensuring maximum employment and stable prices. “Something has to give.”</p><p><blockquote>俄亥俄州共和党众议员吉姆·乔丹表示：“我们的就业不稳定，通胀上升。”他指的是国会授权的美联储确保最大就业和稳定物价的目标。“总得有所让步。”</blockquote></p><p> The recent high inflation readings, however, “don’t speak to a broadly tight economy” that would require higher interest rates, Powell said, referring to a “perfect storm” of rising demand for goods and services and bottlenecks in supplying them as the economy reopens from the pandemic.</p><p><blockquote>然而，鲍威尔表示，最近的高通胀数据“并不能说明经济普遍吃紧”，这需要更高利率，他指的是对商品和服务的需求不断增长的“完美风暴”，以及随着经济从大流行中重新开放。</blockquote></p><p> Those price pressures should ease on their own, Powell said.</p><p><blockquote>鲍威尔表示，这些价格压力应该会自行缓解。</blockquote></p><p> In setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics, including how different racial and other groups are faring.</p><p><blockquote>在制定即将出台的货币政策时，美联储主席承诺，央行将密切关注广泛的劳动力市场统计数据，包括不同种族和其他群体的表现。</blockquote></p><p> “We will not just look at the headline numbers for unemployment,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis. “We will look at all kinds of measures ... That is the most important thing we can do” to ensure the benefits of the recovery are more fully shared.</p><p><blockquote>鲍威尔对众议院冠状病毒危机特别小组委员会成员表示：“我们不会只关注失业的总体数据。”“我们将研究各种措施……这是我们能做的最重要的事情”，以确保更充分地分享复苏的好处。</blockquote></p><p> Markets were little changed over the course of the hearing.</p><p><blockquote>听证会期间市场变化不大。</blockquote></p><p> Powell’s comments were “not really much that we haven’t heard before,” said Michael Brown, a senior analyst at payments firm Caxton, London.</p><p><blockquote>伦敦支付公司卡克斯顿的高级分析师迈克·布朗表示，鲍威尔的评论“并不是我们以前没有听说过的”。</blockquote></p><p> A SENSITIVE PIVOT</p><p><blockquote>敏感的支点</blockquote></p><p> But the session, at times a sparring match between Democrats and Republicans over the Biden administration’s economic plans, hinted at the delicate line the Fed must walk in coming months as it balances inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.</p><p><blockquote>但这次会议有时是民主党和共和党就拜登政府的经济计划进行的一场较量，暗示了美联储在未来几个月必须走的微妙路线，因为它要平衡通胀风险，并承诺确保经济恢复所有在冠状病毒大流行爆发后失去的就业机会。</blockquote></p><p> Until recently there was little perceived conflict between those goals.</p><p><blockquote>直到最近，这些目标之间几乎没有明显的冲突。</blockquote></p><p> Yet since Powell last appeared before the subcommittee in September, the central bank’s outlook for inflation has doubled. Projections released by the Fed last week showed prices in 2021 are expected to increase at a 3.4% rate, compared with the 1.7% projected as of last September.</p><p><blockquote>然而，自鲍威尔上次9月份出现在小组委员会面前以来，央行的通胀前景已经翻了一番。美联储上周发布的预测显示，2021年物价预计将上涨3.4%，而截至去年9月的预测为1.7%。</blockquote></p><p> Recent job growth, meanwhile, has been slower than hoped. Some of Powell’s colleagues are now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the United States can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.</p><p><blockquote>与此同时，最近的就业增长慢于预期。鲍威尔的一些同事现在公开表示，疫情促使如此多的人退休，认为美国可以在美联储需要收紧货币政策之前恢复到危机前的就业水平可能是不现实的。</blockquote></p><p> That is a stance counter to Powell’s own focus on restoring the economy to the conditions of early 2020, and to that of the subcommittee’s influential Democratic chairman, Representative James Clyburn of South Carolina, who pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.</p><p><blockquote>这一立场与鲍威尔本人专注于将经济恢复到2020年初的状况背道而驰，也与小组委员会颇具影响力的民主党主席、南卡罗来纳州众议员詹姆斯·克莱伯恩(James Clyburn)的立场背道而驰，后者周二敦促鲍威尔确保公平公正的就业复苏。</blockquote></p><p> “Millions of Americans are depending on the Fed to continue to support the economy’s recovery,” said Clyburn, who has close ties to President Joe Biden.</p><p><blockquote>与总统乔·拜登关系密切的克莱伯恩表示：“数百万美国人依赖美联储继续支持经济复苏。”</blockquote></p><p> Biden must decide in coming weeks whether to reappoint Powell to a second four-year term. In the closing minutes of the hearing the Fed chair received a glowing review from another ranking Democrat, House Financial Services committee chair Maxine Waters of California.</p><p><blockquote>拜登必须在未来几周内决定是否重新任命鲍威尔连任第二个四年任期。在听证会的最后几分钟，美联储主席受到了另一位资深民主党人、加利福尼亚州众议院金融服务委员会主席玛克辛·沃特斯的好评。</blockquote></p><p> Waters noted that Powell was ready to “think big” about policy as the pandemic took hold and said she wanted to thank him “not only for his leadership ... but his creativity.”</p><p><blockquote>沃特斯指出，随着疫情的蔓延，鲍威尔已准备好对政策进行“大刀阔斧的思考”，并表示她要感谢他“不仅感谢他的领导力……还感谢他的创造力”。</blockquote></p><p> Still, a rapidly improving economic landscape is beginning to reshape views at the Fed about when to reduce some of those pandemic efforts as the crisis recedes.</p><p><blockquote>尽管如此，随着危机消退，迅速改善的经济形势开始重塑美联储关于何时减少部分疫情努力的看法。</blockquote></p><p> At their meeting last week Fed officials projected they may raise interest rates as soon as 2023, perhaps a year earlier than anticipated, and Powell said during a news conference that the central bank was beginning talks about when to pare down its $120 billion in monthly purchases of government bonds and securities used to support the recovery.</p><p><blockquote>在上周的会议上，美联储官员预计最早可能在2023年加息，可能比预期提前一年，鲍威尔在新闻发布会上表示，美联储正在开始讨论何时削减每月1200亿美元的购买量用于支持复苏的政府债券和证券。</blockquote></p><p> Powell told reporters the economy “is still a ways off” from the progress in rehiring that the Fed has said it wants to see before making any changes, a cue that the timing of an actual policy shift remains up in the air.</p><p><blockquote>鲍威尔告诉记者，经济距离美联储在做出任何改变之前表示希望看到的再招聘进展“还有很长的路要走”，这表明实际政策转变的时间仍然悬而未决。</blockquote></p><p> But the change in tone and projections surprised markets, which are now keenly watching to see if the Fed is hedging its job market promises.</p><p><blockquote>但语气和预测的变化令市场感到惊讶，市场目前正在密切关注美联储是否在对冲其就业市场承诺。</blockquote></p><p></p><p> Market trading in inflation-protected and other securities shows investors betting the Fed will raise rates even faster than policymakers project, a potential loss of faith in the central bank’s willingness to run a “hot” high-inflation economy to encourage a robust jobs recovery.</p><p><blockquote>通胀保值证券和其他证券的市场交易显示，投资者押注美联储加息的速度将超过政策制定者的预期，这可能会对央行运行“热门”高通胀经济以鼓励强劲就业复苏的意愿失去信心。</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>Fed will not raise rates on inflation fears alone, Powell says<blockquote>鲍威尔表示，美联储不会仅因通胀担忧而加息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed will not raise rates on inflation fears alone, Powell says<blockquote>鲍威尔表示，美联储不会仅因通胀担忧而加息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-23 07:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.</p><p><blockquote>华盛顿（路透社）-美联储主席杰罗姆·鲍威尔周二重申，美联储打算鼓励就业市场“广泛和包容性”复苏，而不是仅仅基于对即将到来的通胀的担忧而过快加息。</blockquote></p><p> “We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.</p><p><blockquote>鲍威尔在美国众议院小组的听证会上表示：“我们不会先发制人地加息，因为我们担心通胀可能爆发。我们将等待实际通胀或其他失衡的证据。”</blockquote></p><p> Recent price increases have pushed the consumer price index to a 13-year high, prompting Republicans on the committee to offer charts detailing spikes in consumer items like bacon and used cars to suggest price increases are getting out of hand.</p><p><blockquote>最近的价格上涨已将消费者价格指数推至13年来的新高，促使委员会中的共和党人提供图表，详细说明培根和二手车等消费品的飙升，以表明价格上涨正在失控。</blockquote></p><p> “We have unstable employment and higher inflation,” said Representative Jim Jordan, an Ohio Republican, referring to the Fed’s congressionally mandated goals of ensuring maximum employment and stable prices. “Something has to give.”</p><p><blockquote>俄亥俄州共和党众议员吉姆·乔丹表示：“我们的就业不稳定，通胀上升。”他指的是国会授权的美联储确保最大就业和稳定物价的目标。“总得有所让步。”</blockquote></p><p> The recent high inflation readings, however, “don’t speak to a broadly tight economy” that would require higher interest rates, Powell said, referring to a “perfect storm” of rising demand for goods and services and bottlenecks in supplying them as the economy reopens from the pandemic.</p><p><blockquote>然而，鲍威尔表示，最近的高通胀数据“并不能说明经济普遍吃紧”，这需要更高利率，他指的是对商品和服务的需求不断增长的“完美风暴”，以及随着经济从大流行中重新开放。</blockquote></p><p> Those price pressures should ease on their own, Powell said.</p><p><blockquote>鲍威尔表示，这些价格压力应该会自行缓解。</blockquote></p><p> In setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics, including how different racial and other groups are faring.</p><p><blockquote>在制定即将出台的货币政策时，美联储主席承诺，央行将密切关注广泛的劳动力市场统计数据，包括不同种族和其他群体的表现。</blockquote></p><p> “We will not just look at the headline numbers for unemployment,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis. “We will look at all kinds of measures ... That is the most important thing we can do” to ensure the benefits of the recovery are more fully shared.</p><p><blockquote>鲍威尔对众议院冠状病毒危机特别小组委员会成员表示：“我们不会只关注失业的总体数据。”“我们将研究各种措施……这是我们能做的最重要的事情”，以确保更充分地分享复苏的好处。</blockquote></p><p> Markets were little changed over the course of the hearing.</p><p><blockquote>听证会期间市场变化不大。</blockquote></p><p> Powell’s comments were “not really much that we haven’t heard before,” said Michael Brown, a senior analyst at payments firm Caxton, London.</p><p><blockquote>伦敦支付公司卡克斯顿的高级分析师迈克·布朗表示，鲍威尔的评论“并不是我们以前没有听说过的”。</blockquote></p><p> A SENSITIVE PIVOT</p><p><blockquote>敏感的支点</blockquote></p><p> But the session, at times a sparring match between Democrats and Republicans over the Biden administration’s economic plans, hinted at the delicate line the Fed must walk in coming months as it balances inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.</p><p><blockquote>但这次会议有时是民主党和共和党就拜登政府的经济计划进行的一场较量，暗示了美联储在未来几个月必须走的微妙路线，因为它要平衡通胀风险，并承诺确保经济恢复所有在冠状病毒大流行爆发后失去的就业机会。</blockquote></p><p> Until recently there was little perceived conflict between those goals.</p><p><blockquote>直到最近，这些目标之间几乎没有明显的冲突。</blockquote></p><p> Yet since Powell last appeared before the subcommittee in September, the central bank’s outlook for inflation has doubled. Projections released by the Fed last week showed prices in 2021 are expected to increase at a 3.4% rate, compared with the 1.7% projected as of last September.</p><p><blockquote>然而，自鲍威尔上次9月份出现在小组委员会面前以来，央行的通胀前景已经翻了一番。美联储上周发布的预测显示，2021年物价预计将上涨3.4%，而截至去年9月的预测为1.7%。</blockquote></p><p> Recent job growth, meanwhile, has been slower than hoped. Some of Powell’s colleagues are now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the United States can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.</p><p><blockquote>与此同时，最近的就业增长慢于预期。鲍威尔的一些同事现在公开表示，疫情促使如此多的人退休，认为美国可以在美联储需要收紧货币政策之前恢复到危机前的就业水平可能是不现实的。</blockquote></p><p> That is a stance counter to Powell’s own focus on restoring the economy to the conditions of early 2020, and to that of the subcommittee’s influential Democratic chairman, Representative James Clyburn of South Carolina, who pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.</p><p><blockquote>这一立场与鲍威尔本人专注于将经济恢复到2020年初的状况背道而驰，也与小组委员会颇具影响力的民主党主席、南卡罗来纳州众议员詹姆斯·克莱伯恩(James Clyburn)的立场背道而驰，后者周二敦促鲍威尔确保公平公正的就业复苏。</blockquote></p><p> “Millions of Americans are depending on the Fed to continue to support the economy’s recovery,” said Clyburn, who has close ties to President Joe Biden.</p><p><blockquote>与总统乔·拜登关系密切的克莱伯恩表示：“数百万美国人依赖美联储继续支持经济复苏。”</blockquote></p><p> Biden must decide in coming weeks whether to reappoint Powell to a second four-year term. In the closing minutes of the hearing the Fed chair received a glowing review from another ranking Democrat, House Financial Services committee chair Maxine Waters of California.</p><p><blockquote>拜登必须在未来几周内决定是否重新任命鲍威尔连任第二个四年任期。在听证会的最后几分钟，美联储主席受到了另一位资深民主党人、加利福尼亚州众议院金融服务委员会主席玛克辛·沃特斯的好评。</blockquote></p><p> Waters noted that Powell was ready to “think big” about policy as the pandemic took hold and said she wanted to thank him “not only for his leadership ... but his creativity.”</p><p><blockquote>沃特斯指出，随着疫情的蔓延，鲍威尔已准备好对政策进行“大刀阔斧的思考”，并表示她要感谢他“不仅感谢他的领导力……还感谢他的创造力”。</blockquote></p><p> Still, a rapidly improving economic landscape is beginning to reshape views at the Fed about when to reduce some of those pandemic efforts as the crisis recedes.</p><p><blockquote>尽管如此，随着危机消退，迅速改善的经济形势开始重塑美联储关于何时减少部分疫情努力的看法。</blockquote></p><p> At their meeting last week Fed officials projected they may raise interest rates as soon as 2023, perhaps a year earlier than anticipated, and Powell said during a news conference that the central bank was beginning talks about when to pare down its $120 billion in monthly purchases of government bonds and securities used to support the recovery.</p><p><blockquote>在上周的会议上，美联储官员预计最早可能在2023年加息，可能比预期提前一年，鲍威尔在新闻发布会上表示，美联储正在开始讨论何时削减每月1200亿美元的购买量用于支持复苏的政府债券和证券。</blockquote></p><p> Powell told reporters the economy “is still a ways off” from the progress in rehiring that the Fed has said it wants to see before making any changes, a cue that the timing of an actual policy shift remains up in the air.</p><p><blockquote>鲍威尔告诉记者，经济距离美联储在做出任何改变之前表示希望看到的再招聘进展“还有很长的路要走”，这表明实际政策转变的时间仍然悬而未决。</blockquote></p><p> But the change in tone and projections surprised markets, which are now keenly watching to see if the Fed is hedging its job market promises.</p><p><blockquote>但语气和预测的变化令市场感到惊讶，市场目前正在密切关注美联储是否在对冲其就业市场承诺。</blockquote></p><p></p><p> Market trading in inflation-protected and other securities shows investors betting the Fed will raise rates even faster than policymakers project, a potential loss of faith in the central bank’s willingness to run a “hot” high-inflation economy to encourage a robust jobs recovery.</p><p><blockquote>通胀保值证券和其他证券的市场交易显示，投资者押注美联储加息的速度将超过政策制定者的预期，这可能会对央行运行“热门”高通胀经济以鼓励强劲就业复苏的意愿失去信心。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-fed/fed-will-not-raise-rates-on-inflation-fears-alone-powell-says-idUSKCN2DY0YB\">Reuters</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.reuters.com/article/us-usa-fed/fed-will-not-raise-rates-on-inflation-fears-alone-powell-says-idUSKCN2DY0YB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153148497","content_text":"WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank’s intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.\n“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.