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2021-10-31

Great ariticle, would you like to share it?

@小虎活动:[Halloween Game] Trade or Treat!

2021-08-20

Noted

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2021-08-14

Noted

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2021-08-09

Ok

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2021-08-08

Wow

Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>

2021-08-08

OK sure

SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>

2021-08-07

I see

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2021-08-06

I see

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2021-08-04

Oh wow

Is Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote>

2021-08-04

I see

Is the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote>

2021-08-04

Ok

Alphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote>

2021-08-03

Okay

Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>

2021-07-28

Noted

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2021-07-27

OK noted.

抱歉，原内容已删除

2021-07-27

Noted

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2021-07-27

Ok

Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>

2021-07-26

Ok

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2021-07-23

Ok

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2021-07-22

Ok

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2021-07-22

Ok

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Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1452,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":836345919,"gmtCreate":1629460009331,"gmtModify":1631891544263,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836345919","repostId":"1165385043","repostType":4,"isVote":1,"tweetType":1,"viewCount":2247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897555360,"gmtCreate":1628948450750,"gmtModify":1631891544268,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897555360","repostId":"1167599158","repostType":4,"isVote":1,"tweetType":1,"viewCount":1420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898859260,"gmtCreate":1628486306250,"gmtModify":1631891544271,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898859260","repostId":"2157418694","repostType":4,"isVote":1,"tweetType":1,"viewCount":1543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891478498,"gmtCreate":1628420179314,"gmtModify":1631891544271,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891478498","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891478694,"gmtCreate":1628420131618,"gmtModify":1631891544276,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"OK sure","listText":"OK sure","text":"OK sure","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891478694","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohu8.com/m/news/1180529438?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891927552,"gmtCreate":1628321096176,"gmtModify":1631891544278,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"I see","listText":"I see","text":"I see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891927552","repostId":"1187701368","repostType":4,"isVote":1,"tweetType":1,"viewCount":1451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893173345,"gmtCreate":1628251001687,"gmtModify":1631891544283,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"I see","listText":"I see","text":"I see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/893173345","repostId":"2157464603","repostType":4,"isVote":1,"tweetType":1,"viewCount":2486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807781320,"gmtCreate":1628057939460,"gmtModify":1631891544284,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Oh wow","listText":"Oh wow","text":"Oh wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807781320","repostId":"1136485652","repostType":4,"repost":{"id":"1136485652","kind":"news","pubTimestamp":1628057471,"share":"https://www.laohu8.com/m/news/1136485652?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:11","market":"us","language":"en","title":"Is Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136485652","media":"seekingalpha","summary":"Summary\n\nTSM offers exposure to the growing semiconductor industry in a diversified way, as it will ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>TSM offers exposure to the growing semiconductor industry in a diversified way, as it will benefit from growth at NVIDIA, Apple, and many more.</li>  <li>The company's business model has some disadvantages as well, mainly its relatively high capital requirements that limit its FCF conversion rate.</li>  <li>TSM is trading above its longer-term valuation range, but shares could still deliver attractive returns in the long run.</li> </ul> <b>Article Thesis</b></p><p><blockquote><ul><li>TSM以多元化的方式接触不断增长的半导体行业，因为它将受益于英伟达、苹果等公司的增长。</li><li>该公司的商业模式也有一些缺点，主要是资本要求相对较高，限制了其自由现金流转化率。</li><li>TSM的交易价格高于其长期估值范围，但从长远来看，其股价仍可能带来有吸引力的回报。</li></ul><b>文章论文</b></blockquote></p><p> The semiconductor industry has experienced rapid growth in recent years, and the long-term outlook remains strong as well. Chips are integral for our way of life and for our economy, and Taiwan Semiconductor Manufacturing Company Limited (TSM), as one of the largest manufacturers in the space, is poised to benefit from long-term growth trends. Investors should, apart from the growth prospects, also consider TSM's valuation and the risks for the business. Overall, TSM still seems like a company that could deliver attractive returns in the long run.</p><p><blockquote>半导体行业近年来经历了快速增长，长期前景也依然强劲。芯片是我们生活方式和经济不可或缺的一部分，台积电有限公司(TSM)作为该领域最大的制造商之一，有望从长期增长趋势中受益。除了增长前景外，投资者还应考虑TSM的估值和业务风险。总体而言，从长远来看，TSM似乎仍然是一家能够带来有吸引力回报的公司。</blockquote></p><p> <b>Taiwan Semiconductor As A Play On Global Semiconductor Demand Growth</b></p><p><blockquote><b>台积电对全球半导体需求增长的推动作用</b></blockquote></p><p> Over the last couple of decades, the global semiconductor industry has experienced rapid growth, as chips have become integral for almost everything we do, from work to our personal communication, and even for the way we spend our free time. These trends -- digitalization &amp; technification -- are still in play, and it seems highly unlikely that we will be using fewer technical gadgets and products in a decade or two. In fact, it seems, to me, pretty much certain that our chip usage will grow even more, due to megatrends such as the internet of things, smart products, self-driving cars, wearable tech, and so on. Even trends such as working from home will lead to fewer meetings that will be conducted in-person, which will, in turn, lead to higher demand for at-home technical equipment and processing power in server farms that handle video conferences. New and emerging technologies, such as the&nbsp;Metaverse&nbsp;as the next-generation internet, will require more processing power compared to current technologies as well, which will, in turn, lead to higher chip demand. Overall, the growth outlook for the semiconductor industry is thus strong and will remain strong for a long time, I believe. This does not necessarily mean that every company in this space will grow forever, but it is, of course, better to be active in a high-growth industry rather than a low-growth industry, all else equal.</p><p><blockquote>在过去的几十年里，全球半导体行业经历了快速增长，芯片已经成为我们几乎所有事情不可或缺的一部分，从工作到个人交流，甚至是我们度过空闲时间的方式。这些趋势——数字化和技术化——仍在发挥作用，在一二十年内，我们不太可能使用更少的技术设备和产品。事实上，在我看来，由于物联网、智能产品、自动驾驶汽车、可穿戴技术等大趋势，我们的芯片使用量将会增长更多。即使是在家工作等趋势也会导致面对面举行的会议减少，这反过来又会导致对家庭技术设备和处理视频会议的服务器群的处理能力的更高需求。与当前技术相比，新兴技术（例如作为下一代互联网的元宇宙）也将需要更多的处理能力，这反过来将导致更高的芯片需求。总体而言，我相信半导体行业的增长前景是强劲的，并且将在很长一段时间内保持强劲。这并不一定意味着这个领域的每家公司都会永远增长，但在其他条件相同的情况下，活跃在高增长行业而不是低增长行业当然更好。</blockquote></p><p> Taiwan Semiconductor Manufacturing Company, as the leading contract manufacturer in the world, will benefit from higher demand for contract manufacturing. This, in turn, will be driven by the increasing demand from fabless companies such as NVIDIA (NVDA), AMD (AMD), Apple (AAPL), and many more that are paying TSM to manufacture their semiconductors.</p><p><blockquote>台积电公司作为全球领先的合同制造商，将受益于更高的合同制造需求。反过来，这将受到NVIDIA(NVDA)、AMD(AMD)、苹果(AAPL)等无晶圆厂公司不断增长的需求的推动，这些公司向TSM付费以制造半导体。</blockquote></p><p> Taiwan Semiconductor's business model has the upside of allowing the company to benefit from growing chip demand overall, no matter which individual customer experiences the highest demand growth. On the other hand, there are also downsides to TSM's business model, mainly the fact that the buildout of&nbsp;new plants&nbsp;requires huge capital expenditures:</p><p><blockquote>台积电的商业模式的好处是，无论哪个单个客户的需求增长最高，该公司都可以从整体不断增长的芯片需求中受益。另一方面，TSM的商业模式也存在缺点，主要是新工厂的建设需要巨额资本支出：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5579119980e11c583375bdbd4b054194\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> TSM did generate operating cash flows of $29 billion over the last year, which results in a free cash flow of $9 billion once capital expenditures of $20 billion are subtracted. Net income, over the same time, was $18 billion, which means that TSM's free cash flow conversion rate was rather low, at just 50%. Other semiconductor companies, especially those that operate on a fabless basis, do generate significantly higher FCF relative to their net profits. One should, however, note that not all of TSM's capital expenditures are spent on maintenance projects, and growth spending will lead to higher cash flows at some point in the future. Still, TSM's business model means that its FCF is relatively weak relative to net profits, which limits the company's ability to grow via M&amp;A or to return cash to the company's owners.</p><p><blockquote>TSM去年确实产生了290亿美元的运营现金流，如果减去200亿美元的资本支出，自由现金流将达到90亿美元。同期净利润为180亿美元，这意味着TSM的自由现金流转化率相当低，仅为50%。其他半导体公司，尤其是那些在无晶圆厂基础上运营的公司，相对于净利润，其自由现金流确实要高得多。然而，应该注意的是，并非TSM的所有资本支出都用于维护项目，增长支出将在未来某个时候导致更高的现金流。尽管如此，TSM的商业模式意味着其自由现金流相对于净利润相对较弱，这限制了该公司通过并购实现增长或向公司所有者返还现金的能力。</blockquote></p><p> <b>Is TSM Stock Overvalued?</b></p><p><blockquote><b>TSM股票是否被高估？</b></blockquote></p><p></p><p> Taiwan Semiconductor Manufacturing Company has seen its shares rise by 45% over the last year, which may lead to questions about its current valuation. It should, however, be noted that this is not that much more than the returns by the broad market over the same time frame, as the S&amp;P 500 index (SPY) is up 35% over the last twelve months. TSM's stock trades significantly below the all-time high that was hit in early 2021 at $142, shares have declined by close to 20% over the last couple of months. Based on current earnings per share estimates for this fiscal year, TSM trades at 27x net profits, which is neither an overly high valuation nor an especially low valuation in absolute terms. On a relative basis, TSM looks significantly more expensive than it used to be:</p><p><blockquote>台积电公司的股价去年上涨了45%，这可能会引发人们对其当前估值的质疑。然而，应该指出的是，这并不比同期大盘的回报高多少，因为标普500指数（SPDR标普500指数ETF）在过去12个月内上涨了35%。TSM的股价远低于2021年初创下的142美元的历史高点，过去几个月股价下跌了近20%。根据目前对本财年每股收益的预测，TSM的交易价格是净利润的27倍，从绝对值来看，这既不是过高的估值，也不是特别低的估值。相对而言，TSM看起来比以前贵得多：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3630fc05937b218e3c5522064b623da8\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> In the above chart, we see that TSM was historically valued at 17x-23x its net profits, on average. At current prices, TSM trades about 20% above the 3-year median earnings multiple, and at a quite large 60% premium compared to the 10-year median. One can, of course, note that multiple expansion relative to the 10-year median is justified -- interest rates are ultra-low today, TSM's scale has improved and its moat has grown, and shares were arguably too cheap over much of the last decade. I would thus not call TSM overly expensive today, but it is still noteworthy that the company trades at a pretty clear premium compared to how shares were valued in the past.</p><p><blockquote>在上图中，我们看到TSM的历史平均估值为净利润的17倍至23倍。按目前价格计算，TSM的交易价格比3年市盈率中位数高出约20%，与10年市盈率中位数相比溢价60%。当然，人们可以注意到，相对于10年期中位数的倍数扩张是合理的——如今利率超低，TSM的规模有所提高，护城河也有所扩大，而且在过去的大部分时间里，股价可以说太便宜了。十年。因此，我不认为看涨期权TSM今天过于昂贵，但仍然值得注意的是，与过去的股票估值相比，该公司的交易价格相当明显。</blockquote></p><p> When we compare TSM's valuation to its growth rate, TSM does not look overly expensive, either. The company grew its earnings per share by 11% in the most recent quarter, and&nbsp;revenue growth&nbsp;has been in the double-digits, and as high as 45% in eight out of the last eight quarters. Strong growth will persist through the coming quarters and years from what we know today:</p><p><blockquote>当我们将TSM的估值与其增长率进行比较时，TSM看起来也不算太贵。该公司最近一个季度每股收益增长了11%，收入增长一直保持两位数，过去八个季度中有八个季度高达45%。据我们今天所知，未来几个季度和几年将持续强劲增长：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54f91237b93efce20ea06606b1896a3d\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: TSM presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TSM演示</span></p></blockquote></p><p> Based on management's current guidance, TSM will grow its revenue by 20% in Q3, compared to the previous year's quarter. On top of that, TSM's top line will hit a new record high, as revenues have never breached $14 billion before. Margins will, from what we know, not improve versus recent quarters, but top-line growth alone, at constant margins, will allow for an attractive increase in net profits.</p><p><blockquote>根据管理层目前的指导，TSM第三季度的收入将比去年同期增长20%。最重要的是，TSM的营收将创下历史新高，因为收入此前从未突破140亿美元。据我们所知，利润率与最近几个季度相比不会有所改善，但在利润率不变的情况下，仅营收增长就将使净利润出现有吸引力的增长。</blockquote></p><p> Due to the aforementioned tailwinds for the semiconductor industry as a whole, and thanks to a strong position for TSM when it comes to manufacturing processes such as 5nm and 7nm, which make up 50% of TSM's revenue, it is not a big surprise to see that analysts are forecasting attractive growth well beyond 2021. Current consensus estimates see TSM earning&nbsp;$5.53 per share&nbsp;in 2023, which gets us to a 2023 earnings multiple of 21, which I do not deem expensive for a major player in a growth industry such as TSM.</p><p><blockquote>由于上述整个半导体行业的有利因素，以及TSM在占TSM收入50%的5nm和7nm等制造工艺方面的强势地位，因此看到这一点并不令人意外分析师预测2021年之后将出现有吸引力的增长。目前的普遍预测是，TSM 2023年每股收益为5.53美元，这使我们2023年的市盈率达到21倍，我认为这对于TSM这样的成长型行业的主要参与者来说并不昂贵。</blockquote></p><p> <b>Will TSM Stock Go Up?</b></p><p><blockquote><b>TSM股票会上涨吗？</b></blockquote></p><p> In the near term, price movements are mostly driven by sentiment, and not really influenced by underlying results to a large degree. It thus seems pretty daring to try to estimate where prices will be a month or 3 months from now. The current consensus price target by the analyst community is $137, which indicates an upside of around 20% over the next year. The consensus rating by Wall Street analysts is also bullish, and the same holds true for the Seeking Alpha Quant rating, which stands at3.8, which is moderately bullish. With an RSI (relative strength index) of 48, Taiwan Semiconductor is neither overbought nor oversold. Over the next year, its share price could thus climb if the analyst community is correct, but this is far from certain, and the above-average valuation may pressure returns in the foreseeable future. It is, however, more important to try to evaluate where shares will be a couple of years from now, and the outlook is pretty solid for TSM in that regard.</p><p><blockquote>在短期内，价格变动主要是由情绪驱动的，而不是在很大程度上真正受到潜在结果的影响。因此，试图估计一个月或三个月后的价格似乎相当大胆。分析师界目前的一致目标价为137美元，这表明明年的上涨空间约为20%。华尔街分析师的一致评级也是看涨，Seeking Alpha Quant评级也是如此，为3.8，属于中度看涨。台积电的RSI（相对强弱指数）为48，既不超买也不超卖。如果分析师界是正确的，明年其股价可能会攀升，但这还远未确定，高于平均水平的估值可能会在可预见的未来给回报带来压力。然而，更重要的是尝试评估几年后股价的走势，在这方面，TSM的前景相当稳健。</blockquote></p><p> <b>Is TSM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>TSM股票是一项不错的长期投资吗？</b></blockquote></p><p> Due to the aforementioned industry characteristics and TSM's sizeable moat when it comes to contract manufacturing, Taiwan Semiconductor Manufacturing Company has an attractive long-term growth outlook, I believe. Analysts are forecasting $5.53 in earnings per share for 2023, and growth beyond that point should remain meaningful as well -- analysts are expecting 16% growth annually in the long run.</p><p><blockquote>由于上述行业特征以及TSM在合同制造方面的相当大的护城河，我相信台积电公司具有有吸引力的长期增长前景。分析师预测2023年每股收益为5.53美元，超过该点的增长也应该仍然有意义——分析师预计从长远来看，每年增长16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf936a529b0793b3f6469237189d9d29\" tg-width=\"640\" tg-height=\"515\" width=\"100%\" height=\"auto\"><span>Source: FAST Graphs</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：快速图表</span></p></blockquote></p><p></p><p> As we see in the above chart, annual returns could come in around 11% a year through the next five years if the consensus growth rate is correct -- and multiple compression towards an earnings multiple of 22 is already included in that estimate. Due to the fact that TSM is trading above its normal range today, I believe that a 27x earnings multiple will not be maintained, but an earnings multiple in the low 20s seems quite reasonable to me. Even if the P/E ratio were to decline to just 20, TSM would still generate annual returns of 9% a year through 2026, assuming growth is as fast as expected. Since TSM has managed to beat profit estimates for 13 quarters in a row, one could assume that there is little risk that analyst estimates are suddenly too aggressive -- in fact, returns could be slightly higher than what the above model indicates if the beating of expectations continues.</p><p><blockquote>正如我们在上图中看到的，如果共识增长率正确，未来五年的年回报率可能会在11%左右，并且该估计中已经包含了市盈率22的倍数压缩。由于TSM今天的交易价格高于正常范围，我相信不会维持27倍的市盈率，但20多倍的市盈率对我来说似乎相当合理。即使市盈率降至仅20，假设增长速度与预期一样快，TSM到2026年仍将产生9%的年回报率。由于TSM已连续13个季度超出利润预期，因此可以假设分析师预期突然过于激进的风险很小——事实上，如果超出预期，回报可能会略高于上述模型显示的预期。</blockquote></p><p> Overall, TSM looks like a very solid long-term investment if one seeks a play that gives exposure to the whole semiconductor industry and its long-term growth tailwinds. </p><p><blockquote>总体而言，如果人们寻求接触整个半导体行业及其长期增长推动力的投资，TSM看起来是一项非常可靠的长期投资。</blockquote></p><p> TSM pays a dividend yielding around 1.7% today, which is not overly much, but still more than what one can get from the broad market. Combined with a 5-year dividend growth rate of 13%, Taiwan Semiconductor seems like an appealing choice for a dividend growth investment -- the overall pretty strong&nbsp;Dividend Grades&nbsp;from Seeking Alpha's quant algorithm underline this. It would, of course, be great if one could buy TSM at or closer to the median earnings multiples from the past, but there is no immediate catalyst that could bring shares back down below $100, and it is far from certain that this will happen at all.</p><p><blockquote>TSM目前支付的股息收益率约为1.7%，虽然不算多，但仍然高于人们从大盘中获得的股息。结合13%的5年股息增长率，台积电似乎是股息增长投资的一个有吸引力的选择——Seeking Alpha量化算法的整体相当强劲的股息评级强调了这一点。当然，如果人们能够以或接近过去市盈率中位数的价格购买TSM，那就太好了，但没有立即的催化剂可以使股价回落到100美元以下，而且这种情况是否会发生还远未确定。</blockquote></p><p> Overall, Taiwan Semiconductor Manufacturing Company thus looks like a very solid long-term pick, even though total returns will likely be negatively impacted by some multiple compression in the long run. Annual returns, including dividends, in the 9%-12% range are realistic when one has a multi-year investment horizon, I believe. This is far from what one got over the last five years (more than 30% a year), but this could easily be enough to beat the returns of the market through 2026, I believe.</p><p><blockquote>总体而言，台积电公司因此看起来是一个非常可靠的长期选择，尽管从长远来看，总回报可能会受到一些倍数压缩的负面影响。我相信，当一个人有多年的投资期限时，9%-12%的年回报率（包括股息）是现实的。这与过去五年的回报率（每年超过30%）相去甚远，但我相信，这很容易足以击败2026年的市场回报率。</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>Is Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-04 14:11</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>TSM offers exposure to the growing semiconductor industry in a diversified way, as it will benefit from growth at NVIDIA, Apple, and many more.</li>  <li>The company's business model has some disadvantages as well, mainly its relatively high capital requirements that limit its FCF conversion rate.</li>  <li>TSM is trading above its longer-term valuation range, but shares could still deliver attractive returns in the long run.</li> </ul> <b>Article Thesis</b></p><p><blockquote><ul><li>TSM以多元化的方式接触不断增长的半导体行业，因为它将受益于英伟达、苹果等公司的增长。</li><li>该公司的商业模式也有一些缺点，主要是资本要求相对较高，限制了其自由现金流转化率。</li><li>TSM的交易价格高于其长期估值范围，但从长远来看，其股价仍可能带来有吸引力的回报。</li></ul><b>文章论文</b></blockquote></p><p> The semiconductor industry has experienced rapid growth in recent years, and the long-term outlook remains strong as well. Chips are integral for our way of life and for our economy, and Taiwan Semiconductor Manufacturing Company Limited (TSM), as one of the largest manufacturers in the space, is poised to benefit from long-term growth trends. Investors should, apart from the growth prospects, also consider TSM's valuation and the risks for the business. Overall, TSM still seems like a company that could deliver attractive returns in the long run.</p><p><blockquote>半导体行业近年来经历了快速增长，长期前景也依然强劲。芯片是我们生活方式和经济不可或缺的一部分，台积电有限公司(TSM)作为该领域最大的制造商之一，有望从长期增长趋势中受益。除了增长前景外，投资者还应考虑TSM的估值和业务风险。总体而言，从长远来看，TSM似乎仍然是一家能够带来有吸引力回报的公司。</blockquote></p><p> <b>Taiwan Semiconductor As A Play On Global Semiconductor Demand Growth</b></p><p><blockquote><b>台积电对全球半导体需求增长的推动作用</b></blockquote></p><p> Over the last couple of decades, the global semiconductor industry has experienced rapid growth, as chips have become integral for almost everything we do, from work to our personal communication, and even for the way we spend our free time. These trends -- digitalization &amp; technification -- are still in play, and it seems highly unlikely that we will be using fewer technical gadgets and products in a decade or two. In fact, it seems, to me, pretty much certain that our chip usage will grow even more, due to megatrends such as the internet of things, smart products, self-driving cars, wearable tech, and so on. Even trends such as working from home will lead to fewer meetings that will be conducted in-person, which will, in turn, lead to higher demand for at-home technical equipment and processing power in server farms that handle video conferences. New and emerging technologies, such as the&nbsp;Metaverse&nbsp;as the next-generation internet, will require more processing power compared to current technologies as well, which will, in turn, lead to higher chip demand. Overall, the growth outlook for the semiconductor industry is thus strong and will remain strong for a long time, I believe. This does not necessarily mean that every company in this space will grow forever, but it is, of course, better to be active in a high-growth industry rather than a low-growth industry, all else equal.</p><p><blockquote>在过去的几十年里，全球半导体行业经历了快速增长，芯片已经成为我们几乎所有事情不可或缺的一部分，从工作到个人交流，甚至是我们度过空闲时间的方式。这些趋势——数字化和技术化——仍在发挥作用，在一二十年内，我们不太可能使用更少的技术设备和产品。事实上，在我看来，由于物联网、智能产品、自动驾驶汽车、可穿戴技术等大趋势，我们的芯片使用量将会增长更多。即使是在家工作等趋势也会导致面对面举行的会议减少，这反过来又会导致对家庭技术设备和处理视频会议的服务器群的处理能力的更高需求。与当前技术相比，新兴技术（例如作为下一代互联网的元宇宙）也将需要更多的处理能力，这反过来将导致更高的芯片需求。总体而言，我相信半导体行业的增长前景是强劲的，并且将在很长一段时间内保持强劲。这并不一定意味着这个领域的每家公司都会永远增长，但在其他条件相同的情况下，活跃在高增长行业而不是低增长行业当然更好。</blockquote></p><p> Taiwan Semiconductor Manufacturing Company, as the leading contract manufacturer in the world, will benefit from higher demand for contract manufacturing. This, in turn, will be driven by the increasing demand from fabless companies such as NVIDIA (NVDA), AMD (AMD), Apple (AAPL), and many more that are paying TSM to manufacture their semiconductors.</p><p><blockquote>台积电公司作为全球领先的合同制造商，将受益于更高的合同制造需求。反过来，这将受到NVIDIA(NVDA)、AMD(AMD)、苹果(AAPL)等无晶圆厂公司不断增长的需求的推动，这些公司向TSM付费以制造半导体。</blockquote></p><p> Taiwan Semiconductor's business model has the upside of allowing the company to benefit from growing chip demand overall, no matter which individual customer experiences the highest demand growth. On the other hand, there are also downsides to TSM's business model, mainly the fact that the buildout of&nbsp;new plants&nbsp;requires huge capital expenditures:</p><p><blockquote>台积电的商业模式的好处是，无论哪个单个客户的需求增长最高，该公司都可以从整体不断增长的芯片需求中受益。另一方面，TSM的商业模式也存在缺点，主要是新工厂的建设需要巨额资本支出：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5579119980e11c583375bdbd4b054194\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> TSM did generate operating cash flows of $29 billion over the last year, which results in a free cash flow of $9 billion once capital expenditures of $20 billion are subtracted. Net income, over the same time, was $18 billion, which means that TSM's free cash flow conversion rate was rather low, at just 50%. Other semiconductor companies, especially those that operate on a fabless basis, do generate significantly higher FCF relative to their net profits. One should, however, note that not all of TSM's capital expenditures are spent on maintenance projects, and growth spending will lead to higher cash flows at some point in the future. Still, TSM's business model means that its FCF is relatively weak relative to net profits, which limits the company's ability to grow via M&amp;A or to return cash to the company's owners.</p><p><blockquote>TSM去年确实产生了290亿美元的运营现金流，如果减去200亿美元的资本支出，自由现金流将达到90亿美元。同期净利润为180亿美元，这意味着TSM的自由现金流转化率相当低，仅为50%。其他半导体公司，尤其是那些在无晶圆厂基础上运营的公司，相对于净利润，其自由现金流确实要高得多。然而，应该注意的是，并非TSM的所有资本支出都用于维护项目，增长支出将在未来某个时候导致更高的现金流。尽管如此，TSM的商业模式意味着其自由现金流相对于净利润相对较弱，这限制了该公司通过并购实现增长或向公司所有者返还现金的能力。</blockquote></p><p> <b>Is TSM Stock Overvalued?</b></p><p><blockquote><b>TSM股票是否被高估？</b></blockquote></p><p></p><p> Taiwan Semiconductor Manufacturing Company has seen its shares rise by 45% over the last year, which may lead to questions about its current valuation. It should, however, be noted that this is not that much more than the returns by the broad market over the same time frame, as the S&amp;P 500 index (SPY) is up 35% over the last twelve months. TSM's stock trades significantly below the all-time high that was hit in early 2021 at $142, shares have declined by close to 20% over the last couple of months. Based on current earnings per share estimates for this fiscal year, TSM trades at 27x net profits, which is neither an overly high valuation nor an especially low valuation in absolute terms. On a relative basis, TSM looks significantly more expensive than it used to be:</p><p><blockquote>台积电公司的股价去年上涨了45%，这可能会引发人们对其当前估值的质疑。然而，应该指出的是，这并不比同期大盘的回报高多少，因为标普500指数（SPDR标普500指数ETF）在过去12个月内上涨了35%。TSM的股价远低于2021年初创下的142美元的历史高点，过去几个月股价下跌了近20%。根据目前对本财年每股收益的预测，TSM的交易价格是净利润的27倍，从绝对值来看，这既不是过高的估值，也不是特别低的估值。相对而言，TSM看起来比以前贵得多：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3630fc05937b218e3c5522064b623da8\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> In the above chart, we see that TSM was historically valued at 17x-23x its net profits, on average. At current prices, TSM trades about 20% above the 3-year median earnings multiple, and at a quite large 60% premium compared to the 10-year median. One can, of course, note that multiple expansion relative to the 10-year median is justified -- interest rates are ultra-low today, TSM's scale has improved and its moat has grown, and shares were arguably too cheap over much of the last decade. I would thus not call TSM overly expensive today, but it is still noteworthy that the company trades at a pretty clear premium compared to how shares were valued in the past.