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2021-12-14

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2021-12-12

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2021-12-10

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Some vaccine stocks dropped in premarket trading<blockquote>部分疫苗股盘前交易下跌</blockquote>

2021-12-09

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2021-12-08

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2021-12-06

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Grab shares slid more than 4% in premarket trading<blockquote>Grab 股价在盘前交易中下跌超过 4%</blockquote>

2021-12-03

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Novavax stock surged more than 7% in premarket trading<blockquote>Novavax 股价在盘前交易中飙升超过 7%</blockquote>

2021-12-02

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This Tech Giant Is Seeing The Highest Interest On WallstreetBets Today<blockquote>这家科技巨头今天对华尔街投注的兴趣最高</blockquote>

2021-11-30

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Covid-19 Antibody Drugs Are Challenged by Omicron, Preliminary Testing Indicates<blockquote>初步测试表明，新冠肺炎抗体药物受到奥密克戎的挑战</blockquote>

2021-11-28

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2021-11-26

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Fear, Not Calculated Trading, Is Behind Today’s Covid Market Crash<blockquote>今天 Covid 市场崩盘的背后是恐惧，而不是经过深思熟虑的交易</blockquote>

2021-11-26

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2021-11-12

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2021-11-09

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Luminar shares soared nearly 70% in premarket trading<blockquote>Luminar 股价在盘前交易中飙升近 70%</blockquote>

2021-11-04

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5 Stocks To Watch For November 4, 2021<blockquote>2021 年 11 月 4 日值得关注的 5 只股票</blockquote>

2021-11-03

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@期权小班长:电动车走势不理想？推荐一种舒适的赚钱方法

2021-10-29

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Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</blockquote>

2021-10-26

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AMD earnings look to again succeed where Intel disappointed<blockquote>AMD 盈利有望再次取得成功，英特尔令人失望</blockquote>

2021-10-25

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US IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote>

2021-10-21

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Weekly jobless claims fall to fresh pandemic-era low of 290,000<blockquote>每周申请失业救济人数降至大流行时代新低 29 万人</blockquote>