\nRecent price increases have pushed the consumer price index to a 13-year high, prompting Republicans on the committee to offer charts detailing spikes in consumer items like bacon and used cars to suggest price increases are getting out of hand.\n“We have unstable employment and higher inflation,” said Representative Jim Jordan, an Ohio Republican, referring to the Fed’s congressionally mandated goals of ensuring maximum employment and stable prices. “Something has to give.”\nThe recent high inflation readings, however, “don’t speak to a broadly tight economy” that would require higher interest rates, Powell said, referring to a “perfect storm” of rising demand for goods and services and bottlenecks in supplying them as the economy reopens from the pandemic.\nThose price pressures should ease on their own, Powell said.\nIn setting upcoming monetary policy, the Fed chief pledged that the central bank would keep its eyes focused on a broad set of labor market statistics, including how different racial and other groups are faring.\n“We will not just look at the headline numbers for unemployment,” Powell told the members of the House Select Subcommittee on the Coronavirus Crisis. “We will look at all kinds of measures ... That is the most important thing we can do” to ensure the benefits of the recovery are more fully shared.\nMarkets were little changed over the course of the hearing.\nPowell’s comments were “not really much that we haven’t heard before,” said Michael Brown, a senior analyst at payments firm Caxton, London.\nA SENSITIVE PIVOT\nBut the session, at times a sparring match between Democrats and Republicans over the Biden administration’s economic plans, hinted at the delicate line the Fed must walk in coming months as it balances inflation risks with its promise to ensure the economy recovers all the jobs lost after the onset of the coronavirus pandemic.\nUntil recently there was little perceived conflict between those goals.\nYet since Powell last appeared before the subcommittee in September, the central bank’s outlook for inflation has doubled. Projections released by the Fed last week showed prices in 2021 are expected to increase at a 3.4% rate, compared with the 1.7% projected as of last September.\nRecent job growth, meanwhile, has been slower than hoped. Some of Powell’s colleagues are now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the United States can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.\nThat is a stance counter to Powell’s own focus on restoring the economy to the conditions of early 2020, and to that of the subcommittee’s influential Democratic chairman, Representative James Clyburn of South Carolina, who pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.\n“Millions of Americans are depending on the Fed to continue to support the economy’s recovery,” said Clyburn, who has close ties to President Joe Biden.\nBiden must decide in coming weeks whether to reappoint Powell to a second four-year term. In the closing minutes of the hearing the Fed chair received a glowing review from another ranking Democrat, House Financial Services committee chair Maxine Waters of California.\nWaters noted that Powell was ready to “think big” about policy as the pandemic took hold and said she wanted to thank him “not only for his leadership ... but his creativity.”\nStill, a rapidly improving economic landscape is beginning to reshape views at the Fed about when to reduce some of those pandemic efforts as the crisis recedes.\nAt their meeting last week Fed officials projected they may raise interest rates as soon as 2023, perhaps a year earlier than anticipated, and Powell said during a news conference that the central bank was beginning talks about when to pare down its $120 billion in monthly purchases of government bonds and securities used to support the recovery.\nPowell told reporters the economy “is still a ways off” from the progress in rehiring that the Fed has said it wants to see before making any changes, a cue that the timing of an actual policy shift remains up in the air.\nBut the change in tone and projections surprised markets, which are now keenly watching to see if the Fed is hedging its job market promises.\nMarket trading in inflation-protected and other securities shows investors betting the Fed will raise rates even faster than policymakers project, a potential loss of faith in the central bank’s willingness to run a “hot” high-inflation economy to encourage a robust jobs recovery.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123870583,"gmtCreate":1624418186742,"gmtModify":1631889767970,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"oh","listText":"oh","text":"oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123870583","repostId":"2145061593","repostType":4,"isVote":1,"tweetType":1,"viewCount":1928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123870878,"gmtCreate":1624418162394,"gmtModify":1631889767982,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123870878","repostId":"1139503540","repostType":4,"isVote":1,"tweetType":1,"viewCount":1799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123870971,"gmtCreate":1624418144293,"gmtModify":1631892117638,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"interesting","listText":"interesting","text":"interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/123870971","repostId":"2145066250","repostType":4,"isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123847528,"gmtCreate":1624418126164,"gmtModify":1631892117653,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123847528","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167537055,"gmtCreate":1624276299377,"gmtModify":1631892117665,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"kk","listText":"kk","text":"kk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167537055","repostId":"1107200738","repostType":4,"repost":{"id":"1107200738","kind":"news","pubTimestamp":1624266640,"share":"https://www.laohu8.com/m/news/1107200738?lang=zh_CN&edition=full","pubTime":"2021-06-21 17:10","market":"us","language":"en","title":"Twilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并盈利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107200738","media":"seekingalpha","summary":"Summary\n\nTwilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Twilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and it would fizzle out when reopening takes centre stage.</li> <li>Meanwhile, the company has continued to build on its strength through numerous key acquisitions, among which the Segment deal stood out as the most important.</li> <li>As a result of third-party cookies deprecation, companies would likely need Twilio even more moving forward.</li> <li>At its current valuations and its high DBNER of 133%, investors should take advantage of the recent price weakness to gain access to Twilio now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/615c999acf1acd79840514a42f3c4521\" tg-width=\"768\" tg-height=\"512\"><span>Drew Angerer/Getty Images</span></p><p><blockquote><ul><li>Twilio被误解为一只只受益于COVID-19顺风的股票，当重新开业成为中心舞台时，它就会失败。</li><li>与此同时，该公司通过多项关键收购继续增强实力，其中该部门交易最为重要。</li><li>由于第三方cookies的弃用，公司可能会更加需要Twilio。</li><li>按照目前的估值和133%的高DBNER，投资者应该利用最近的价格疲软立即进入Twilio。</li></ul><p class=\"t-img-caption\"><span>德鲁·安格雷尔/盖蒂图片社</span></p></blockquote></p><p> <b>NewsInvestment Thesis</b></p><p><blockquote><b>新闻投资论文</b></blockquote></p><p> Many investors have misunderstood Twilio’s (TWLO) business model due to its unprofitability even as it delivered industry leading revenue growth metrics. While it may have yet to be EBIT profitable, the company is setting itself up to be the CPaaS leader with a top notch customer engagement platform, following its acquisition of the No.1 Customer Data Platform [CDP] in the world: Segment. Investors should understand by now that the secular tailwinds driving digitisation are not going to reverse, and therefore TWLO is in a prime position to benefit as the platform for the world on their customer engagement needs. Add on the impending deprecation of third-party cookies, companies would likely find TWLO even more important in their customer engagement efforts moving forward. At its current valuation, investors should find that TWLO may actually be valued at a discount to many of the stocks listed in the SaaS space.</p><p><blockquote>许多投资者误解了Twilio(TWLO)的商业模式，因为它无法盈利，尽管它实现了行业领先的收入增长指标。虽然该公司可能尚未实现息税前利润，但在收购了全球排名第一的客户数据平台[CDP]后，该公司正在将自己打造成拥有一流客户参与平台的CPaaS领导者：Segment。投资者现在应该明白，推动数字化的长期顺风不会逆转，因此TWLO作为满足全球客户参与需求的平台，处于有利地位。再加上第三方cookies即将被弃用，公司可能会发现TWLO在他们未来的客户参与工作中更加重要。按照目前的估值，投资者应该会发现TWLO的估值实际上可能低于SaaS领域上市的许多股票。</blockquote></p><p> <b>Twilio is Not your Typical SaaS Stock</b></p><p><blockquote><b>Twilio不是典型的SaaS股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aec3449de8bbaa50dabd8b4343c41583\" tg-width=\"600\" tg-height=\"371\"><span>DBNER. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>DBNER.数据来源：公司备案</span></p></blockquote></p><p> Twilio’s value proposition as a CPaaS is unlike the typical SaaS company that makes the most of its revenue through recurring subscriptions, and increase or maintain their DBNER or DBNRR by cross-selling into other products or up-selling their customers by taking on more seats. TWLO’s revenue is mainly based on usage. Therefore the company makes more revenue when customers use its platform more, and make less when customers use it less. Therefore, because it’s based on usage we could easily determine the strength of its customers' usage simply by observing its DBNER trend.TWLO’s DBNER “increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product.”</p><p><blockquote>Twilio作为CPaaS的价值主张与典型的SaaS公司不同，典型的SaaS公司通过定期订阅来充分利用其收入，并通过交叉销售到其他产品或通过占据更多席位来增加或维持其DBNER或DBNRR。TWLO的收入主要基于使用量。因此，当客户更多地使用其平台时，公司会获得更多收入，而当客户更少使用平台时，公司会获得更少收入。因此，由于它是基于使用情况的，我们只需观察其DBNER趋势就可以轻松确定其客户的使用强度。TWLO的DBNER“当此类活跃客户帐户增加对产品的使用、将产品的使用扩展到新应用程序时，Twilio基于美元的净扩张率就会下降。”</blockquote></p><p> Therefore, we could clearly observe from TWLO’s strong DBNER trend that its customers have been consistently increasing their net usage of its platform over the years, which actually already begun before COVID-19 hit. TWLO’s DBNER has been largely consistent as well and the company was also confident of achieving a normalized DBNER in the range of 130s moving forward.</p><p><blockquote>因此，我们可以从TWLO强劲的DBNER趋势中清楚地观察到，多年来，其客户对其平台的净使用量一直在不断增加，这实际上在COVID-19袭击之前就已经开始了。TWLO的DBNER也基本保持一致，该公司也有信心在130秒范围内实现标准化DBNER。</blockquote></p><p> Moreover, the company has also highlighted that it continued to see increased use cases in its platform in many industries, and in particular in telehealth, which is another market that has been wrongly perceived to be only a COVID-19 phenomenon that has no sustainability. We have previously covered in a recent article on Teladoc (TDOC) on why telehealth’s rapid growth has begun well before the pandemic hit and is still very early in its growth phase as the market is expected to grow by more than 20% CAGR over the next 10 years. Therefore the secular tailwinds that are driving digitisation across many different industries would also drive increased business to TWLO as the market’s leading cloud communications and customer engagement platform.</p><p><blockquote>此外，该公司还强调，其平台在许多行业的用例继续增加，特别是在远程医疗领域，这是另一个被错误地认为只是COVID-19现象的市场，没有可持续性。我们之前曾在Teladoc(TDOC)最近的一篇文章中介绍过为什么远程医疗的快速增长早在大流行爆发之前就开始了，并且仍处于增长阶段的早期，因为该市场预计在未来的CAGR增长率将超过20%10年。因此，推动许多不同行业数字化的长期顺风也将推动TWLO作为市场领先的云通信和客户参与平台的业务增加。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32ecc737bf53e45f2b6a58e0d2121279\" tg-width=\"1280\" tg-height=\"384\"><span>SaaS DBNER/DBNRR. Source: Atom Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS DBNER/DBNRR。资料来源：原子财经</span></p></blockquote></p><p></p><p> This is especially so when we look across the SaaS space. Investors would be hard-pressed to find many companies that boast a NRR that has been consistently above 130% like TWLO (median: 120%). Another company that also uses usage-based pricing: Snowflake (SNOW) had a NRR of 168% in the latest quarter. Investors may think that these companies that adopt usage-based pricing may suffer if their customers drop off their usage rates drastically. However, TWLO and SNOW have both proven that their platforms are so sticky and offer so much value that once you are on it, you would keep using it more and more over time, and also expand usage into new products. Therefore, this usage-based pricing model has an inherently powerful booster to the company’s topline as use-cases kept increasing, something that a typical subscription-based ARR model may not be able to replicate without a usage-based model.</p><p><blockquote>当我们放眼SaaS空间时尤其如此。投资者很难找到许多像TWLO（中位数：120%）这样的NRR始终高于130%的公司。另一家同样采用基于使用量定价的公司：Snowflake(SNOW)最近一个季度的NRR为168%。投资者可能认为，如果客户使用率大幅下降，这些采用基于使用率定价的公司可能会遭受损失。然而，TWLO和SNOW都证明了他们的平台是如此具有粘性，并提供了如此多的价值，以至于一旦你使用它，随着时间的推移，你会越来越多地使用它，并将使用扩展到新产品中。因此，随着用例的不断增加，这种基于使用情况的定价模式对公司的营收具有固有的强大推动力，如果没有基于使用情况的模型，典型的基于订阅的ARR模式可能无法复制这一点。</blockquote></p><p> <b>Market Truly Underestimated Segment's Acquisition</b></p><p><blockquote><b>市场确实低估了Segment的收购</b></blockquote></p><p> In our opinion, we think the market really underplayed Segment’s acquisition for TWLO. First, Segment is the No.1 CDP worldwide ranked by IDC, so we think TWLO has done an amazing deal there. In fact, the company emphasized how important they thought the acquisition meant to them (emphasis by us):</p><p><blockquote>我们认为，市场确实低估了Segment对TWLO的收购。首先，Segment是IDC排名的全球第一的CDP，因此我们认为TWLO在那里做了一笔惊人的交易。