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2021-08-16

Good info

AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>

2021-08-13

Go up…

2021-07-18

Buy now?

2021-07-06

Like

US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</blockquote>

2021-07-06

Closed

Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>

2021-07-03

Continue monitoring

Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote>

2021-07-02

Good to hear that

U.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</blockquote>

2021-07-02

Latest cool new

MKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</blockquote>

2021-06-30

Interesting example

Coinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</blockquote>

2021-06-30

Good read

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info","listText":"Good info","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830875920","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohunote.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894139209,"gmtCreate":1628810613501,"gmtModify":1631890545415,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Go up…","listText":"Go up…","text":"Go up…","images":[{"img":"https://static.tigerbbs.com/70fed4107c1dd5122b2a54e100d77fb2","width":"1125","height":"2332"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894139209","isVote":1,"tweetType":1,"viewCount":1688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":179502054,"gmtCreate":1626554613578,"gmtModify":1631890545425,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Buy now?","listText":"Buy now?","text":"Buy now?","images":[{"img":"https://static.tigerbbs.com/ab72e48e2b3bc7e201bb81f9ad1b4d3d","width":"1125","height":"2515"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179502054","isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":154698376,"gmtCreate":1625521322195,"gmtModify":1631890545438,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154698376","repostId":"1166963826","repostType":4,"repost":{"id":"1166963826","kind":"news","pubTimestamp":1625486061,"share":"https://www.laohunote.com/m/news/1166963826?lang=zh_CN&edition=full","pubTime":"2021-07-05 19:54","market":"us","language":"en","title":"US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166963826","media":"renaissancecap...","summary":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holida","content":"<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.</p><p><blockquote>在经历了十多年来最繁忙的一周后，美国 IPO 市场正在假期后喘口气，缩短的一周内只有两次 IPO 计划进行。</blockquote></p><p> While the calendar is quiet at the moment, several companies are primed to launch, including luxury social club&nbsp;<b>Membership Collective Group</b>(MCG), Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV), database provider&nbsp;<b>Couchbase</b>(BASE), and consumer banking platform<b>BlendLabs</b>(BLND).</p><p><blockquote>虽然目前日历很安静，但包括豪华社交俱乐部在内的几家公司正准备推出<b>会员资格集体组</b>(MCG)，沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)，数据库提供商<b>沙发底座</b>（基地）和消费银行平台<b>混合实验室</b>（BLND）。</blockquote></p><p> Chinese healthcare data company&nbsp;<b>LinkDoc Technology</b>(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.</p><p><blockquote>中国医疗数据公司<b>LinkDoc技术</b>(LDOC) 计划以 15 亿美元的市值筹集 2 亿美元。这家人工智能驱动的医疗保健技术公司为患者护理和临床研究提供了数据平台，特别是在肿瘤学领域。自2015年以来，LinkDoc的平台已累计护理超过350万名患者，并为超过250万名患者提供纵向护理。</blockquote></p><p> OTC-list&nbsp;<b>Minim</b>(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead.&nbsp;Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.</p><p><blockquote>OTC上市<b>最小</b>（MINM）提供智能网络产品和WiFi作为服务平台，该公司尚未设定条款，但计划在未来一周开始交易。Minim开发了智能网络产品和WiFi作为服务平台，为企业、服务提供商和家庭用户的应用程序提供支持。该公司的产品可以在美国各地的零售商和100多家互联网服务提供商的宽带产品中找到。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/003a0748043153c660ff267811776609\" tg-width=\"1421\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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 This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</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 This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-07-05 19:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.</p><p><blockquote>在经历了十多年来最繁忙的一周后，美国 IPO 市场正在假期后喘口气，缩短的一周内只有两次 IPO 计划进行。</blockquote></p><p> While the calendar is quiet at the moment, several companies are primed to launch, including luxury social club&nbsp;<b>Membership Collective Group</b>(MCG), Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV), database provider&nbsp;<b>Couchbase</b>(BASE), and consumer banking platform<b>BlendLabs</b>(BLND).</p><p><blockquote>虽然目前日历很安静，但包括豪华社交俱乐部在内的几家公司正准备推出<b>会员资格集体组</b>(MCG)，沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)，数据库提供商<b>沙发底座</b>（基地）和消费银行平台<b>混合实验室</b>（BLND）。</blockquote></p><p> Chinese healthcare data company&nbsp;<b>LinkDoc Technology</b>(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.</p><p><blockquote>中国医疗数据公司<b>LinkDoc技术</b>(LDOC) 计划以 15 亿美元的市值筹集 2 亿美元。这家人工智能驱动的医疗保健技术公司为患者护理和临床研究提供了数据平台，特别是在肿瘤学领域。自2015年以来，LinkDoc的平台已累计护理超过350万名患者，并为超过250万名患者提供纵向护理。</blockquote></p><p> OTC-list&nbsp;<b>Minim</b>(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead.&nbsp;Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.</p><p><blockquote>OTC上市<b>最小</b>（MINM）提供智能网络产品和WiFi作为服务平台，该公司尚未设定条款，但计划在未来一周开始交易。Minim开发了智能网络产品和WiFi作为服务平台，为企业、服务提供商和家庭用户的应用程序提供支持。该公司的产品可以在美国各地的零售商和100多家互联网服务提供商的宽带产品中找到。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/003a0748043153c660ff267811776609\" tg-width=\"1421\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week\">renaissancecap...</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166963826","content_text":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.\nWhile the calendar is quiet at the moment, several companies are primed to launch, including luxury social club Membership Collective Group(MCG), Wahlberg-backed fitness franchise F45 Training(FXLV), database provider Couchbase(BASE), and consumer banking platformBlendLabs(BLND).\nChinese healthcare data company LinkDoc Technology(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.\nOTC-list Minim(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead. Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.","news_type":1,"symbols_score_info":{"LDOC":0.9,"MINM":0.9}},"isVote":1,"tweetType":1,"viewCount":1599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154691150,"gmtCreate":1625521233670,"gmtModify":1631890545448,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Closed&nbsp;","listText":"Closed&nbsp;","text":"Closed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154691150","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://www.laohunote.com/m/news/1109703914?lang=zh_CN&edition=full","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152887690,"gmtCreate":1625281121910,"gmtModify":1631890545461,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Continue monitoring&nbsp;","listText":"Continue monitoring&nbsp;","text":"Continue monitoring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152887690","repostId":"1146176335","repostType":4,"repost":{"id":"1146176335","kind":"news","pubTimestamp":1625277627,"share":"https://www.laohunote.com/m/news/1146176335?lang=zh_CN&edition=full","pubTime":"2021-07-03 10:00","market":"us","language":"en","title":"Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146176335","media":"The Street","summary":"Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?Alibaba  -Get Report has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.Howeve","content":"<p>  Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?  Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.</p><p><blockquote>与大型和超大型同行相比，阿里巴巴-SW一直处于严重落后状态。这种情况会在2021年下半年改变吗？阿里巴巴-SW（<b>爸爸</b>) -Get Report 今年到目前为止一直很糟糕。股票交易一直持续到 2020 年第四季度，但随后一系列问题重创了该股。</blockquote></p><p> Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.</p><p><blockquote>监管机构扰乱了蚂蚁的首次公开募股，然后更深入地挖掘了阿里巴巴-SW并提高了热度。</blockquote></p><p> Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.</p><p><blockquote>投资者不喜欢监管问题，尤其是在我们与中国监管机构打交道时。</blockquote></p><p> However, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.</p><p><blockquote>然而，4月份，阿里巴巴-SW支付了低于预期但仍创纪录的罚款，希望将其监管问题抛诸脑后。尽管如此，该股的反应并未如多头所希望的那样。</blockquote></p><p> All of this comes as the S&amp;P 500 and Nasdaq continue to grind outnew all-time highs.</p><p><blockquote>所有这一切都发生在标普500和纳斯达克继续突破历史新高之际。</blockquote></p><p> It also comes as FAANG stocks continue to trade incredibly well. Alphabet&nbsp;(<b>GOOGL</b>) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix&nbsp;(<b>NFLX</b>) -Get Report&nbsp;is the worst, with a 2.3% drop.</p><p><blockquote>与此同时，FAANG 股票继续表现令人难以置信的良好。Alphabet（<b>GOOGL</b>) - Get Reportis 是表现最好的公司，上半年涨幅接近 40%，而 Netflix (<b>NFLX</b>) -Get Report 最差，下降了 2.3%。</blockquote></p><p> Alibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.</p><p><blockquote>阿里巴巴-SW上半年表现类似，下跌2.6%。然而，它的表现比高点要糟糕得多，下跌了 30% 以上。</blockquote></p><p> Can it turn around its woes in the second half and start rallying higher?</p><p><blockquote>它能否在下半年扭转颓势并开始走高？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9975f383919ff8cfc34fca49a32d8e8f\" tg-width=\"700\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> Call me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.</p><p><blockquote>看涨期权对我来说是一个绝望的乐观主义者，但我觉得阿里巴巴-SW下半场可以有稳定的表现。</blockquote></p><p> The overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon&nbsp;(<b>AMZN</b>) -Get Report.Eventually, it will perform better&nbsp;- it’s a question of “when” and not “if.”</p><p><blockquote>整体市场表现太好了，大型科技股也是如此。业务基本面完好无损，增长强劲。这就像亚马逊（<b>亚马逊</b>)-获取报告。最终，它的表现会更好--这是一个 “何时 ”的问题，而不是 “是否 ”的问题。</blockquote></p><p> Shares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.</p><p><blockquote>股价继续保持在 210 美元至 212 美元区域，并最近清除了下降趋势阻力（蓝线）。尽管如此，仍有很多障碍。</blockquote></p><p> Specifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.</p><p><blockquote>具体来说，阿里巴巴-SW股票正在与 21 周移动平均线以及 21 个月和 10 个月移动平均线作斗争。</blockquote></p><p> Let’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.</p><p><blockquote>让我们明确一点：这里没有太多看涨的技术成分。如果阿里巴巴-SW股市能在本周的下跌中守住 10 周移动平均线，我会感觉更好。</blockquote></p><p> However, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.</p><p><blockquote>然而，只要它能够保持在 210 美元的水平上方，实际上是 200 周移动平均线上方，我对阿里巴巴-SW未来六个月的走势感到满意。</blockquote></p><p> A push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.</p><p><blockquote>突破 235 美元（从而突破上述所有移动平均线障碍）可能会上涨至 250 美元，然后上涨至 263 美元。275美元以上和300美元正在发挥作用。</blockquote></p><p> Keep the risk in mind but this could be a solid second-half rebound play.</p><p><blockquote>记住风险，但这可能是一个坚实的下半场反弹比赛。</blockquote></p><p></p>","source":"lsy1610613172068","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>Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-03 10:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?  Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.</p><p><blockquote>与大型和超大型同行相比，阿里巴巴-SW一直处于严重落后状态。这种情况会在2021年下半年改变吗？阿里巴巴-SW（<b>爸爸</b>) -Get Report 今年到目前为止一直很糟糕。股票交易一直持续到 2020 年第四季度，但随后一系列问题重创了该股。</blockquote></p><p> Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.</p><p><blockquote>监管机构扰乱了蚂蚁的首次公开募股，然后更深入地挖掘了阿里巴巴-SW并提高了热度。</blockquote></p><p> Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.</p><p><blockquote>投资者不喜欢监管问题，尤其是在我们与中国监管机构打交道时。</blockquote></p><p> However, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.</p><p><blockquote>然而，4月份，阿里巴巴-SW支付了低于预期但仍创纪录的罚款，希望将其监管问题抛诸脑后。尽管如此，该股的反应并未如多头所希望的那样。</blockquote></p><p> All of this comes as the S&amp;P 500 and Nasdaq continue to grind outnew all-time highs.</p><p><blockquote>所有这一切都发生在标普500和纳斯达克继续突破历史新高之际。</blockquote></p><p> It also comes as FAANG stocks continue to trade incredibly well. Alphabet&nbsp;(<b>GOOGL</b>) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix&nbsp;(<b>NFLX</b>) -Get Report&nbsp;is the worst, with a 2.3% drop.</p><p><blockquote>与此同时，FAANG 股票继续表现令人难以置信的良好。Alphabet（<b>GOOGL</b>) - Get Reportis 是表现最好的公司，上半年涨幅接近 40%，而 Netflix (<b>NFLX</b>) -Get Report 最差，下降了 2.3%。</blockquote></p><p> Alibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.</p><p><blockquote>阿里巴巴-SW上半年表现类似，下跌2.6%。然而，它的表现比高点要糟糕得多，下跌了 30% 以上。</blockquote></p><p> Can it turn around its woes in the second half and start rallying higher?</p><p><blockquote>它能否在下半年扭转颓势并开始走高？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9975f383919ff8cfc34fca49a32d8e8f\" tg-width=\"700\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> Call me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.</p><p><blockquote>看涨期权对我来说是一个绝望的乐观主义者，但我觉得阿里巴巴-SW下半场可以有稳定的表现。</blockquote></p><p> The overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon&nbsp;(<b>AMZN</b>) -Get Report.Eventually, it will perform better&nbsp;- it’s a question of “when” and not “if.”</p><p><blockquote>整体市场表现太好了，大型科技股也是如此。业务基本面完好无损，增长强劲。这就像亚马逊（<b>亚马逊</b>)-获取报告。最终，它的表现会更好--这是一个 “何时 ”的问题，而不是 “是否 ”的问题。</blockquote></p><p> Shares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.</p><p><blockquote>股价继续保持在 210 美元至 212 美元区域，并最近清除了下降趋势阻力（蓝线）。尽管如此，仍有很多障碍。</blockquote></p><p> Specifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.</p><p><blockquote>具体来说，阿里巴巴-SW股票正在与 21 周移动平均线以及 21 个月和 10 个月移动平均线作斗争。</blockquote></p><p> Let’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.</p><p><blockquote>让我们明确一点：这里没有太多看涨的技术成分。如果阿里巴巴-SW股市能在本周的下跌中守住 10 周移动平均线，我会感觉更好。</blockquote></p><p> However, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.</p><p><blockquote>然而，只要它能够保持在 210 美元的水平上方，实际上是 200 周移动平均线上方，我对阿里巴巴-SW未来六个月的走势感到满意。</blockquote></p><p> A push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.</p><p><blockquote>突破 235 美元（从而突破上述所有移动平均线障碍）可能会上涨至 250 美元，然后上涨至 263 美元。275美元以上和300美元正在发挥作用。</blockquote></p><p> Keep the risk in mind but this could be a solid second-half rebound play.</p><p><blockquote>记住风险，但这可能是一个坚实的下半场反弹比赛。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/alibaba-baba-stock-second-half-2021-trading?puc=yahoo&cm_ven=YAHOO\">The Street</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":{"09618":"京东集团-SW","BABA":"阿里巴巴"},"source_url":"https://www.thestreet.com/investing/alibaba-baba-stock-second-half-2021-trading?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146176335","content_text":"Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?\n\nAlibaba (BABA) -Get Report has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.\nRegulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.\nInvestors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.