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you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/605890559","repostId":"1100115506","repostType":4,"repost":{"id":"1100115506","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":1639138188,"share":"https://www.laohunote.com/m/news/1100115506?lang=zh_CN&edition=full","pubTime":"2021-12-10 20:09","market":"us","language":"en","title":"Some vaccine stocks dropped in premarket trading<blockquote>部分疫苗股盘前交易下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100115506","media":"Tiger Newspress","summary":"Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell","content":"<p>Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell about 2%.</p><p><blockquote>一些疫苗股在盘前交易中下跌。Moderna下跌超过6%，BioNTech和Novavax下跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8a520d484bb38c42dea515aeca96c8b3\" tg-width=\"843\" tg-height=\"623\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/3f4e9ce656bcb771198057d217489677\" tg-width=\"843\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fd626ba47bec50af63916a31695eca4c\" tg-width=\"843\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some vaccine stocks dropped in premarket trading<blockquote>部分疫苗股盘前交易下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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; 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class=\"h-time smaller\">2021-12-10 20:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell about 2%.</p><p><blockquote>一些疫苗股在盘前交易中下跌。Moderna下跌超过6%，BioNTech和Novavax下跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8a520d484bb38c42dea515aeca96c8b3\" tg-width=\"843\" tg-height=\"623\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/3f4e9ce656bcb771198057d217489677\" tg-width=\"843\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fd626ba47bec50af63916a31695eca4c\" tg-width=\"843\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","BNTX":"BioNTech SE","MRNA":"Moderna, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100115506","content_text":"Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell about 2%.","news_type":1,"symbols_score_info":{"BNTX":0.9,"NVAX":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602596365,"gmtCreate":1639038079165,"gmtModify":1639038079482,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thank you 🙏🏻&nbsp;","listText":"Please like, thank you 🙏🏻&nbsp;","text":"Please like, thank you 🙏🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602596365","repostId":"1160927591","repostType":4,"isVote":1,"tweetType":1,"viewCount":4013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602368027,"gmtCreate":1638973718285,"gmtModify":1638973718679,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks&nbsp;","listText":"Please like, thanks&nbsp;","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602368027","repostId":"1180032077","repostType":4,"isVote":1,"tweetType":1,"viewCount":4449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608740082,"gmtCreate":1638794956515,"gmtModify":1638795937524,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/608740082","repostId":"1191828969","repostType":4,"repost":{"id":"1191828969","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":1638792831,"share":"https://www.laohunote.com/m/news/1191828969?lang=zh_CN&edition=full","pubTime":"2021-12-06 20:13","market":"us","language":"en","title":"Grab shares slid more than 4% in premarket trading<blockquote>Grab 股价在盘前交易中下跌超过 4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191828969","media":"Tiger Newspress","summary":"Grab shares slid more than 4% in premarket trading.The&nbsp;Singapore ride-hailing firm&nbsp;went on sale last week.","content":"<p>Grab shares slid more than 4% in premarket trading.The&nbsp;Singapore ride-hailing firm&nbsp;went on sale last week.</p><p><blockquote>Grab 股价在盘前交易中下跌超过 4%。这家新加坡叫车公司上周开始出售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8de30b544b65a645e7a91a37bfb8d8f8\" tg-width=\"851\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Grab shares slid more than 4% in premarket trading<blockquote>Grab 股价在盘前交易中下跌超过 4%</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\">\nGrab shares slid more than 4% in premarket trading<blockquote>Grab 股价在盘前交易中下跌超过 4%</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\">2021-12-06 20:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Grab shares slid more than 4% in premarket trading.The&nbsp;Singapore ride-hailing firm&nbsp;went on sale last week.</p><p><blockquote>Grab 股价在盘前交易中下跌超过 4%。这家新加坡叫车公司上周开始出售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8de30b544b65a645e7a91a37bfb8d8f8\" tg-width=\"851\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191828969","content_text":"Grab shares slid more than 4% in premarket trading.The Singapore ride-hailing firm went on sale last week.","news_type":1,"symbols_score_info":{"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":3410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601667375,"gmtCreate":1638523686919,"gmtModify":1638523690134,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/601667375","repostId":"1154256555","repostType":4,"repost":{"id":"1154256555","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":1638523084,"share":"https://www.laohunote.com/m/news/1154256555?lang=zh_CN&edition=full","pubTime":"2021-12-03 17:18","market":"us","language":"en","title":"Novavax stock surged more than 7% in premarket trading<blockquote>Novavax 股价在盘前交易中飙升超过 7%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154256555","media":"Tiger Newspress","summary":"Novavax stock surged more than 7% in premarket trading as Novavax said it could start making Omicron","content":"<p>Novavax stock surged more than 7% in premarket trading&nbsp;as&nbsp;Novavax said it could start making Omicron-specific vaccine in January.</p><p><blockquote>由于 Novavax 表示可能在 1 月份开始生产奥密克戎专用疫苗，Novavax 股价在盘前交易中飙升超过 7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25019bf4a8dc635b8734c21361f7c7d0\" tg-width=\"852\" tg-height=\"619\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Novavax Inc&nbsp;said on Thursday it could begin commercial manufacturing of a COVID-19 vaccine tailored for the Omicron coronavirus variant in January next year, while it tests whether or not its current vaccine works against the variant.</p><p><blockquote>Novavax Inc.周四表示，它可能会在明年1月开始商业生产专为奥密克戎冠状病毒变种量身定制的新冠肺炎疫苗，同时测试其目前的疫苗是否对该变种有效。</blockquote></p><p> Laboratory data expected in the coming weeks will show whether antibodies from individuals who have previously received Novavax's COVID-19 shot can neutralize the variant, according to the company.</p><p><blockquote>该公司表示，预计未来几周的实验室数据将显示之前接受过 Novavax COVID-19 注射的个体的抗体是否可以中和该变种。</blockquote></p><p> Novavax also said it has started developing an Omicron-specific spike protein antigen and will begin laboratory tests of a new vaccine to target the variant in a few weeks.</p><p><blockquote>Novavax还表示，它已经开始开发奥密克戎特异性刺突蛋白抗原，并将在几周内开始针对该变异体的新疫苗的实验室测试。</blockquote></p><p> The Omicron coronavirus variant has shaken up markets and caused global alarm over concerns about whether it could evade protection provided by widely used vaccines and prolong the public health crisis.</p><p><blockquote>奥密克戎冠状病毒变种震动了市场，并引起了全球的恐慌，人们担心它是否会逃避广泛使用的疫苗提供的保护，并延长公共卫生危机。</blockquote></p><p> Other vaccine makers including Moderna&nbsp;and Pfizer&nbsp;have also begun working on Omicron-tailored COVID-19 shots.</p><p><blockquote>包括 Moderna 和辉瑞在内的其他疫苗制造商也已开始研发为奥密克戎量身定制的 COVID-19 疫苗。</blockquote></p><p> Novavax's COVID-19 vaccine received its first emergency use approval in Indonesia in early November followed by the Philippines.</p><p><blockquote>Novavax 的 COVID-19 疫苗于 11 月初在印度尼西亚首次获得紧急使用批准，随后在菲律宾也获得批准。</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>Novavax stock surged more than 7% in premarket trading<blockquote>Novavax 股价在盘前交易中飙升超过 7%</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\">\nNovavax stock surged more than 7% in premarket trading<blockquote>Novavax 股价在盘前交易中飙升超过 7%</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\">2021-12-03 17:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Novavax stock surged more than 7% in premarket trading&nbsp;as&nbsp;Novavax said it could start making Omicron-specific vaccine in January.</p><p><blockquote>由于 Novavax 表示可能在 1 月份开始生产奥密克戎专用疫苗，Novavax 股价在盘前交易中飙升超过 7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25019bf4a8dc635b8734c21361f7c7d0\" tg-width=\"852\" tg-height=\"619\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Novavax Inc&nbsp;said on Thursday it could begin commercial manufacturing of a COVID-19 vaccine tailored for the Omicron coronavirus variant in January next year, while it tests whether or not its current vaccine works against the variant.</p><p><blockquote>Novavax Inc.周四表示，它可能会在明年1月开始商业生产专为奥密克戎冠状病毒变种量身定制的新冠肺炎疫苗，同时测试其目前的疫苗是否对该变种有效。</blockquote></p><p> Laboratory data expected in the coming weeks will show whether antibodies from individuals who have previously received Novavax's COVID-19 shot can neutralize the variant, according to the company.</p><p><blockquote>该公司表示，预计未来几周的实验室数据将显示之前接受过 Novavax COVID-19 注射的个体的抗体是否可以中和该变种。</blockquote></p><p> Novavax also said it has started developing an Omicron-specific spike protein antigen and will begin laboratory tests of a new vaccine to target the variant in a few weeks.</p><p><blockquote>Novavax还表示，它已经开始开发奥密克戎特异性刺突蛋白抗原，并将在几周内开始针对该变异体的新疫苗的实验室测试。</blockquote></p><p> The Omicron coronavirus variant has shaken up markets and caused global alarm over concerns about whether it could evade protection provided by widely used vaccines and prolong the public health crisis.</p><p><blockquote>奥密克戎冠状病毒变种震动了市场，并引起了全球的恐慌，人们担心它是否会逃避广泛使用的疫苗提供的保护，并延长公共卫生危机。</blockquote></p><p> Other vaccine makers including Moderna&nbsp;and Pfizer&nbsp;have also begun working on Omicron-tailored COVID-19 shots.</p><p><blockquote>包括 Moderna 和辉瑞在内的其他疫苗制造商也已开始研发为奥密克戎量身定制的 COVID-19 疫苗。</blockquote></p><p> Novavax's COVID-19 vaccine received its first emergency use approval in Indonesia in early November followed by the Philippines.</p><p><blockquote>Novavax 的 COVID-19 疫苗于 11 月初在印度尼西亚首次获得紧急使用批准，随后在菲律宾也获得批准。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154256555","content_text":"Novavax stock surged more than 7% in premarket trading as Novavax said it could start making Omicron-specific vaccine in January.\n\nNovavax Inc said on Thursday it could begin commercial manufacturing of a COVID-19 vaccine tailored for the Omicron coronavirus variant in January next year, while it tests whether or not its current vaccine works against the variant.\nLaboratory data expected in the coming weeks will show whether antibodies from individuals who have previously received Novavax's COVID-19 shot can neutralize the variant, according to the company.\nNovavax also said it has started developing an Omicron-specific spike protein antigen and will begin laboratory tests of a new vaccine to target the variant in a few weeks.\nThe Omicron coronavirus variant has shaken up markets and caused global alarm over concerns about whether it could evade protection provided by widely used vaccines and prolong the public health crisis.\nOther vaccine makers including Moderna and Pfizer have also begun working on Omicron-tailored COVID-19 shots.\nNovavax's COVID-19 vaccine received its first emergency use approval in Indonesia in early November followed by the Philippines.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":4106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603478246,"gmtCreate":1638446759894,"gmtModify":1638446760055,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603478246","repostId":"1180366088","repostType":4,"repost":{"id":"1180366088","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1638444619,"share":"https://www.laohunote.com/m/news/1180366088?lang=zh_CN&edition=full","pubTime":"2021-12-02 19:30","market":"us","language":"en","title":"This Tech Giant Is Seeing The Highest Interest On WallstreetBets Today<blockquote>这家科技巨头今天对华尔街投注的兴趣最高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180366088","media":"Benzinga Earnings","summary":"Apple Inc. continues to be the most-discussed stock onReddit’s r/WallStreetBets forum as of early Th","content":"<p><b>Apple Inc</b>.&nbsp;continues to be the most-discussed stock onReddit’s&nbsp;<b>r/WallStreetBets</b>&nbsp;forum as of early Thursday.</p><p><blockquote><b>苹果公司</b>. 仍然是 Reddit 上讨论最多的股票<b>r/华尔街投注</b>截至周四早些时候的论坛。</blockquote></p><p> <b>What Happened</b>: Exchange-traded fund&nbsp;<b>SPDR S&amp;P 500 ETF Trust</b>&nbsp;is seeing the highest interest on the forum with 864 mentions as at press time, followed by tech giant Apple with 316 mentions, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>: 交易所买卖基金<b>SPDR标普500 ETF信托</b>Quiver Quantitative 的数据显示，截至发稿时，该论坛的兴趣最高，有 864 次被提及，其次是科技巨头苹果，有 316 次被提及。</blockquote></p><p> Electric vehicle maker&nbsp;<b>Tesla Inc</b>.&nbsp;and videogame retailer&nbsp;<b>GameStop Corp.</b>&nbsp;are in the third and fourth positions, having attracted 165 and 154 mentions, respectively.</p><p><blockquote>电动汽车制造商<b>特斯拉公司</b>和电子游戏零售商<b>游戏驿站公司</b>排名第三和第四，分别吸引了165次和154次提及。</blockquote></p><p> <b>Why It Matters</b>: Apple continues to see high interest from investors on the forum.</p><p><blockquote><b>为什么它很重要</b>：苹果继续受到投资者对论坛的高度关注。</blockquote></p><p> The&nbsp;<b>Tim Cook</b>-led company is seen as a safe haven for investors even amid the broader market selloff on Tuesday after the Center for Disease Control and Prevention confirmed the first case of Covid-19 caused by the new Omicron variant in the U.S.</p><p><blockquote>这个<b>蒂姆·库克</b>在美国疾病控制和预防中心确认美国首例由新奥密克戎变种引起的 Covid-19 病例后，即使在周二大盘抛售的情况下，-led 公司仍被视为投资者的避风港。</blockquote></p><p> A post on the forum&nbsp;noted&nbsp;Apple has informed its component suppliers that demand for the iPhone 13 lineup has weakened ahead of the holidays, citing a report by Bloomberg. The tech giant has been&nbsp;grappling with supply chain issues.</p><p><blockquote>论坛上的一篇帖子援引彭博社的报道指出，苹果已通知其零部件供应商，假期前对 iPhone 13 系列的需求已经减弱。这家科技巨头一直在努力解决供应链问题。</blockquote></p><p> <b>Price Action</b>: Apple shares closed 0.3% lower in Wednesday’s regular trading session at $164.77, but rose almost 0.8% in the after-hours session to $166.00.</p><p><blockquote><b>价格行为</b>: 苹果股价在周三常规交易时段收盘下跌 0.3%，报 164.77 美元，但在盘后交易时段上涨近 0.8%，报 166.00 美元。</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>This Tech Giant Is Seeing The Highest Interest On WallstreetBets Today<blockquote>这家科技巨头今天对华尔街投注的兴趣最高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Tech Giant Is Seeing The Highest Interest On WallstreetBets Today<blockquote>这家科技巨头今天对华尔街投注的兴趣最高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-12-02 19:30</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Apple Inc</b>.&nbsp;continues to be the most-discussed stock onReddit’s&nbsp;<b>r/WallStreetBets</b>&nbsp;forum as of early Thursday.</p><p><blockquote><b>苹果公司</b>. 仍然是 Reddit 上讨论最多的股票<b>r/华尔街投注</b>截至周四早些时候的论坛。</blockquote></p><p> <b>What Happened</b>: Exchange-traded fund&nbsp;<b>SPDR S&amp;P 500 ETF Trust</b>&nbsp;is seeing the highest interest on the forum with 864 mentions as at press time, followed by tech giant Apple with 316 mentions, data from Quiver Quantitative showed.</p><p><blockquote><b>发生了什么事</b>: 交易所买卖基金<b>SPDR标普500 ETF信托</b>Quiver Quantitative 的数据显示，截至发稿时，该论坛的兴趣最高，有 864 次被提及，其次是科技巨头苹果，有 316 次被提及。</blockquote></p><p> Electric vehicle maker&nbsp;<b>Tesla Inc</b>.&nbsp;and videogame retailer&nbsp;<b>GameStop Corp.</b>&nbsp;are in the third and fourth positions, having attracted 165 and 154 mentions, respectively.</p><p><blockquote>电动汽车制造商<b>特斯拉公司</b>和电子游戏零售商<b>游戏驿站公司</b>排名第三和第四，分别吸引了165次和154次提及。</blockquote></p><p> <b>Why It Matters</b>: Apple continues to see high interest from investors on the forum.</p><p><blockquote><b>为什么它很重要</b>：苹果继续受到投资者对论坛的高度关注。</blockquote></p><p> The&nbsp;<b>Tim Cook</b>-led company is seen as a safe haven for investors even amid the broader market selloff on Tuesday after the Center for Disease Control and Prevention confirmed the first case of Covid-19 caused by the new Omicron variant in the U.S.</p><p><blockquote>这个<b>蒂姆·库克</b>在美国疾病控制和预防中心确认美国首例由新奥密克戎变种引起的 Covid-19 病例后，即使在周二大盘抛售的情况下，-led 公司仍被视为投资者的避风港。</blockquote></p><p> A post on the forum&nbsp;noted&nbsp;Apple has informed its component suppliers that demand for the iPhone 13 lineup has weakened ahead of the holidays, citing a report by Bloomberg. The tech giant has been&nbsp;grappling with supply chain issues.</p><p><blockquote>论坛上的一篇帖子援引彭博社的报道指出，苹果已通知其零部件供应商，假期前对 iPhone 13 系列的需求已经减弱。这家科技巨头一直在努力解决供应链问题。</blockquote></p><p> <b>Price Action</b>: Apple shares closed 0.3% lower in Wednesday’s regular trading session at $164.77, but rose almost 0.8% in the after-hours session to $166.00.</p><p><blockquote><b>价格行为</b>: 苹果股价在周三常规交易时段收盘下跌 0.3%，报 164.77 美元，但在盘后交易时段上涨近 0.8%，报 166.00 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","AAPL":"苹果","SPY":"标普500ETF","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180366088","content_text":"Apple Inc. continues to be the most-discussed stock onReddit’s r/WallStreetBets forum as of early Thursday.\nWhat Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 864 mentions as at press time, followed by tech giant Apple with 316 mentions, data from Quiver Quantitative showed.\nElectric vehicle maker Tesla Inc. and videogame retailer GameStop Corp. are in the third and fourth positions, having attracted 165 and 154 mentions, respectively.\nWhy It Matters: Apple continues to see high interest from investors on the forum.\nThe Tim Cook-led company is seen as a safe haven for investors even amid the broader market selloff on Tuesday after the Center for Disease Control and Prevention confirmed the first case of Covid-19 caused by the new Omicron variant in the U.S.\nA post on the forum noted Apple has informed its component suppliers that demand for the iPhone 13 lineup has weakened ahead of the holidays, citing a report by Bloomberg. The tech giant has been grappling with supply chain issues.\nPrice Action: Apple shares closed 0.3% lower in Wednesday’s regular trading session at $164.77, but rose almost 0.8% in the after-hours session to $166.00.","news_type":1,"symbols_score_info":{"SPY":0.9,"AAPL":0.9,"GME":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609694359,"gmtCreate":1638275659492,"gmtModify":1638275659636,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/609694359","repostId":"1192203085","repostType":4,"repost":{"id":"1192203085","kind":"news","pubTimestamp":1638273550,"share":"https://www.laohunote.com/m/news/1192203085?lang=zh_CN&edition=full","pubTime":"2021-11-30 19:59","market":"us","language":"en","title":"Covid-19 Antibody Drugs Are Challenged by Omicron, Preliminary Testing Indicates<blockquote>初步测试表明，新冠肺炎抗体药物受到奥密克戎的挑战</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192203085","media":"The Wall Street Journal","summary":"Regeneron said its antibody drug cocktail was found to lose effectiveness against the new variant\nA ","content":"<p>Regeneron said its antibody drug cocktail was found to lose effectiveness against the new variant</p><p><blockquote>再生元表示，其抗体药物鸡尾酒被发现对新变种失去效力</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6086131617e6933fe07f3e46cd5c26\" tg-width=\"1290\" tg-height=\"859\" referrerpolicy=\"no-referrer\"><span>A monoclonal antibody treatment site in Pembroke Pines, Fla., earlier this year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>今年早些时候，佛罗里达州彭布罗克派恩斯的一个单克隆抗体治疗点。</span></p></blockquote></p><p> Preliminary tests indicate the Covid-19 antibody drug cocktail from Regeneron Pharmaceuticals Inc. loses effectiveness against Omicron, the company said Tuesday, a sign that some products in an important class of therapies might need modifying if the new strain becomes widespread.</p><p><blockquote>再生元制药公司周二表示，初步测试表明，该公司生产的 Covid-19 抗体药物鸡尾酒对奥密克戎病毒失去了效力，这表明如果新菌株广泛传播，一类重要疗法中的一些产品可能需要修改。</blockquote></p><p> Separate testing of another authorized Covid-19 antibody drug cocktail, from&nbsp;Eli Lilly&amp; Co., indicates it also isn’t as effective against Omicron, outside scientists said. Lilly said it is testing the new variant against its antibody treatment and wouldn’t speculate on what the results will be.</p><p><blockquote>外部科学家说，对礼来公司（Eli Lilly&amp;Co.礼来公司表示，它正在对这种新变种进行抗体治疗测试，不愿猜测结果会如何。</blockquote></p><p> The findings are the early results of researchers’ race to assess the impact of the&nbsp;new Omicron variant&nbsp;on Covid-19 treatments that patients, doctors and hospitals have been relying on, as well as pills in development that have promised to keep people out of the hospital.</p><p><blockquote>这些发现是研究人员竞赛的早期结果，旨在评估新的奥密克戎变种对病人、医生和医院一直依赖的 Covid-19 治疗方法的影响，以及正在开发的有望让人们远离医院的药丸。</blockquote></p><p> Researchers say some antibody therapies are likely to be especially vulnerable to Omicron because it contains mutations to the spike protein that the Regeneron and Lilly drugs target, while other drugs should hold up well because they attack elements of the virus unchanged in the variant.</p><p><blockquote>研究人员表示，一些抗体疗法可能特别容易受到奥密克戎病毒的影响，因为它包含再生元和礼来公司药物所针对的刺突蛋白的突变，而其他药物应该能很好地保持，因为它们攻击的是病毒变异体中不变的元素。</blockquote></p><p> Monoclonal antibodies are lab-made molecules derived from survivors of Covid-19 or mice engineered to have human immune systems. When given soon after infection, the drugs attach to the surface of the coronavirus and prevent it from replicating itself in new cells.</p><p><blockquote>单克隆抗体是实验室制造的分子，来源于新冠肺炎的幸存者或被改造成具有人类免疫系统的小鼠。当在感染后不久服用时，这些药物会附着在冠状病毒表面，并阻止其在新细胞中自我复制。</blockquote></p><p> They are the only drugs authorized to treat patients, before they require hospitalization, who are at high risk of developing severe cases.</p><p><blockquote>它们是唯一被授权用于治疗需要住院治疗的患者的药物，这些患者有发生严重病例的高风险。</blockquote></p><p> The drugs differ from vaccines, which train the immune system how to defend against the virus, including with the production of antibodies. Last year, former&nbsp;President Donald Trump credited Regeneron’s drug&nbsp;with his speedy recovery from Covid-19.</p><p><blockquote>这些药物不同于疫苗，疫苗训练免疫系统如何抵御病毒，包括产生抗体。去年，前总统唐纳德-特朗普（Donald Trump）将他从 Covid-19 中快速康复归功于再生元公司的药物。</blockquote></p><p> Regeneron said it would be able to quantify the impact of the variant in coming weeks, after further testing is done.</p><p><blockquote>再生元表示，在完成进一步测试后，它将能够在未来几周内量化该变种的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e7fac5c4630025e6c5ad28d2c3efbfa\" tg-width=\"1050\" tg-height=\"700\" referrerpolicy=\"no-referrer\"><span>Antiviral pills such as Pfizer’s Paxlovid appear to be unaffected by the variant.</span></p><p><blockquote><p class=\"t-img-caption\"><span>辉瑞公司的 Paxlovid 等抗病毒药物似乎不受该变种的影响。</span></p></blockquote></p><p> If final testing shows that its antibody drugs are less effective against Omicron, Regeneron has developed alternative antibodies that it can push into clinical testing and that it thinks will retain effectiveness against the variant, said George Yancopoulos, the company’s president and chief scientific officer.</p><p><blockquote>Regeneron 总裁兼首席科学官 George Yancopoulos 说，如果最终测试表明其抗体药物对奥密克戎病毒的疗效较差，那么 Regeneron 已经开发出了替代抗体，可以将其推入临床试验，并认为这些抗体将保持对该变异病毒的疗效。</blockquote></p><p> One of Regeneron’s alternative antibodies is already in clinical testing, which the company began in anticipation of new variants emerging over time.</p><p><blockquote>再生元公司的一种替代抗体已经在进行临床试验，该公司之所以开始临床试验，是因为预计随着时间的推移会出现新的变种。</blockquote></p><p> The Omicron variant was identified last week by scientists in South Africa, prompting drug researchers to scramble to see if the relatively small medicine chest of Covid-19 treatments would still work against the new strain if it ends up spreading widely.</p><p><blockquote>南非科学家上周发现了奥密克戎变种，这促使药物研究人员争先恐后地看看，如果这种新毒株最终广泛传播，相对较小的新冠肺炎治疗药物箱是否仍然可以对抗它。</blockquote></p><p> “What we have to admit is, in the course of the past six days, our urgency has increased,” Dr. Yancopoulos said in an interview. “What started out as a backup plan has now been made a lot more urgent.”</p><p><blockquote>“扬科普洛斯博士在接受采访时说：”我们不得不承认，在过去的六天里，我们的紧迫感增加了。“最初的后备计划现在变得更加紧迫”。</blockquote></p><p> Scientists at the Fred Hutchinson Cancer Research Center in Seattle found that individual mutations from Omicron reduced or eliminated the ability of Regeneron’s and Lilly’s drugs to attach to the virus, said Allie Greaney, a Ph.D. candidate at the center and the University of Washington in Seattle.</p><p><blockquote>西雅图弗雷德-哈钦森癌症研究中心（Fred Hutchinson Cancer Research Center）和西雅图华盛顿大学（University of Washington in Seattle）的博士生艾莉-格里尼（Allie Greaney）说，该中心的科学家发现，奥密克戎病毒的个别突变会降低或消除再生元公司和礼来公司的药物附着在病毒上的能力。</blockquote></p><p> More comprehensive tests of the drugs against the entire variant are needed to fully understand the impact, she said. “I’m not certain what the exact magnitude of effect would be, but probably less effective,” said Ms. Greaney.</p><p><blockquote>她说，需要对这些药物针对整个变种进行更全面的测试，以充分了解其影响。“格里尼女士说：”我不确定这种影响的确切程度，但效果可能会较差。</blockquote></p><p> Lilly is in the process of testing the new variant against its drug, a combination of&nbsp;two antibodies called bamlanivimab and etesevimab,said Nicole Kallewaard, a Lilly virologist and research adviser.</p><p><blockquote>礼来公司病毒学家兼研究顾问妮可·卡勒瓦德 (Nicole Kallewaard) 表示，礼来公司正在测试针对其药物的新变种，该药物是两种抗体的组合，称为 bamlanivimab 和 etesevimab。</blockquote></p><p> She declined to comment on the results showing reduced effectiveness against individual Omicron mutations, because the results may differ when all of the mutations are combined.</p><p><blockquote>她拒绝对显示针对单个奥密克戎突变的有效性降低的结果发表评论，因为当所有突变组合时，结果可能会有所不同。</blockquote></p><p> “I think that we need to wait for confirmation of the whole virus,” said Dr. Kallewaard. “Hopefully, the data will come in the next few weeks.”</p><p><blockquote>“卡勒瓦德博士说：”我认为我们需要等待整个病毒的确认。“希望数据能在未来几周内公布”。</blockquote></p><p> A rise in the prevalence of Omicron could present an opportunity for competitors who say their drugs don’t appear in preliminary testing to be affected by the variant, including&nbsp;Vir Biotechnology&nbsp;Inc.&nbsp;and GlaxoSmithKline PLC, whose drug&nbsp;sotrovimab was authorized for emergency use&nbsp;earlier this year.</p><p><blockquote>奥密克戎病患病率的上升可能会为竞争对手提供一个机会，他们说自己的药物在初步测试中似乎没有受到这种变异的影响，其中包括 Vir Biotechnology Inc. 和葛兰素史克公司，后者的药物 sotrovimab 已于今年早些时候获准紧急使用。</blockquote></p><p></p><p> Fred Hutchinson researchers also said their initial testing indicated the Vir-GSK antibody drug retained its effectiveness.</p><p><blockquote>Fred Hutchinson研究人员还表示，他们的初步测试表明，Vir-GSK抗体药物保留了其有效性。</blockquote></p><p> Adagio Therapeutics&nbsp;Inc.,a biotech with a Covid-19 antibody drug in clinical trials, said its antibody also appears to be unaffected by the new variant.</p><p><blockquote>Adagio Therapeutics Inc. 是一家生物技术公司，其 Covid-19 抗体药物正在进行临床试验，该公司表示，其抗体似乎也不受新变种的影响。</blockquote></p><p> Vir, Glaxo and Adagio said they are conducting further tests to confirm that their drugs aren’t affected by Omicron.</p><p><blockquote>Vir、Glaxo 和 Adagio 表示，他们正在进行进一步的测试，以确认他们的药物不受奥密克戎病毒的影响。</blockquote></p><p> Omicron poses a threat to lab-made antibody drugs as well as antibodies generated by vaccines, because the new variant has mutations on the spike protein part of the virus where antibodies are known to frequently attach themselves, scientists say.</p><p><blockquote>科学家说，奥密克戎病毒对实验室制造的抗体药物以及疫苗产生的抗体构成威胁，因为这种新变种在病毒的刺突蛋白部分发生突变，已知抗体经常附着在刺突蛋白部分。</blockquote></p><p> Vir and Adagio officials said the companies designed their antibodies with the aim of targeting spots on the virus that are common across different coronaviruses that remained stable even after numerous mutations over many years.</p><p><blockquote>Vir 和 Adagio 的官员表示，这两家公司设计抗体的目的是针对不同冠状病毒中常见的病毒斑点，这些斑点即使经过多年的多次突变也保持稳定。</blockquote></p><p> “They bind to a region of the virus that through decades of evolution has not changed a lot,” Adagio Chief Executive Tillman Gerngross said in an interview. “Those conserved areas make the virus much more vulnerable” to antibodies.</p><p><blockquote>“Adagio 首席执行官蒂尔曼-格恩格罗斯（Tillman Gerngross）在接受采访时说：”它们与病毒中的一个区域结合在一起，这个区域经过几十年的演变并没有太大变化。“这些保守区域使病毒更容易受到抗体的攻击”。</blockquote></p><p> It will take at least two weeks to create a version of the full Omicron virus variant and test antibody drugs against it, company officials said. Still, scientists say they are concerned by what they know already about the variant’s ability to evade antibodies produced by vaccines, prior infection or from drug treatment.</p><p><blockquote>公司官员表示，创建完整的奥密克戎病毒变种版本并测试针对它的抗体药物至少需要两周时间。尽管如此，科学家们表示，他们对这种变异体逃避疫苗、既往感染或药物治疗产生的抗体的能力感到担忧。</blockquote></p><p> “Omicron hasn’t become the next Delta,” Vir Chief Scientific Officer Skip Virgin said in an interview. But “we think the extent of the mutations, the number of them, means that the world needs to take Omicron very seriously.”</p><p><blockquote>“Vir 首席科学官 Skip Virgin 在接受采访时说：”奥密克戎还没有成为下一个三角洲。但 “我们认为，突变的程度和数量意味着世界需要非常认真地对待奥密克戎”。</blockquote></p><p> Antiviral drugs, including pills from&nbsp;Merck&amp; Co. and partner Ridgeback Biotherapeutics LP and from&nbsp;Pfizer&nbsp;Inc.&nbsp;that are being&nbsp;evaluated for authorization,appear to be unaffected by the variant because they target a different site on the virus, said Michel Nussenzweig, an immunologist at Rockefeller University.</p><p><blockquote>米歇尔·努森茨威格 (Michel Nussenzweig) 表示，正在评估授权的抗病毒药物，包括默克公司 (Merck&amp;Co.) 及其合作伙伴 Ridgeback Biotherapeutics LP 和辉瑞公司 (Pfizer Inc.) 的药丸，似乎不受该变种的影响，因为它们针对的是病毒上的不同位点。洛克菲勒大学免疫学家。</blockquote></p><p> Doctors and patients have been looking forward to authorization of the pills, which in clinical trials have&nbsp;reduced the risk of hospitalization&nbsp;if taken early enough.</p><p><blockquote>医生和患者一直期待着这种药丸的授权，在临床试验中，如果服用得足够早，这种药丸可以降低住院的风险。</blockquote></p><p> “The targets of the pills appear to be under less pressure and may be OK, but this too needs to be tested,” said Dr. Nussenzweig.</p><p><blockquote>“Nussenzweig 博士说：”药丸的目标似乎压力较小，可能没问题，但这也需要进行测试。</blockquote></p><p> Pfizer and Merck said they expect their drugs to be effective against Omicron.</p><p><blockquote>辉瑞和默克表示，他们预计自己的药物能够有效对抗奥密克戎病。</blockquote></p><p> Gilead SciencesInc.&nbsp;also said it expects&nbsp;Veklury, its antiviral drug&nbsp;used to treat hospitalized patients, to retain effectiveness against Omicron as it has against other variants of concern.</p><p><blockquote>吉利德科学公司还表示，预计其用于治疗住院患者的抗病毒药物 Veklury 将保持对奥密克戎病毒的有效性，就像对其他令人担忧的变种一样。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nCovid-19 Antibody Drugs Are Challenged by Omicron, Preliminary Testing Indicates<blockquote>初步测试表明，新冠肺炎抗体药物受到奥密克戎的挑战</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-11-30 19:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Regeneron said its antibody drug cocktail was found to lose effectiveness against the new variant</p><p><blockquote>再生元表示，其抗体药物鸡尾酒被发现对新变种失去效力</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6086131617e6933fe07f3e46cd5c26\" tg-width=\"1290\" tg-height=\"859\" referrerpolicy=\"no-referrer\"><span>A monoclonal antibody treatment site in Pembroke Pines, Fla., earlier this year.</span></p><p><blockquote><p class=\"t-img-caption\"><span>今年早些时候，佛罗里达州彭布罗克派恩斯的一个单克隆抗体治疗点。</span></p></blockquote></p><p> Preliminary tests indicate the Covid-19 antibody drug cocktail from Regeneron Pharmaceuticals Inc. loses effectiveness against Omicron, the company said Tuesday, a sign that some products in an important class of therapies might need modifying if the new strain becomes widespread.</p><p><blockquote>再生元制药公司周二表示，初步测试表明，该公司生产的 Covid-19 抗体药物鸡尾酒对奥密克戎病毒失去了效力，这表明如果新菌株广泛传播，一类重要疗法中的一些产品可能需要修改。</blockquote></p><p> Separate testing of another authorized Covid-19 antibody drug cocktail, from&nbsp;Eli Lilly&amp; Co., indicates it also isn’t as effective against Omicron, outside scientists said. Lilly said it is testing the new variant against its antibody treatment and wouldn’t speculate on what the results will be.</p><p><blockquote>外部科学家说，对礼来公司（Eli Lilly&amp;Co.礼来公司表示，它正在对这种新变种进行抗体治疗测试，不愿猜测结果会如何。</blockquote></p><p> The findings are the early results of researchers’ race to assess the impact of the&nbsp;new Omicron variant&nbsp;on Covid-19 treatments that patients, doctors and hospitals have been relying on, as well as pills in development that have promised to keep people out of the hospital.</p><p><blockquote>这些发现是研究人员竞赛的早期结果，旨在评估新的奥密克戎变种对病人、医生和医院一直依赖的 Covid-19 治疗方法的影响，以及正在开发的有望让人们远离医院的药丸。</blockquote></p><p> Researchers say some antibody therapies are likely to be especially vulnerable to Omicron because it contains mutations to the spike protein that the Regeneron and Lilly drugs target, while other drugs should hold up well because they attack elements of the virus unchanged in the variant.</p><p><blockquote>研究人员表示，一些抗体疗法可能特别容易受到奥密克戎病毒的影响，因为它包含再生元和礼来公司药物所针对的刺突蛋白的突变，而其他药物应该能很好地保持，因为它们攻击的是病毒变异体中不变的元素。</blockquote></p><p> Monoclonal antibodies are lab-made molecules derived from survivors of Covid-19 or mice engineered to have human immune systems. When given soon after infection, the drugs attach to the surface of the coronavirus and prevent it from replicating itself in new cells.</p><p><blockquote>单克隆抗体是实验室制造的分子，来源于新冠肺炎的幸存者或被改造成具有人类免疫系统的小鼠。当在感染后不久服用时，这些药物会附着在冠状病毒表面，并阻止其在新细胞中自我复制。</blockquote></p><p> They are the only drugs authorized to treat patients, before they require hospitalization, who are at high risk of developing severe cases.</p><p><blockquote>它们是唯一被授权用于治疗需要住院治疗的患者的药物，这些患者有发生严重病例的高风险。</blockquote></p><p> The drugs differ from vaccines, which train the immune system how to defend against the virus, including with the production of antibodies. Last year, former&nbsp;President Donald Trump credited Regeneron’s drug&nbsp;with his speedy recovery from Covid-19.</p><p><blockquote>这些药物不同于疫苗，疫苗训练免疫系统如何抵御病毒，包括产生抗体。去年，前总统唐纳德-特朗普（Donald Trump）将他从 Covid-19 中快速康复归功于再生元公司的药物。</blockquote></p><p> Regeneron said it would be able to quantify the impact of the variant in coming weeks, after further testing is done.</p><p><blockquote>再生元表示，在完成进一步测试后，它将能够在未来几周内量化该变种的影响。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e7fac5c4630025e6c5ad28d2c3efbfa\" tg-width=\"1050\" tg-height=\"700\" referrerpolicy=\"no-referrer\"><span>Antiviral pills such as Pfizer’s Paxlovid appear to be unaffected by the variant.</span></p><p><blockquote><p class=\"t-img-caption\"><span>辉瑞公司的 Paxlovid 等抗病毒药物似乎不受该变种的影响。</span></p></blockquote></p><p> If final testing shows that its antibody drugs are less effective against Omicron, Regeneron has developed alternative antibodies that it can push into clinical testing and that it thinks will retain effectiveness against the variant, said George Yancopoulos, the company’s president and chief scientific officer.