事实上，该公司强调了他们认为此次收购对他们来说有多重要（我们强调）：</blockquote></p><p> We think the <b>industrial logic of Segment plus Twilio is just a -- it's not just a home run.It's a grand slam</b>. I think for us, having data capabilities married with communications capabilities is absolutely essential to deliver that rich customer experience. Notwithstanding the significant dilution funded from the mostly equity deal, I think investors should understand the strategic importance of having the best-of-breed CDP in its portfolio, which is crucially important to TWLO’s underlying CPaaS offering as it now confers its customers the access to real-time analytics with a unified view across disparate systems.</p><p><blockquote>我们认为<b>Segment plus Twilio的工业逻辑只是一个——这不仅仅是一个本垒打。这是个大满贯</b>.我认为对我们来说，将数据能力与通信能力结合起来对于提供丰富的客户体验是绝对必要的。尽管大部分股权交易的资金大幅稀释，但我认为投资者应该了解在其投资组合中拥有同类最佳CDP的战略重要性，这对于TWLO的基础CPaaS产品至关重要，因为它现在为客户提供了访问权限通过跨不同系统的统一视图进行实时分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bfb70f9acdfe008ff26825a2894a4c7\" tg-width=\"879\" tg-height=\"544\"><span>Level of impact of CDP on success metrics. Data source: Advertiser Perceptions; Treasure Data</span></p><p><blockquote><p class=\"t-img-caption\"><span>CDP对成功指标的影响程度。数据来源：广告主感知；珍藏数据</span></p></blockquote></p><p> We could observe from the above survey conducted with marketers across different industries on the profound impact of having a CDP in their marketing KPIs. The large majority of the respondents noted an improvement across all the metrics listed in this survey with a remarkably high percentage of the respondents (33% to 45%) indicating “significant improvement” in the respective categories.</p><p><blockquote>从上述对不同行业的营销人员进行的调查中，我们可以观察到在他们的营销KPI中加入CDP的深远影响。绝大多数受访者指出，本次调查中列出的所有指标都有所改善，其中非常高比例的受访者（33%至45%）表示各自类别有“显著改善”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b908f65bb3623fd3ba2b147e803f8e7\" tg-width=\"841\" tg-height=\"520\"><span>Benefits of CDP according to marketing technology decision makers. Data source: Advertiser Perceptions; UniFida</span></p><p><blockquote><p class=\"t-img-caption\"><span>营销技术决策者认为CDP的好处。数据来源：广告主感知；统一的</span></p></blockquote></p><p> In addition, 49% of the respondents also indicated that the CDP allowed them to unify data across multiple sources, which they regarded as the most important benefit. Twilio also highlighted the importance of this as it added that “consumers are no longer tied to just one form of communication, and they expect companies to pull together disparate interactions to deliver increasingly personalized content based on what they’re doing -- anytime, anywhere, and over their preferred channels.”</p><p><blockquote>此外，49%的受访者还表示，CDP允许他们跨多个来源统一数据，他们认为这是最重要的好处。Twilio还强调了这一点的重要性，并补充说：“消费者不再仅仅局限于一种沟通形式，他们希望公司能够将不同的互动结合在一起，根据他们正在做的事情提供日益个性化的内容——随时随地，并通过他们喜欢的渠道。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ebc20b41946569e8afa10fb1ef39a90f\" tg-width=\"1262\" tg-height=\"768\"><span>Measures undertaken by marketers from the U.S. to counter the impact of the deprecation of third-party cookies. Data source: Epsilon; Adweek; Phronesis Partners</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国营销人员为应对第三方cookies弃用的影响而采取的措施。数据来源：Epsilon；广告周刊；Phronesis合作伙伴</span></p></blockquote></p><p> Moreover, with the impending deprecation of third-party cookies, marketers have been looking for ways to cushion the impact of this loss, and the majority of them (67.3%) have been building a CDP. CDPs primarily collects and use first-party data, which is really the most important sources of customer data as it offers the most accurate and actionable insights, and also the one that is least vulnerable to privacy regulations, a point that was also acknowledged by TWLO when asked whether TWLO saw any tailwind on privacy regulations due to its first-party data access, of which the company replied:</p><p><blockquote>此外，随着第三方cookies即将被弃用，营销人员一直在寻找缓解这种损失影响的方法，其中大多数人（67.3%）一直在建立CDP。CDP主要收集和使用第一方数据，这确实是最重要的客户数据来源，因为它提供了最准确和可操作的见解，也是最不容易受到隐私法规影响的来源，这一点也得到了TWLO的认可当被问及TWLO是否因其第一方数据访问而看到隐私法规的任何推动力时，该公司回答道：</blockquote></p><p> 100%. I think you hit the nail on that actually and effectively answered your own question. I think they're very much on the right side of this. I mean they are very, very strong data stewards. They're kind of a privacy-first company. I think even in the EU, some of the trends in geodynamics also play in their favor. And so I do think data and data regulations is a potential tailwind for them, yes. <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34f2d9eb714512b81b6ae70b957a82d4\" tg-width=\"600\" tg-height=\"371\"><span>Share of organizations collaborating with others to share first-party data in the U.S. Data source: Winterberry Group; LiveRamp</span></p><p><blockquote>100%.我认为你说到点子上了，实际上有效地回答了你自己的问题。我认为他们在这件事上非常正确。我的意思是他们是非常非常强大的数据管家。他们是一家隐私第一的公司。我认为即使在欧盟，地球动力学的一些趋势也对他们有利。因此，我确实认为数据和数据监管对他们来说是一个潜在的推动力，是的。<p class=\"t-img-caption\"><span>美国与他人合作共享第一方数据的组织份额数据来源：Winterberry Group；LiveRamp</span></p></blockquote></p><p></p><p> In order to further underscore the importance of first-party data, we could see that 64.3% of companies had collaborative arrangements to share first-party data while 16.7% had plans to do so. In a post-cookie world, I believe organizations would even need to be more proactive in its data gathering and analytics efforts, and having a CDP like Segment to help in this would be absolutely critical.</p><p><blockquote>为了进一步强调第一方数据的重要性，我们可以看到64.3%的公司有共享第一方数据的协作安排，而16.7%的公司有这样做的计划。在后cookie时代，我相信组织甚至需要在数据收集和分析工作中更加积极主动，拥有一个类似CDP的部门来帮助这一点绝对至关重要。</blockquote></p><p> <b>Yes, We Know That The Company Is Still Unprofitable</b></p><p><blockquote><b>是的，我们知道公司还没有盈利</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3be2871e7911997921fe11150b8d0e30\" tg-width=\"1280\" tg-height=\"734\"><span>EBIT margin, SG&A margin, R&D margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率、SG&A利润率、R&D利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Nevertheless, investors should be reminded that TWLO has yet to turn an operating profit, even though the company has guided to a long term operating margin of 28% over time. Investors should understand that TWLO would also not be expected to turn an operating profit anytime soon as the company is still in a heavy investment mode (as seen in its high SG&A and R&D margins) as it sees a lot of opportunities to invest and also possibly acquire, where it had made a number of high profile acquisitions such as Segment, ValueFirst, Syniverse, Zipwhip among others. The company strongly emphasized this point:</p><p><blockquote>然而，应该提醒投资者，TWLO尚未实现营业利润，尽管该公司已将长期营业利润率定为28%。投资者应该明白，TWLO也不会很快实现营业利润，因为该公司仍处于大量投资模式（从其较高的SG&A和R&D利润率可以看出），因为它看到了很多投资机会，也可能收购，该公司已进行了多项备受瞩目的收购，如Segment、ValueFirst、Syniverse、Zipwhip等。公司极力强调了这一点：</blockquote></p><p> But that doesn't mean that we won't be profitable, can't be profitable. I mean, we're growing at very elevated levels, certainly better than our corporate average, if you will. It's just that the rest of our business is growing really fast, right? So for it to really show up in our financials, based on our current trajectory, something else would have to slow down, which is not what we want. It's not what you want. It's not what anybody wants really, right? So I think in due course, all these things will happen. Therefore, TWLO investors are asked to demonstrate lots of patience, give time for TWLO to grow into its profitability and allow them to continue scaling up its revenue growth first. Consensus estimates see the company continuing to grow rapidly at about 44.5% YoY for FY 21 and also above 30% YoY subsequently. TWLO has also committed to grow its revenue above 30% for the next four years, so investors need to give TWLO time to deliver the goods, and this stock is therefore not for short term investors who are looking for a 2 to 3 year horizon, or a company that is prioritizing profitability over growth.</p><p><blockquote>但这并不意味着我们不会盈利，不可能盈利。我的意思是，我们的增长水平非常高，如果你愿意的话，肯定比我们公司的平均水平要好。只是我们其他的业务增长真的很快，对吧？因此，根据我们目前的轨迹，为了让它真正出现在我们的财务状况中，其他事情必须放缓，这不是我们想要的。这不是你想要的。这不是任何人真正想要的，对吗？所以我认为在适当的时候，所有这些事情都会发生。因此，要求TWLO投资者表现出极大的耐心，给TWLO时间实现盈利，并允许他们首先继续扩大收入增长。市场普遍预测，该公司21财年将继续快速增长，同比增长约44.5%，随后同比增长也将超过30%。TWLO还承诺在未来四年内将其收入增长30%以上，因此投资者需要给TWLO时间来交付货物，因此这只股票不适合寻求2至3年期限的短期投资者，或将盈利能力置于增长之上的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1059052c9408212d41ace9bed94cdd4a\" tg-width=\"1280\" tg-height=\"698\"><span>Revenue metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>收入指标。数据来源：标普资本智商</span></p></blockquote></p><p> <b>Valuations</b></p><p><blockquote><b>估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dbd552d195006ab4d2b5bb01567a6fdf\" tg-width=\"1280\" tg-height=\"590\"><span>SaaS EV / 2021 Rev.</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS EV/2021修订版。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77dea7178c4b94d74a75bc24aab22561\" tg-width=\"1280\" tg-height=\"701\"><span>TWLO EV / Fwd Rev. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>TWLO EV/Fwd修订版数据来源：S&P Capital IQ</span></p></blockquote></p><p> When we consider TWLO’s EV / FY+1 multiple of 20.6x against the SaaS median of 26.3x, it may be reasonably argued that TWLO doesn’t look expensive. It’s also important to note that TWLO is also expected to grow rapidly where we expect to see its multiple fall significantly over time (assuming its EV stays constant, which of course will unlikely to be the case if TWLO continues to deliver its high growth strategies). We are pretty sure that there are many more companies within the SaaS space that are valued at a much higher premium and yet with a slower expected revenue growth profile.</p><p><blockquote>当我们考虑TWLO的EV/FY+1倍数为20.6倍，而SaaS的中位数为26.3倍时，可以合理地认为TWLO看起来并不昂贵。同样值得注意的是，TWLO预计也将快速增长，我们预计其市盈率将随着时间的推移大幅下降（假设其电动汽车保持不变，如果TWLO继续实现其高增长战略，当然不太可能出现这种情况）。我们非常确定，SaaS领域还有更多公司的估值更高，但预期收入增长较慢。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f626c7ad165f68d36e614c8163606c2f\" tg-width=\"1280\" tg-height=\"838\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> We think that TWLO has a generally strong long term uptrend bias that was only interrupted once by the COVID-19 bear market over the last 3 years. The price recently found support along the 50W moving average at around $300 and the price has since gradually continued to recover from its recent slump.</p><p><blockquote>我们认为TWLO总体上具有强烈的长期上升趋势偏差，这种偏差在过去3年中仅被COVID-19熊市打断过一次。价格最近在300美元左右的50W移动平均线上找到了支撑，此后价格逐渐从最近的暴跌中恢复。</blockquote></p><p> Although we would prefer to add more positions near the $300 support level, we don’t think the current price level is expensive either, and think that investors may consider initiating or adding on to their positions at the current price level. They should however avoid adding near the $405 level as we believe that there should be near term resistance at that level. In addition, for investors who would prefer somewhat of a slight bargain, you may wait till the next retracement to test the 50W support again, of which a $320 level to add is also possible.</p><p><blockquote>虽然我们更希望在300美元支撑位附近加仓，但我们也不认为当前价格水平昂贵，并认为投资者可以考虑在当前价格水平发起或加仓。然而，他们应该避免在405美元水平附近增加，因为我们认为该水平应该有近期阻力。此外，对于喜欢小幅逢低的投资者来说，您可以等到下一次回撤再次测试50W支撑位，其中也有可能增加320美元的水平。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p></p><p> Twilio is a very high growth stock that has made revenue growth its most important priority right now as it sees tremendous growth opportunities ahead. Investors are asked to give TWLO time to grow into its expected long term profitability as the company sets itself up to be the leading player in the cloud communications and customer engagement space for companies across multiple industries.</p><p><blockquote>Twilio是一只增长非常高的股票，它已将收入增长作为目前最重要的优先事项，因为它看到了未来巨大的增长机会。投资者被要求给TWLO时间来实现其预期的长期盈利能力，因为该公司将自己打造成多个行业公司云通信和客户参与领域的领先企业。</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>Twilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并盈利</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTwilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并盈利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-21 17:10</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>Twilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and it would fizzle out when reopening takes centre stage.</li> <li>Meanwhile, the company has continued to build on its strength through numerous key acquisitions, among which the Segment deal stood out as the most important.</li> <li>As a result of third-party cookies deprecation, companies would likely need Twilio even more moving forward.</li> <li>At its current valuations and its high DBNER of 133%, investors should take advantage of the recent price weakness to gain access to Twilio now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/615c999acf1acd79840514a42f3c4521\" tg-width=\"768\" tg-height=\"512\"><span>Drew Angerer/Getty Images</span></p><p><blockquote><ul><li>Twilio被误解为一只只受益于COVID-19顺风的股票，当重新开业成为中心舞台时，它就会失败。</li><li>与此同时，该公司通过多项关键收购继续增强实力，其中该部门交易最为重要。</li><li>由于第三方cookies的弃用，公司可能会更加需要Twilio。</li><li>按照目前的估值和133%的高DBNER，投资者应该利用最近的价格疲软立即进入Twilio。</li></ul><p class=\"t-img-caption\"><span>德鲁·安格雷尔/盖蒂图片社</span></p></blockquote></p><p> <b>NewsInvestment Thesis</b></p><p><blockquote><b>新闻投资论文</b></blockquote></p><p> Many investors have misunderstood Twilio’s (TWLO) business model due to its unprofitability even as it delivered industry leading revenue growth metrics. While it may have yet to be EBIT profitable, the company is setting itself up to be the CPaaS leader with a top notch customer engagement platform, following its acquisition of the No.1 Customer Data Platform [CDP] in the world: Segment. Investors should understand by now that the secular tailwinds driving digitisation are not going to reverse, and therefore TWLO is in a prime position to benefit as the platform for the world on their customer engagement needs. Add on the impending deprecation of third-party cookies, companies would likely find TWLO even more important in their customer engagement efforts moving forward. At its current valuation, investors should find that TWLO may actually be valued at a discount to many of the stocks listed in the SaaS space.