</p><p><blockquote>在上图中，我们看到TSM的历史平均估值为净利润的17倍至23倍。按目前价格计算，TSM的交易价格比3年市盈率中位数高出约20%，与10年市盈率中位数相比溢价60%。当然，人们可以注意到，相对于10年期中位数的倍数扩张是合理的——如今利率超低，TSM的规模有所提高，护城河也有所扩大，而且在过去的大部分时间里，股价可以说太便宜了。十年。因此，我不认为看涨期权TSM今天过于昂贵，但仍然值得注意的是，与过去的股票估值相比，该公司的交易价格相当明显。</blockquote></p><p> When we compare TSM's valuation to its growth rate, TSM does not look overly expensive, either. The company grew its earnings per share by 11% in the most recent quarter, and&nbsp;revenue growth&nbsp;has been in the double-digits, and as high as 45% in eight out of the last eight quarters. Strong growth will persist through the coming quarters and years from what we know today:</p><p><blockquote>当我们将TSM的估值与其增长率进行比较时，TSM看起来也不算太贵。该公司最近一个季度每股收益增长了11%，收入增长一直保持两位数，过去八个季度中有八个季度高达45%。据我们今天所知，未来几个季度和几年将持续强劲增长：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54f91237b93efce20ea06606b1896a3d\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: TSM presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TSM演示</span></p></blockquote></p><p> Based on management's current guidance, TSM will grow its revenue by 20% in Q3, compared to the previous year's quarter. On top of that, TSM's top line will hit a new record high, as revenues have never breached $14 billion before. Margins will, from what we know, not improve versus recent quarters, but top-line growth alone, at constant margins, will allow for an attractive increase in net profits.</p><p><blockquote>根据管理层目前的指导，TSM第三季度的收入将比去年同期增长20%。最重要的是，TSM的营收将创下历史新高，因为收入此前从未突破140亿美元。据我们所知，利润率与最近几个季度相比不会有所改善，但在利润率不变的情况下，仅营收增长就将使净利润出现有吸引力的增长。</blockquote></p><p> Due to the aforementioned tailwinds for the semiconductor industry as a whole, and thanks to a strong position for TSM when it comes to manufacturing processes such as 5nm and 7nm, which make up 50% of TSM's revenue, it is not a big surprise to see that analysts are forecasting attractive growth well beyond 2021. Current consensus estimates see TSM earning&nbsp;$5.53 per share&nbsp;in 2023, which gets us to a 2023 earnings multiple of 21, which I do not deem expensive for a major player in a growth industry such as TSM.</p><p><blockquote>由于上述整个半导体行业的有利因素，以及TSM在占TSM收入50%的5nm和7nm等制造工艺方面的强势地位，因此看到这一点并不令人意外分析师预测2021年之后将出现有吸引力的增长。目前的普遍预测是，TSM 2023年每股收益为5.53美元，这使我们2023年的市盈率达到21倍，我认为这对于TSM这样的成长型行业的主要参与者来说并不昂贵。</blockquote></p><p> <b>Will TSM Stock Go Up?</b></p><p><blockquote><b>TSM股票会上涨吗？</b></blockquote></p><p> In the near term, price movements are mostly driven by sentiment, and not really influenced by underlying results to a large degree. It thus seems pretty daring to try to estimate where prices will be a month or 3 months from now. The current consensus price target by the analyst community is $137, which indicates an upside of around 20% over the next year. The consensus rating by Wall Street analysts is also bullish, and the same holds true for the Seeking Alpha Quant rating, which stands at3.8, which is moderately bullish. With an RSI (relative strength index) of 48, Taiwan Semiconductor is neither overbought nor oversold. Over the next year, its share price could thus climb if the analyst community is correct, but this is far from certain, and the above-average valuation may pressure returns in the foreseeable future. It is, however, more important to try to evaluate where shares will be a couple of years from now, and the outlook is pretty solid for TSM in that regard.</p><p><blockquote>在短期内，价格变动主要是由情绪驱动的，而不是在很大程度上真正受到潜在结果的影响。因此，试图估计一个月或三个月后的价格似乎相当大胆。分析师界目前的一致目标价为137美元，这表明明年的上涨空间约为20%。华尔街分析师的一致评级也是看涨，Seeking Alpha Quant评级也是如此，为3.8，属于中度看涨。台积电的RSI（相对强弱指数）为48，既不超买也不超卖。如果分析师界是正确的，明年其股价可能会攀升，但这还远未确定，高于平均水平的估值可能会在可预见的未来给回报带来压力。然而，更重要的是尝试评估几年后股价的走势，在这方面，TSM的前景相当稳健。</blockquote></p><p> <b>Is TSM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>TSM股票是一项不错的长期投资吗？</b></blockquote></p><p> Due to the aforementioned industry characteristics and TSM's sizeable moat when it comes to contract manufacturing, Taiwan Semiconductor Manufacturing Company has an attractive long-term growth outlook, I believe. Analysts are forecasting $5.53 in earnings per share for 2023, and growth beyond that point should remain meaningful as well -- analysts are expecting 16% growth annually in the long run.</p><p><blockquote>由于上述行业特征以及TSM在合同制造方面的相当大的护城河，我相信台积电公司具有有吸引力的长期增长前景。分析师预测2023年每股收益为5.53美元，超过该点的增长也应该仍然有意义——分析师预计从长远来看，每年增长16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf936a529b0793b3f6469237189d9d29\" tg-width=\"640\" tg-height=\"515\" width=\"100%\" height=\"auto\"><span>Source: FAST Graphs</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：快速图表</span></p></blockquote></p><p></p><p> As we see in the above chart, annual returns could come in around 11% a year through the next five years if the consensus growth rate is correct -- and multiple compression towards an earnings multiple of 22 is already included in that estimate. Due to the fact that TSM is trading above its normal range today, I believe that a 27x earnings multiple will not be maintained, but an earnings multiple in the low 20s seems quite reasonable to me. Even if the P/E ratio were to decline to just 20, TSM would still generate annual returns of 9% a year through 2026, assuming growth is as fast as expected. Since TSM has managed to beat profit estimates for 13 quarters in a row, one could assume that there is little risk that analyst estimates are suddenly too aggressive -- in fact, returns could be slightly higher than what the above model indicates if the beating of expectations continues.</p><p><blockquote>正如我们在上图中看到的，如果共识增长率正确，未来五年的年回报率可能会在11%左右，并且该估计中已经包含了市盈率22的倍数压缩。由于TSM今天的交易价格高于正常范围，我相信不会维持27倍的市盈率，但20多倍的市盈率对我来说似乎相当合理。即使市盈率降至仅20，假设增长速度与预期一样快，TSM到2026年仍将产生9%的年回报率。由于TSM已连续13个季度超出利润预期，因此可以假设分析师预期突然过于激进的风险很小——事实上，如果超出预期，回报可能会略高于上述模型显示的预期。</blockquote></p><p> Overall, TSM looks like a very solid long-term investment if one seeks a play that gives exposure to the whole semiconductor industry and its long-term growth tailwinds. </p><p><blockquote>总体而言，如果人们寻求接触整个半导体行业及其长期增长推动力的投资，TSM看起来是一项非常可靠的长期投资。</blockquote></p><p> TSM pays a dividend yielding around 1.7% today, which is not overly much, but still more than what one can get from the broad market. Combined with a 5-year dividend growth rate of 13%, Taiwan Semiconductor seems like an appealing choice for a dividend growth investment -- the overall pretty strong&nbsp;Dividend Grades&nbsp;from Seeking Alpha's quant algorithm underline this. It would, of course, be great if one could buy TSM at or closer to the median earnings multiples from the past, but there is no immediate catalyst that could bring shares back down below $100, and it is far from certain that this will happen at all.</p><p><blockquote>TSM目前支付的股息收益率约为1.7%，虽然不算多，但仍然高于人们从大盘中获得的股息。结合13%的5年股息增长率，台积电似乎是股息增长投资的一个有吸引力的选择——Seeking Alpha量化算法的整体相当强劲的股息评级强调了这一点。当然，如果人们能够以或接近过去市盈率中位数的价格购买TSM，那就太好了，但没有立即的催化剂可以使股价回落到100美元以下，而且这种情况是否会发生还远未确定。</blockquote></p><p> Overall, Taiwan Semiconductor Manufacturing Company thus looks like a very solid long-term pick, even though total returns will likely be negatively impacted by some multiple compression in the long run. Annual returns, including dividends, in the 9%-12% range are realistic when one has a multi-year investment horizon, I believe. This is far from what one got over the last five years (more than 30% a year), but this could easily be enough to beat the returns of the market through 2026, I believe.</p><p><blockquote>总体而言，台积电公司因此看起来是一个非常可靠的长期选择，尽管从长远来看，总回报可能会受到一些倍数压缩的负面影响。我相信，当一个人有多年的投资期限时，9%-12%的年回报率（包括股息）是现实的。这与过去五年的回报率（每年超过30%）相去甚远，但我相信，这很容易足以击败2026年的市场回报率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444222-taiwan-semiconductor-stock-good-long-term-investment\">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":{"TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4444222-taiwan-semiconductor-stock-good-long-term-investment","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136485652","content_text":"Summary\n\nTSM offers exposure to the growing semiconductor industry in a diversified way, as it will benefit from growth at NVIDIA, Apple, and many more.\nThe company's business model has some disadvantages as well, mainly its relatively high capital requirements that limit its FCF conversion rate.\nTSM is trading above its longer-term valuation range, but shares could still deliver attractive returns in the long run.\n\nArticle Thesis\nThe semiconductor industry has experienced rapid growth in recent years, and the long-term outlook remains strong as well. Chips are integral for our way of life and for our economy, and Taiwan Semiconductor Manufacturing Company Limited (TSM), as one of the largest manufacturers in the space, is poised to benefit from long-term growth trends. Investors should, apart from the growth prospects, also consider TSM's valuation and the risks for the business. Overall, TSM still seems like a company that could deliver attractive returns in the long run.\nTaiwan Semiconductor As A Play On Global Semiconductor Demand Growth\nOver the last couple of decades, the global semiconductor industry has experienced rapid growth, as chips have become integral for almost everything we do, from work to our personal communication, and even for the way we spend our free time. These trends -- digitalization & technification -- are still in play, and it seems highly unlikely that we will be using fewer technical gadgets and products in a decade or two. In fact, it seems, to me, pretty much certain that our chip usage will grow even more, due to megatrends such as the internet of things, smart products, self-driving cars, wearable tech, and so on. Even trends such as working from home will lead to fewer meetings that will be conducted in-person, which will, in turn, lead to higher demand for at-home technical equipment and processing power in server farms that handle video conferences. New and emerging technologies, such as the Metaverse as the next-generation internet, will require more processing power compared to current technologies as well, which will, in turn, lead to higher chip demand. Overall, the growth outlook for the semiconductor industry is thus strong and will remain strong for a long time, I believe. This does not necessarily mean that every company in this space will grow forever, but it is, of course, better to be active in a high-growth industry rather than a low-growth industry, all else equal.\nTaiwan Semiconductor Manufacturing Company, as the leading contract manufacturer in the world, will benefit from higher demand for contract manufacturing. This, in turn, will be driven by the increasing demand from fabless companies such as NVIDIA (NVDA), AMD (AMD), Apple (AAPL), and many more that are paying TSM to manufacture their semiconductors.\nTaiwan Semiconductor's business model has the upside of allowing the company to benefit from growing chip demand overall, no matter which individual customer experiences the highest demand growth. On the other hand, there are also downsides to TSM's business model, mainly the fact that the buildout of new plants requires huge capital expenditures:\nData by YCharts\nTSM did generate operating cash flows of $29 billion over the last year, which results in a free cash flow of $9 billion once capital expenditures of $20 billion are subtracted. Net income, over the same time, was $18 billion, which means that TSM's free cash flow conversion rate was rather low, at just 50%. Other semiconductor companies, especially those that operate on a fabless basis, do generate significantly higher FCF relative to their net profits. One should, however, note that not all of TSM's capital expenditures are spent on maintenance projects, and growth spending will lead to higher cash flows at some point in the future. Still, TSM's business model means that its FCF is relatively weak relative to net profits, which limits the company's ability to grow via M&A or to return cash to the company's owners.\nIs TSM Stock Overvalued?\nTaiwan Semiconductor Manufacturing Company has seen its shares rise by 45% over the last year, which may lead to questions about its current valuation. It should, however, be noted that this is not that much more than the returns by the broad market over the same time frame, as the S&P 500 index (SPY) is up 35% over the last twelve months. TSM's stock trades significantly below the all-time high that was hit in early 2021 at $142, shares have declined by close to 20% over the last couple of months. Based on current earnings per share estimates for this fiscal year, TSM trades at 27x net profits, which is neither an overly high valuation nor an especially low valuation in absolute terms. On a relative basis, TSM looks significantly more expensive than it used to be:\nData by YCharts\nIn the above chart, we see that TSM was historically valued at 17x-23x its net profits, on average. At current prices, TSM trades about 20% above the 3-year median earnings multiple, and at a quite large 60% premium compared to the 10-year median. One can, of course, note that multiple expansion relative to the 10-year median is justified -- interest rates are ultra-low today, TSM's scale has improved and its moat has grown, and shares were arguably too cheap over much of the last decade. I would thus not call TSM overly expensive today, but it is still noteworthy that the company trades at a pretty clear premium compared to how shares were valued in the past.\nWhen we compare TSM's valuation to its growth rate, TSM does not look overly expensive, either. The company grew its earnings per share by 11% in the most recent quarter, and revenue growth has been in the double-digits, and as high as 45% in eight out of the last eight quarters. Strong growth will persist through the coming quarters and years from what we know today:\nSource: TSM presentation\nBased on management's current guidance, TSM will grow its revenue by 20% in Q3, compared to the previous year's quarter. On top of that, TSM's top line will hit a new record high, as revenues have never breached $14 billion before. Margins will, from what we know, not improve versus recent quarters, but top-line growth alone, at constant margins, will allow for an attractive increase in net profits.\nDue to the aforementioned tailwinds for the semiconductor industry as a whole, and thanks to a strong position for TSM when it comes to manufacturing processes such as 5nm and 7nm, which make up 50% of TSM's revenue, it is not a big surprise to see that analysts are forecasting attractive growth well beyond 2021. Current consensus estimates see TSM earning $5.53 per share in 2023, which gets us to a 2023 earnings multiple of 21, which I do not deem expensive for a major player in a growth industry such as TSM.\nWill TSM Stock Go Up?\nIn the near term, price movements are mostly driven by sentiment, and not really influenced by underlying results to a large degree. It thus seems pretty daring to try to estimate where prices will be a month or 3 months from now. The current consensus price target by the analyst community is $137, which indicates an upside of around 20% over the next year. The consensus rating by Wall Street analysts is also bullish, and the same holds true for the Seeking Alpha Quant rating, which stands at3.8, which is moderately bullish. With an RSI (relative strength index) of 48, Taiwan Semiconductor is neither overbought nor oversold. Over the next year, its share price could thus climb if the analyst community is correct, but this is far from certain, and the above-average valuation may pressure returns in the foreseeable future. It is, however, more important to try to evaluate where shares will be a couple of years from now, and the outlook is pretty solid for TSM in that regard.\nIs TSM Stock A Good Long-Term Investment?\nDue to the aforementioned industry characteristics and TSM's sizeable moat when it comes to contract manufacturing, Taiwan Semiconductor Manufacturing Company has an attractive long-term growth outlook, I believe. Analysts are forecasting $5.53 in earnings per share for 2023, and growth beyond that point should remain meaningful as well -- analysts are expecting 16% growth annually in the long run.\nSource: FAST Graphs\nAs we see in the above chart, annual returns could come in around 11% a year through the next five years if the consensus growth rate is correct -- and multiple compression towards an earnings multiple of 22 is already included in that estimate. Due to the fact that TSM is trading above its normal range today, I believe that a 27x earnings multiple will not be maintained, but an earnings multiple in the low 20s seems quite reasonable to me. Even if the P/E ratio were to decline to just 20, TSM would still generate annual returns of 9% a year through 2026, assuming growth is as fast as expected. Since TSM has managed to beat profit estimates for 13 quarters in a row, one could assume that there is little risk that analyst estimates are suddenly too aggressive -- in fact, returns could be slightly higher than what the above model indicates if the beating of expectations continues.\nOverall, TSM looks like a very solid long-term investment if one seeks a play that gives exposure to the whole semiconductor industry and its long-term growth tailwinds. \nTSM pays a dividend yielding around 1.7% today, which is not overly much, but still more than what one can get from the broad market. Combined with a 5-year dividend growth rate of 13%, Taiwan Semiconductor seems like an appealing choice for a dividend growth investment -- the overall pretty strong Dividend Grades from Seeking Alpha's quant algorithm underline this. It would, of course, be great if one could buy TSM at or closer to the median earnings multiples from the past, but there is no immediate catalyst that could bring shares back down below $100, and it is far from certain that this will happen at all.\nOverall, Taiwan Semiconductor Manufacturing Company thus looks like a very solid long-term pick, even though total returns will likely be negatively impacted by some multiple compression in the long run. Annual returns, including dividends, in the 9%-12% range are realistic when one has a multi-year investment horizon, I believe. This is far from what one got over the last five years (more than 30% a year), but this could easily be enough to beat the returns of the market through 2026, I believe.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807783787,"gmtCreate":1628057923349,"gmtModify":1631891544285,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"I see","listText":"I see","text":"I see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807783787","repostId":"1164127306","repostType":4,"repost":{"id":"1164127306","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":1628057615,"share":"https://www.laohu8.com/m/news/1164127306?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:13","market":"us","language":"en","title":"Is the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164127306","media":"Tiger Newspress","summary":"China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.\nBUS","content":"<p>China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.</p><p><blockquote>周二，阿里巴巴-SW集团控股有限公司第一季度营收未达到分析师预期。</blockquote></p><p> <h4>BUSINESS HIGHLIGHTS</h4> In the quarter ended June 30, 2021:</p><p><blockquote><h4>业务亮点</h4>截至2021年6月30日的季度：</blockquote></p><p> <ul>  <li>Overall, revenue rose about 34% to 205.74 billion yuan ($31.83 billion) in the first quarter ended June 30, below estimates for 209.39 billion yuan, Core commerce revenue for Alibaba rose about 35% to 180.24 billion yuan in the quarter, compared with estimates of 184.23 billion yuan. In the fourth quarter, the unit's revenue surged more than 70%.</li>  <li>Non-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, over estimates for 29.3 billion yuan. On an adjusted basis, the company earned 16.60 yuan per share, above estimates for 14.43 yuan.</li>  <li>Annual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1 and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.</li> </ul> If we focus on specific businesses, we can see that the growth of this financial report is mainly from the core e-commerce part</p><p><blockquote><ul><li>总体而言，截至6月30日的第一季度收入增长约34%，至2057.4亿元人民币（合318.3亿美元），低于预期的2093.9亿元人民币；阿里巴巴-SW本季度核心商务收入增长约35%，至1802.4亿元人民币，高于预期1842.3亿元人民币。第四季度，该部门的收入飙升了70%以上。</li><li>非公认会计准则净利润为人民币434.41亿元（67.28亿美元），同比增长10%，高于预期的293亿元。调整后，该公司每股收益16.60元，高于预期的14.43元。</li><li>截至2021年6月30日止十二个月，阿里巴巴-SW生态系统在全球的年度活跃消费者达到约11.8亿，较截至2021年3月31日止十二个月增加4500万。这包括Lazada、速卖通、Trendyol和Daraz服务的中国9.12亿消费者1和海外2.65亿消费者。</li></ul>如果聚焦到具体业务，可以看到这份财报的增长主要来自于核心的电商部分</blockquote></p><p> <ul>  <li>Total commerce revenue was 180.2 billion yuan, a year-on-year increase of 35%.</li>  <li>Revenue from cloud computing business was 16.05 billion yuan, a year-on-year increase of 29%.</li>  <li>Revenue from Digital Media and Entertainment was RMB 8.073 billion, a year-on-year increase of 15%.</li>  <li>Revenue from innovation initiatives and others was RMB 1.375 billion, a year-on-year increase of 37%.</li> </ul> <h4>Growth slowdown</h4> Compared with cloud computing, digital media, e-commerce business is the main driving force driving the growth of Alibaba's business, but this time the e-commerce business also has hidden concerns. As mentioned in the last quarter, the reason for Alibaba’s revenue surge this time was mainly from other revenues. This part of revenue reached a staggering 54.8 billion yuan, an increase of 82% year-on-year, and this part of revenue was mainly due to the Oct. 2020 consolidation of Sun Art.</p><p><blockquote><ul><li>商业总收入1802亿元，同比增长35%。</li><li>云计算业务营收160.5亿元，同比增长29%。</li><li>数字媒体及娱乐收入为人民币80.73亿元，同比增长15%。</li><li>创新举措及其他收入为人民币13.75亿元，同比增长37%。</li></ul><h4>增长放缓</h4>与云计算、数字媒体相比，电商业务是推动阿里巴巴-SW业务增长的主要动力，但这一次电商业务也存在隐忧。正如上个季度提到的，阿里巴巴-SW此次营收激增的原因主要来自其他收入。这部分营收达到了惊人的548亿元，同比增长了82%，而这部分营收主要得益于高鑫2020年10月并表。</blockquote></p><p> In the financial report, Alibaba also mentioned that if the revenue from Sun Art’s consolidation is deducted, Alibaba’s total revenue is 187.3 billion yuan, a year-on-year increase of only 22%, and core e-commerce revenue is 161.8 billion yuan, a year-on-year increase of 21 %.</p><p><blockquote>在财报中，阿里巴巴-SW还提到，如果扣除高鑫并表的收入，阿里巴巴-SW总营收1873亿元，同比仅增长22%，核心电商营收1618亿元，同比增长21%。</blockquote></p><p> Facing the increasingly fierce competition in the Chinese e-commerce market , the company has increased its investment to support its retail platforms. Although Alibaba still leads the industry, Pduoduo Inc. (PDD), Byteance Ltd.'s short video platform Douyin and Tencent Holdings Ltd.’S social media application WeChat and other e-commerce competitors have reached consumers with new and innovative ways and gained market share.</p><p><blockquote>面对中国电商市场日益激烈的竞争，公司加大了对零售平台的支持力度。尽管阿里巴巴-SW仍处于行业领先地位，但Pduoduo Inc.（PDD）、字节跳动有限公司的短视频平台抖音和腾讯控股控股有限公司的社交媒体应用微信以及其他电子商务竞争对手已经通过新的创新方式接触消费者并获得了市场份额。</blockquote></p><p> Earlier this year, Alibaba stated that all incremental profits will be used to improve its platform, acquire new users and support merchants. On Tuesday, Alibaba said it will continue to make some investments that have already driven growth in key areas such as grocery shopping and consumers in lower-tier cities.</p><p><blockquote>今年早些时候，阿里巴巴-SW表示，所有增量利润将用于改善其平台、获取新用户和支持商家。周二，阿里巴巴-SW表示，将继续进行一些投资，这些投资已经推动了食品杂货购物和低线城市消费者等关键领域的增长。</blockquote></p><p> Investors had hoped that Alibaba's cloud computing business could drive growth, but the boost of this business slowed down. Alibaba said that its cloud computing business revenue increased by 29% year-on-year, but it was still dragged down by the loss of a major customer, a person familiar with the matter said the customer was Bytedance Inc..</p><p><blockquote>投资者曾希望阿里巴巴-SW的云计算业务能够推动增长，但该业务的提振作用放缓。阿里巴巴-SW表示，其云计算业务收入同比增长29%，但仍受到失去一个主要客户的拖累，一位知情人士称该客户是字节跳动公司。</blockquote></p><p> The Wall Street Journal reported that the department also encountered difficulties in obtaining new contracts and arranging related meetings because regulators are reviewing its e-commerce business and sister company Ant Group Co.</p><p><blockquote>《华尔街日报》报道称，该部门在获得新合同和安排相关会议方面也遇到了困难，因为监管机构正在审查其电子商务业务和姐妹公司蚂蚁集团公司。</blockquote></p><p> Growth slowed in most of Alibaba’s major divisions from cloud to e-commerce, underlining fears that the mounting list of new government regulations is constraining expansion and increasing companies’ burdens.</p><p><blockquote>从云到电子商务，阿里巴巴-SW大多数主要部门的增长放缓，突显出人们担心政府不断增加的新法规正在限制扩张并增加企业负担。</blockquote></p><p> In a sign of the times, Chief Executive Officer Daniel Zhang on Tuesday endorsed a string of government policies enacted during a tumultuous 2021, from strict curbs on data collection to excessive subsidies.</p><p><blockquote>作为时代的标志，首席执行官张勇(Elon Musk)周二批准了在动荡的2021年期间颁布的一系列政府政策，从严格限制数据收集到过度补贴。</blockquote></p><p> The company tried to assure investors by announcing it will now repurchase $15 billion in shares through next year, up from a $10 billion repurchase plan that had been in place. It also disclosed it had repurchased $3.7 billion worth of its US-traded shares since April.</p><p><blockquote>该公司试图向投资者保证，宣布明年将回购150亿美元的股票，高于此前100亿美元的回购计划。该公司还透露，自4月份以来，已回购了价值37亿美元的美国股票。</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>Is the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-04 14:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.</p><p><blockquote>周二，阿里巴巴-SW集团控股有限公司第一季度营收未达到分析师预期。</blockquote></p><p> <h4>BUSINESS HIGHLIGHTS</h4> In the quarter ended June 30, 2021:</p><p><blockquote><h4>业务亮点</h4>截至2021年6月30日的季度：</blockquote></p><p> <ul>  <li>Overall, revenue rose about 34% to 205.74 billion yuan ($31.83 billion) in the first quarter ended June 30, below estimates for 209.39 billion yuan, Core commerce revenue for Alibaba rose about 35% to 180.24 billion yuan in the quarter, compared with estimates of 184.23 billion yuan. In the fourth quarter, the unit's revenue surged more than 70%.</li>  <li>Non-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, over estimates for 29.3 billion yuan. On an adjusted basis, the company earned 16.60 yuan per share, above estimates for 14.43 yuan.</li>  <li>Annual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1 and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.