</p><p><blockquote>Regeneron 总裁兼首席科学官 George Yancopoulos 说，如果最终测试表明其抗体药物对奥密克戎病毒的疗效较差，那么 Regeneron 已经开发出了替代抗体，可以将其推入临床试验，并认为这些抗体将保持对该变异病毒的疗效。</blockquote></p><p> One of Regeneron’s alternative antibodies is already in clinical testing, which the company began in anticipation of new variants emerging over time.</p><p><blockquote>再生元公司的一种替代抗体已经在进行临床试验，该公司之所以开始临床试验，是因为预计随着时间的推移会出现新的变种。</blockquote></p><p> The Omicron variant was identified last week by scientists in South Africa, prompting drug researchers to scramble to see if the relatively small medicine chest of Covid-19 treatments would still work against the new strain if it ends up spreading widely.</p><p><blockquote>南非科学家上周发现了奥密克戎变种，这促使药物研究人员争先恐后地看看，如果这种新毒株最终广泛传播，相对较小的新冠肺炎治疗药物箱是否仍然可以对抗它。</blockquote></p><p> “What we have to admit is, in the course of the past six days, our urgency has increased,” Dr. Yancopoulos said in an interview. “What started out as a backup plan has now been made a lot more urgent.”</p><p><blockquote>“扬科普洛斯博士在接受采访时说：”我们不得不承认，在过去的六天里，我们的紧迫感增加了。“最初的后备计划现在变得更加紧迫”。</blockquote></p><p> Scientists at the Fred Hutchinson Cancer Research Center in Seattle found that individual mutations from Omicron reduced or eliminated the ability of Regeneron’s and Lilly’s drugs to attach to the virus, said Allie Greaney, a Ph.D. candidate at the center and the University of Washington in Seattle.</p><p><blockquote>西雅图弗雷德-哈钦森癌症研究中心（Fred Hutchinson Cancer Research Center）和西雅图华盛顿大学（University of Washington in Seattle）的博士生艾莉-格里尼（Allie Greaney）说，该中心的科学家发现，奥密克戎病毒的个别突变会降低或消除再生元公司和礼来公司的药物附着在病毒上的能力。</blockquote></p><p> More comprehensive tests of the drugs against the entire variant are needed to fully understand the impact, she said. “I’m not certain what the exact magnitude of effect would be, but probably less effective,” said Ms. Greaney.</p><p><blockquote>她说，需要对这些药物针对整个变种进行更全面的测试，以充分了解其影响。“格里尼女士说：”我不确定这种影响的确切程度，但效果可能会较差。</blockquote></p><p> Lilly is in the process of testing the new variant against its drug, a combination of&nbsp;two antibodies called bamlanivimab and etesevimab,said Nicole Kallewaard, a Lilly virologist and research adviser.</p><p><blockquote>礼来公司病毒学家兼研究顾问妮可·卡勒瓦德 (Nicole Kallewaard) 表示，礼来公司正在测试针对其药物的新变种，该药物是两种抗体的组合，称为 bamlanivimab 和 etesevimab。</blockquote></p><p> She declined to comment on the results showing reduced effectiveness against individual Omicron mutations, because the results may differ when all of the mutations are combined.</p><p><blockquote>她拒绝对显示针对单个奥密克戎突变的有效性降低的结果发表评论，因为当所有突变组合时，结果可能会有所不同。</blockquote></p><p> “I think that we need to wait for confirmation of the whole virus,” said Dr. Kallewaard. “Hopefully, the data will come in the next few weeks.”</p><p><blockquote>“卡勒瓦德博士说：”我认为我们需要等待整个病毒的确认。“希望数据能在未来几周内公布”。</blockquote></p><p> A rise in the prevalence of Omicron could present an opportunity for competitors who say their drugs don’t appear in preliminary testing to be affected by the variant, including&nbsp;Vir Biotechnology&nbsp;Inc.&nbsp;and GlaxoSmithKline PLC, whose drug&nbsp;sotrovimab was authorized for emergency use&nbsp;earlier this year.</p><p><blockquote>奥密克戎病患病率的上升可能会为竞争对手提供一个机会，他们说自己的药物在初步测试中似乎没有受到这种变异的影响，其中包括 Vir Biotechnology Inc. 和葛兰素史克公司，后者的药物 sotrovimab 已于今年早些时候获准紧急使用。</blockquote></p><p></p><p> Fred Hutchinson researchers also said their initial testing indicated the Vir-GSK antibody drug retained its effectiveness.</p><p><blockquote>Fred Hutchinson研究人员还表示，他们的初步测试表明，Vir-GSK抗体药物保留了其有效性。</blockquote></p><p> Adagio Therapeutics&nbsp;Inc.,a biotech with a Covid-19 antibody drug in clinical trials, said its antibody also appears to be unaffected by the new variant.</p><p><blockquote>Adagio Therapeutics Inc. 是一家生物技术公司，其 Covid-19 抗体药物正在进行临床试验，该公司表示，其抗体似乎也不受新变种的影响。</blockquote></p><p> Vir, Glaxo and Adagio said they are conducting further tests to confirm that their drugs aren’t affected by Omicron.</p><p><blockquote>Vir、Glaxo 和 Adagio 表示，他们正在进行进一步的测试，以确认他们的药物不受奥密克戎病毒的影响。</blockquote></p><p> Omicron poses a threat to lab-made antibody drugs as well as antibodies generated by vaccines, because the new variant has mutations on the spike protein part of the virus where antibodies are known to frequently attach themselves, scientists say.</p><p><blockquote>科学家说，奥密克戎病毒对实验室制造的抗体药物以及疫苗产生的抗体构成威胁，因为这种新变种在病毒的刺突蛋白部分发生突变，已知抗体经常附着在刺突蛋白部分。</blockquote></p><p> Vir and Adagio officials said the companies designed their antibodies with the aim of targeting spots on the virus that are common across different coronaviruses that remained stable even after numerous mutations over many years.</p><p><blockquote>Vir 和 Adagio 的官员表示，这两家公司设计抗体的目的是针对不同冠状病毒中常见的病毒斑点，这些斑点即使经过多年的多次突变也保持稳定。</blockquote></p><p> “They bind to a region of the virus that through decades of evolution has not changed a lot,” Adagio Chief Executive Tillman Gerngross said in an interview. “Those conserved areas make the virus much more vulnerable” to antibodies.</p><p><blockquote>“Adagio 首席执行官蒂尔曼-格恩格罗斯（Tillman Gerngross）在接受采访时说：”它们与病毒中的一个区域结合在一起，这个区域经过几十年的演变并没有太大变化。“这些保守区域使病毒更容易受到抗体的攻击”。</blockquote></p><p> It will take at least two weeks to create a version of the full Omicron virus variant and test antibody drugs against it, company officials said. Still, scientists say they are concerned by what they know already about the variant’s ability to evade antibodies produced by vaccines, prior infection or from drug treatment.</p><p><blockquote>公司官员表示，创建完整的奥密克戎病毒变种版本并测试针对它的抗体药物至少需要两周时间。尽管如此，科学家们表示，他们对这种变异体逃避疫苗、既往感染或药物治疗产生的抗体的能力感到担忧。</blockquote></p><p> “Omicron hasn’t become the next Delta,” Vir Chief Scientific Officer Skip Virgin said in an interview. But “we think the extent of the mutations, the number of them, means that the world needs to take Omicron very seriously.”</p><p><blockquote>“Vir 首席科学官 Skip Virgin 在接受采访时说：”奥密克戎还没有成为下一个三角洲。但 “我们认为，突变的程度和数量意味着世界需要非常认真地对待奥密克戎”。</blockquote></p><p> Antiviral drugs, including pills from&nbsp;Merck&amp; Co. and partner Ridgeback Biotherapeutics LP and from&nbsp;Pfizer&nbsp;Inc.&nbsp;that are being&nbsp;evaluated for authorization,appear to be unaffected by the variant because they target a different site on the virus, said Michel Nussenzweig, an immunologist at Rockefeller University.</p><p><blockquote>米歇尔·努森茨威格 (Michel Nussenzweig) 表示，正在评估授权的抗病毒药物，包括默克公司 (Merck&amp;Co.) 及其合作伙伴 Ridgeback Biotherapeutics LP 和辉瑞公司 (Pfizer Inc.) 的药丸，似乎不受该变种的影响，因为它们针对的是病毒上的不同位点。洛克菲勒大学免疫学家。</blockquote></p><p> Doctors and patients have been looking forward to authorization of the pills, which in clinical trials have&nbsp;reduced the risk of hospitalization&nbsp;if taken early enough.</p><p><blockquote>医生和患者一直期待着这种药丸的授权，在临床试验中，如果服用得足够早，这种药丸可以降低住院的风险。</blockquote></p><p> “The targets of the pills appear to be under less pressure and may be OK, but this too needs to be tested,” said Dr. Nussenzweig.</p><p><blockquote>“Nussenzweig 博士说：”药丸的目标似乎压力较小，可能没问题，但这也需要进行测试。</blockquote></p><p> Pfizer and Merck said they expect their drugs to be effective against Omicron.</p><p><blockquote>辉瑞和默克表示，他们预计自己的药物能够有效对抗奥密克戎病。</blockquote></p><p> Gilead SciencesInc.&nbsp;also said it expects&nbsp;Veklury, its antiviral drug&nbsp;used to treat hospitalized patients, to retain effectiveness against Omicron as it has against other variants of concern.</p><p><blockquote>吉利德科学公司还表示，预计其用于治疗住院患者的抗病毒药物 Veklury 将保持对奥密克戎病毒的有效性，就像对其他令人担忧的变种一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/covid-19-antibody-drugs-are-challenged-by-omicron-preliminary-testing-indicates-11638270003?mod=Searchresults_pos1&page=1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LLY":"礼来","REGN":"再生元制药公司"},"source_url":"https://www.wsj.com/articles/covid-19-antibody-drugs-are-challenged-by-omicron-preliminary-testing-indicates-11638270003?mod=Searchresults_pos1&page=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192203085","content_text":"Regeneron said its antibody drug cocktail was found to lose effectiveness against the new variant\nA monoclonal antibody treatment site in Pembroke Pines, Fla., earlier this year.\nPreliminary tests indicate the Covid-19 antibody drug cocktail from Regeneron Pharmaceuticals Inc. loses effectiveness against Omicron, the company said Tuesday, a sign that some products in an important class of therapies might need modifying if the new strain becomes widespread.\nSeparate testing of another authorized Covid-19 antibody drug cocktail, from Eli Lilly& Co., indicates it also isn’t as effective against Omicron, outside scientists said. Lilly said it is testing the new variant against its antibody treatment and wouldn’t speculate on what the results will be.\nThe findings are the early results of researchers’ race to assess the impact of the new Omicron variant on Covid-19 treatments that patients, doctors and hospitals have been relying on, as well as pills in development that have promised to keep people out of the hospital.\nResearchers say some antibody therapies are likely to be especially vulnerable to Omicron because it contains mutations to the spike protein that the Regeneron and Lilly drugs target, while other drugs should hold up well because they attack elements of the virus unchanged in the variant.\nMonoclonal antibodies are lab-made molecules derived from survivors of Covid-19 or mice engineered to have human immune systems. When given soon after infection, the drugs attach to the surface of the coronavirus and prevent it from replicating itself in new cells.\nThey are the only drugs authorized to treat patients, before they require hospitalization, who are at high risk of developing severe cases.\nThe drugs differ from vaccines, which train the immune system how to defend against the virus, including with the production of antibodies. Last year, former President Donald Trump credited Regeneron’s drug with his speedy recovery from Covid-19.\nRegeneron said it would be able to quantify the impact of the variant in coming weeks, after further testing is done.\nAntiviral pills such as Pfizer’s Paxlovid appear to be unaffected by the variant.\nIf final testing shows that its antibody drugs are less effective against Omicron, Regeneron has developed alternative antibodies that it can push into clinical testing and that it thinks will retain effectiveness against the variant, said George Yancopoulos, the company’s president and chief scientific officer.\nOne of Regeneron’s alternative antibodies is already in clinical testing, which the company began in anticipation of new variants emerging over time.\nThe Omicron variant was identified last week by scientists in South Africa, prompting drug researchers to scramble to see if the relatively small medicine chest of Covid-19 treatments would still work against the new strain if it ends up spreading widely.\n“What we have to admit is, in the course of the past six days, our urgency has increased,” Dr. Yancopoulos said in an interview. “What started out as a backup plan has now been made a lot more urgent.”\nScientists at the Fred Hutchinson Cancer Research Center in Seattle found that individual mutations from Omicron reduced or eliminated the ability of Regeneron’s and Lilly’s drugs to attach to the virus, said Allie Greaney, a Ph.D. candidate at the center and the University of Washington in Seattle.\nMore comprehensive tests of the drugs against the entire variant are needed to fully understand the impact, she said. “I’m not certain what the exact magnitude of effect would be, but probably less effective,” said Ms. Greaney.\nLilly is in the process of testing the new variant against its drug, a combination of two antibodies called bamlanivimab and etesevimab,said Nicole Kallewaard, a Lilly virologist and research adviser.\nShe declined to comment on the results showing reduced effectiveness against individual Omicron mutations, because the results may differ when all of the mutations are combined.\n“I think that we need to wait for confirmation of the whole virus,” said Dr. Kallewaard. “Hopefully, the data will come in the next few weeks.”\nA rise in the prevalence of Omicron could present an opportunity for competitors who say their drugs don’t appear in preliminary testing to be affected by the variant, including Vir Biotechnology Inc. and GlaxoSmithKline PLC, whose drug sotrovimab was authorized for emergency use earlier this year.\nFred Hutchinson researchers also said their initial testing indicated the Vir-GSK antibody drug retained its effectiveness.\nAdagio Therapeutics Inc.,a biotech with a Covid-19 antibody drug in clinical trials, said its antibody also appears to be unaffected by the new variant.\nVir, Glaxo and Adagio said they are conducting further tests to confirm that their drugs aren’t affected by Omicron.\nOmicron poses a threat to lab-made antibody drugs as well as antibodies generated by vaccines, because the new variant has mutations on the spike protein part of the virus where antibodies are known to frequently attach themselves, scientists say.\nVir and Adagio officials said the companies designed their antibodies with the aim of targeting spots on the virus that are common across different coronaviruses that remained stable even after numerous mutations over many years.\n“They bind to a region of the virus that through decades of evolution has not changed a lot,” Adagio Chief Executive Tillman Gerngross said in an interview. “Those conserved areas make the virus much more vulnerable” to antibodies.\nIt will take at least two weeks to create a version of the full Omicron virus variant and test antibody drugs against it, company officials said. Still, scientists say they are concerned by what they know already about the variant’s ability to evade antibodies produced by vaccines, prior infection or from drug treatment.\n“Omicron hasn’t become the next Delta,” Vir Chief Scientific Officer Skip Virgin said in an interview. But “we think the extent of the mutations, the number of them, means that the world needs to take Omicron very seriously.”\nAntiviral drugs, including pills from Merck& Co. and partner Ridgeback Biotherapeutics LP and from Pfizer Inc. that are being evaluated for authorization,appear to be unaffected by the variant because they target a different site on the virus, said Michel Nussenzweig, an immunologist at Rockefeller University.\nDoctors and patients have been looking forward to authorization of the pills, which in clinical trials have reduced the risk of hospitalization if taken early enough.\n“The targets of the pills appear to be under less pressure and may be OK, but this too needs to be tested,” said Dr. Nussenzweig.\nPfizer and Merck said they expect their drugs to be effective against Omicron.\nGilead SciencesInc. also said it expects Veklury, its antiviral drug used to treat hospitalized patients, to retain effectiveness against Omicron as it has against other variants of concern.","news_type":1,"symbols_score_info":{"LLY":0.9,"REGN":0.9}},"isVote":1,"tweetType":1,"viewCount":3898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600839486,"gmtCreate":1638114455737,"gmtModify":1638114455964,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks&nbsp;","listText":"Please like, thanks&nbsp;","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/600839486","repostId":"2186432895","repostType":4,"isVote":1,"tweetType":1,"viewCount":2474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877285184,"gmtCreate":1637936240818,"gmtModify":1637936240989,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/877285184","repostId":"1145084508","repostType":4,"repost":{"id":"1145084508","kind":"news","pubTimestamp":1637929067,"share":"https://www.laohunote.com/m/news/1145084508?lang=zh_CN&edition=full","pubTime":"2021-11-26 20:17","market":"us","language":"en","title":"Fear, Not Calculated Trading, Is Behind Today’s Covid Market Crash<blockquote>今天 Covid 市场崩盘的背后是恐惧，而不是经过深思熟虑的交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145084508","media":"Barrons","summary":"Gathering over Thanksgiving may have lulled many into feeling that the pandemic is over. Looking at ","content":"<p>Gathering over Thanksgiving may have lulled many into feeling that the pandemic is over. Looking at the stock market today will shatter that illusion.</p><p><blockquote>感恩节的聚会可能让许多人觉得疫情已经结束了。看看今天的股市就会打破这种幻想。</blockquote></p><p> Concerns around a new, heavily-mutated variant of Covid-19 identified in South Africa have rocked investor confidence. Stocks are plunging around the world, oil prices are dropping, bond yields are sliding—even Bitcoin is feeling the heat. There is a broad reversion to frenzied, theme-based trading. Vaccine stocks and pandemic plays like Zoom are surging while airline stocks are falling.</p><p><blockquote>对南非发现的一种新的、严重变异的 Covid-19 变种的担忧动摇了投资者的信心。全球股市暴跌，油价下跌，债券收益率下滑——甚至比特币也感受到了压力。人们普遍回归疯狂的、基于主题的交易。疫苗股和 Zoom 等流行病股正在飙升，而航空股正在下跌。</blockquote></p><p> What we are seeing is fear and uncertainty. Sell first, ask questions later. And low trading volumes globally due to the Thanksgiving holiday is likely exacerbating volatility.</p><p><blockquote>我们看到的是恐惧和不确定性。先卖，后问问题。由于感恩节假期，全球交易量较低可能会加剧波动性。</blockquote></p><p> What we are not seeing is markets intelligently pricing in the impact of this new development. Scientific experts have yet to draw conclusions about the mutation, known for now as B.1.1.529, and there are less than 100 confirmed cases.</p><p><blockquote>我们没有看到的是市场对这一新发展的影响进行明智的定价。科学专家尚未对这种突变得出结论，目前称为 B.1.1.529，确诊病例不到 100 例。</blockquote></p><p> That’s not to say fear is misplaced. Early indications are that B.1.1.529 is significantly different from other variants, and, truly, the worst case scenario is that it’s more deadly, contagious, and vaccine-resistant than what we’ve already faced.</p><p><blockquote>这并不是说恐惧是错误的。早期迹象表明，B.1.1.529 与其他变种有很大不同，事实上，最坏的情况是它比我们已经面临的情况更具致命性、传染性和疫苗耐药性。</blockquote></p><p> But we don’t know that yet. Similar market shockwaves caused by the Delta variant over the summer eventually subsided. Though it led to a surge in cases around the world, modern science was able to tackle it and move on. Hopefully the same can be said of this variant.</p><p><blockquote>但我们还不知道。夏季德尔塔变异毒株引发的类似市场冲击波最终平息。尽管它导致了世界各地病例的激增，但现代科学能够解决它并继续前进。希望这个变体也是如此。</blockquote></p><p> But for now investors will have to put up with heightened uncertainty—the markets’ worst enemy.</p><p><blockquote>但目前，投资者将不得不忍受市场最大的敌人——不确定性的加剧。</blockquote></p><p></p>","source":"market_watch","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>Fear, Not Calculated Trading, Is Behind Today’s Covid Market Crash<blockquote>今天 Covid 市场崩盘的背后是恐惧，而不是经过深思熟虑的交易</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\">\nFear, Not Calculated Trading, Is Behind Today’s Covid Market Crash<blockquote>今天 Covid 市场崩盘的背后是恐惧，而不是经过深思熟虑的交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-26 20:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Gathering over Thanksgiving may have lulled many into feeling that the pandemic is over. Looking at the stock market today will shatter that illusion.</p><p><blockquote>感恩节的聚会可能让许多人觉得疫情已经结束了。看看今天的股市就会打破这种幻想。</blockquote></p><p> Concerns around a new, heavily-mutated variant of Covid-19 identified in South Africa have rocked investor confidence. Stocks are plunging around the world, oil prices are dropping, bond yields are sliding—even Bitcoin is feeling the heat. There is a broad reversion to frenzied, theme-based trading. Vaccine stocks and pandemic plays like Zoom are surging while airline stocks are falling.</p><p><blockquote>对南非发现的一种新的、严重变异的 Covid-19 变种的担忧动摇了投资者的信心。全球股市暴跌，油价下跌，债券收益率下滑——甚至比特币也感受到了压力。人们普遍回归疯狂的、基于主题的交易。疫苗股和 Zoom 等流行病股正在飙升，而航空股正在下跌。</blockquote></p><p> What we are seeing is fear and uncertainty. Sell first, ask questions later. And low trading volumes globally due to the Thanksgiving holiday is likely exacerbating volatility.</p><p><blockquote>我们看到的是恐惧和不确定性。先卖，后问问题。由于感恩节假期，全球交易量较低可能会加剧波动性。</blockquote></p><p> What we are not seeing is markets intelligently pricing in the impact of this new development. Scientific experts have yet to draw conclusions about the mutation, known for now as B.1.1.529, and there are less than 100 confirmed cases.</p><p><blockquote>我们没有看到的是市场对这一新发展的影响进行明智的定价。科学专家尚未对这种突变得出结论，目前称为 B.1.1.529，确诊病例不到 100 例。</blockquote></p><p> That’s not to say fear is misplaced. Early indications are that B.1.1.529 is significantly different from other variants, and, truly, the worst case scenario is that it’s more deadly, contagious, and vaccine-resistant than what we’ve already faced.</p><p><blockquote>这并不是说恐惧是错误的。早期迹象表明，B.1.1.529 与其他变种有很大不同，事实上，最坏的情况是它比我们已经面临的情况更具致命性、传染性和疫苗耐药性。</blockquote></p><p> But we don’t know that yet. Similar market shockwaves caused by the Delta variant over the summer eventually subsided. Though it led to a surge in cases around the world, modern science was able to tackle it and move on. Hopefully the same can be said of this variant.</p><p><blockquote>但我们还不知道。夏季德尔塔变异毒株引发的类似市场冲击波最终平息。尽管它导致了世界各地病例的激增，但现代科学能够解决它并继续前进。希望这个变体也是如此。</blockquote></p><p> But for now investors will have to put up with heightened uncertainty—the markets’ worst enemy.</p><p><blockquote>但目前，投资者将不得不忍受市场最大的敌人——不确定性的加剧。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/things-to-know-today-51637926639?mod=newsviewer_click\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/articles/things-to-know-today-51637926639?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1145084508","content_text":"Gathering over Thanksgiving may have lulled many into feeling that the pandemic is over. Looking at the stock market today will shatter that illusion.\nConcerns around a new, heavily-mutated variant of Covid-19 identified in South Africa have rocked investor confidence. Stocks are plunging around the world, oil prices are dropping, bond yields are sliding—even Bitcoin is feeling the heat. There is a broad reversion to frenzied, theme-based trading. Vaccine stocks and pandemic plays like Zoom are surging while airline stocks are falling.\nWhat we are seeing is fear and uncertainty. Sell first, ask questions later. And low trading volumes globally due to the Thanksgiving holiday is likely exacerbating volatility.\nWhat we are not seeing is markets intelligently pricing in the impact of this new development. Scientific experts have yet to draw conclusions about the mutation, known for now as B.1.1.529, and there are less than 100 confirmed cases.\nThat’s not to say fear is misplaced. Early indications are that B.1.1.529 is significantly different from other variants, and, truly, the worst case scenario is that it’s more deadly, contagious, and vaccine-resistant than what we’ve already faced.\nBut we don’t know that yet. Similar market shockwaves caused by the Delta variant over the summer eventually subsided. Though it led to a surge in cases around the world, modern science was able to tackle it and move on. Hopefully the same can be said of this variant.\nBut for now investors will have to put up with heightened uncertainty—the markets’ worst enemy.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877616941,"gmtCreate":1637923303506,"gmtModify":1637923303645,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877616941","repostId":"1152215880","repostType":4,"isVote":1,"tweetType":1,"viewCount":813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879611243,"gmtCreate":1636715530802,"gmtModify":1636715530939,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks!","listText":"Please like, thanks!","text":"Please like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/879611243","repostId":"1144158970","repostType":4,"isVote":1,"tweetType":1,"viewCount":1239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844730257,"gmtCreate":1636458558527,"gmtModify":1636458559007,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks!&nbsp;","listText":"Please like, thanks!&nbsp;","text":"Please like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/844730257","repostId":"1116555756","repostType":4,"repost":{"id":"1116555756","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":1636455472,"share":"https://www.laohunote.com/m/news/1116555756?lang=zh_CN&edition=full","pubTime":"2021-11-09 18:57","market":"us","language":"en","title":"Luminar shares soared nearly 70% in premarket trading<blockquote>Luminar 股价在盘前交易中飙升近 70%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116555756","media":"Tiger Newspress","summary":"Luminar shares soared nearly 70% in premarket trading.Luminar Technologies, Inc., the global leader ","content":"<p>Luminar&nbsp;shares&nbsp;soared&nbsp;nearly&nbsp;70%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/da9b50785fff88fb57d537950c7b5a7d\" tg-width=\"879\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/LAZR\">Luminar Technologies, Inc.</a>, the global leader in automotive lidar hardware and software technology, announced today at the NVIDIA GTC conference that its lidar solution has been selected to be part of the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. This AI vehicle computing platform accelerates development of autonomous consumer vehicles with planned production starting in 2024.</p><p><blockquote>Luminar 股价在盘前交易中飙升近 70%。<a href=\"https://laohu8.com/S/LAZR\">卢米纳技术公司。</a>汽车激光雷达硬件和软件技术的全球领导者，今天在NVIDIA GTC大会上宣布，其激光雷达解决方案已被选为NVIDIA DRIVE Hyperion自动驾驶汽车参考平台传感器套件的一部分。这个人工智能车辆计算平台加速了自动驾驶消费汽车的开发，计划于2024年开始生产。</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>Luminar shares soared nearly 70% in premarket trading<blockquote>Luminar 股价在盘前交易中飙升近 70%</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\">\nLuminar shares soared nearly 70% in premarket trading<blockquote>Luminar 股价在盘前交易中飙升近 70%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-09 18:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Luminar&nbsp;shares&nbsp;soared&nbsp;nearly&nbsp;70%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/da9b50785fff88fb57d537950c7b5a7d\" tg-width=\"879\" tg-height=\"611\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/LAZR\">Luminar Technologies, Inc.</a>, the global leader in automotive lidar hardware and software technology, announced today at the NVIDIA GTC conference that its lidar solution has been selected to be part of the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. This AI vehicle computing platform accelerates development of autonomous consumer vehicles with planned production starting in 2024.</p><p><blockquote>Luminar 股价在盘前交易中飙升近 70%。<a href=\"https://laohu8.com/S/LAZR\">卢米纳技术公司。</a>汽车激光雷达硬件和软件技术的全球领导者，今天在NVIDIA GTC大会上宣布，其激光雷达解决方案已被选为NVIDIA DRIVE Hyperion自动驾驶汽车参考平台传感器套件的一部分。这个人工智能车辆计算平台加速了自动驾驶消费汽车的开发，计划于2024年开始生产。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LAZR":"Tema Photonics & Optical ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116555756","content_text":"Luminar shares soared nearly 70% in premarket trading.Luminar Technologies, Inc., the global leader in automotive lidar hardware and software technology, announced today at the NVIDIA GTC conference that its lidar solution has been selected to be part of the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. This AI vehicle computing platform accelerates development of autonomous consumer vehicles with planned production starting in 2024.","news_type":1,"symbols_score_info":{"LAZR":0.9}},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848459419,"gmtCreate":1636022326389,"gmtModify":1636022326796,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks!","listText":"Please like, thanks!","text":"Please like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848459419","repostId":"1189037300","repostType":4,"repost":{"id":"1189037300","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1636018960,"share":"https://www.laohunote.com/m/news/1189037300?lang=zh_CN&edition=full","pubTime":"2021-11-04 17:42","market":"us","language":"en","title":"5 Stocks To Watch For November 4, 2021<blockquote>2021 年 11 月 4 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189037300","media":"Benzinga Earnings","summary":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects Moderna, Inc. to rep","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects&nbsp;<b>Moderna, Inc.</b>&nbsp;to report quarterly earnings at $8.95 per share on revenue of $6.45 billion before the opening bell. Moderna shares rose 0.2% to $346.66 in pre-market trading.</li>  <li><b>Booking Holdings Inc.</b>&nbsp;reported upbeat earnings for the third quarter. Booking shares gained 4.3% to $2,540.00 in the pre-market trading session.</li>  <li>Analysts are expecting&nbsp;<b>ViacomCBS Inc.</b>&nbsp;to have earned $0.76 per share on revenue of $6.60 billion for the latest quarter. The company will release earnings before the markets open. ViacomCBS shares rose 0.7% to 37.80 in pre-market trading.</li> </ul> <ul>  <li><b>Qualcomm Inc</b>&nbsp;posted upbeat results for its recent quarter and issued a strong forecast for its current quarter. Qualcomm shares climbed 6.7% to $147.80 in the pre-market trading session.</li>  <li>Analysts expect&nbsp;<b>Airbnb, Inc.</b>&nbsp;to post quarterly earnings at $0.84 per share on revenue of $2.04 billion after the closing bell. Airbnb shares rose 2.2% to 176.64 in pre-market trading.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>现代公司。</b>开盘前公布季度收益为每股 8.95 美元，营收为 64.5 亿美元。Moderna 股价在盘前交易中上涨 0.2%，至 346.66 美元。</li><li><b>预订控股公司。</b>报告第三季度盈利乐观。Booking 股价在盘前交易时段上涨 4.3%，至 2,540.00 美元。</li><li>分析师预计<b>维亚康姆哥伦比亚广播公司。</b>最新季度营收为 66 亿美元，每股收益为 0.76 美元。该公司将在开盘前发布财报。维亚康姆哥伦比亚广播公司股价在盘前交易中上涨 0.7%，至 37.80。</li></ul><ul><li><b>高通公司</b>公布了最近一个季度的乐观业绩，并对当前季度发布了强劲的预测。高通股价在盘前交易时段上涨 6.7%，至 147.80 美元。</li><li>分析师预计<b>爱彼迎公司。</b>收盘后公布季度收益为每股 0.84 美元，营收为 20.4 亿美元。爱彼迎股价在盘前交易中上涨 2.2%，至 176.64 点。</li></ul></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>5 Stocks To Watch For November 4, 2021<blockquote>2021 年 11 月 4 日值得关注的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Stocks To Watch For November 4, 2021<blockquote>2021 年 11 月 4 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-11-04 17:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects&nbsp;<b>Moderna, Inc.</b>&nbsp;to report quarterly earnings at $8.95 per share on revenue of $6.45 billion before the opening bell. Moderna shares rose 0.2% to $346.66 in pre-market trading.</li>  <li><b>Booking Holdings Inc.</b>&nbsp;reported upbeat earnings for the third quarter. Booking shares gained 4.3% to $2,540.00 in the pre-market trading session.</li>  <li>Analysts are expecting&nbsp;<b>ViacomCBS Inc.</b>&nbsp;to have earned $0.76 per share on revenue of $6.60 billion for the latest quarter. The company will release earnings before the markets open. ViacomCBS shares rose 0.7% to 37.80 in pre-market trading.</li> </ul> <ul>  <li><b>Qualcomm Inc</b>&nbsp;posted upbeat results for its recent quarter and issued a strong forecast for its current quarter. Qualcomm shares climbed 6.7% to $147.80 in the pre-market trading session.</li>  <li>Analysts expect&nbsp;<b>Airbnb, Inc.</b>&nbsp;to post quarterly earnings at $0.84 per share on revenue of $2.04 billion after the closing bell. Airbnb shares rose 2.2% to 176.64 in pre-market trading.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>现代公司。</b>开盘前公布季度收益为每股 8.95 美元，营收为 64.5 亿美元。Moderna 股价在盘前交易中上涨 0.2%，至 346.66 美元。</li><li><b>预订控股公司。</b>报告第三季度盈利乐观。Booking 股价在盘前交易时段上涨 4.3%，至 2,540.00 美元。</li><li>分析师预计<b>维亚康姆哥伦比亚广播公司。</b>最新季度营收为 66 亿美元，每股收益为 0.76 美元。该公司将在开盘前发布财报。维亚康姆哥伦比亚广播公司股价在盘前交易中上涨 0.7%，至 37.80。</li></ul><ul><li><b>高通公司</b>公布了最近一个季度的乐观业绩，并对当前季度发布了强劲的预测。高通股价在盘前交易时段上涨 6.7%，至 147.80 美元。</li><li>分析师预计<b>爱彼迎公司。</b>收盘后公布季度收益为每股 0.84 美元，营收为 20.4 亿美元。爱彼迎股价在盘前交易中上涨 2.2%，至 176.64 点。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QCOM":"高通","BKNG":"Booking Holdings","ABNB":"爱彼迎","MRNA":"Moderna, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189037300","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects Moderna, Inc. to report quarterly earnings at $8.95 per share on revenue of $6.45 billion before the opening bell. Moderna shares rose 0.2% to $346.66 in pre-market trading.\nBooking Holdings Inc. reported upbeat earnings for the third quarter. Booking shares gained 4.3% to $2,540.00 in the pre-market trading session.\nAnalysts are expecting ViacomCBS Inc. to have earned $0.76 per share on revenue of $6.60 billion for the latest quarter. The company will release earnings before the markets open. ViacomCBS shares rose 0.7% to 37.80 in pre-market trading.\n\n\nQualcomm Inc posted upbeat results for its recent quarter and issued a strong forecast for its current quarter. Qualcomm shares climbed 6.7% to $147.80 in the pre-market trading session.\nAnalysts expect Airbnb, Inc. to post quarterly earnings at $0.84 per share on revenue of $2.04 billion after the closing bell. Airbnb shares rose 2.2% to 176.64 in pre-market trading.","news_type":1,"symbols_score_info":{"QCOM":0.9,"VIAC":0.9,"BKNG":0.9,"ABNB":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841796180,"gmtCreate":1635941063632,"gmtModify":1635941063988,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks&nbsp;","listText":"Please like, thanks&nbsp;","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841796180","repostId":"843769633","repostType":1,"repost":{"id":843769633,"gmtCreate":1635859540520,"gmtModify":1635899583189,"author":{"id":"3527667590215376","authorId":"3527667590215376","name":"期权小班长","avatar":"https://static.tigerbbs.com/e785bea87af8baf08d2b24111b78c16a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667590215376","idStr":"3527667590215376"},"themes":[],"title":"电动车走势不理想？推荐一种舒适的赚钱方法","htmlText":"第二部分照例是本周财报期权异动股分享。 特斯拉依然是最适合卖put的标的，不过昨天推荐的利润比较低了，可以考虑下周put，并适当下调行权价。 今日卖put： 标的代码 到期日 行权价 权利金 隐含波动率 年化收益% NIO 2021/11/12 35 0.3 75% 27% LI 2021/11/12 28 0.18 64% 20% XPEV 2021/11/12 41 0.24 67% 18% 本周曾推荐 仅做跟踪记录 <a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 2021/11/5 950 2.84 138% —————— <a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a> 2021/11/12 140 0.28 63% —————— <a target=\"_blank\" href=\"https://laohu8.com/S/JD\">$京东(JD)$</a> 2021/11/5 72 0.05 61% —————— HK03690 2021/11/29 235 3.7 57% —————— <a target=\"_blank\" href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a> 电车三兄弟齐上榜，选想做的那只。这两天公布10月汽车交付数据，小鹏最好，理想次之，蔚来垫底，据称蔚来被拖累的原因是生产","listText":"第二部分照例是本周财报期权异动股分享。 特斯拉依然是最适合卖put的标的，不过昨天推荐的利润比较低了，可以考虑下周put，并适当下调行权价。 