</p><p><blockquote>许多投资者误解了Twilio(TWLO)的商业模式，因为它无法盈利，尽管它实现了行业领先的收入增长指标。虽然该公司可能尚未实现息税前利润，但在收购了全球排名第一的客户数据平台[CDP]后，该公司正在将自己打造成拥有一流客户参与平台的CPaaS领导者：Segment。投资者现在应该明白，推动数字化的长期顺风不会逆转，因此TWLO作为满足全球客户参与需求的平台，处于有利地位。再加上第三方cookies即将被弃用，公司可能会发现TWLO在他们未来的客户参与工作中更加重要。按照目前的估值，投资者应该会发现TWLO的估值实际上可能低于SaaS领域上市的许多股票。</blockquote></p><p> <b>Twilio is Not your Typical SaaS Stock</b></p><p><blockquote><b>Twilio不是典型的SaaS股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aec3449de8bbaa50dabd8b4343c41583\" tg-width=\"600\" tg-height=\"371\"><span>DBNER. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>DBNER.数据来源：公司备案</span></p></blockquote></p><p> Twilio’s value proposition as a CPaaS is unlike the typical SaaS company that makes the most of its revenue through recurring subscriptions, and increase or maintain their DBNER or DBNRR by cross-selling into other products or up-selling their customers by taking on more seats. TWLO’s revenue is mainly based on usage. Therefore the company makes more revenue when customers use its platform more, and make less when customers use it less. Therefore, because it’s based on usage we could easily determine the strength of its customers' usage simply by observing its DBNER trend.TWLO’s DBNER “increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product.”</p><p><blockquote>Twilio作为CPaaS的价值主张与典型的SaaS公司不同，典型的SaaS公司通过定期订阅来充分利用其收入，并通过交叉销售到其他产品或通过占据更多席位来增加或维持其DBNER或DBNRR。TWLO的收入主要基于使用量。因此，当客户更多地使用其平台时，公司会获得更多收入，而当客户更少使用平台时，公司会获得更少收入。因此，由于它是基于使用情况的，我们只需观察其DBNER趋势就可以轻松确定其客户的使用强度。TWLO的DBNER“当此类活跃客户帐户增加对产品的使用、将产品的使用扩展到新应用程序时，Twilio基于美元的净扩张率就会下降。”</blockquote></p><p> Therefore, we could clearly observe from TWLO’s strong DBNER trend that its customers have been consistently increasing their net usage of its platform over the years, which actually already begun before COVID-19 hit. TWLO’s DBNER has been largely consistent as well and the company was also confident of achieving a normalized DBNER in the range of 130s moving forward.</p><p><blockquote>因此，我们可以从TWLO强劲的DBNER趋势中清楚地观察到，多年来，其客户对其平台的净使用量一直在不断增加，这实际上在COVID-19袭击之前就已经开始了。TWLO的DBNER也基本保持一致，该公司也有信心在130秒范围内实现标准化DBNER。</blockquote></p><p> Moreover, the company has also highlighted that it continued to see increased use cases in its platform in many industries, and in particular in telehealth, which is another market that has been wrongly perceived to be only a COVID-19 phenomenon that has no sustainability. We have previously covered in a recent article on Teladoc (TDOC) on why telehealth’s rapid growth has begun well before the pandemic hit and is still very early in its growth phase as the market is expected to grow by more than 20% CAGR over the next 10 years. Therefore the secular tailwinds that are driving digitisation across many different industries would also drive increased business to TWLO as the market’s leading cloud communications and customer engagement platform.</p><p><blockquote>此外，该公司还强调，其平台在许多行业的用例继续增加，特别是在远程医疗领域，这是另一个被错误地认为只是COVID-19现象的市场，没有可持续性。我们之前曾在Teladoc(TDOC)最近的一篇文章中介绍过为什么远程医疗的快速增长早在大流行爆发之前就开始了，并且仍处于增长阶段的早期，因为该市场预计在未来的CAGR增长率将超过20%10年。因此，推动许多不同行业数字化的长期顺风也将推动TWLO作为市场领先的云通信和客户参与平台的业务增加。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32ecc737bf53e45f2b6a58e0d2121279\" tg-width=\"1280\" tg-height=\"384\"><span>SaaS DBNER/DBNRR. Source: Atom Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS DBNER/DBNRR。资料来源：原子财经</span></p></blockquote></p><p></p><p> This is especially so when we look across the SaaS space. Investors would be hard-pressed to find many companies that boast a NRR that has been consistently above 130% like TWLO (median: 120%). Another company that also uses usage-based pricing: Snowflake (SNOW) had a NRR of 168% in the latest quarter. Investors may think that these companies that adopt usage-based pricing may suffer if their customers drop off their usage rates drastically. However, TWLO and SNOW have both proven that their platforms are so sticky and offer so much value that once you are on it, you would keep using it more and more over time, and also expand usage into new products. Therefore, this usage-based pricing model has an inherently powerful booster to the company’s topline as use-cases kept increasing, something that a typical subscription-based ARR model may not be able to replicate without a usage-based model.</p><p><blockquote>当我们放眼SaaS空间时尤其如此。投资者很难找到许多像TWLO（中位数：120%）这样的NRR始终高于130%的公司。另一家同样采用基于使用量定价的公司：Snowflake(SNOW)最近一个季度的NRR为168%。投资者可能认为，如果客户使用率大幅下降，这些采用基于使用率定价的公司可能会遭受损失。然而，TWLO和SNOW都证明了他们的平台是如此具有粘性，并提供了如此多的价值，以至于一旦你使用它，随着时间的推移，你会越来越多地使用它，并将使用扩展到新产品中。因此，随着用例的不断增加，这种基于使用情况的定价模式对公司的营收具有固有的强大推动力，如果没有基于使用情况的模型，典型的基于订阅的ARR模式可能无法复制这一点。</blockquote></p><p> <b>Market Truly Underestimated Segment's Acquisition</b></p><p><blockquote><b>市场确实低估了Segment的收购</b></blockquote></p><p> In our opinion, we think the market really underplayed Segment’s acquisition for TWLO. First, Segment is the No.1 CDP worldwide ranked by IDC, so we think TWLO has done an amazing deal there. In fact, the company emphasized how important they thought the acquisition meant to them (emphasis by us):</p><p><blockquote>我们认为，市场确实低估了Segment对TWLO的收购。首先，Segment是IDC排名的全球第一的CDP，因此我们认为TWLO在那里做了一笔惊人的交易。事实上，该公司强调了他们认为此次收购对他们来说有多重要（我们强调）：</blockquote></p><p> We think the <b>industrial logic of Segment plus Twilio is just a -- it's not just a home run.It's a grand slam</b>. I think for us, having data capabilities married with communications capabilities is absolutely essential to deliver that rich customer experience. Notwithstanding the significant dilution funded from the mostly equity deal, I think investors should understand the strategic importance of having the best-of-breed CDP in its portfolio, which is crucially important to TWLO’s underlying CPaaS offering as it now confers its customers the access to real-time analytics with a unified view across disparate systems.</p><p><blockquote>我们认为<b>Segment plus Twilio的工业逻辑只是一个——这不仅仅是一个本垒打。这是个大满贯</b>.我认为对我们来说，将数据能力与通信能力结合起来对于提供丰富的客户体验是绝对必要的。尽管大部分股权交易的资金大幅稀释，但我认为投资者应该了解在其投资组合中拥有同类最佳CDP的战略重要性，这对于TWLO的基础CPaaS产品至关重要，因为它现在为客户提供了访问权限通过跨不同系统的统一视图进行实时分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bfb70f9acdfe008ff26825a2894a4c7\" tg-width=\"879\" tg-height=\"544\"><span>Level of impact of CDP on success metrics. Data source: Advertiser Perceptions; Treasure Data</span></p><p><blockquote><p class=\"t-img-caption\"><span>CDP对成功指标的影响程度。数据来源：广告主感知；珍藏数据</span></p></blockquote></p><p> We could observe from the above survey conducted with marketers across different industries on the profound impact of having a CDP in their marketing KPIs. The large majority of the respondents noted an improvement across all the metrics listed in this survey with a remarkably high percentage of the respondents (33% to 45%) indicating “significant improvement” in the respective categories.</p><p><blockquote>从上述对不同行业的营销人员进行的调查中，我们可以观察到在他们的营销KPI中加入CDP的深远影响。绝大多数受访者指出，本次调查中列出的所有指标都有所改善，其中非常高比例的受访者（33%至45%）表示各自类别有“显著改善”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b908f65bb3623fd3ba2b147e803f8e7\" tg-width=\"841\" tg-height=\"520\"><span>Benefits of CDP according to marketing technology decision makers. Data source: Advertiser Perceptions; UniFida</span></p><p><blockquote><p class=\"t-img-caption\"><span>营销技术决策者认为CDP的好处。数据来源：广告主感知；统一的</span></p></blockquote></p><p> In addition, 49% of the respondents also indicated that the CDP allowed them to unify data across multiple sources, which they regarded as the most important benefit. Twilio also highlighted the importance of this as it added that “consumers are no longer tied to just one form of communication, and they expect companies to pull together disparate interactions to deliver increasingly personalized content based on what they’re doing -- anytime, anywhere, and over their preferred channels.”</p><p><blockquote>此外，49%的受访者还表示，CDP允许他们跨多个来源统一数据，他们认为这是最重要的好处。Twilio还强调了这一点的重要性，并补充说：“消费者不再仅仅局限于一种沟通形式，他们希望公司能够将不同的互动结合在一起，根据他们正在做的事情提供日益个性化的内容——随时随地，并通过他们喜欢的渠道。”</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ebc20b41946569e8afa10fb1ef39a90f\" tg-width=\"1262\" tg-height=\"768\"><span>Measures undertaken by marketers from the U.S. to counter the impact of the deprecation of third-party cookies. Data source: Epsilon; Adweek; Phronesis Partners</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国营销人员为应对第三方cookies弃用的影响而采取的措施。数据来源：Epsilon；广告周刊；Phronesis合作伙伴</span></p></blockquote></p><p> Moreover, with the impending deprecation of third-party cookies, marketers have been looking for ways to cushion the impact of this loss, and the majority of them (67.3%) have been building a CDP. CDPs primarily collects and use first-party data, which is really the most important sources of customer data as it offers the most accurate and actionable insights, and also the one that is least vulnerable to privacy regulations, a point that was also acknowledged by TWLO when asked whether TWLO saw any tailwind on privacy regulations due to its first-party data access, of which the company replied:</p><p><blockquote>此外，随着第三方cookies即将被弃用，营销人员一直在寻找缓解这种损失影响的方法，其中大多数人（67.3%）一直在建立CDP。CDP主要收集和使用第一方数据，这确实是最重要的客户数据来源，因为它提供了最准确和可操作的见解，也是最不容易受到隐私法规影响的来源，这一点也得到了TWLO的认可当被问及TWLO是否因其第一方数据访问而看到隐私法规的任何推动力时，该公司回答道：</blockquote></p><p> 100%. I think you hit the nail on that actually and effectively answered your own question. I think they're very much on the right side of this. I mean they are very, very strong data stewards. They're kind of a privacy-first company. I think even in the EU, some of the trends in geodynamics also play in their favor. And so I do think data and data regulations is a potential tailwind for them, yes. <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34f2d9eb714512b81b6ae70b957a82d4\" tg-width=\"600\" tg-height=\"371\"><span>Share of organizations collaborating with others to share first-party data in the U.S. Data source: Winterberry Group; LiveRamp</span></p><p><blockquote>100%.我认为你说到点子上了，实际上有效地回答了你自己的问题。我认为他们在这件事上非常正确。我的意思是他们是非常非常强大的数据管家。他们是一家隐私第一的公司。我认为即使在欧盟，地球动力学的一些趋势也对他们有利。因此，我确实认为数据和数据监管对他们来说是一个潜在的推动力，是的。<p class=\"t-img-caption\"><span>美国与他人合作共享第一方数据的组织份额数据来源：Winterberry Group；LiveRamp</span></p></blockquote></p><p></p><p> In order to further underscore the importance of first-party data, we could see that 64.3% of companies had collaborative arrangements to share first-party data while 16.7% had plans to do so. In a post-cookie world, I believe organizations would even need to be more proactive in its data gathering and analytics efforts, and having a CDP like Segment to help in this would be absolutely critical.</p><p><blockquote>为了进一步强调第一方数据的重要性，我们可以看到64.3%的公司有共享第一方数据的协作安排，而16.7%的公司有这样做的计划。在后cookie时代，我相信组织甚至需要在数据收集和分析工作中更加积极主动，拥有一个类似CDP的部门来帮助这一点绝对至关重要。</blockquote></p><p> <b>Yes, We Know That The Company Is Still Unprofitable</b></p><p><blockquote><b>是的，我们知道公司还没有盈利</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3be2871e7911997921fe11150b8d0e30\" tg-width=\"1280\" tg-height=\"734\"><span>EBIT margin, SG&A margin, R&D margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率、SG&A利润率、R&D利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Nevertheless, investors should be reminded that TWLO has yet to turn an operating profit, even though the company has guided to a long term operating margin of 28% over time. Investors should understand that TWLO would also not be expected to turn an operating profit anytime soon as the company is still in a heavy investment mode (as seen in its high SG&A and R&D margins) as it sees a lot of opportunities to invest and also possibly acquire, where it had made a number of high profile acquisitions such as Segment, ValueFirst, Syniverse, Zipwhip among others. The company strongly emphasized this point:</p><p><blockquote>然而，应该提醒投资者，TWLO尚未实现营业利润，尽管该公司已将长期营业利润率定为28%。投资者应该明白，TWLO也不会很快实现营业利润，因为该公司仍处于大量投资模式（从其较高的SG&A和R&D利润率可以看出），因为它看到了很多投资机会，也可能收购，该公司已进行了多项备受瞩目的收购，如Segment、ValueFirst、Syniverse、Zipwhip等。公司极力强调了这一点：</blockquote></p><p> But that doesn't mean that we won't be profitable, can't be profitable. I mean, we're growing at very elevated levels, certainly better than our corporate average, if you will. It's just that the rest of our business is growing really fast, right? So for it to really show up in our financials, based on our current trajectory, something else would have to slow down, which is not what we want. It's not what you want. It's not what anybody wants really, right? So I think in due course, all these things will happen. Therefore, TWLO investors are asked to demonstrate lots of patience, give time for TWLO to grow into its profitability and allow them to continue scaling up its revenue growth first. Consensus estimates see the company continuing to grow rapidly at about 44.5% YoY for FY 21 and also above 30% YoY subsequently. TWLO has also committed to grow its revenue above 30% for the next four years, so investors need to give TWLO time to deliver the goods, and this stock is therefore not for short term investors who are looking for a 2 to 3 year horizon, or a company that is prioritizing profitability over growth.</p><p><blockquote>但这并不意味着我们不会盈利，不可能盈利。我的意思是，我们的增长水平非常高，如果你愿意的话，肯定比我们公司的平均水平要好。只是我们其他的业务增长真的很快，对吧？因此，根据我们目前的轨迹，为了让它真正出现在我们的财务状况中，其他事情必须放缓，这不是我们想要的。这不是你想要的。这不是任何人真正想要的，对吗？所以我认为在适当的时候，所有这些事情都会发生。因此，要求TWLO投资者表现出极大的耐心，给TWLO时间实现盈利，并允许他们首先继续扩大收入增长。市场普遍预测，该公司21财年将继续快速增长，同比增长约44.5%，随后同比增长也将超过30%。TWLO还承诺在未来四年内将其收入增长30%以上，因此投资者需要给TWLO时间来交付货物，因此这只股票不适合寻求2至3年期限的短期投资者，或将盈利能力置于增长之上的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1059052c9408212d41ace9bed94cdd4a\" tg-width=\"1280\" tg-height=\"698\"><span>Revenue metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>收入指标。