\nHowever, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.\nAll of this comes as the S&P 500 and Nasdaq continue to grind outnew all-time highs.\nIt also comes as FAANG stocks continue to trade incredibly well. Alphabet (GOOGL) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix (NFLX) -Get Report is the worst, with a 2.3% drop.\nAlibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.\nCan it turn around its woes in the second half and start rallying higher?\n\nCall me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.\nThe overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon (AMZN) -Get Report.Eventually, it will perform better - it’s a question of “when” and not “if.”\nShares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.\nSpecifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.\nLet’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.\nHowever, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.\nA push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.\nKeep the risk in mind but this could be a solid second-half rebound play.","news_type":1,"symbols_score_info":{"09618":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158764310,"gmtCreate":1625182792130,"gmtModify":1631890545469,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Good to hear that","listText":"Good to hear that","text":"Good to hear that","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158764310","repostId":"1175195232","repostType":4,"repost":{"id":"1175195232","kind":"news","pubTimestamp":1625182546,"share":"https://www.laohunote.com/m/news/1175195232?lang=zh_CN&edition=full","pubTime":"2021-07-02 07:35","market":"us","language":"en","title":"U.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175195232","media":"Reuters","summary":"(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for","content":"<p>(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.</p><p><blockquote>（路透社）-美国。汽车制造商周四报告称，由于 SUV 需求强劲，季度销量大幅增长，并指出随着越来越多的人转向私人交通工具以及新型电动汽车 (EV) 排队推出，这一趋势将持续到 2022 年。</blockquote></p><p> Low interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.</p><p><blockquote>低利率、政府刺激以及 COVID-19 大流行导致的个人交通偏好提振了汽车需求，尽管全球半导体短缺后库存紧张导致价格上涨。</blockquote></p><p> Higher vehicle prices have boosted profitability for automakers, who have also increased investments in EV production.</p><p><blockquote>汽车价格上涨提高了汽车制造商的盈利能力，他们也增加了对电动汽车生产的投资。</blockquote></p><p> General Motors Co said its Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales up 31%, while sales of its Buick premium SUVs soared 86%.</p><p><blockquote>通用汽车公司表示，其雪佛兰 Bolt EV 第二季度交付量创历史新高，雪佛兰总销量增长 31%，而别克高端 SUV 销量则飙升 86%。</blockquote></p><p> “We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said.</p><p><blockquote>“通用汽车首席经济学家伊莱恩-巴克伯格（Elaine Buckberg）说：”我们预计今年下半年和 2022 年的需求将继续保持高位。</blockquote></p><p> Last month, the No.1 U.S. automaker increased its EV budget to $35 billion through 2025.</p><p><blockquote>上个月，这家美国第一大汽车制造商将其到 2025 年的电动汽车预算增加到 350 亿美元。</blockquote></p><p> Japan’s Toyota Motor Corp said alternative powered vehicles represented nearly a quarter of its sales volume through June this year, up from 13% a year earlier.</p><p><blockquote>日本丰田汽车公司表示，截至今年 6 月，替代动力汽车占其销量的近四分之一，高于去年同期的 13%。</blockquote></p><p> Toyota’s overall U.S. sales rose about 73% to 688,813 vehicles in the second quarter.</p><p><blockquote>丰田第二季度在美国的整体销量增长了约 73%，达到 688,813 辆。</blockquote></p><p> “There need to be more models beyond Tesla ... next year, the (Ford) F-150 Lightning should help move the needle upward,” said Morningstar analyst David Whiston.</p><p><blockquote>“晨星公司分析师大卫-惠斯顿（David Whiston）说：”除了特斯拉之外，还需要更多的车型......明年，（福特）F-150 Lightning 应该会帮助推动这一趋势。</blockquote></p><p> Several new EVs will launch in the second half of 2021 including Chevrolet’s Bolt EUV, Hyundai’s Ioniq 5 and Kia’s EV6 models, helping lift the overall share of EVs in the United States from just 2% of all registered vehicles currently.</p><p><blockquote>2021 年下半年将推出多款新型电动汽车，包括雪佛兰的 Bolt EUV、现代的 Ioniq 5 和起亚的 EV6 车型，这将有助于提高美国电动汽车的总体份额，从目前占所有注册车辆的 2%。</blockquote></p><p> Ford, which sold more than 10,000 units of its Mustang Mach-E SUV in the first five months of this year, will launch the electric version of its best-selling F-150 pickup in 2022. The company is expected to report its sales numbers on Friday.</p><p><blockquote>福特今年前五个月的野马 Mach-E SUV 销量超过 10,000 辆，将于 2022 年推出其最畅销的 F-150 皮卡的电动版本。该公司预计将于周五公布销售数据。</blockquote></p><p> Separately, data from analytics firm Wards Intelligence showed that the pace of U.S. light-vehicle sales slowed in June to 1.3 million units from 1.6 million in May.</p><p><blockquote>另外，分析公司 Wards Intelligence 的数据显示，美国轻型汽车销量从 5 月份的 160 万辆放缓至 6 月份的 130 万辆。</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>U.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-02 07:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.</p><p><blockquote>（路透社）-美国。汽车制造商周四报告称，由于 SUV 需求强劲，季度销量大幅增长，并指出随着越来越多的人转向私人交通工具以及新型电动汽车 (EV) 排队推出，这一趋势将持续到 2022 年。</blockquote></p><p> Low interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.</p><p><blockquote>低利率、政府刺激以及 COVID-19 大流行导致的个人交通偏好提振了汽车需求，尽管全球半导体短缺后库存紧张导致价格上涨。</blockquote></p><p> Higher vehicle prices have boosted profitability for automakers, who have also increased investments in EV production.</p><p><blockquote>汽车价格上涨提高了汽车制造商的盈利能力，他们也增加了对电动汽车生产的投资。</blockquote></p><p> General Motors Co said its Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales up 31%, while sales of its Buick premium SUVs soared 86%.</p><p><blockquote>通用汽车公司表示，其雪佛兰 Bolt EV 第二季度交付量创历史新高，雪佛兰总销量增长 31%，而别克高端 SUV 销量则飙升 86%。</blockquote></p><p> “We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said.</p><p><blockquote>“通用汽车首席经济学家伊莱恩-巴克伯格（Elaine Buckberg）说：”我们预计今年下半年和 2022 年的需求将继续保持高位。</blockquote></p><p> Last month, the No.1 U.S. automaker increased its EV budget to $35 billion through 2025.</p><p><blockquote>上个月，这家美国第一大汽车制造商将其到 2025 年的电动汽车预算增加到 350 亿美元。</blockquote></p><p> Japan’s Toyota Motor Corp said alternative powered vehicles represented nearly a quarter of its sales volume through June this year, up from 13% a year earlier.</p><p><blockquote>日本丰田汽车公司表示，截至今年 6 月，替代动力汽车占其销量的近四分之一，高于去年同期的 13%。</blockquote></p><p> Toyota’s overall U.S. sales rose about 73% to 688,813 vehicles in the second quarter.</p><p><blockquote>丰田第二季度在美国的整体销量增长了约 73%，达到 688,813 辆。</blockquote></p><p> “There need to be more models beyond Tesla ... next year, the (Ford) F-150 Lightning should help move the needle upward,” said Morningstar analyst David Whiston.</p><p><blockquote>“晨星公司分析师大卫-惠斯顿（David Whiston）说：”除了特斯拉之外，还需要更多的车型......明年，（福特）F-150 Lightning 应该会帮助推动这一趋势。</blockquote></p><p> Several new EVs will launch in the second half of 2021 including Chevrolet’s Bolt EUV, Hyundai’s Ioniq 5 and Kia’s EV6 models, helping lift the overall share of EVs in the United States from just 2% of all registered vehicles currently.</p><p><blockquote>2021 年下半年将推出多款新型电动汽车，包括雪佛兰的 Bolt EUV、现代的 Ioniq 5 和起亚的 EV6 车型，这将有助于提高美国电动汽车的总体份额，从目前占所有注册车辆的 2%。</blockquote></p><p> Ford, which sold more than 10,000 units of its Mustang Mach-E SUV in the first five months of this year, will launch the electric version of its best-selling F-150 pickup in 2022. The company is expected to report its sales numbers on Friday.