今日卖put： 标的代码 到期日 行权价 权利金 隐含波动率 年化收益% NIO 2021/11/12 35 0.3 75% 27% LI 2021/11/12 28 0.18 64% 20% XPEV 2021/11/12 41 0.24 67% 18% 本周曾推荐 仅做跟踪记录 <a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a> 2021/11/5 950 2.84 138% —————— <a target=\"_blank\" href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a> 2021/11/12 140 0.28 63% —————— <a target=\"_blank\" href=\"https://laohu8.com/S/JD\">$京东(JD)$</a> 2021/11/5 72 0.05 61% —————— HK03690 2021/11/29 235 3.7 57% —————— <a target=\"_blank\" href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/LI\">$理想汽车(LI)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/XPEV\">$小鹏汽车(XPEV)$</a> 电车三兄弟齐上榜，选想做的那只。这两天公布10月汽车交付数据，小鹏最好，理想次之，蔚来垫底，据称蔚来被拖累的原因是生产","text":"第二部分照例是本周财报期权异动股分享。 特斯拉依然是最适合卖put的标的，不过昨天推荐的利润比较低了，可以考虑下周put，并适当下调行权价。 今日卖put： 标的代码 到期日 行权价 权利金 隐含波动率 年化收益% NIO 2021/11/12 35 0.3 75% 27% LI 2021/11/12 28 0.18 64% 20% XPEV 2021/11/12 41 0.24 67% 18% 本周曾推荐 仅做跟踪记录 $特斯拉(TSLA)$ 2021/11/5 950 2.84 138% —————— $阿里巴巴(BABA)$ 2021/11/12 140 0.28 63% —————— $京东(JD)$ 2021/11/5 72 0.05 61% —————— HK03690 2021/11/29 235 3.7 57% —————— $蔚来(NIO)$ $理想汽车(LI)$ $小鹏汽车(XPEV)$ 电车三兄弟齐上榜，选想做的那只。这两天公布10月汽车交付数据，小鹏最好，理想次之，蔚来垫底，据称蔚来被拖累的原因是生产","images":[{"img":"https://static.tigerbbs.com/e97760c6db03b503878eac6cb4af51e8","width":"1079","height":"1126"},{"img":"https://static.tigerbbs.com/6f2c66c187e069e2953b2e127fb1ef51","width":"1079","height":"1098"},{"img":"https://static.tigerbbs.com/ef94afcbb061b35d3955530440a2dd91","width":"1079","height":"1090"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843769633","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857009341,"gmtCreate":1635489924549,"gmtModify":1635489924947,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thank you","listText":"Please like, thank you","text":"Please like, thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/857009341","repostId":"1122237204","repostType":4,"repost":{"id":"1122237204","kind":"news","pubTimestamp":1635476471,"share":"https://www.laohunote.com/m/news/1122237204?lang=zh_CN&edition=full","pubTime":"2021-10-29 11:01","market":"us","language":"en","title":"Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122237204","media":"Seeking Alpha","summary":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused w","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布的收益相当不错。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices 在 2021 财年继续取得惊人的业绩。Lisa Su &amp; Co. 博士正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。公司增长势头预计将继续放缓。</li><li>我们讨论现在哪种半导体股票更值得购买。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>Advanced Micro Devices, Inc. (AMD) 最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了 AMD 作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司实现了上涨，而英特尔 (INTC) 报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳表示担忧，但这是意料之中的。然而，市场并不喜欢 Pat Gelsinger &amp; Co. 在财报公布后发出的电报和对该股的猛烈抨击。英特尔传达了其寻求重新夺回工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力减弱和自由现金流前景，一些价值导向的投资者似乎已经走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>英伟达 (NVDA) 将于 11 月 17 日发布第三季度成绩单。该公司此前曾预测本季度表现强劲。黄仁勋公司认为“主要由数据中心需求加速推动的连续增长”。该公司还预计其三个市场都将实现增长，尤其是游戏市场。鉴于 AMD 的强劲表现，投资者的期望也很高。因此，随着 NVDA 股价本周创下历史新高 (ATH)，投资者热切期待 NVDA 的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论现在哪只半导体股票更值得购买。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>到目前为止，NVDA 股票继续享受非凡的一年。该股本周创下新高，年初至今回报率飙升至 87.3%。看跌 NVDA 的投资者可以畅所欲言，但我们从未采用看跌 NVDA 股票的论点。这根本说不通。该股在寻求 Alpha 全年动量评级方面拥有最好的 A+。因此，我们真的无法理解那些看跌的论点。AMD 股票位居第二，年初至今涨幅为 33.3%。该股似乎远远落后于 NVDA 股票令人难以置信的表现。然而，投资者应该考虑到 AMD 股票在 2021 年上半年的大部分时间里都处于亏损状态。因此，其在 H2'21 的巨大势头激增确实令人印象深刻。因此，该股的势头在 Seeking Alpha 中也被评为 A 级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的 INTC 股票继续表现不佳。该股开局非常光明，年初至今上涨了 40%。然而，它的势头已经完全消失了。目前，与 AMD 股票和 NVDA 股票相比，其年初至今 3.9% 的跌幅看起来很糟糕。此外，Seeking Alpha 还在 momentum 上给予其 D+ 评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单显示其领导地位正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD 充分利用了其最近对英特尔的统治地位。然而，更令英特尔投资者担忧、同样令 AMD 投资者感到鼓舞的是他们各自首席执行官提供的清晰度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按部门划分的英特尔 LTM 收入。数据来源：公司文件</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔公布的季度业绩又令人失望，但我们认为这并不出乎意料。当然，与 NVDA 和 AMD 相比，该公司的数据中心业务 (DCG) 仍然令人失望。然而，INTC 投资者不应感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>DCG 第三季度季度收入同比增长 10%。然而，自 2020 年第二季度以来，DCG 的收入在过去 12 个月 (LTM) 的基础上一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在Q2’21历史上首次超过15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，前任管理层的严重失误是如何破坏了其之前“无懈可击”的领导力的。现在，基辛格公司面临着一项艰巨的任务，那就是试图扭转英特尔日益衰落的命运。随着 AMD 以英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算集团 (CCG) 在第三季度的表现令人失望。其收入同比分别下降1.9%和4.4%。值得注意的是，它发生在2021年个人电脑销售强劲复苏之际。在苹果（AAPL）最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常好。仅在前三个 FQ 中，Mac 就超过了过去三年的每个财年的收入。它的复苏也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research 指出，“2021 年第三季度，全球个人电脑出货量连续第六年同比增长，达到 8420 万台。尽管零部件短缺和其他供应限制持续存在，但情况依然如此。”尽管如此，该公司还强调，“[第三季度]9.3% 的同比增长意味着自 2020 年第三季度以来连续四个季度实现两位数同比增长后，个人电脑出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac 似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research 指出，第三季度 Mac 出货量同比增长加速至 10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长到8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，苹果自从与英特尔芯片脱钩以来，似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚目前看来已经“敲定”。但半导体公司的投资者应该记住，当涉及到技术领先地位时，永远不要说永远。英特尔仍然是一家高利润的公司，因此有足够的资金和信念去竞争。它能否推翻AMD和NVDA的领导地位还有待观察。但千万不要这么早就注销公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 和 AMD LTM 毛利率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格 (Pat Gelsinger) 宣布了一项雄心勃勃的计划，以占据技术领先地位。它主要基于其“四年内五个工艺节点”的追求，以从台积电 (TSM) 手中夺取代工领导权。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来 4 至 5 年内收入增长将加速至 10% 至 12% 的复合年增长率</i>.就毛利率而言，随着我们对产能的投资和我们工艺技术的加速，<i>我们预计未来 2 至 3 年毛利率将在 51% 至 53% 之间</i>在向上移动之前。（摘自英特尔第三季度财报看涨期权）我们觉得这很有趣。是的，流程领导和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少是一个五年的过程。此时，该公司是否要让 Lisa Su &amp; Co. 博士承担所有荣耀，而英特尔则解决其问题？显然不是。帕特认识到他需要一个权宜之计的解决方案。除了说“我们现在正在降价”来与AMD竞争之外，这是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（发表于9月20日）中强调，“最近有报道称，英特尔准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已经转向竞争对手先进微设备的数据中心运营商回来。”否则，基辛格公司怎么能如此有信心阻止 AMD 的持续成功？英特尔宣布了一项雄心勃勃的计划，即在未来四到五年内将收入复合年增长率提高 10% 到 12%。英特尔正试图将自己转变为一家成长型公司。如果你想成长，又没有技术领先，就必须放弃一些利润。这绝对有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。自利润率超过 60% 时以来，其毛利率明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价方面与 AMD 正面竞争，同时投资占据代工领先地位。苏丽莎博士，你已经被警告过了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD 继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 按细分市场划分的季度收入。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 收入部门同比增长。数据来源：公司文件</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su &amp; Co. 博士充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它在所有细分市场继续表现出巨大的实力。第三季度，Advanced Micro Devices 的计算和图形业务收入同比增长 43.9%。此外，随着 AMD 的收入同比增长 68.9%，其企业、嵌入式和半定制 (EESC) 部门继续保持惊人的表现。因此，AMD无疑将英特尔在数据中心的损失发挥到了最大。此外，其计算和图形增长也非常惊人。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD 继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计收入约为 45 亿美元，上下浮动 1 亿美元，增长约<i>同比增长 39%，环比增长约 4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长是由服务器和半定制销售的增长推动的。2021年全年，<i>我们现在预计，在所有业务增长的推动下，2020 年收入将增长约 65%</i>高于之前 60% 的指导值。（摘自 AMD 第三季度财报看涨期权）对于一家告诉您预计 2020 财年同比增长 65% 的公司来说，很明显它已经取得了惊人的业绩。因此，市场应该奖励AMD投资者。在经历了年初的挫折之后，AMD 股票的表现显然优于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD是。收入和 EBITDA 意味着共识。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑 AMD 未来的表现。继出色的第三季度成绩单之后，市场普遍预期也被上调。AMD 预计收入复合年增长率为 30.2%，EBITDA 复合年增长率为 50.4%。与该公司 2021 财年 65% 的收入同比增长指引相比，这是一个明显的放缓。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM 收入和 EBITDA。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD 的 LTM 收入和 EBITDA 在过去四年中的复合年增长率分别为 31.2% 和 160%。因此，AMD 不太可能实现如此巨大的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望 AMD 继续以如此惊人的增长率不断增长。我们知道这听起来不错，但它根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从其第三季度的表现中观察到。与前两个季度相比，2021 年第三季度其各部门的同比增长最慢。所以它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们已经被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>预计英伟达的增长将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于 11 月 17 日发布 22 财年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>根据之前的盈利看涨期权，该公司预计第三季度收入为 $6.8B。共识估计也符合公司的指引。然而，在我们之前的 Nvidia 文章中，我们强调该公司主要细分市场的收入增长似乎正在放缓。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>2022 年第二季度数据中心同比增长降至 35%。而且，游戏也出现了放缓的迹象。第二季度的同比增长也放缓至 85%。受此影响，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预期，英伟达预计在 2022 年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人担忧。投资者可能不得不降低对 NVDA 未来强劲增长势头的预期。没有什么是永远沿一条直线上升的。展望未来，黄仁勋公司将越来越难以击败收入竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 盈利超出/超出预期。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到 NVDA 也可能在其指导中淡化预期。我们注意到，NVDA 在过去四年中仅未达到一个季度预期。这是一场几乎完美无瑕的表演。值得注意的是，尽管 NVDA 的表现一直优于其指引，但这些节拍并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视普遍的估计，认为这是不合时宜的。随着时间的推移，它们变得相当准确。因此，尽管 NVDA 可能会将之前的指导视为可能超额交割，但他们并没有超额交割。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些 NVDA 投资者预计其 TAM 扩展到其软件堆栈、omniverse 应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到 NVDA 为将自己转变为一家拥有巨大 GPU 主导地位的人工智能公司所付出的令人难以置信的努力。加上其DPU和CPU的突破，硬件战略看起来非常令人印象深刻。此外，Nvidia 的 AI Enterprise 现在向客户提供完整的 AI Enterprise 软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是安全的。随着越来越多的开发者加入，这个生态系统会变得更加强大。如果该公司能够完成对 Arm 的收购，我们认为英特尔或 AMD 不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是Nvidia不能/不愿意为<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia 最近只能补充道：“但正如 [我们] 所说，[我们] 向您引用的 Nvidia enterprise 和 Omniverse enterprise 的价值数十亿美元的机会，我们认为这些是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股票更值得购买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD 股票目前的 EV/NTM EBITDA 为 29.7 倍。其 3 年 NTM EBITDA 平均值为 30.8 倍。因此，投资者可以认为 AMD 目前的估值可能相当合理。相比之下，NVDA 股票的 EV/NTM EBITDA 为 53.5 倍。其 3 年 NTM EBITDA 均值为 41.6 倍。因此，该股的交易价格比 3 年平均水平高出约 28.6%。因此，我们认为 NVDA 股票目前看起来被高估了。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，由于估值过高，2023年潜在的产能过剩问题也可能对NVDA股票造成沉重打击。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC 股票的 EV/NTM EBITDA 为 6.7 倍。这明显低于 3 年平均值 7.6 倍。因此，INTC显然是一个价值游戏，而不是一个增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至 2.8%。多年来，INTC 投资者对其强劲的盈利能力和稳定的股息收益率感到非常满意。这些价值和股息收入投资者投资 INTC 股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格雄心勃勃的增长计划给了他们一个意想不到的曲线球。当英特尔宣布这些计划将对其盈利能力产生明显影响时，他们担心自己的股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在其增长路线图上取得成功，它可能会成为一个巨大的赢家。鉴于现在的预期如此之低，该股甚至不需要取得巨大成功就能被重新上调评级。INTC 与其增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现 INTC 股票现在的估值很有吸引力。再加上 2.8% 的股息收益率，它为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于 AMD 股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD 股票是我们的首选买入</i>暂时。<i>INTC 股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持对 NVDA 的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</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>Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</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\">\nIntel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-29 11:01</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>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布的收益相当不错。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices 在 2021 财年继续取得惊人的业绩。Lisa Su &amp; Co. 博士正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。公司增长势头预计将继续放缓。</li><li>我们讨论现在哪种半导体股票更值得购买。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>Advanced Micro Devices, Inc. (AMD) 最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了 AMD 作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司实现了上涨，而英特尔 (INTC) 报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳表示担忧，但这是意料之中的。然而，市场并不喜欢 Pat Gelsinger &amp; Co. 在财报公布后发出的电报和对该股的猛烈抨击。英特尔传达了其寻求重新夺回工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力减弱和自由现金流前景，一些价值导向的投资者似乎已经走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>英伟达 (NVDA) 将于 11 月 17 日发布第三季度成绩单。该公司此前曾预测本季度表现强劲。黄仁勋公司认为“主要由数据中心需求加速推动的连续增长”。该公司还预计其三个市场都将实现增长，尤其是游戏市场。鉴于 AMD 的强劲表现，投资者的期望也很高。因此，随着 NVDA 股价本周创下历史新高 (ATH)，投资者热切期待 NVDA 的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论现在哪只半导体股票更值得购买。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>到目前为止，NVDA 股票继续享受非凡的一年。该股本周创下新高，年初至今回报率飙升至 87.3%。看跌 NVDA 的投资者可以畅所欲言，但我们从未采用看跌 NVDA 股票的论点。这根本说不通。该股在寻求 Alpha 全年动量评级方面拥有最好的 A+。因此，我们真的无法理解那些看跌的论点。AMD 股票位居第二，年初至今涨幅为 33.3%。该股似乎远远落后于 NVDA 股票令人难以置信的表现。然而，投资者应该考虑到 AMD 股票在 2021 年上半年的大部分时间里都处于亏损状态。因此，其在 H2'21 的巨大势头激增确实令人印象深刻。因此，该股的势头在 Seeking Alpha 中也被评为 A 级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的 INTC 股票继续表现不佳。该股开局非常光明，年初至今上涨了 40%。然而，它的势头已经完全消失了。目前，与 AMD 股票和 NVDA 股票相比，其年初至今 3.9% 的跌幅看起来很糟糕。此外，Seeking Alpha 还在 momentum 上给予其 D+ 评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单显示其领导地位正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD 充分利用了其最近对英特尔的统治地位。然而，更令英特尔投资者担忧、同样令 AMD 投资者感到鼓舞的是他们各自首席执行官提供的清晰度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按部门划分的英特尔 LTM 收入。数据来源：公司文件</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔公布的季度业绩又令人失望，但我们认为这并不出乎意料。当然，与 NVDA 和 AMD 相比，该公司的数据中心业务 (DCG) 仍然令人失望。然而，INTC 投资者不应感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>DCG 第三季度季度收入同比增长 10%。然而，自 2020 年第二季度以来，DCG 的收入在过去 12 个月 (LTM) 的基础上一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在Q2’21历史上首次超过15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，前任管理层的严重失误是如何破坏了其之前“无懈可击”的领导力的。现在，基辛格公司面临着一项艰巨的任务，那就是试图扭转英特尔日益衰落的命运。随着 AMD 以英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算集团 (CCG) 在第三季度的表现令人失望。其收入同比分别下降1.9%和4.4%。值得注意的是，它发生在2021年个人电脑销售强劲复苏之际。在苹果（AAPL）最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常好。仅在前三个 FQ 中，Mac 就超过了过去三年的每个财年的收入。它的复苏也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research 指出，“2021 年第三季度，全球个人电脑出货量连续第六年同比增长，达到 8420 万台。尽管零部件短缺和其他供应限制持续存在，但情况依然如此。”尽管如此，该公司还强调，“[第三季度]9.3% 的同比增长意味着自 2020 年第三季度以来连续四个季度实现两位数同比增长后，个人电脑出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac 似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research 指出，第三季度 Mac 出货量同比增长加速至 10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长到8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，苹果自从与英特尔芯片脱钩以来，似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚目前看来已经“敲定”。但半导体公司的投资者应该记住，当涉及到技术领先地位时，永远不要说永远。英特尔仍然是一家高利润的公司，因此有足够的资金和信念去竞争。它能否推翻AMD和NVDA的领导地位还有待观察。但千万不要这么早就注销公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 和 AMD LTM 毛利率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格 (Pat Gelsinger) 宣布了一项雄心勃勃的计划，以占据技术领先地位。它主要基于其“四年内五个工艺节点”的追求，以从台积电 (TSM) 手中夺取代工领导权。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来 4 至 5 年内收入增长将加速至 10% 至 12% 的复合年增长率</i>.就毛利率而言，随着我们对产能的投资和我们工艺技术的加速，<i>我们预计未来 2 至 3 年毛利率将在 51% 至 53% 之间</i>在向上移动之前。（摘自英特尔第三季度财报看涨期权）我们觉得这很有趣。是的，流程领导和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少是一个五年的过程。此时，该公司是否要让 Lisa Su &amp; Co. 博士承担所有荣耀，而英特尔则解决其问题？显然不是。帕特认识到他需要一个权宜之计的解决方案。除了说“我们现在正在降价”来与AMD竞争之外，这是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（发表于9月20日）中强调，“最近有报道称，英特尔准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已经转向竞争对手先进微设备的数据中心运营商回来。”否则，基辛格公司怎么能如此有信心阻止 AMD 的持续成功？英特尔宣布了一项雄心勃勃的计划，即在未来四到五年内将收入复合年增长率提高 10% 到 12%。英特尔正试图将自己转变为一家成长型公司。如果你想成长，又没有技术领先，就必须放弃一些利润。这绝对有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。自利润率超过 60% 时以来，其毛利率明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价方面与 AMD 正面竞争，同时投资占据代工领先地位。苏丽莎博士，你已经被警告过了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD 继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 按细分市场划分的季度收入。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 收入部门同比增长。数据来源：公司文件</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su &amp; Co. 博士充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它在所有细分市场继续表现出巨大的实力。第三季度，Advanced Micro Devices 的计算和图形业务收入同比增长 43.9%。此外，随着 AMD 的收入同比增长 68.9%，其企业、嵌入式和半定制 (EESC) 部门继续保持惊人的表现。因此，AMD无疑将英特尔在数据中心的损失发挥到了最大。此外，其计算和图形增长也非常惊人。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD 继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计收入约为 45 亿美元，上下浮动 1 亿美元，增长约<i>同比增长 39%，环比增长约 4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长是由服务器和半定制销售的增长推动的。2021年全年，<i>我们现在预计，在所有业务增长的推动下，2020 年收入将增长约 65%</i>高于之前 60% 的指导值。（摘自 AMD 第三季度财报看涨期权）对于一家告诉您预计 2020 财年同比增长 65% 的公司来说，很明显它已经取得了惊人的业绩。因此，市场应该奖励AMD投资者。在经历了年初的挫折之后，AMD 股票的表现显然优于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD是。收入和 EBITDA 意味着共识。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑 AMD 未来的表现。继出色的第三季度成绩单之后，市场普遍预期也被上调。AMD 预计收入复合年增长率为 30.2%，EBITDA 复合年增长率为 50.4%。与该公司 2021 财年 65% 的收入同比增长指引相比，这是一个明显的放缓。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM 收入和 EBITDA。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD 的 LTM 收入和 EBITDA 在过去四年中的复合年增长率分别为 31.2% 和 160%。因此，AMD 不太可能实现如此巨大的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望 AMD 继续以如此惊人的增长率不断增长。我们知道这听起来不错，但它根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从其第三季度的表现中观察到。与前两个季度相比，2021 年第三季度其各部门的同比增长最慢。所以它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们已经被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>预计英伟达的增长将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于 11 月 17 日发布 22 财年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>根据之前的盈利看涨期权，该公司预计第三季度收入为 $6.8B。共识估计也符合公司的指引。然而，在我们之前的 Nvidia 文章中，我们强调该公司主要细分市场的收入增长似乎正在放缓。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>2022 年第二季度数据中心同比增长降至 35%。而且，游戏也出现了放缓的迹象。第二季度的同比增长也放缓至 85%。受此影响，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预期，英伟达预计在 2022 年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人担忧。投资者可能不得不降低对 NVDA 未来强劲增长势头的预期。没有什么是永远沿一条直线上升的。展望未来，黄仁勋公司将越来越难以击败收入竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 盈利超出/超出预期。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到 NVDA 也可能在其指导中淡化预期。我们注意到，NVDA 在过去四年中仅未达到一个季度预期。这是一场几乎完美无瑕的表演。值得注意的是，尽管 NVDA 的表现一直优于其指引，但这些节拍并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视普遍的估计，认为这是不合时宜的。随着时间的推移，它们变得相当准确。因此，尽管 NVDA 可能会将之前的指导视为可能超额交割，但他们并没有超额交割。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些 NVDA 投资者预计其 TAM 扩展到其软件堆栈、omniverse 应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到 NVDA 为将自己转变为一家拥有巨大 GPU 主导地位的人工智能公司所付出的令人难以置信的努力。加上其DPU和CPU的突破，硬件战略看起来非常令人印象深刻。此外，Nvidia 的 AI Enterprise 现在向客户提供完整的 AI Enterprise 软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是安全的。随着越来越多的开发者加入，这个生态系统会变得更加强大。如果该公司能够完成对 Arm 的收购，我们认为英特尔或 AMD 不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是Nvidia不能/不愿意为<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia 最近只能补充道：“但正如 [我们] 所说，[我们] 向您引用的 Nvidia enterprise 和 Omniverse enterprise 的价值数十亿美元的机会，我们认为这些是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股票更值得购买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD 股票目前的 EV/NTM EBITDA 为 29.7 倍。其 3 年 NTM EBITDA 平均值为 30.8 倍。因此，投资者可以认为 AMD 目前的估值可能相当合理。相比之下，NVDA 股票的 EV/NTM EBITDA 为 53.5 倍。其 3 年 NTM EBITDA 均值为 41.6 倍。因此，该股的交易价格比 3 年平均水平高出约 28.6%。因此，我们认为 NVDA 股票目前看起来被高估了。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，由于估值过高，2023年潜在的产能过剩问题也可能对NVDA股票造成沉重打击。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC 股票的 EV/NTM EBITDA 为 6.7 倍。这明显低于 3 年平均值 7.6 倍。因此，INTC显然是一个价值游戏，而不是一个增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至 2.8%。多年来，INTC 投资者对其强劲的盈利能力和稳定的股息收益率感到非常满意。这些价值和股息收入投资者投资 INTC 股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格雄心勃勃的增长计划给了他们一个意想不到的曲线球。当英特尔宣布这些计划将对其盈利能力产生明显影响时，他们担心自己的股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在其增长路线图上取得成功，它可能会成为一个巨大的赢家。鉴于现在的预期如此之低，该股甚至不需要取得巨大成功就能被重新上调评级。INTC 与其增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现 INTC 股票现在的估值很有吸引力。再加上 2.8% 的股息收益率，它为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于 AMD 股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD 股票是我们的首选买入</i>暂时。<i>INTC 股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持对 NVDA 的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122237204","content_text":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.\nAdvanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su & Co. is making the most out of Intel's stumbles.\nNvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.\nWe discuss which semiconductor stock is the better buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nAdvanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.\nNotably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger & Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.\nNvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang & Co. see \"sequential growth driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.\nWe will discuss which semiconductor stock is the better buy now between them.\nINTC, NVDA, AMD Stock YTD Performance\nINTC, NVDA, AMD stock YTD performance (as of 27 October 21).\nNVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.\nIn contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.\nIntel FQ3 Report Card Is Telling Of Its Weakening Leadership\nThere's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.\nIntel LTM revenue by segment. Data source: Company filings\nIntel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.\nDCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger & Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.\nIntel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.\nCounterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021 at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"\nNotwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that Apple's YoY shipment growth in CQ2 was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.\nTherefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.\nINTC and AMD LTM gross margins. Data source: S&P Capital IQ\nPat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:\n\nWe expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology, \n we expect gross margins between 51% and 53% over the next 2 to 3 yearsbefore moving upward. (from Intel Q3 earnings call)\n\nWe find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su & Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.\nWe also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger & Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.\nThe good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su & Co., you have been cautioned.\nAMD Continues Its Gangbusters Growth\nAMD quarterly revenue by segment. Data source: Company filings\nAMD revenue segments YoY growth. Data source: Company filings\nThere's little doubt that Dr. Lisa Su & Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.\nIn fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:\n\n We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately \n 39% year-over-year and approximately 4% sequentially. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021, \n we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses, up from the prior guidance of 60%. (from AMD FQ3 earnings call)\n\nFor a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.\nAMD est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nHowever, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.\nAMD LTM revenue and EBITDA. Data source: S&P Capital IQ\nImportantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.\nWe can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.\nNvidia Is Expected To Post Slower Much Growth Than Before\nJensen Huang & Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.\nThe company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.\nDatacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.\nNVDA actual and est. quarterly revenue YoY growth. Data source: S&P Capital IQ\nNotably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang & Co. to beat.\nNVDA earnings beats/misses. Source: Seeking Alpha Premium\nNotwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.\nWe understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.\nWe recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.\nThe main problem is that Nvidia couldn't/is not willing to put a timeline towhen they would derive meaningful revenues from its software stack.Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"\nSo, Which Chip Stock Is The Better Buy?\nAMD stock EV/NTM EBITDA 3Y mean.\nNVDA stock EV/NTM EBITDA 3Y mean.\nAMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.\nINTC stock EV/NTM EBITDA 3Y mean.\nINTC stock LTM dividend yield. Data source: S&P Capital IQ\nINTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.\nPat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.\nDespite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.\nTherefore, we think AMD stock represents our preferred Buy for now.INTC stock is also a Buy for dividend and value investors. At the same time, we retain our Neutral rating on NVDA.\nThis article was written by JR Research.","news_type":1,"symbols_score_info":{"INTC":0.9,"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852917557,"gmtCreate":1635234758821,"gmtModify":1635234759171,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks!","listText":"Please like, thanks!","text":"Please like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852917557","repostId":"2177412181","repostType":4,"repost":{"id":"2177412181","kind":"highlight","pubTimestamp":1635219132,"share":"https://www.laohunote.com/m/news/2177412181?lang=zh_CN&edition=full","pubTime":"2021-10-26 11:32","market":"us","language":"en","title":"AMD earnings look to again succeed where Intel disappointed<blockquote>AMD 盈利有望再次取得成功，英特尔令人失望</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2177412181","media":"MarketWatch","summary":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analy","content":"<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD 盈利预览：在英特尔连续两个季度下滑的情况下显示数据中心增长后，分析师现在指出 AMD 的利润率正在增长，因为英特尔的利润率预计将萎缩</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc. 最近几个季度，华尔街一直在谈论不断增长的 Epyc 服务器芯片系列，但这可能会转向本季度财报中的毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>Advanced Micro Devices Inc. 将继英特尔公司 (Intel Corp.) 发布另一份糟糕的收益报告之后，该公司可能会再次在一个给其更大的竞争对手带来痛苦的领域取得进展。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD 定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的浮出水面，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的产能，试图重夺其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及自这家芯片领导者表示将推迟下一代芯片以来英特尔最糟糕的单日表现，这一声明当时激发了投资者对 AMD 的更多支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein 分析师 Stacy Rasgon 对 AMD 给予市场表现评级，目标价为 110 美元，他表示 AMD 将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的 AMD 指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街毛利率估计似乎并不激进（这不是我们通常对 AMD 所说的话），而且该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次表明英特尔和 AMD 正在相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在 50% 以上。与此同时，AMD 的毛利率一直在上升，并且可能会突破 50% 以上，如果不是在这份收益报告中，那么很快就会突破 50%。三个月前，AMD 公布的毛利率为 48%，高于上一年的 44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小的竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD 的市值为 1453.4 亿美元，接近英特尔 2006.6 亿美元市值的 73%。就在去年夏天，AMD 的估值为 1115 亿美元，略高于英特尔 2195 亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的领域是数据中心销售，该领域终于在本季度实现了这一重要领域的增长。在过去的两个季度里，英特尔在这个日益重要的类别中的销售额同比大幅下降，而 AMD 的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否只是普遍更好，AMD 的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在 FactSet 调查的 34 名分析师中，AMD 预计调整后每股收益平均为 66 美分，高于去年同期的每股 41 美分。Estimize 是一个软件平台，它从对冲基金高管、经纪公司、买方分析师和其他人那里众包评级估算，每股收益为 72 美分。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在 FactSet 调查的 32 名分析师中，AMD 预计平均营收为 41.1 亿美元，高于去年同期报告的 28 亿美元。AMD 曾预测 40 亿至 42 亿美元。Estimize 预计收入为 42.2 亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管 AMD 在过去五个季度报告中的盈利和销售额均超出了华尔街的预期，但其股价仅在第二天上涨了两次，一次是在大约三个月前，另一次是在五个季度前，当时该股飙升了近 13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD 股价第三季度上涨 9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，即英特尔发布报告的第二天，AMD 股价收于 119.82 美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen 分析师马修·拉姆齐 (Matthew Ramsay) 对 AMD 给予跑赢大盘评级，目标价为 120 美元，他表示“正在寻找更多类似的评级”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>拉姆齐表示：“我们将继续监测个人电脑市场是否有需求放缓或供应改善的迹象。”“短期内，我们看到 Chromebook 以外的需求有弹性，但更倾向于对 2022 年持谨慎/不可知论的态度，就像 AMD 进行最后一次看涨期权一样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，由于全球不仅面临芯片短缺，而且面临整体供应链问题，疫情推动的个人电脑出货量增长已大幅放缓。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售方面，Ramsay 更加乐观，估计该部门将占销售额的 25% 以上，而一年前这一比例还不到 20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>“我们相信数据中心超过 AMD 四分之一的业务可能会吸引投资者的注意力，”拉姆齐说。“我们提醒投资者，AMD 最重要的业务仍然是数据中心，我们预计该业务在 2020 年将翻一番，首席执行官 Lisa Su 指出，她预计 2021 年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>萨斯奎哈纳金融分析师克里斯托弗·罗兰 (Christopher Rolland) 对 AMD 给予正面评级，目标价为 130 美元，他表示，在企业和服务器销售的推动下，他预计本季度将再次表现强劲，但“鉴于 PC 市场放缓，我们预计管理层不会提高他们的财年营收指引，就像他们在去年的多次更新中所做的那样。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，罗兰预计 AMD 在台式机和笔记本电脑以及企业和游戏电脑方面的份额将超过英特尔。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在研究 AMD 的 39 位分析师中，23 位给予买入或跑赢大盘评级，16 位给予持有评级，平均目标价为 117.55 美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD earnings look to again succeed where Intel disappointed<blockquote>AMD 盈利有望再次取得成功，英特尔令人失望</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-26 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink</p><p><blockquote>AMD 盈利预览：在英特尔连续两个季度下滑的情况下显示数据中心增长后，分析师现在指出 AMD 的利润率正在增长，因为英特尔的利润率预计将萎缩</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/30ec3c9220844c561016f0de86f86f52\" tg-width=\"699\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Advanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Advanced Micro Devices Inc. 最近几个季度，华尔街一直在谈论不断增长的 Epyc 服务器芯片系列，但这可能会转向本季度财报中的毛利率。</span></p></blockquote></p><p> Advanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.</p><p><blockquote>Advanced Micro Devices Inc. 将继英特尔公司 (Intel Corp.) 发布另一份糟糕的收益报告之后，该公司可能会再次在一个给其更大的竞争对手带来痛苦的领域取得进展。</blockquote></p><p> AMD&nbsp;is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel&nbsp;reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.</p><p><blockquote>AMD 定于周二收盘后公布第三季度收益，此前英特尔周四公布的收益超出预期，但随着收入的浮出水面，这几乎无关紧要。对分析师来说，更重要的是英特尔预测未来几年利润率将下降，因为其首席执行官加倍投资新的产能，试图重夺其作为无可争议的芯片领导者的昔日荣耀。</blockquote></p><p> That led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.</p><p><blockquote>这导致了周五的评级下调，以及自这家芯片领导者表示将推迟下一代芯片以来英特尔最糟糕的单日表现，这一声明当时激发了投资者对 AMD 的更多支持。</blockquote></p><p> Bernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.</p><p><blockquote>Bernstein 分析师 Stacy Rasgon 对 AMD 给予市场表现评级，目标价为 110 美元，他表示 AMD 将继续受益于英特尔的转型，并呼吁人们关注英特尔看涨期权期间备受关注的 AMD 指标之一：毛利率。</blockquote></p><p> \"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.</p><p><blockquote>拉斯贡表示：“我们认为，未来华尔街毛利率估计似乎并不激进（这不是我们通常对 AMD 所说的话），而且该公司现在（有史以来第一次）开始返还现金。”</blockquote></p><p> That underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.</p><p><blockquote>这再次表明英特尔和 AMD 正在相互转型：英特尔看涨期权上的分析师非常担心英特尔的利润率正在下降，尽管该公司保证未来几年利润率将保持在 50% 以上。与此同时，AMD 的毛利率一直在上升，并且可能会突破 50% 以上，如果不是在这份收益报告中，那么很快就会突破 50%。三个月前，AMD 公布的毛利率为 48%，高于上一年的 44%。</blockquote></p><p> While AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.</p><p><blockquote>虽然AMD被称为英特尔的“较小的竞争对手”，但这一差距已经稳步缩小了一段时间。截至周五收盘，AMD 的市值为 1453.4 亿美元，接近英特尔 2006.6 亿美元市值的 73%。就在去年夏天，AMD 的估值为 1115 亿美元，略高于英特尔 2195 亿美元上限的一半。</blockquote></p><p> One other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.</p><p><blockquote>另一个值得关注的领域是数据中心销售，该领域终于在本季度实现了这一重要领域的增长。在过去的两个季度里，英特尔在这个日益重要的类别中的销售额同比大幅下降，而 AMD 的销售额则增长了一倍多。这就提出了一个问题：英特尔是否夺回了一些市场份额，或者数据中心的销售是否只是普遍更好，AMD 的报告可以回答这个问题。</blockquote></p><p> <b>What to expect</b></p><p><blockquote><b>期待什么</b></blockquote></p><p> <b>Earnings: </b>Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.</p><p><blockquote><b>收益：</b>在 FactSet 调查的 34 名分析师中，AMD 预计调整后每股收益平均为 66 美分，高于去年同期的每股 41 美分。Estimize 是一个软件平台，它从对冲基金高管、经纪公司、买方分析师和其他人那里众包评级估算，每股收益为 72 美分。</blockquote></p><p> <b>Revenue:</b> Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.</p><p><blockquote><b>收入：</b>在 FactSet 调查的 32 名分析师中，AMD 预计平均营收为 41.1 亿美元，高于去年同期报告的 28 亿美元。AMD 曾预测 40 亿至 42 亿美元。Estimize 预计收入为 42.2 亿美元。</blockquote></p><p> <b>Stock movement:</b> While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.</p><p><blockquote><b>股票变动：</b>尽管 AMD 在过去五个季度报告中的盈利和销售额均超出了华尔街的预期，但其股价仅在第二天上涨了两次，一次是在大约三个月前，另一次是在五个季度前，当时该股飙升了近 13%。</blockquote></p><p> AMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&amp;P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.</p><p><blockquote>AMD 股价第三季度上涨 9.6%。相比之下，PHLX半导体指数下跌2.6%，标普500指数上涨0.2%，以科技股为主的纳斯达克综合指数下跌0.4%。周五，即英特尔发布报告的第二天，AMD 股价收于 119.82 美元的历史新高。</blockquote></p><p> <b>What analysts are saying</b></p><p><blockquote><b>分析师怎么说</b></blockquote></p><p> Cowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"</p><p><blockquote>Cowen 分析师马修·拉姆齐 (Matthew Ramsay) 对 AMD 给予跑赢大盘评级，目标价为 120 美元，他表示“正在寻找更多类似的评级”。</blockquote></p><p> \"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"</p><p><blockquote>拉姆齐表示：“我们将继续监测个人电脑市场是否有需求放缓或供应改善的迹象。”“短期内，我们看到 Chromebook 以外的需求有弹性，但更倾向于对 2022 年持谨慎/不可知论的态度，就像 AMD 进行最后一次看涨期权一样。”</blockquote></p><p> Earlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.</p><p><blockquote>本月早些时候，研究公司发布的数据显示，由于全球不仅面临芯片短缺，而且面临整体供应链问题，疫情推动的个人电脑出货量增长已大幅放缓。</blockquote></p><p></p><p> On data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.</p><p><blockquote>在数据中心销售方面，Ramsay 更加乐观，估计该部门将占销售额的 25% 以上，而一年前这一比例还不到 20%。</blockquote></p><p> \"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"</p><p><blockquote>“我们相信数据中心超过 AMD 四分之一的业务可能会吸引投资者的注意力，”拉姆齐说。“我们提醒投资者，AMD 最重要的业务仍然是数据中心，我们预计该业务在 2020 年将翻一番，首席执行官 Lisa Su 指出，她预计 2021 年业务势头将加速。”</blockquote></p><p> Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"</p><p><blockquote>萨斯奎哈纳金融分析师克里斯托弗·罗兰 (Christopher Rolland) 对 AMD 给予正面评级，目标价为 130 美元，他表示，在企业和服务器销售的推动下，他预计本季度将再次表现强劲，但“鉴于 PC 市场放缓，我们预计管理层不会提高他们的财年营收指引，就像他们在去年的多次更新中所做的那样。”</blockquote></p><p> Still, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.</p><p><blockquote>尽管如此，罗兰预计 AMD 在台式机和笔记本电脑以及企业和游戏电脑方面的份额将超过英特尔。</blockquote></p><p> Of the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.</p><p><blockquote>在研究 AMD 的 39 位分析师中，23 位给予买入或跑赢大盘评级，16 位给予持有评级，平均目标价为 117.55 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news\">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":{"AMD":"美国超微公司"},"source_url":"https://www.marketwatch.com/story/amd-earnings-look-to-again-succeed-where-intel-disappointed-11634942264?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177412181","content_text":"AMD earnings preview: After showing data-center gains as Intel declined two quarters in a row, analysts now point to AMD's growing margins as Intel's are projected to shrink\nAdvanced Micro Devices Inc.’s growing series of Epyc server chips has been the talk of Wall Street in recent quarters, but that may switch to gross margins in this quarter’s earnings report.\nAdvanced Micro Devices Inc. is set to follow yet another rough earnings report from Intel Corp., and once again could show gains in an area that caused pain for its larger rival.\nAMD is scheduled to report third-quarter earnings on Tuesday after the close of markets, after Intel reported an earnings beat Thursday that hardly mattered as revenue came in light. More important to analysts was Intel's forecast for declining margins over the next few years as its chief executive doubles down on new manufacturing capacity to try to retake its former glory as the undisputed chip leader.