数据来源：标普资本智商</span></p></blockquote></p><p> <b>Valuations</b></p><p><blockquote><b>估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dbd552d195006ab4d2b5bb01567a6fdf\" tg-width=\"1280\" tg-height=\"590\"><span>SaaS EV / 2021 Rev.</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS EV/2021修订版。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77dea7178c4b94d74a75bc24aab22561\" tg-width=\"1280\" tg-height=\"701\"><span>TWLO EV / Fwd Rev. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>TWLO EV/Fwd修订版数据来源：S&P Capital IQ</span></p></blockquote></p><p> When we consider TWLO’s EV / FY+1 multiple of 20.6x against the SaaS median of 26.3x, it may be reasonably argued that TWLO doesn’t look expensive. It’s also important to note that TWLO is also expected to grow rapidly where we expect to see its multiple fall significantly over time (assuming its EV stays constant, which of course will unlikely to be the case if TWLO continues to deliver its high growth strategies). We are pretty sure that there are many more companies within the SaaS space that are valued at a much higher premium and yet with a slower expected revenue growth profile.</p><p><blockquote>当我们考虑TWLO的EV/FY+1倍数为20.6倍，而SaaS的中位数为26.3倍时，可以合理地认为TWLO看起来并不昂贵。同样值得注意的是，TWLO预计也将快速增长，我们预计其市盈率将随着时间的推移大幅下降（假设其电动汽车保持不变，如果TWLO继续实现其高增长战略，当然不太可能出现这种情况）。我们非常确定，SaaS领域还有更多公司的估值更高，但预期收入增长较慢。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f626c7ad165f68d36e614c8163606c2f\" tg-width=\"1280\" tg-height=\"838\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> We think that TWLO has a generally strong long term uptrend bias that was only interrupted once by the COVID-19 bear market over the last 3 years. The price recently found support along the 50W moving average at around $300 and the price has since gradually continued to recover from its recent slump.</p><p><blockquote>我们认为TWLO总体上具有强烈的长期上升趋势偏差，这种偏差在过去3年中仅被COVID-19熊市打断过一次。价格最近在300美元左右的50W移动平均线上找到了支撑，此后价格逐渐从最近的暴跌中恢复。</blockquote></p><p> Although we would prefer to add more positions near the $300 support level, we don’t think the current price level is expensive either, and think that investors may consider initiating or adding on to their positions at the current price level. They should however avoid adding near the $405 level as we believe that there should be near term resistance at that level. In addition, for investors who would prefer somewhat of a slight bargain, you may wait till the next retracement to test the 50W support again, of which a $320 level to add is also possible.</p><p><blockquote>虽然我们更希望在300美元支撑位附近加仓，但我们也不认为当前价格水平昂贵，并认为投资者可以考虑在当前价格水平发起或加仓。然而，他们应该避免在405美元水平附近增加，因为我们认为该水平应该有近期阻力。此外，对于喜欢小幅逢低的投资者来说，您可以等到下一次回撤再次测试50W支撑位，其中也有可能增加320美元的水平。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p></p><p> Twilio is a very high growth stock that has made revenue growth its most important priority right now as it sees tremendous growth opportunities ahead. Investors are asked to give TWLO time to grow into its expected long term profitability as the company sets itself up to be the leading player in the cloud communications and customer engagement space for companies across multiple industries.</p><p><blockquote>Twilio是一只增长非常高的股票，它已将收入增长作为目前最重要的优先事项，因为它看到了未来巨大的增长机会。投资者被要求给TWLO时间来实现其预期的长期盈利能力，因为该公司将自己打造成多个行业公司云通信和客户参与领域的领先企业。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435794-twilio-investors-need-give-time-for-scale-up-and-profitable\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TWLO":"Twilio Inc"},"source_url":"https://seekingalpha.com/article/4435794-twilio-investors-need-give-time-for-scale-up-and-profitable","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107200738","content_text":"Summary\n\nTwilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and it would fizzle out when reopening takes centre stage.\nMeanwhile, the company has continued to build on its strength through numerous key acquisitions, among which the Segment deal stood out as the most important.\nAs a result of third-party cookies deprecation, companies would likely need Twilio even more moving forward.\nAt its current valuations and its high DBNER of 133%, investors should take advantage of the recent price weakness to gain access to Twilio now.\n\nDrew Angerer/Getty Images\nNewsInvestment Thesis\nMany investors have misunderstood Twilio’s (TWLO) business model due to its unprofitability even as it delivered industry leading revenue growth metrics. While it may have yet to be EBIT profitable, the company is setting itself up to be the CPaaS leader with a top notch customer engagement platform, following its acquisition of the No.1 Customer Data Platform [CDP] in the world: Segment. Investors should understand by now that the secular tailwinds driving digitisation are not going to reverse, and therefore TWLO is in a prime position to benefit as the platform for the world on their customer engagement needs. Add on the impending deprecation of third-party cookies, companies would likely find TWLO even more important in their customer engagement efforts moving forward. At its current valuation, investors should find that TWLO may actually be valued at a discount to many of the stocks listed in the SaaS space.\nTwilio is Not your Typical SaaS Stock\nDBNER. Data source: Company filings\nTwilio’s value proposition as a CPaaS is unlike the typical SaaS company that makes the most of its revenue through recurring subscriptions, and increase or maintain their DBNER or DBNRR by cross-selling into other products or up-selling their customers by taking on more seats. TWLO’s revenue is mainly based on usage. Therefore the company makes more revenue when customers use its platform more, and make less when customers use it less. Therefore, because it’s based on usage we could easily determine the strength of its customers' usage simply by observing its DBNER trend.TWLO’s DBNER “increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product.”\nTherefore, we could clearly observe from TWLO’s strong DBNER trend that its customers have been consistently increasing their net usage of its platform over the years, which actually already begun before COVID-19 hit. TWLO’s DBNER has been largely consistent as well and the company was also confident of achieving a normalized DBNER in the range of 130s moving forward.\nMoreover, the company has also highlighted that it continued to see increased use cases in its platform in many industries, and in particular in telehealth, which is another market that has been wrongly perceived to be only a COVID-19 phenomenon that has no sustainability. We have previously covered in a recent article on Teladoc (TDOC) on why telehealth’s rapid growth has begun well before the pandemic hit and is still very early in its growth phase as the market is expected to grow by more than 20% CAGR over the next 10 years. Therefore the secular tailwinds that are driving digitisation across many different industries would also drive increased business to TWLO as the market’s leading cloud communications and customer engagement platform.\nSaaS DBNER/DBNRR. Source: Atom Finance\nThis is especially so when we look across the SaaS space. Investors would be hard-pressed to find many companies that boast a NRR that has been consistently above 130% like TWLO (median: 120%). Another company that also uses usage-based pricing: Snowflake (SNOW) had a NRR of 168% in the latest quarter. Investors may think that these companies that adopt usage-based pricing may suffer if their customers drop off their usage rates drastically. However, TWLO and SNOW have both proven that their platforms are so sticky and offer so much value that once you are on it, you would keep using it more and more over time, and also expand usage into new products. Therefore, this usage-based pricing model has an inherently powerful booster to the company’s topline as use-cases kept increasing, something that a typical subscription-based ARR model may not be able to replicate without a usage-based model.\nMarket Truly Underestimated Segment's Acquisition\nIn our opinion, we think the market really underplayed Segment’s acquisition for TWLO. First, Segment is the No.1 CDP worldwide ranked by IDC, so we think TWLO has done an amazing deal there. In fact, the company emphasized how important they thought the acquisition meant to them (emphasis by us):\n\n We think the \n industrial logic of Segment plus Twilio is just a -- it's not just a home run.It's a grand slam. I think for us, having data capabilities married with communications capabilities is absolutely essential to deliver that rich customer experience.\n\nNotwithstanding the significant dilution funded from the mostly equity deal, I think investors should understand the strategic importance of having the best-of-breed CDP in its portfolio, which is crucially important to TWLO’s underlying CPaaS offering as it now confers its customers the access to real-time analytics with a unified view across disparate systems.\nLevel of impact of CDP on success metrics. Data source: Advertiser Perceptions; Treasure Data\nWe could observe from the above survey conducted with marketers across different industries on the profound impact of having a CDP in their marketing KPIs. The large majority of the respondents noted an improvement across all the metrics listed in this survey with a remarkably high percentage of the respondents (33% to 45%) indicating “significant improvement” in the respective categories.\nBenefits of CDP according to marketing technology decision makers. Data source: Advertiser Perceptions; UniFida\nIn addition, 49% of the respondents also indicated that the CDP allowed them to unify data across multiple sources, which they regarded as the most important benefit. Twilio also highlighted the importance of this as it added that “consumers are no longer tied to just one form of communication, and they expect companies to pull together disparate interactions to deliver increasingly personalized content based on what they’re doing -- anytime, anywhere, and over their preferred channels.”\nMeasures undertaken by marketers from the U.S. to counter the impact of the deprecation of third-party cookies. Data source: Epsilon; Adweek; Phronesis Partners\nMoreover, with the impending deprecation of third-party cookies, marketers have been looking for ways to cushion the impact of this loss, and the majority of them (67.3%) have been building a CDP. CDPs primarily collects and use first-party data, which is really the most important sources of customer data as it offers the most accurate and actionable insights, and also the one that is least vulnerable to privacy regulations, a point that was also acknowledged by TWLO when asked whether TWLO saw any tailwind on privacy regulations due to its first-party data access, of which the company replied:\n\n 100%. I think you hit the nail on that actually and effectively answered your own question. I think they're very much on the right side of this. I mean they are very, very strong data stewards. They're kind of a privacy-first company. I think even in the EU, some of the trends in geodynamics also play in their favor. And so I do think data and data regulations is a potential tailwind for them, yes.\n\nShare of organizations collaborating with others to share first-party data in the U.S. Data source: Winterberry Group; LiveRamp\nIn order to further underscore the importance of first-party data, we could see that 64.3% of companies had collaborative arrangements to share first-party data while 16.7% had plans to do so. In a post-cookie world, I believe organizations would even need to be more proactive in its data gathering and analytics efforts, and having a CDP like Segment to help in this would be absolutely critical.\nYes, We Know That The Company Is Still Unprofitable\nEBIT margin, SG&A margin, R&D margin. Data source: S&P Capital IQ\nNevertheless, investors should be reminded that TWLO has yet to turn an operating profit, even though the company has guided to a long term operating margin of 28% over time. Investors should understand that TWLO would also not be expected to turn an operating profit anytime soon as the company is still in a heavy investment mode (as seen in its high SG&A and R&D margins) as it sees a lot of opportunities to invest and also possibly acquire, where it had made a number of high profile acquisitions such as Segment, ValueFirst, Syniverse, Zipwhip among others. The company strongly emphasized this point:\n\n But that doesn't mean that we won't be profitable, can't be profitable. I mean, we're growing at very elevated levels, certainly better than our corporate average, if you will. It's just that the rest of our business is growing really fast, right? So for it to really show up in our financials, based on our current trajectory, something else would have to slow down, which is not what we want. It's not what you want. It's not what anybody wants really, right? So I think in due course, all these things will happen.\n\nTherefore, TWLO investors are asked to demonstrate lots of patience, give time for TWLO to grow into its profitability and allow them to continue scaling up its revenue growth first. Consensus estimates see the company continuing to grow rapidly at about 44.5% YoY for FY 21 and also above 30% YoY subsequently. TWLO has also committed to grow its revenue above 30% for the next four years, so investors need to give TWLO time to deliver the goods, and this stock is therefore not for short term investors who are looking for a 2 to 3 year horizon, or a company that is prioritizing profitability over growth.