</p><p><blockquote>福特今年前五个月的野马 Mach-E SUV 销量超过 10,000 辆，将于 2022 年推出其最畅销的 F-150 皮卡的电动版本。该公司预计将于周五公布销售数据。</blockquote></p><p> Separately, data from analytics firm Wards Intelligence showed that the pace of U.S. light-vehicle sales slowed in June to 1.3 million units from 1.6 million in May.</p><p><blockquote>另外，分析公司 Wards Intelligence 的数据显示，美国轻型汽车销量从 5 月份的 160 万辆放缓至 6 月份的 130 万辆。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-autos-sales/update-4-u-s-quarterly-auto-sales-jump-on-strong-suv-demand-shift-to-evs-idUSL3N2OD3MQ\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GE":"GE航空航天","F":"福特汽车","TM":"丰田汽车"},"source_url":"https://www.reuters.com/article/usa-autos-sales/update-4-u-s-quarterly-auto-sales-jump-on-strong-suv-demand-shift-to-evs-idUSL3N2OD3MQ","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175195232","content_text":"(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.\nLow interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.\nHigher vehicle prices have boosted profitability for automakers, who have also increased investments in EV production.\nGeneral Motors Co said its Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales up 31%, while sales of its Buick premium SUVs soared 86%.\n“We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said.\nLast month, the No.1 U.S. automaker increased its EV budget to $35 billion through 2025.\nJapan’s Toyota Motor Corp said alternative powered vehicles represented nearly a quarter of its sales volume through June this year, up from 13% a year earlier.\nToyota’s overall U.S. sales rose about 73% to 688,813 vehicles in the second quarter.\n“There need to be more models beyond Tesla ... next year, the (Ford) F-150 Lightning should help move the needle upward,” said Morningstar analyst David Whiston.\nSeveral new EVs will launch in the second half of 2021 including Chevrolet’s Bolt EUV, Hyundai’s Ioniq 5 and Kia’s EV6 models, helping lift the overall share of EVs in the United States from just 2% of all registered vehicles currently.\nFord, which sold more than 10,000 units of its Mustang Mach-E SUV in the first five months of this year, will launch the electric version of its best-selling F-150 pickup in 2022. The company is expected to report its sales numbers on Friday.\nSeparately, data from analytics firm Wards Intelligence showed that the pace of U.S. light-vehicle sales slowed in June to 1.3 million units from 1.6 million in May.","news_type":1,"symbols_score_info":{"TSLA":0.9,"F":0.9,"TM":0.9,"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":2198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158765208,"gmtCreate":1625182756404,"gmtModify":1631890545482,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Latest cool new","listText":"Latest cool new","text":"Latest cool new","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158765208","repostId":"1193234138","repostType":4,"repost":{"id":"1193234138","kind":"news","pubTimestamp":1625182034,"share":"https://www.laohunote.com/m/news/1193234138?lang=zh_CN&edition=full","pubTime":"2021-07-02 07:27","market":"us","language":"en","title":"MKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193234138","media":"Reuters","summary":"(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty ","content":"<p>(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd for about $5.1 billion to expand its chip manufacturing capabilities.</p><p><blockquote>（路透社） - 半导体设备制造商 MKS Instruments Inc. 周四表示，将以约 51 亿美元收购特种化学品集团 Atotech Ltd，以扩大其芯片制造能力。</blockquote></p><p> The cash-and-stock deal includes $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations. MKS, which has a market capitalization of about $10 billion, will fund the acquisition through cash and debt financing.</p><p><blockquote>根据路透社的计算，现金加股票交易包括每股 Atotech 股票 16.20 美元现金和 0.0552 股 MKS 普通股，即每股价值约为 26 美元。市值约100亿美元的MKS将通过现金和债务融资为此次收购提供资金。</blockquote></p><p> The offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported MKS had approached Atotech with an acquisition offer.</p><p><blockquote>该报价比 Atotech 6 月 10 日的收盘价溢价约 10%，当时路透社报道称 MKS 已向 Atotech 提出收购要约。</blockquote></p><p> The deal comes at a time the chip industry has been dealing with a global shortage of semiconductors that has shuttered some auto production lines and its impact has been felt in other areas, including consumer electronics.</p><p><blockquote>该交易达成之际，芯片行业一直在应对全球半导体短缺的问题，导致一些汽车生产线关闭，其影响也波及到了包括消费电子产品在内的其他领域。</blockquote></p><p> Atotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February at $17 per share. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.</p><p><blockquote>Atotech 得到了收购公司凯雷集团 (Carlyle Group Inc.) 的支持，于 2 月份在美国公开市场首次亮相，价格为每股 17 美元。该公司生产用于智能手机、电器和重型机械的印刷电路板和半导体的化学品和设备。</blockquote></p><p> MKS approached Berlin-headquartered Atotech after it lost out to II-VI Inc in a bidding war for laser maker Coherent Inc in February.</p><p><blockquote>MKS 在 2 月份激光制造商 Coherent Inc 的竞购战中输给了 II-VI Inc 后，与总部位于柏林的 Atotech 进行了接洽。</blockquote></p><p> “We want to participate in all the profit pools for advanced electronics. Partnering with Atotech and having the scale is going to allow us being stronger in committing R&amp;D to our customers throughout downturns,” MKS Chief Executive John Lee said in an interview.</p><p><blockquote>“我们希望参与先进电子公司的所有利润池。MKS 首席执行官约翰-李（John Lee）在接受采访时说：”与 Atotech 合作并拥有这样的规模，将使我们能够在经济低迷时期更有力地为客户提供研发服务。</blockquote></p><p> The deal, expected to close by the fourth quarter of this year, will bring more recurring revenue streams and expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals, especially on rigid circuit boards that are widely used on smartphones, laptops and cars, according to MKS.</p><p><blockquote>据 MKS 称，这笔交易预计将于今年第四季度完成，将带来更多的经常性收入来源，并通过增加 Atotech 的电镀化学品，扩大 MKS 在芯片制造领域的产品，尤其是在智能手机、笔记本电脑和汽车上广泛使用的刚性电路板上。</blockquote></p><p> Andover, Massachusetts-based MKS’ shares were down 3.7% at $171.35 on Thursday, while Atotech was down 1.45%.</p><p><blockquote>总部位于马萨诸塞州安多弗的 MKS 股价周四下跌 3.7%，至 171.35 美元，Atotech 下跌 1.45%。</blockquote></p><p> Perella Weinberg Partners acted as MKS’ financial adviser, while Credit Suisse was Atotech’s financial adviser.</p><p><blockquote>Perella Weinberg Partners 担任 MKS 的财务顾问，瑞士信贷担任 Atotech 的财务顾问。</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>MKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</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\">\nMKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-02 07:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd for about $5.1 billion to expand its chip manufacturing capabilities.</p><p><blockquote>（路透社） - 半导体设备制造商 MKS Instruments Inc. 周四表示，将以约 51 亿美元收购特种化学品集团 Atotech Ltd，以扩大其芯片制造能力。</blockquote></p><p> The cash-and-stock deal includes $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations. MKS, which has a market capitalization of about $10 billion, will fund the acquisition through cash and debt financing.</p><p><blockquote>根据路透社的计算，现金加股票交易包括每股 Atotech 股票 16.20 美元现金和 0.0552 股 MKS 普通股，即每股价值约为 26 美元。市值约100亿美元的MKS将通过现金和债务融资为此次收购提供资金。</blockquote></p><p> The offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported MKS had approached Atotech with an acquisition offer.