\nThat led to downgrades on Friday and Intel's worst one-day performance since the chip leader said it was going to delay its next generation of chips, an announcement that had fired up even more investor support for AMD back then.\nBernstein analyst Stacy Rasgon, who has a market perform rating on AMD and a $110 price target, said AMD will continue to benefit from Intel's transition, and called attention to an AMD metric that was one of enormous concern during Intel's call: Gross margins.\n\"We believe Street gross margin estimates appear unaggressive going forward (which is not something we have typically said for AMD), and the company is now (for the first time ever) starting to return cash,\" Rasgon said.\nThat underscores another show of how Intel and AMD are transitioning with respect to one another: Analysts on the Intel call were very concerned that Intel's margins were falling despite company assurances they would stay just above 50% for the next few years. Meanwhile, AMD gross margins have been rising, and are likely to break above 50%, if not in this earnings report, then sometime soon. Three months ago, AMD reported gross margins of 48%, up from 44% in the previous year.\nWhile AMD is referred to as Intel's \"smaller rival,\" that gap has been steadily closing for a while now. At Friday's close, AMD had a market cap of $145.34 billion, or nearly 73% of Intel's $200.66 billion. Just this past summer, AMD's $111.5 billion valuation was a little more than half Intel's $219.5 billion cap.\nOne other are to look at will be data-center sales, as finally swung to a gain in that important segment in the quarter. Over the past two quarters, Intel has posted significant year-over-year declines in the increasingly important category, while AMD has more than doubled its sales. That raises the question whether Intel clawed back some market share, or whether data-center sales were just generally better all around, which AMD's report could answer.\nWhat to expect\nEarnings: Of the 34 analysts surveyed by FactSet, AMD on average is expected to post adjusted earnings of 66 cents a share, up from 41 cents a share reported in the year-ago period. Estimize, a software platform that crowdsources estimates from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 72 cents a share.\nRevenue: Of the 32 analysts polled by FactSet, AMD, on average, is expected to post revenue of $4.11 billion, up from the $2.8 billion reported in the year-ago quarter. AMD had forecast $4 billion to $4.2 billion. Estimize expects revenue of $4.22 billion.\nStock movement: While AMD earnings and sales have both topped Wall Street estimates over the past five quarterly reports, but shares only gained the next day twice, about three months ago and when the stock popped nearly 13% five quarters ago.\nAMD shares rose 9.6% in the third quarter. In contrast, the PHLX Semiconductor Index declined 2.6%, the S&P 500 index rose 0.2%, and the tech-heavy Nasdaq Composite Index declined 0.4%. On Friday, the day after Intel's report, AMD shares closed at a record high of $119.82.\nWhat analysts are saying\nCowen analyst Matthew Ramsay, who has an outperform rating and a $120 price target on AMD, said he's \"lookin' for more of the same.\"\n\"We continue to monitor the PC market for signs of demand slowing or supply improving,\" Ramsay said. \"Near-term, we see resilient demand outside Chromebooks, but prefer a prudent/agnostic view on 2022 like AMD took on its last call.\"\nEarlier in the month, research firms released data showing that pandemic-fueled growth in PC shipments had slowed considerably as the world not only wrestles with a chip shortage but overall supply-chain issues.\nOn data-center sales, Ramsay is even more optimistic estimating that segment will account for more than 25% of sales compared with less than 20% a year ago.\n\"We believe datacenter passing a quarter of AMD's business could draw investor attention,\" Ramsay said. \"We remind investors that the most important business for AMD remains datacenter, which we estimate doubled in 2020, with CEO Lisa Su noting she sees the business momentum accelerating in 2021.\"\nSusquehanna Financial analyst Christopher Rolland, who has a positive rating and a $130 price target on AMD, said he expects another solid quarter driven by enterprise and server sales, but that \"given the slowing PC market, we do not expect mgmt to raise their FY top-line guidance as they have done in numerous updates over the last year.\"\nStill, Rolland expects AMD to report share gains from Intel in both desktop and laptop PCs as well as enterprise and gaming PCs.\nOf the 39 analysts who cover AMD, 23 have buy or overweight ratings, and 16 have hold ratings, with an average price target of $117.55.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858407067,"gmtCreate":1635109734193,"gmtModify":1635109734585,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/858407067","repostId":"1174514229","repostType":4,"repost":{"id":"1174514229","kind":"news","pubTimestamp":1635035471,"share":"https://www.laohunote.com/m/news/1174514229?lang=zh_CN&edition=full","pubTime":"2021-10-24 08:31","market":"us","language":"en","title":"US IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174514229","media":"Renaissance Capital","summary":"The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.","content":"<p>The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.</p><p><blockquote>IPO市场继续忙碌，未来一周将有12次IPO计划筹集68亿美元。</blockquote></p><p> Semiconductor foundry&nbsp;<b>GlobalFoundries</b>(GFS) plans to raise $2.4 billion at a $24.6 billion market cap. Backed by Abu Dhabi’s Mubadala, US-based GlobalFoundries is one of the world’s leading specialty semiconductor foundries. Unprofitable with lumpy growth, the company states that it is the only scaled pure-play foundry with a global footprint that is not based in China.</p><p><blockquote>半导体代工<b>全球代工厂</b>(GFS) 计划以 246 亿美元的市值筹集 24 亿美元。在阿布扎比 Mubadala 的支持下，总部位于美国的 GlobalFoundries 是世界领先的特种半导体代工厂之一。由于增长不稳定，尚未盈利，该公司表示，它是唯一一家在全球范围内不在中国的大规模纯代工厂。</blockquote></p><p> Enterprise cloud data management platform&nbsp;<b>Informatica</b>(INFA) plans to raise $885 million at an $8.7 billion market cap. This company provides data integration services on its AI-powered platform to over 5,700 customers through both licenses and subscriptions. Although it will be highly leveraged post-IPO, Informatica is a recognized leader in the global data management market and saw strong subscription ARR growth in the 1H21.</p><p><blockquote>企业云数据管理平台<b>信息学</b>(INFA) 计划以 87 亿美元的市值筹集 8.85 亿美元。该公司通过许可证和订阅在其人工智能平台上为超过 5,700 名客户提供数据集成服务。尽管IPO后杠杆率很高，但Informatica是全球数据管理市场公认的领导者，并在2021年上半年实现了强劲的订阅ARR增长。</blockquote></p><p> Energy storage provider&nbsp;<b>Fluence Energy</b>(FLNC) plans to raise $698 million at a $3.8 billion market cap. Formed by Siemens and AES, this company sells energy storage products and services to utilities, independent power producers, project developers, and commercial and industrial customers. Fast growing but unprofitable, Fluence Energy deployed 942 MW of storage products as of 6/30/21.</p><p><blockquote>储能提供商<b>注量能</b>(FLNC) 计划以 38 亿美元的市值筹集 6.98 亿美元。该公司由西门子和 AES 组建，向公用事业公司、独立电力生产商、项目开发商以及商业和工业客户销售储能产品和服务。快速增长但无利可图，截至2021年6月30日，Fluence Energy部署了942兆瓦的存储产品。</blockquote></p><p> Revenue cycle management platform&nbsp;<b>Ensemble Health Partners</b>(ENSB) plans to raise $605 million at a $3.6 billion market cap. This platform provides revenue cycle management solutions to the healthcare industry. Profitable with accelerating growth in the 1H21, Ensemble Health has over $20 billion in annual client net patient revenue under management.</p><p><blockquote>收入周期管理平台<b>健康合作伙伴</b>(ENSB) 计划以 36 亿美元的市值筹集 6.05 亿美元。该平台为医疗保健行业提供收入周期管理解决方案。随着 2021 年上半年的加速增长，Ensemble Health 实现了盈利，管理的年度客户净患者收入超过 200 亿美元。</blockquote></p><p> Hiring solutions provider&nbsp;<b>HireRight Holdings</b>(HRT) plans to raise $500 million at a $1.8 billion market cap. This company provides background checks, verification, identification, monitoring, and drug and health screening services to over 40,000 customers. HireRight was profitable on an EBIT basis in the 1H21, though cash flow swung negative.</p><p><blockquote>招聘解决方案提供商<b>HireRight 控股</b>(HRT) 计划以 18 亿美元的市值筹集 5 亿美元。该公司为超过40,000名客户提供背景调查、验证、识别、监测以及药物和健康筛查服务。尽管现金流为负，但 HireRight 在 2021 年上半年的息税前利润仍实现盈利。</blockquote></p><p> Online education marketplace&nbsp;<b>Udemy</b>(UDMY) plans to raise $406 million at a $4.3 billion market cap. This education platform provides over 183,000 courses in 75 languages to over 44 million customers in over 180 countries. Growing but unprofitable, Udemy has registered more than 73 million users since its inception.</p><p><blockquote>在线教育市场<b>乌德米</b>(UDMY) 计划以 43 亿美元的市值筹集 4.06 亿美元。该教育平台为180多个国家的4400多万客户提供75种语言的183,000多门课程。Udemy 不断增长，但无利可图，自成立以来已注册超过 7300 万用户。</blockquote></p><p> Chinese drug in-licensor&nbsp;<b>LianBio</b>(LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.</p><p><blockquote>中国药品许可方<b>连生物</b>（LIAN）计划以18亿美元的市值筹集3.25亿美元。这家生物制药公司专注于中国和其他亚洲市场，开发和商业化各种适应症的药物。LianBio 目前的产品线包括五个不同治疗领域的九种候选产品。</blockquote></p><p> <b>Rent the Runway</b>(RENT) plans to raise $293 million at a $1.4 billion market cap. This apparel rental company originally focused on a-la-carte rentals of dresses for events, but has gradually transitioned to mostly generating revenue from monthly subscription boxes. While the company has seen active subscribers and revenue rebound in the last two quarters, it is unprofitable and leveraged post-IPO.</p><p><blockquote><b>租跑道</b>（RENT）计划以14亿美元的市值筹集2.93亿美元。这家服装租赁公司原本专注于活动礼服的点菜租赁，但已逐渐过渡到主要从包月包厢获得收入。虽然该公司在过去两个季度的活跃用户和收入有所反弹，但在IPO后却无利可图且杠杆化。</blockquote></p><p> Aesthetic medical device maker&nbsp;<b>Candela Medical</b>(CDLA) plans to raise $250 million at a $1.7 billion market cap. Selling products directly in 18 countries and indirectly in 66 countries, this company develops medical devices for elective aesthetic procedures. Despite being hard hit by the pandemic, Candela Medical saw strong growth and turned profitable in the 1H21.</p><p><blockquote>美容医疗器械制造商<b>坎德拉医疗</b>(CDLA) 计划以 17 亿美元的市值筹集 2.5 亿美元。该公司直接在18个国家销售产品，间接在66个国家销售产品，开发用于选择性美容手术的医疗设备。尽管受到疫情的沉重打击，Candela Medical 仍实现了强劲增长，并在 2021 年上半年实现了盈利。</blockquote></p><p> Fire pit brand&nbsp;<b>Solo Brands</b>(DTC) plans to raise $200 million at a $1.5 billion market cap. Solo Brands sells fire pits, camp stoves, and other outdoor gear through its DTC platform. Fast growing and profitable, this outdoor e-commerce has an installed base of more than 2.3 million customers.</p><p><blockquote>火坑牌<b>Solo品牌</b>(DTC) 计划以 15 亿美元的市值筹集 2 亿美元。Solo Brands通过其DTC平台销售火坑、野营炉和其他户外装备。快速增长和盈利，这个户外电子商务拥有超过230万客户的安装基础。</blockquote></p><p> Body contouring provider&nbsp;<b>AirSculpt Technologies</b>(AIRS) plans to raise $160 million at an $886 million market cap. This company provides minimally-invasive body contouring procedures through 16 centers across 13 states in the US. AirSculpt Technologies is profitable with solid growth, and has seen an increase in same-center case volume as a result of lessening effects of COVID-19.</p><p><blockquote>身体轮廓提供者<b>AirSculpt技术</b>(AIRS) 计划以 8.86 亿美元的市值筹集 1.6 亿美元。这家公司通过美国13个州的16个中心提供微创身体塑形手术。AirSculpt Technologies 实现了盈利，增长稳健，并且由于 COVID-19 的影响减弱，同中心病例量有所增加。</blockquote></p><p> Technology firm&nbsp;<b>Arteris</b>(AIP) plans to raise $75 million at a $555 million market cap. This technology company develops and licenses interconnect intellectual property that manages the on-chip communications in System-on-Chip semiconductor devices. Arteris is unprofitable but saw growth accelerate in the 1H21.</p><p><blockquote>科技公司<b>动脉</b>（AIP）计划以5.55亿美元的市值筹集7500万美元。这家技术公司开发并授权interconnect知识产权，该知识产权管理片上系统半导体器件中的片上通信。Arteris 尚未盈利，但在 2021 年上半年增长加速。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99c3b0173e59f4e69ff484c12bd137e7\" tg-width=\"1270\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/64e34b3c49a856e99ba64a2d57410844\" tg-width=\"1272\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 12 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 12 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/21, the Renaissance IPO Index was up 8.2% year-to-date, while the S&amp;P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年10月22日，文艺复兴IPO指数年初至今上涨8.2%，而标普500上涨21.1%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Uber Technologies (UBER) 和 Moderna (MRNA)。Renaissance International IPO 指数今年迄今下跌 15.8%，而 ACWX 指数上涨 9.1%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有量最大的 ETF 包括美团-W大众点评和软银。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-10-24 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.</p><p><blockquote>IPO市场继续忙碌，未来一周将有12次IPO计划筹集68亿美元。</blockquote></p><p> Semiconductor foundry&nbsp;<b>GlobalFoundries</b>(GFS) plans to raise $2.4 billion at a $24.6 billion market cap. Backed by Abu Dhabi’s Mubadala, US-based GlobalFoundries is one of the world’s leading specialty semiconductor foundries. Unprofitable with lumpy growth, the company states that it is the only scaled pure-play foundry with a global footprint that is not based in China.</p><p><blockquote>半导体代工<b>全球代工厂</b>(GFS) 计划以 246 亿美元的市值筹集 24 亿美元。在阿布扎比 Mubadala 的支持下，总部位于美国的 GlobalFoundries 是世界领先的特种半导体代工厂之一。由于增长不稳定，尚未盈利，该公司表示，它是唯一一家在全球范围内不在中国的大规模纯代工厂。</blockquote></p><p> Enterprise cloud data management platform&nbsp;<b>Informatica</b>(INFA) plans to raise $885 million at an $8.7 billion market cap. This company provides data integration services on its AI-powered platform to over 5,700 customers through both licenses and subscriptions. Although it will be highly leveraged post-IPO, Informatica is a recognized leader in the global data management market and saw strong subscription ARR growth in the 1H21.</p><p><blockquote>企业云数据管理平台<b>信息学</b>(INFA) 计划以 87 亿美元的市值筹集 8.85 亿美元。该公司通过许可证和订阅在其人工智能平台上为超过 5,700 名客户提供数据集成服务。尽管IPO后杠杆率很高，但Informatica是全球数据管理市场公认的领导者，并在2021年上半年实现了强劲的订阅ARR增长。</blockquote></p><p> Energy storage provider&nbsp;<b>Fluence Energy</b>(FLNC) plans to raise $698 million at a $3.8 billion market cap. Formed by Siemens and AES, this company sells energy storage products and services to utilities, independent power producers, project developers, and commercial and industrial customers. Fast growing but unprofitable, Fluence Energy deployed 942 MW of storage products as of 6/30/21.</p><p><blockquote>储能提供商<b>注量能</b>(FLNC) 计划以 38 亿美元的市值筹集 6.98 亿美元。该公司由西门子和 AES 组建，向公用事业公司、独立电力生产商、项目开发商以及商业和工业客户销售储能产品和服务。快速增长但无利可图，截至2021年6月30日，Fluence Energy部署了942兆瓦的存储产品。</blockquote></p><p> Revenue cycle management platform&nbsp;<b>Ensemble Health Partners</b>(ENSB) plans to raise $605 million at a $3.6 billion market cap. This platform provides revenue cycle management solutions to the healthcare industry. Profitable with accelerating growth in the 1H21, Ensemble Health has over $20 billion in annual client net patient revenue under management.</p><p><blockquote>收入周期管理平台<b>健康合作伙伴</b>(ENSB) 计划以 36 亿美元的市值筹集 6.05 亿美元。该平台为医疗保健行业提供收入周期管理解决方案。随着 2021 年上半年的加速增长，Ensemble Health 实现了盈利，管理的年度客户净患者收入超过 200 亿美元。</blockquote></p><p> Hiring solutions provider&nbsp;<b>HireRight Holdings</b>(HRT) plans to raise $500 million at a $1.8 billion market cap. This company provides background checks, verification, identification, monitoring, and drug and health screening services to over 40,000 customers. HireRight was profitable on an EBIT basis in the 1H21, though cash flow swung negative.</p><p><blockquote>招聘解决方案提供商<b>HireRight 控股</b>(HRT) 计划以 18 亿美元的市值筹集 5 亿美元。该公司为超过40,000名客户提供背景调查、验证、识别、监测以及药物和健康筛查服务。尽管现金流为负，但 HireRight 在 2021 年上半年的息税前利润仍实现盈利。</blockquote></p><p> Online education marketplace&nbsp;<b>Udemy</b>(UDMY) plans to raise $406 million at a $4.3 billion market cap. This education platform provides over 183,000 courses in 75 languages to over 44 million customers in over 180 countries. Growing but unprofitable, Udemy has registered more than 73 million users since its inception.</p><p><blockquote>在线教育市场<b>乌德米</b>(UDMY) 计划以 43 亿美元的市值筹集 4.06 亿美元。该教育平台为180多个国家的4400多万客户提供75种语言的183,000多门课程。Udemy 不断增长，但无利可图，自成立以来已注册超过 7300 万用户。</blockquote></p><p> Chinese drug in-licensor&nbsp;<b>LianBio</b>(LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.</p><p><blockquote>中国药品许可方<b>连生物</b>（LIAN）计划以18亿美元的市值筹集3.25亿美元。这家生物制药公司专注于中国和其他亚洲市场，开发和商业化各种适应症的药物。LianBio 目前的产品线包括五个不同治疗领域的九种候选产品。</blockquote></p><p> <b>Rent the Runway</b>(RENT) plans to raise $293 million at a $1.4 billion market cap. This apparel rental company originally focused on a-la-carte rentals of dresses for events, but has gradually transitioned to mostly generating revenue from monthly subscription boxes. While the company has seen active subscribers and revenue rebound in the last two quarters, it is unprofitable and leveraged post-IPO.</p><p><blockquote><b>租跑道</b>（RENT）计划以14亿美元的市值筹集2.93亿美元。这家服装租赁公司原本专注于活动礼服的点菜租赁，但已逐渐过渡到主要从包月包厢获得收入。虽然该公司在过去两个季度的活跃用户和收入有所反弹，但在IPO后却无利可图且杠杆化。</blockquote></p><p> Aesthetic medical device maker&nbsp;<b>Candela Medical</b>(CDLA) plans to raise $250 million at a $1.7 billion market cap. Selling products directly in 18 countries and indirectly in 66 countries, this company develops medical devices for elective aesthetic procedures. Despite being hard hit by the pandemic, Candela Medical saw strong growth and turned profitable in the 1H21.</p><p><blockquote>美容医疗器械制造商<b>坎德拉医疗</b>(CDLA) 计划以 17 亿美元的市值筹集 2.5 亿美元。该公司直接在18个国家销售产品，间接在66个国家销售产品，开发用于选择性美容手术的医疗设备。尽管受到疫情的沉重打击，Candela Medical 仍实现了强劲增长，并在 2021 年上半年实现了盈利。</blockquote></p><p> Fire pit brand&nbsp;<b>Solo Brands</b>(DTC) plans to raise $200 million at a $1.5 billion market cap. Solo Brands sells fire pits, camp stoves, and other outdoor gear through its DTC platform. Fast growing and profitable, this outdoor e-commerce has an installed base of more than 2.3 million customers.</p><p><blockquote>火坑牌<b>Solo品牌</b>(DTC) 计划以 15 亿美元的市值筹集 2 亿美元。Solo Brands通过其DTC平台销售火坑、野营炉和其他户外装备。快速增长和盈利，这个户外电子商务拥有超过230万客户的安装基础。</blockquote></p><p> Body contouring provider&nbsp;<b>AirSculpt Technologies</b>(AIRS) plans to raise $160 million at an $886 million market cap. This company provides minimally-invasive body contouring procedures through 16 centers across 13 states in the US. AirSculpt Technologies is profitable with solid growth, and has seen an increase in same-center case volume as a result of lessening effects of COVID-19.</p><p><blockquote>身体轮廓提供者<b>AirSculpt技术</b>(AIRS) 计划以 8.86 亿美元的市值筹集 1.6 亿美元。这家公司通过美国13个州的16个中心提供微创身体塑形手术。AirSculpt Technologies 实现了盈利，增长稳健，并且由于 COVID-19 的影响减弱，同中心病例量有所增加。</blockquote></p><p> Technology firm&nbsp;<b>Arteris</b>(AIP) plans to raise $75 million at a $555 million market cap. This technology company develops and licenses interconnect intellectual property that manages the on-chip communications in System-on-Chip semiconductor devices. Arteris is unprofitable but saw growth accelerate in the 1H21.</p><p><blockquote>科技公司<b>动脉</b>（AIP）计划以5.55亿美元的市值筹集7500万美元。这家技术公司开发并授权interconnect知识产权，该知识产权管理片上系统半导体器件中的片上通信。Arteris 尚未盈利，但在 2021 年上半年增长加速。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99c3b0173e59f4e69ff484c12bd137e7\" tg-width=\"1270\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/64e34b3c49a856e99ba64a2d57410844\" tg-width=\"1272\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 12 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 12 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/21, the Renaissance IPO Index was up 8.2% year-to-date, while the S&amp;P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年10月22日，文艺复兴IPO指数年初至今上涨8.2%，而标普500上涨21.1%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Uber Technologies (UBER) 和 Moderna (MRNA)。Renaissance International IPO 指数今年迄今下跌 15.8%，而 ACWX 指数上涨 9.1%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有量最大的 ETF 包括美团-W大众点评和软银。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/87676/US-IPO-Week-Ahead-Semiconductors-energy-storage-designer-apparel-and-more-i\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","AIRS":"Airsculpt Technologies","RENT":"Rent the Runway, Inc.","GFS":"GLOBALFOUNDRIES Inc.",".SPX":"S&P 500 Index","HRT":"HireRight Holdings Corp.","AIP":"Arteris, Inc.",".DJI":"道琼斯","INFA":"Informatica Inc.","UDMY":"Udemy, Inc.","FLNC":"Fluence Energy, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/87676/US-IPO-Week-Ahead-Semiconductors-energy-storage-designer-apparel-and-more-i","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174514229","content_text":"The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.\nSemiconductor foundry GlobalFoundries(GFS) plans to raise $2.4 billion at a $24.6 billion market cap. Backed by Abu Dhabi’s Mubadala, US-based GlobalFoundries is one of the world’s leading specialty semiconductor foundries. Unprofitable with lumpy growth, the company states that it is the only scaled pure-play foundry with a global footprint that is not based in China.\nEnterprise cloud data management platform Informatica(INFA) plans to raise $885 million at an $8.7 billion market cap. This company provides data integration services on its AI-powered platform to over 5,700 customers through both licenses and subscriptions. Although it will be highly leveraged post-IPO, Informatica is a recognized leader in the global data management market and saw strong subscription ARR growth in the 1H21.\nEnergy storage provider Fluence Energy(FLNC) plans to raise $698 million at a $3.8 billion market cap. Formed by Siemens and AES, this company sells energy storage products and services to utilities, independent power producers, project developers, and commercial and industrial customers. Fast growing but unprofitable, Fluence Energy deployed 942 MW of storage products as of 6/30/21.\nRevenue cycle management platform Ensemble Health Partners(ENSB) plans to raise $605 million at a $3.6 billion market cap. This platform provides revenue cycle management solutions to the healthcare industry. Profitable with accelerating growth in the 1H21, Ensemble Health has over $20 billion in annual client net patient revenue under management.\nHiring solutions provider HireRight Holdings(HRT) plans to raise $500 million at a $1.8 billion market cap. This company provides background checks, verification, identification, monitoring, and drug and health screening services to over 40,000 customers. HireRight was profitable on an EBIT basis in the 1H21, though cash flow swung negative.\nOnline education marketplace Udemy(UDMY) plans to raise $406 million at a $4.3 billion market cap. This education platform provides over 183,000 courses in 75 languages to over 44 million customers in over 180 countries. Growing but unprofitable, Udemy has registered more than 73 million users since its inception.\nChinese drug in-licensor LianBio(LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.\nRent the Runway(RENT) plans to raise $293 million at a $1.4 billion market cap. This apparel rental company originally focused on a-la-carte rentals of dresses for events, but has gradually transitioned to mostly generating revenue from monthly subscription boxes. While the company has seen active subscribers and revenue rebound in the last two quarters, it is unprofitable and leveraged post-IPO.\nAesthetic medical device maker Candela Medical(CDLA) plans to raise $250 million at a $1.7 billion market cap. Selling products directly in 18 countries and indirectly in 66 countries, this company develops medical devices for elective aesthetic procedures. Despite being hard hit by the pandemic, Candela Medical saw strong growth and turned profitable in the 1H21.\nFire pit brand Solo Brands(DTC) plans to raise $200 million at a $1.5 billion market cap. Solo Brands sells fire pits, camp stoves, and other outdoor gear through its DTC platform. Fast growing and profitable, this outdoor e-commerce has an installed base of more than 2.3 million customers.\nBody contouring provider AirSculpt Technologies(AIRS) plans to raise $160 million at an $886 million market cap. This company provides minimally-invasive body contouring procedures through 16 centers across 13 states in the US. AirSculpt Technologies is profitable with solid growth, and has seen an increase in same-center case volume as a result of lessening effects of COVID-19.\nTechnology firm Arteris(AIP) plans to raise $75 million at a $555 million market cap. This technology company develops and licenses interconnect intellectual property that manages the on-chip communications in System-on-Chip semiconductor devices. Arteris is unprofitable but saw growth accelerate in the 1H21.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 12 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/21, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.","news_type":1,"symbols_score_info":{"INFA":0.9,".SPX":0.9,"RENT":0.9,"DTC":0.9,"LIAN":0.9,"AIRS":0.9,"UDMY":0.9,".IXIC":0.9,"AIP":0.9,"FLNC":0.9,"HRT":0.9,"GFS":0.9,"ENSB":0.9,".DJI":0.9,"CDLA":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853278358,"gmtCreate":1634820641511,"gmtModify":1634820641924,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks!","listText":"Please like, thanks!","text":"Please like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/853278358","repostId":"2177468666","repostType":4,"repost":{"id":"2177468666","kind":"highlight","pubTimestamp":1634819400,"share":"https://www.laohunote.com/m/news/2177468666?lang=zh_CN&edition=full","pubTime":"2021-10-21 20:30","market":"hk","language":"en","title":"Weekly jobless claims fall to fresh pandemic-era low of 290,000<blockquote>每周申请失业救济人数降至大流行时代新低 29 万人</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2177468666","media":"Yahoo","summary":"New weekly jobless claims held below 300,000 for a back-to-back week as labor market conditions trud","content":"<p>New weekly jobless claims held below 300,000 for a back-to-back week as labor market conditions trudged back toward pre-pandemic levels.</p><p><blockquote>随着劳动力市场状况艰难地回到大流行前的水平，每周新申请失业救济人数连续一周保持在 30 万人以下。</blockquote></p><p> TheLabor Department released its jobless claimsreport Thursday morning. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:</p><p><blockquote>劳工部周四上午发布了失业救济报告。以下是印刷品中的主要指标，与彭博社编制的共识估计值进行了比较：</blockquote></p><p> <ul>  <li><b>Initial unemployment claims, week ended October 16:</b>&nbsp;290,000 vs.297,000 expected and a revised296,000 during prior week</li>  <li><b>Continuing claims, week ended October 9:</b>&nbsp;2.481 millionvs.2.548 million expected and a revised 2.603 million during prior week</li> </ul> Last week's initial unemployment claims fell by a greater-than-expected margin, bringing the number of new filings back to the lowest level since March 2020. The four-week moving average for new jobless claims also dropped by 15,250 to reach 319,750 as of last week, also marking the least since March of last year.</p><p><blockquote><ul><li><b>截至 10 月 16 日当周首次申请失业救济人数：</b>290,000，而前一周预期为 297,000，修正后为 296,000</li><li><b>截至 10 月 9 日当周的持续索赔：</b>248.1 万，而前一周预期为 254.8 万，修正后为 260.3 万</li></ul>上周首次申请失业救济人数降幅超出预期，使新申请失业救济人数回到2020年3月以来的最低水平。截至上周，新申请失业救济人数的四周移动平均值也下降了15,250人，至319,750人，也是自去年3月以来的最低水平。</blockquote></p><p> The latest claims data reflects a labor market that has made considerable progress in reducing separations since its pandemic-era peak. However, it also still has a ways to go before returning entirely to pre-virus trends. In October 2020, new filings were coming in at a weekly rate of over 700,000, but in the same month in 2019, initial claims averaged just over 210,000.</p><p><blockquote>最新的失业数据反映了劳动力市场自大流行时代达到顶峰以来在减少离职方面取得了相当大的进展。然而，在完全恢复到病毒前的趋势之前，它还有很长的路要走。2020 年 10 月，新申请每周超过 70 万份，但 2019 年同月，首次申请平均略高于 21 万份。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/037a3eb5ac51386ced727a2f28beb4e3\" tg-width=\"640\" tg-height=\"563\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The steady move lower in first-time filers so far this year has coincided with a jump in demand for labor and a reluctance by employers to release those already on their payrolls amid worker scarcities.</p><p><blockquote>今年到目前为止，首次申请者人数稳步下降，与此同时，劳动力需求激增，雇主在工人短缺的情况下不愿释放那些已经在工资单上的人。</blockquote></p><p> But many workers have also been departing their roles of their own volition. A record 4.3 million people quit their jobs in the U.S. in. August, based on the Labor Department's most recent data. And job openings overall were at a record high of more than 10.4 million as of the end of the summer.</p><p><blockquote>但是许多工人也自愿离开了他们的岗位。年，美国有创纪录的430万人辞职。根据劳工部的最新数据，8 月份。截至夏季结束，职位空缺总数超过 1040 万个，创历史新高。</blockquote></p><p> \"While mass layoffs have been avoided of late, helping jobless claims to decline, many who are employed feel some combination of empowerment, restlessness and/or exhaustion. This is borne out in the record number of workers quitting their jobs and strikes among union members popping up around the nation,\" Mark Hamrick, Bankrate senior economic analyst, wrote in an email on Tuesday.</p><p><blockquote>Bankrate 高级经济分析师马克·哈姆里克 (Mark Hamrick) 周二在一封电子邮件中写道：“虽然最近避免了大规模裁员，帮助申请失业救济人数下降，但许多就业者感到某种力量、不安和/或疲惫。全国各地工人辞职和工会成员罢工的数量创下历史新高就证明了这一点。”</blockquote></p><p> \"Making matters worse, inflation is eroding wage gains for some, fueling desire to find new employment with better pay, working conditions and flexibility,\" he added.</p><p><blockquote>他补充说：“更糟糕的是，通货膨胀正在侵蚀一些人的工资增长，从而激发了他们寻找具有更高薪酬、工作条件和灵活性的新工作的愿望。”</blockquote></p><p> Continuing jobless claims, capturing the number of individuals still claiming benefits via regular state programs, also reached a fresh pandemic-era low of 2.481 million as of early October. The insured unemployment rate, or the ratio of people on unemployment benefits divided by the overall force, dipped by 0.1 percentage points to reach 1.8% for the week ended Oct. 9.</p><p><blockquote>截至 10 月初，持续申请失业救济人数（即仍通过常规国家计划申请福利的人数）也达到了大流行时代的新低 248.1 万人。截至 10 月 9 日当周，保险失业率（即领取失业救济金的人数除以总体力量的比率）下降了 0.1 个百分点，至 1.8%。</blockquote></p><p></p>","source":"lsy1584348713084","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>Weekly jobless claims fall to fresh pandemic-era low of 290,000<blockquote>每周申请失业救济人数降至大流行时代新低 29 万人</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\">\nWeekly jobless claims fall to fresh pandemic-era low of 290,000<blockquote>每周申请失业救济人数降至大流行时代新低 29 万人</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-10-21 20:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New weekly jobless claims held below 300,000 for a back-to-back week as labor market conditions trudged back toward pre-pandemic levels.</p><p><blockquote>随着劳动力市场状况艰难地回到大流行前的水平，每周新申请失业救济人数连续一周保持在 30 万人以下。</blockquote></p><p> TheLabor Department released its jobless claimsreport Thursday morning. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:</p><p><blockquote>劳工部周四上午发布了失业救济报告。以下是印刷品中的主要指标，与彭博社编制的共识估计值进行了比较：</blockquote></p><p> <ul>  <li><b>Initial unemployment claims, week ended October 16:</b>&nbsp;290,000 vs.297,000 expected and a revised296,000 during prior week</li>  <li><b>Continuing claims, week ended October 9:</b>&nbsp;2.481 millionvs.2.548 million expected and a revised 2.603 million during prior week</li> </ul> Last week's initial unemployment claims fell by a greater-than-expected margin, bringing the number of new filings back to the lowest level since March 2020. The four-week moving average for new jobless claims also dropped by 15,250 to reach 319,750 as of last week, also marking the least since March of last year.</p><p><blockquote><ul><li><b>截至 10 月 16 日当周首次申请失业救济人数：</b>290,000，而前一周预期为 297,000，修正后为 296,000</li><li><b>截至 10 月 9 日当周的持续索赔：</b>248.1 万，而前一周预期为 254.8 万，修正后为 260.3 万</li></ul>上周首次申请失业救济人数降幅超出预期，使新申请失业救济人数回到2020年3月以来的最低水平。截至上周，新申请失业救济人数的四周移动平均值也下降了15,250人，至319,750人，也是自去年3月以来的最低水平。</blockquote></p><p> The latest claims data reflects a labor market that has made considerable progress in reducing separations since its pandemic-era peak. However, it also still has a ways to go before returning entirely to pre-virus trends. In October 2020, new filings were coming in at a weekly rate of over 700,000, but in the same month in 2019, initial claims averaged just over 210,000.</p><p><blockquote>最新的失业数据反映了劳动力市场自大流行时代达到顶峰以来在减少离职方面取得了相当大的进展。然而，在完全恢复到病毒前的趋势之前，它还有很长的路要走。2020 年 10 月，新申请每周超过 70 万份，但 2019 年同月，首次申请平均略高于 21 万份。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/037a3eb5ac51386ced727a2f28beb4e3\" tg-width=\"640\" tg-height=\"563\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The steady move lower in first-time filers so far this year has coincided with a jump in demand for labor and a reluctance by employers to release those already on their payrolls amid worker scarcities.</p><p><blockquote>今年到目前为止，首次申请者人数稳步下降，与此同时，劳动力需求激增，雇主在工人短缺的情况下不愿释放那些已经在工资单上的人。</blockquote></p><p> But many workers have also been departing their roles of their own volition. A record 4.3 million people quit their jobs in the U.S. in. August, based on the Labor Department's most recent data. And job openings overall were at a record high of more than 10.4 million as of the end of the summer.</p><p><blockquote>但是许多工人也自愿离开了他们的岗位。年，美国有创纪录的430万人辞职。根据劳工部的最新数据，8 月份。截至夏季结束，职位空缺总数超过 1040 万个，创历史新高。</blockquote></p><p> \"While mass layoffs have been avoided of late, helping jobless claims to decline, many who are employed feel some combination of empowerment, restlessness and/or exhaustion. This is borne out in the record number of workers quitting their jobs and strikes among union members popping up around the nation,\" Mark Hamrick, Bankrate senior economic analyst, wrote in an email on Tuesday.</p><p><blockquote>Bankrate 高级经济分析师马克·哈姆里克 (Mark Hamrick) 周二在一封电子邮件中写道：“虽然最近避免了大规模裁员，帮助申请失业救济人数下降，但许多就业者感到某种力量、不安和/或疲惫。全国各地工人辞职和工会成员罢工的数量创下历史新高就证明了这一点。”</blockquote></p><p> \"Making matters worse, inflation is eroding wage gains for some, fueling desire to find new employment with better pay, working conditions and flexibility,\" he added.</p><p><blockquote>他补充说：“更糟糕的是，通货膨胀正在侵蚀一些人的工资增长，从而激发了他们寻找具有更高薪酬、工作条件和灵活性的新工作的愿望。”</blockquote></p><p> Continuing jobless claims, capturing the number of individuals still claiming benefits via regular state programs, also reached a fresh pandemic-era low of 2.481 million as of early October. The insured unemployment rate, or the ratio of people on unemployment benefits divided by the overall force, dipped by 0.1 percentage points to reach 1.8% for the week ended Oct. 9.</p><p><blockquote>截至 10 月初，持续申请失业救济人数（即仍通过常规国家计划申请福利的人数）也达到了大流行时代的新低 248.1 万人。截至 10 月 9 日当周，保险失业率（即领取失业救济金的人数除以总体力量的比率）下降了 0.1 个百分点，至 1.8%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-october-16-2021-193313259.