</li> </ul> If we focus on specific businesses, we can see that the growth of this financial report is mainly from the core e-commerce part</p><p><blockquote><ul><li>总体而言，截至6月30日的第一季度收入增长约34%，至2057.4亿元人民币（合318.3亿美元），低于预期的2093.9亿元人民币；阿里巴巴-SW本季度核心商务收入增长约35%，至1802.4亿元人民币，高于预期1842.3亿元人民币。第四季度，该部门的收入飙升了70%以上。</li><li>非公认会计准则净利润为人民币434.41亿元（67.28亿美元），同比增长10%，高于预期的293亿元。调整后，该公司每股收益16.60元，高于预期的14.43元。</li><li>截至2021年6月30日止十二个月，阿里巴巴-SW生态系统在全球的年度活跃消费者达到约11.8亿，较截至2021年3月31日止十二个月增加4500万。这包括Lazada、速卖通、Trendyol和Daraz服务的中国9.12亿消费者1和海外2.65亿消费者。</li></ul>如果聚焦到具体业务，可以看到这份财报的增长主要来自于核心的电商部分</blockquote></p><p> <ul>  <li>Total commerce revenue was 180.2 billion yuan, a year-on-year increase of 35%.</li>  <li>Revenue from cloud computing business was 16.05 billion yuan, a year-on-year increase of 29%.</li>  <li>Revenue from Digital Media and Entertainment was RMB 8.073 billion, a year-on-year increase of 15%.</li>  <li>Revenue from innovation initiatives and others was RMB 1.375 billion, a year-on-year increase of 37%.</li> </ul> <h4>Growth slowdown</h4> Compared with cloud computing, digital media, e-commerce business is the main driving force driving the growth of Alibaba's business, but this time the e-commerce business also has hidden concerns. As mentioned in the last quarter, the reason for Alibaba’s revenue surge this time was mainly from other revenues. This part of revenue reached a staggering 54.8 billion yuan, an increase of 82% year-on-year, and this part of revenue was mainly due to the Oct. 2020 consolidation of Sun Art.</p><p><blockquote><ul><li>商业总收入1802亿元，同比增长35%。</li><li>云计算业务营收160.5亿元，同比增长29%。</li><li>数字媒体及娱乐收入为人民币80.73亿元，同比增长15%。</li><li>创新举措及其他收入为人民币13.75亿元，同比增长37%。</li></ul><h4>增长放缓</h4>与云计算、数字媒体相比，电商业务是推动阿里巴巴-SW业务增长的主要动力，但这一次电商业务也存在隐忧。正如上个季度提到的，阿里巴巴-SW此次营收激增的原因主要来自其他收入。这部分营收达到了惊人的548亿元，同比增长了82%，而这部分营收主要得益于高鑫2020年10月并表。</blockquote></p><p> In the financial report, Alibaba also mentioned that if the revenue from Sun Art’s consolidation is deducted, Alibaba’s total revenue is 187.3 billion yuan, a year-on-year increase of only 22%, and core e-commerce revenue is 161.8 billion yuan, a year-on-year increase of 21 %.</p><p><blockquote>在财报中，阿里巴巴-SW还提到，如果扣除高鑫并表的收入，阿里巴巴-SW总营收1873亿元，同比仅增长22%，核心电商营收1618亿元，同比增长21%。</blockquote></p><p> Facing the increasingly fierce competition in the Chinese e-commerce market , the company has increased its investment to support its retail platforms. Although Alibaba still leads the industry, Pduoduo Inc. (PDD), Byteance Ltd.'s short video platform Douyin and Tencent Holdings Ltd.’S social media application WeChat and other e-commerce competitors have reached consumers with new and innovative ways and gained market share.</p><p><blockquote>面对中国电商市场日益激烈的竞争，公司加大了对零售平台的支持力度。尽管阿里巴巴-SW仍处于行业领先地位，但Pduoduo Inc.（PDD）、字节跳动有限公司的短视频平台抖音和腾讯控股控股有限公司的社交媒体应用微信以及其他电子商务竞争对手已经通过新的创新方式接触消费者并获得了市场份额。</blockquote></p><p> Earlier this year, Alibaba stated that all incremental profits will be used to improve its platform, acquire new users and support merchants. On Tuesday, Alibaba said it will continue to make some investments that have already driven growth in key areas such as grocery shopping and consumers in lower-tier cities.</p><p><blockquote>今年早些时候，阿里巴巴-SW表示，所有增量利润将用于改善其平台、获取新用户和支持商家。周二，阿里巴巴-SW表示，将继续进行一些投资，这些投资已经推动了食品杂货购物和低线城市消费者等关键领域的增长。</blockquote></p><p> Investors had hoped that Alibaba's cloud computing business could drive growth, but the boost of this business slowed down. Alibaba said that its cloud computing business revenue increased by 29% year-on-year, but it was still dragged down by the loss of a major customer, a person familiar with the matter said the customer was Bytedance Inc..</p><p><blockquote>投资者曾希望阿里巴巴-SW的云计算业务能够推动增长，但该业务的提振作用放缓。阿里巴巴-SW表示，其云计算业务收入同比增长29%，但仍受到失去一个主要客户的拖累，一位知情人士称该客户是字节跳动公司。</blockquote></p><p> The Wall Street Journal reported that the department also encountered difficulties in obtaining new contracts and arranging related meetings because regulators are reviewing its e-commerce business and sister company Ant Group Co.</p><p><blockquote>《华尔街日报》报道称，该部门在获得新合同和安排相关会议方面也遇到了困难，因为监管机构正在审查其电子商务业务和姐妹公司蚂蚁集团公司。</blockquote></p><p> Growth slowed in most of Alibaba’s major divisions from cloud to e-commerce, underlining fears that the mounting list of new government regulations is constraining expansion and increasing companies’ burdens.</p><p><blockquote>从云到电子商务，阿里巴巴-SW大多数主要部门的增长放缓，突显出人们担心政府不断增加的新法规正在限制扩张并增加企业负担。</blockquote></p><p> In a sign of the times, Chief Executive Officer Daniel Zhang on Tuesday endorsed a string of government policies enacted during a tumultuous 2021, from strict curbs on data collection to excessive subsidies.</p><p><blockquote>作为时代的标志，首席执行官张勇(Elon Musk)周二批准了在动荡的2021年期间颁布的一系列政府政策，从严格限制数据收集到过度补贴。</blockquote></p><p> The company tried to assure investors by announcing it will now repurchase $15 billion in shares through next year, up from a $10 billion repurchase plan that had been in place. It also disclosed it had repurchased $3.7 billion worth of its US-traded shares since April.</p><p><blockquote>该公司试图向投资者保证，宣布明年将回购150亿美元的股票，高于此前100亿美元的回购计划。该公司还透露，自4月份以来，已回购了价值37亿美元的美国股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164127306","content_text":"China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.\nBUSINESS HIGHLIGHTS\nIn the quarter ended June 30, 2021:\n\nOverall, revenue rose about 34% to 205.74 billion yuan ($31.83 billion) in the first quarter ended June 30, below estimates for 209.39 billion yuan, Core commerce revenue for Alibaba rose about 35% to 180.24 billion yuan in the quarter, compared with estimates of 184.23 billion yuan. In the fourth quarter, the unit's revenue surged more than 70%.\nNon-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, over estimates for 29.3 billion yuan. On an adjusted basis, the company earned 16.60 yuan per share, above estimates for 14.43 yuan.\nAnnual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1 and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.\n\nIf we focus on specific businesses, we can see that the growth of this financial report is mainly from the core e-commerce part\n\nTotal commerce revenue was 180.2 billion yuan, a year-on-year increase of 35%.\nRevenue from cloud computing business was 16.05 billion yuan, a year-on-year increase of 29%.\nRevenue from Digital Media and Entertainment was RMB 8.073 billion, a year-on-year increase of 15%.\nRevenue from innovation initiatives and others was RMB 1.375 billion, a year-on-year increase of 37%.\n\nGrowth slowdown\nCompared with cloud computing, digital media, e-commerce business is the main driving force driving the growth of Alibaba's business, but this time the e-commerce business also has hidden concerns. As mentioned in the last quarter, the reason for Alibaba’s revenue surge this time was mainly from other revenues. This part of revenue reached a staggering 54.8 billion yuan, an increase of 82% year-on-year, and this part of revenue was mainly due to the Oct. 2020 consolidation of Sun Art.\nIn the financial report, Alibaba also mentioned that if the revenue from Sun Art’s consolidation is deducted, Alibaba’s total revenue is 187.3 billion yuan, a year-on-year increase of only 22%, and core e-commerce revenue is 161.8 billion yuan, a year-on-year increase of 21 %.\nFacing the increasingly fierce competition in the Chinese e-commerce market , the company has increased its investment to support its retail platforms. Although Alibaba still leads the industry, Pduoduo Inc. (PDD), Byteance Ltd.'s short video platform Douyin and Tencent Holdings Ltd.’S social media application WeChat and other e-commerce competitors have reached consumers with new and innovative ways and gained market share.\nEarlier this year, Alibaba stated that all incremental profits will be used to improve its platform, acquire new users and support merchants. On Tuesday, Alibaba said it will continue to make some investments that have already driven growth in key areas such as grocery shopping and consumers in lower-tier cities.\nInvestors had hoped that Alibaba's cloud computing business could drive growth, but the boost of this business slowed down. Alibaba said that its cloud computing business revenue increased by 29% year-on-year, but it was still dragged down by the loss of a major customer, a person familiar with the matter said the customer was Bytedance Inc..\nThe Wall Street Journal reported that the department also encountered difficulties in obtaining new contracts and arranging related meetings because regulators are reviewing its e-commerce business and sister company Ant Group Co.\nGrowth slowed in most of Alibaba’s major divisions from cloud to e-commerce, underlining fears that the mounting list of new government regulations is constraining expansion and increasing companies’ burdens.\nIn a sign of the times, Chief Executive Officer Daniel Zhang on Tuesday endorsed a string of government policies enacted during a tumultuous 2021, from strict curbs on data collection to excessive subsidies.\nThe company tried to assure investors by announcing it will now repurchase $15 billion in shares through next year, up from a $10 billion repurchase plan that had been in place. It also disclosed it had repurchased $3.7 billion worth of its US-traded shares since April.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807783025,"gmtCreate":1628057809767,"gmtModify":1631891544294,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807783025","repostId":"1135713978","repostType":4,"repost":{"id":"1135713978","kind":"news","pubTimestamp":1628056812,"share":"https://www.laohu8.com/m/news/1135713978?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:00","market":"us","language":"en","title":"Alphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135713978","media":"MarketWatch","summary":"It’s a big, and risky, bet. Apple did something similar and had a difficult transition\n(Photo credit","content":"<p>It’s a big, and risky, bet. Apple did something similar and had a difficult transition</p><p><blockquote>这是一个巨大而冒险的赌注。苹果也做了类似的事情，经历了艰难的转变</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/729798ae4b174d85419678e03af11d00\" tg-width=\"1050\" tg-height=\"699\" width=\"100%\" height=\"auto\"><span>(Photo credit should read Alain Jocard/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片来源应为Alain Jocard/法新社，盖蒂图片社）</span></p></blockquote></p><p> Alphabet said Monday it will take its silicon building in-house when it launches a new flagship line of Google Pixel phones.</p><p><blockquote>Alphabet周一表示，在推出新的谷歌Pixel手机旗舰系列时，将在内部生产硅产品。</blockquote></p><p> The company’s move creates as many questions as it does answers. Perhaps the first being,with only about 2% of the U.S. smartphone market&nbsp;and no real sign of that changing, does a bet like this make sense?</p><p><blockquote>该公司的举动带来的问题和答案一样多。也许第一个是，美国智能手机市场只有2%左右，而且没有真正的迹象表明这种情况会发生变化，这样的赌注有意义吗？</blockquote></p><p> While much of the analysis of this news pointed to it as a positive step for AlphabetGOOG,+0.21%,I interpreted it as a desperate attempt for the company to make headlines about its poor-performing line of mobile devices and to do so by taking a risk that even AppleAAPL,+1.26%isn’t yet willing to take when it comes to its vertical integration into semiconductors.</p><p><blockquote>虽然这条新闻的大部分分析都指出这对AlphabetGOOG(+0.21%)来说是积极的一步，但我将其解读为该公司孤注一掷地试图让其表现不佳的移动设备系列成为头条新闻，并通过这样做来实现这一目标。即使是AppleAAPL(+1.26%)在垂直整合半导体方面也不愿意承担风险。</blockquote></p><p> <b>Apple’s foreshadowing</b></p><p><blockquote><b>苹果的铺垫</b></blockquote></p><p> Apple made headlines over the past few years with its departure from Intel&nbsp;and the introduction of its M1 architecture. This transition from Intel to homegrown processors built on the increasingly popular Arm architecture was done methodically over several years to ensure that the change would go smoothly. For the most part, the M1 launched without significant incident, but its critics would be the first to point out that the transition was anything but flawless.</p><p><blockquote>过去几年，苹果因脱离英特尔并引入M1架构而成为头条新闻。从英特尔到基于日益流行的Arm架构的国产处理器的过渡是有条不紊地进行的，以确保变革顺利进行。在很大程度上，M1的发射没有发生重大事件，但它的批评者会第一个指出这种转变绝非完美无缺。</blockquote></p><p> It’s also worth pointing out that Apple, while it has incorporated a number of its cores to handle capabilities like image sensing and graphics, has left the modem and radio, oft-referred to as RFFE, to Qualcomm,due to the complexity of building a modem-RF system for 5G, which is incredibly complicated and proper function is imperative to get devices certified by different carriers like Verizon,AT&amp;T,T-Mobile&nbsp;and others.</p><p><blockquote>还值得指出的是，苹果虽然整合了许多核心来处理图像传感和图形等功能，但由于构建5G调制解调器RF系统的复杂性，它将调制解调器和无线电（通常称为RFFE）留给了高通，这非常复杂，并且必须让设备获得威瑞森、美国电话电报公司、T-Mobile等不同运营商的认证。</blockquote></p><p> For some reason that I simply cannot understand, Alphabet wants to abandon not only the Qualcomm Snapdragon, which most simply can be considered the full set of systems to power all the phones features, and ditch it for its own set of cores, but allegedly also abandon Qualcomm’s proven modem-RF system to use (rumored) Samsung’s Exynos, which has almost zero market penetration and has run into issues with power management and carrier certification. Even Samsung uses Qualcomm’s modem-RF system for large portions of its flagship devices, including its U.S. flagship devices. Apple does as well.</p><p><blockquote>由于一些我根本无法理解的原因，Alphabet不仅想放弃高通骁龙（最简单可以被视为全套系统来为所有手机功能供电），抛弃它为自己的一套核心，而且据称还抛弃高通成熟的调制解调器射频系统使用（传闻）三星的Exynos，该系统几乎没有市场渗透，在电源管理和运营商认证方面遇到了问题。甚至三星也在其大部分旗舰设备上使用高通的调制解调器射频系统，其中包括其美国旗舰设备。苹果也是。</blockquote></p><p> Returning us to the question: What in the world is Alphabet doing here, and does it make any sense?</p><p><blockquote>让我们回到这个问题：Alphabet到底在这里做什么，这有意义吗？</blockquote></p><p> <b>Vertical integration</b></p><p><blockquote><b>纵向一体化</b></blockquote></p><p> The short answer is yes, and no, but mostly no. At least for Alphabet.</p><p><blockquote>简短的回答是肯定的，也是否定的，但大多数情况下是否定的。至少对Alphabet来说是这样。</blockquote></p><p> The argument to favor this change comes down to profitability and control for Alphabet. Apple has proven that deeper vertical integration can be lucrative, and its Bionic chips have continued to improve with each generation. Alphabet, which has built a very limited set of custom ASICs (application specific integrated circuits) for artificial intelligence (AI), wants the market to see it as every bit as capable of this type of move as Apple.</p><p><blockquote>支持这一变化的论点可以归结为Alphabet的盈利能力和控制权。苹果已经证明，更深层次的垂直整合可以带来利润，其仿生芯片每一代都在不断改进。Alphabet为人工智能(AI)构建了一套非常有限的定制ASIC（专用集成电路），希望市场看到它与苹果一样有能力采取此类举措。</blockquote></p><p> Furthermore, we have seen Amazon’s&nbsp;AWS and Alibaba&nbsp;build Arm-based solutions for their cloud offerings, and Microsoft&nbsp;has also been touted to be following suit. For the data center, this seems to make sense, with AWS, for instance, seeing success from its Graviton line of CPUs and Trainium series of ML chips. No one would be surprised to see Alphabet significantly increase its efforts to launch or further enhance custom silicon development for its cloud and AI offerings. But servers, and even notebooks, aren’t mobile devices.</p><p><blockquote>此外，我们已经看到Amazon的AWS和阿里巴巴-SW为其云产品构建基于Arm的解决方案，微软也被吹捧为效仿。对于数据中心来说，这似乎是有意义的，例如，AWS从其Graviton系列CPU和Trainium系列ML芯片中看到了成功。如果Alphabet大幅加大力度推出或进一步增强其云和人工智能产品的定制芯片开发，没有人会感到惊讶。但是服务器，甚至笔记本电脑，都不是移动设备。</blockquote></p><p> To launch the M1, Apple spent years on R&amp;D and made several key acquisitions, including Dialog Semiconductor in 2018 for $600 million to add to its internal chipmaking and systems capabilities. It even acquired the remnants of Intel’s mobile modem business upon deciding to move away from Intel on the horizon of 5G. But, with all of that IP, and investment in tow, and even a multi-year legal feud with Qualcomm, Apple still recognized there were some things better left to be done by Qualcomm.</p><p><blockquote>为了推出M1，苹果花了数年时间进行研发，并进行了多项关键收购，包括2018年斥资6亿美元收购Dialog Semiconductor，以增强其内部芯片制造和系统能力。在5G时代决定离开英特尔后，它甚至收购了英特尔移动调制解调器业务的残余。但是，尽管拥有所有这些知识产权、对tow的投资，甚至与高通多年的法律纠纷，苹果仍然认识到有些事情需要高通去做。</blockquote></p><p> Perhaps Alphabet figures with almost no market share and no notoriety around its Pixel smartphone lineup that it doesn’t matter if the Pixel 6 series is a disaster.</p><p><blockquote>也许Alphabet认为，其Pixel智能手机系列几乎没有市场份额，也没有恶名，Pixel 6系列是否是一场灾难并不重要。</blockquote></p><p> And perhaps Google will surprise the world by using its cores plus a lesser-quality modem-RF system to somehow put out a device that will outperform Apple, Samsung and dozens of other handset makers that have entrusted Qualcomm to provide the guts of their devices.</p><p><blockquote>也许谷歌会让世界大吃一惊，它会使用其核心加上质量较差的调制解调器射频系统，以某种方式推出一款设备，其性能将超过苹果、三星和其他数十家委托高通提供其设备核心的手机制造商。</blockquote></p><p> I doubt it, though, and if nearly a decade of insignificant market penetration with their mobile devices serves as an indicator of how well this move will go for Alphabet, I think it’s safe to chalk this up in the L column.</p><p><blockquote>不过，我对此表示怀疑，如果近十年来移动设备微不足道的市场渗透率可以作为Alphabet此举进展如何的指标，我认为可以安全地将其记在L栏中。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-04 14:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s a big, and risky, bet. Apple did something similar and had a difficult transition</p><p><blockquote>这是一个巨大而冒险的赌注。苹果也做了类似的事情，经历了艰难的转变</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/729798ae4b174d85419678e03af11d00\" tg-width=\"1050\" tg-height=\"699\" width=\"100%\" height=\"auto\"><span>(Photo credit should read Alain Jocard/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片来源应为Alain Jocard/法新社，盖蒂图片社）</span></p></blockquote></p><p> Alphabet said Monday it will take its silicon building in-house when it launches a new flagship line of Google Pixel phones.</p><p><blockquote>Alphabet周一表示，在推出新的谷歌Pixel手机旗舰系列时，将在内部生产硅产品。</blockquote></p><p> The company’s move creates as many questions as it does answers. Perhaps the first being,with only about 2% of the U.S. smartphone market&nbsp;and no real sign of that changing, does a bet like this make sense?</p><p><blockquote>该公司的举动带来的问题和答案一样多。也许第一个是，美国智能手机市场只有2%左右，而且没有真正的迹象表明这种情况会发生变化，这样的赌注有意义吗？</blockquote></p><p> While much of the analysis of this news pointed to it as a positive step for AlphabetGOOG,+0.21%,I interpreted it as a desperate attempt for the company to make headlines about its poor-performing line of mobile devices and to do so by taking a risk that even AppleAAPL,+1.26%isn’t yet willing to take when it comes to its vertical integration into semiconductors.</p><p><blockquote>虽然这条新闻的大部分分析都指出这对AlphabetGOOG(+0.21%)来说是积极的一步，但我将其解读为该公司孤注一掷地试图让其表现不佳的移动设备系列成为头条新闻，并通过这样做来实现这一目标。即使是AppleAAPL(+1.26%)在垂直整合半导体方面也不愿意承担风险。</blockquote></p><p> <b>Apple’s foreshadowing</b></p><p><blockquote><b>苹果的铺垫</b></blockquote></p><p> Apple made headlines over the past few years with its departure from Intel&nbsp;and the introduction of its M1 architecture. This transition from Intel to homegrown processors built on the increasingly popular Arm architecture was done methodically over several years to ensure that the change would go smoothly. For the most part, the M1 launched without significant incident, but its critics would be the first to point out that the transition was anything but flawless.</p><p><blockquote>过去几年，苹果因脱离英特尔并引入M1架构而成为头条新闻。从英特尔到基于日益流行的Arm架构的国产处理器的过渡是有条不紊地进行的，以确保变革顺利进行。在很大程度上，M1的发射没有发生重大事件，但它的批评者会第一个指出这种转变绝非完美无缺。</blockquote></p><p> It’s also worth pointing out that Apple, while it has incorporated a number of its cores to handle capabilities like image sensing and graphics, has left the modem and radio, oft-referred to as RFFE, to Qualcomm,due to the complexity of building a modem-RF system for 5G, which is incredibly complicated and proper function is imperative to get devices certified by different carriers like Verizon,AT&amp;T,T-Mobile&nbsp;and others.</p><p><blockquote>还值得指出的是，苹果虽然整合了许多核心来处理图像传感和图形等功能，但由于构建5G调制解调器RF系统的复杂性，它将调制解调器和无线电（通常称为RFFE）留给了高通，这非常复杂，并且必须让设备获得威瑞森、美国电话电报公司、T-Mobile等不同运营商的认证。</blockquote></p><p> For some reason that I simply cannot understand, Alphabet wants to abandon not only the Qualcomm Snapdragon, which most simply can be considered the full set of systems to power all the phones features, and ditch it for its own set of cores, but allegedly also abandon Qualcomm’s proven modem-RF system to use (rumored) Samsung’s Exynos, which has almost zero market penetration and has run into issues with power management and carrier certification. Even Samsung uses Qualcomm’s modem-RF system for large portions of its flagship devices, including its U.S. flagship devices. Apple does as well.</p><p><blockquote>由于一些我根本无法理解的原因，Alphabet不仅想放弃高通骁龙（最简单可以被视为全套系统来为所有手机功能供电），抛弃它为自己的一套核心，而且据称还抛弃高通成熟的调制解调器射频系统使用（传闻）三星的Exynos，该系统几乎没有市场渗透，在电源管理和运营商认证方面遇到了问题。甚至三星也在其大部分旗舰设备上使用高通的调制解调器射频系统，其中包括其美国旗舰设备。苹果也是。</blockquote></p><p> Returning us to the question: What in the world is Alphabet doing here, and does it make any sense?</p><p><blockquote>让我们回到这个问题：Alphabet到底在这里做什么，这有意义吗？</blockquote></p><p> <b>Vertical integration</b></p><p><blockquote><b>纵向一体化</b></blockquote></p><p> The short answer is yes, and no, but mostly no. At least for Alphabet.</p><p><blockquote>简短的回答是肯定的，也是否定的，但大多数情况下是否定的。至少对Alphabet来说是这样。</blockquote></p><p> The argument to favor this change comes down to profitability and control for Alphabet. Apple has proven that deeper vertical integration can be lucrative, and its Bionic chips have continued to improve with each generation. Alphabet, which has built a very limited set of custom ASICs (application specific integrated circuits) for artificial intelligence (AI), wants the market to see it as every bit as capable of this type of move as Apple.</p><p><blockquote>支持这一变化的论点可以归结为Alphabet的盈利能力和控制权。苹果已经证明，更深层次的垂直整合可以带来利润，其仿生芯片每一代都在不断改进。Alphabet为人工智能(AI)构建了一套非常有限的定制ASIC（专用集成电路），希望市场看到它与苹果一样有能力采取此类举措。</blockquote></p><p> Furthermore, we have seen Amazon’s&nbsp;AWS and Alibaba&nbsp;build Arm-based solutions for their cloud offerings, and Microsoft&nbsp;has also been touted to be following suit. For the data center, this seems to make sense, with AWS, for instance, seeing success from its Graviton line of CPUs and Trainium series of ML chips. No one would be surprised to see Alphabet significantly increase its efforts to launch or further enhance custom silicon development for its cloud and AI offerings. But servers, and even notebooks, aren’t mobile devices.</p><p><blockquote>此外，我们已经看到Amazon的AWS和阿里巴巴-SW为其云产品构建基于Arm的解决方案，微软也被吹捧为效仿。对于数据中心来说，这似乎是有意义的，例如，AWS从其Graviton系列CPU和Trainium系列ML芯片中看到了成功。如果Alphabet大幅加大力度推出或进一步增强其云和人工智能产品的定制芯片开发，没有人会感到惊讶。但是服务器，甚至笔记本电脑，都不是移动设备。</blockquote></p><p> To launch the M1, Apple spent years on R&amp;D and made several key acquisitions, including Dialog Semiconductor in 2018 for $600 million to add to its internal chipmaking and systems capabilities. It even acquired the remnants of Intel’s mobile modem business upon deciding to move away from Intel on the horizon of 5G. But, with all of that IP, and investment in tow, and even a multi-year legal feud with Qualcomm, Apple still recognized there were some things better left to be done by Qualcomm.</p><p><blockquote>为了推出M1，苹果花了数年时间进行研发，并进行了多项关键收购，包括2018年斥资6亿美元收购Dialog Semiconductor，以增强其内部芯片制造和系统能力。在5G时代决定离开英特尔后，它甚至收购了英特尔移动调制解调器业务的残余。但是，尽管拥有所有这些知识产权、对tow的投资，甚至与高通多年的法律纠纷，苹果仍然认识到有些事情需要高通去做。</blockquote></p><p> Perhaps Alphabet figures with almost no market share and no notoriety around its Pixel smartphone lineup that it doesn’t matter if the Pixel 6 series is a disaster.</p><p><blockquote>也许Alphabet认为，其Pixel智能手机系列几乎没有市场份额，也没有恶名，Pixel 6系列是否是一场灾难并不重要。</blockquote></p><p> And perhaps Google will surprise the world by using its cores plus a lesser-quality modem-RF system to somehow put out a device that will outperform Apple, Samsung and dozens of other handset makers that have entrusted Qualcomm to provide the guts of their devices.</p><p><blockquote>也许谷歌会让世界大吃一惊，它会使用其核心加上质量较差的调制解调器射频系统，以某种方式推出一款设备，其性能将超过苹果、三星和其他数十家委托高通提供其设备核心的手机制造商。</blockquote></p><p> I doubt it, though, and if nearly a decade of insignificant market penetration with their mobile devices serves as an indicator of how well this move will go for Alphabet, I think it’s safe to chalk this up in the L column.</p><p><blockquote>不过，我对此表示怀疑，如果近十年来移动设备微不足道的市场渗透率可以作为Alphabet此举进展如何的指标，我认为可以安全地将其记在L栏中。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/alphabet-wants-to-make-its-own-smartphone-chips-what-in-the-world-is-the-company-thinking-11628003771?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://www.marketwatch.com/story/alphabet-wants-to-make-its-own-smartphone-chips-what-in-the-world-is-the-company-thinking-11628003771?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135713978","content_text":"It’s a big, and risky, bet. Apple did something similar and had a difficult transition\n(Photo credit should read Alain Jocard/AFP via Getty Images)\nAlphabet said Monday it will take its silicon building in-house when it launches a new flagship line of Google Pixel phones.\nThe company’s move creates as many questions as it does answers. Perhaps the first being,with only about 2% of the U.S. smartphone market and no real sign of that changing, does a bet like this make sense?\nWhile much of the analysis of this news pointed to it as a positive step for AlphabetGOOG,+0.21%,I interpreted it as a desperate attempt for the company to make headlines about its poor-performing line of mobile devices and to do so by taking a risk that even AppleAAPL,+1.26%isn’t yet willing to take when it comes to its vertical integration into semiconductors.\nApple’s foreshadowing\nApple made headlines over the past few years with its departure from Intel and the introduction of its M1 architecture. This transition from Intel to homegrown processors built on the increasingly popular Arm architecture was done methodically over several years to ensure that the change would go smoothly. For the most part, the M1 launched without significant incident, but its critics would be the first to point out that the transition was anything but flawless.\nIt’s also worth pointing out that Apple, while it has incorporated a number of its cores to handle capabilities like image sensing and graphics, has left the modem and radio, oft-referred to as RFFE, to Qualcomm,due to the complexity of building a modem-RF system for 5G, which is incredibly complicated and proper function is imperative to get devices certified by different carriers like Verizon,AT&T,T-Mobile and others.\nFor some reason that I simply cannot understand, Alphabet wants to abandon not only the Qualcomm Snapdragon, which most simply can be considered the full set of systems to power all the phones features, and ditch it for its own set of cores, but allegedly also abandon Qualcomm’s proven modem-RF system to use (rumored) Samsung’s Exynos, which has almost zero market penetration and has run into issues with power management and carrier certification. Even Samsung uses Qualcomm’s modem-RF system for large portions of its flagship devices, including its U.S. flagship devices. Apple does as well.