\nRevenue metrics. Data source: S&P Capital IQ\nValuations\nSaaS EV / 2021 Rev.\nTWLO EV / Fwd Rev. Data source: S&P Capital IQ\nWhen we consider TWLO’s EV / FY+1 multiple of 20.6x against the SaaS median of 26.3x, it may be reasonably argued that TWLO doesn’t look expensive. It’s also important to note that TWLO is also expected to grow rapidly where we expect to see its multiple fall significantly over time (assuming its EV stays constant, which of course will unlikely to be the case if TWLO continues to deliver its high growth strategies). We are pretty sure that there are many more companies within the SaaS space that are valued at a much higher premium and yet with a slower expected revenue growth profile.\nPrice Action and Technical Analysis\n\nWe think that TWLO has a generally strong long term uptrend bias that was only interrupted once by the COVID-19 bear market over the last 3 years. The price recently found support along the 50W moving average at around $300 and the price has since gradually continued to recover from its recent slump.\nAlthough we would prefer to add more positions near the $300 support level, we don’t think the current price level is expensive either, and think that investors may consider initiating or adding on to their positions at the current price level. They should however avoid adding near the $405 level as we believe that there should be near term resistance at that level. In addition, for investors who would prefer somewhat of a slight bargain, you may wait till the next retracement to test the 50W support again, of which a $320 level to add is also possible.\nWrapping It All Up\nTwilio is a very high growth stock that has made revenue growth its most important priority right now as it sees tremendous growth opportunities ahead. Investors are asked to give TWLO time to grow into its expected long term profitability as the company sets itself up to be the leading player in the cloud communications and customer engagement space for companies across multiple industries.","news_type":1,"symbols_score_info":{"TWLO":0.9}},"isVote":1,"tweetType":1,"viewCount":519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167534562,"gmtCreate":1624276281556,"gmtModify":1631892117689,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167534562","repostId":"1184501396","repostType":4,"repost":{"id":"1184501396","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":1624267024,"share":"https://www.laohu8.com/m/news/1184501396?lang=zh_CN&edition=full","pubTime":"2021-06-21 17:17","market":"us","language":"en","title":"Orphazyme rose more than 6% in premarket trading<blockquote>Orphazyme盘前交易涨超6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184501396","media":"Tiger Newspress","summary":"(June 21) Orphazyme rose more than 6% in premarket trading. \n\nWhat happened\nShares of Orphazyme, a c","content":"<p>(June 21) Orphazyme rose more than 6% in premarket trading. </p><p><blockquote>（6月21日）Orphazyme盘前交易涨超6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a1e2eb27cc68ce74ddd21a64a64634cf\" tg-width=\"719\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of <b>Orphazyme</b>, a clinical-stage biopharmaceutical company, got hammered after the Food and Drug Administration (FDA) refused to approve an application for the company's lead candidate. Investors are now uncertain when the biotech could have an approved product to sell, and pushed the stock 44.4% lower as of 12:12 p.m. EDT on last Friday.</p><p><blockquote>本公司之股份<b>Orphazyme</b>一家处于临床阶段的生物制药公司在食品和药物管理局(FDA)拒绝批准该公司主要候选药物的申请后受到了打击。投资者现在不确定该生物技术公司何时可以获得批准的产品出售，截至中午12点12分，该股股价下跌44.4%。上周五美国东部时间。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The FDA began reviewing an application for Orphazyme's lead candidate arimoclomol last September as a potential treatment for a rare but life-threatening disease called Neimann-Pick Disease Type-C (NPC). Earlier this month, shares of Orphazymeshot upmore than 200% in anticipation of a green light that never came.</p><p><blockquote>FDA去年9月开始审查Orphazyme的主要候选药物arimoclomol的申请，作为一种罕见但危及生命的疾病（称为C型奈曼-皮克病(NPC)）的潜在治疗方法。本月早些时候，由于预期绿灯从未到来，Orphazymes的股价飙升超过200%。</blockquote></p><p> Instead of an approval decision for arimoclomol, the agency asked for more information in the form of a complete response letter (CRL). That came as a shock to heaps of investors who were new to the complex world of drug development and were expecting a massiveshort squeeze.</p><p><blockquote>该机构没有对arimoclomol做出批准决定，而是以完整回复信(CRL)的形式要求提供更多信息。这让许多刚接触复杂的药物开发领域并预计会出现大规模轧空的投资者感到震惊。</blockquote></p><p> Many institutional investors were betting against Orphazyme because its lead candidate failed to achieve the primary endpoint in the pivotal study underpinning the application. Arimoclomol also failed to improve patients' scores on a secondary endpoint specifically requested by the FDA.</p><p><blockquote>许多机构投资者对Orphazyme做空，因为其主要候选药物未能达到支持该申请的关键研究的主要终点。Arimoclomol也未能改善患者在FDA特别要求的次要终点上的评分。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> According to Orphazyme, the company needs to further substantiate the validity of the primary endpoint that arimoclomol almost achieved. To satisfy the FDA, the company will most likely have to run a new pivotal study.</p><p><blockquote>Orphazyme表示，该公司需要进一步证实arimoclomol几乎达到的主要终点的有效性。为了让FDA满意，该公司很可能必须进行一项新的关键研究。</blockquote></p><p> Some shareholders remain hopeful that the European Medicines Agency will be less strict than the FDA. While the FDA's European colleague has been more lenient regarding treatments for rare diseases in the past, arimoclomol probably isn't moving forward until it produces some convincing clinical-trial results.</p><p><blockquote>一些股东仍然希望欧洲药品管理局不会像FDA那样严格。虽然FDA的欧洲同事过去对罕见疾病的治疗更加宽容，但在产生一些令人信服的临床试验结果之前，arimoclomol可能不会向前推进。</blockquote></p><p> Despite lacking a clear path forward, the Denmark-headquartered company still boasts a fairly large market cap in excess of $500 million at recent prices. Irrational expectations could keep it elevated, but this is way too high for anyclinical-stage biotechin Orphazyme's position.</p><p><blockquote>尽管缺乏明确的前进道路，但这家总部位于丹麦的公司仍然拥有相当大的市值，按最近的价格计算超过5亿美元。非理性的预期可能会使其居高不下，但对于Orphazyme的任何临床阶段生物技术来说，这都太高了。</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>Orphazyme rose more than 6% in premarket trading<blockquote>Orphazyme盘前交易涨超6%</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\">\nOrphazyme rose more than 6% in premarket trading<blockquote>Orphazyme盘前交易涨超6%</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\">2021-06-21 17:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 21) Orphazyme rose more than 6% in premarket trading. </p><p><blockquote>（6月21日）Orphazyme盘前交易涨超6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a1e2eb27cc68ce74ddd21a64a64634cf\" tg-width=\"719\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p> Shares of <b>Orphazyme</b>, a clinical-stage biopharmaceutical company, got hammered after the Food and Drug Administration (FDA) refused to approve an application for the company's lead candidate. Investors are now uncertain when the biotech could have an approved product to sell, and pushed the stock 44.4% lower as of 12:12 p.m. EDT on last Friday.</p><p><blockquote>本公司之股份<b>Orphazyme</b>一家处于临床阶段的生物制药公司在食品和药物管理局(FDA)拒绝批准该公司主要候选药物的申请后受到了打击。投资者现在不确定该生物技术公司何时可以获得批准的产品出售，截至中午12点12分，该股股价下跌44.4%。上周五美国东部时间。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> The FDA began reviewing an application for Orphazyme's lead candidate arimoclomol last September as a potential treatment for a rare but life-threatening disease called Neimann-Pick Disease Type-C (NPC). Earlier this month, shares of Orphazymeshot upmore than 200% in anticipation of a green light that never came.</p><p><blockquote>FDA去年9月开始审查Orphazyme的主要候选药物arimoclomol的申请，作为一种罕见但危及生命的疾病（称为C型奈曼-皮克病(NPC)）的潜在治疗方法。本月早些时候，由于预期绿灯从未到来，Orphazymes的股价飙升超过200%。</blockquote></p><p> Instead of an approval decision for arimoclomol, the agency asked for more information in the form of a complete response letter (CRL). That came as a shock to heaps of investors who were new to the complex world of drug development and were expecting a massiveshort squeeze.</p><p><blockquote>该机构没有对arimoclomol做出批准决定，而是以完整回复信(CRL)的形式要求提供更多信息。这让许多刚接触复杂的药物开发领域并预计会出现大规模轧空的投资者感到震惊。</blockquote></p><p> Many institutional investors were betting against Orphazyme because its lead candidate failed to achieve the primary endpoint in the pivotal study underpinning the application. Arimoclomol also failed to improve patients' scores on a secondary endpoint specifically requested by the FDA.</p><p><blockquote>许多机构投资者对Orphazyme做空，因为其主要候选药物未能达到支持该申请的关键研究的主要终点。Arimoclomol也未能改善患者在FDA特别要求的次要终点上的评分。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p> According to Orphazyme, the company needs to further substantiate the validity of the primary endpoint that arimoclomol almost achieved. To satisfy the FDA, the company will most likely have to run a new pivotal study.</p><p><blockquote>Orphazyme表示，该公司需要进一步证实arimoclomol几乎达到的主要终点的有效性。为了让FDA满意，该公司很可能必须进行一项新的关键研究。</blockquote></p><p> Some shareholders remain hopeful that the European Medicines Agency will be less strict than the FDA. While the FDA's European colleague has been more lenient regarding treatments for rare diseases in the past, arimoclomol probably isn't moving forward until it produces some convincing clinical-trial results.</p><p><blockquote>一些股东仍然希望欧洲药品管理局不会像FDA那样严格。虽然FDA的欧洲同事过去对罕见疾病的治疗更加宽容，但在产生一些令人信服的临床试验结果之前，arimoclomol可能不会向前推进。</blockquote></p><p> Despite lacking a clear path forward, the Denmark-headquartered company still boasts a fairly large market cap in excess of $500 million at recent prices. Irrational expectations could keep it elevated, but this is way too high for anyclinical-stage biotechin Orphazyme's position.</p><p><blockquote>尽管缺乏明确的前进道路，但这家总部位于丹麦的公司仍然拥有相当大的市值，按最近的价格计算超过5亿美元。非理性的预期可能会使其居高不下，但对于Orphazyme的任何临床阶段生物技术来说，这都太高了。</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":"1184501396","content_text":"(June 21) Orphazyme rose more than 6% in premarket trading. \n\nWhat happened\nShares of Orphazyme, a clinical-stage biopharmaceutical company, got hammered after the Food and Drug Administration (FDA) refused to approve an application for the company's lead candidate. Investors are now uncertain when the biotech could have an approved product to sell, and pushed the stock 44.4% lower as of 12:12 p.m. EDT on last Friday.\nSo what\nThe FDA began reviewing an application for Orphazyme's lead candidate arimoclomol last September as a potential treatment for a rare but life-threatening disease called Neimann-Pick Disease Type-C (NPC). Earlier this month, shares of Orphazymeshot upmore than 200% in anticipation of a green light that never came.\nInstead of an approval decision for arimoclomol, the agency asked for more information in the form of a complete response letter (CRL). That came as a shock to heaps of investors who were new to the complex world of drug development and were expecting a massiveshort squeeze.\nMany institutional investors were betting against Orphazyme because its lead candidate failed to achieve the primary endpoint in the pivotal study underpinning the application. Arimoclomol also failed to improve patients' scores on a secondary endpoint specifically requested by the FDA.\nNow what\nAccording to Orphazyme, the company needs to further substantiate the validity of the primary endpoint that arimoclomol almost achieved. To satisfy the FDA, the company will most likely have to run a new pivotal study.\nSome shareholders remain hopeful that the European Medicines Agency will be less strict than the FDA. While the FDA's European colleague has been more lenient regarding treatments for rare diseases in the past, arimoclomol probably isn't moving forward until it produces some convincing clinical-trial results.\nDespite lacking a clear path forward, the Denmark-headquartered company still boasts a fairly large market cap in excess of $500 million at recent prices. Irrational expectations could keep it elevated, but this is way too high for anyclinical-stage biotechin Orphazyme's position.","news_type":1,"symbols_score_info":{"ORPH":0.9}},"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167534962,"gmtCreate":1624276267156,"gmtModify":1631892117694,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167534962","repostId":"1172678753","repostType":4,"isVote":1,"tweetType":1,"viewCount":643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167535772,"gmtCreate":1624276245796,"gmtModify":1631892117708,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"interesting","listText":"interesting","text":"interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167535772","repostId":"1181147458","repostType":4,"repost":{"id":"1181147458","kind":"news","pubTimestamp":1624269824,"share":"https://www.laohu8.com/m/news/1181147458?lang=zh_CN&edition=full","pubTime":"2021-06-21 18:03","market":"us","language":"en","title":"Top Ag Traders Forecast \"Mini Supercycle\"<blockquote>顶级农业交易员预测“迷你超级周期”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181147458","media":"zerohedge","summary":"Before the plunge in commodities late in the week, top executives from Cargill, Cofco, Viterra, and ","content":"<p>Before the plunge in commodities late in the week, top executives from Cargill, Cofco, Viterra, and Scoular said this week at the FT Commodities Global Summit that<b>a \"mini-supercycle\" in agricultural commodities could be on the horizon, boosted by China demand and increasing use for biofuels.</b></p><p><blockquote>在本周晚些时候大宗商品暴跌之前，嘉吉、中粮集团、Viterra和Scoular的高管本周在FT大宗商品全球峰会上表示，<b>在中国需求和生物燃料使用增加的推动下，农产品的“迷你超级周期”可能即将到来。</b></blockquote></p><p> These execs forecasted corn, soybeans, and wheat markets will remain robust over the next two to four years.