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HCTI":"Healthcare Triangle, Inc.","OLPX":"Olaplex Holdings, Inc.","CRCT":"Cricut, Inc.","FWRG":"First Watch Restaurant Group, Inc."},"source_url":"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-october-16-2021-193313259.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2177468666","content_text":"New weekly jobless claims held below 300,000 for a back-to-back week as labor market conditions trudged back toward pre-pandemic levels.\nTheLabor Department released its jobless claimsreport Thursday morning. Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:\n\nInitial unemployment claims, week ended October 16: 290,000 vs.297,000 expected and a revised296,000 during prior week\nContinuing claims, week ended October 9: 2.481 millionvs.2.548 million expected and a revised 2.603 million during prior week\n\nLast week's initial unemployment claims fell by a greater-than-expected margin, bringing the number of new filings back to the lowest level since March 2020. The four-week moving average for new jobless claims also dropped by 15,250 to reach 319,750 as of last week, also marking the least since March of last year.\nThe latest claims data reflects a labor market that has made considerable progress in reducing separations since its pandemic-era peak. However, it also still has a ways to go before returning entirely to pre-virus trends. In October 2020, new filings were coming in at a weekly rate of over 700,000, but in the same month in 2019, initial claims averaged just over 210,000.\n\nThe steady move lower in first-time filers so far this year has coincided with a jump in demand for labor and a reluctance by employers to release those already on their payrolls amid worker scarcities.\nBut many workers have also been departing their roles of their own volition. A record 4.3 million people quit their jobs in the U.S. in. August, based on the Labor Department's most recent data. And job openings overall were at a record high of more than 10.4 million as of the end of the summer.\n\"While mass layoffs have been avoided of late, helping jobless claims to decline, many who are employed feel some combination of empowerment, restlessness and/or exhaustion. This is borne out in the record number of workers quitting their jobs and strikes among union members popping up around the nation,\" Mark Hamrick, Bankrate senior economic analyst, wrote in an email on Tuesday.\n\"Making matters worse, inflation is eroding wage gains for some, fueling desire to find new employment with better pay, working conditions and flexibility,\" he added.\nContinuing jobless claims, capturing the number of individuals still claiming benefits via regular state programs, also reached a fresh pandemic-era low of 2.481 million as of early October. The insured unemployment rate, or the ratio of people on unemployment benefits divided by the overall force, dipped by 0.1 percentage points to reach 1.8% for the week ended Oct. 9.","news_type":1,"symbols_score_info":{"HCTI":0.9,"END":0.9,"ALVU":0.9,"CRCT":0.9,"FWRG":0.9,"OLPX":0.9,"TERN":0.9}},"isVote":1,"tweetType":1,"viewCount":1040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":812631531,"gmtCreate":1630580798523,"gmtModify":1631888728647,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Like my comment, thanks!","listText":"Like my comment, thanks!","text":"Like my comment, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/812631531","repostId":"1159580926","repostType":4,"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819524958,"gmtCreate":1630079022074,"gmtModify":1704955718373,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/819524958","repostId":"1184815007","repostType":4,"isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":858407067,"gmtCreate":1635109734193,"gmtModify":1635109734585,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/858407067","repostId":"1174514229","repostType":4,"repost":{"id":"1174514229","kind":"news","pubTimestamp":1635035471,"share":"https://www.laohunote.com/m/news/1174514229?lang=zh_CN&edition=full","pubTime":"2021-10-24 08:31","market":"us","language":"en","title":"US IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174514229","media":"Renaissance Capital","summary":"The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.","content":"<p>The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.</p><p><blockquote>IPO市场继续忙碌，未来一周将有12次IPO计划筹集68亿美元。</blockquote></p><p> Semiconductor foundry&nbsp;<b>GlobalFoundries</b>(GFS) plans to raise $2.4 billion at a $24.6 billion market cap. Backed by Abu Dhabi’s Mubadala, US-based GlobalFoundries is one of the world’s leading specialty semiconductor foundries. Unprofitable with lumpy growth, the company states that it is the only scaled pure-play foundry with a global footprint that is not based in China.</p><p><blockquote>半导体代工<b>全球代工厂</b>(GFS) 计划以 246 亿美元的市值筹集 24 亿美元。在阿布扎比 Mubadala 的支持下，总部位于美国的 GlobalFoundries 是世界领先的特种半导体代工厂之一。由于增长不稳定，尚未盈利，该公司表示，它是唯一一家在全球范围内不在中国的大规模纯代工厂。</blockquote></p><p> Enterprise cloud data management platform&nbsp;<b>Informatica</b>(INFA) plans to raise $885 million at an $8.7 billion market cap. This company provides data integration services on its AI-powered platform to over 5,700 customers through both licenses and subscriptions. Although it will be highly leveraged post-IPO, Informatica is a recognized leader in the global data management market and saw strong subscription ARR growth in the 1H21.</p><p><blockquote>企业云数据管理平台<b>信息学</b>(INFA) 计划以 87 亿美元的市值筹集 8.85 亿美元。该公司通过许可证和订阅在其人工智能平台上为超过 5,700 名客户提供数据集成服务。尽管IPO后杠杆率很高，但Informatica是全球数据管理市场公认的领导者，并在2021年上半年实现了强劲的订阅ARR增长。</blockquote></p><p> Energy storage provider&nbsp;<b>Fluence Energy</b>(FLNC) plans to raise $698 million at a $3.8 billion market cap. Formed by Siemens and AES, this company sells energy storage products and services to utilities, independent power producers, project developers, and commercial and industrial customers. Fast growing but unprofitable, Fluence Energy deployed 942 MW of storage products as of 6/30/21.</p><p><blockquote>储能提供商<b>注量能</b>(FLNC) 计划以 38 亿美元的市值筹集 6.98 亿美元。该公司由西门子和 AES 组建，向公用事业公司、独立电力生产商、项目开发商以及商业和工业客户销售储能产品和服务。快速增长但无利可图，截至2021年6月30日，Fluence Energy部署了942兆瓦的存储产品。</blockquote></p><p> Revenue cycle management platform&nbsp;<b>Ensemble Health Partners</b>(ENSB) plans to raise $605 million at a $3.6 billion market cap. This platform provides revenue cycle management solutions to the healthcare industry. Profitable with accelerating growth in the 1H21, Ensemble Health has over $20 billion in annual client net patient revenue under management.</p><p><blockquote>收入周期管理平台<b>健康合作伙伴</b>(ENSB) 计划以 36 亿美元的市值筹集 6.05 亿美元。该平台为医疗保健行业提供收入周期管理解决方案。随着 2021 年上半年的加速增长，Ensemble Health 实现了盈利，管理的年度客户净患者收入超过 200 亿美元。</blockquote></p><p> Hiring solutions provider&nbsp;<b>HireRight Holdings</b>(HRT) plans to raise $500 million at a $1.8 billion market cap. This company provides background checks, verification, identification, monitoring, and drug and health screening services to over 40,000 customers. HireRight was profitable on an EBIT basis in the 1H21, though cash flow swung negative.</p><p><blockquote>招聘解决方案提供商<b>HireRight 控股</b>(HRT) 计划以 18 亿美元的市值筹集 5 亿美元。该公司为超过40,000名客户提供背景调查、验证、识别、监测以及药物和健康筛查服务。尽管现金流为负，但 HireRight 在 2021 年上半年的息税前利润仍实现盈利。</blockquote></p><p> Online education marketplace&nbsp;<b>Udemy</b>(UDMY) plans to raise $406 million at a $4.3 billion market cap. This education platform provides over 183,000 courses in 75 languages to over 44 million customers in over 180 countries. Growing but unprofitable, Udemy has registered more than 73 million users since its inception.</p><p><blockquote>在线教育市场<b>乌德米</b>(UDMY) 计划以 43 亿美元的市值筹集 4.06 亿美元。该教育平台为180多个国家的4400多万客户提供75种语言的183,000多门课程。Udemy 不断增长，但无利可图，自成立以来已注册超过 7300 万用户。</blockquote></p><p> Chinese drug in-licensor&nbsp;<b>LianBio</b>(LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.</p><p><blockquote>中国药品许可方<b>连生物</b>（LIAN）计划以18亿美元的市值筹集3.25亿美元。这家生物制药公司专注于中国和其他亚洲市场，开发和商业化各种适应症的药物。LianBio 目前的产品线包括五个不同治疗领域的九种候选产品。</blockquote></p><p> <b>Rent the Runway</b>(RENT) plans to raise $293 million at a $1.4 billion market cap. This apparel rental company originally focused on a-la-carte rentals of dresses for events, but has gradually transitioned to mostly generating revenue from monthly subscription boxes. While the company has seen active subscribers and revenue rebound in the last two quarters, it is unprofitable and leveraged post-IPO.</p><p><blockquote><b>租跑道</b>（RENT）计划以14亿美元的市值筹集2.93亿美元。这家服装租赁公司原本专注于活动礼服的点菜租赁，但已逐渐过渡到主要从包月包厢获得收入。虽然该公司在过去两个季度的活跃用户和收入有所反弹，但在IPO后却无利可图且杠杆化。</blockquote></p><p> Aesthetic medical device maker&nbsp;<b>Candela Medical</b>(CDLA) plans to raise $250 million at a $1.7 billion market cap. Selling products directly in 18 countries and indirectly in 66 countries, this company develops medical devices for elective aesthetic procedures. Despite being hard hit by the pandemic, Candela Medical saw strong growth and turned profitable in the 1H21.</p><p><blockquote>美容医疗器械制造商<b>坎德拉医疗</b>(CDLA) 计划以 17 亿美元的市值筹集 2.5 亿美元。该公司直接在18个国家销售产品，间接在66个国家销售产品，开发用于选择性美容手术的医疗设备。尽管受到疫情的沉重打击，Candela Medical 仍实现了强劲增长，并在 2021 年上半年实现了盈利。</blockquote></p><p> Fire pit brand&nbsp;<b>Solo Brands</b>(DTC) plans to raise $200 million at a $1.5 billion market cap. Solo Brands sells fire pits, camp stoves, and other outdoor gear through its DTC platform. Fast growing and profitable, this outdoor e-commerce has an installed base of more than 2.3 million customers.</p><p><blockquote>火坑牌<b>Solo品牌</b>(DTC) 计划以 15 亿美元的市值筹集 2 亿美元。Solo Brands通过其DTC平台销售火坑、野营炉和其他户外装备。快速增长和盈利，这个户外电子商务拥有超过230万客户的安装基础。</blockquote></p><p> Body contouring provider&nbsp;<b>AirSculpt Technologies</b>(AIRS) plans to raise $160 million at an $886 million market cap. This company provides minimally-invasive body contouring procedures through 16 centers across 13 states in the US. AirSculpt Technologies is profitable with solid growth, and has seen an increase in same-center case volume as a result of lessening effects of COVID-19.</p><p><blockquote>身体轮廓提供者<b>AirSculpt技术</b>(AIRS) 计划以 8.86 亿美元的市值筹集 1.6 亿美元。这家公司通过美国13个州的16个中心提供微创身体塑形手术。AirSculpt Technologies 实现了盈利，增长稳健，并且由于 COVID-19 的影响减弱，同中心病例量有所增加。</blockquote></p><p> Technology firm&nbsp;<b>Arteris</b>(AIP) plans to raise $75 million at a $555 million market cap. This technology company develops and licenses interconnect intellectual property that manages the on-chip communications in System-on-Chip semiconductor devices. Arteris is unprofitable but saw growth accelerate in the 1H21.</p><p><blockquote>科技公司<b>动脉</b>（AIP）计划以5.55亿美元的市值筹集7500万美元。这家技术公司开发并授权interconnect知识产权，该知识产权管理片上系统半导体器件中的片上通信。Arteris 尚未盈利，但在 2021 年上半年增长加速。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99c3b0173e59f4e69ff484c12bd137e7\" tg-width=\"1270\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/64e34b3c49a856e99ba64a2d57410844\" tg-width=\"1272\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 12 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 12 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/21, the Renaissance IPO Index was up 8.2% year-to-date, while the S&amp;P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年10月22日，文艺复兴IPO指数年初至今上涨8.2%，而标普500上涨21.1%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Uber Technologies (UBER) 和 Moderna (MRNA)。Renaissance International IPO 指数今年迄今下跌 15.8%，而 ACWX 指数上涨 9.1%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有量最大的 ETF 包括美团-W大众点评和软银。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: Semiconductors, energy storage, designer apparel, and more in a 12 IPO week<blockquote>美国 IPO 周即将到来：半导体、储能、设计师服装等 12 个 IPO 周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-10-24 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.</p><p><blockquote>IPO市场继续忙碌，未来一周将有12次IPO计划筹集68亿美元。</blockquote></p><p> Semiconductor foundry&nbsp;<b>GlobalFoundries</b>(GFS) plans to raise $2.4 billion at a $24.6 billion market cap. Backed by Abu Dhabi’s Mubadala, US-based GlobalFoundries is one of the world’s leading specialty semiconductor foundries. Unprofitable with lumpy growth, the company states that it is the only scaled pure-play foundry with a global footprint that is not based in China.</p><p><blockquote>半导体代工<b>全球代工厂</b>(GFS) 计划以 246 亿美元的市值筹集 24 亿美元。在阿布扎比 Mubadala 的支持下，总部位于美国的 GlobalFoundries 是世界领先的特种半导体代工厂之一。由于增长不稳定，尚未盈利，该公司表示，它是唯一一家在全球范围内不在中国的大规模纯代工厂。</blockquote></p><p> Enterprise cloud data management platform&nbsp;<b>Informatica</b>(INFA) plans to raise $885 million at an $8.7 billion market cap. This company provides data integration services on its AI-powered platform to over 5,700 customers through both licenses and subscriptions. Although it will be highly leveraged post-IPO, Informatica is a recognized leader in the global data management market and saw strong subscription ARR growth in the 1H21.</p><p><blockquote>企业云数据管理平台<b>信息学</b>(INFA) 计划以 87 亿美元的市值筹集 8.85 亿美元。该公司通过许可证和订阅在其人工智能平台上为超过 5,700 名客户提供数据集成服务。尽管IPO后杠杆率很高，但Informatica是全球数据管理市场公认的领导者，并在2021年上半年实现了强劲的订阅ARR增长。</blockquote></p><p> Energy storage provider&nbsp;<b>Fluence Energy</b>(FLNC) plans to raise $698 million at a $3.8 billion market cap. Formed by Siemens and AES, this company sells energy storage products and services to utilities, independent power producers, project developers, and commercial and industrial customers. Fast growing but unprofitable, Fluence Energy deployed 942 MW of storage products as of 6/30/21.</p><p><blockquote>储能提供商<b>注量能</b>(FLNC) 计划以 38 亿美元的市值筹集 6.98 亿美元。该公司由西门子和 AES 组建，向公用事业公司、独立电力生产商、项目开发商以及商业和工业客户销售储能产品和服务。快速增长但无利可图，截至2021年6月30日，Fluence Energy部署了942兆瓦的存储产品。</blockquote></p><p> Revenue cycle management platform&nbsp;<b>Ensemble Health Partners</b>(ENSB) plans to raise $605 million at a $3.6 billion market cap. This platform provides revenue cycle management solutions to the healthcare industry. Profitable with accelerating growth in the 1H21, Ensemble Health has over $20 billion in annual client net patient revenue under management.</p><p><blockquote>收入周期管理平台<b>健康合作伙伴</b>(ENSB) 计划以 36 亿美元的市值筹集 6.05 亿美元。该平台为医疗保健行业提供收入周期管理解决方案。随着 2021 年上半年的加速增长，Ensemble Health 实现了盈利，管理的年度客户净患者收入超过 200 亿美元。</blockquote></p><p> Hiring solutions provider&nbsp;<b>HireRight Holdings</b>(HRT) plans to raise $500 million at a $1.8 billion market cap. This company provides background checks, verification, identification, monitoring, and drug and health screening services to over 40,000 customers. HireRight was profitable on an EBIT basis in the 1H21, though cash flow swung negative.</p><p><blockquote>招聘解决方案提供商<b>HireRight 控股</b>(HRT) 计划以 18 亿美元的市值筹集 5 亿美元。该公司为超过40,000名客户提供背景调查、验证、识别、监测以及药物和健康筛查服务。尽管现金流为负，但 HireRight 在 2021 年上半年的息税前利润仍实现盈利。</blockquote></p><p> Online education marketplace&nbsp;<b>Udemy</b>(UDMY) plans to raise $406 million at a $4.3 billion market cap. This education platform provides over 183,000 courses in 75 languages to over 44 million customers in over 180 countries. Growing but unprofitable, Udemy has registered more than 73 million users since its inception.</p><p><blockquote>在线教育市场<b>乌德米</b>(UDMY) 计划以 43 亿美元的市值筹集 4.06 亿美元。该教育平台为180多个国家的4400多万客户提供75种语言的183,000多门课程。Udemy 不断增长，但无利可图，自成立以来已注册超过 7300 万用户。</blockquote></p><p> Chinese drug in-licensor&nbsp;<b>LianBio</b>(LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.</p><p><blockquote>中国药品许可方<b>连生物</b>（LIAN）计划以18亿美元的市值筹集3.25亿美元。这家生物制药公司专注于中国和其他亚洲市场，开发和商业化各种适应症的药物。LianBio 目前的产品线包括五个不同治疗领域的九种候选产品。</blockquote></p><p> <b>Rent the Runway</b>(RENT) plans to raise $293 million at a $1.4 billion market cap. This apparel rental company originally focused on a-la-carte rentals of dresses for events, but has gradually transitioned to mostly generating revenue from monthly subscription boxes. While the company has seen active subscribers and revenue rebound in the last two quarters, it is unprofitable and leveraged post-IPO.</p><p><blockquote><b>租跑道</b>（RENT）计划以14亿美元的市值筹集2.93亿美元。这家服装租赁公司原本专注于活动礼服的点菜租赁，但已逐渐过渡到主要从包月包厢获得收入。虽然该公司在过去两个季度的活跃用户和收入有所反弹，但在IPO后却无利可图且杠杆化。</blockquote></p><p> Aesthetic medical device maker&nbsp;<b>Candela Medical</b>(CDLA) plans to raise $250 million at a $1.7 billion market cap. Selling products directly in 18 countries and indirectly in 66 countries, this company develops medical devices for elective aesthetic procedures. Despite being hard hit by the pandemic, Candela Medical saw strong growth and turned profitable in the 1H21.</p><p><blockquote>美容医疗器械制造商<b>坎德拉医疗</b>(CDLA) 计划以 17 亿美元的市值筹集 2.5 亿美元。该公司直接在18个国家销售产品，间接在66个国家销售产品，开发用于选择性美容手术的医疗设备。尽管受到疫情的沉重打击，Candela Medical 仍实现了强劲增长，并在 2021 年上半年实现了盈利。</blockquote></p><p> Fire pit brand&nbsp;<b>Solo Brands</b>(DTC) plans to raise $200 million at a $1.5 billion market cap. Solo Brands sells fire pits, camp stoves, and other outdoor gear through its DTC platform. Fast growing and profitable, this outdoor e-commerce has an installed base of more than 2.3 million customers.</p><p><blockquote>火坑牌<b>Solo品牌</b>(DTC) 计划以 15 亿美元的市值筹集 2 亿美元。Solo Brands通过其DTC平台销售火坑、野营炉和其他户外装备。快速增长和盈利，这个户外电子商务拥有超过230万客户的安装基础。</blockquote></p><p> Body contouring provider&nbsp;<b>AirSculpt Technologies</b>(AIRS) plans to raise $160 million at an $886 million market cap. This company provides minimally-invasive body contouring procedures through 16 centers across 13 states in the US. AirSculpt Technologies is profitable with solid growth, and has seen an increase in same-center case volume as a result of lessening effects of COVID-19.</p><p><blockquote>身体轮廓提供者<b>AirSculpt技术</b>(AIRS) 计划以 8.86 亿美元的市值筹集 1.6 亿美元。这家公司通过美国13个州的16个中心提供微创身体塑形手术。AirSculpt Technologies 实现了盈利，增长稳健，并且由于 COVID-19 的影响减弱，同中心病例量有所增加。</blockquote></p><p> Technology firm&nbsp;<b>Arteris</b>(AIP) plans to raise $75 million at a $555 million market cap. This technology company develops and licenses interconnect intellectual property that manages the on-chip communications in System-on-Chip semiconductor devices. Arteris is unprofitable but saw growth accelerate in the 1H21.</p><p><blockquote>科技公司<b>动脉</b>（AIP）计划以5.55亿美元的市值筹集7500万美元。这家技术公司开发并授权interconnect知识产权，该知识产权管理片上系统半导体器件中的片上通信。Arteris 尚未盈利，但在 2021 年上半年增长加速。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99c3b0173e59f4e69ff484c12bd137e7\" tg-width=\"1270\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/64e34b3c49a856e99ba64a2d57410844\" tg-width=\"1272\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 12 companies.</p><p><blockquote>预计将对 6 家公司进行街头调查，多达 12 家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/21, the Renaissance IPO Index was up 8.2% year-to-date, while the S&amp;P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年10月22日，文艺复兴IPO指数年初至今上涨8.2%，而标普500上涨21.1%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Uber Technologies (UBER) 和 Moderna (MRNA)。Renaissance International IPO 指数今年迄今下跌 15.8%，而 ACWX 指数上涨 9.1%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有量最大的 ETF 包括美团-W大众点评和软银。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/87676/US-IPO-Week-Ahead-Semiconductors-energy-storage-designer-apparel-and-more-i\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","AIRS":"Airsculpt Technologies","RENT":"Rent the Runway, Inc.","GFS":"GLOBALFOUNDRIES Inc.",".SPX":"S&P 500 Index","HRT":"HireRight Holdings Corp.","AIP":"Arteris, Inc.",".DJI":"道琼斯","INFA":"Informatica Inc.","UDMY":"Udemy, Inc.","FLNC":"Fluence Energy, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/87676/US-IPO-Week-Ahead-Semiconductors-energy-storage-designer-apparel-and-more-i","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174514229","content_text":"The IPO market continues to stay busy with 12 IPOs schedule to raise $6.8 billion in the week ahead.\nSemiconductor foundry GlobalFoundries(GFS) plans to raise $2.4 billion at a $24.6 billion market cap. Backed by Abu Dhabi’s Mubadala, US-based GlobalFoundries is one of the world’s leading specialty semiconductor foundries. Unprofitable with lumpy growth, the company states that it is the only scaled pure-play foundry with a global footprint that is not based in China.\nEnterprise cloud data management platform Informatica(INFA) plans to raise $885 million at an $8.7 billion market cap. This company provides data integration services on its AI-powered platform to over 5,700 customers through both licenses and subscriptions. Although it will be highly leveraged post-IPO, Informatica is a recognized leader in the global data management market and saw strong subscription ARR growth in the 1H21.\nEnergy storage provider Fluence Energy(FLNC) plans to raise $698 million at a $3.8 billion market cap. Formed by Siemens and AES, this company sells energy storage products and services to utilities, independent power producers, project developers, and commercial and industrial customers. Fast growing but unprofitable, Fluence Energy deployed 942 MW of storage products as of 6/30/21.\nRevenue cycle management platform Ensemble Health Partners(ENSB) plans to raise $605 million at a $3.6 billion market cap. This platform provides revenue cycle management solutions to the healthcare industry. Profitable with accelerating growth in the 1H21, Ensemble Health has over $20 billion in annual client net patient revenue under management.\nHiring solutions provider HireRight Holdings(HRT) plans to raise $500 million at a $1.8 billion market cap. This company provides background checks, verification, identification, monitoring, and drug and health screening services to over 40,000 customers. HireRight was profitable on an EBIT basis in the 1H21, though cash flow swung negative.\nOnline education marketplace Udemy(UDMY) plans to raise $406 million at a $4.3 billion market cap. This education platform provides over 183,000 courses in 75 languages to over 44 million customers in over 180 countries. Growing but unprofitable, Udemy has registered more than 73 million users since its inception.\nChinese drug in-licensor LianBio(LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.\nRent the Runway(RENT) plans to raise $293 million at a $1.4 billion market cap. This apparel rental company originally focused on a-la-carte rentals of dresses for events, but has gradually transitioned to mostly generating revenue from monthly subscription boxes. While the company has seen active subscribers and revenue rebound in the last two quarters, it is unprofitable and leveraged post-IPO.\nAesthetic medical device maker Candela Medical(CDLA) plans to raise $250 million at a $1.7 billion market cap. Selling products directly in 18 countries and indirectly in 66 countries, this company develops medical devices for elective aesthetic procedures. Despite being hard hit by the pandemic, Candela Medical saw strong growth and turned profitable in the 1H21.\nFire pit brand Solo Brands(DTC) plans to raise $200 million at a $1.5 billion market cap. Solo Brands sells fire pits, camp stoves, and other outdoor gear through its DTC platform. Fast growing and profitable, this outdoor e-commerce has an installed base of more than 2.3 million customers.\nBody contouring provider AirSculpt Technologies(AIRS) plans to raise $160 million at an $886 million market cap. This company provides minimally-invasive body contouring procedures through 16 centers across 13 states in the US. AirSculpt Technologies is profitable with solid growth, and has seen an increase in same-center case volume as a result of lessening effects of COVID-19.\nTechnology firm Arteris(AIP) plans to raise $75 million at a $555 million market cap. This technology company develops and licenses interconnect intellectual property that manages the on-chip communications in System-on-Chip semiconductor devices. Arteris is unprofitable but saw growth accelerate in the 1H21.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 12 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/22/21, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.","news_type":1,"symbols_score_info":{"INFA":0.9,".SPX":0.9,"RENT":0.9,"DTC":0.9,"LIAN":0.9,"AIRS":0.9,"UDMY":0.9,".IXIC":0.9,"AIP":0.9,"FLNC":0.9,"HRT":0.9,"GFS":0.9,"ENSB":0.9,".DJI":0.9,"CDLA":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605890559,"gmtCreate":1639140185647,"gmtModify":1639140186020,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thank you","listText":"Please like, thank you","text":"Please like, thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/605890559","repostId":"1100115506","repostType":4,"repost":{"id":"1100115506","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":1639138188,"share":"https://www.laohunote.com/m/news/1100115506?lang=zh_CN&edition=full","pubTime":"2021-12-10 20:09","market":"us","language":"en","title":"Some vaccine stocks dropped in premarket trading<blockquote>部分疫苗股盘前交易下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100115506","media":"Tiger Newspress","summary":"Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell","content":"<p>Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell about 2%.</p><p><blockquote>一些疫苗股在盘前交易中下跌。Moderna下跌超过6%，BioNTech和Novavax下跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8a520d484bb38c42dea515aeca96c8b3\" tg-width=\"843\" tg-height=\"623\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/3f4e9ce656bcb771198057d217489677\" tg-width=\"843\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fd626ba47bec50af63916a31695eca4c\" tg-width=\"843\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Some vaccine stocks dropped in premarket trading<blockquote>部分疫苗股盘前交易下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSome vaccine stocks dropped in premarket trading<blockquote>部分疫苗股盘前交易下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-10 20:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell about 2%.</p><p><blockquote>一些疫苗股在盘前交易中下跌。Moderna下跌超过6%，BioNTech和Novavax下跌约2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8a520d484bb38c42dea515aeca96c8b3\" tg-width=\"843\" tg-height=\"623\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/3f4e9ce656bcb771198057d217489677\" tg-width=\"843\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/fd626ba47bec50af63916a31695eca4c\" tg-width=\"843\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药","BNTX":"BioNTech SE","MRNA":"Moderna, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100115506","content_text":"Some vaccine stocks dropped in premarket trading.Moderna fell more than 6%,BioNTech and Novavax fell about 2%.","news_type":1,"symbols_score_info":{"BNTX":0.9,"NVAX":0.9,"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":3546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602368027,"gmtCreate":1638973718285,"gmtModify":1638973718679,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks&nbsp;","listText":"Please like, thanks&nbsp;","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602368027","repostId":"1180032077","repostType":4,"isVote":1,"tweetType":1,"viewCount":4449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879611243,"gmtCreate":1636715530802,"gmtModify":1636715530939,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks!","listText":"Please like, thanks!","text":"Please like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/879611243","repostId":"1144158970","repostType":4,"repost":{"id":"1144158970","kind":"news","pubTimestamp":1636702548,"share":"https://www.laohunote.com/m/news/1144158970?lang=zh_CN&edition=full","pubTime":"2021-11-12 15:35","market":"us","language":"en","title":"Why the hottest inflation in 3 decades isn’t rattling stock-market bulls<blockquote>为什么三十年来最严重的通货膨胀没有让股市多头感到不安</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144158970","media":"Marketwatch","summary":"Stock market investors still aren’t sweating rising inflation pressures that saw U.S. consumer price","content":"<p>Stock market investors still aren’t sweating rising inflation pressures that saw U.S. consumer prices rise 6.2% year-over-year in October, a nearly 31-year high. And that might not change until the Federal Reserve gets more aggressive, analysts said.</p><p><blockquote>美国 10 月份消费者价格同比上涨 6.2%，创下近 31 年来的新高，通胀压力不断上升，股市投资者仍然没有为不断上升的通胀压力而捏把汗。分析师表示，在美联储变得更加激进之前，这种情况可能不会改变。</blockquote></p><p> “U.S. equities have shrugged off this year’s surge in inflation, probably because it has not coincided with either a rise in the real yields of Treasurys or weakness in corporate earnings,” said Oliver Allen, markets economist at Capital Economics, in a Thursday note. The real yield is the yield an investor receives after accounting for inflation.</p><p><blockquote>“凯投宏观（Capital Economics）市场经济学家奥利弗-艾伦（Oliver Allen）在周四的一份报告中说：”美国股市对今年的通胀飙升不屑一顾，这可能是因为通胀飙升与美国国债实际收益率上升或企业盈利疲软不符。实际收益率是投资者在考虑通货膨胀后获得的收益率。</blockquote></p><p> Markets were briefly roiled following the October Consumer Price Index reading on Wednesday. Nominal Treasury yields rose sharply, weighing on stocks, particularly technology and other growth-oriented sectors seen as most sensitive to rising interest rates.</p><p><blockquote>周三公布 10 月份消费者价格指数后，市场短暂动荡。名义国债收益率大幅上升，给股市带来压力，尤其是科技和其他被视为对利率上升最敏感的成长型行业。</blockquote></p><p> Equities were stable Thursday, while the Treasury market was closed for the U.S. Veterans Day holiday. The tech-heavy Nasdaq Composite , which fell more than 1% on Wednesday, was up 0.7% Thursday, while the S&amp;P 500&nbsp;edged up 0.1% and the Dow Jones Industrial Average&nbsp;lost 0.4%.</p><p><blockquote>周四股市保持稳定，而美国国债市场因美国退伍军人节假期休市。以科技股为主的纳斯达克综合指数周三下跌超过 1%，周四上涨 0.7%，标普500指数小幅上涨 0.1%，道琼斯工业平均指数下跌 0.4%。</blockquote></p><p> All three major indexes remain not far off all-time highs, coming off a robust third-quarter earnings season that saw companies maintain profit margins and maintain relatively upbeat guidance.</p><p><blockquote>三大股指均与历史高点相差不远，第三季度财报季表现强劲，企业维持利润率并维持相对乐观的指引。</blockquote></p><p> Inflation, of course, isn’t necessarily a negative for equities. Stocks are viewed as real assets, which means they tend to appreciate in an inflationary environment, making them a useful hedge against inflation pressures. Also, analysts at Quant Insights, say that stocks have grown less sensitive overall to inflation pressures since 2015.</p><p><blockquote>当然，通货膨胀并不一定对股市不利。股票被视为实物资产，这意味着它们往往会在通货膨胀环境中升值，这使它们成为对抗通货膨胀压力的有用对冲工具。此外，Quant Insights 分析师表示，自 2015 年以来，股市对通胀压力的敏感度总体上有所降低。</blockquote></p><p> However, inflation well above the low single digits, as was the case in much of the 1970s and early 1980, has tended to coincide with lower stock-market valuations due to the negative effects of rising prices on economic growth or the Fed tightening monetary policy to bring inflation back down, Allen noted.</p><p><blockquote>然而，由于物价上涨对经济增长或美联储收紧货币政策的负面影响，远高于低个位数的通货膨胀率往往与较低的股市估值同时发生，艾伦指出，通货膨胀回落。</blockquote></p><p> But despite inflation running in what would appear to be the danger zone, Allen noted that real, or inflation-adjusted interest rates, haven’t risen significantly at either the short or long end of the yield curve.</p><p><blockquote>不过，尽管通胀似乎处于危险区域，但艾伦指出，实际利率或通胀调整后的利率在收益率曲线的短端或长端都没有大幅上升。</blockquote></p><p> While the October CPI release prompted a small rise in the yield on 10-year U.S. Treasury inflation protected securities on Wednesday, the general pattern of the past six months has been characterized by falling real yields that have appeared to push U.S. equities higher, Allen said (see chart below).</p><p><blockquote>艾伦表示，虽然10月份CPI的公布促使10年期美国国债通胀保值证券收益率周三小幅上升，但过去六个月的总体模式的特点是实际收益率下降，这似乎推高了美国股市（见下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/077484a8788885d4c202fb3d6a80bd17\" tg-width=\"700\" tg-height=\"498\" width=\"100%\" height=\"auto\"><span>Capital Economics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资本经济学</span></p></blockquote></p><p> Meanwhile, the sharp, one-day rise in the 10-year Treasury yield and moves in fed funds futures on Wednesday reflected expectations the Fed will accelerate the wind-down of its asset-buying program and begin lifting its policy interest rates in 2022 sooner and more aggressively than expected. But it didn’t indicate investors fear a long-lasting run of high inflation, said Nicholas Colas, co-founder of DataTrek Research, in a Thursday note.</p><p><blockquote>与此同时，10年期国债收益率单日大幅上涨以及周三联邦基金期货的走势反映了美联储将加速逐步缩减资产购买计划并开始在2022年提高政策利率的预期比预期更快、更积极。DataTrek Research 联合创始人尼古拉斯-科拉斯（Nicholas Colas）在周四的一份报告中说，但这并不表明投资者担心长期的高通胀。</blockquote></p><p> The market action on Wednesday “was all about investors adjusting their views on Fed policy. If [investors] really thought plus-6% inflation was the ‘new normal,’ asset prices would be much, much lower,” Colas wrote.</p><p><blockquote>周三的市场走势 “完全是投资者调整对美联储政策的看法。如果[投资者]真的认为+6%的通胀率是'新常态'，资产价格就会低得多，”科拉斯写道。</blockquote></p><p> And while the breakeven rate on five-year Treasury inflation protected securities hit a new high, they’re still signaling expectations for inflation of just 3% over the next half-decade, he said.</p><p><blockquote>他说，虽然五年期国债通胀保值证券的盈亏平衡利率创下新高，但仍预示着未来五年通胀率将仅为 3%。</blockquote></p><p> Some investors do fear the Fed has already lost control of inflation and inflation expectations. As result, policy makers may need to tighten monetary policy much more aggressively than anticipated, potentially leading to a sharp economic downturn.</p><p><blockquote>一些投资者确实担心美联储已经失去了对通胀和通胀预期的控制。因此，政策制定者可能需要比预期更积极地收紧货币政策，这可能导致经济急剧下滑。</blockquote></p><p> But some stock-market watchers expect stocks to remain supported until policy makers show signs they’re prepared to take more aggressive action.</p><p><blockquote>但一些股市观察人士预计，在政策制定者表现出准备采取更积极行动的迹象之前，股市将继续受到支撑。</blockquote></p><p> The rise in bond yields on Wednesday marked a bounce from a sharp two-week decline that wasn’t based on fundamentals and was, therefore, unlikely to last, said Tom Essaye, founder of Sevens Report Research, in a Thursday note.</p><p><blockquote>Sevens Report Research 创始人汤姆-埃萨耶（Tom Essaye）在周四的一份报告中说，周三债券收益率的上涨标志着债券收益率从两周的大幅下跌中反弹，这种下跌并非基于基本面，因此不太可能持续下去。</blockquote></p><p> “During that period, tech rallied and led markets higher, and we’re seeing both trades now unwind. And given tech’s large weighting, that will be a headwind on the S&amp;P 500,” he said.</p><p><blockquote>“在此期间，科技股反弹并引领市场走高，而我们现在看到这两个行业都在放松。鉴于科技股的权重较大，这将对标普500构成阻力，”他说。</blockquote></p><p> “But unless the Fed starts strongly hinting at an accelerated taper or a much- sooner-than-expected rate hike, we do not see yesterday’s hot CPI or rise in yields as a reason to get more defensive,” he said, arguing it was instead reminder of the dominant trends in the market: above-normal inflation and rising yields.</p><p><blockquote>他说：“但除非美联储开始强烈暗示将加速缩减规模或比预期更早加息，否则我们并不认为昨天火热的CPI或收益率上升是采取更防御性措施的理由。”他认为，这反而提醒人们市场的主导趋势：高于正常水平的通胀和不断上升的收益率。