\nReturning us to the question: What in the world is Alphabet doing here, and does it make any sense?\nVertical integration\nThe short answer is yes, and no, but mostly no. At least for Alphabet.\nThe argument to favor this change comes down to profitability and control for Alphabet. Apple has proven that deeper vertical integration can be lucrative, and its Bionic chips have continued to improve with each generation. Alphabet, which has built a very limited set of custom ASICs (application specific integrated circuits) for artificial intelligence (AI), wants the market to see it as every bit as capable of this type of move as Apple.\nFurthermore, we have seen Amazon’s AWS and Alibaba build Arm-based solutions for their cloud offerings, and Microsoft has also been touted to be following suit. For the data center, this seems to make sense, with AWS, for instance, seeing success from its Graviton line of CPUs and Trainium series of ML chips. No one would be surprised to see Alphabet significantly increase its efforts to launch or further enhance custom silicon development for its cloud and AI offerings. But servers, and even notebooks, aren’t mobile devices.\nTo launch the M1, Apple spent years on R&D and made several key acquisitions, including Dialog Semiconductor in 2018 for $600 million to add to its internal chipmaking and systems capabilities. It even acquired the remnants of Intel’s mobile modem business upon deciding to move away from Intel on the horizon of 5G. But, with all of that IP, and investment in tow, and even a multi-year legal feud with Qualcomm, Apple still recognized there were some things better left to be done by Qualcomm.\nPerhaps Alphabet figures with almost no market share and no notoriety around its Pixel smartphone lineup that it doesn’t matter if the Pixel 6 series is a disaster.\nAnd perhaps Google will surprise the world by using its cores plus a lesser-quality modem-RF system to somehow put out a device that will outperform Apple, Samsung and dozens of other handset makers that have entrusted Qualcomm to provide the guts of their devices.\nI doubt it, though, and if nearly a decade of insignificant market penetration with their mobile devices serves as an indicator of how well this move will go for Alphabet, I think it’s safe to chalk this up in the L column.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804522990,"gmtCreate":1627966118110,"gmtModify":1633754786201,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804522990","repostId":"1119293992","repostType":4,"repost":{"id":"1119293992","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":1627963162,"share":"https://www.laohu8.com/m/news/1119293992?lang=zh_CN&edition=full","pubTime":"2021-08-03 11:59","market":"us","language":"en","title":"Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119293992","media":"Tiger Newspress","summary":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world","content":"<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</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>Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</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\">\nGoogle sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 11:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119293992","content_text":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.\nSecond-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.\nThe company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.\nIncome (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.\nDiluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.\n“Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.\nAlphabet, which owns and operates Google, also published additional financials related to Google’s performance.\nGoogle advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.\nIn total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.\nGoogle Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.\nGoogle’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.\n“In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.\nYouTube is a proven juggernaut\nWhen we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.\nYouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.\nTake a look at some of the key points we've learned about YouTube's growth recently:\nQuarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.\nAlso, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.\nYouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.\nThe company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"\nIt’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.\nNielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.\nBut Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.\nYouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.\nMore room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801348588,"gmtCreate":1627484702744,"gmtModify":1633764532008,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/801348588","repostId":"1179923360","repostType":4,"isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809450683,"gmtCreate":1627389012142,"gmtModify":1633765495390,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"OK noted.&nbsp;","listText":"OK noted.&nbsp;","text":"OK noted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809450683","repostId":"1151272378","repostType":4,"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809450018,"gmtCreate":1627388969934,"gmtModify":1633765495734,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809450018","repostId":"1113843142","repostType":4,"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809427272,"gmtCreate":1627388941596,"gmtModify":1633765496093,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/809427272","repostId":"1190390540","repostType":4,"repost":{"id":"1190390540","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":1627388124,"share":"https://www.laohu8.com/m/news/1190390540?lang=zh_CN&edition=full","pubTime":"2021-07-27 20:15","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190390540","media":"Tiger Newspress","summary":"Stock Futures Slip With Tech Earnings on Tap\n\n\nQuarterly results are due from Apple, Microsoft and A","content":"<p><ul>  <li>Stock Futures Slip With Tech Earnings on Tap</li> </ul> <ul>  <li>Quarterly results are due from Apple, Microsoft and Alphabet after markets close</li> </ul> U.S. stock index futures fell on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.</p><p><blockquote><ul><li>科技股盈利即将到来，股指期货下跌</li></ul><ul><li>苹果、微软和Alphabet将于收盘后公布季度业绩</li></ul>周二，在华尔街最有价值公司公布财报之前，以及为期两天的美联储会议前夕，美国股指期货下跌。</blockquote></p><p> U.S. S&amp;P 500 E-minis were down 8.25 points, or 0.19%, at 08:05 am ET. Dow E-minis were down 93 points, or 0.27%, while Nasdaq 100 E-minis were down 3 points, or 0.02%.</p><p><blockquote>截至美国东部时间上午08:05，美国标普500 e-mini下跌8.25点，即0.19%。道琼斯电子迷你指数下跌93点，跌幅0.27%，纳斯达克100电子迷你指数下跌3点，跌幅0.02%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3fb54b80cfb78268a87bd4a378ca296e\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Crypto Stocks tumbled in premarket trading&nbsp;on&nbsp;Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang&nbsp;international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global&nbsp;and&nbsp;Square&nbsp;plunged between 2% and 17%.</p><p><blockquote>由于Amazon denimg报告接受比特币作为支付方式，加密货币股票在盘前交易中暴跌。Bit Digital、第九城市、SOS Ltd、嘉楠耘智、亿邦国际、Marathon Digital Holdings、Riot Blockchain、Coinbase Global和Square暴跌2%至17%。</blockquote></p><p> More than one third of the S&amp;P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon&nbsp;and Google-parent Alphabet, the four largest U.S. companies by market value.</p><p><blockquote>超过三分之一的标普500将于本周公布季度业绩，其中以苹果、微软、亚马逊和谷歌母公司Alphabet为首，这四家美国市值最大的公司。</blockquote></p><p> Apple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday.</p><p><blockquote>苹果、Alphabet和微软的盘前交易基本持平，将在收盘后公布财报，而亚马逊将于周四公布业绩。</blockquote></p><p> Investors remained on edge, awaiting more signals from the central bank on when it intends to begin reining in its massive stimulus program. The two-day Fed meeting will begin later in the day.</p><p><blockquote>投资者仍处于紧张状态，等待央行关于何时开始控制其大规模刺激计划的更多信号。为期两天的美联储会议将于当天晚些时候开始。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Tesla(TSLA) </b>– Teslaearned $1.45 per sharefor the second quarter, compared to a 98 cents a share consensus estimate. Revenue also beat forecasts. The automaker said its success during the second half of the year would center around its ability to navigate supply chain issues. Tesla rose 1.6% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>-特斯拉第二季度每股收益1.45美元，而市场普遍预期为每股98美分。收入也超出预期。该汽车制造商表示，下半年的成功将集中在其解决供应链问题的能力上。特斯拉在盘前交易中上涨1.6%。</blockquote></p><p> <b>F5 Networks(FFIV) </b>– F5 beat estimates by 30 cents a share, with quarterly earnings of $2.76 per share. The enterprise software maker’s revenue topped analysts’ forecasts as well. F5 saw strong demand amid a continued pandemic-induced growth in digital business applications. F5 rallied 6.1% in premarket trading.</p><p><blockquote><b>F5网络(FFIV)</b>-F5每股超出预期30美分，季度收益为每股2.76美元。这家企业软件制造商的收入也超出了分析师的预期。在疫情推动的数字商业应用持续增长的背景下，F5的需求强劲。F5在盘前交易中上涨6.1%。</blockquote></p><p> <b>United Parcel Service(UPS)</b> – UPS shares fell 2.4% in the premarket, as domestic revenue came up shy of estimates. UPS&nbsp;beat overall on the top and bottom lines, however, as a surge in shipping of e-commerce orders continued. UPS earned $3.06 per share for the second quarter, compared to a consensus estimate of $2.82.</p><p><blockquote><b>联合包裹服务公司(UPS)</b>-由于国内收入低于预期，UPS股价盘前下跌2.4%。然而，随着电子商务订单发货量持续激增，UPS的营收和利润整体表现良好。UPS第二季度每股收益3.06美元，而市场普遍预期为2.82美元。</blockquote></p><p> Stanley Black &amp; Decker(SWK) – The tool maker beat estimates by 18 cents a share, with quarterly earnings of $3.08 per share. Revenue topped Street forecasts and the company raised its full-year outlook, expecting growth and stronger pricing to offset higher costs.</p><p><blockquote>Stanley Black&amp;Decker(SWK)——这家工具制造商每股收益超出预期18美分，季度收益为每股3.08美元。收入超出了华尔街的预期，该公司上调了全年预期，预计增长和更强劲的定价将抵消更高的成本。</blockquote></p><p> <b>3M(MMM)</b> – 3M rose 1.2% in premarket trading, after beating the $2.28 a share consensus estimate with quarterly earnings of $2.59 per share. Revenue beat forecasts as well, and 3M raised its full-year outlook as its various businesses recover from the pandemic.</p><p><blockquote><b>3M（3M）</b>-3M在盘前交易中上涨1.2%，季度收益为每股2.59美元，超出每股2.28美元的普遍预期。收入也超出了预期，随着各项业务从疫情中复苏，3M上调了全年预期。</blockquote></p><p> <b>General Electric(GE) </b>– GE shares rose 3.9% in premarket action, as it beat forecasts and surprised analysts with positive cash flow for the quarter. GE earned 5 cents per share for the second quarter, 2 cents a share above estimates. Revenue beat estimates as well on strong performances by its aviation and power divisions.</p><p><blockquote><b>通用电气（GE）</b>-GE股价在盘前上涨3.9%，本季度现金流为正，超出预期，令分析师感到惊讶。通用电气第二季度每股收益5美分，比预期高出2美分。由于航空和电力部门的强劲表现，收入也超出了预期。</blockquote></p><p> <b>Raytheon Technologies(RTX) </b>– Raytheon came in 10 cents a share above estimates, with quarterly earnings of $1.03 per share. Revenue also topped analysts’ forecasts. The aerospace manufacturer raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services. Raytheon shares rose 1.7% in the premarket.</p><p><blockquote><b>雷神技术公司(RTX)</b>-雷神公司每股收益比预期高出10美分，季度收益为每股1.03美元。收入也超出了分析师的预期。由于商业航空旅行的复苏提振了对其产品和服务的需求，这家航空航天制造商上调了全年预测。雷神公司股价盘前上涨1.7%。</blockquote></p><p> <b>Sirius XM(SIRI)</b> – The satellite radio operator beat estimates by 3 cents a share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected revenue. Its profit nearly doubled from a year earlier as it benefited from subscriber additions. The stock gained 3.1% in premarket action.</p><p><blockquote><b>天狼星XM（系列）</b>–这家卫星广播运营商每股收益超出预期3美分，季度收益为每股10美分。该公司还报告了好于预期的收入。由于受益于用户的增加，其利润较上年同期几乎翻了一番。该股在盘前上涨3.1%。</blockquote></p><p> <b>Waste Management(WM)</b> – The waste collection company came in 8 cents a share above estimates, with quarterly earnings of $1.27 per share. Revenue also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost controls.</p><p><blockquote><b>废物管理（WM）</b>–这家垃圾收集公司每股收益比预期高出8美分，季度收益为每股1.27美元。收入也超出预期。废物管理公司表示，它受益于数量的反弹和对成本控制的关注。</blockquote></p><p> <b>Sherwin-Williams(SHW) </b>– The paint maker fell 3 cents a share shy of consensus estimates, with quarterly earnings of $2.65 per share. Revenue was in line with estimates. Results were impacted by a return in do-it-yourself volumes to pre-pandemic levels.</p><p><blockquote><b>宣伟(SHW)</b>–该涂料制造商每股股价下跌3美分，比市场普遍预期低，季度收益为每股2.65美元。收入与预期一致。结果受到自己动手量恢复到大流行前水平的影响。</blockquote></p><p> <b>Intel(INTC) </b>– Intel set out a multi-year plan to regain its dominance in the semiconductor market, aiming to release a new chip each year between now and 2025 and seeking to regain lost market share from competitors like Samsung and&nbsp;Taiwan Semiconductor. Intel fell 1.9% in the premarket.</p><p><blockquote><b>英特尔(INTC)</b>-英特尔制定了一项多年计划，以重新夺回其在半导体市场的主导地位，目标是从现在到2025年每年发布一款新芯片，并寻求从三星和台积电等竞争对手手中夺回失去的市场份额。英特尔盘前下跌1.9%。</blockquote></p><p></p><p> <b>Starbucks(SBUX)</b> – Starbucks expanded its partnership with Swiss food giant Nestle, with plans to introduce ready-to-drink coffee beverages in Southeasts Asia and Latin America. Separately, Starbucks sold its stake in its South Korea joint venture to local partner E-Mart and Singapore’s sovereign wealth fund.</p><p><blockquote><b>星巴克(SBUX)</b>-星巴克扩大了与瑞士食品巨头雀巢的合作关系，计划在东南亚和拉丁美洲推出即饮咖啡饮料。另外，星巴克将其在韩国合资企业的股份出售给了当地合作伙伴易买得和新加坡主权财富基金。</blockquote></p><p> <b>Polaris Industries(PII)</b> – Polaris reported quarterly profit of $2.70 per share, beating the consensus estimate of $2.21 a share. The recreational vehicle maker’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and stronger pricing, although it also experienced higher costs for commodities and labor.</p><p><blockquote><b>北极星工业(PII)</b>-北极星公布季度利润为每股2.70美元，超出市场普遍预期的每股2.21美元。这家休闲车制造商的收入符合华尔街的预测。北极星受益于较低的促销成本和更强的定价，尽管它也经历了更高的商品和劳动力成本。</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>Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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\">\nToplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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\">2021-07-27 20:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Stock Futures Slip With Tech Earnings on Tap</li> </ul> <ul>  <li>Quarterly results are due from Apple, Microsoft and Alphabet after markets close</li> </ul> U.S. stock index futures fell on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.</p><p><blockquote><ul><li>科技股盈利即将到来，股指期货下跌</li></ul><ul><li>苹果、微软和Alphabet将于收盘后公布季度业绩</li></ul>周二，在华尔街最有价值公司公布财报之前，以及为期两天的美联储会议前夕，美国股指期货下跌。</blockquote></p><p> U.S. S&amp;P 500 E-minis were down 8.25 points, or 0.19%, at 08:05 am ET. Dow E-minis were down 93 points, or 0.27%, while Nasdaq 100 E-minis were down 3 points, or 0.02%.</p><p><blockquote>截至美国东部时间上午08:05，美国标普500 e-mini下跌8.25点，即0.19%。道琼斯电子迷你指数下跌93点，跌幅0.27%，纳斯达克100电子迷你指数下跌3点，跌幅0.02%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3fb54b80cfb78268a87bd4a378ca296e\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Crypto Stocks tumbled in premarket trading&nbsp;on&nbsp;Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang&nbsp;international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global&nbsp;and&nbsp;Square&nbsp;plunged between 2% and 17%.</p><p><blockquote>由于Amazon denimg报告接受比特币作为支付方式，加密货币股票在盘前交易中暴跌。Bit Digital、第九城市、SOS Ltd、嘉楠耘智、亿邦国际、Marathon Digital Holdings、Riot Blockchain、Coinbase Global和Square暴跌2%至17%。</blockquote></p><p> More than one third of the S&amp;P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon&nbsp;and Google-parent Alphabet, the four largest U.S. companies by market value.</p><p><blockquote>超过三分之一的标普500将于本周公布季度业绩，其中以苹果、微软、亚马逊和谷歌母公司Alphabet为首，这四家美国市值最大的公司。</blockquote></p><p> Apple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday.</p><p><blockquote>苹果、Alphabet和微软的盘前交易基本持平，将在收盘后公布财报，而亚马逊将于周四公布业绩。</blockquote></p><p> Investors remained on edge, awaiting more signals from the central bank on when it intends to begin reining in its massive stimulus program. The two-day Fed meeting will begin later in the day.</p><p><blockquote>投资者仍处于紧张状态，等待央行关于何时开始控制其大规模刺激计划的更多信号。为期两天的美联储会议将于当天晚些时候开始。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Tesla(TSLA) </b>– Teslaearned $1.45 per sharefor the second quarter, compared to a 98 cents a share consensus estimate. Revenue also beat forecasts. The automaker said its success during the second half of the year would center around its ability to navigate supply chain issues. Tesla rose 1.6% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>-特斯拉第二季度每股收益1.45美元，而市场普遍预期为每股98美分。收入也超出预期。该汽车制造商表示，下半年的成功将集中在其解决供应链问题的能力上。特斯拉在盘前交易中上涨1.6%。</blockquote></p><p> <b>F5 Networks(FFIV) </b>– F5 beat estimates by 30 cents a share, with quarterly earnings of $2.76 per share. The enterprise software maker’s revenue topped analysts’ forecasts as well. F5 saw strong demand amid a continued pandemic-induced growth in digital business applications. F5 rallied 6.1% in premarket trading.</p><p><blockquote><b>F5网络(FFIV)</b>-F5每股超出预期30美分，季度收益为每股2.76美元。这家企业软件制造商的收入也超出了分析师的预期。在疫情推动的数字商业应用持续增长的背景下，F5的需求强劲。F5在盘前交易中上涨6.1%。</blockquote></p><p> <b>United Parcel Service(UPS)</b> – UPS shares fell 2.4% in the premarket, as domestic revenue came up shy of estimates. UPS&nbsp;beat overall on the top and bottom lines, however, as a surge in shipping of e-commerce orders continued. UPS earned $3.06 per share for the second quarter, compared to a consensus estimate of $2.82.</p><p><blockquote><b>联合包裹服务公司(UPS)</b>-由于国内收入低于预期，UPS股价盘前下跌2.4%。然而，随着电子商务订单发货量持续激增，UPS的营收和利润整体表现良好。UPS第二季度每股收益3.06美元，而市场普遍预期为2.82美元。</blockquote></p><p> Stanley Black &amp; Decker(SWK) – The tool maker beat estimates by 18 cents a share, with quarterly earnings of $3.08 per share. Revenue topped Street forecasts and the company raised its full-year outlook, expecting growth and stronger pricing to offset higher costs.</p><p><blockquote>Stanley Black&amp;Decker(SWK)——这家工具制造商每股收益超出预期18美分，季度收益为每股3.08美元。收入超出了华尔街的预期，该公司上调了全年预期，预计增长和更强劲的定价将抵消更高的成本。</blockquote></p><p> <b>3M(MMM)</b> – 3M rose 1.2% in premarket trading, after beating the $2.28 a share consensus estimate with quarterly earnings of $2.59 per share. Revenue beat forecasts as well, and 3M raised its full-year outlook as its various businesses recover from the pandemic.</p><p><blockquote><b>3M（3M）</b>-3M在盘前交易中上涨1.2%，季度收益为每股2.59美元，超出每股2.28美元的普遍预期。收入也超出了预期，随着各项业务从疫情中复苏，3M上调了全年预期。</blockquote></p><p> <b>General Electric(GE) </b>– GE shares rose 3.9% in premarket action, as it beat forecasts and surprised analysts with positive cash flow for the quarter. GE earned 5 cents per share for the second quarter, 2 cents a share above estimates. Revenue beat estimates as well on strong performances by its aviation and power divisions.</p><p><blockquote><b>通用电气（GE）</b>-GE股价在盘前上涨3.9%，本季度现金流为正，超出预期，令分析师感到惊讶。通用电气第二季度每股收益5美分，比预期高出2美分。由于航空和电力部门的强劲表现，收入也超出了预期。</blockquote></p><p> <b>Raytheon Technologies(RTX) </b>– Raytheon came in 10 cents a share above estimates, with quarterly earnings of $1.03 per share. Revenue also topped analysts’ forecasts. The aerospace manufacturer raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services. Raytheon shares rose 1.7% in the premarket.</p><p><blockquote><b>雷神技术公司(RTX)</b>-雷神公司每股收益比预期高出10美分，季度收益为每股1.03美元。收入也超出了分析师的预期。由于商业航空旅行的复苏提振了对其产品和服务的需求，这家航空航天制造商上调了全年预测。雷神公司股价盘前上涨1.7%。</blockquote></p><p> <b>Sirius XM(SIRI)</b> – The satellite radio operator beat estimates by 3 cents a share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected revenue. Its profit nearly doubled from a year earlier as it benefited from subscriber additions. The stock gained 3.1% in premarket action.</p><p><blockquote><b>天狼星XM（系列）</b>–这家卫星广播运营商每股收益超出预期3美分，季度收益为每股10美分。该公司还报告了好于预期的收入。由于受益于用户的增加，其利润较上年同期几乎翻了一番。该股在盘前上涨3.1%。</blockquote></p><p> <b>Waste Management(WM)</b> – The waste collection company came in 8 cents a share above estimates, with quarterly earnings of $1.27 per share. Revenue also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost controls.</p><p><blockquote><b>废物管理（WM）</b>–这家垃圾收集公司每股收益比预期高出8美分，季度收益为每股1.27美元。收入也超出预期。废物管理公司表示，它受益于数量的反弹和对成本控制的关注。</blockquote></p><p> <b>Sherwin-Williams(SHW) </b>– The paint maker fell 3 cents a share shy of consensus estimates, with quarterly earnings of $2.65 per share. Revenue was in line with estimates. Results were impacted by a return in do-it-yourself volumes to pre-pandemic levels.</p><p><blockquote><b>宣伟(SHW)</b>–该涂料制造商每股股价下跌3美分，比市场普遍预期低，季度收益为每股2.65美元。收入与预期一致。结果受到自己动手量恢复到大流行前水平的影响。</blockquote></p><p> <b>Intel(INTC) </b>– Intel set out a multi-year plan to regain its dominance in the semiconductor market, aiming to release a new chip each year between now and 2025 and seeking to regain lost market share from competitors like Samsung and&nbsp;Taiwan Semiconductor. Intel fell 1.9% in the premarket.</p><p><blockquote><b>英特尔(INTC)</b>-英特尔制定了一项多年计划，以重新夺回其在半导体市场的主导地位，目标是从现在到2025年每年发布一款新芯片，并寻求从三星和台积电等竞争对手手中夺回失去的市场份额。英特尔盘前下跌1.9%。</blockquote></p><p></p><p> <b>Starbucks(SBUX)</b> – Starbucks expanded its partnership with Swiss food giant Nestle, with plans to introduce ready-to-drink coffee beverages in Southeasts Asia and Latin America. Separately, Starbucks sold its stake in its South Korea joint venture to local partner E-Mart and Singapore’s sovereign wealth fund.</p><p><blockquote><b>星巴克(SBUX)</b>-星巴克扩大了与瑞士食品巨头雀巢的合作关系，计划在东南亚和拉丁美洲推出即饮咖啡饮料。另外，星巴克将其在韩国合资企业的股份出售给了当地合作伙伴易买得和新加坡主权财富基金。</blockquote></p><p> <b>Polaris Industries(PII)</b> – Polaris reported quarterly profit of $2.70 per share, beating the consensus estimate of $2.21 a share. The recreational vehicle maker’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and stronger pricing, although it also experienced higher costs for commodities and labor.</p><p><blockquote><b>北极星工业(PII)</b>-北极星公布季度利润为每股2.70美元，超出市场普遍预期的每股2.21美元。这家休闲车制造商的收入符合华尔街的预测。北极星受益于较低的促销成本和更强的定价，尽管它也经历了更高的商品和劳动力成本。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WM":"美国废物管理","TSLA":"特斯拉",".IXIC":"NASDAQ Composite","FFIV":"F5 Inc","GOOG":"谷歌","UPS":"联合包裹",".SPX":"S&P 500 Index","INTC":"英特尔","RTX":"雷神技术公司","GE":"GE航空航天","AAPL":"苹果","MSFT":"微软","GOOGL":"谷歌A","SBUX":"星巴克","MMM":"3M",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190390540","content_text":"Stock Futures Slip With Tech Earnings on Tap\n\n\nQuarterly results are due from Apple, Microsoft and Alphabet after markets close\n\nU.S. stock index futures fell on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.\nU.S. S&P 500 E-minis were down 8.25 points, or 0.19%, at 08:05 am ET. Dow E-minis were down 93 points, or 0.27%, while Nasdaq 100 E-minis were down 3 points, or 0.02%.\n\nCrypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global and Square plunged between 2% and 17%.\nMore than one third of the S&P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon and Google-parent Alphabet, the four largest U.S. companies by market value.\nApple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday.\nInvestors remained on edge, awaiting more signals from the central bank on when it intends to begin reining in its massive stimulus program. The two-day Fed meeting will begin later in the day.\nStocks making the biggest moves in the premarket:\nTesla(TSLA) – Teslaearned $1.45 per sharefor the second quarter, compared to a 98 cents a share consensus estimate. Revenue also beat forecasts. The automaker said its success during the second half of the year would center around its ability to navigate supply chain issues. Tesla rose 1.6% in premarket trading.\nF5 Networks(FFIV) – F5 beat estimates by 30 cents a share, with quarterly earnings of $2.76 per share. The enterprise software maker’s revenue topped analysts’ forecasts as well. F5 saw strong demand amid a continued pandemic-induced growth in digital business applications. F5 rallied 6.1% in premarket trading.\nUnited Parcel Service(UPS) – UPS shares fell 2.4% in the premarket, as domestic revenue came up shy of estimates. UPS beat overall on the top and bottom lines, however, as a surge in shipping of e-commerce orders continued. UPS earned $3.06 per share for the second quarter, compared to a consensus estimate of $2.82.\nStanley Black & Decker(SWK) – The tool maker beat estimates by 18 cents a share, with quarterly earnings of $3.08 per share. Revenue topped Street forecasts and the company raised its full-year outlook, expecting growth and stronger pricing to offset higher costs.\n3M(MMM) – 3M rose 1.2% in premarket trading, after beating the $2.28 a share consensus estimate with quarterly earnings of $2.59 per share. Revenue beat forecasts as well, and 3M raised its full-year outlook as its various businesses recover from the pandemic.\nGeneral Electric(GE) – GE shares rose 3.9% in premarket action, as it beat forecasts and surprised analysts with positive cash flow for the quarter. GE earned 5 cents per share for the second quarter, 2 cents a share above estimates. Revenue beat estimates as well on strong performances by its aviation and power divisions.\nRaytheon Technologies(RTX) – Raytheon came in 10 cents a share above estimates, with quarterly earnings of $1.03 per share. Revenue also topped analysts’ forecasts. The aerospace manufacturer raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services. Raytheon shares rose 1.7% in the premarket.\nSirius XM(SIRI) – The satellite radio operator beat estimates by 3 cents a share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected revenue. Its profit nearly doubled from a year earlier as it benefited from subscriber additions. The stock gained 3.1% in premarket action.\nWaste Management(WM) – The waste collection company came in 8 cents a share above estimates, with quarterly earnings of $1.27 per share. Revenue also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost controls.\nSherwin-Williams(SHW) – The paint maker fell 3 cents a share shy of consensus estimates, with quarterly earnings of $2.65 per share. Revenue was in line with estimates. Results were impacted by a return in do-it-yourself volumes to pre-pandemic levels.\nIntel(INTC) – Intel set out a multi-year plan to regain its dominance in the semiconductor market, aiming to release a new chip each year between now and 2025 and seeking to regain lost market share from competitors like Samsung and Taiwan Semiconductor. Intel fell 1.9% in the premarket.