</p><p><blockquote>该报价比 Atotech 6 月 10 日的收盘价溢价约 10%，当时路透社报道称 MKS 已向 Atotech 提出收购要约。</blockquote></p><p> The deal comes at a time the chip industry has been dealing with a global shortage of semiconductors that has shuttered some auto production lines and its impact has been felt in other areas, including consumer electronics.</p><p><blockquote>该交易达成之际，芯片行业一直在应对全球半导体短缺的问题，导致一些汽车生产线关闭，其影响也波及到了包括消费电子产品在内的其他领域。</blockquote></p><p> Atotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February at $17 per share. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.</p><p><blockquote>Atotech 得到了收购公司凯雷集团 (Carlyle Group Inc.) 的支持，于 2 月份在美国公开市场首次亮相，价格为每股 17 美元。该公司生产用于智能手机、电器和重型机械的印刷电路板和半导体的化学品和设备。</blockquote></p><p> MKS approached Berlin-headquartered Atotech after it lost out to II-VI Inc in a bidding war for laser maker Coherent Inc in February.</p><p><blockquote>MKS 在 2 月份激光制造商 Coherent Inc 的竞购战中输给了 II-VI Inc 后，与总部位于柏林的 Atotech 进行了接洽。</blockquote></p><p> “We want to participate in all the profit pools for advanced electronics. Partnering with Atotech and having the scale is going to allow us being stronger in committing R&amp;D to our customers throughout downturns,” MKS Chief Executive John Lee said in an interview.</p><p><blockquote>“我们希望参与先进电子公司的所有利润池。MKS 首席执行官约翰-李（John Lee）在接受采访时说：”与 Atotech 合作并拥有这样的规模，将使我们能够在经济低迷时期更有力地为客户提供研发服务。</blockquote></p><p> The deal, expected to close by the fourth quarter of this year, will bring more recurring revenue streams and expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals, especially on rigid circuit boards that are widely used on smartphones, laptops and cars, according to MKS.</p><p><blockquote>据 MKS 称，这笔交易预计将于今年第四季度完成，将带来更多的经常性收入来源，并通过增加 Atotech 的电镀化学品，扩大 MKS 在芯片制造领域的产品，尤其是在智能手机、笔记本电脑和汽车上广泛使用的刚性电路板上。</blockquote></p><p> Andover, Massachusetts-based MKS’ shares were down 3.7% at $171.35 on Thursday, while Atotech was down 1.45%.</p><p><blockquote>总部位于马萨诸塞州安多弗的 MKS 股价周四下跌 3.7%，至 171.35 美元，Atotech 下跌 1.45%。</blockquote></p><p> Perella Weinberg Partners acted as MKS’ financial adviser, while Credit Suisse was Atotech’s financial adviser.</p><p><blockquote>Perella Weinberg Partners 担任 MKS 的财务顾问，瑞士信贷担任 Atotech 的财务顾问。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/atotech-ma-mks-instruments/update-3-mks-instruments-to-buy-atotech-for-5-1-bln-to-expand-chipmaking-offerings-idUSL3N2OD2SF\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MKSI":"MKS仪器"},"source_url":"https://www.reuters.com/article/atotech-ma-mks-instruments/update-3-mks-instruments-to-buy-atotech-for-5-1-bln-to-expand-chipmaking-offerings-idUSL3N2OD2SF","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193234138","content_text":"(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd for about $5.1 billion to expand its chip manufacturing capabilities.\nThe cash-and-stock deal includes $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations. MKS, which has a market capitalization of about $10 billion, will fund the acquisition through cash and debt financing.\nThe offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported MKS had approached Atotech with an acquisition offer.\nThe deal comes at a time the chip industry has been dealing with a global shortage of semiconductors that has shuttered some auto production lines and its impact has been felt in other areas, including consumer electronics.\nAtotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February at $17 per share. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.\nMKS approached Berlin-headquartered Atotech after it lost out to II-VI Inc in a bidding war for laser maker Coherent Inc in February.\n“We want to participate in all the profit pools for advanced electronics. Partnering with Atotech and having the scale is going to allow us being stronger in committing R&D to our customers throughout downturns,” MKS Chief Executive John Lee said in an interview.\nThe deal, expected to close by the fourth quarter of this year, will bring more recurring revenue streams and expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals, especially on rigid circuit boards that are widely used on smartphones, laptops and cars, according to MKS.\nAndover, Massachusetts-based MKS’ shares were down 3.7% at $171.35 on Thursday, while Atotech was down 1.45%.\nPerella Weinberg Partners acted as MKS’ financial adviser, while Credit Suisse was Atotech’s financial adviser.","news_type":1,"symbols_score_info":{"MKSI":0.9}},"isVote":1,"tweetType":1,"viewCount":3158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151015917,"gmtCreate":1625057319739,"gmtModify":1631890545494,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Interesting example","listText":"Interesting example","text":"Interesting example","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151015917","repostId":"1142269235","repostType":4,"repost":{"id":"1142269235","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":1625039703,"share":"https://www.laohunote.com/m/news/1142269235?lang=zh_CN&edition=full","pubTime":"2021-06-30 15:55","market":"us","language":"en","title":"Coinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142269235","media":"Benzinga Earnings","summary":"Coinbase Global Inc(NASDAQ:COIN) CEO Brian Armstrong, in a blog post on Tuesday, called for the buil","content":"<p><b>Coinbase Global Inc</b>(NASDAQ:COIN) CEO Brian Armstrong,&nbsp;in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by&nbsp;<b>Apple Inc</b>(NASDAQ:AAPL).</p><p><blockquote><b>比特币基地全球公司</b>（纳斯达克股票代码：COIN）首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）在周二的一篇博客文章中呼吁建立一个类似于……创建的“加密货币应用商店”。<b>苹果公司</b>（纳斯达克股票代码：AAPL）</blockquote></p><p> <b>What Happened:</b>Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.</p><p><blockquote><b>发生了什么：</b>阿姆斯特朗指出，加密货币的用例有所增加，并列举了不可替代的代币或NFT以及dApp的去中心化应用的例子。</blockquote></p><p> Calling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”</p><p><blockquote>他呼吁建立一个类似于 App Store 的商店，并写道：“我们也需要在加密货币领域做同样的事情。现在有数百亿美元的经济活动在 dApps 上运行，每三个月就会出现一个新的趋势。”</blockquote></p><p> “We’ll work to give our users easy access to all of this from the main Coinbase product.”</p><p><blockquote>“我们将努力让我们的用户从 Coinbase 的主要产品中轻松访问所有这些内容。”</blockquote></p><p> <b>Why It Matters:</b>Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”</p><p><blockquote><b>为什么重要：</b>阿姆斯特朗指出，苹果并没有试图 “为 iPhone 打造每一个应用程序，它赋予了开发者权力，并为移动用户提供了一种访问新创新应用程序的便捷方式”。</blockquote></p><p> According to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.</p><p><blockquote>根据苹果网站的数据，苹果的商店里有 180 万个应用程序，有 175 个店面，涵盖 40 多种语言。</blockquote></p><p> The Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”</p><p><blockquote>这位 Coinbase 首席执行官似乎从苹果那里得到了启发，因为他也倡导 “国际第一的思维”。</blockquote></p><p> Armstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”</p><p><blockquote>阿姆斯特朗说，Coinbase 不会专注于 “一小部分地区”，而是 “将在第一天就在国际市场上运送更多产品，从而彻底改变这种做法”。</blockquote></p><p> However, Apple’s App Store policies have also attracted the&nbsp;attention of regulators&nbsp;with Germany’s competition watchdog being the latest to bring the store under scrutiny.</p><p><blockquote>然而，苹果的 App Store 政策也引起了监管机构的注意，德国竞争监督机构是最新一家对该应用商店进行审查的机构。