</blockquote></p><p> A policy shift by the Fed could come before year-end, potentially spelling trouble for stocks, warned Jeremy Siegel, finance professor at the University of Pennsylvania’s Wharton School. in a CNBC interview on Wednesday.</p><p><blockquote>宾夕法尼亚大学沃顿商学院金融学教授杰里米-西格尔（Jeremy Siegel）警告说，美联储可能会在年底前做出政策转变，这可能会给股市带来麻烦。在周三接受 CNBC 采访时。</blockquote></p><p></p><p> “Listen, stocks love inflation until the Fed gets serious about it and they have not been serious about it,” he said, warning that more inflation data in line with the October report before the central bank’s mid-December policy meeting would put “enormous” pressure on Chairman Jerome Powell “to come down much stronger than he has so far.”</p><p><blockquote>“他说：”听着，在美联储认真对待通胀之前，股市都喜欢通胀，而他们并没有认真对待通胀。他警告说，在央行12月中旬政策会议之前，更多与10月份报告一致的通胀数据将给主席杰罗姆-鲍威尔（Jerome Powell）带来 “巨大 ”压力，“迫使他比迄今为止表现得更加强劲”。</blockquote></p><p> Allen said Capital Economics expects the Fed to follow through with a “modest tightening in the real stance of monetary policy,” accompanied by a grind higher for U.S. TIPS yields.</p><p><blockquote>艾伦表示，凯投宏观（Capital Economics）预计美联储将继续 “在货币政策的实际立场上适度收紧”，同时美国TIPS收益率将进一步走高。</blockquote></p><p> “The tailwind of falling real yields turning into a modest headwind is one reason why we think U.S. equities will struggle to make gains over the next couple of years,” Allen wrote. “Another reason is that we think the recovery in the US economy will fall short of investors’ expectations.”</p><p><blockquote>“艾伦写道：”实际收益率下降的顺风变成了适度的逆风，这也是我们认为美国股市在未来几年难以上涨的原因之一。“另一个原因是，我们认为美国经济的复苏将低于投资者的预期。”</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why the hottest inflation in 3 decades isn’t rattling stock-market bulls<blockquote>为什么三十年来最严重的通货膨胀没有让股市多头感到不安</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy the hottest inflation in 3 decades isn’t rattling stock-market bulls<blockquote>为什么三十年来最严重的通货膨胀没有让股市多头感到不安</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-11-12 15:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock market investors still aren’t sweating rising inflation pressures that saw U.S. consumer prices rise 6.2% year-over-year in October, a nearly 31-year high. And that might not change until the Federal Reserve gets more aggressive, analysts said.</p><p><blockquote>美国 10 月份消费者价格同比上涨 6.2%，创下近 31 年来的新高，通胀压力不断上升，股市投资者仍然没有为不断上升的通胀压力而捏把汗。分析师表示，在美联储变得更加激进之前，这种情况可能不会改变。</blockquote></p><p> “U.S. equities have shrugged off this year’s surge in inflation, probably because it has not coincided with either a rise in the real yields of Treasurys or weakness in corporate earnings,” said Oliver Allen, markets economist at Capital Economics, in a Thursday note. The real yield is the yield an investor receives after accounting for inflation.</p><p><blockquote>“凯投宏观（Capital Economics）市场经济学家奥利弗-艾伦（Oliver Allen）在周四的一份报告中说：”美国股市对今年的通胀飙升不屑一顾，这可能是因为通胀飙升与美国国债实际收益率上升或企业盈利疲软不符。实际收益率是投资者在考虑通货膨胀后获得的收益率。</blockquote></p><p> Markets were briefly roiled following the October Consumer Price Index reading on Wednesday. Nominal Treasury yields rose sharply, weighing on stocks, particularly technology and other growth-oriented sectors seen as most sensitive to rising interest rates.</p><p><blockquote>周三公布 10 月份消费者价格指数后，市场短暂动荡。名义国债收益率大幅上升，给股市带来压力，尤其是科技和其他被视为对利率上升最敏感的成长型行业。</blockquote></p><p> Equities were stable Thursday, while the Treasury market was closed for the U.S. Veterans Day holiday. The tech-heavy Nasdaq Composite , which fell more than 1% on Wednesday, was up 0.7% Thursday, while the S&amp;P 500&nbsp;edged up 0.1% and the Dow Jones Industrial Average&nbsp;lost 0.4%.</p><p><blockquote>周四股市保持稳定，而美国国债市场因美国退伍军人节假期休市。以科技股为主的纳斯达克综合指数周三下跌超过 1%，周四上涨 0.7%，标普500指数小幅上涨 0.1%，道琼斯工业平均指数下跌 0.4%。</blockquote></p><p> All three major indexes remain not far off all-time highs, coming off a robust third-quarter earnings season that saw companies maintain profit margins and maintain relatively upbeat guidance.</p><p><blockquote>三大股指均与历史高点相差不远，第三季度财报季表现强劲，企业维持利润率并维持相对乐观的指引。</blockquote></p><p> Inflation, of course, isn’t necessarily a negative for equities. Stocks are viewed as real assets, which means they tend to appreciate in an inflationary environment, making them a useful hedge against inflation pressures. Also, analysts at Quant Insights, say that stocks have grown less sensitive overall to inflation pressures since 2015.</p><p><blockquote>当然，通货膨胀并不一定对股市不利。股票被视为实物资产，这意味着它们往往会在通货膨胀环境中升值，这使它们成为对抗通货膨胀压力的有用对冲工具。此外，Quant Insights 分析师表示，自 2015 年以来，股市对通胀压力的敏感度总体上有所降低。</blockquote></p><p> However, inflation well above the low single digits, as was the case in much of the 1970s and early 1980, has tended to coincide with lower stock-market valuations due to the negative effects of rising prices on economic growth or the Fed tightening monetary policy to bring inflation back down, Allen noted.</p><p><blockquote>然而，由于物价上涨对经济增长或美联储收紧货币政策的负面影响，远高于低个位数的通货膨胀率往往与较低的股市估值同时发生，艾伦指出，通货膨胀回落。</blockquote></p><p> But despite inflation running in what would appear to be the danger zone, Allen noted that real, or inflation-adjusted interest rates, haven’t risen significantly at either the short or long end of the yield curve.</p><p><blockquote>不过，尽管通胀似乎处于危险区域，但艾伦指出，实际利率或通胀调整后的利率在收益率曲线的短端或长端都没有大幅上升。</blockquote></p><p> While the October CPI release prompted a small rise in the yield on 10-year U.S. Treasury inflation protected securities on Wednesday, the general pattern of the past six months has been characterized by falling real yields that have appeared to push U.S. equities higher, Allen said (see chart below).</p><p><blockquote>艾伦表示，虽然10月份CPI的公布促使10年期美国国债通胀保值证券收益率周三小幅上升，但过去六个月的总体模式的特点是实际收益率下降，这似乎推高了美国股市（见下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/077484a8788885d4c202fb3d6a80bd17\" tg-width=\"700\" tg-height=\"498\" width=\"100%\" height=\"auto\"><span>Capital Economics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资本经济学</span></p></blockquote></p><p> Meanwhile, the sharp, one-day rise in the 10-year Treasury yield and moves in fed funds futures on Wednesday reflected expectations the Fed will accelerate the wind-down of its asset-buying program and begin lifting its policy interest rates in 2022 sooner and more aggressively than expected. But it didn’t indicate investors fear a long-lasting run of high inflation, said Nicholas Colas, co-founder of DataTrek Research, in a Thursday note.</p><p><blockquote>与此同时，10年期国债收益率单日大幅上涨以及周三联邦基金期货的走势反映了美联储将加速逐步缩减资产购买计划并开始在2022年提高政策利率的预期比预期更快、更积极。DataTrek Research 联合创始人尼古拉斯-科拉斯（Nicholas Colas）在周四的一份报告中说，但这并不表明投资者担心长期的高通胀。</blockquote></p><p> The market action on Wednesday “was all about investors adjusting their views on Fed policy. If [investors] really thought plus-6% inflation was the ‘new normal,’ asset prices would be much, much lower,” Colas wrote.</p><p><blockquote>周三的市场走势 “完全是投资者调整对美联储政策的看法。如果[投资者]真的认为+6%的通胀率是'新常态'，资产价格就会低得多，”科拉斯写道。</blockquote></p><p> And while the breakeven rate on five-year Treasury inflation protected securities hit a new high, they’re still signaling expectations for inflation of just 3% over the next half-decade, he said.</p><p><blockquote>他说，虽然五年期国债通胀保值证券的盈亏平衡利率创下新高，但仍预示着未来五年通胀率将仅为 3%。</blockquote></p><p> Some investors do fear the Fed has already lost control of inflation and inflation expectations. As result, policy makers may need to tighten monetary policy much more aggressively than anticipated, potentially leading to a sharp economic downturn.</p><p><blockquote>一些投资者确实担心美联储已经失去了对通胀和通胀预期的控制。因此，政策制定者可能需要比预期更积极地收紧货币政策，这可能导致经济急剧下滑。</blockquote></p><p> But some stock-market watchers expect stocks to remain supported until policy makers show signs they’re prepared to take more aggressive action.</p><p><blockquote>但一些股市观察人士预计，在政策制定者表现出准备采取更积极行动的迹象之前，股市将继续受到支撑。</blockquote></p><p> The rise in bond yields on Wednesday marked a bounce from a sharp two-week decline that wasn’t based on fundamentals and was, therefore, unlikely to last, said Tom Essaye, founder of Sevens Report Research, in a Thursday note.</p><p><blockquote>Sevens Report Research 创始人汤姆-埃萨耶（Tom Essaye）在周四的一份报告中说，周三债券收益率的上涨标志着债券收益率从两周的大幅下跌中反弹，这种下跌并非基于基本面，因此不太可能持续下去。</blockquote></p><p> “During that period, tech rallied and led markets higher, and we’re seeing both trades now unwind. And given tech’s large weighting, that will be a headwind on the S&amp;P 500,” he said.</p><p><blockquote>“在此期间，科技股反弹并引领市场走高，而我们现在看到这两个行业都在放松。鉴于科技股的权重较大，这将对标普500构成阻力，”他说。</blockquote></p><p> “But unless the Fed starts strongly hinting at an accelerated taper or a much- sooner-than-expected rate hike, we do not see yesterday’s hot CPI or rise in yields as a reason to get more defensive,” he said, arguing it was instead reminder of the dominant trends in the market: above-normal inflation and rising yields.</p><p><blockquote>他说：“但除非美联储开始强烈暗示将加速缩减规模或比预期更早加息，否则我们并不认为昨天火热的CPI或收益率上升是采取更防御性措施的理由。”他认为，这反而提醒人们市场的主导趋势：高于正常水平的通胀和不断上升的收益率。</blockquote></p><p> A policy shift by the Fed could come before year-end, potentially spelling trouble for stocks, warned Jeremy Siegel, finance professor at the University of Pennsylvania’s Wharton School. in a CNBC interview on Wednesday.</p><p><blockquote>宾夕法尼亚大学沃顿商学院金融学教授杰里米-西格尔（Jeremy Siegel）警告说，美联储可能会在年底前做出政策转变，这可能会给股市带来麻烦。在周三接受 CNBC 采访时。</blockquote></p><p></p><p> “Listen, stocks love inflation until the Fed gets serious about it and they have not been serious about it,” he said, warning that more inflation data in line with the October report before the central bank’s mid-December policy meeting would put “enormous” pressure on Chairman Jerome Powell “to come down much stronger than he has so far.”</p><p><blockquote>“他说：”听着，在美联储认真对待通胀之前，股市都喜欢通胀，而他们并没有认真对待通胀。他警告说，在央行12月中旬政策会议之前，更多与10月份报告一致的通胀数据将给主席杰罗姆-鲍威尔（Jerome Powell）带来 “巨大 ”压力，“迫使他比迄今为止表现得更加强劲”。</blockquote></p><p> Allen said Capital Economics expects the Fed to follow through with a “modest tightening in the real stance of monetary policy,” accompanied by a grind higher for U.S. TIPS yields.</p><p><blockquote>艾伦表示，凯投宏观（Capital Economics）预计美联储将继续 “在货币政策的实际立场上适度收紧”，同时美国TIPS收益率将进一步走高。</blockquote></p><p> “The tailwind of falling real yields turning into a modest headwind is one reason why we think U.S. equities will struggle to make gains over the next couple of years,” Allen wrote. “Another reason is that we think the recovery in the US economy will fall short of investors’ expectations.”</p><p><blockquote>“艾伦写道：”实际收益率下降的顺风变成了适度的逆风，这也是我们认为美国股市在未来几年难以上涨的原因之一。“另一个原因是，我们认为美国经济的复苏将低于投资者的预期。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-the-hottest-inflation-in-3-decades-isnt-rattling-stock-market-bulls-11636661515?siteid=yhoof2\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/why-the-hottest-inflation-in-3-decades-isnt-rattling-stock-market-bulls-11636661515?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1144158970","content_text":"Stock market investors still aren’t sweating rising inflation pressures that saw U.S. consumer prices rise 6.2% year-over-year in October, a nearly 31-year high. And that might not change until the Federal Reserve gets more aggressive, analysts said.\n“U.S. equities have shrugged off this year’s surge in inflation, probably because it has not coincided with either a rise in the real yields of Treasurys or weakness in corporate earnings,” said Oliver Allen, markets economist at Capital Economics, in a Thursday note. The real yield is the yield an investor receives after accounting for inflation.\nMarkets were briefly roiled following the October Consumer Price Index reading on Wednesday. Nominal Treasury yields rose sharply, weighing on stocks, particularly technology and other growth-oriented sectors seen as most sensitive to rising interest rates.\nEquities were stable Thursday, while the Treasury market was closed for the U.S. Veterans Day holiday. The tech-heavy Nasdaq Composite , which fell more than 1% on Wednesday, was up 0.7% Thursday, while the S&P 500 edged up 0.1% and the Dow Jones Industrial Average lost 0.4%.\nAll three major indexes remain not far off all-time highs, coming off a robust third-quarter earnings season that saw companies maintain profit margins and maintain relatively upbeat guidance.\nInflation, of course, isn’t necessarily a negative for equities. Stocks are viewed as real assets, which means they tend to appreciate in an inflationary environment, making them a useful hedge against inflation pressures. Also, analysts at Quant Insights, say that stocks have grown less sensitive overall to inflation pressures since 2015.\nHowever, inflation well above the low single digits, as was the case in much of the 1970s and early 1980, has tended to coincide with lower stock-market valuations due to the negative effects of rising prices on economic growth or the Fed tightening monetary policy to bring inflation back down, Allen noted.\nBut despite inflation running in what would appear to be the danger zone, Allen noted that real, or inflation-adjusted interest rates, haven’t risen significantly at either the short or long end of the yield curve.\nWhile the October CPI release prompted a small rise in the yield on 10-year U.S. Treasury inflation protected securities on Wednesday, the general pattern of the past six months has been characterized by falling real yields that have appeared to push U.S. equities higher, Allen said (see chart below).\nCapital Economics\nMeanwhile, the sharp, one-day rise in the 10-year Treasury yield and moves in fed funds futures on Wednesday reflected expectations the Fed will accelerate the wind-down of its asset-buying program and begin lifting its policy interest rates in 2022 sooner and more aggressively than expected. But it didn’t indicate investors fear a long-lasting run of high inflation, said Nicholas Colas, co-founder of DataTrek Research, in a Thursday note.\nThe market action on Wednesday “was all about investors adjusting their views on Fed policy. If [investors] really thought plus-6% inflation was the ‘new normal,’ asset prices would be much, much lower,” Colas wrote.\nAnd while the breakeven rate on five-year Treasury inflation protected securities hit a new high, they’re still signaling expectations for inflation of just 3% over the next half-decade, he said.\nSome investors do fear the Fed has already lost control of inflation and inflation expectations. As result, policy makers may need to tighten monetary policy much more aggressively than anticipated, potentially leading to a sharp economic downturn.\nBut some stock-market watchers expect stocks to remain supported until policy makers show signs they’re prepared to take more aggressive action.\nThe rise in bond yields on Wednesday marked a bounce from a sharp two-week decline that wasn’t based on fundamentals and was, therefore, unlikely to last, said Tom Essaye, founder of Sevens Report Research, in a Thursday note.\n“During that period, tech rallied and led markets higher, and we’re seeing both trades now unwind. And given tech’s large weighting, that will be a headwind on the S&P 500,” he said.\n“But unless the Fed starts strongly hinting at an accelerated taper or a much- sooner-than-expected rate hike, we do not see yesterday’s hot CPI or rise in yields as a reason to get more defensive,” he said, arguing it was instead reminder of the dominant trends in the market: above-normal inflation and rising yields.\nA policy shift by the Fed could come before year-end, potentially spelling trouble for stocks, warned Jeremy Siegel, finance professor at the University of Pennsylvania’s Wharton School. in a CNBC interview on Wednesday.\n“Listen, stocks love inflation until the Fed gets serious about it and they have not been serious about it,” he said, warning that more inflation data in line with the October report before the central bank’s mid-December policy meeting would put “enormous” pressure on Chairman Jerome Powell “to come down much stronger than he has so far.”\nAllen said Capital Economics expects the Fed to follow through with a “modest tightening in the real stance of monetary policy,” accompanied by a grind higher for U.S. TIPS yields.\n“The tailwind of falling real yields turning into a modest headwind is one reason why we think U.S. equities will struggle to make gains over the next couple of years,” Allen wrote. “Another reason is that we think the recovery in the US economy will fall short of investors’ expectations.”","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600839486,"gmtCreate":1638114455737,"gmtModify":1638114455964,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks&nbsp;","listText":"Please like, thanks&nbsp;","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/600839486","repostId":"2186432895","repostType":4,"isVote":1,"tweetType":1,"viewCount":2474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857009341,"gmtCreate":1635489924549,"gmtModify":1635489924947,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thank you","listText":"Please like, thank you","text":"Please like, thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/857009341","repostId":"1122237204","repostType":4,"repost":{"id":"1122237204","kind":"news","pubTimestamp":1635476471,"share":"https://www.laohunote.com/m/news/1122237204?lang=zh_CN&edition=full","pubTime":"2021-10-29 11:01","market":"us","language":"en","title":"Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122237204","media":"Seeking Alpha","summary":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused w","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布的收益相当不错。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices 在 2021 财年继续取得惊人的业绩。Lisa Su &amp; Co. 博士正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。公司增长势头预计将继续放缓。</li><li>我们讨论现在哪种半导体股票更值得购买。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>Advanced Micro Devices, Inc. (AMD) 最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了 AMD 作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司实现了上涨，而英特尔 (INTC) 报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳表示担忧，但这是意料之中的。然而，市场并不喜欢 Pat Gelsinger &amp; Co. 在财报公布后发出的电报和对该股的猛烈抨击。英特尔传达了其寻求重新夺回工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力减弱和自由现金流前景，一些价值导向的投资者似乎已经走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>英伟达 (NVDA) 将于 11 月 17 日发布第三季度成绩单。该公司此前曾预测本季度表现强劲。黄仁勋公司认为“主要由数据中心需求加速推动的连续增长”。该公司还预计其三个市场都将实现增长，尤其是游戏市场。鉴于 AMD 的强劲表现，投资者的期望也很高。因此，随着 NVDA 股价本周创下历史新高 (ATH)，投资者热切期待 NVDA 的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论现在哪只半导体股票更值得购买。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>到目前为止，NVDA 股票继续享受非凡的一年。该股本周创下新高，年初至今回报率飙升至 87.3%。看跌 NVDA 的投资者可以畅所欲言，但我们从未采用看跌 NVDA 股票的论点。这根本说不通。该股在寻求 Alpha 全年动量评级方面拥有最好的 A+。因此，我们真的无法理解那些看跌的论点。AMD 股票位居第二，年初至今涨幅为 33.3%。该股似乎远远落后于 NVDA 股票令人难以置信的表现。然而，投资者应该考虑到 AMD 股票在 2021 年上半年的大部分时间里都处于亏损状态。因此，其在 H2'21 的巨大势头激增确实令人印象深刻。因此，该股的势头在 Seeking Alpha 中也被评为 A 级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的 INTC 股票继续表现不佳。该股开局非常光明，年初至今上涨了 40%。然而，它的势头已经完全消失了。目前，与 AMD 股票和 NVDA 股票相比，其年初至今 3.9% 的跌幅看起来很糟糕。此外，Seeking Alpha 还在 momentum 上给予其 D+ 评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单显示其领导地位正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD 充分利用了其最近对英特尔的统治地位。然而，更令英特尔投资者担忧、同样令 AMD 投资者感到鼓舞的是他们各自首席执行官提供的清晰度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按部门划分的英特尔 LTM 收入。数据来源：公司文件</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔公布的季度业绩又令人失望，但我们认为这并不出乎意料。当然，与 NVDA 和 AMD 相比，该公司的数据中心业务 (DCG) 仍然令人失望。然而，INTC 投资者不应感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>DCG 第三季度季度收入同比增长 10%。然而，自 2020 年第二季度以来，DCG 的收入在过去 12 个月 (LTM) 的基础上一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在Q2’21历史上首次超过15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，前任管理层的严重失误是如何破坏了其之前“无懈可击”的领导力的。现在，基辛格公司面临着一项艰巨的任务，那就是试图扭转英特尔日益衰落的命运。随着 AMD 以英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算集团 (CCG) 在第三季度的表现令人失望。其收入同比分别下降1.9%和4.4%。值得注意的是，它发生在2021年个人电脑销售强劲复苏之际。在苹果（AAPL）最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常好。仅在前三个 FQ 中，Mac 就超过了过去三年的每个财年的收入。它的复苏也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research 指出，“2021 年第三季度，全球个人电脑出货量连续第六年同比增长，达到 8420 万台。尽管零部件短缺和其他供应限制持续存在，但情况依然如此。”尽管如此，该公司还强调，“[第三季度]9.3% 的同比增长意味着自 2020 年第三季度以来连续四个季度实现两位数同比增长后，个人电脑出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac 似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research 指出，第三季度 Mac 出货量同比增长加速至 10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长到8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，苹果自从与英特尔芯片脱钩以来，似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚目前看来已经“敲定”。但半导体公司的投资者应该记住，当涉及到技术领先地位时，永远不要说永远。英特尔仍然是一家高利润的公司，因此有足够的资金和信念去竞争。它能否推翻AMD和NVDA的领导地位还有待观察。但千万不要这么早就注销公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 和 AMD LTM 毛利率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格 (Pat Gelsinger) 宣布了一项雄心勃勃的计划，以占据技术领先地位。它主要基于其“四年内五个工艺节点”的追求，以从台积电 (TSM) 手中夺取代工领导权。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来 4 至 5 年内收入增长将加速至 10% 至 12% 的复合年增长率</i>.就毛利率而言，随着我们对产能的投资和我们工艺技术的加速，<i>我们预计未来 2 至 3 年毛利率将在 51% 至 53% 之间</i>在向上移动之前。（摘自英特尔第三季度财报看涨期权）我们觉得这很有趣。是的，流程领导和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少是一个五年的过程。此时，该公司是否要让 Lisa Su &amp; Co. 博士承担所有荣耀，而英特尔则解决其问题？显然不是。帕特认识到他需要一个权宜之计的解决方案。除了说“我们现在正在降价”来与AMD竞争之外，这是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（发表于9月20日）中强调，“最近有报道称，英特尔准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已经转向竞争对手先进微设备的数据中心运营商回来。”否则，基辛格公司怎么能如此有信心阻止 AMD 的持续成功？英特尔宣布了一项雄心勃勃的计划，即在未来四到五年内将收入复合年增长率提高 10% 到 12%。英特尔正试图将自己转变为一家成长型公司。如果你想成长，又没有技术领先，就必须放弃一些利润。这绝对有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。自利润率超过 60% 时以来，其毛利率明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价方面与 AMD 正面竞争，同时投资占据代工领先地位。苏丽莎博士，你已经被警告过了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD 继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 按细分市场划分的季度收入。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 收入部门同比增长。数据来源：公司文件</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su &amp; Co. 博士充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它在所有细分市场继续表现出巨大的实力。第三季度，Advanced Micro Devices 的计算和图形业务收入同比增长 43.9%。此外，随着 AMD 的收入同比增长 68.9%，其企业、嵌入式和半定制 (EESC) 部门继续保持惊人的表现。因此，AMD无疑将英特尔在数据中心的损失发挥到了最大。此外，其计算和图形增长也非常惊人。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD 继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计收入约为 45 亿美元，上下浮动 1 亿美元，增长约<i>同比增长 39%，环比增长约 4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长是由服务器和半定制销售的增长推动的。2021年全年，<i>我们现在预计，在所有业务增长的推动下，2020 年收入将增长约 65%</i>高于之前 60% 的指导值。（摘自 AMD 第三季度财报看涨期权）对于一家告诉您预计 2020 财年同比增长 65% 的公司来说，很明显它已经取得了惊人的业绩。因此，市场应该奖励AMD投资者。在经历了年初的挫折之后，AMD 股票的表现显然优于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD是。收入和 EBITDA 意味着共识。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑 AMD 未来的表现。继出色的第三季度成绩单之后，市场普遍预期也被上调。AMD 预计收入复合年增长率为 30.2%，EBITDA 复合年增长率为 50.4%。与该公司 2021 财年 65% 的收入同比增长指引相比，这是一个明显的放缓。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM 收入和 EBITDA。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD 的 LTM 收入和 EBITDA 在过去四年中的复合年增长率分别为 31.2% 和 160%。因此，AMD 不太可能实现如此巨大的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望 AMD 继续以如此惊人的增长率不断增长。我们知道这听起来不错，但它根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从其第三季度的表现中观察到。与前两个季度相比，2021 年第三季度其各部门的同比增长最慢。所以它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们已经被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>预计英伟达的增长将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于 11 月 17 日发布 22 财年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>根据之前的盈利看涨期权，该公司预计第三季度收入为 $6.8B。共识估计也符合公司的指引。然而，在我们之前的 Nvidia 文章中，我们强调该公司主要细分市场的收入增长似乎正在放缓。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>2022 年第二季度数据中心同比增长降至 35%。而且，游戏也出现了放缓的迹象。第二季度的同比增长也放缓至 85%。受此影响，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预期，英伟达预计在 2022 年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人担忧。投资者可能不得不降低对 NVDA 未来强劲增长势头的预期。没有什么是永远沿一条直线上升的。展望未来，黄仁勋公司将越来越难以击败收入竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 盈利超出/超出预期。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到 NVDA 也可能在其指导中淡化预期。我们注意到，NVDA 在过去四年中仅未达到一个季度预期。这是一场几乎完美无瑕的表演。值得注意的是，尽管 NVDA 的表现一直优于其指引，但这些节拍并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视普遍的估计，认为这是不合时宜的。随着时间的推移，它们变得相当准确。因此，尽管 NVDA 可能会将之前的指导视为可能超额交割，但他们并没有超额交割。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些 NVDA 投资者预计其 TAM 扩展到其软件堆栈、omniverse 应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到 NVDA 为将自己转变为一家拥有巨大 GPU 主导地位的人工智能公司所付出的令人难以置信的努力。加上其DPU和CPU的突破，硬件战略看起来非常令人印象深刻。此外，Nvidia 的 AI Enterprise 现在向客户提供完整的 AI Enterprise 软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是安全的。随着越来越多的开发者加入，这个生态系统会变得更加强大。如果该公司能够完成对 Arm 的收购，我们认为英特尔或 AMD 不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是Nvidia不能/不愿意为<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia 最近只能补充道：“但正如 [我们] 所说，[我们] 向您引用的 Nvidia enterprise 和 Omniverse enterprise 的价值数十亿美元的机会，我们认为这些是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股票更值得购买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD 股票目前的 EV/NTM EBITDA 为 29.7 倍。其 3 年 NTM EBITDA 平均值为 30.8 倍。因此，投资者可以认为 AMD 目前的估值可能相当合理。相比之下，NVDA 股票的 EV/NTM EBITDA 为 53.5 倍。其 3 年 NTM EBITDA 均值为 41.6 倍。因此，该股的交易价格比 3 年平均水平高出约 28.6%。因此，我们认为 NVDA 股票目前看起来被高估了。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，由于估值过高，2023年潜在的产能过剩问题也可能对NVDA股票造成沉重打击。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC 股票的 EV/NTM EBITDA 为 6.7 倍。这明显低于 3 年平均值 7.6 倍。因此，INTC显然是一个价值游戏，而不是一个增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至 2.8%。多年来，INTC 投资者对其强劲的盈利能力和稳定的股息收益率感到非常满意。这些价值和股息收入投资者投资 INTC 股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格雄心勃勃的增长计划给了他们一个意想不到的曲线球。当英特尔宣布这些计划将对其盈利能力产生明显影响时，他们担心自己的股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在其增长路线图上取得成功，它可能会成为一个巨大的赢家。鉴于现在的预期如此之低，该股甚至不需要取得巨大成功就能被重新上调评级。INTC 与其增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现 INTC 股票现在的估值很有吸引力。再加上 2.8% 的股息收益率，它为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于 AMD 股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD 股票是我们的首选买入</i>暂时。<i>INTC 股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持对 NVDA 的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</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>Intel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</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\">\nIntel, Nvidia, Or AMD: Which Chip Stock Is The Better Buy?<blockquote>英特尔、英伟达还是 AMD：哪只芯片股票更值得购买？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-29 11:01</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>Intel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.</li>  <li>Advanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su &amp; Co. is making the most out of Intel's stumbles.</li>  <li>Nvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.</li>  <li>We discuss which semiconductor stock is the better buy now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c8b907cc53a6667f686b7acaf873b0a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>英特尔公布的收益相当不错。然而，市场对其雄心勃勃的增长计划感到困惑。</li><li>Advanced Micro Devices 在 2021 财年继续取得惊人的业绩。Lisa Su &amp; Co. 博士正在充分利用英特尔的失误。</li><li>英伟达将于11月17日发布第三季度成绩单。公司增长势头预计将继续放缓。</li><li>我们讨论现在哪种半导体股票更值得购买。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Advanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.</p><p><blockquote>Advanced Micro Devices, Inc. (AMD) 最近发布了一份精彩的第三季度成绩单。该公司还轻松超出了市场普遍预期，并重申了 AMD 作为领先半导体公司之一的地位。</blockquote></p><p> Notably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger &amp; Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.</p><p><blockquote>值得注意的是，该公司实现了上涨，而英特尔 (INTC) 报告了一系列我们认为实际上相当不错的业绩。人们对数据中心性能不佳表示担忧，但这是意料之中的。然而，市场并不喜欢 Pat Gelsinger &amp; Co. 在财报公布后发出的电报和对该股的猛烈抨击。英特尔传达了其寻求重新夺回工艺节点领导地位的成本。然而，投资者似乎并不确定该公司雄心勃勃的计划。再加上盈利能力减弱和自由现金流前景，一些价值导向的投资者似乎已经走向退出。</blockquote></p><p> Nvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang &amp; Co. see \"sequential growth&nbsp;driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.</p><p><blockquote>英伟达 (NVDA) 将于 11 月 17 日发布第三季度成绩单。该公司此前曾预测本季度表现强劲。黄仁勋公司认为“主要由数据中心需求加速推动的连续增长”。该公司还预计其三个市场都将实现增长，尤其是游戏市场。鉴于 AMD 的强劲表现，投资者的期望也很高。因此，随着 NVDA 股价本周创下历史新高 (ATH)，投资者热切期待 NVDA 的财报发布。</blockquote></p><p> We will discuss which semiconductor stock is the better buy now between them.</p><p><blockquote>我们将讨论现在哪只半导体股票更值得购买。</blockquote></p><p> <b>INTC, NVDA, AMD Stock YTD Performance</b></p><p><blockquote><b>INTC、NVDA、AMD 股票年初至今表现</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc276e3bd3b1b72a0413e8be2d14ebe3\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"><span>INTC, NVDA, AMD stock YTD performance (as of 27 October 21).</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC、NVDA、AMD股票年初至今表现（截至21年10月27日）。</span></p></blockquote></p><p> NVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.</p><p><blockquote>到目前为止，NVDA 股票继续享受非凡的一年。该股本周创下新高，年初至今回报率飙升至 87.3%。看跌 NVDA 的投资者可以畅所欲言，但我们从未采用看跌 NVDA 股票的论点。这根本说不通。该股在寻求 Alpha 全年动量评级方面拥有最好的 A+。因此，我们真的无法理解那些看跌的论点。AMD 股票位居第二，年初至今涨幅为 33.3%。该股似乎远远落后于 NVDA 股票令人难以置信的表现。然而，投资者应该考虑到 AMD 股票在 2021 年上半年的大部分时间里都处于亏损状态。因此，其在 H2'21 的巨大势头激增确实令人印象深刻。因此，该股的势头在 Seeking Alpha 中也被评为 A 级。</blockquote></p><p> In contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.</p><p><blockquote>相比之下，长期表现不佳的 INTC 股票继续表现不佳。该股开局非常光明，年初至今上涨了 40%。然而，它的势头已经完全消失了。目前，与 AMD 股票和 NVDA 股票相比，其年初至今 3.9% 的跌幅看起来很糟糕。此外，Seeking Alpha 还在 momentum 上给予其 D+ 评级。</blockquote></p><p> <b>Intel FQ3 Report Card Is Telling Of Its Weakening Leadership</b></p><p><blockquote><b>英特尔第三季度成绩单显示其领导地位正在减弱</b></blockquote></p><p> There's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.</p><p><blockquote>毫无疑问，AMD 充分利用了其最近对英特尔的统治地位。然而，更令英特尔投资者担忧、同样令 AMD 投资者感到鼓舞的是他们各自首席执行官提供的清晰度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f910460f850f7c0c3bd3508e0812fa7b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>Intel LTM revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按部门划分的英特尔 LTM 收入。数据来源：公司文件</span></p></blockquote></p><p> Intel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.</p><p><blockquote>英特尔公布的季度业绩又令人失望，但我们认为这并不出乎意料。当然，与 NVDA 和 AMD 相比，该公司的数据中心业务 (DCG) 仍然令人失望。然而，INTC 投资者不应感到惊讶。</blockquote></p><p></p><p> DCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger &amp; Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.</p><p><blockquote>DCG 第三季度季度收入同比增长 10%。然而，自 2020 年第二季度以来，DCG 的收入在过去 12 个月 (LTM) 的基础上一直呈下降趋势。在AMD最近的一篇文章中，我们提到Omdia估计AMD的数据中心份额在Q2’21历史上首次超过15%。回想起来，就在四年前，英特尔在这一领域几乎完全占据主导地位。它清楚地表明，前任管理层的严重失误是如何破坏了其之前“无懈可击”的领导力的。现在，基辛格公司面临着一项艰巨的任务，那就是试图扭转英特尔日益衰落的命运。随着 AMD 以英特尔为代价占据技术领先地位，这看起来肯定是一个“轻松的赌注”，该公司可能会继续跑赢大盘。</blockquote></p><p> Intel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.</p><p><blockquote>英特尔客户端计算集团 (CCG) 在第三季度的表现令人失望。其收入同比分别下降1.9%和4.4%。值得注意的是，它发生在2021年个人电脑销售强劲复苏之际。在苹果（AAPL）最近的一篇文章中，我们提到苹果的Mac部门在2021年表现非常好。仅在前三个 FQ 中，Mac 就超过了过去三年的每个财年的收入。它的复苏也符合业内观察到的趋势。</blockquote></p><p> Counterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021&nbsp;at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"</p><p><blockquote>Counterpoint Research 指出，“2021 年第三季度，全球个人电脑出货量连续第六年同比增长，达到 8420 万台。尽管零部件短缺和其他供应限制持续存在，但情况依然如此。”尽管如此，该公司还强调，“[第三季度]9.3% 的同比增长意味着自 2020 年第三季度以来连续四个季度实现两位数同比增长后，个人电脑出货量势头正在放缓。”</blockquote></p><p> Notwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that&nbsp;Apple's YoY shipment growth in CQ2&nbsp;was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.</p><p><blockquote>尽管如此，Mac 似乎在第三季度表现强劲。IDC报告称，苹果第二季度出货量同比增长9.4%。此外，Counterpoint research 指出，第三季度 Mac 出货量同比增长加速至 10.6%。因此，有趣的是，Mac在第三季度的增长速度甚至超过了行业平均水平。因此，Mac的全球市场份额增长到8.7%。</blockquote></p><p> Therefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.</p><p><blockquote>因此，苹果自从与英特尔芯片脱钩以来，似乎一直做得很好。尽管基辛格对未来通过“更好的产品”赢回苹果的业务仍然持乐观态度，但离婚目前看来已经“敲定”。但半导体公司的投资者应该记住，当涉及到技术领先地位时，永远不要说永远。英特尔仍然是一家高利润的公司，因此有足够的资金和信念去竞争。它能否推翻AMD和NVDA的领导地位还有待观察。但千万不要这么早就注销公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8c622b359fd3a73cac53c0e4410177c3\" tg-width=\"640\" tg-height=\"275\" referrerpolicy=\"no-referrer\"><span>INTC and AMD LTM gross margins. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 和 AMD LTM 毛利率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Pat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:</p><p><blockquote>帕特·基辛格 (Pat Gelsinger) 宣布了一项雄心勃勃的计划，以占据技术领先地位。它主要基于其“四年内五个工艺节点”的追求，以从台积电 (TSM) 手中夺取代工领导权。此外，该公司还愿意“重置”毛利率，以同时与AMD和NVDA竞争。即将离任的首席财务官乔治·戴维斯强调：</blockquote></p><p>   <i>We expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years</i>. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology,   <i>we expect gross margins between 51% and 53% over the next 2 to 3 years</i>before moving upward. (from Intel Q3 earnings call)  We find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su &amp; Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.</p><p><blockquote><i>我们预计未来 4 至 5 年内收入增长将加速至 10% 至 12% 的复合年增长率</i>.就毛利率而言，随着我们对产能的投资和我们工艺技术的加速，<i>我们预计未来 2 至 3 年毛利率将在 51% 至 53% 之间</i>在向上移动之前。（摘自英特尔第三季度财报看涨期权）我们觉得这很有趣。是的，流程领导和产能扩张的投资将影响其盈利能力。但英特尔认识到这至少是一个五年的过程。此时，该公司是否要让 Lisa Su &amp; Co. 博士承担所有荣耀，而英特尔则解决其问题？显然不是。帕特认识到他需要一个权宜之计的解决方案。除了说“我们现在正在降价”来与AMD竞争之外，这是最接近的了。</blockquote></p><p> We also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators&nbsp;that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger &amp; Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.</p><p><blockquote>我们还在之前的AMD文章（发表于9月20日）中强调，“最近有报道称，英特尔准备降低其数据中心芯片的价格。此举被认为是必要的”，以吸引已经转向竞争对手先进微设备的数据中心运营商回来。”否则，基辛格公司怎么能如此有信心阻止 AMD 的持续成功？英特尔宣布了一项雄心勃勃的计划，即在未来四到五年内将收入复合年增长率提高 10% 到 12%。英特尔正试图将自己转变为一家成长型公司。如果你想成长，又没有技术领先，就必须放弃一些利润。这绝对有道理。</blockquote></p><p></p><p> The good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su &amp; Co., you have been cautioned.</p><p><blockquote>好的一面是，英特尔已经是一家高利润的公司。自利润率超过 60% 时以来，其毛利率明显下降。不过，其56.3%的LTM利润率仍明显高于AMD的46.8%。因此，英特尔的计划是可信的。该公司现在将在定价方面与 AMD 正面竞争，同时投资占据代工领先地位。苏丽莎博士，你已经被警告过了。</blockquote></p><p> <b>AMD Continues Its Gangbusters Growth</b></p><p><blockquote><b>AMD 继续强劲增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fb460f1a24eeac1ff3e46cc0ebd78f3\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD quarterly revenue by segment. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 按细分市场划分的季度收入。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5df5298fbc9733b0c0a8b1110c401ba\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>AMD revenue segments YoY growth. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 收入部门同比增长。数据来源：公司文件</span></p></blockquote></p><p> There's little doubt that Dr. Lisa Su &amp; Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.</p><p><blockquote>毫无疑问，Lisa Su &amp; Co. 博士充分利用了英特尔的绝对混乱。该公司一直在全力以赴，因为它的表现轻松超出了预期。它在所有细分市场继续表现出巨大的实力。第三季度，Advanced Micro Devices 的计算和图形业务收入同比增长 43.9%。此外，随着 AMD 的收入同比增长 68.9%，其企业、嵌入式和半定制 (EESC) 部门继续保持惊人的表现。因此，AMD无疑将英特尔在数据中心的损失发挥到了最大。此外，其计算和图形增长也非常惊人。AMD的增长速度无疑比市场快得多。</blockquote></p><p> In fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:</p><p><blockquote>事实上，AMD 继续预计第四季度将实现强劲的环比增长。