\nStarbucks(SBUX) – Starbucks expanded its partnership with Swiss food giant Nestle, with plans to introduce ready-to-drink coffee beverages in Southeasts Asia and Latin America. Separately, Starbucks sold its stake in its South Korea joint venture to local partner E-Mart and Singapore’s sovereign wealth fund.\nPolaris Industries(PII) – Polaris reported quarterly profit of $2.70 per share, beating the consensus estimate of $2.21 a share. The recreational vehicle maker’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and stronger pricing, although it also experienced higher costs for commodities and 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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":1627388124,"share":"https://www.laohu8.com/m/news/1190390540?lang=zh_CN&edition=full","pubTime":"2021-07-27 20:15","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190390540","media":"Tiger Newspress","summary":"Stock Futures Slip With Tech Earnings on Tap\n\n\nQuarterly results are due from Apple, Microsoft and A","content":"<p><ul>  <li>Stock Futures Slip With Tech Earnings on Tap</li> </ul> <ul>  <li>Quarterly results are due from Apple, Microsoft and Alphabet after markets close</li> </ul> U.S. stock index futures fell on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.</p><p><blockquote><ul><li>科技股盈利即将到来，股指期货下跌</li></ul><ul><li>苹果、微软和Alphabet将于收盘后公布季度业绩</li></ul>周二，在华尔街最有价值公司公布财报之前，以及为期两天的美联储会议前夕，美国股指期货下跌。</blockquote></p><p> U.S. S&amp;P 500 E-minis were down 8.25 points, or 0.19%, at 08:05 am ET. Dow E-minis were down 93 points, or 0.27%, while Nasdaq 100 E-minis were down 3 points, or 0.02%.</p><p><blockquote>截至美国东部时间上午08:05，美国标普500 e-mini下跌8.25点，即0.19%。道琼斯电子迷你指数下跌93点，跌幅0.27%，纳斯达克100电子迷你指数下跌3点，跌幅0.02%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3fb54b80cfb78268a87bd4a378ca296e\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Crypto Stocks tumbled in premarket trading&nbsp;on&nbsp;Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang&nbsp;international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global&nbsp;and&nbsp;Square&nbsp;plunged between 2% and 17%.</p><p><blockquote>由于Amazon denimg报告接受比特币作为支付方式，加密货币股票在盘前交易中暴跌。Bit Digital、第九城市、SOS Ltd、嘉楠耘智、亿邦国际、Marathon Digital Holdings、Riot Blockchain、Coinbase Global和Square暴跌2%至17%。</blockquote></p><p> More than one third of the S&amp;P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon&nbsp;and Google-parent Alphabet, the four largest U.S. companies by market value.</p><p><blockquote>超过三分之一的标普500将于本周公布季度业绩，其中以苹果、微软、亚马逊和谷歌母公司Alphabet为首，这四家美国市值最大的公司。</blockquote></p><p> Apple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday.</p><p><blockquote>苹果、Alphabet和微软的盘前交易基本持平，将在收盘后公布财报，而亚马逊将于周四公布业绩。</blockquote></p><p> Investors remained on edge, awaiting more signals from the central bank on when it intends to begin reining in its massive stimulus program. The two-day Fed meeting will begin later in the day.</p><p><blockquote>投资者仍处于紧张状态，等待央行关于何时开始控制其大规模刺激计划的更多信号。为期两天的美联储会议将于当天晚些时候开始。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Tesla(TSLA) </b>– Teslaearned $1.45 per sharefor the second quarter, compared to a 98 cents a share consensus estimate. Revenue also beat forecasts. The automaker said its success during the second half of the year would center around its ability to navigate supply chain issues. Tesla rose 1.6% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>-特斯拉第二季度每股收益1.45美元，而市场普遍预期为每股98美分。收入也超出预期。该汽车制造商表示，下半年的成功将集中在其解决供应链问题的能力上。特斯拉在盘前交易中上涨1.6%。</blockquote></p><p> <b>F5 Networks(FFIV) </b>– F5 beat estimates by 30 cents a share, with quarterly earnings of $2.76 per share. The enterprise software maker’s revenue topped analysts’ forecasts as well. F5 saw strong demand amid a continued pandemic-induced growth in digital business applications. F5 rallied 6.1% in premarket trading.</p><p><blockquote><b>F5网络(FFIV)</b>-F5每股超出预期30美分，季度收益为每股2.76美元。这家企业软件制造商的收入也超出了分析师的预期。在疫情推动的数字商业应用持续增长的背景下，F5的需求强劲。F5在盘前交易中上涨6.1%。</blockquote></p><p> <b>United Parcel Service(UPS)</b> – UPS shares fell 2.4% in the premarket, as domestic revenue came up shy of estimates. UPS&nbsp;beat overall on the top and bottom lines, however, as a surge in shipping of e-commerce orders continued. UPS earned $3.06 per share for the second quarter, compared to a consensus estimate of $2.82.</p><p><blockquote><b>联合包裹服务公司(UPS)</b>-由于国内收入低于预期，UPS股价盘前下跌2.4%。然而，随着电子商务订单发货量持续激增，UPS的营收和利润整体表现良好。UPS第二季度每股收益3.06美元，而市场普遍预期为2.82美元。</blockquote></p><p> Stanley Black &amp; Decker(SWK) – The tool maker beat estimates by 18 cents a share, with quarterly earnings of $3.08 per share. Revenue topped Street forecasts and the company raised its full-year outlook, expecting growth and stronger pricing to offset higher costs.</p><p><blockquote>Stanley Black&amp;Decker(SWK)——这家工具制造商每股收益超出预期18美分，季度收益为每股3.08美元。收入超出了华尔街的预期，该公司上调了全年预期，预计增长和更强劲的定价将抵消更高的成本。</blockquote></p><p> <b>3M(MMM)</b> – 3M rose 1.2% in premarket trading, after beating the $2.28 a share consensus estimate with quarterly earnings of $2.59 per share. Revenue beat forecasts as well, and 3M raised its full-year outlook as its various businesses recover from the pandemic.</p><p><blockquote><b>3M（3M）</b>-3M在盘前交易中上涨1.2%，季度收益为每股2.59美元，超出每股2.28美元的普遍预期。收入也超出了预期，随着各项业务从疫情中复苏，3M上调了全年预期。</blockquote></p><p> <b>General Electric(GE) </b>– GE shares rose 3.9% in premarket action, as it beat forecasts and surprised analysts with positive cash flow for the quarter. GE earned 5 cents per share for the second quarter, 2 cents a share above estimates. Revenue beat estimates as well on strong performances by its aviation and power divisions.</p><p><blockquote><b>通用电气（GE）</b>-GE股价在盘前上涨3.9%，本季度现金流为正，超出预期，令分析师感到惊讶。通用电气第二季度每股收益5美分，比预期高出2美分。由于航空和电力部门的强劲表现，收入也超出了预期。</blockquote></p><p> <b>Raytheon Technologies(RTX) </b>– Raytheon came in 10 cents a share above estimates, with quarterly earnings of $1.03 per share. Revenue also topped analysts’ forecasts. The aerospace manufacturer raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services. Raytheon shares rose 1.7% in the premarket.</p><p><blockquote><b>雷神技术公司(RTX)</b>-雷神公司每股收益比预期高出10美分，季度收益为每股1.03美元。收入也超出了分析师的预期。由于商业航空旅行的复苏提振了对其产品和服务的需求，这家航空航天制造商上调了全年预测。雷神公司股价盘前上涨1.7%。</blockquote></p><p> <b>Sirius XM(SIRI)</b> – The satellite radio operator beat estimates by 3 cents a share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected revenue. Its profit nearly doubled from a year earlier as it benefited from subscriber additions. The stock gained 3.1% in premarket action.</p><p><blockquote><b>天狼星XM（系列）</b>–这家卫星广播运营商每股收益超出预期3美分，季度收益为每股10美分。该公司还报告了好于预期的收入。由于受益于用户的增加，其利润较上年同期几乎翻了一番。该股在盘前上涨3.1%。</blockquote></p><p> <b>Waste Management(WM)</b> – The waste collection company came in 8 cents a share above estimates, with quarterly earnings of $1.27 per share. Revenue also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost controls.</p><p><blockquote><b>废物管理（WM）</b>–这家垃圾收集公司每股收益比预期高出8美分，季度收益为每股1.27美元。收入也超出预期。废物管理公司表示，它受益于数量的反弹和对成本控制的关注。</blockquote></p><p> <b>Sherwin-Williams(SHW) </b>– The paint maker fell 3 cents a share shy of consensus estimates, with quarterly earnings of $2.65 per share. Revenue was in line with estimates. Results were impacted by a return in do-it-yourself volumes to pre-pandemic levels.</p><p><blockquote><b>宣伟(SHW)</b>–该涂料制造商每股股价下跌3美分，比市场普遍预期低，季度收益为每股2.65美元。收入与预期一致。结果受到自己动手量恢复到大流行前水平的影响。</blockquote></p><p> <b>Intel(INTC) </b>– Intel set out a multi-year plan to regain its dominance in the semiconductor market, aiming to release a new chip each year between now and 2025 and seeking to regain lost market share from competitors like Samsung and&nbsp;Taiwan Semiconductor. Intel fell 1.9% in the premarket.</p><p><blockquote><b>英特尔(INTC)</b>-英特尔制定了一项多年计划，以重新夺回其在半导体市场的主导地位，目标是从现在到2025年每年发布一款新芯片，并寻求从三星和台积电等竞争对手手中夺回失去的市场份额。英特尔盘前下跌1.9%。</blockquote></p><p></p><p> <b>Starbucks(SBUX)</b> – Starbucks expanded its partnership with Swiss food giant Nestle, with plans to introduce ready-to-drink coffee beverages in Southeasts Asia and Latin America. Separately, Starbucks sold its stake in its South Korea joint venture to local partner E-Mart and Singapore’s sovereign wealth fund.</p><p><blockquote><b>星巴克(SBUX)</b>-星巴克扩大了与瑞士食品巨头雀巢的合作关系，计划在东南亚和拉丁美洲推出即饮咖啡饮料。另外，星巴克将其在韩国合资企业的股份出售给了当地合作伙伴易买得和新加坡主权财富基金。</blockquote></p><p> <b>Polaris Industries(PII)</b> – Polaris reported quarterly profit of $2.70 per share, beating the consensus estimate of $2.21 a share. The recreational vehicle maker’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and stronger pricing, although it also experienced higher costs for commodities and labor.</p><p><blockquote><b>北极星工业(PII)</b>-北极星公布季度利润为每股2.70美元，超出市场普遍预期的每股2.21美元。这家休闲车制造商的收入符合华尔街的预测。北极星受益于较低的促销成本和更强的定价，尽管它也经历了更高的商品和劳动力成本。</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>Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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\">\nToplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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\">2021-07-27 20:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Stock Futures Slip With Tech Earnings on Tap</li> </ul> <ul>  <li>Quarterly results are due from Apple, Microsoft and Alphabet after markets close</li> </ul> U.S. stock index futures fell on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.</p><p><blockquote><ul><li>科技股盈利即将到来，股指期货下跌</li></ul><ul><li>苹果、微软和Alphabet将于收盘后公布季度业绩</li></ul>周二，在华尔街最有价值公司公布财报之前，以及为期两天的美联储会议前夕，美国股指期货下跌。</blockquote></p><p> U.S. S&amp;P 500 E-minis were down 8.25 points, or 0.19%, at 08:05 am ET. Dow E-minis were down 93 points, or 0.27%, while Nasdaq 100 E-minis were down 3 points, or 0.02%.</p><p><blockquote>截至美国东部时间上午08:05，美国标普500 e-mini下跌8.25点，即0.19%。道琼斯电子迷你指数下跌93点，跌幅0.27%，纳斯达克100电子迷你指数下跌3点，跌幅0.02%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3fb54b80cfb78268a87bd4a378ca296e\" tg-width=\"1080\" tg-height=\"403\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Crypto Stocks tumbled in premarket trading&nbsp;on&nbsp;Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang&nbsp;international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global&nbsp;and&nbsp;Square&nbsp;plunged between 2% and 17%.</p><p><blockquote>由于Amazon denimg报告接受比特币作为支付方式，加密货币股票在盘前交易中暴跌。Bit Digital、第九城市、SOS Ltd、嘉楠耘智、亿邦国际、Marathon Digital Holdings、Riot Blockchain、Coinbase Global和Square暴跌2%至17%。</blockquote></p><p> More than one third of the S&amp;P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon&nbsp;and Google-parent Alphabet, the four largest U.S. companies by market value.</p><p><blockquote>超过三分之一的标普500将于本周公布季度业绩，其中以苹果、微软、亚马逊和谷歌母公司Alphabet为首，这四家美国市值最大的公司。</blockquote></p><p> Apple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday.</p><p><blockquote>苹果、Alphabet和微软的盘前交易基本持平，将在收盘后公布财报，而亚马逊将于周四公布业绩。</blockquote></p><p> Investors remained on edge, awaiting more signals from the central bank on when it intends to begin reining in its massive stimulus program. The two-day Fed meeting will begin later in the day.</p><p><blockquote>投资者仍处于紧张状态，等待央行关于何时开始控制其大规模刺激计划的更多信号。为期两天的美联储会议将于当天晚些时候开始。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Tesla(TSLA) </b>– Teslaearned $1.45 per sharefor the second quarter, compared to a 98 cents a share consensus estimate. Revenue also beat forecasts. The automaker said its success during the second half of the year would center around its ability to navigate supply chain issues. Tesla rose 1.6% in premarket trading.</p><p><blockquote><b>特斯拉(TSLA)</b>-特斯拉第二季度每股收益1.45美元，而市场普遍预期为每股98美分。收入也超出预期。该汽车制造商表示，下半年的成功将集中在其解决供应链问题的能力上。特斯拉在盘前交易中上涨1.6%。</blockquote></p><p> <b>F5 Networks(FFIV) </b>– F5 beat estimates by 30 cents a share, with quarterly earnings of $2.76 per share. The enterprise software maker’s revenue topped analysts’ forecasts as well. F5 saw strong demand amid a continued pandemic-induced growth in digital business applications. F5 rallied 6.1% in premarket trading.</p><p><blockquote><b>F5网络(FFIV)</b>-F5每股超出预期30美分，季度收益为每股2.76美元。这家企业软件制造商的收入也超出了分析师的预期。在疫情推动的数字商业应用持续增长的背景下，F5的需求强劲。F5在盘前交易中上涨6.1%。</blockquote></p><p> <b>United Parcel Service(UPS)</b> – UPS shares fell 2.4% in the premarket, as domestic revenue came up shy of estimates. UPS&nbsp;beat overall on the top and bottom lines, however, as a surge in shipping of e-commerce orders continued. UPS earned $3.06 per share for the second quarter, compared to a consensus estimate of $2.82.</p><p><blockquote><b>联合包裹服务公司(UPS)</b>-由于国内收入低于预期，UPS股价盘前下跌2.4%。然而，随着电子商务订单发货量持续激增，UPS的营收和利润整体表现良好。UPS第二季度每股收益3.06美元，而市场普遍预期为2.82美元。</blockquote></p><p> Stanley Black &amp; Decker(SWK) – The tool maker beat estimates by 18 cents a share, with quarterly earnings of $3.08 per share. Revenue topped Street forecasts and the company raised its full-year outlook, expecting growth and stronger pricing to offset higher costs.</p><p><blockquote>Stanley Black&amp;Decker(SWK)——这家工具制造商每股收益超出预期18美分，季度收益为每股3.08美元。收入超出了华尔街的预期，该公司上调了全年预期，预计增长和更强劲的定价将抵消更高的成本。</blockquote></p><p> <b>3M(MMM)</b> – 3M rose 1.2% in premarket trading, after beating the $2.28 a share consensus estimate with quarterly earnings of $2.59 per share. Revenue beat forecasts as well, and 3M raised its full-year outlook as its various businesses recover from the pandemic.</p><p><blockquote><b>3M（3M）</b>-3M在盘前交易中上涨1.2%，季度收益为每股2.59美元，超出每股2.28美元的普遍预期。收入也超出了预期，随着各项业务从疫情中复苏，3M上调了全年预期。</blockquote></p><p> <b>General Electric(GE) </b>– GE shares rose 3.9% in premarket action, as it beat forecasts and surprised analysts with positive cash flow for the quarter. GE earned 5 cents per share for the second quarter, 2 cents a share above estimates. Revenue beat estimates as well on strong performances by its aviation and power divisions.</p><p><blockquote><b>通用电气（GE）</b>-GE股价在盘前上涨3.9%，本季度现金流为正，超出预期，令分析师感到惊讶。通用电气第二季度每股收益5美分，比预期高出2美分。由于航空和电力部门的强劲表现，收入也超出了预期。</blockquote></p><p> <b>Raytheon Technologies(RTX) </b>– Raytheon came in 10 cents a share above estimates, with quarterly earnings of $1.03 per share. Revenue also topped analysts’ forecasts. The aerospace manufacturer raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services. Raytheon shares rose 1.7% in the premarket.</p><p><blockquote><b>雷神技术公司(RTX)</b>-雷神公司每股收益比预期高出10美分，季度收益为每股1.03美元。收入也超出了分析师的预期。由于商业航空旅行的复苏提振了对其产品和服务的需求，这家航空航天制造商上调了全年预测。雷神公司股价盘前上涨1.7%。</blockquote></p><p> <b>Sirius XM(SIRI)</b> – The satellite radio operator beat estimates by 3 cents a share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected revenue. Its profit nearly doubled from a year earlier as it benefited from subscriber additions. The stock gained 3.1% in premarket action.</p><p><blockquote><b>天狼星XM（系列）</b>–这家卫星广播运营商每股收益超出预期3美分，季度收益为每股10美分。该公司还报告了好于预期的收入。由于受益于用户的增加，其利润较上年同期几乎翻了一番。该股在盘前上涨3.1%。</blockquote></p><p> <b>Waste Management(WM)</b> – The waste collection company came in 8 cents a share above estimates, with quarterly earnings of $1.27 per share. Revenue also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost controls.</p><p><blockquote><b>废物管理（WM）</b>–这家垃圾收集公司每股收益比预期高出8美分，季度收益为每股1.27美元。收入也超出预期。废物管理公司表示，它受益于数量的反弹和对成本控制的关注。</blockquote></p><p> <b>Sherwin-Williams(SHW) </b>– The paint maker fell 3 cents a share shy of consensus estimates, with quarterly earnings of $2.65 per share. Revenue was in line with estimates. Results were impacted by a return in do-it-yourself volumes to pre-pandemic levels.</p><p><blockquote><b>宣伟(SHW)</b>–该涂料制造商每股股价下跌3美分，比市场普遍预期低，季度收益为每股2.65美元。收入与预期一致。结果受到自己动手量恢复到大流行前水平的影响。</blockquote></p><p> <b>Intel(INTC) </b>– Intel set out a multi-year plan to regain its dominance in the semiconductor market, aiming to release a new chip each year between now and 2025 and seeking to regain lost market share from competitors like Samsung and&nbsp;Taiwan Semiconductor. Intel fell 1.9% in the premarket.</p><p><blockquote><b>英特尔(INTC)</b>-英特尔制定了一项多年计划，以重新夺回其在半导体市场的主导地位，目标是从现在到2025年每年发布一款新芯片，并寻求从三星和台积电等竞争对手手中夺回失去的市场份额。英特尔盘前下跌1.9%。</blockquote></p><p></p><p> <b>Starbucks(SBUX)</b> – Starbucks expanded its partnership with Swiss food giant Nestle, with plans to introduce ready-to-drink coffee beverages in Southeasts Asia and Latin America. Separately, Starbucks sold its stake in its South Korea joint venture to local partner E-Mart and Singapore’s sovereign wealth fund.</p><p><blockquote><b>星巴克(SBUX)</b>-星巴克扩大了与瑞士食品巨头雀巢的合作关系，计划在东南亚和拉丁美洲推出即饮咖啡饮料。另外，星巴克将其在韩国合资企业的股份出售给了当地合作伙伴易买得和新加坡主权财富基金。</blockquote></p><p> <b>Polaris Industries(PII)</b> – Polaris reported quarterly profit of $2.70 per share, beating the consensus estimate of $2.21 a share. The recreational vehicle maker’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and stronger pricing, although it also experienced higher costs for commodities and labor.</p><p><blockquote><b>北极星工业(PII)</b>-北极星公布季度利润为每股2.70美元，超出市场普遍预期的每股2.21美元。这家休闲车制造商的收入符合华尔街的预测。北极星受益于较低的促销成本和更强的定价，尽管它也经历了更高的商品和劳动力成本。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WM":"美国废物管理","TSLA":"特斯拉",".IXIC":"NASDAQ Composite","FFIV":"F5 Inc","GOOG":"谷歌","UPS":"联合包裹",".SPX":"S&P 500 Index","INTC":"英特尔","RTX":"雷神技术公司","GE":"GE航空航天","AAPL":"苹果","MSFT":"微软","GOOGL":"谷歌A","SBUX":"星巴克","MMM":"3M",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190390540","content_text":"Stock Futures Slip With Tech Earnings on Tap\n\n\nQuarterly results are due from Apple, Microsoft and Alphabet after markets close\n\nU.S. stock index futures fell on Tuesday ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.\nU.S. S&P 500 E-minis were down 8.25 points, or 0.19%, at 08:05 am ET. Dow E-minis were down 93 points, or 0.27%, while Nasdaq 100 E-minis were down 3 points, or 0.02%.\n\nCrypto Stocks tumbled in premarket trading on Amazon denimg report of accepting bitcoin as payment.Bit Digital,The9,SOS Ltd,Canaan,Ebang international,Marathon Digital Holdings,Riot Blockchain,Coinbase Global and Square plunged between 2% and 17%.\nMore than one third of the S&P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon and Google-parent Alphabet, the four largest U.S. companies by market value.\nApple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday.\nInvestors remained on edge, awaiting more signals from the central bank on when it intends to begin reining in its massive stimulus program. The two-day Fed meeting will begin later in the day.\nStocks making the biggest moves in the premarket:\nTesla(TSLA) – Teslaearned $1.45 per sharefor the second quarter, compared to a 98 cents a share consensus estimate. Revenue also beat forecasts. The automaker said its success during the second half of the year would center around its ability to navigate supply chain issues. Tesla rose 1.6% in premarket trading.\nF5 Networks(FFIV) – F5 beat estimates by 30 cents a share, with quarterly earnings of $2.76 per share. The enterprise software maker’s revenue topped analysts’ forecasts as well. F5 saw strong demand amid a continued pandemic-induced growth in digital business applications. F5 rallied 6.1% in premarket trading.\nUnited Parcel Service(UPS) – UPS shares fell 2.4% in the premarket, as domestic revenue came up shy of estimates. UPS beat overall on the top and bottom lines, however, as a surge in shipping of e-commerce orders continued. UPS earned $3.06 per share for the second quarter, compared to a consensus estimate of $2.82.\nStanley Black & Decker(SWK) – The tool maker beat estimates by 18 cents a share, with quarterly earnings of $3.08 per share. Revenue topped Street forecasts and the company raised its full-year outlook, expecting growth and stronger pricing to offset higher costs.\n3M(MMM) – 3M rose 1.2% in premarket trading, after beating the $2.28 a share consensus estimate with quarterly earnings of $2.59 per share. Revenue beat forecasts as well, and 3M raised its full-year outlook as its various businesses recover from the pandemic.\nGeneral Electric(GE) – GE shares rose 3.9% in premarket action, as it beat forecasts and surprised analysts with positive cash flow for the quarter. GE earned 5 cents per share for the second quarter, 2 cents a share above estimates. Revenue beat estimates as well on strong performances by its aviation and power divisions.\nRaytheon Technologies(RTX) – Raytheon came in 10 cents a share above estimates, with quarterly earnings of $1.03 per share. Revenue also topped analysts’ forecasts. The aerospace manufacturer raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services. Raytheon shares rose 1.7% in the premarket.\nSirius XM(SIRI) – The satellite radio operator beat estimates by 3 cents a share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected revenue. Its profit nearly doubled from a year earlier as it benefited from subscriber additions. The stock gained 3.1% in premarket action.\nWaste Management(WM) – The waste collection company came in 8 cents a share above estimates, with quarterly earnings of $1.27 per share. Revenue also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost controls.\nSherwin-Williams(SHW) – The paint maker fell 3 cents a share shy of consensus estimates, with quarterly earnings of $2.65 per share. Revenue was in line with estimates. Results were impacted by a return in do-it-yourself volumes to pre-pandemic levels.\nIntel(INTC) – Intel set out a multi-year plan to regain its dominance in the semiconductor market, aiming to release a new chip each year between now and 2025 and seeking to regain lost market share from competitors like Samsung and Taiwan Semiconductor. Intel fell 1.9% in the premarket.\nStarbucks(SBUX) – Starbucks expanded its partnership with Swiss food giant Nestle, with plans to introduce ready-to-drink coffee beverages in Southeasts Asia and Latin America. Separately, Starbucks sold its stake in its South Korea joint venture to local partner E-Mart and Singapore’s sovereign wealth fund.\nPolaris Industries(PII) – Polaris reported quarterly profit of $2.70 per share, beating the consensus estimate of $2.21 a share. The recreational vehicle maker’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and stronger pricing, although it also experienced higher costs for commodities and 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noted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809450683","repostId":"1151272378","repostType":4,"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897555360,"gmtCreate":1628948450750,"gmtModify":1631891544268,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897555360","repostId":"1167599158","repostType":4,"isVote":1,"tweetType":1,"viewCount":1420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807781320,"gmtCreate":1628057939460,"gmtModify":1631891544284,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Oh wow","listText":"Oh wow","text":"Oh wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807781320","repostId":"1136485652","repostType":4,"repost":{"id":"1136485652","kind":"news","pubTimestamp":1628057471,"share":"https://www.laohu8.com/m/news/1136485652?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:11","market":"us","language":"en","title":"Is Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136485652","media":"seekingalpha","summary":"Summary\n\nTSM offers exposure to the growing semiconductor industry in a diversified way, as it will ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>TSM offers exposure to the growing semiconductor industry in a diversified way, as it will benefit from growth at NVIDIA, Apple, and many more.</li>  <li>The company's business model has some disadvantages as well, mainly its relatively high capital requirements that limit its FCF conversion rate.</li>  <li>TSM is trading above its longer-term valuation range, but shares could still deliver attractive returns in the long run.</li> </ul> <b>Article Thesis</b></p><p><blockquote><ul><li>TSM以多元化的方式接触不断增长的半导体行业，因为它将受益于英伟达、苹果等公司的增长。</li><li>该公司的商业模式也有一些缺点，主要是资本要求相对较高，限制了其自由现金流转化率。</li><li>TSM的交易价格高于其长期估值范围，但从长远来看，其股价仍可能带来有吸引力的回报。</li></ul><b>文章论文</b></blockquote></p><p> The semiconductor industry has experienced rapid growth in recent years, and the long-term outlook remains strong as well. Chips are integral for our way of life and for our economy, and Taiwan Semiconductor Manufacturing Company Limited (TSM), as one of the largest manufacturers in the space, is poised to benefit from long-term growth trends. Investors should, apart from the growth prospects, also consider TSM's valuation and the risks for the business. Overall, TSM still seems like a company that could deliver attractive returns in the long run.</p><p><blockquote>半导体行业近年来经历了快速增长，长期前景也依然强劲。芯片是我们生活方式和经济不可或缺的一部分，台积电有限公司(TSM)作为该领域最大的制造商之一，有望从长期增长趋势中受益。除了增长前景外，投资者还应考虑TSM的估值和业务风险。总体而言，从长远来看，TSM似乎仍然是一家能够带来有吸引力回报的公司。</blockquote></p><p> <b>Taiwan Semiconductor As A Play On Global Semiconductor Demand Growth</b></p><p><blockquote><b>台积电对全球半导体需求增长的推动作用</b></blockquote></p><p> Over the last couple of decades, the global semiconductor industry has experienced rapid growth, as chips have become integral for almost everything we do, from work to our personal communication, and even for the way we spend our free time. These trends -- digitalization &amp; technification -- are still in play, and it seems highly unlikely that we will be using fewer technical gadgets and products in a decade or two. In fact, it seems, to me, pretty much certain that our chip usage will grow even more, due to megatrends such as the internet of things, smart products, self-driving cars, wearable tech, and so on. Even trends such as working from home will lead to fewer meetings that will be conducted in-person, which will, in turn, lead to higher demand for at-home technical equipment and processing power in server farms that handle video conferences. New and emerging technologies, such as the&nbsp;Metaverse&nbsp;as the next-generation internet, will require more processing power compared to current technologies as well, which will, in turn, lead to higher chip demand. Overall, the growth outlook for the semiconductor industry is thus strong and will remain strong for a long time, I believe. This does not necessarily mean that every company in this space will grow forever, but it is, of course, better to be active in a high-growth industry rather than a low-growth industry, all else equal.</p><p><blockquote>在过去的几十年里，全球半导体行业经历了快速增长，芯片已经成为我们几乎所有事情不可或缺的一部分，从工作到个人交流，甚至是我们度过空闲时间的方式。这些趋势——数字化和技术化——仍在发挥作用，在一二十年内，我们不太可能使用更少的技术设备和产品。事实上，在我看来，由于物联网、智能产品、自动驾驶汽车、可穿戴技术等大趋势，我们的芯片使用量将会增长更多。即使是在家工作等趋势也会导致面对面举行的会议减少，这反过来又会导致对家庭技术设备和处理视频会议的服务器群的处理能力的更高需求。与当前技术相比，新兴技术（例如作为下一代互联网的元宇宙）也将需要更多的处理能力，这反过来将导致更高的芯片需求。总体而言，我相信半导体行业的增长前景是强劲的，并且将在很长一段时间内保持强劲。这并不一定意味着这个领域的每家公司都会永远增长，但在其他条件相同的情况下，活跃在高增长行业而不是低增长行业当然更好。</blockquote></p><p> Taiwan Semiconductor Manufacturing Company, as the leading contract manufacturer in the world, will benefit from higher demand for contract manufacturing. This, in turn, will be driven by the increasing demand from fabless companies such as NVIDIA (NVDA), AMD (AMD), Apple (AAPL), and many more that are paying TSM to manufacture their semiconductors.