</blockquote></p><p> <b>Price Action:</b>On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.</p><p><blockquote><b>价格行为：</b>周二，Coinbase 股价在常规交易时段收盘上涨 3.33%，至 254.90 美元，在盘后交易中下跌 0.2%。同一天，苹果股价在常规交易时段上涨1.15%，至136.33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>Coinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</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\">\nCoinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</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\">2021-06-30 15:55</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Coinbase Global Inc</b>(NASDAQ:COIN) CEO Brian Armstrong,&nbsp;in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by&nbsp;<b>Apple Inc</b>(NASDAQ:AAPL).</p><p><blockquote><b>比特币基地全球公司</b>（纳斯达克股票代码：COIN）首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）在周二的一篇博客文章中呼吁建立一个类似于……创建的“加密货币应用商店”。<b>苹果公司</b>（纳斯达克股票代码：AAPL）</blockquote></p><p> <b>What Happened:</b>Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.</p><p><blockquote><b>发生了什么：</b>阿姆斯特朗指出，加密货币的用例有所增加，并列举了不可替代的代币或NFT以及dApp的去中心化应用的例子。</blockquote></p><p> Calling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”</p><p><blockquote>他呼吁建立一个类似于 App Store 的商店，并写道：“我们也需要在加密货币领域做同样的事情。现在有数百亿美元的经济活动在 dApps 上运行，每三个月就会出现一个新的趋势。”</blockquote></p><p> “We’ll work to give our users easy access to all of this from the main Coinbase product.”</p><p><blockquote>“我们将努力让我们的用户从 Coinbase 的主要产品中轻松访问所有这些内容。”</blockquote></p><p> <b>Why It Matters:</b>Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”</p><p><blockquote><b>为什么重要：</b>阿姆斯特朗指出，苹果并没有试图 “为 iPhone 打造每一个应用程序，它赋予了开发者权力，并为移动用户提供了一种访问新创新应用程序的便捷方式”。</blockquote></p><p> According to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.</p><p><blockquote>根据苹果网站的数据，苹果的商店里有 180 万个应用程序，有 175 个店面，涵盖 40 多种语言。</blockquote></p><p> The Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”</p><p><blockquote>这位 Coinbase 首席执行官似乎从苹果那里得到了启发，因为他也倡导 “国际第一的思维”。</blockquote></p><p> Armstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”</p><p><blockquote>阿姆斯特朗说，Coinbase 不会专注于 “一小部分地区”，而是 “将在第一天就在国际市场上运送更多产品，从而彻底改变这种做法”。</blockquote></p><p> However, Apple’s App Store policies have also attracted the&nbsp;attention of regulators&nbsp;with Germany’s competition watchdog being the latest to bring the store under scrutiny.</p><p><blockquote>然而，苹果的 App Store 政策也引起了监管机构的注意，德国竞争监督机构是最新一家对该应用商店进行审查的机构。</blockquote></p><p> <b>Price Action:</b>On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.</p><p><blockquote><b>价格行为：</b>周二，Coinbase 股价在常规交易时段收盘上涨 3.33%，至 254.90 美元，在盘后交易中下跌 0.2%。同一天，苹果股价在常规交易时段上涨1.15%，至136.33美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142269235","content_text":"Coinbase Global Inc(NASDAQ:COIN) CEO Brian Armstrong, in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by Apple Inc(NASDAQ:AAPL).\nWhat Happened:Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.\nCalling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”\n“We’ll work to give our users easy access to all of this from the main Coinbase product.”\nWhy It Matters:Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”\nAccording to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.\nThe Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”\nArmstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”\nHowever, Apple’s App Store policies have also attracted the attention of regulators with Germany’s competition watchdog being the latest to bring the store under scrutiny.\nPrice Action:On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.","news_type":1,"symbols_score_info":{"GBTC":0.9,"MBTmain":0.9,"XBTmain":0.9,"BTCmain":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151036782,"gmtCreate":1625056715046,"gmtModify":1631890545504,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151036782","repostId":"1150186389","repostType":4,"isVote":1,"tweetType":1,"viewCount":1831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":154691150,"gmtCreate":1625521233670,"gmtModify":1631890545448,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Closed&nbsp;","listText":"Closed&nbsp;","text":"Closed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154691150","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://www.laohunote.com/m/news/1109703914?lang=zh_CN&edition=full","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the Stock Market Open or Closed on Independence Day?<blockquote>独立日股市是开市还是休市？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年的7月4日是星期天，在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么主要市场在假期会开放还是关闭呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整收盘日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11 月 26 日星期五，交易时间为美国东部时间上午 9:30 至下午 1 点，为期半天多一点。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为美国东部时间上午 9:30 至下午 4 点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152887690,"gmtCreate":1625281121910,"gmtModify":1631890545461,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Continue monitoring&nbsp;","listText":"Continue monitoring&nbsp;","text":"Continue monitoring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/152887690","repostId":"1146176335","repostType":4,"repost":{"id":"1146176335","kind":"news","pubTimestamp":1625277627,"share":"https://www.laohunote.com/m/news/1146176335?lang=zh_CN&edition=full","pubTime":"2021-07-03 10:00","market":"us","language":"en","title":"Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146176335","media":"The Street","summary":"Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?Alibaba  -Get Report has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.Howeve","content":"<p>  Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?  Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.</p><p><blockquote>与大型和超大型同行相比，阿里巴巴-SW一直处于严重落后状态。这种情况会在2021年下半年改变吗？阿里巴巴-SW（<b>爸爸</b>) -Get Report 今年到目前为止一直很糟糕。股票交易一直持续到 2020 年第四季度，但随后一系列问题重创了该股。</blockquote></p><p> Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.</p><p><blockquote>监管机构扰乱了蚂蚁的首次公开募股，然后更深入地挖掘了阿里巴巴-SW并提高了热度。</blockquote></p><p> Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.</p><p><blockquote>投资者不喜欢监管问题，尤其是在我们与中国监管机构打交道时。</blockquote></p><p> However, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.</p><p><blockquote>然而，4月份，阿里巴巴-SW支付了低于预期但仍创纪录的罚款，希望将其监管问题抛诸脑后。尽管如此，该股的反应并未如多头所希望的那样。</blockquote></p><p> All of this comes as the S&amp;P 500 and Nasdaq continue to grind outnew all-time highs.</p><p><blockquote>所有这一切都发生在标普500和纳斯达克继续突破历史新高之际。</blockquote></p><p> It also comes as FAANG stocks continue to trade incredibly well. Alphabet&nbsp;(<b>GOOGL</b>) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix&nbsp;(<b>NFLX</b>) -Get Report&nbsp;is the worst, with a 2.3% drop.</p><p><blockquote>与此同时，FAANG 股票继续表现令人难以置信的良好。Alphabet（<b>GOOGL</b>) - Get Reportis 是表现最好的公司，上半年涨幅接近 40%，而 Netflix (<b>NFLX</b>) -Get Report 最差，下降了 2.3%。</blockquote></p><p> Alibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.</p><p><blockquote>阿里巴巴-SW上半年表现类似，下跌2.6%。然而，它的表现比高点要糟糕得多，下跌了 30% 以上。</blockquote></p><p> Can it turn around its woes in the second half and start rallying higher?</p><p><blockquote>它能否在下半年扭转颓势并开始走高？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9975f383919ff8cfc34fca49a32d8e8f\" tg-width=\"700\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> Call me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.