</p><p><blockquote>这些高管预测，玉米、大豆和小麦市场将在未来两到四年内保持强劲。</blockquote></p><p> <i>\"We certainly see a mini supercycle,\" said David Mattiske, chief executive of Viterra, majority-owned by Glencore, told the FT Commodities Global Summit.\"We're in a demand-driven environment with the themes of a growing population, growing wealth, people consuming more. And added into that we've got increased demand for plant-based fuel,\" Mattiske said.</i> Taking a look at the S&P GSCI Agriculture Index, a sub-index of the S&P GSCI which provides a broad basket of wheat, corn, soybeans, coffee, sugar, cocoa, and cotton, has been on an absolute tear since the virus pandemic began, up currently 56.6% but down 15% from an eight-year high.</p><p><blockquote><i>嘉能可控股的Viterra首席执行官戴维·马蒂斯克(David Mattiske)在英国《金融时报》大宗商品全球峰会上表示：“我们确实看到了一个迷你超级周期。我们正处于一个需求驱动的环境中，其主题是人口增长、财富增长、人们消费更多。除此之外，我们对植物燃料的需求也在增加，”马蒂斯克说。</i>看看S&P GSCI农业指数，这是S&P GSCI的一个子指数，提供了一篮子广泛的小麦、玉米、大豆、咖啡、糖、可可和棉花，自病毒大流行开始以来，该指数一直在大幅上涨，目前上涨56.6%，但较八年高点下跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a6c8adc05faef6f0eb37acdd37b9e6d2\" tg-width=\"500\" tg-height=\"345\">Higher commodity prices are great news for farmers who can boost incomes and reinvest into operations. Many farmers have seen their net incomes deteriorate over the last decade. But rising agriculture prices mean higher food inflation will hit low-income countries the hardest first, then ripple across the world.</p><p><blockquote>大宗商品价格上涨对农民来说是个好消息，他们可以增加收入并进行再投资。在过去的十年里，许多农民的净收入下降了。但农产品价格上涨意味着食品通胀上升将首先对低收入国家造成最严重的打击，然后波及全球。</blockquote></p><p> Back in December, SocGen's resident market skeptic Albert Edwards shared with the world why he is starting to panic about soaring food prices. And since that was before food prices really erupted amid broken supply chains, trillions in fiscal stimulus, and exploding commodity costs, we can only imagine the sheer terror he must feel today. He has noted social instabilities have begun around soaring food inflation.</p><p><blockquote>早在去年12月，法国兴业银行常驻市场怀疑论者艾伯特·爱德华兹(Albert Edwards)就向世界分享了他为何开始对食品价格飙升感到恐慌。由于那是在食品价格因供应链断裂、数万亿美元的财政刺激和大宗商品成本爆炸而真正爆发之前，我们只能想象他今天一定会感到多么恐惧。他指出，围绕食品通胀飙升，社会不稳定已经开始。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e5582ae832d11f87e90cb9e4eb5ccbc8\" tg-width=\"500\" tg-height=\"276\">According to the latest United Nations index of world food costs, itclimbedfor a 12th straight month in May, its longest stretch in a decade, rising to the highest in nearly a decade, heightening concerns over bulging grocery bills.</p><p><blockquote>根据最新的联合国世界食品成本指数，5月份食品成本连续第12个月攀升，为十年来最长，升至近十年来的最高水平，加剧了人们对食品杂货账单膨胀的担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4333c994853efc1b54db09a1cb92453\" tg-width=\"500\" tg-height=\"899\">Alex Sanfeliu, head of Cargill's world trading unit, said the bumper harvests for corn and soybeans in the US and Brazil means that supercycles in grains and oilseeds will be shorter in the past. Though he predicted an upward swing in ag prices could be sustained for two to four years. \"The characteristics of the supercycle are there,\" he added.</p><p><blockquote>嘉吉世界贸易部门负责人Alex Sanfeliu表示，美国和巴西玉米和大豆的丰收意味着谷物和油籽的超级周期将比过去更短。尽管他预测农产品价格的上涨可能会持续两到四年。“超级周期的特征就在那里，”他补充道。</blockquote></p><p> Last year, China imported a record amount of soybeans and grains from the US as it rebuilt its swine population. The US was among the largest beneficiary of the buying. China is expected to continue purchasing US farm goods this year as it needs to \"restock\" after the pandemic shock.</p><p><blockquote>去年，随着中国重建生猪数量，中国从美国进口了创纪录数量的大豆和谷物。美国是此次收购的最大受益者之一。预计中国今年将继续购买美国农产品，因为它需要在疫情冲击后“补充库存”。</blockquote></p><p> Marcelo Martins, head of grains and oilseeds at Cofco International, the trading arm of the Chinese state conglomerate, said supply imbalances around the world would persist due to some areas that sustained poor harvest. But, he warned,<i>\"[The supply deficit] is here to stay.\"</i></p><p><blockquote>中国国有企业集团中粮国际(Cofco International)的贸易部门谷物和油籽主管马塞洛·马丁斯(Marcelo Martins)表示，由于一些地区持续歉收，全球供应失衡将持续存在。但是，他警告说，<i>“[供应赤字]将持续存在。”</i></blockquote></p><p> As we've previously noted, parts of South America and the Western half of the US are in a drought, affecting future harvest yields. Especially in the US, amegadroughtis crushing farmers as <i>reservoirs dry up, with many unable to water their crops.</i></p><p><blockquote>正如我们之前指出的，南美洲部分地区和美国西半部正处于干旱之中，影响了未来的收成。尤其是在美国，干旱正在压垮农民<i>水库干涸，许多人无法灌溉庄稼。</i></blockquote></p><p> Meanwhile, the Biden administration set the 2030 greenhouse gas pollution target aimed at increasing biofuels - this means the agricultural product is being diverted for fuel rather than food, driving up prices.</p><p><blockquote>与此同时，拜登政府设定了2030年温室气体污染目标，旨在增加生物燃料——这意味着农产品正被转向燃料而不是食品，推高了价格。</blockquote></p><p> Paul Maas, chief executive of US agricultural trader Scoular, said biofuels drive \"unprecedented\" demand for soyabean and soya oil prices. As countries reduce their carbon footprint, many turn to the food supply for answers to reduce fossil fuel usage by mixing biofuels into petrol blends.</p><p><blockquote>美国农产品交易商Scoular首席执行官Paul Maas表示，生物燃料推动了对大豆和豆油价格的“前所未有”需求。随着各国减少碳足迹，许多国家转向食品供应，通过将生物燃料混合到汽油混合物中来寻找减少化石燃料使用的答案。</blockquote></p><p> <i>\"The increased demand is real and we're on the front end of seeing how that all plays out,\" said Maas.</i> While there are several factors top execs point to for higher future ag prices, prices have fallen in the last couple of months and may continue to correct.</p><p><blockquote><i>马斯说：“需求的增加是真实的，我们正处于观察这一切如何发展的前端。”</i>尽管高管们指出了未来农业价格上涨的几个因素，但价格在过去几个月已经下跌，并可能继续调整。</blockquote></p><p> Gary McGuigan, head of global trade at Archer Daniels Midland, added some caution to the mini supercycle, indicating significant uncertainties around China's 2021 demand.</p><p><blockquote>阿彻丹尼尔斯米德兰(Archer Daniels Midland)全球贸易主管加里·麦奎根(Gary McGuigan)对迷你超级周期表示谨慎，表明中国2021年需求存在重大不确定性。</blockquote></p><p> Perhaps this is more evidence that the Fed's illusionary narrative of \"transitory\" inflation is tearing apart at the seams as food prices are likely to remain elevated for some time due to the various demand dynamics mentioned above.</p><p><blockquote>也许这更多地证明了美联储关于“暂时性”通胀的虚幻叙述正在被撕裂，因为由于上述各种需求动态，食品价格可能会在一段时间内保持高位。</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\">\nTop Ag Traders Forecast \"Mini Supercycle\"<blockquote>顶级农业交易员预测“迷你超级周期”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-21 18:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Before the plunge in commodities late in the week, top executives from Cargill, Cofco, Viterra, and Scoular said this week at the FT Commodities Global Summit that<b>a \"mini-supercycle\" in agricultural commodities could be on the horizon, boosted by China demand and increasing use for biofuels.</b></p><p><blockquote>在本周晚些时候大宗商品暴跌之前，嘉吉、中粮集团、Viterra和Scoular的高管本周在FT大宗商品全球峰会上表示，<b>在中国需求和生物燃料使用增加的推动下，农产品的“迷你超级周期”可能即将到来。</b></blockquote></p><p> These execs forecasted corn, soybeans, and wheat markets will remain robust over the next two to four years.</p><p><blockquote>这些高管预测，玉米、大豆和小麦市场将在未来两到四年内保持强劲。</blockquote></p><p> <i>\"We certainly see a mini supercycle,\" said David Mattiske, chief executive of Viterra, majority-owned by Glencore, told the FT Commodities Global Summit.\"We're in a demand-driven environment with the themes of a growing population, growing wealth, people consuming more. And added into that we've got increased demand for plant-based fuel,\" Mattiske said.</i> Taking a look at the S&P GSCI Agriculture Index, a sub-index of the S&P GSCI which provides a broad basket of wheat, corn, soybeans, coffee, sugar, cocoa, and cotton, has been on an absolute tear since the virus pandemic began, up currently 56.6% but down 15% from an eight-year high.</p><p><blockquote><i>嘉能可控股的Viterra首席执行官戴维·马蒂斯克(David Mattiske)在英国《金融时报》大宗商品全球峰会上表示：“我们确实看到了一个迷你超级周期。我们正处于一个需求驱动的环境中，其主题是人口增长、财富增长、人们消费更多。除此之外，我们对植物燃料的需求也在增加，”马蒂斯克说。</i>看看S&P GSCI农业指数，这是S&P GSCI的一个子指数，提供了一篮子广泛的小麦、玉米、大豆、咖啡、糖、可可和棉花，自病毒大流行开始以来，该指数一直在大幅上涨，目前上涨56.6%，但较八年高点下跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a6c8adc05faef6f0eb37acdd37b9e6d2\" tg-width=\"500\" tg-height=\"345\">Higher commodity prices are great news for farmers who can boost incomes and reinvest into operations. Many farmers have seen their net incomes deteriorate over the last decade. But rising agriculture prices mean higher food inflation will hit low-income countries the hardest first, then ripple across the world.</p><p><blockquote>大宗商品价格上涨对农民来说是个好消息，他们可以增加收入并进行再投资。在过去的十年里，许多农民的净收入下降了。但农产品价格上涨意味着食品通胀上升将首先对低收入国家造成最严重的打击，然后波及全球。</blockquote></p><p> Back in December, SocGen's resident market skeptic Albert Edwards shared with the world why he is starting to panic about soaring food prices. And since that was before food prices really erupted amid broken supply chains, trillions in fiscal stimulus, and exploding commodity costs, we can only imagine the sheer terror he must feel today. He has noted social instabilities have begun around soaring food inflation.</p><p><blockquote>早在去年12月，法国兴业银行常驻市场怀疑论者艾伯特·爱德华兹(Albert Edwards)就向世界分享了他为何开始对食品价格飙升感到恐慌。由于那是在食品价格因供应链断裂、数万亿美元的财政刺激和大宗商品成本爆炸而真正爆发之前，我们只能想象他今天一定会感到多么恐惧。他指出，围绕食品通胀飙升，社会不稳定已经开始。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e5582ae832d11f87e90cb9e4eb5ccbc8\" tg-width=\"500\" tg-height=\"276\">According to the latest United Nations index of world food costs, itclimbedfor a 12th straight month in May, its longest stretch in a decade, rising to the highest in nearly a decade, heightening concerns over bulging grocery bills.</p><p><blockquote>根据最新的联合国世界食品成本指数，5月份食品成本连续第12个月攀升，为十年来最长，升至近十年来的最高水平，加剧了人们对食品杂货账单膨胀的担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4333c994853efc1b54db09a1cb92453\" tg-width=\"500\" tg-height=\"899\">Alex Sanfeliu, head of Cargill's world trading unit, said the bumper harvests for corn and soybeans in the US and Brazil means that supercycles in grains and oilseeds will be shorter in the past. Though he predicted an upward swing in ag prices could be sustained for two to four years. \"The characteristics of the supercycle are there,\" he added.</p><p><blockquote>嘉吉世界贸易部门负责人Alex Sanfeliu表示，美国和巴西玉米和大豆的丰收意味着谷物和油籽的超级周期将比过去更短。尽管他预测农产品价格的上涨可能会持续两到四年。“超级周期的特征就在那里，”他补充道。</blockquote></p><p> Last year, China imported a record amount of soybeans and grains from the US as it rebuilt its swine population. The US was among the largest beneficiary of the buying. China is expected to continue purchasing US farm goods this year as it needs to \"restock\" after the pandemic shock.</p><p><blockquote>去年，随着中国重建生猪数量，中国从美国进口了创纪录数量的大豆和谷物。美国是此次收购的最大受益者之一。预计中国今年将继续购买美国农产品，因为它需要在疫情冲击后“补充库存”。</blockquote></p><p> Marcelo Martins, head of grains and oilseeds at Cofco International, the trading arm of the Chinese state conglomerate, said supply imbalances around the world would persist due to some areas that sustained poor harvest. But, he warned,<i>\"[The supply deficit] is here to stay.\"</i></p><p><blockquote>中国国有企业集团中粮国际(Cofco International)的贸易部门谷物和油籽主管马塞洛·马丁斯(Marcelo Martins)表示，由于一些地区持续歉收，全球供应失衡将持续存在。但是，他警告说，<i>“[供应赤字]将持续存在。”</i></blockquote></p><p> As we've previously noted, parts of South America and the Western half of the US are in a drought, affecting future harvest yields. Especially in the US, amegadroughtis crushing farmers as <i>reservoirs dry up, with many unable to water their crops.</i></p><p><blockquote>正如我们之前指出的，南美洲部分地区和美国西半部正处于干旱之中，影响了未来的收成。尤其是在美国，干旱正在压垮农民<i>水库干涸，许多人无法灌溉庄稼。</i></blockquote></p><p> Meanwhile, the Biden administration set the 2030 greenhouse gas pollution target aimed at increasing biofuels - this means the agricultural product is being diverted for fuel rather than food, driving up prices.</p><p><blockquote>与此同时，拜登政府设定了2030年温室气体污染目标，旨在增加生物燃料——这意味着农产品正被转向燃料而不是食品，推高了价格。</blockquote></p><p> Paul Maas, chief executive of US agricultural trader Scoular, said biofuels drive \"unprecedented\" demand for soyabean and soya oil prices. As countries reduce their carbon footprint, many turn to the food supply for answers to reduce fossil fuel usage by mixing biofuels into petrol blends.</p><p><blockquote>美国农产品交易商Scoular首席执行官Paul Maas表示，生物燃料推动了对大豆和豆油价格的“前所未有”需求。随着各国减少碳足迹，许多国家转向食品供应，通过将生物燃料混合到汽油混合物中来寻找减少化石燃料使用的答案。</blockquote></p><p> <i>\"The increased demand is real and we're on the front end of seeing how that all plays out,\" said Maas.</i> While there are several factors top execs point to for higher future ag prices, prices have fallen in the last couple of months and may continue to correct.</p><p><blockquote><i>马斯说：“需求的增加是真实的，我们正处于观察这一切如何发展的前端。”</i>尽管高管们指出了未来农业价格上涨的几个因素，但价格在过去几个月已经下跌，并可能继续调整。</blockquote></p><p> Gary McGuigan, head of global trade at Archer Daniels Midland, added some caution to the mini supercycle, indicating significant uncertainties around China's 2021 demand.</p><p><blockquote>阿彻丹尼尔斯米德兰(Archer Daniels Midland)全球贸易主管加里·麦奎根(Gary McGuigan)对迷你超级周期表示谨慎，表明中国2021年需求存在重大不确定性。</blockquote></p><p> Perhaps this is more evidence that the Fed's illusionary narrative of \"transitory\" inflation is tearing apart at the seams as food prices are likely to remain elevated for some time due to the various demand dynamics mentioned above.</p><p><blockquote>也许这更多地证明了美联储关于“暂时性”通胀的虚幻叙述正在被撕裂，因为由于上述各种需求动态，食品价格可能会在一段时间内保持高位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/commodities/top-ag-traders-forecast-mini-supercycle\">zerohedge</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.zerohedge.com/commodities/top-ag-traders-forecast-mini-supercycle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181147458","content_text":"Before the plunge in commodities late in the week, top executives from Cargill, Cofco, Viterra, and Scoular said this week at the FT Commodities Global Summit thata \"mini-supercycle\" in agricultural commodities could be on the horizon, boosted by China demand and increasing use for biofuels.