</p><p><blockquote>台积电公司作为全球领先的合同制造商，将受益于更高的合同制造需求。反过来，这将受到NVIDIA(NVDA)、AMD(AMD)、苹果(AAPL)等无晶圆厂公司不断增长的需求的推动，这些公司向TSM付费以制造半导体。</blockquote></p><p> Taiwan Semiconductor's business model has the upside of allowing the company to benefit from growing chip demand overall, no matter which individual customer experiences the highest demand growth. On the other hand, there are also downsides to TSM's business model, mainly the fact that the buildout of&nbsp;new plants&nbsp;requires huge capital expenditures:</p><p><blockquote>台积电的商业模式的好处是，无论哪个单个客户的需求增长最高，该公司都可以从整体不断增长的芯片需求中受益。另一方面，TSM的商业模式也存在缺点，主要是新工厂的建设需要巨额资本支出：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5579119980e11c583375bdbd4b054194\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> TSM did generate operating cash flows of $29 billion over the last year, which results in a free cash flow of $9 billion once capital expenditures of $20 billion are subtracted. Net income, over the same time, was $18 billion, which means that TSM's free cash flow conversion rate was rather low, at just 50%. Other semiconductor companies, especially those that operate on a fabless basis, do generate significantly higher FCF relative to their net profits. One should, however, note that not all of TSM's capital expenditures are spent on maintenance projects, and growth spending will lead to higher cash flows at some point in the future. Still, TSM's business model means that its FCF is relatively weak relative to net profits, which limits the company's ability to grow via M&amp;A or to return cash to the company's owners.</p><p><blockquote>TSM去年确实产生了290亿美元的运营现金流，如果减去200亿美元的资本支出，自由现金流将达到90亿美元。同期净利润为180亿美元，这意味着TSM的自由现金流转化率相当低，仅为50%。其他半导体公司，尤其是那些在无晶圆厂基础上运营的公司，相对于净利润，其自由现金流确实要高得多。然而，应该注意的是，并非TSM的所有资本支出都用于维护项目，增长支出将在未来某个时候导致更高的现金流。尽管如此，TSM的商业模式意味着其自由现金流相对于净利润相对较弱，这限制了该公司通过并购实现增长或向公司所有者返还现金的能力。</blockquote></p><p> <b>Is TSM Stock Overvalued?</b></p><p><blockquote><b>TSM股票是否被高估？</b></blockquote></p><p></p><p> Taiwan Semiconductor Manufacturing Company has seen its shares rise by 45% over the last year, which may lead to questions about its current valuation. It should, however, be noted that this is not that much more than the returns by the broad market over the same time frame, as the S&amp;P 500 index (SPY) is up 35% over the last twelve months. TSM's stock trades significantly below the all-time high that was hit in early 2021 at $142, shares have declined by close to 20% over the last couple of months. Based on current earnings per share estimates for this fiscal year, TSM trades at 27x net profits, which is neither an overly high valuation nor an especially low valuation in absolute terms. On a relative basis, TSM looks significantly more expensive than it used to be:</p><p><blockquote>台积电公司的股价去年上涨了45%，这可能会引发人们对其当前估值的质疑。然而，应该指出的是，这并不比同期大盘的回报高多少，因为标普500指数（SPDR标普500指数ETF）在过去12个月内上涨了35%。TSM的股价远低于2021年初创下的142美元的历史高点，过去几个月股价下跌了近20%。根据目前对本财年每股收益的预测，TSM的交易价格是净利润的27倍，从绝对值来看，这既不是过高的估值，也不是特别低的估值。相对而言，TSM看起来比以前贵得多：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3630fc05937b218e3c5522064b623da8\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> In the above chart, we see that TSM was historically valued at 17x-23x its net profits, on average. At current prices, TSM trades about 20% above the 3-year median earnings multiple, and at a quite large 60% premium compared to the 10-year median. One can, of course, note that multiple expansion relative to the 10-year median is justified -- interest rates are ultra-low today, TSM's scale has improved and its moat has grown, and shares were arguably too cheap over much of the last decade. I would thus not call TSM overly expensive today, but it is still noteworthy that the company trades at a pretty clear premium compared to how shares were valued in the past.</p><p><blockquote>在上图中，我们看到TSM的历史平均估值为净利润的17倍至23倍。按目前价格计算，TSM的交易价格比3年市盈率中位数高出约20%，与10年市盈率中位数相比溢价60%。当然，人们可以注意到，相对于10年期中位数的倍数扩张是合理的——如今利率超低，TSM的规模有所提高，护城河也有所扩大，而且在过去的大部分时间里，股价可以说太便宜了。十年。因此，我不认为看涨期权TSM今天过于昂贵，但仍然值得注意的是，与过去的股票估值相比，该公司的交易价格相当明显。</blockquote></p><p> When we compare TSM's valuation to its growth rate, TSM does not look overly expensive, either. The company grew its earnings per share by 11% in the most recent quarter, and&nbsp;revenue growth&nbsp;has been in the double-digits, and as high as 45% in eight out of the last eight quarters. Strong growth will persist through the coming quarters and years from what we know today:</p><p><blockquote>当我们将TSM的估值与其增长率进行比较时，TSM看起来也不算太贵。该公司最近一个季度每股收益增长了11%，收入增长一直保持两位数，过去八个季度中有八个季度高达45%。据我们今天所知，未来几个季度和几年将持续强劲增长：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54f91237b93efce20ea06606b1896a3d\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: TSM presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TSM演示</span></p></blockquote></p><p> Based on management's current guidance, TSM will grow its revenue by 20% in Q3, compared to the previous year's quarter. On top of that, TSM's top line will hit a new record high, as revenues have never breached $14 billion before. Margins will, from what we know, not improve versus recent quarters, but top-line growth alone, at constant margins, will allow for an attractive increase in net profits.</p><p><blockquote>根据管理层目前的指导，TSM第三季度的收入将比去年同期增长20%。最重要的是，TSM的营收将创下历史新高，因为收入此前从未突破140亿美元。据我们所知，利润率与最近几个季度相比不会有所改善，但在利润率不变的情况下，仅营收增长就将使净利润出现有吸引力的增长。</blockquote></p><p> Due to the aforementioned tailwinds for the semiconductor industry as a whole, and thanks to a strong position for TSM when it comes to manufacturing processes such as 5nm and 7nm, which make up 50% of TSM's revenue, it is not a big surprise to see that analysts are forecasting attractive growth well beyond 2021. Current consensus estimates see TSM earning&nbsp;$5.53 per share&nbsp;in 2023, which gets us to a 2023 earnings multiple of 21, which I do not deem expensive for a major player in a growth industry such as TSM.</p><p><blockquote>由于上述整个半导体行业的有利因素，以及TSM在占TSM收入50%的5nm和7nm等制造工艺方面的强势地位，因此看到这一点并不令人意外分析师预测2021年之后将出现有吸引力的增长。目前的普遍预测是，TSM 2023年每股收益为5.53美元，这使我们2023年的市盈率达到21倍，我认为这对于TSM这样的成长型行业的主要参与者来说并不昂贵。</blockquote></p><p> <b>Will TSM Stock Go Up?</b></p><p><blockquote><b>TSM股票会上涨吗？</b></blockquote></p><p> In the near term, price movements are mostly driven by sentiment, and not really influenced by underlying results to a large degree. It thus seems pretty daring to try to estimate where prices will be a month or 3 months from now. The current consensus price target by the analyst community is $137, which indicates an upside of around 20% over the next year. The consensus rating by Wall Street analysts is also bullish, and the same holds true for the Seeking Alpha Quant rating, which stands at3.8, which is moderately bullish. With an RSI (relative strength index) of 48, Taiwan Semiconductor is neither overbought nor oversold. Over the next year, its share price could thus climb if the analyst community is correct, but this is far from certain, and the above-average valuation may pressure returns in the foreseeable future. It is, however, more important to try to evaluate where shares will be a couple of years from now, and the outlook is pretty solid for TSM in that regard.</p><p><blockquote>在短期内，价格变动主要是由情绪驱动的，而不是在很大程度上真正受到潜在结果的影响。因此，试图估计一个月或三个月后的价格似乎相当大胆。分析师界目前的一致目标价为137美元，这表明明年的上涨空间约为20%。华尔街分析师的一致评级也是看涨，Seeking Alpha Quant评级也是如此，为3.8，属于中度看涨。台积电的RSI（相对强弱指数）为48，既不超买也不超卖。如果分析师界是正确的，明年其股价可能会攀升，但这还远未确定，高于平均水平的估值可能会在可预见的未来给回报带来压力。然而，更重要的是尝试评估几年后股价的走势，在这方面，TSM的前景相当稳健。</blockquote></p><p> <b>Is TSM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>TSM股票是一项不错的长期投资吗？</b></blockquote></p><p> Due to the aforementioned industry characteristics and TSM's sizeable moat when it comes to contract manufacturing, Taiwan Semiconductor Manufacturing Company has an attractive long-term growth outlook, I believe. Analysts are forecasting $5.53 in earnings per share for 2023, and growth beyond that point should remain meaningful as well -- analysts are expecting 16% growth annually in the long run.</p><p><blockquote>由于上述行业特征以及TSM在合同制造方面的相当大的护城河，我相信台积电公司具有有吸引力的长期增长前景。分析师预测2023年每股收益为5.53美元，超过该点的增长也应该仍然有意义——分析师预计从长远来看，每年增长16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf936a529b0793b3f6469237189d9d29\" tg-width=\"640\" tg-height=\"515\" width=\"100%\" height=\"auto\"><span>Source: FAST Graphs</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：快速图表</span></p></blockquote></p><p></p><p> As we see in the above chart, annual returns could come in around 11% a year through the next five years if the consensus growth rate is correct -- and multiple compression towards an earnings multiple of 22 is already included in that estimate. Due to the fact that TSM is trading above its normal range today, I believe that a 27x earnings multiple will not be maintained, but an earnings multiple in the low 20s seems quite reasonable to me. Even if the P/E ratio were to decline to just 20, TSM would still generate annual returns of 9% a year through 2026, assuming growth is as fast as expected. Since TSM has managed to beat profit estimates for 13 quarters in a row, one could assume that there is little risk that analyst estimates are suddenly too aggressive -- in fact, returns could be slightly higher than what the above model indicates if the beating of expectations continues.</p><p><blockquote>正如我们在上图中看到的，如果共识增长率正确，未来五年的年回报率可能会在11%左右，并且该估计中已经包含了市盈率22的倍数压缩。由于TSM今天的交易价格高于正常范围，我相信不会维持27倍的市盈率，但20多倍的市盈率对我来说似乎相当合理。即使市盈率降至仅20，假设增长速度与预期一样快，TSM到2026年仍将产生9%的年回报率。由于TSM已连续13个季度超出利润预期，因此可以假设分析师预期突然过于激进的风险很小——事实上，如果超出预期，回报可能会略高于上述模型显示的预期。</blockquote></p><p> Overall, TSM looks like a very solid long-term investment if one seeks a play that gives exposure to the whole semiconductor industry and its long-term growth tailwinds. </p><p><blockquote>总体而言，如果人们寻求接触整个半导体行业及其长期增长推动力的投资，TSM看起来是一项非常可靠的长期投资。</blockquote></p><p> TSM pays a dividend yielding around 1.7% today, which is not overly much, but still more than what one can get from the broad market. Combined with a 5-year dividend growth rate of 13%, Taiwan Semiconductor seems like an appealing choice for a dividend growth investment -- the overall pretty strong&nbsp;Dividend Grades&nbsp;from Seeking Alpha's quant algorithm underline this. It would, of course, be great if one could buy TSM at or closer to the median earnings multiples from the past, but there is no immediate catalyst that could bring shares back down below $100, and it is far from certain that this will happen at all.</p><p><blockquote>TSM目前支付的股息收益率约为1.7%，虽然不算多，但仍然高于人们从大盘中获得的股息。结合13%的5年股息增长率，台积电似乎是股息增长投资的一个有吸引力的选择——Seeking Alpha量化算法的整体相当强劲的股息评级强调了这一点。当然，如果人们能够以或接近过去市盈率中位数的价格购买TSM，那就太好了，但没有立即的催化剂可以使股价回落到100美元以下，而且这种情况是否会发生还远未确定。</blockquote></p><p> Overall, Taiwan Semiconductor Manufacturing Company thus looks like a very solid long-term pick, even though total returns will likely be negatively impacted by some multiple compression in the long run. Annual returns, including dividends, in the 9%-12% range are realistic when one has a multi-year investment horizon, I believe. This is far from what one got over the last five years (more than 30% a year), but this could easily be enough to beat the returns of the market through 2026, I believe.</p><p><blockquote>总体而言，台积电公司因此看起来是一个非常可靠的长期选择，尽管从长远来看，总回报可能会受到一些倍数压缩的负面影响。我相信，当一个人有多年的投资期限时，9%-12%的年回报率（包括股息）是现实的。这与过去五年的回报率（每年超过30%）相去甚远，但我相信，这很容易足以击败2026年的市场回报率。</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>Is Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Taiwan Semiconductor Stock A Good Long-Term Investment? What To Consider<blockquote>台积电股票是一项好的长期投资吗？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-04 14:11</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>TSM offers exposure to the growing semiconductor industry in a diversified way, as it will benefit from growth at NVIDIA, Apple, and many more.</li>  <li>The company's business model has some disadvantages as well, mainly its relatively high capital requirements that limit its FCF conversion rate.</li>  <li>TSM is trading above its longer-term valuation range, but shares could still deliver attractive returns in the long run.</li> </ul> <b>Article Thesis</b></p><p><blockquote><ul><li>TSM以多元化的方式接触不断增长的半导体行业，因为它将受益于英伟达、苹果等公司的增长。</li><li>该公司的商业模式也有一些缺点，主要是资本要求相对较高，限制了其自由现金流转化率。</li><li>TSM的交易价格高于其长期估值范围，但从长远来看，其股价仍可能带来有吸引力的回报。</li></ul><b>文章论文</b></blockquote></p><p> The semiconductor industry has experienced rapid growth in recent years, and the long-term outlook remains strong as well. Chips are integral for our way of life and for our economy, and Taiwan Semiconductor Manufacturing Company Limited (TSM), as one of the largest manufacturers in the space, is poised to benefit from long-term growth trends. Investors should, apart from the growth prospects, also consider TSM's valuation and the risks for the business. Overall, TSM still seems like a company that could deliver attractive returns in the long run.</p><p><blockquote>半导体行业近年来经历了快速增长，长期前景也依然强劲。芯片是我们生活方式和经济不可或缺的一部分，台积电有限公司(TSM)作为该领域最大的制造商之一，有望从长期增长趋势中受益。除了增长前景外，投资者还应考虑TSM的估值和业务风险。总体而言，从长远来看，TSM似乎仍然是一家能够带来有吸引力回报的公司。</blockquote></p><p> <b>Taiwan Semiconductor As A Play On Global Semiconductor Demand Growth</b></p><p><blockquote><b>台积电对全球半导体需求增长的推动作用</b></blockquote></p><p> Over the last couple of decades, the global semiconductor industry has experienced rapid growth, as chips have become integral for almost everything we do, from work to our personal communication, and even for the way we spend our free time. These trends -- digitalization &amp; technification -- are still in play, and it seems highly unlikely that we will be using fewer technical gadgets and products in a decade or two. In fact, it seems, to me, pretty much certain that our chip usage will grow even more, due to megatrends such as the internet of things, smart products, self-driving cars, wearable tech, and so on. Even trends such as working from home will lead to fewer meetings that will be conducted in-person, which will, in turn, lead to higher demand for at-home technical equipment and processing power in server farms that handle video conferences. New and emerging technologies, such as the&nbsp;Metaverse&nbsp;as the next-generation internet, will require more processing power compared to current technologies as well, which will, in turn, lead to higher chip demand. Overall, the growth outlook for the semiconductor industry is thus strong and will remain strong for a long time, I believe. This does not necessarily mean that every company in this space will grow forever, but it is, of course, better to be active in a high-growth industry rather than a low-growth industry, all else equal.</p><p><blockquote>在过去的几十年里，全球半导体行业经历了快速增长，芯片已经成为我们几乎所有事情不可或缺的一部分，从工作到个人交流，甚至是我们度过空闲时间的方式。这些趋势——数字化和技术化——仍在发挥作用，在一二十年内，我们不太可能使用更少的技术设备和产品。事实上，在我看来，由于物联网、智能产品、自动驾驶汽车、可穿戴技术等大趋势，我们的芯片使用量将会增长更多。即使是在家工作等趋势也会导致面对面举行的会议减少，这反过来又会导致对家庭技术设备和处理视频会议的服务器群的处理能力的更高需求。与当前技术相比，新兴技术（例如作为下一代互联网的元宇宙）也将需要更多的处理能力，这反过来将导致更高的芯片需求。总体而言，我相信半导体行业的增长前景是强劲的，并且将在很长一段时间内保持强劲。这并不一定意味着这个领域的每家公司都会永远增长，但在其他条件相同的情况下，活跃在高增长行业而不是低增长行业当然更好。</blockquote></p><p> Taiwan Semiconductor Manufacturing Company, as the leading contract manufacturer in the world, will benefit from higher demand for contract manufacturing. This, in turn, will be driven by the increasing demand from fabless companies such as NVIDIA (NVDA), AMD (AMD), Apple (AAPL), and many more that are paying TSM to manufacture their semiconductors.</p><p><blockquote>台积电公司作为全球领先的合同制造商，将受益于更高的合同制造需求。反过来，这将受到NVIDIA(NVDA)、AMD(AMD)、苹果(AAPL)等无晶圆厂公司不断增长的需求的推动，这些公司向TSM付费以制造半导体。</blockquote></p><p> Taiwan Semiconductor's business model has the upside of allowing the company to benefit from growing chip demand overall, no matter which individual customer experiences the highest demand growth. On the other hand, there are also downsides to TSM's business model, mainly the fact that the buildout of&nbsp;new plants&nbsp;requires huge capital expenditures:</p><p><blockquote>台积电的商业模式的好处是，无论哪个单个客户的需求增长最高，该公司都可以从整体不断增长的芯片需求中受益。另一方面，TSM的商业模式也存在缺点，主要是新工厂的建设需要巨额资本支出：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5579119980e11c583375bdbd4b054194\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> TSM did generate operating cash flows of $29 billion over the last year, which results in a free cash flow of $9 billion once capital expenditures of $20 billion are subtracted. Net income, over the same time, was $18 billion, which means that TSM's free cash flow conversion rate was rather low, at just 50%. Other semiconductor companies, especially those that operate on a fabless basis, do generate significantly higher FCF relative to their net profits. One should, however, note that not all of TSM's capital expenditures are spent on maintenance projects, and growth spending will lead to higher cash flows at some point in the future. Still, TSM's business model means that its FCF is relatively weak relative to net profits, which limits the company's ability to grow via M&amp;A or to return cash to the company's owners.</p><p><blockquote>TSM去年确实产生了290亿美元的运营现金流，如果减去200亿美元的资本支出，自由现金流将达到90亿美元。同期净利润为180亿美元，这意味着TSM的自由现金流转化率相当低，仅为50%。其他半导体公司，尤其是那些在无晶圆厂基础上运营的公司，相对于净利润，其自由现金流确实要高得多。然而，应该注意的是，并非TSM的所有资本支出都用于维护项目，增长支出将在未来某个时候导致更高的现金流。尽管如此，TSM的商业模式意味着其自由现金流相对于净利润相对较弱，这限制了该公司通过并购实现增长或向公司所有者返还现金的能力。</blockquote></p><p> <b>Is TSM Stock Overvalued?</b></p><p><blockquote><b>TSM股票是否被高估？</b></blockquote></p><p></p><p> Taiwan Semiconductor Manufacturing Company has seen its shares rise by 45% over the last year, which may lead to questions about its current valuation. It should, however, be noted that this is not that much more than the returns by the broad market over the same time frame, as the S&amp;P 500 index (SPY) is up 35% over the last twelve months. TSM's stock trades significantly below the all-time high that was hit in early 2021 at $142, shares have declined by close to 20% over the last couple of months. Based on current earnings per share estimates for this fiscal year, TSM trades at 27x net profits, which is neither an overly high valuation nor an especially low valuation in absolute terms. On a relative basis, TSM looks significantly more expensive than it used to be:</p><p><blockquote>台积电公司的股价去年上涨了45%，这可能会引发人们对其当前估值的质疑。然而，应该指出的是，这并不比同期大盘的回报高多少，因为标普500指数（SPDR标普500指数ETF）在过去12个月内上涨了35%。TSM的股价远低于2021年初创下的142美元的历史高点，过去几个月股价下跌了近20%。根据目前对本财年每股收益的预测，TSM的交易价格是净利润的27倍，从绝对值来看，这既不是过高的估值，也不是特别低的估值。相对而言，TSM看起来比以前贵得多：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3630fc05937b218e3c5522064b623da8\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> In the above chart, we see that TSM was historically valued at 17x-23x its net profits, on average. At current prices, TSM trades about 20% above the 3-year median earnings multiple, and at a quite large 60% premium compared to the 10-year median. One can, of course, note that multiple expansion relative to the 10-year median is justified -- interest rates are ultra-low today, TSM's scale has improved and its moat has grown, and shares were arguably too cheap over much of the last decade. I would thus not call TSM overly expensive today, but it is still noteworthy that the company trades at a pretty clear premium compared to how shares were valued in the past.</p><p><blockquote>在上图中，我们看到TSM的历史平均估值为净利润的17倍至23倍。按目前价格计算，TSM的交易价格比3年市盈率中位数高出约20%，与10年市盈率中位数相比溢价60%。当然，人们可以注意到，相对于10年期中位数的倍数扩张是合理的——如今利率超低，TSM的规模有所提高，护城河也有所扩大，而且在过去的大部分时间里，股价可以说太便宜了。十年。因此，我不认为看涨期权TSM今天过于昂贵，但仍然值得注意的是，与过去的股票估值相比，该公司的交易价格相当明显。</blockquote></p><p> When we compare TSM's valuation to its growth rate, TSM does not look overly expensive, either. The company grew its earnings per share by 11% in the most recent quarter, and&nbsp;revenue growth&nbsp;has been in the double-digits, and as high as 45% in eight out of the last eight quarters. Strong growth will persist through the coming quarters and years from what we know today:</p><p><blockquote>当我们将TSM的估值与其增长率进行比较时，TSM看起来也不算太贵。该公司最近一个季度每股收益增长了11%，收入增长一直保持两位数，过去八个季度中有八个季度高达45%。据我们今天所知，未来几个季度和几年将持续强劲增长：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54f91237b93efce20ea06606b1896a3d\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: TSM presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TSM演示</span></p></blockquote></p><p> Based on management's current guidance, TSM will grow its revenue by 20% in Q3, compared to the previous year's quarter. On top of that, TSM's top line will hit a new record high, as revenues have never breached $14 billion before. Margins will, from what we know, not improve versus recent quarters, but top-line growth alone, at constant margins, will allow for an attractive increase in net profits.</p><p><blockquote>根据管理层目前的指导，TSM第三季度的收入将比去年同期增长20%。最重要的是，TSM的营收将创下历史新高，因为收入此前从未突破140亿美元。据我们所知，利润率与最近几个季度相比不会有所改善，但在利润率不变的情况下，仅营收增长就将使净利润出现有吸引力的增长。</blockquote></p><p> Due to the aforementioned tailwinds for the semiconductor industry as a whole, and thanks to a strong position for TSM when it comes to manufacturing processes such as 5nm and 7nm, which make up 50% of TSM's revenue, it is not a big surprise to see that analysts are forecasting attractive growth well beyond 2021. Current consensus estimates see TSM earning&nbsp;$5.53 per share&nbsp;in 2023, which gets us to a 2023 earnings multiple of 21, which I do not deem expensive for a major player in a growth industry such as TSM.</p><p><blockquote>由于上述整个半导体行业的有利因素，以及TSM在占TSM收入50%的5nm和7nm等制造工艺方面的强势地位，因此看到这一点并不令人意外分析师预测2021年之后将出现有吸引力的增长。目前的普遍预测是，TSM 2023年每股收益为5.53美元，这使我们2023年的市盈率达到21倍，我认为这对于TSM这样的成长型行业的主要参与者来说并不昂贵。</blockquote></p><p> <b>Will TSM Stock Go Up?</b></p><p><blockquote><b>TSM股票会上涨吗？</b></blockquote></p><p> In the near term, price movements are mostly driven by sentiment, and not really influenced by underlying results to a large degree. It thus seems pretty daring to try to estimate where prices will be a month or 3 months from now. The current consensus price target by the analyst community is $137, which indicates an upside of around 20% over the next year. The consensus rating by Wall Street analysts is also bullish, and the same holds true for the Seeking Alpha Quant rating, which stands at3.8, which is moderately bullish. With an RSI (relative strength index) of 48, Taiwan Semiconductor is neither overbought nor oversold. Over the next year, its share price could thus climb if the analyst community is correct, but this is far from certain, and the above-average valuation may pressure returns in the foreseeable future. It is, however, more important to try to evaluate where shares will be a couple of years from now, and the outlook is pretty solid for TSM in that regard.</p><p><blockquote>在短期内，价格变动主要是由情绪驱动的，而不是在很大程度上真正受到潜在结果的影响。因此，试图估计一个月或三个月后的价格似乎相当大胆。分析师界目前的一致目标价为137美元，这表明明年的上涨空间约为20%。华尔街分析师的一致评级也是看涨，Seeking Alpha Quant评级也是如此，为3.8，属于中度看涨。台积电的RSI（相对强弱指数）为48，既不超买也不超卖。如果分析师界是正确的，明年其股价可能会攀升，但这还远未确定，高于平均水平的估值可能会在可预见的未来给回报带来压力。然而，更重要的是尝试评估几年后股价的走势，在这方面，TSM的前景相当稳健。</blockquote></p><p> <b>Is TSM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>TSM股票是一项不错的长期投资吗？</b></blockquote></p><p> Due to the aforementioned industry characteristics and TSM's sizeable moat when it comes to contract manufacturing, Taiwan Semiconductor Manufacturing Company has an attractive long-term growth outlook, I believe. Analysts are forecasting $5.53 in earnings per share for 2023, and growth beyond that point should remain meaningful as well -- analysts are expecting 16% growth annually in the long run.</p><p><blockquote>由于上述行业特征以及TSM在合同制造方面的相当大的护城河，我相信台积电公司具有有吸引力的长期增长前景。分析师预测2023年每股收益为5.53美元，超过该点的增长也应该仍然有意义——分析师预计从长远来看，每年增长16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bf936a529b0793b3f6469237189d9d29\" tg-width=\"640\" tg-height=\"515\" width=\"100%\" height=\"auto\"><span>Source: FAST Graphs</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：快速图表</span></p></blockquote></p><p></p><p> As we see in the above chart, annual returns could come in around 11% a year through the next five years if the consensus growth rate is correct -- and multiple compression towards an earnings multiple of 22 is already included in that estimate. Due to the fact that TSM is trading above its normal range today, I believe that a 27x earnings multiple will not be maintained, but an earnings multiple in the low 20s seems quite reasonable to me. Even if the P/E ratio were to decline to just 20, TSM would still generate annual returns of 9% a year through 2026, assuming growth is as fast as expected. Since TSM has managed to beat profit estimates for 13 quarters in a row, one could assume that there is little risk that analyst estimates are suddenly too aggressive -- in fact, returns could be slightly higher than what the above model indicates if the beating of expectations continues.</p><p><blockquote>正如我们在上图中看到的，如果共识增长率正确，未来五年的年回报率可能会在11%左右，并且该估计中已经包含了市盈率22的倍数压缩。由于TSM今天的交易价格高于正常范围，我相信不会维持27倍的市盈率，但20多倍的市盈率对我来说似乎相当合理。即使市盈率降至仅20，假设增长速度与预期一样快，TSM到2026年仍将产生9%的年回报率。由于TSM已连续13个季度超出利润预期，因此可以假设分析师预期突然过于激进的风险很小——事实上，如果超出预期，回报可能会略高于上述模型显示的预期。</blockquote></p><p> Overall, TSM looks like a very solid long-term investment if one seeks a play that gives exposure to the whole semiconductor industry and its long-term growth tailwinds. </p><p><blockquote>总体而言，如果人们寻求接触整个半导体行业及其长期增长推动力的投资，TSM看起来是一项非常可靠的长期投资。</blockquote></p><p> TSM pays a dividend yielding around 1.7% today, which is not overly much, but still more than what one can get from the broad market. Combined with a 5-year dividend growth rate of 13%, Taiwan Semiconductor seems like an appealing choice for a dividend growth investment -- the overall pretty strong&nbsp;Dividend Grades&nbsp;from Seeking Alpha's quant algorithm underline this. It would, of course, be great if one could buy TSM at or closer to the median earnings multiples from the past, but there is no immediate catalyst that could bring shares back down below $100, and it is far from certain that this will happen at all.</p><p><blockquote>TSM目前支付的股息收益率约为1.7%，虽然不算多，但仍然高于人们从大盘中获得的股息。结合13%的5年股息增长率，台积电似乎是股息增长投资的一个有吸引力的选择——Seeking Alpha量化算法的整体相当强劲的股息评级强调了这一点。当然，如果人们能够以或接近过去市盈率中位数的价格购买TSM，那就太好了，但没有立即的催化剂可以使股价回落到100美元以下，而且这种情况是否会发生还远未确定。</blockquote></p><p> Overall, Taiwan Semiconductor Manufacturing Company thus looks like a very solid long-term pick, even though total returns will likely be negatively impacted by some multiple compression in the long run. Annual returns, including dividends, in the 9%-12% range are realistic when one has a multi-year investment horizon, I believe. This is far from what one got over the last five years (more than 30% a year), but this could easily be enough to beat the returns of the market through 2026, I believe.