AMD强调：</blockquote></p><p>   We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately   <i>39% year-over-year and approximately 4% sequentially</i>. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021,   <i>we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses</i>, up from the prior guidance of 60%. (from AMD FQ3 earnings call)  For a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.</p><p><blockquote>我们预计收入约为 45 亿美元，上下浮动 1 亿美元，增长约<i>同比增长 39%，环比增长约 4%</i>预计同比增长将受到所有业务增长的推动。预计环比增长是由服务器和半定制销售的增长推动的。2021年全年，<i>我们现在预计，在所有业务增长的推动下，2020 年收入将增长约 65%</i>高于之前 60% 的指导值。（摘自 AMD 第三季度财报看涨期权）对于一家告诉您预计 2020 财年同比增长 65% 的公司来说，很明显它已经取得了惊人的业绩。因此，市场应该奖励AMD投资者。在经历了年初的挫折之后，AMD 股票的表现显然优于市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af9edf4c4d4b8055eee2f32456b6589d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><span>AMD est. revenue and EBITDA mean consensus. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD是。收入和 EBITDA 意味着共识。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> However, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.</p><p><blockquote>然而，我们认为投资者需要考虑 AMD 未来的表现。继出色的第三季度成绩单之后，市场普遍预期也被上调。AMD 预计收入复合年增长率为 30.2%，EBITDA 复合年增长率为 50.4%。与该公司 2021 财年 65% 的收入同比增长指引相比，这是一个明显的放缓。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/970fd9b4cebec404a6c9bcc8c5b18140\" tg-width=\"640\" tg-height=\"312\" referrerpolicy=\"no-referrer\"><span>AMD LTM revenue and EBITDA. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD LTM 收入和 EBITDA。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Importantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.</p><p><blockquote>重要的是，AMD 的 LTM 收入和 EBITDA 在过去四年中的复合年增长率分别为 31.2% 和 160%。因此，AMD 不太可能实现如此巨大的增长。因此，投资者在考虑购买其股票时需要降低预期。他们不能指望 AMD 继续以如此惊人的增长率不断增长。我们知道这听起来不错，但它根本不可持续。</blockquote></p><p> We can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.</p><p><blockquote>我们也可以从其第三季度的表现中观察到。与前两个季度相比，2021 年第三季度其各部门的同比增长最慢。所以它本身并不慢，但增长似乎正在减速。因此，AMD的投资者们，你们已经被提醒了。</blockquote></p><p> <b>Nvidia Is Expected To Post Slower Much Growth Than Before</b></p><p><blockquote><b>预计英伟达的增长将比以前慢得多</b></blockquote></p><p> Jensen Huang &amp; Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.</p><p><blockquote>黄仁勋公司将于 11 月 17 日发布 22 财年第三季度成绩单。过去，其财报会议往往是备受期待的活动。它的投资者、PC极客和游戏玩家都喜欢NVDA。</blockquote></p><p> The company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.</p><p><blockquote>根据之前的盈利看涨期权，该公司预计第三季度收入为 $6.8B。共识估计也符合公司的指引。然而，在我们之前的 Nvidia 文章中，我们强调该公司主要细分市场的收入增长似乎正在放缓。</blockquote></p><p> Datacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.</p><p><blockquote>2022 年第二季度数据中心同比增长降至 35%。而且，游戏也出现了放缓的迹象。第二季度的同比增长也放缓至 85%。受此影响，该公司第二季度整体收入同比增速放缓至68.3%。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dfa0d4e579274e870b43dadcb6aa0be7\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><span>NVDA actual and est. quarterly revenue YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA实际和预计。季度收入同比增长。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> Notably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang &amp; Co. to beat.</p><p><blockquote>值得注意的是，即使最近修订了预期，英伟达预计在 2022 年第三季度及以后的同比增长仍将放缓。事实上，减速看起来令人担忧。投资者可能不得不降低对 NVDA 未来强劲增长势头的预期。没有什么是永远沿一条直线上升的。展望未来，黄仁勋公司将越来越难以击败收入竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0873d94239c63b839b483644a71fe429\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\"><span>NVDA earnings beats/misses. Source: Seeking Alpha Premium</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 盈利超出/超出预期。资料来源：Seeking Alpha Premium</span></p></blockquote></p><p> Notwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.</p><p><blockquote>尽管如此，我们认识到 NVDA 也可能在其指导中淡化预期。我们注意到，NVDA 在过去四年中仅未达到一个季度预期。这是一场几乎完美无瑕的表演。值得注意的是，尽管 NVDA 的表现一直优于其指引，但这些节拍并不是令人难以置信的巨大。我们的意思是，投资者不应该完全忽视普遍的估计，认为这是不合时宜的。随着时间的推移，它们变得相当准确。因此，尽管 NVDA 可能会将之前的指导视为可能超额交割，但他们并没有超额交割。</blockquote></p><p> We understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.</p><p><blockquote>我们了解到，一些 NVDA 投资者预计其 TAM 扩展到其软件堆栈、omniverse 应用程序和云游戏扩展。</blockquote></p><p> We recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.</p><p><blockquote>我们认识到 NVDA 为将自己转变为一家拥有巨大 GPU 主导地位的人工智能公司所付出的令人难以置信的努力。加上其DPU和CPU的突破，硬件战略看起来非常令人印象深刻。此外，Nvidia 的 AI Enterprise 现在向客户提供完整的 AI Enterprise 软件套件。鉴于目前其平台上的开发者数量，我们认为其领导地位是安全的。随着越来越多的开发者加入，这个生态系统会变得更加强大。如果该公司能够完成对 Arm 的收购，我们认为英特尔或 AMD 不可能赶上。</blockquote></p><p> The main problem is that Nvidia couldn't/is not willing to put a timeline to<i>when they would derive meaningful revenues from its software stack.</i>Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"</p><p><blockquote>主要问题是Nvidia不能/不愿意为<i>当他们从其软件堆栈中获得有意义的收入时。</i>Nvidia 最近只能补充道：“但正如 [我们] 所说，[我们] 向您引用的 Nvidia enterprise 和 Omniverse enterprise 的价值数十亿美元的机会，我们认为这些是非常真实的机会，对吗？”</blockquote></p><p> <b>So, Which Chip Stock Is The Better Buy?</b></p><p><blockquote><b>那么，哪只芯片股票更值得购买呢？</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97466fa7c05502ccb3d3fb348c1fbedd\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>AMD stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMD 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58c3575f8db9aafef9a106f36114a1b7\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>NVDA stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NVDA 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> AMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.</p><p><blockquote>AMD 股票目前的 EV/NTM EBITDA 为 29.7 倍。其 3 年 NTM EBITDA 平均值为 30.8 倍。因此，投资者可以认为 AMD 目前的估值可能相当合理。相比之下，NVDA 股票的 EV/NTM EBITDA 为 53.5 倍。其 3 年 NTM EBITDA 均值为 41.6 倍。因此，该股的交易价格比 3 年平均水平高出约 28.6%。因此，我们认为 NVDA 股票目前看起来被高估了。再加上未来收入增长可能放缓，糟糕的季度可能会导致潜在的价值压缩。否则，由于估值过高，2023年潜在的产能过剩问题也可能对NVDA股票造成沉重打击。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/467ed7eaf7cb4b7aed414494c2110be8\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\"><span>INTC stock EV/NTM EBITDA 3Y mean.</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC 股票 EV/NTM EBITDA 3 年平均值。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55716ccea92c6410434d2f1ab7d3ef15\" tg-width=\"640\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>INTC stock LTM dividend yield. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>INTC股票LTM股息收益率。数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p> INTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.</p><p><blockquote>INTC 股票的 EV/NTM EBITDA 为 6.7 倍。这明显低于 3 年平均值 7.6 倍。因此，INTC显然是一个价值游戏，而不是一个增长游戏。多年来，它还为投资者提供了可观的股息收益率。由于最近第三季度后的抛售，年化收益率已恢复至 2.8%。多年来，INTC 投资者对其强劲的盈利能力和稳定的股息收益率感到非常满意。这些价值和股息收入投资者投资 INTC 股票并不是为了增长。他们投资它是为了它的价值和股息。</blockquote></p><p></p><p> Pat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.</p><p><blockquote>帕特·基辛格雄心勃勃的增长计划给了他们一个意想不到的曲线球。当英特尔宣布这些计划将对其盈利能力产生明显影响时，他们担心自己的股息。也许，基辛格寄希望于其投资者基础的更替。如果该公司在其增长路线图上取得成功，它可能会成为一个巨大的赢家。鉴于现在的预期如此之低，该股甚至不需要取得巨大成功就能被重新上调评级。INTC 与其增长更快的同行之间增长溢价的巨大差异引人注目。我们认为，有耐心并愿意度过短期波动的投资者可能会发现 INTC 股票现在的估值很有吸引力。再加上 2.8% 的股息收益率，它为其前提增添了更多光彩。再加上潜在的增长重新评级，该股看起来确实很有吸引力。</blockquote></p><p> Despite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.</p><p><blockquote>尽管如此，INTC的长期势头仍然疲软。该股的长期价格走势也远弱于 AMD 股票。我们记得巴菲特强调，他毫不犹豫地为一家出色的公司支付合理的价格。</blockquote></p><p> Therefore, we think&nbsp;<i>AMD stock represents our preferred Buy</i>&nbsp;for now.<i>INTC stock is also a Buy</i>&nbsp;for dividend and value investors. At the same time, we&nbsp;<i>retain our Neutral rating on NVDA</i>.</p><p><blockquote>因此，我们认为<i>AMD 股票是我们的首选买入</i>暂时。<i>INTC 股票也值得买入</i>对于股息和价值投资者。同时，我们<i>维持对 NVDA 的中性评级</i>.</blockquote></p><p> This article was written by&nbsp;JR Research.</p><p><blockquote>本文由JR Research撰写。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4463134-intel-nvidia-amd-chip-stock-better-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122237204","content_text":"Summary\n\nIntel reported a set of earnings that was pretty decent. However, the market was confused with its ambitious growth plans.\nAdvanced Micro Devices continues its run of phenomenal results in FY21. Dr. Lisa Su & Co. is making the most out of Intel's stumbles.\nNvidia will issue its FQ3 report card on 17 November. The company's growth momentum is expected to continue slowing down.\nWe discuss which semiconductor stock is the better buy now.\n\nSundry Photography/iStock Editorial via Getty Images\nInvestment Thesis\nAdvanced Micro Devices, Inc. (AMD) issued a fantastic FQ3 report card recently. The company also handily beat consensus estimates and reaffirmed AMD's position as one of the leading semiconductor companies.\nNotably, the company made gains while Intel (INTC) reported a set of results that we thought were actually pretty fine. There were some concerns over underwhelming data center performance, but it was expected. However, the market didn't like what Pat Gelsinger & Co. telegraphed and thrashed the stock after earnings. Intel communicated what it would cost on its quest to retake its process node leadership. However, it seems that investors weren't sure about the company's ambitious plans. Coupled with weakened profitability and free cash flow prospects, some value-oriented investors seemed to have headed for the exit.\nNvidia (NVDA) will issue its FQ3 report card on 17 November. The company had previously guided for a strong quarter. Jensen Huang & Co. see \"sequential growth driven largely by accelerating demand in data center.\" The company also expects growth in each of its three markets, particularly in gaming. Investors' expectations are also high given AMD's robust performance. Hence, investors have eagerly anticipated NVDA's earnings release as NVDA stock pushed through a new all-time high (ATH) this week.\nWe will discuss which semiconductor stock is the better buy now between them.\nINTC, NVDA, AMD Stock YTD Performance\nINTC, NVDA, AMD stock YTD performance (as of 27 October 21).\nNVDA stock continues to enjoy a phenomenal year so far. The stock made a new ATH this week, as YTD returns surged to 87.3%. Bearish investors in NVDA can say all they want, but we have never adopted a bearish NVDA stock thesis. It just doesn't make sense. The stock has the best possible A+ in Seeking Alpha's momentum grade for the whole year. Hence, we really couldn't understand those bearish theses. AMD stock is in second place with a 33.3% YTD gain. It seems like the stock has lagged far behind NVDA stock's incredible performance. However, investors should consider the fact that AMD stock spent most of H1'21 in the red. Therefore, its huge momentum surge in H2'21 has been really impressive. Consequently, the stock's momentum is also given an A grade in Seeking Alpha.\nIn contrast, the perennial underperformer INTC stock continues to underperform. The stock started very brightly as it raced to a 40% YTD gain. However, its momentum has completely fizzled out. Currently, its YTD decline of 3.9% looks abysmal when compared to AMD stock and NVDA stock. In addition, Seeking Alpha also assigned it with a D+ rating in momentum.\nIntel FQ3 Report Card Is Telling Of Its Weakening Leadership\nThere's little doubt that AMD has made the most of its recent dominance over Intel. However, what's more concerning to Intel investors, and likewise encouraging to AMD investors, is the clarity provided by their respective CEOs.\nIntel LTM revenue by segment. Data source: Company filings\nIntel reported another underwhelming quarter, but we don't think it was unexpected. Sure, the company's data center business (DCG) continues to disappoint compared to NVDA and AMD. However, INTC investors shouldn't be surprised.\nDCG quarterly revenue YoY growth came in at 10% in FQ3. However, DCG revenue has been on a declining trend on a last-twelve-months (LTM) basis since FQ2'20.In a recent AMD article, we mentioned that Omdia estimated that AMD's data center share crossed 15% in Q2'21 for the first time in history. In retrospect, Intel had almost complete dominance in this segment just four years ago. It clearly shows how the critical stumbles from its former management have derailed its previously \"unassailable\" leadership. Now, Gelsinger & Co. are left with the unenviable task of trying to overturn Intel's sinking fortunes. With AMD having assumed the technological leadership at the expense of Intel, it certainly looks like an \"easy bet\" which the company will likely continue to outperform.\nIntel's client computing group's (CCG) performance was underwhelming in FQ3. Its revenue fell by 1.9% YoY and 4.4% QoQ, respectively. Notably, it came at a time when 2021 saw a strong resurgence in PC sales.In a recent Apple(AAPL) article, we mentioned that Apple's Mac segment had performed very well in 2021. In just the first three FQs, Mac has exceeded its revenue on a per FY basis over the last three years. Its resurgence is also in line with the trend observed in the industry.\nCounterpoint Research noted that \"global PC shipments marked their sixth consecutive YoY growth in Q3 2021 at 84.2 million units. This came despite the ongoing component shortages and other supply constraints.\" Despite that, the firm also emphasized that \"the 9.3% YoY growth during [Q3] implied decelerating PC shipment momentum after four consecutive quarters of double-digit YoY growth since Q3 2020.\"\nNotwithstanding, Mac seems to have picked up strongly in CQ3. IDC reported that Apple's YoY shipment growth in CQ2 was 9.4%. Moreover, Counterpoint research pointed out that Mac YoY shipment growth accelerated to 10.6% in CQ3. Hence, it's interesting to note that Mac grew even faster than the industry average in CQ3. As a result, Mac's global market share grew to 8.7%.\nTherefore, it seems like Apple has been doing very well since it decoupled from Intel's chips. Even though Gelsinger remains optimistic about winning back Apple's business through \"better products\" in the future, the divorce looks to be \"finalized\" for now. But investors in semiconductor companies should remember that never say never when it comes to technological leadership. Intel is still a highly profitable company and therefore has the wherewithal and conviction to compete. Whether it can overturn AMD's and NVDA's leadership remains to be seen. But never write the company off so early on.\nINTC and AMD LTM gross margins. Data source: S&P Capital IQ\nPat Gelsinger has telegraphed a highly ambitious plan to assume technological leadership. It's mainly predicated on its \"five process nodes in four years\" quest to assume foundry leadership from Taiwan Semiconductor (TSM). In addition, the company is also willing to \"reset\" its gross margins to compete with AMD and NVDA at the same time. Outgoing CFO George Davis emphasized:\n\nWe expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology, \n we expect gross margins between 51% and 53% over the next 2 to 3 yearsbefore moving upward. (from Intel Q3 earnings call)\n\nWe find it interesting. Yes, the investments for process leadership and capacity expansion will affect its profitability. But Intel recognizes that it's at least a five-year process. At this time, is the company going to let Dr. Lisa Su & Co. take all the glory while Intel works out its troubles? Obviously not. Pat recognizes that he needs a stop-gap solution. Short of saying \"we are cutting prices now\" to compete with AMD, this is as close as it gets.\nWe also highlighted in our previous AMD article (published on 20 September) that \"Intel is recently reported to be ready to lower the prices for its data center chips. The move was deemed necessary \"to lure back data center operators that have switched to rival Advanced Micro Devices.\" Otherwise, how can Gelsinger & Co. be so confident in stopping the rot from AMD's continued success? Intel has telegraphed a highly ambitious plan to increase revenue by a CAGR of 10% to 12% over the next four to five years. Intel is trying to transform itself back into a growth company. If you want to grow and don't have technological leadership, you must give up some profits. That makes absolute sense.\nThe good thing is, Intel is already a highly profitable company. Its gross margins had declined markedly from the days when it posted margins north of 60%. However, its LTM margin of 56.3% is still significantly higher than AMD's 46.8%. Therefore, Intel's plans are credible. The company will now go head-on to compete with AMD in pricing while investing in assuming foundry leadership. Dr. Lisa Su & Co., you have been cautioned.\nAMD Continues Its Gangbusters Growth\nAMD quarterly revenue by segment. Data source: Company filings\nAMD revenue segments YoY growth. Data source: Company filings\nThere's little doubt that Dr. Lisa Su & Co. have made the most of Intel's absolute mess. The company has been firing on all cylinders as it outperformed estimates easily. It continues to report tremendous strength in all its segments. FQ3 saw Advanced Micro Devices report 43.9% YoY growth in revenue for its computing and graphics business. Moreover, its enterprise, embedded, and semi-custom (EESC) segment continues its phenomenal run as AMD posted YoY revenue growth of 68.9%. Therefore, AMD has certainly made the most of Intel's losses in data center. Moreover, its computing and graphics growth has also been fantastic. AMD has undoubtedly grown much faster than the market.\nIn fact, AMD continues to expect strong sequential growth into FQ4. AMD emphasized:\n\n We expect revenue to be approximately $4.5 billion, plus or minus $100 million, an increase of approximately \n 39% year-over-year and approximately 4% sequentially. The year-over-year increase is expected to be driven by growth across all businesses. The quarter-over-quarter increase is expected to be driven by higher server and semi-custom sales. For the full year 2021, \n we now expect revenue to increase approximately 65% over 2020, driven by growth across all businesses, up from the prior guidance of 60%. (from AMD FQ3 earnings call)\n\nFor a company that tells you that it expects a 65% YoY growth over FY20, it's clear it has achieved phenomenal results. Therefore, the market should reward AMD investors. AMD stock has clearly been outperforming the market after its early-year stumbles.\nAMD est. revenue and EBITDA mean consensus. Data source: S&P Capital IQ\nHowever, we think investors need to consider how AMD will likely perform moving forward. Following its outstanding FQ3 report card, consensus estimates have also been revised upwards. AMD is estimated to post a revenue CAGR of 30.2% and an EBITDA CAGR of 50.4%. Compared to the company's FY21 revenue YoY growth guidance of 65%, it's a marked deceleration.\nAMD LTM revenue and EBITDA. Data source: S&P Capital IQ\nImportantly, AMD has also grown its LTM revenue and EBITDA by a CAGR of 31.2% and 160% over the last four years, respectively. Therefore, AMD is unlikely to post such monstrous growth moving forward. As a result, investors need to taper their expectations when considering buying its stock. They can't be expecting AMD to continue growing at such phenomenal growth rates incessantly. We know it sounds good, but it's simply not sustainable.\nWe can also observe from its FQ3 performance. Its segments' YoY growth was the slowest in FQ3'21 compared to the previous two quarters. So it's not slow per se, but the growth seems to be decelerating. Therefore, AMD investors, you have been reminded.\nNvidia Is Expected To Post Slower Much Growth Than Before\nJensen Huang & Co. will release its FQ3'22 report card on 17 November. Its earnings conferences have often been highly anticipated events in the past. Its investors, PC geeks, and gamers love NVDA.\nThe company guided for $6.8B in FQ3 revenue on its previous earnings call. Consensus estimates are also in line with the company's guidance. However,in our previous Nvidia article, we highlighted that the company's revenue growth seems to be decelerating across its main segments.\nDatacenter growth fell to 35% YoY in FQ2'22. Moreover, Gaming has also demonstrated signs of deceleration. Its growth in FQ2 also slowed to 85% YoY. As a result, the company's overall revenue growth slowed to 68.3% YoY in FQ2.\nNVDA actual and est. quarterly revenue YoY growth. Data source: S&P Capital IQ\nNotably, even with the recently revised estimates, Nvidia is expected to post slower YoY growth in FQ3'22 and beyond. In fact, the deceleration looks alarming. Investors might have to taper their expectations of NVDA's gangbusters growth momentum moving forward. Nothing goes up in one straight line forever. Moving forward, revenue comps will get increasingly harder for Jensen Huang & Co. to beat.\nNVDA earnings beats/misses. Source: Seeking Alpha Premium\nNotwithstanding, we recognize that NVDA might also be sandbagging expectations in its guidance. We noted that NVDA has only missed one quarterly estimate in the last four years. It's an almost flawless performance. Notably, while NVDA has consistently outperformed its guidance, those beats were not incredibly massive. What we meant is investors should not totally disregard the consensus estimates as out of line. They have been pretty accurate over time. So while NVDA might have sandbagged its previous guidance to overdeliver potentially, they had not overdone it.\nWe understand that some NVDA investors are anticipating its TAM expansion into its software stack, omniverse applications, and cloud-gaming expansion.\nWe recognize the incredible efforts invested by NVDA to transform itself into an AI company that has a huge GPU dominance. Coupled with its DPU and CPU forays, the hardware strategy looks very impressive. Moreover, Nvidia's AI Enterprise now offers its complete AI enterprise software suite to its customers. With the number of developers on its platform currently, we think its leadership is secure. The ecosystem will get even stronger over time as more developers come on board. If the company could pull through its Arm acquisition, we think there's no way that Intel or AMD could catch up.\nThe main problem is that Nvidia couldn't/is not willing to put a timeline towhen they would derive meaningful revenues from its software stack.Nvidia could only add recently: \"But as [we] said, what [we] quoted to you for both NVIDIA enterprise as well as for Omniverse enterprise as being multibillion-dollar opportunities, we see these as very real opportunities, right?\"\nSo, Which Chip Stock Is The Better Buy?\nAMD stock EV/NTM EBITDA 3Y mean.\nNVDA stock EV/NTM EBITDA 3Y mean.\nAMD stock currently trades at an EV/NTM EBITDA of 29.7x. Its 3Y NTM EBITDA mean read 30.8x. Therefore, investors can argue that AMD might seem fairly valued right now. In contrast, NVDA stock trades at an EV/NTM EBITDA of 53.5x. Its 3Y NTM EBITDA mean is 41.6x. Thus, the stock is trading at about 28.6% above its 3Y mean. Hence, we think NVDA stock looks overvalued right now. Coupled with potentially slower revenue growth moving forward, a poor quarter might induce potential value compressions. Otherwise, a potential overcapacity problem in 2023 might also hit NVDA stock hard due to its rich valuation.\nINTC stock EV/NTM EBITDA 3Y mean.\nINTC stock LTM dividend yield. Data source: S&P Capital IQ\nINTC stock trades at an EV/NTM EBITDA of 6.7x. It's markedly below its 3Y mean of 7.6x. Therefore, INTC is clearly a value play and not a growth play. It has also provided a respectable dividend yield for its investors over the years. As a result of its recent post-FQ3 sell-off, the annualized yield has recovered to 2.8%. INTC investors have been very comfortable sitting on its robust profitability and its solid dividend yields over the years. These value and dividend income investors don't invest in INTC stock for growth. They invest in it for its value and its dividends.\nPat Gelsinger's ambitious growth plans have thrown them a curveball that they didn't expect. When Intel communicated that these plans would have a discernible impact on its profitability, they feared for their dividends. Perhaps, Gelsinger is banking on a turnover of its investor base. The company could potentially be a huge winner if it succeeds on its growth roadmap. Given that the expectations are so low now, it doesn't even have to be immensely successful for the stock to be re-rated upwards. The huge difference in the growth premium between INTC and its faster growth peers is eye-catching. We think investors who have patience and are willing to ride out the short-term volatility might find INTC stock attractively valued right now. Coupled with a 2.8% dividend yield, it adds more gloss to its premise. Adding on a potential growth re-rating, the stock certainly looks attractive.\nDespite that, INTC's long-term momentum has remained weak. The stock's long-term price action has also been much weaker than AMD stock. We recall that Buffett emphasized that he has no qualms about paying a fair price for a fantastic company.\nTherefore, we think AMD stock represents our preferred Buy for now.INTC stock is also a Buy for dividend and value investors. At the same time, we retain our Neutral rating on NVDA.\nThis article was written by JR Research.","news_type":1,"symbols_score_info":{"INTC":0.9,"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814194804,"gmtCreate":1630790708208,"gmtModify":1631888728641,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Like my comment, thanks!","listText":"Like my comment, thanks!","text":"Like my comment, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814194804","repostId":"1169514310","repostType":4,"repost":{"id":"1169514310","kind":"news","pubTimestamp":1630656896,"share":"https://www.laohunote.com/m/news/1169514310?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:14","market":"us","language":"en","title":"2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的 2 个充分理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169514310","media":"Barron's","summary":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So w","content":"<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，tocks度过了令人印象深刻的一年，但距离2021年结束还有四个月。那么接下来会发生什么？更正？更多收获？现在，更容易让集会继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔 500 指数今年迄今已上涨约 21%，远高于约 10% 的历史平均年回报率。在前八个月里，该指数的回撤幅度从未超过 5%--调整的定义是回撤 10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调 5% 或更多。或持续通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测会出现回调。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间来建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。关于缩减规模的讨论已经持续了几个月，美联储坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场攀升的性质似乎是未来最确定、最强烈的信号。自 8 月 18 日以来，标普500已上涨 3%，这是短暂而浅层下跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>“雷蒙德-詹姆斯（Raymond James）股票投资组合和技术策略总监迈克尔-吉布斯（Michael Gibbs）写道：”上周（市场）内部情况有所改善。</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>根据 FactSet 的数据，8 月下旬，SPDR 标普500交易所交易基金信托（SPDR标普500指数ETF）每日交易的股票数量约为 5400 万股。这高于本月中旬的 5000 万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果：当更多的市场参与者进行交易并出价更高时，这就是对市场的信任投票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，反弹基础广泛——许多股票都参与其中。例如，根据雷蒙德·詹姆斯的说法，纽约证券交易所上市的几乎80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在 2020 年 11 月。更多的股票参与反弹意味着主要指数较少依赖一组股票走高。此外，由于经济敏感股票也在上涨，这意味着投资者对未来经济的持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的涨幅还是回调？我们已经提出了自己的理由，但时间会证明一切。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的 2 个充分理由</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\">\n2 Good Reasons the Stock Market Isn’t Ready to Blow Up Yet<blockquote>股市尚未准备好爆炸的 2 个充分理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.</p><p><blockquote>到目前为止，tocks度过了令人印象深刻的一年，但距离2021年结束还有四个月。那么接下来会发生什么？更正？更多收获？现在，更容易让集会继续下去。</blockquote></p><p> First, though, it’s understandable why investors might be nervous.</p><p><blockquote>不过，首先，投资者感到紧张是可以理解的。</blockquote></p><p> TheS&amp;P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.</p><p><blockquote>标准普尔 500 指数今年迄今已上涨约 21%，远高于约 10% 的历史平均年回报率。在前八个月里，该指数的回撤幅度从未超过 5%--调整的定义是回撤 10%。</blockquote></p><p> Still, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&amp;P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.</p><p><blockquote>尽管如此，良好的运行需要一些东西来阻止它——比如拜登政府支持的更高的公司税。他们可能会将标普500公司的盈利预期下调 5% 或更多。或持续通胀，这可能导致美联储迅速减少经济支持。还有许多其他催化剂，足以促使一些分析师预测会出现回调。</blockquote></p><p> But who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.</p><p><blockquote>但谁知道华盛顿可能需要多长时间来建立新的税收结构，或者立法者是否会这样做。或者通货膨胀是怎么回事。关于缩减规模的讨论已经持续了几个月，美联储坚持观望态度。</blockquote></p><p> So the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&amp;P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.</p><p><blockquote>因此，过去几周市场攀升的性质似乎是未来最确定、最强烈的信号。自 8 月 18 日以来，标普500已上涨 3%，这是短暂而浅层下跌的底部。</blockquote></p><p> “[Market] internals improved last week,” writes&nbsp;Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.</p><p><blockquote>“雷蒙德-詹姆斯（Raymond James）股票投资组合和技术策略总监迈克尔-吉布斯（Michael Gibbs）写道：”上周（市场）内部情况有所改善。</blockquote></p><p> First off, transaction volumes are improving.</p><p><blockquote>首先，交易量正在改善。</blockquote></p><p> In late August, the daily number of shares traded on the&nbsp;SPDR S&amp;P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.</p><p><blockquote>根据 FactSet 的数据，8 月下旬，SPDR 标普500交易所交易基金信托（SPDR标普500指数ETF）每日交易的股票数量约为 5400 万股。这高于本月中旬的 5000 万。</blockquote></p><p> The upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.</p><p><blockquote>结果：当更多的市场参与者进行交易并出价更高时，这就是对市场的信任投票。</blockquote></p><p> Secondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.</p><p><blockquote>其次，反弹基础广泛——许多股票都参与其中。例如，根据雷蒙德·詹姆斯的说法，纽约证券交易所上市的几乎80%的股票都在上涨。</blockquote></p><p> The last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.</p><p><blockquote>该指标上一次达到如此高的水平是在 2020 年 11 月。更多的股票参与反弹意味着主要指数较少依赖一组股票走高。此外，由于经济敏感股票也在上涨，这意味着投资者对未来经济的持续增长充满信心。</blockquote></p><p> So more gains or a correction? We’ve made our case, but time will tell.</p><p><blockquote>那么更多的涨幅还是回调？我们已经提出了自己的理由，但时间会证明一切。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-outlook-crash-or-rally-51630526109?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169514310","content_text":"tocks have had an impressive year so far, but there are still four months before 2021 wraps up. So what’s ahead? A correction? More gains? Right now, it’s easier to make the case for the rally to just keep on going.\nFirst, though, it’s understandable why investors might be nervous.\nTheS&P 500has gained about 21% year to date, far above the historical average annual return of about 10%. And in the first eight months, the index hasn’t had a pullback of more than 5%— a correction is defined as a 10% drawdown.\nStill, a good run needs something to stop it—likehigher corporate taxes,which the Biden administration supports. They could shave 5% or more off projected earnings estimates for S&P 500 companies. Or persistent inflation, which could cause the Federal Reserve to rapidly reduce economic support. And there are a host of other catalysts, enough to push some analyststo forecast a retreat.\nBut who knows how long Washington might take to put a new tax structure in place, or if lawmakers even will. Or what the deal is with inflation. There has been tapering talk for a few months now, and the Fed holds firm to its wait-and-see approach.\nSo the nature of the market’s climb in the past couple of weeks seems to be the surest, strongest sign of what’s ahead. The S&P 500 is up 3% since Aug. 18, the bottom of a brief and shallow drop.\n“[Market] internals improved last week,” writes Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.\nFirst off, transaction volumes are improving.\nIn late August, the daily number of shares traded on the SPDR S&P 500 Exchange-Traded Fund Trust(SPY) has been about 54 million, according to FactSet. That’s above just under 50 million seen in the middle of the month.\nThe upshot: When more market participants are transacting and they are bidding prices higher, it’s a vote of confidence in the market.\nSecondly, the rally has been broad-based—many stocks have participated. For example, almost 80% of stocks listed on the New York Stock Exchange have been gaining, according to Raymond James.\nThe last time that metric hit such a high was November 2020. More stocks participating in the rally means the major indexes are less dependent on one group of stocks to move higher. Plus, witheconomically sensitive stocks on a run as well,it means investors are confident in sustained economic growth ahead.\nSo more gains or a correction? We’ve made our case, but time will tell.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":608740082,"gmtCreate":1638794956515,"gmtModify":1638795937524,"author":{"id":"4088005490387040","authorId":"4088005490387040","name":"KCmax","avatar":"https://static.tigerbbs.com/45501c3f0f17a005aaae037440a22212","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088005490387040","idStr":"4088005490387040"},"themes":[],"title":"","htmlText":"Please like, thanks","listText":"Please like, thanks","text":"Please like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/608740082","repostId":"1191828969","repostType":4,"repost":{"id":"1191828969","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":1638792831,"share":"https://www.laohunote.com/m/news/1191828969?lang=zh_CN&edition=full","pubTime":"2021-12-06 20:13","market":"us","language":"en","title":"Grab shares slid more than 4% in premarket trading<blockquote>Grab 股价在盘前交易中下跌超过 4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191828969","media":"Tiger Newspress","summary":"Grab shares slid more than 4% in premarket trading.The&nbsp;Singapore ride-hailing firm&nbsp;went on sale last week.","content":"<p>Grab shares slid more than 4% in premarket trading.The&nbsp;Singapore ride-hailing firm&nbsp;went on sale last week.</p><p><blockquote>Grab 股价在盘前交易中下跌超过 4%。这家新加坡叫车公司上周开始出售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8de30b544b65a645e7a91a37bfb8d8f8\" tg-width=\"851\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGrab shares slid more than 4% in premarket trading<blockquote>Grab 股价在盘前交易中下跌超过 4%</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\">2021-12-06 20:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Grab shares slid more than 4% in premarket trading.The&nbsp;Singapore ride-hailing firm&nbsp;went on sale last week.</p><p><blockquote>Grab 股价在盘前交易中下跌超过 4%。这家新加坡叫车公司上周开始出售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8de30b544b65a645e7a91a37bfb8d8f8\" tg-width=\"851\" tg-height=\"618\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191828969","content_text":"Grab shares slid more than 4% in premarket trading.The Singapore ride-hailing firm went on sale last week.","news_type":1,"symbols_score_info":{"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":3410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}