</p><p><blockquote>看涨期权对我来说是一个绝望的乐观主义者，但我觉得阿里巴巴-SW下半场可以有稳定的表现。</blockquote></p><p> The overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon&nbsp;(<b>AMZN</b>) -Get Report.Eventually, it will perform better&nbsp;- it’s a question of “when” and not “if.”</p><p><blockquote>整体市场表现太好了，大型科技股也是如此。业务基本面完好无损，增长强劲。这就像亚马逊（<b>亚马逊</b>)-获取报告。最终，它的表现会更好--这是一个 “何时 ”的问题，而不是 “是否 ”的问题。</blockquote></p><p> Shares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.</p><p><blockquote>股价继续保持在 210 美元至 212 美元区域，并最近清除了下降趋势阻力（蓝线）。尽管如此，仍有很多障碍。</blockquote></p><p> Specifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.</p><p><blockquote>具体来说，阿里巴巴-SW股票正在与 21 周移动平均线以及 21 个月和 10 个月移动平均线作斗争。</blockquote></p><p> Let’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.</p><p><blockquote>让我们明确一点：这里没有太多看涨的技术成分。如果阿里巴巴-SW股市能在本周的下跌中守住 10 周移动平均线，我会感觉更好。</blockquote></p><p> However, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.</p><p><blockquote>然而，只要它能够保持在 210 美元的水平上方，实际上是 200 周移动平均线上方，我对阿里巴巴-SW未来六个月的走势感到满意。</blockquote></p><p> A push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.</p><p><blockquote>突破 235 美元（从而突破上述所有移动平均线障碍）可能会上涨至 250 美元，然后上涨至 263 美元。275美元以上和300美元正在发挥作用。</blockquote></p><p> Keep the risk in mind but this could be a solid second-half rebound play.</p><p><blockquote>记住风险，但这可能是一个坚实的下半场反弹比赛。</blockquote></p><p></p>","source":"lsy1610613172068","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>Can Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Alibaba Turn Around Its Woes in the Second Half of 2021?<blockquote>阿里巴巴-SW能在2021年下半年扭转困境吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-03 10:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?  Alibaba&nbsp;(<b>BABA</b>) -Get Report&nbsp;has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.</p><p><blockquote>与大型和超大型同行相比，阿里巴巴-SW一直处于严重落后状态。这种情况会在2021年下半年改变吗？阿里巴巴-SW（<b>爸爸</b>) -Get Report 今年到目前为止一直很糟糕。股票交易一直持续到 2020 年第四季度，但随后一系列问题重创了该股。</blockquote></p><p> Regulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.</p><p><blockquote>监管机构扰乱了蚂蚁的首次公开募股，然后更深入地挖掘了阿里巴巴-SW并提高了热度。</blockquote></p><p> Investors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.</p><p><blockquote>投资者不喜欢监管问题，尤其是在我们与中国监管机构打交道时。</blockquote></p><p> However, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.</p><p><blockquote>然而，4月份，阿里巴巴-SW支付了低于预期但仍创纪录的罚款，希望将其监管问题抛诸脑后。尽管如此，该股的反应并未如多头所希望的那样。</blockquote></p><p> All of this comes as the S&amp;P 500 and Nasdaq continue to grind outnew all-time highs.</p><p><blockquote>所有这一切都发生在标普500和纳斯达克继续突破历史新高之际。</blockquote></p><p> It also comes as FAANG stocks continue to trade incredibly well. Alphabet&nbsp;(<b>GOOGL</b>) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix&nbsp;(<b>NFLX</b>) -Get Report&nbsp;is the worst, with a 2.3% drop.</p><p><blockquote>与此同时，FAANG 股票继续表现令人难以置信的良好。Alphabet（<b>GOOGL</b>) - Get Reportis 是表现最好的公司，上半年涨幅接近 40%，而 Netflix (<b>NFLX</b>) -Get Report 最差，下降了 2.3%。</blockquote></p><p> Alibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.</p><p><blockquote>阿里巴巴-SW上半年表现类似，下跌2.6%。然而，它的表现比高点要糟糕得多，下跌了 30% 以上。</blockquote></p><p> Can it turn around its woes in the second half and start rallying higher?</p><p><blockquote>它能否在下半年扭转颓势并开始走高？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9975f383919ff8cfc34fca49a32d8e8f\" tg-width=\"700\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p> Call me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.</p><p><blockquote>看涨期权对我来说是一个绝望的乐观主义者，但我觉得阿里巴巴-SW下半场可以有稳定的表现。</blockquote></p><p> The overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon&nbsp;(<b>AMZN</b>) -Get Report.Eventually, it will perform better&nbsp;- it’s a question of “when” and not “if.”</p><p><blockquote>整体市场表现太好了，大型科技股也是如此。业务基本面完好无损，增长强劲。这就像亚马逊（<b>亚马逊</b>)-获取报告。最终，它的表现会更好--这是一个 “何时 ”的问题，而不是 “是否 ”的问题。</blockquote></p><p> Shares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.</p><p><blockquote>股价继续保持在 210 美元至 212 美元区域，并最近清除了下降趋势阻力（蓝线）。尽管如此，仍有很多障碍。</blockquote></p><p> Specifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.</p><p><blockquote>具体来说，阿里巴巴-SW股票正在与 21 周移动平均线以及 21 个月和 10 个月移动平均线作斗争。</blockquote></p><p> Let’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.</p><p><blockquote>让我们明确一点：这里没有太多看涨的技术成分。如果阿里巴巴-SW股市能在本周的下跌中守住 10 周移动平均线，我会感觉更好。</blockquote></p><p> However, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.</p><p><blockquote>然而，只要它能够保持在 210 美元的水平上方，实际上是 200 周移动平均线上方，我对阿里巴巴-SW未来六个月的走势感到满意。</blockquote></p><p> A push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.</p><p><blockquote>突破 235 美元（从而突破上述所有移动平均线障碍）可能会上涨至 250 美元，然后上涨至 263 美元。275美元以上和300美元正在发挥作用。</blockquote></p><p> Keep the risk in mind but this could be a solid second-half rebound play.</p><p><blockquote>记住风险，但这可能是一个坚实的下半场反弹比赛。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/alibaba-baba-stock-second-half-2021-trading?puc=yahoo&cm_ven=YAHOO\">The Street</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":{"09618":"京东集团-SW","BABA":"阿里巴巴"},"source_url":"https://www.thestreet.com/investing/alibaba-baba-stock-second-half-2021-trading?puc=yahoo&cm_ven=YAHOO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146176335","content_text":"Alibaba has been a sore laggard compared with its large- and mega-cap peers. Can that change in the second half of 2021?\n\nAlibaba (BABA) -Get Report has been a total dog so far this year. Shares were trading well into the fourth quarter of 2020 but then a string of issues pummeled the stock.\nRegulators disrupted Ant's initial public offering, then dug deeper on Alibaba and dialed up the heat.\nInvestors don’t like regulatory issues as it is but particularly when we’re dealing with Chinese regulators.\nHowever, in April, Alibaba paid a smaller-than-expectedbut still record fine, hoping to puts its regulatory issues behind it. Still, the stock hasn’t responded the way bulls were hoping.\nAll of this comes as the S&P 500 and Nasdaq continue to grind outnew all-time highs.\nIt also comes as FAANG stocks continue to trade incredibly well. Alphabet (GOOGL) -Get Reportis the top performerwith a near-40% gain in the first half of the year, while Netflix (NFLX) -Get Report is the worst, with a 2.3% drop.\nAlibaba has a similar first-half performance, down 2.6%. However, it’s doing far worse from the highs, down more than 30%.\nCan it turn around its woes in the second half and start rallying higher?\n\nCall me a hopeless optimist, but I feel that Alibaba can have a solid second-half performance.\nThe overall market has done too well and so has large-cap tech. The fundamentals of the business are intact and growth is strong. It’s like Amazon (AMZN) -Get Report.Eventually, it will perform better - it’s a question of “when” and not “if.”\nShares continue to hold the $210 to $212 area and have recently cleared downtrend resistance (blue line). That said, there’s plenty of overhead hurdles.\nSpecifically, Alibaba stock is struggling with the 21-week moving average, as well as the 21-month and 10-month moving averages.\nLet’s be clear: There are not a lot of bullish technical components here. If Alibaba stock could hold the 10-week moving average on this week’s dip, I’d feel better about it.