</p><p><blockquote>总体而言，台积电公司因此看起来是一个非常可靠的长期选择，尽管从长远来看，总回报可能会受到一些倍数压缩的负面影响。我相信，当一个人有多年的投资期限时，9%-12%的年回报率（包括股息）是现实的。这与过去五年的回报率（每年超过30%）相去甚远，但我相信，这很容易足以击败2026年的市场回报率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444222-taiwan-semiconductor-stock-good-long-term-investment\">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":{"TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4444222-taiwan-semiconductor-stock-good-long-term-investment","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136485652","content_text":"Summary\n\nTSM offers exposure to the growing semiconductor industry in a diversified way, as it will benefit from growth at NVIDIA, Apple, and many more.\nThe company's business model has some disadvantages as well, mainly its relatively high capital requirements that limit its FCF conversion rate.\nTSM is trading above its longer-term valuation range, but shares could still deliver attractive returns in the long run.\n\nArticle Thesis\nThe semiconductor industry has experienced rapid growth in recent years, and the long-term outlook remains strong as well. Chips are integral for our way of life and for our economy, and Taiwan Semiconductor Manufacturing Company Limited (TSM), as one of the largest manufacturers in the space, is poised to benefit from long-term growth trends. Investors should, apart from the growth prospects, also consider TSM's valuation and the risks for the business. Overall, TSM still seems like a company that could deliver attractive returns in the long run.\nTaiwan Semiconductor As A Play On Global Semiconductor Demand Growth\nOver the last couple of decades, the global semiconductor industry has experienced rapid growth, as chips have become integral for almost everything we do, from work to our personal communication, and even for the way we spend our free time. These trends -- digitalization & technification -- are still in play, and it seems highly unlikely that we will be using fewer technical gadgets and products in a decade or two. In fact, it seems, to me, pretty much certain that our chip usage will grow even more, due to megatrends such as the internet of things, smart products, self-driving cars, wearable tech, and so on. Even trends such as working from home will lead to fewer meetings that will be conducted in-person, which will, in turn, lead to higher demand for at-home technical equipment and processing power in server farms that handle video conferences. New and emerging technologies, such as the Metaverse as the next-generation internet, will require more processing power compared to current technologies as well, which will, in turn, lead to higher chip demand. Overall, the growth outlook for the semiconductor industry is thus strong and will remain strong for a long time, I believe. This does not necessarily mean that every company in this space will grow forever, but it is, of course, better to be active in a high-growth industry rather than a low-growth industry, all else equal.\nTaiwan Semiconductor Manufacturing Company, as the leading contract manufacturer in the world, will benefit from higher demand for contract manufacturing. This, in turn, will be driven by the increasing demand from fabless companies such as NVIDIA (NVDA), AMD (AMD), Apple (AAPL), and many more that are paying TSM to manufacture their semiconductors.\nTaiwan Semiconductor's business model has the upside of allowing the company to benefit from growing chip demand overall, no matter which individual customer experiences the highest demand growth. On the other hand, there are also downsides to TSM's business model, mainly the fact that the buildout of new plants requires huge capital expenditures:\nData by YCharts\nTSM did generate operating cash flows of $29 billion over the last year, which results in a free cash flow of $9 billion once capital expenditures of $20 billion are subtracted. Net income, over the same time, was $18 billion, which means that TSM's free cash flow conversion rate was rather low, at just 50%. Other semiconductor companies, especially those that operate on a fabless basis, do generate significantly higher FCF relative to their net profits. One should, however, note that not all of TSM's capital expenditures are spent on maintenance projects, and growth spending will lead to higher cash flows at some point in the future. Still, TSM's business model means that its FCF is relatively weak relative to net profits, which limits the company's ability to grow via M&A or to return cash to the company's owners.\nIs TSM Stock Overvalued?\nTaiwan Semiconductor Manufacturing Company has seen its shares rise by 45% over the last year, which may lead to questions about its current valuation. It should, however, be noted that this is not that much more than the returns by the broad market over the same time frame, as the S&P 500 index (SPY) is up 35% over the last twelve months. TSM's stock trades significantly below the all-time high that was hit in early 2021 at $142, shares have declined by close to 20% over the last couple of months. Based on current earnings per share estimates for this fiscal year, TSM trades at 27x net profits, which is neither an overly high valuation nor an especially low valuation in absolute terms. On a relative basis, TSM looks significantly more expensive than it used to be:\nData by YCharts\nIn the above chart, we see that TSM was historically valued at 17x-23x its net profits, on average. At current prices, TSM trades about 20% above the 3-year median earnings multiple, and at a quite large 60% premium compared to the 10-year median. One can, of course, note that multiple expansion relative to the 10-year median is justified -- interest rates are ultra-low today, TSM's scale has improved and its moat has grown, and shares were arguably too cheap over much of the last decade. I would thus not call TSM overly expensive today, but it is still noteworthy that the company trades at a pretty clear premium compared to how shares were valued in the past.\nWhen we compare TSM's valuation to its growth rate, TSM does not look overly expensive, either. The company grew its earnings per share by 11% in the most recent quarter, and revenue growth has been in the double-digits, and as high as 45% in eight out of the last eight quarters. Strong growth will persist through the coming quarters and years from what we know today:\nSource: TSM presentation\nBased on management's current guidance, TSM will grow its revenue by 20% in Q3, compared to the previous year's quarter. On top of that, TSM's top line will hit a new record high, as revenues have never breached $14 billion before. Margins will, from what we know, not improve versus recent quarters, but top-line growth alone, at constant margins, will allow for an attractive increase in net profits.\nDue to the aforementioned tailwinds for the semiconductor industry as a whole, and thanks to a strong position for TSM when it comes to manufacturing processes such as 5nm and 7nm, which make up 50% of TSM's revenue, it is not a big surprise to see that analysts are forecasting attractive growth well beyond 2021. Current consensus estimates see TSM earning $5.53 per share in 2023, which gets us to a 2023 earnings multiple of 21, which I do not deem expensive for a major player in a growth industry such as TSM.\nWill TSM Stock Go Up?\nIn the near term, price movements are mostly driven by sentiment, and not really influenced by underlying results to a large degree. It thus seems pretty daring to try to estimate where prices will be a month or 3 months from now. The current consensus price target by the analyst community is $137, which indicates an upside of around 20% over the next year. The consensus rating by Wall Street analysts is also bullish, and the same holds true for the Seeking Alpha Quant rating, which stands at3.8, which is moderately bullish. With an RSI (relative strength index) of 48, Taiwan Semiconductor is neither overbought nor oversold. Over the next year, its share price could thus climb if the analyst community is correct, but this is far from certain, and the above-average valuation may pressure returns in the foreseeable future. It is, however, more important to try to evaluate where shares will be a couple of years from now, and the outlook is pretty solid for TSM in that regard.\nIs TSM Stock A Good Long-Term Investment?\nDue to the aforementioned industry characteristics and TSM's sizeable moat when it comes to contract manufacturing, Taiwan Semiconductor Manufacturing Company has an attractive long-term growth outlook, I believe. Analysts are forecasting $5.53 in earnings per share for 2023, and growth beyond that point should remain meaningful as well -- analysts are expecting 16% growth annually in the long run.\nSource: FAST Graphs\nAs we see in the above chart, annual returns could come in around 11% a year through the next five years if the consensus growth rate is correct -- and multiple compression towards an earnings multiple of 22 is already included in that estimate. Due to the fact that TSM is trading above its normal range today, I believe that a 27x earnings multiple will not be maintained, but an earnings multiple in the low 20s seems quite reasonable to me. Even if the P/E ratio were to decline to just 20, TSM would still generate annual returns of 9% a year through 2026, assuming growth is as fast as expected. Since TSM has managed to beat profit estimates for 13 quarters in a row, one could assume that there is little risk that analyst estimates are suddenly too aggressive -- in fact, returns could be slightly higher than what the above model indicates if the beating of expectations continues.\nOverall, TSM looks like a very solid long-term investment if one seeks a play that gives exposure to the whole semiconductor industry and its long-term growth tailwinds. \nTSM pays a dividend yielding around 1.7% today, which is not overly much, but still more than what one can get from the broad market. Combined with a 5-year dividend growth rate of 13%, Taiwan Semiconductor seems like an appealing choice for a dividend growth investment -- the overall pretty strong Dividend Grades from Seeking Alpha's quant algorithm underline this. It would, of course, be great if one could buy TSM at or closer to the median earnings multiples from the past, but there is no immediate catalyst that could bring shares back down below $100, and it is far from certain that this will happen at all.\nOverall, Taiwan Semiconductor Manufacturing Company thus looks like a very solid long-term pick, even though total returns will likely be negatively impacted by some multiple compression in the long run. Annual returns, including dividends, in the 9%-12% range are realistic when one has a multi-year investment horizon, I believe. This is far from what one got over the last five years (more than 30% a year), but this could easily be enough to beat the returns of the market through 2026, I believe.","news_type":1,"symbols_score_info":{"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":2062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891478498,"gmtCreate":1628420179314,"gmtModify":1631891544271,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891478498","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809450018,"gmtCreate":1627388969934,"gmtModify":1633765495734,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809450018","repostId":"1113843142","repostType":4,"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175881946,"gmtCreate":1627022240685,"gmtModify":1633768694318,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/175881946","repostId":"2153460238","repostType":4,"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172884219,"gmtCreate":1626951838731,"gmtModify":1633769457035,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172884219","repostId":"1171657297","repostType":4,"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173519551,"gmtCreate":1626668890873,"gmtModify":1633925061381,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173519551","repostId":"2152633674","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891478694,"gmtCreate":1628420131618,"gmtModify":1631891544276,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"OK sure","listText":"OK sure","text":"OK sure","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891478694","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","kind":"news","pubTimestamp":1628386129,"share":"https://www.laohu8.com/m/news/1180529438?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit<blockquote>SEC提起首起DeFi未注册证券诉讼</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-08-08 09:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p><p><blockquote><div>美国证券交易委员会（SEC）就该项目涉及的活动起诉了负责开发分散金融（DeFi）协议的组织...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807783787,"gmtCreate":1628057923349,"gmtModify":1631891544285,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"I see","listText":"I see","text":"I see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807783787","repostId":"1164127306","repostType":4,"repost":{"id":"1164127306","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":1628057615,"share":"https://www.laohu8.com/m/news/1164127306?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:13","market":"us","language":"en","title":"Is the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164127306","media":"Tiger Newspress","summary":"China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.\nBUS","content":"<p>China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.</p><p><blockquote>周二，阿里巴巴-SW集团控股有限公司第一季度营收未达到分析师预期。</blockquote></p><p> <h4>BUSINESS HIGHLIGHTS</h4> In the quarter ended June 30, 2021:</p><p><blockquote><h4>业务亮点</h4>截至2021年6月30日的季度：</blockquote></p><p> <ul>  <li>Overall, revenue rose about 34% to 205.74 billion yuan ($31.83 billion) in the first quarter ended June 30, below estimates for 209.39 billion yuan, Core commerce revenue for Alibaba rose about 35% to 180.24 billion yuan in the quarter, compared with estimates of 184.23 billion yuan. In the fourth quarter, the unit's revenue surged more than 70%.</li>  <li>Non-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, over estimates for 29.3 billion yuan. On an adjusted basis, the company earned 16.60 yuan per share, above estimates for 14.43 yuan.</li>  <li>Annual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1 and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.</li> </ul> If we focus on specific businesses, we can see that the growth of this financial report is mainly from the core e-commerce part</p><p><blockquote><ul><li>总体而言，截至6月30日的第一季度收入增长约34%，至2057.4亿元人民币（合318.3亿美元），低于预期的2093.9亿元人民币；阿里巴巴-SW本季度核心商务收入增长约35%，至1802.4亿元人民币，高于预期1842.3亿元人民币。第四季度，该部门的收入飙升了70%以上。</li><li>非公认会计准则净利润为人民币434.41亿元（67.28亿美元），同比增长10%，高于预期的293亿元。调整后，该公司每股收益16.60元，高于预期的14.43元。</li><li>截至2021年6月30日止十二个月，阿里巴巴-SW生态系统在全球的年度活跃消费者达到约11.8亿，较截至2021年3月31日止十二个月增加4500万。这包括Lazada、速卖通、Trendyol和Daraz服务的中国9.12亿消费者1和海外2.65亿消费者。</li></ul>如果聚焦到具体业务，可以看到这份财报的增长主要来自于核心的电商部分</blockquote></p><p> <ul>  <li>Total commerce revenue was 180.2 billion yuan, a year-on-year increase of 35%.</li>  <li>Revenue from cloud computing business was 16.05 billion yuan, a year-on-year increase of 29%.</li>  <li>Revenue from Digital Media and Entertainment was RMB 8.073 billion, a year-on-year increase of 15%.</li>  <li>Revenue from innovation initiatives and others was RMB 1.375 billion, a year-on-year increase of 37%.</li> </ul> <h4>Growth slowdown</h4> Compared with cloud computing, digital media, e-commerce business is the main driving force driving the growth of Alibaba's business, but this time the e-commerce business also has hidden concerns. As mentioned in the last quarter, the reason for Alibaba’s revenue surge this time was mainly from other revenues. This part of revenue reached a staggering 54.8 billion yuan, an increase of 82% year-on-year, and this part of revenue was mainly due to the Oct. 2020 consolidation of Sun Art.</p><p><blockquote><ul><li>商业总收入1802亿元，同比增长35%。</li><li>云计算业务营收160.5亿元，同比增长29%。</li><li>数字媒体及娱乐收入为人民币80.73亿元，同比增长15%。</li><li>创新举措及其他收入为人民币13.75亿元，同比增长37%。</li></ul><h4>增长放缓</h4>与云计算、数字媒体相比，电商业务是推动阿里巴巴-SW业务增长的主要动力，但这一次电商业务也存在隐忧。正如上个季度提到的，阿里巴巴-SW此次营收激增的原因主要来自其他收入。这部分营收达到了惊人的548亿元，同比增长了82%，而这部分营收主要得益于高鑫2020年10月并表。</blockquote></p><p> In the financial report, Alibaba also mentioned that if the revenue from Sun Art’s consolidation is deducted, Alibaba’s total revenue is 187.3 billion yuan, a year-on-year increase of only 22%, and core e-commerce revenue is 161.8 billion yuan, a year-on-year increase of 21 %.</p><p><blockquote>在财报中，阿里巴巴-SW还提到，如果扣除高鑫并表的收入，阿里巴巴-SW总营收1873亿元，同比仅增长22%，核心电商营收1618亿元，同比增长21%。</blockquote></p><p> Facing the increasingly fierce competition in the Chinese e-commerce market , the company has increased its investment to support its retail platforms. Although Alibaba still leads the industry, Pduoduo Inc. (PDD), Byteance Ltd.'s short video platform Douyin and Tencent Holdings Ltd.’S social media application WeChat and other e-commerce competitors have reached consumers with new and innovative ways and gained market share.</p><p><blockquote>面对中国电商市场日益激烈的竞争，公司加大了对零售平台的支持力度。尽管阿里巴巴-SW仍处于行业领先地位，但Pduoduo Inc.（PDD）、字节跳动有限公司的短视频平台抖音和腾讯控股控股有限公司的社交媒体应用微信以及其他电子商务竞争对手已经通过新的创新方式接触消费者并获得了市场份额。</blockquote></p><p> Earlier this year, Alibaba stated that all incremental profits will be used to improve its platform, acquire new users and support merchants. On Tuesday, Alibaba said it will continue to make some investments that have already driven growth in key areas such as grocery shopping and consumers in lower-tier cities.</p><p><blockquote>今年早些时候，阿里巴巴-SW表示，所有增量利润将用于改善其平台、获取新用户和支持商家。周二，阿里巴巴-SW表示，将继续进行一些投资，这些投资已经推动了食品杂货购物和低线城市消费者等关键领域的增长。</blockquote></p><p> Investors had hoped that Alibaba's cloud computing business could drive growth, but the boost of this business slowed down. Alibaba said that its cloud computing business revenue increased by 29% year-on-year, but it was still dragged down by the loss of a major customer, a person familiar with the matter said the customer was Bytedance Inc..</p><p><blockquote>投资者曾希望阿里巴巴-SW的云计算业务能够推动增长，但该业务的提振作用放缓。阿里巴巴-SW表示，其云计算业务收入同比增长29%，但仍受到失去一个主要客户的拖累，一位知情人士称该客户是字节跳动公司。</blockquote></p><p> The Wall Street Journal reported that the department also encountered difficulties in obtaining new contracts and arranging related meetings because regulators are reviewing its e-commerce business and sister company Ant Group Co.</p><p><blockquote>《华尔街日报》报道称，该部门在获得新合同和安排相关会议方面也遇到了困难，因为监管机构正在审查其电子商务业务和姐妹公司蚂蚁集团公司。</blockquote></p><p> Growth slowed in most of Alibaba’s major divisions from cloud to e-commerce, underlining fears that the mounting list of new government regulations is constraining expansion and increasing companies’ burdens.</p><p><blockquote>从云到电子商务，阿里巴巴-SW大多数主要部门的增长放缓，突显出人们担心政府不断增加的新法规正在限制扩张并增加企业负担。</blockquote></p><p> In a sign of the times, Chief Executive Officer Daniel Zhang on Tuesday endorsed a string of government policies enacted during a tumultuous 2021, from strict curbs on data collection to excessive subsidies.</p><p><blockquote>作为时代的标志，首席执行官张勇(Elon Musk)周二批准了在动荡的2021年期间颁布的一系列政府政策，从严格限制数据收集到过度补贴。</blockquote></p><p> The company tried to assure investors by announcing it will now repurchase $15 billion in shares through next year, up from a $10 billion repurchase plan that had been in place. It also disclosed it had repurchased $3.7 billion worth of its US-traded shares since April.</p><p><blockquote>该公司试图向投资者保证，宣布明年将回购150亿美元的股票，高于此前100亿美元的回购计划。该公司还透露，自4月份以来，已回购了价值37亿美元的美国股票。</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>Is the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the era of Alibaba's high growth over?<blockquote>阿里巴巴-SW高增长时代结束了吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-04 14:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.</p><p><blockquote>周二，阿里巴巴-SW集团控股有限公司第一季度营收未达到分析师预期。</blockquote></p><p> <h4>BUSINESS HIGHLIGHTS</h4> In the quarter ended June 30, 2021:</p><p><blockquote><h4>业务亮点</h4>截至2021年6月30日的季度：</blockquote></p><p> <ul>  <li>Overall, revenue rose about 34% to 205.74 billion yuan ($31.83 billion) in the first quarter ended June 30, below estimates for 209.39 billion yuan, Core commerce revenue for Alibaba rose about 35% to 180.24 billion yuan in the quarter, compared with estimates of 184.23 billion yuan. In the fourth quarter, the unit's revenue surged more than 70%.</li>  <li>Non-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, over estimates for 29.3 billion yuan. On an adjusted basis, the company earned 16.60 yuan per share, above estimates for 14.43 yuan.</li>  <li>Annual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1 and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.</li> </ul> If we focus on specific businesses, we can see that the growth of this financial report is mainly from the core e-commerce part</p><p><blockquote><ul><li>总体而言，截至6月30日的第一季度收入增长约34%，至2057.4亿元人民币（合318.3亿美元），低于预期的2093.9亿元人民币；阿里巴巴-SW本季度核心商务收入增长约35%，至1802.4亿元人民币，高于预期1842.3亿元人民币。第四季度，该部门的收入飙升了70%以上。</li><li>非公认会计准则净利润为人民币434.41亿元（67.28亿美元），同比增长10%，高于预期的293亿元。调整后，该公司每股收益16.60元，高于预期的14.43元。</li><li>截至2021年6月30日止十二个月，阿里巴巴-SW生态系统在全球的年度活跃消费者达到约11.8亿，较截至2021年3月31日止十二个月增加4500万。这包括Lazada、速卖通、Trendyol和Daraz服务的中国9.12亿消费者1和海外2.65亿消费者。</li></ul>如果聚焦到具体业务，可以看到这份财报的增长主要来自于核心的电商部分</blockquote></p><p> <ul>  <li>Total commerce revenue was 180.2 billion yuan, a year-on-year increase of 35%.</li>  <li>Revenue from cloud computing business was 16.05 billion yuan, a year-on-year increase of 29%.</li>  <li>Revenue from Digital Media and Entertainment was RMB 8.073 billion, a year-on-year increase of 15%.</li>  <li>Revenue from innovation initiatives and others was RMB 1.375 billion, a year-on-year increase of 37%.</li> </ul> <h4>Growth slowdown</h4> Compared with cloud computing, digital media, e-commerce business is the main driving force driving the growth of Alibaba's business, but this time the e-commerce business also has hidden concerns. As mentioned in the last quarter, the reason for Alibaba’s revenue surge this time was mainly from other revenues. This part of revenue reached a staggering 54.8 billion yuan, an increase of 82% year-on-year, and this part of revenue was mainly due to the Oct. 2020 consolidation of Sun Art.</p><p><blockquote><ul><li>商业总收入1802亿元，同比增长35%。</li><li>云计算业务营收160.5亿元，同比增长29%。</li><li>数字媒体及娱乐收入为人民币80.73亿元，同比增长15%。</li><li>创新举措及其他收入为人民币13.75亿元，同比增长37%。</li></ul><h4>增长放缓</h4>与云计算、数字媒体相比，电商业务是推动阿里巴巴-SW业务增长的主要动力，但这一次电商业务也存在隐忧。正如上个季度提到的，阿里巴巴-SW此次营收激增的原因主要来自其他收入。这部分营收达到了惊人的548亿元，同比增长了82%，而这部分营收主要得益于高鑫2020年10月并表。</blockquote></p><p> In the financial report, Alibaba also mentioned that if the revenue from Sun Art’s consolidation is deducted, Alibaba’s total revenue is 187.3 billion yuan, a year-on-year increase of only 22%, and core e-commerce revenue is 161.8 billion yuan, a year-on-year increase of 21 %.</p><p><blockquote>在财报中，阿里巴巴-SW还提到，如果扣除高鑫并表的收入，阿里巴巴-SW总营收1873亿元，同比仅增长22%，核心电商营收1618亿元，同比增长21%。</blockquote></p><p> Facing the increasingly fierce competition in the Chinese e-commerce market , the company has increased its investment to support its retail platforms. Although Alibaba still leads the industry, Pduoduo Inc. (PDD), Byteance Ltd.'s short video platform Douyin and Tencent Holdings Ltd.’S social media application WeChat and other e-commerce competitors have reached consumers with new and innovative ways and gained market share.</p><p><blockquote>面对中国电商市场日益激烈的竞争，公司加大了对零售平台的支持力度。尽管阿里巴巴-SW仍处于行业领先地位，但Pduoduo Inc.（PDD）、字节跳动有限公司的短视频平台抖音和腾讯控股控股有限公司的社交媒体应用微信以及其他电子商务竞争对手已经通过新的创新方式接触消费者并获得了市场份额。</blockquote></p><p> Earlier this year, Alibaba stated that all incremental profits will be used to improve its platform, acquire new users and support merchants. On Tuesday, Alibaba said it will continue to make some investments that have already driven growth in key areas such as grocery shopping and consumers in lower-tier cities.</p><p><blockquote>今年早些时候，阿里巴巴-SW表示，所有增量利润将用于改善其平台、获取新用户和支持商家。周二，阿里巴巴-SW表示，将继续进行一些投资，这些投资已经推动了食品杂货购物和低线城市消费者等关键领域的增长。</blockquote></p><p> Investors had hoped that Alibaba's cloud computing business could drive growth, but the boost of this business slowed down. Alibaba said that its cloud computing business revenue increased by 29% year-on-year, but it was still dragged down by the loss of a major customer, a person familiar with the matter said the customer was Bytedance Inc..</p><p><blockquote>投资者曾希望阿里巴巴-SW的云计算业务能够推动增长，但该业务的提振作用放缓。阿里巴巴-SW表示，其云计算业务收入同比增长29%，但仍受到失去一个主要客户的拖累，一位知情人士称该客户是字节跳动公司。</blockquote></p><p> The Wall Street Journal reported that the department also encountered difficulties in obtaining new contracts and arranging related meetings because regulators are reviewing its e-commerce business and sister company Ant Group Co.</p><p><blockquote>《华尔街日报》报道称，该部门在获得新合同和安排相关会议方面也遇到了困难，因为监管机构正在审查其电子商务业务和姐妹公司蚂蚁集团公司。</blockquote></p><p> Growth slowed in most of Alibaba’s major divisions from cloud to e-commerce, underlining fears that the mounting list of new government regulations is constraining expansion and increasing companies’ burdens.</p><p><blockquote>从云到电子商务，阿里巴巴-SW大多数主要部门的增长放缓，突显出人们担心政府不断增加的新法规正在限制扩张并增加企业负担。</blockquote></p><p> In a sign of the times, Chief Executive Officer Daniel Zhang on Tuesday endorsed a string of government policies enacted during a tumultuous 2021, from strict curbs on data collection to excessive subsidies.</p><p><blockquote>作为时代的标志，首席执行官张勇(Elon Musk)周二批准了在动荡的2021年期间颁布的一系列政府政策，从严格限制数据收集到过度补贴。</blockquote></p><p> The company tried to assure investors by announcing it will now repurchase $15 billion in shares through next year, up from a $10 billion repurchase plan that had been in place. It also disclosed it had repurchased $3.7 billion worth of its US-traded shares since April.</p><p><blockquote>该公司试图向投资者保证，宣布明年将回购150亿美元的股票，高于此前100亿美元的回购计划。该公司还透露，自4月份以来，已回购了价值37亿美元的美国股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164127306","content_text":"China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday.\nBUSINESS HIGHLIGHTS\nIn the quarter ended June 30, 2021:\n\nOverall, revenue rose about 34% to 205.74 billion yuan ($31.83 billion) in the first quarter ended June 30, below estimates for 209.39 billion yuan, Core commerce revenue for Alibaba rose about 35% to 180.24 billion yuan in the quarter, compared with estimates of 184.23 billion yuan. In the fourth quarter, the unit's revenue surged more than 70%.\nNon-GAAP net income was RMB43,441 million (US$6,728 million), an increase of 10% year-over-year, over estimates for 29.3 billion yuan. On an adjusted basis, the company earned 16.60 yuan per share, above estimates for 14.43 yuan.