\nThese execs forecasted corn, soybeans, and wheat markets will remain robust over the next two to four years.\n\n\"We certainly see a mini supercycle,\" said David Mattiske, chief executive of Viterra, majority-owned by Glencore, told the FT Commodities Global Summit.\"We're in a demand-driven environment with the themes of a growing population, growing wealth, people consuming more. And added into that we've got increased demand for plant-based fuel,\" Mattiske said.\n\nTaking a look at the S&P GSCI Agriculture Index, a sub-index of the S&P GSCI which provides a broad basket of wheat, corn, soybeans, coffee, sugar, cocoa, and cotton, has been on an absolute tear since the virus pandemic began, up currently 56.6% but down 15% from an eight-year high.\nHigher commodity prices are great news for farmers who can boost incomes and reinvest into operations. Many farmers have seen their net incomes deteriorate over the last decade. But rising agriculture prices mean higher food inflation will hit low-income countries the hardest first, then ripple across the world.\nBack in December, SocGen's resident market skeptic Albert Edwards shared with the world why he is starting to panic about soaring food prices. And since that was before food prices really erupted amid broken supply chains, trillions in fiscal stimulus, and exploding commodity costs, we can only imagine the sheer terror he must feel today. He has noted social instabilities have begun around soaring food inflation.\nAccording to the latest United Nations index of world food costs, itclimbedfor a 12th straight month in May, its longest stretch in a decade, rising to the highest in nearly a decade, heightening concerns over bulging grocery bills.\nAlex Sanfeliu, head of Cargill's world trading unit, said the bumper harvests for corn and soybeans in the US and Brazil means that supercycles in grains and oilseeds will be shorter in the past. Though he predicted an upward swing in ag prices could be sustained for two to four years. \"The characteristics of the supercycle are there,\" he added.\nLast year, China imported a record amount of soybeans and grains from the US as it rebuilt its swine population. The US was among the largest beneficiary of the buying. China is expected to continue purchasing US farm goods this year as it needs to \"restock\" after the pandemic shock.\nMarcelo Martins, head of grains and oilseeds at Cofco International, the trading arm of the Chinese state conglomerate, said supply imbalances around the world would persist due to some areas that sustained poor harvest. But, he warned,\"[The supply deficit] is here to stay.\"\nAs we've previously noted, parts of South America and the Western half of the US are in a drought, affecting future harvest yields. Especially in the US, amegadroughtis crushing farmers as reservoirs dry up, with many unable to water their crops.\nMeanwhile, the Biden administration set the 2030 greenhouse gas pollution target aimed at increasing biofuels - this means the agricultural product is being diverted for fuel rather than food, driving up prices.\nPaul Maas, chief executive of US agricultural trader Scoular, said biofuels drive \"unprecedented\" demand for soyabean and soya oil prices. As countries reduce their carbon footprint, many turn to the food supply for answers to reduce fossil fuel usage by mixing biofuels into petrol blends.\n\n\"The increased demand is real and we're on the front end of seeing how that all plays out,\" said Maas.\n\nWhile there are several factors top execs point to for higher future ag prices, prices have fallen in the last couple of months and may continue to correct.\nGary McGuigan, head of global trade at Archer Daniels Midland, added some caution to the mini supercycle, indicating significant uncertainties around China's 2021 demand.\nPerhaps this is more evidence that the Fed's illusionary narrative of \"transitory\" inflation is tearing apart at the seams as food prices are likely to remain elevated for some time due to the various demand dynamics mentioned above.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167536647,"gmtCreate":1624276050489,"gmtModify":1631892117722,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167536647","repostId":"114899451","repostType":1,"repost":{"id":114899451,"gmtCreate":1623063308869,"gmtModify":1631884627596,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎7周年】集卡瓜分百万奖金","htmlText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> 如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。  如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","listText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> 如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。  如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","text":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ 戳我即可参与活动 \u0001如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。\u0001如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 \u0001 \u0001如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。\u0001 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","images":[{"img":"https://static.tigerbbs.com/ab28db31a19b458d604a8bf02becddd3","width":"415","height":"125"},{"img":"https://static.tigerbbs.com/5227ebb594fe55b532c840acef147d7b","width":"415","height":"495"},{"img":"https://static.tigerbbs.com/92e88357b534f504b3088bc22f577a83","width":"415","height":"326"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114899451","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":8,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164944593,"gmtCreate":1624168691412,"gmtModify":1631892117735,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"doing it","listText":"doing it","text":"doing it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164944593","repostId":"114899451","repostType":1,"repost":{"id":114899451,"gmtCreate":1623063308869,"gmtModify":1631884627596,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎7周年】集卡瓜分百万奖金","htmlText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> 如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。  如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","listText":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ <a href=\"https://www.itiger.com/activity/market/2021/7th-anniversary?lang=zh_CN\" target=\"_blank\">戳我即可参与活动</a> 如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。  如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 本次7周年活动涉及不同国家和地区，由于各地区的监管要求不同，不同地区的活动奖励会有所区别。欲知详情，请点击下方活动链接，登陆您的账号，并点击“活动规则“查看详情。","text":"老虎7周年给大家发福利了，集齐TIGER五个字母即有机会瓜分百万奖金，你准备好了吗？ 戳我即可参与活动 \u0001如何参与？ 用户可通过完成活动页面展示的当日任务列表来获得字母卡，每完成一个任务即可随机获得一个字母，用户集齐“TIGER”五个字母即可参与瓜分百万股票代金券，每个用户单日最多可获得20张字母卡（不包括好友赠予和魔法卡）。 用户在活动期间邀请累计7名好友完成注册并开户（注册时间和开户时间均在活动期间），即可获得一张魔法卡（每人仅可获得一张魔法卡）。魔法卡可用于兑换TIGER中的任意一个字母。\u0001如果用户的某一字母卡数量为0，则字母卡为灰色，用户可通过点击灰色的字母卡向好友索要卡片；如果用户的字母卡数量大于0，则字母卡为彩色，用户可通过点击彩色的字母卡向好友赠送卡片。当用户集齐TIGER之后将无法再索要卡片或者赠送卡片。 \u0001 \u0001如何获得奖励？ 用户可在2021年7月1日至2021年7月2日期间进行开奖，所有集齐TIGER的客户可点击活动页面的“开奖”按钮，即可查看自己瓜分到的股票代金券奖励。在开奖时间段内未点击开奖的用户将无法获得奖励。\u0001 奖励发放： 股票代金券将在开奖后的1个工作日内发放至用户的奖励中心，用户需要在奖励发放后的20天内前往【Tiger Trade APP > 我的 > 活动奖励】领取，过期未领取的奖励将自动失效。 重要提示： 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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":1624892087,"share":"https://www.laohu8.com/m/news/1182036516?lang=zh_CN&edition=full","pubTime":"2021-06-28 22:54","market":"us","language":"en","title":"Nvidia shares rose more than 5% to a new high<blockquote>英伟达股价涨超5%创新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182036516","media":"Tiger Newspress","summary":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\n","content":"<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称三大芯片制造商支持收购Arm，英伟达股价上涨逾5%，创新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道，三大芯片制造商已出面表示，他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年9月，英伟达（股票代码：NVDA）宣布以400亿美元现金和股票从软银集团（SFTBY）手中收购Arm，这笔交易将使软银成为英伟达的最大投资者。鉴于Arm作为芯片行业微处理器设计领先供应商的地位，该交易吸引了监管机构和其他芯片公司的广泛审查。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s <i>Sunday Times</i> over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>周末有报道称，Arm的三个重要客户——博通(AVGO)、Marvell(MRVL)和台湾联发科(2454.TW)——已批准该交易。记者无法立即联系到任何相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师Atif Malk周日在一份研究报告中写道，该报告是拟议交易向前迈出的一大步。他认为，鉴于英伟达公开承诺加大对Arm英国业务的投资，英国可能会批准此次合并。但他仍然看到了相当大的障碍，尤其是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>他在一份研究报告中写道：“随着美国继续积极反对中国在科技竞赛中获胜，我们认为中国不太可能支持一项可能导致他们失去Arm准入权的交易。”“如果英伟达找到一种方法，将Arm中国子公司保留为一个独立实体，而无法访问任何[图形处理器或人工智能]IP，那么就有办法获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说，他认为获得批准的道路仍然狭窄。他现在认为获得批准的可能性为30%，高于之前估计的10%。</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 shares rose more than 5% to a new high<blockquote>英伟达股价涨超5%创新高</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\">\nNvidia shares rose more than 5% to a new high<blockquote>英伟达股价涨超5%创新高</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\">2021-06-28 22:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.</p><p><blockquote>有报道称三大芯片制造商支持收购Arm，英伟达股价上涨逾5%，创新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/05201fd147f1f824ea42bb1d0bcac789\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p> Three major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.</p><p><blockquote>据报道，三大芯片制造商已出面表示，他们支持英伟达收购英国芯片设计公司Arm的提议。</blockquote></p><p> Last September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.</p><p><blockquote>去年9月，英伟达（股票代码：NVDA）宣布以400亿美元现金和股票从软银集团（SFTBY）手中收购Arm，这笔交易将使软银成为英伟达的最大投资者。鉴于Arm作为芯片行业微处理器设计领先供应商的地位，该交易吸引了监管机构和其他芯片公司的广泛审查。几乎所有的智能手机都使用基于Arm设计的处理器。</blockquote></p><p> But the U.K.’s <i>Sunday Times</i> over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.</p><p><blockquote>但英国的<i>星期日泰晤士报</i>周末有报道称，Arm的三个重要客户——博通(AVGO)、Marvell(MRVL)和台湾联发科(2454.TW)——已批准该交易。记者无法立即联系到任何相关公司置评。</blockquote></p><p> Citi analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.</p><p><blockquote>花旗分析师Atif Malk周日在一份研究报告中写道，该报告是拟议交易向前迈出的一大步。他认为，鉴于英伟达公开承诺加大对Arm英国业务的投资，英国可能会批准此次合并。但他仍然看到了相当大的障碍，尤其是在中国。</blockquote></p><p> “With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”</p><p><blockquote>他在一份研究报告中写道：“随着美国继续积极反对中国在科技竞赛中获胜，我们认为中国不太可能支持一项可能导致他们失去Arm准入权的交易。”“如果英伟达找到一种方法，将Arm中国子公司保留为一个独立实体，而无法访问任何[图形处理器或人工智能]IP，那么就有办法获得美国和中国监管机构的批准。”</blockquote></p><p> Malik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.</p><p><blockquote>马利克说，他认为获得批准的道路仍然狭窄。他现在认为获得批准的可能性为30%，高于之前估计的10%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182036516","content_text":"Nvidia shares rose more than 5% to a new high on Report Three Key Chip Makers Endorse Bid for Arm.\n\nThree major chip makers have reportedly stepped up to say they support Nvidia‘s proposed acquisition of the U.K.-based chip-design house Arm.\nLast September, Nvidia (ticker: NVDA) announced a deal to acquire Arm from SoftBank Group(SFTBY) for $40 billion in cash and stock in a transaction that would make SoftBank the largest investor in Nvidia. The deal has attracted considerable scrutiny from both regulators and other chip companies, given Arm’s position as a leading provider of microprocessor designs to the chip industry. Almost all smartphones use processors based on Arm designs.\nBut the U.K.’s Sunday Times over the weekend reported that three important Arm customers—Broadcom(AVGO), Marvell (MRVL), and Taiwan-based MediaTek(2454.TW)—have endorsed the transaction. None of the companies involved could immediately be reached for comment.\nCiti analyst Atif Malk wrote in a research note Sunday that the report is a big step forward for the proposed deal. He thinks the U.K. likely will approve the combination, given Nvidia’s public commitment to investing more in Arm’s U.K. operations. But he still sees considerable hurdles, in particular in China.\n“With the U.S. continuing to be aggressive against China winning in a tech race, we see China less likely to support a deal that would see them potentially losing access to Arm,” he wrote in a research note. “If Nvidia finds a way to keep the Arm China subsidiary as a separate entity without access to any [graphics processor or artificial intelligence] IP then there is a path to get both U.S. and China regulatory approval.”\nMalik says he says the path to approval remains narrow. He now sees a 30% chance of approval, up from a previous estimate of 10%.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121656730,"gmtCreate":1624463066420,"gmtModify":1631889767930,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121656730","repostId":"1145825451","repostType":4,"isVote":1,"tweetType":1,"viewCount":1396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162528867,"gmtCreate":1624068635959,"gmtModify":1634011156770,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162528867","repostId":"1113742137","repostType":4,"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162521294,"gmtCreate":1624068614218,"gmtModify":1634011157482,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162521294","repostId":"2144771068","repostType":4,"isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126521605,"gmtCreate":1624579378107,"gmtModify":1631889767907,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126521605","repostId":"1120836318","repostType":4,"isVote":1,"tweetType":1,"viewCount":1626,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123847528,"gmtCreate":1624418126164,"gmtModify":1631892117653,"author":{"id":"3582518022206406","authorId":"3582518022206406","name":"Stevenzt","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582518022206406","idStr":"3582518022206406"},"themes":[],"htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123847528","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