\nAnnual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion for the twelve months ended June 30, 2021, an increase of 45 million from the twelve months ended March 31, 2021. This includes 912 million consumers in China1 and 265 million consumers overseas served by Lazada, AliExpress, Trendyol and Daraz.\n\nIf we focus on specific businesses, we can see that the growth of this financial report is mainly from the core e-commerce part\n\nTotal commerce revenue was 180.2 billion yuan, a year-on-year increase of 35%.\nRevenue from cloud computing business was 16.05 billion yuan, a year-on-year increase of 29%.\nRevenue from Digital Media and Entertainment was RMB 8.073 billion, a year-on-year increase of 15%.\nRevenue from innovation initiatives and others was RMB 1.375 billion, a year-on-year increase of 37%.\n\nGrowth slowdown\nCompared with cloud computing, digital media, e-commerce business is the main driving force driving the growth of Alibaba's business, but this time the e-commerce business also has hidden concerns. As mentioned in the last quarter, the reason for Alibaba’s revenue surge this time was mainly from other revenues. This part of revenue reached a staggering 54.8 billion yuan, an increase of 82% year-on-year, and this part of revenue was mainly due to the Oct. 2020 consolidation of Sun Art.\nIn the financial report, Alibaba also mentioned that if the revenue from Sun Art’s consolidation is deducted, Alibaba’s total revenue is 187.3 billion yuan, a year-on-year increase of only 22%, and core e-commerce revenue is 161.8 billion yuan, a year-on-year increase of 21 %.\nFacing the increasingly fierce competition in the Chinese e-commerce market , the company has increased its investment to support its retail platforms. Although Alibaba still leads the industry, Pduoduo Inc. (PDD), Byteance Ltd.'s short video platform Douyin and Tencent Holdings Ltd.’S social media application WeChat and other e-commerce competitors have reached consumers with new and innovative ways and gained market share.\nEarlier this year, Alibaba stated that all incremental profits will be used to improve its platform, acquire new users and support merchants. On Tuesday, Alibaba said it will continue to make some investments that have already driven growth in key areas such as grocery shopping and consumers in lower-tier cities.\nInvestors had hoped that Alibaba's cloud computing business could drive growth, but the boost of this business slowed down. Alibaba said that its cloud computing business revenue increased by 29% year-on-year, but it was still dragged down by the loss of a major customer, a person familiar with the matter said the customer was Bytedance Inc..\nThe Wall Street Journal reported that the department also encountered difficulties in obtaining new contracts and arranging related meetings because regulators are reviewing its e-commerce business and sister company Ant Group Co.\nGrowth slowed in most of Alibaba’s major divisions from cloud to e-commerce, underlining fears that the mounting list of new government regulations is constraining expansion and increasing companies’ burdens.\nIn a sign of the times, Chief Executive Officer Daniel Zhang on Tuesday endorsed a string of government policies enacted during a tumultuous 2021, from strict curbs on data collection to excessive subsidies.\nThe company tried to assure investors by announcing it will now repurchase $15 billion in shares through next year, up from a $10 billion repurchase plan that had been in place. It also disclosed it had repurchased $3.7 billion worth of its US-traded shares since April.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804522990,"gmtCreate":1627966118110,"gmtModify":1633754786201,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804522990","repostId":"1119293992","repostType":4,"repost":{"id":"1119293992","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":1627963162,"share":"https://www.laohu8.com/m/news/1119293992?lang=zh_CN&edition=full","pubTime":"2021-08-03 11:59","market":"us","language":"en","title":"Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119293992","media":"Tiger Newspress","summary":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world","content":"<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</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>Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</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\">\nGoogle sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 11:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119293992","content_text":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.\nSecond-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.\nThe company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.\nIncome (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.\nDiluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.\n“Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.\nAlphabet, which owns and operates Google, also published additional financials related to Google’s performance.\nGoogle advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.\nIn total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.\nGoogle Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.\nGoogle’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.\n“In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.\nYouTube is a proven juggernaut\nWhen we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.\nYouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.\nTake a look at some of the key points we've learned about YouTube's growth recently:\nQuarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.\nAlso, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.\nYouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.\nThe company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"\nIt’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.\nNielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.\nBut Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.\nYouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.\nMore room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807783025,"gmtCreate":1628057809767,"gmtModify":1631891544294,"author":{"id":"3585205825397095","authorId":"3585205825397095","name":"Benj90","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585205825397095","idStr":"3585205825397095"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807783025","repostId":"1135713978","repostType":4,"repost":{"id":"1135713978","kind":"news","pubTimestamp":1628056812,"share":"https://www.laohu8.com/m/news/1135713978?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:00","market":"us","language":"en","title":"Alphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135713978","media":"MarketWatch","summary":"It’s a big, and risky, bet. Apple did something similar and had a difficult transition\n(Photo credit","content":"<p>It’s a big, and risky, bet. Apple did something similar and had a difficult transition</p><p><blockquote>这是一个巨大而冒险的赌注。苹果也做了类似的事情，经历了艰难的转变</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/729798ae4b174d85419678e03af11d00\" tg-width=\"1050\" tg-height=\"699\" width=\"100%\" height=\"auto\"><span>(Photo credit should read Alain Jocard/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片来源应为Alain Jocard/法新社，盖蒂图片社）</span></p></blockquote></p><p> Alphabet said Monday it will take its silicon building in-house when it launches a new flagship line of Google Pixel phones.</p><p><blockquote>Alphabet周一表示，在推出新的谷歌Pixel手机旗舰系列时，将在内部生产硅产品。</blockquote></p><p> The company’s move creates as many questions as it does answers. Perhaps the first being,with only about 2% of the U.S. smartphone market&nbsp;and no real sign of that changing, does a bet like this make sense?</p><p><blockquote>该公司的举动带来的问题和答案一样多。也许第一个是，美国智能手机市场只有2%左右，而且没有真正的迹象表明这种情况会发生变化，这样的赌注有意义吗？</blockquote></p><p> While much of the analysis of this news pointed to it as a positive step for AlphabetGOOG,+0.21%,I interpreted it as a desperate attempt for the company to make headlines about its poor-performing line of mobile devices and to do so by taking a risk that even AppleAAPL,+1.26%isn’t yet willing to take when it comes to its vertical integration into semiconductors.</p><p><blockquote>虽然这条新闻的大部分分析都指出这对AlphabetGOOG(+0.21%)来说是积极的一步，但我将其解读为该公司孤注一掷地试图让其表现不佳的移动设备系列成为头条新闻，并通过这样做来实现这一目标。即使是AppleAAPL(+1.26%)在垂直整合半导体方面也不愿意承担风险。</blockquote></p><p> <b>Apple’s foreshadowing</b></p><p><blockquote><b>苹果的铺垫</b></blockquote></p><p> Apple made headlines over the past few years with its departure from Intel&nbsp;and the introduction of its M1 architecture. This transition from Intel to homegrown processors built on the increasingly popular Arm architecture was done methodically over several years to ensure that the change would go smoothly. For the most part, the M1 launched without significant incident, but its critics would be the first to point out that the transition was anything but flawless.</p><p><blockquote>过去几年，苹果因脱离英特尔并引入M1架构而成为头条新闻。从英特尔到基于日益流行的Arm架构的国产处理器的过渡是有条不紊地进行的，以确保变革顺利进行。在很大程度上，M1的发射没有发生重大事件，但它的批评者会第一个指出这种转变绝非完美无缺。</blockquote></p><p> It’s also worth pointing out that Apple, while it has incorporated a number of its cores to handle capabilities like image sensing and graphics, has left the modem and radio, oft-referred to as RFFE, to Qualcomm,due to the complexity of building a modem-RF system for 5G, which is incredibly complicated and proper function is imperative to get devices certified by different carriers like Verizon,AT&amp;T,T-Mobile&nbsp;and others.</p><p><blockquote>还值得指出的是，苹果虽然整合了许多核心来处理图像传感和图形等功能，但由于构建5G调制解调器RF系统的复杂性，它将调制解调器和无线电（通常称为RFFE）留给了高通，这非常复杂，并且必须让设备获得威瑞森、美国电话电报公司、T-Mobile等不同运营商的认证。</blockquote></p><p> For some reason that I simply cannot understand, Alphabet wants to abandon not only the Qualcomm Snapdragon, which most simply can be considered the full set of systems to power all the phones features, and ditch it for its own set of cores, but allegedly also abandon Qualcomm’s proven modem-RF system to use (rumored) Samsung’s Exynos, which has almost zero market penetration and has run into issues with power management and carrier certification. Even Samsung uses Qualcomm’s modem-RF system for large portions of its flagship devices, including its U.S. flagship devices. Apple does as well.</p><p><blockquote>由于一些我根本无法理解的原因，Alphabet不仅想放弃高通骁龙（最简单可以被视为全套系统来为所有手机功能供电），抛弃它为自己的一套核心，而且据称还抛弃高通成熟的调制解调器射频系统使用（传闻）三星的Exynos，该系统几乎没有市场渗透，在电源管理和运营商认证方面遇到了问题。甚至三星也在其大部分旗舰设备上使用高通的调制解调器射频系统，其中包括其美国旗舰设备。苹果也是。</blockquote></p><p> Returning us to the question: What in the world is Alphabet doing here, and does it make any sense?</p><p><blockquote>让我们回到这个问题：Alphabet到底在这里做什么，这有意义吗？</blockquote></p><p> <b>Vertical integration</b></p><p><blockquote><b>纵向一体化</b></blockquote></p><p> The short answer is yes, and no, but mostly no. At least for Alphabet.</p><p><blockquote>简短的回答是肯定的，也是否定的，但大多数情况下是否定的。至少对Alphabet来说是这样。</blockquote></p><p> The argument to favor this change comes down to profitability and control for Alphabet. Apple has proven that deeper vertical integration can be lucrative, and its Bionic chips have continued to improve with each generation. Alphabet, which has built a very limited set of custom ASICs (application specific integrated circuits) for artificial intelligence (AI), wants the market to see it as every bit as capable of this type of move as Apple.</p><p><blockquote>支持这一变化的论点可以归结为Alphabet的盈利能力和控制权。苹果已经证明，更深层次的垂直整合可以带来利润，其仿生芯片每一代都在不断改进。Alphabet为人工智能(AI)构建了一套非常有限的定制ASIC（专用集成电路），希望市场看到它与苹果一样有能力采取此类举措。</blockquote></p><p> Furthermore, we have seen Amazon’s&nbsp;AWS and Alibaba&nbsp;build Arm-based solutions for their cloud offerings, and Microsoft&nbsp;has also been touted to be following suit. For the data center, this seems to make sense, with AWS, for instance, seeing success from its Graviton line of CPUs and Trainium series of ML chips. No one would be surprised to see Alphabet significantly increase its efforts to launch or further enhance custom silicon development for its cloud and AI offerings. But servers, and even notebooks, aren’t mobile devices.</p><p><blockquote>此外，我们已经看到Amazon的AWS和阿里巴巴-SW为其云产品构建基于Arm的解决方案，微软也被吹捧为效仿。对于数据中心来说，这似乎是有意义的，例如，AWS从其Graviton系列CPU和Trainium系列ML芯片中看到了成功。如果Alphabet大幅加大力度推出或进一步增强其云和人工智能产品的定制芯片开发，没有人会感到惊讶。但是服务器，甚至笔记本电脑，都不是移动设备。</blockquote></p><p> To launch the M1, Apple spent years on R&amp;D and made several key acquisitions, including Dialog Semiconductor in 2018 for $600 million to add to its internal chipmaking and systems capabilities. It even acquired the remnants of Intel’s mobile modem business upon deciding to move away from Intel on the horizon of 5G. But, with all of that IP, and investment in tow, and even a multi-year legal feud with Qualcomm, Apple still recognized there were some things better left to be done by Qualcomm.</p><p><blockquote>为了推出M1，苹果花了数年时间进行研发，并进行了多项关键收购，包括2018年斥资6亿美元收购Dialog Semiconductor，以增强其内部芯片制造和系统能力。在5G时代决定离开英特尔后，它甚至收购了英特尔移动调制解调器业务的残余。但是，尽管拥有所有这些知识产权、对tow的投资，甚至与高通多年的法律纠纷，苹果仍然认识到有些事情需要高通去做。</blockquote></p><p> Perhaps Alphabet figures with almost no market share and no notoriety around its Pixel smartphone lineup that it doesn’t matter if the Pixel 6 series is a disaster.</p><p><blockquote>也许Alphabet认为，其Pixel智能手机系列几乎没有市场份额，也没有恶名，Pixel 6系列是否是一场灾难并不重要。</blockquote></p><p> And perhaps Google will surprise the world by using its cores plus a lesser-quality modem-RF system to somehow put out a device that will outperform Apple, Samsung and dozens of other handset makers that have entrusted Qualcomm to provide the guts of their devices.</p><p><blockquote>也许谷歌会让世界大吃一惊，它会使用其核心加上质量较差的调制解调器射频系统，以某种方式推出一款设备，其性能将超过苹果、三星和其他数十家委托高通提供其设备核心的手机制造商。</blockquote></p><p> I doubt it, though, and if nearly a decade of insignificant market penetration with their mobile devices serves as an indicator of how well this move will go for Alphabet, I think it’s safe to chalk this up in the L column.</p><p><blockquote>不过，我对此表示怀疑，如果近十年来移动设备微不足道的市场渗透率可以作为Alphabet此举进展如何的指标，我认为可以安全地将其记在L栏中。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlphabet wants to make its own smartphone chips — what in the world is the company thinking?<blockquote>Alphabet想要制造自己的智能手机芯片——该公司到底在想什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-04 14:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s a big, and risky, bet. Apple did something similar and had a difficult transition</p><p><blockquote>这是一个巨大而冒险的赌注。苹果也做了类似的事情，经历了艰难的转变</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/729798ae4b174d85419678e03af11d00\" tg-width=\"1050\" tg-height=\"699\" width=\"100%\" height=\"auto\"><span>(Photo credit should read Alain Jocard/AFP via Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（照片来源应为Alain Jocard/法新社，盖蒂图片社）</span></p></blockquote></p><p> Alphabet said Monday it will take its silicon building in-house when it launches a new flagship line of Google Pixel phones.</p><p><blockquote>Alphabet周一表示，在推出新的谷歌Pixel手机旗舰系列时，将在内部生产硅产品。</blockquote></p><p> The company’s move creates as many questions as it does answers. Perhaps the first being,with only about 2% of the U.S. smartphone market&nbsp;and no real sign of that changing, does a bet like this make sense?</p><p><blockquote>该公司的举动带来的问题和答案一样多。也许第一个是，美国智能手机市场只有2%左右，而且没有真正的迹象表明这种情况会发生变化，这样的赌注有意义吗？</blockquote></p><p> While much of the analysis of this news pointed to it as a positive step for AlphabetGOOG,+0.21%,I interpreted it as a desperate attempt for the company to make headlines about its poor-performing line of mobile devices and to do so by taking a risk that even AppleAAPL,+1.26%isn’t yet willing to take when it comes to its vertical integration into semiconductors.</p><p><blockquote>虽然这条新闻的大部分分析都指出这对AlphabetGOOG(+0.21%)来说是积极的一步，但我将其解读为该公司孤注一掷地试图让其表现不佳的移动设备系列成为头条新闻，并通过这样做来实现这一目标。即使是AppleAAPL(+1.26%)在垂直整合半导体方面也不愿意承担风险。</blockquote></p><p> <b>Apple’s foreshadowing</b></p><p><blockquote><b>苹果的铺垫</b></blockquote></p><p> Apple made headlines over the past few years with its departure from Intel&nbsp;and the introduction of its M1 architecture. This transition from Intel to homegrown processors built on the increasingly popular Arm architecture was done methodically over several years to ensure that the change would go smoothly. For the most part, the M1 launched without significant incident, but its critics would be the first to point out that the transition was anything but flawless.</p><p><blockquote>过去几年，苹果因脱离英特尔并引入M1架构而成为头条新闻。从英特尔到基于日益流行的Arm架构的国产处理器的过渡是有条不紊地进行的，以确保变革顺利进行。在很大程度上，M1的发射没有发生重大事件，但它的批评者会第一个指出这种转变绝非完美无缺。</blockquote></p><p> It’s also worth pointing out that Apple, while it has incorporated a number of its cores to handle capabilities like image sensing and graphics, has left the modem and radio, oft-referred to as RFFE, to Qualcomm,due to the complexity of building a modem-RF system for 5G, which is incredibly complicated and proper function is imperative to get devices certified by different carriers like Verizon,AT&amp;T,T-Mobile&nbsp;and others.</p><p><blockquote>还值得指出的是，苹果虽然整合了许多核心来处理图像传感和图形等功能，但由于构建5G调制解调器RF系统的复杂性，它将调制解调器和无线电（通常称为RFFE）留给了高通，这非常复杂，并且必须让设备获得威瑞森、美国电话电报公司、T-Mobile等不同运营商的认证。</blockquote></p><p> For some reason that I simply cannot understand, Alphabet wants to abandon not only the Qualcomm Snapdragon, which most simply can be considered the full set of systems to power all the phones features, and ditch it for its own set of cores, but allegedly also abandon Qualcomm’s proven modem-RF system to use (rumored) Samsung’s Exynos, which has almost zero market penetration and has run into issues with power management and carrier certification. Even Samsung uses Qualcomm’s modem-RF system for large portions of its flagship devices, including its U.S. flagship devices. Apple does as well.</p><p><blockquote>由于一些我根本无法理解的原因，Alphabet不仅想放弃高通骁龙（最简单可以被视为全套系统来为所有手机功能供电），抛弃它为自己的一套核心，而且据称还抛弃高通成熟的调制解调器射频系统使用（传闻）三星的Exynos，该系统几乎没有市场渗透，在电源管理和运营商认证方面遇到了问题。甚至三星也在其大部分旗舰设备上使用高通的调制解调器射频系统，其中包括其美国旗舰设备。苹果也是。</blockquote></p><p> Returning us to the question: What in the world is Alphabet doing here, and does it make any sense?</p><p><blockquote>让我们回到这个问题：Alphabet到底在这里做什么，这有意义吗？</blockquote></p><p> <b>Vertical integration</b></p><p><blockquote><b>纵向一体化</b></blockquote></p><p> The short answer is yes, and no, but mostly no. At least for Alphabet.</p><p><blockquote>简短的回答是肯定的，也是否定的，但大多数情况下是否定的。至少对Alphabet来说是这样。</blockquote></p><p> The argument to favor this change comes down to profitability and control for Alphabet. Apple has proven that deeper vertical integration can be lucrative, and its Bionic chips have continued to improve with each generation. Alphabet, which has built a very limited set of custom ASICs (application specific integrated circuits) for artificial intelligence (AI), wants the market to see it as every bit as capable of this type of move as Apple.</p><p><blockquote>支持这一变化的论点可以归结为Alphabet的盈利能力和控制权。苹果已经证明，更深层次的垂直整合可以带来利润，其仿生芯片每一代都在不断改进。Alphabet为人工智能(AI)构建了一套非常有限的定制ASIC（专用集成电路），希望市场看到它与苹果一样有能力采取此类举措。</blockquote></p><p> Furthermore, we have seen Amazon’s&nbsp;AWS and Alibaba&nbsp;build Arm-based solutions for their cloud offerings, and Microsoft&nbsp;has also been touted to be following suit. For the data center, this seems to make sense, with AWS, for instance, seeing success from its Graviton line of CPUs and Trainium series of ML chips. No one would be surprised to see Alphabet significantly increase its efforts to launch or further enhance custom silicon development for its cloud and AI offerings. But servers, and even notebooks, aren’t mobile devices.</p><p><blockquote>此外，我们已经看到Amazon的AWS和阿里巴巴-SW为其云产品构建基于Arm的解决方案，微软也被吹捧为效仿。对于数据中心来说，这似乎是有意义的，例如，AWS从其Graviton系列CPU和Trainium系列ML芯片中看到了成功。如果Alphabet大幅加大力度推出或进一步增强其云和人工智能产品的定制芯片开发，没有人会感到惊讶。但是服务器，甚至笔记本电脑，都不是移动设备。</blockquote></p><p> To launch the M1, Apple spent years on R&amp;D and made several key acquisitions, including Dialog Semiconductor in 2018 for $600 million to add to its internal chipmaking and systems capabilities. It even acquired the remnants of Intel’s mobile modem business upon deciding to move away from Intel on the horizon of 5G. But, with all of that IP, and investment in tow, and even a multi-year legal feud with Qualcomm, Apple still recognized there were some things better left to be done by Qualcomm.</p><p><blockquote>为了推出M1，苹果花了数年时间进行研发，并进行了多项关键收购，包括2018年斥资6亿美元收购Dialog Semiconductor，以增强其内部芯片制造和系统能力。在5G时代决定离开英特尔后，它甚至收购了英特尔移动调制解调器业务的残余。但是，尽管拥有所有这些知识产权、对tow的投资，甚至与高通多年的法律纠纷，苹果仍然认识到有些事情需要高通去做。</blockquote></p><p> Perhaps Alphabet figures with almost no market share and no notoriety around its Pixel smartphone lineup that it doesn’t matter if the Pixel 6 series is a disaster.</p><p><blockquote>也许Alphabet认为，其Pixel智能手机系列几乎没有市场份额，也没有恶名，Pixel 6系列是否是一场灾难并不重要。</blockquote></p><p> And perhaps Google will surprise the world by using its cores plus a lesser-quality modem-RF system to somehow put out a device that will outperform Apple, Samsung and dozens of other handset makers that have entrusted Qualcomm to provide the guts of their devices.</p><p><blockquote>也许谷歌会让世界大吃一惊，它会使用其核心加上质量较差的调制解调器射频系统，以某种方式推出一款设备，其性能将超过苹果、三星和其他数十家委托高通提供其设备核心的手机制造商。</blockquote></p><p> I doubt it, though, and if nearly a decade of insignificant market penetration with their mobile devices serves as an indicator of how well this move will go for Alphabet, I think it’s safe to chalk this up in the L column.</p><p><blockquote>不过，我对此表示怀疑，如果近十年来移动设备微不足道的市场渗透率可以作为Alphabet此举进展如何的指标，我认为可以安全地将其记在L栏中。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/alphabet-wants-to-make-its-own-smartphone-chips-what-in-the-world-is-the-company-thinking-11628003771?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌"},"source_url":"https://www.marketwatch.com/story/alphabet-wants-to-make-its-own-smartphone-chips-what-in-the-world-is-the-company-thinking-11628003771?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135713978","content_text":"It’s a big, and risky, bet. Apple did something similar and had a difficult transition\n(Photo credit should read Alain Jocard/AFP via Getty Images)\nAlphabet said Monday it will take its silicon building in-house when it launches a new flagship line of Google Pixel phones.\nThe company’s move creates as many questions as it does answers. Perhaps the first being,with only about 2% of the U.S. smartphone market and no real sign of that changing, does a bet like this make sense?\nWhile much of the analysis of this news pointed to it as a positive step for AlphabetGOOG,+0.21%,I interpreted it as a desperate attempt for the company to make headlines about its poor-performing line of mobile devices and to do so by taking a risk that even AppleAAPL,+1.26%isn’t yet willing to take when it comes to its vertical integration into semiconductors.\nApple’s foreshadowing\nApple made headlines over the past few years with its departure from Intel and the introduction of its M1 architecture. This transition from Intel to homegrown processors built on the increasingly popular Arm architecture was done methodically over several years to ensure that the change would go smoothly. For the most part, the M1 launched without significant incident, but its critics would be the first to point out that the transition was anything but flawless.\nIt’s also worth pointing out that Apple, while it has incorporated a number of its cores to handle capabilities like image sensing and graphics, has left the modem and radio, oft-referred to as RFFE, to Qualcomm,due to the complexity of building a modem-RF system for 5G, which is incredibly complicated and proper function is imperative to get devices certified by different carriers like Verizon,AT&T,T-Mobile and others.\nFor some reason that I simply cannot understand, Alphabet wants to abandon not only the Qualcomm Snapdragon, which most simply can be considered the full set of systems to power all the phones features, and ditch it for its own set of cores, but allegedly also abandon Qualcomm’s proven modem-RF system to use (rumored) Samsung’s Exynos, which has almost zero market penetration and has run into issues with power management and carrier certification. Even Samsung uses Qualcomm’s modem-RF system for large portions of its flagship devices, including its U.S. flagship devices. Apple does as well.\nReturning us to the question: What in the world is Alphabet doing here, and does it make any sense?\nVertical integration\nThe short answer is yes, and no, but mostly no. At least for Alphabet.\nThe argument to favor this change comes down to profitability and control for Alphabet. Apple has proven that deeper vertical integration can be lucrative, and its Bionic chips have continued to improve with each generation. Alphabet, which has built a very limited set of custom ASICs (application specific integrated circuits) for artificial intelligence (AI), wants the market to see it as every bit as capable of this type of move as Apple.\nFurthermore, we have seen Amazon’s AWS and Alibaba build Arm-based solutions for their cloud offerings, and Microsoft has also been touted to be following suit. For the data center, this seems to make sense, with AWS, for instance, seeing success from its Graviton line of CPUs and Trainium series of ML chips. No one would be surprised to see Alphabet significantly increase its efforts to launch or further enhance custom silicon development for its cloud and AI offerings. But servers, and even notebooks, aren’t mobile devices.\nTo launch the M1, Apple spent years on R&D and made several key acquisitions, including Dialog Semiconductor in 2018 for $600 million to add to its internal chipmaking and systems capabilities. It even acquired the remnants of Intel’s mobile modem business upon deciding to move away from Intel on the horizon of 5G. But, with all of that IP, and investment in tow, and even a multi-year legal feud with Qualcomm, Apple still recognized there were some things better left to be done by Qualcomm.\nPerhaps Alphabet figures with almost no market share and no notoriety around its Pixel smartphone lineup that it doesn’t matter if the Pixel 6 series is a disaster.\nAnd perhaps Google will surprise the world by using its cores plus a lesser-quality modem-RF system to somehow put out a device that will outperform Apple, Samsung and dozens of other handset makers that have entrusted Qualcomm to provide the guts of their devices.\nI doubt it, though, and if nearly a decade of insignificant market penetration with their mobile devices serves as an indicator of how well this move will go for Alphabet, I think it’s safe to chalk this up in the L column.","news_type":1,"symbols_score_info":{"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}