\nHowever, as long as it can hold up over the $210 level and really, the 200-week moving average, I feel okay about Alibaba going into the next six months.\nA push over $235 - thus putting it over all of the moving average hurdles mentioned above - could open up a run to $250, then $263. Above $275 and $300 is in play.\nKeep the risk in mind but this could be a solid second-half rebound play.","news_type":1,"symbols_score_info":{"09618":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158764310,"gmtCreate":1625182792130,"gmtModify":1631890545469,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Good to hear that","listText":"Good to hear that","text":"Good to hear that","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158764310","repostId":"1175195232","repostType":4,"repost":{"id":"1175195232","kind":"news","pubTimestamp":1625182546,"share":"https://www.laohunote.com/m/news/1175195232?lang=zh_CN&edition=full","pubTime":"2021-07-02 07:35","market":"us","language":"en","title":"U.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175195232","media":"Reuters","summary":"(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for","content":"<p>(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.</p><p><blockquote>（路透社）-美国。汽车制造商周四报告称，由于 SUV 需求强劲，季度销量大幅增长，并指出随着越来越多的人转向私人交通工具以及新型电动汽车 (EV) 排队推出，这一趋势将持续到 2022 年。</blockquote></p><p> Low interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.</p><p><blockquote>低利率、政府刺激以及 COVID-19 大流行导致的个人交通偏好提振了汽车需求，尽管全球半导体短缺后库存紧张导致价格上涨。</blockquote></p><p> Higher vehicle prices have boosted profitability for automakers, who have also increased investments in EV production.</p><p><blockquote>汽车价格上涨提高了汽车制造商的盈利能力，他们也增加了对电动汽车生产的投资。</blockquote></p><p> General Motors Co said its Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales up 31%, while sales of its Buick premium SUVs soared 86%.</p><p><blockquote>通用汽车公司表示，其雪佛兰 Bolt EV 第二季度交付量创历史新高，雪佛兰总销量增长 31%，而别克高端 SUV 销量则飙升 86%。</blockquote></p><p> “We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said.</p><p><blockquote>“通用汽车首席经济学家伊莱恩-巴克伯格（Elaine Buckberg）说：”我们预计今年下半年和 2022 年的需求将继续保持高位。</blockquote></p><p> Last month, the No.1 U.S. automaker increased its EV budget to $35 billion through 2025.</p><p><blockquote>上个月，这家美国第一大汽车制造商将其到 2025 年的电动汽车预算增加到 350 亿美元。</blockquote></p><p> Japan’s Toyota Motor Corp said alternative powered vehicles represented nearly a quarter of its sales volume through June this year, up from 13% a year earlier.</p><p><blockquote>日本丰田汽车公司表示，截至今年 6 月，替代动力汽车占其销量的近四分之一，高于去年同期的 13%。</blockquote></p><p> Toyota’s overall U.S. sales rose about 73% to 688,813 vehicles in the second quarter.</p><p><blockquote>丰田第二季度在美国的整体销量增长了约 73%，达到 688,813 辆。</blockquote></p><p> “There need to be more models beyond Tesla ... next year, the (Ford) F-150 Lightning should help move the needle upward,” said Morningstar analyst David Whiston.</p><p><blockquote>“晨星公司分析师大卫-惠斯顿（David Whiston）说：”除了特斯拉之外，还需要更多的车型......明年，（福特）F-150 Lightning 应该会帮助推动这一趋势。</blockquote></p><p> Several new EVs will launch in the second half of 2021 including Chevrolet’s Bolt EUV, Hyundai’s Ioniq 5 and Kia’s EV6 models, helping lift the overall share of EVs in the United States from just 2% of all registered vehicles currently.</p><p><blockquote>2021 年下半年将推出多款新型电动汽车，包括雪佛兰的 Bolt EUV、现代的 Ioniq 5 和起亚的 EV6 车型，这将有助于提高美国电动汽车的总体份额，从目前占所有注册车辆的 2%。</blockquote></p><p> Ford, which sold more than 10,000 units of its Mustang Mach-E SUV in the first five months of this year, will launch the electric version of its best-selling F-150 pickup in 2022. The company is expected to report its sales numbers on Friday.</p><p><blockquote>福特今年前五个月的野马 Mach-E SUV 销量超过 10,000 辆，将于 2022 年推出其最畅销的 F-150 皮卡的电动版本。该公司预计将于周五公布销售数据。</blockquote></p><p> Separately, data from analytics firm Wards Intelligence showed that the pace of U.S. light-vehicle sales slowed in June to 1.3 million units from 1.6 million in May.</p><p><blockquote>另外，分析公司 Wards Intelligence 的数据显示，美国轻型汽车销量从 5 月份的 160 万辆放缓至 6 月份的 130 万辆。</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>U.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</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\">\nU.S. quarterly auto sales jump on strong SUV demand, shift to EVs<blockquote>美国季度汽车销量因 SUV 需求强劲而跃升，转向电动汽车</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-02 07:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.</p><p><blockquote>（路透社）-美国。汽车制造商周四报告称，由于 SUV 需求强劲，季度销量大幅增长，并指出随着越来越多的人转向私人交通工具以及新型电动汽车 (EV) 排队推出，这一趋势将持续到 2022 年。</blockquote></p><p> Low interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.</p><p><blockquote>低利率、政府刺激以及 COVID-19 大流行导致的个人交通偏好提振了汽车需求，尽管全球半导体短缺后库存紧张导致价格上涨。</blockquote></p><p> Higher vehicle prices have boosted profitability for automakers, who have also increased investments in EV production.</p><p><blockquote>汽车价格上涨提高了汽车制造商的盈利能力，他们也增加了对电动汽车生产的投资。</blockquote></p><p> General Motors Co said its Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales up 31%, while sales of its Buick premium SUVs soared 86%.</p><p><blockquote>通用汽车公司表示，其雪佛兰 Bolt EV 第二季度交付量创历史新高，雪佛兰总销量增长 31%，而别克高端 SUV 销量则飙升 86%。</blockquote></p><p> “We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said.</p><p><blockquote>“通用汽车首席经济学家伊莱恩-巴克伯格（Elaine Buckberg）说：”我们预计今年下半年和 2022 年的需求将继续保持高位。</blockquote></p><p> Last month, the No.1 U.S. automaker increased its EV budget to $35 billion through 2025.</p><p><blockquote>上个月，这家美国第一大汽车制造商将其到 2025 年的电动汽车预算增加到 350 亿美元。</blockquote></p><p> Japan’s Toyota Motor Corp said alternative powered vehicles represented nearly a quarter of its sales volume through June this year, up from 13% a year earlier.</p><p><blockquote>日本丰田汽车公司表示，截至今年 6 月，替代动力汽车占其销量的近四分之一，高于去年同期的 13%。</blockquote></p><p> Toyota’s overall U.S. sales rose about 73% to 688,813 vehicles in the second quarter.</p><p><blockquote>丰田第二季度在美国的整体销量增长了约 73%，达到 688,813 辆。</blockquote></p><p> “There need to be more models beyond Tesla ... next year, the (Ford) F-150 Lightning should help move the needle upward,” said Morningstar analyst David Whiston.</p><p><blockquote>“晨星公司分析师大卫-惠斯顿（David Whiston）说：”除了特斯拉之外，还需要更多的车型......明年，（福特）F-150 Lightning 应该会帮助推动这一趋势。</blockquote></p><p> Several new EVs will launch in the second half of 2021 including Chevrolet’s Bolt EUV, Hyundai’s Ioniq 5 and Kia’s EV6 models, helping lift the overall share of EVs in the United States from just 2% of all registered vehicles currently.</p><p><blockquote>2021 年下半年将推出多款新型电动汽车，包括雪佛兰的 Bolt EUV、现代的 Ioniq 5 和起亚的 EV6 车型，这将有助于提高美国电动汽车的总体份额，从目前占所有注册车辆的 2%。</blockquote></p><p> Ford, which sold more than 10,000 units of its Mustang Mach-E SUV in the first five months of this year, will launch the electric version of its best-selling F-150 pickup in 2022. The company is expected to report its sales numbers on Friday.</p><p><blockquote>福特今年前五个月的野马 Mach-E SUV 销量超过 10,000 辆，将于 2022 年推出其最畅销的 F-150 皮卡的电动版本。该公司预计将于周五公布销售数据。</blockquote></p><p> Separately, data from analytics firm Wards Intelligence showed that the pace of U.S. light-vehicle sales slowed in June to 1.3 million units from 1.6 million in May.</p><p><blockquote>另外，分析公司 Wards Intelligence 的数据显示，美国轻型汽车销量从 5 月份的 160 万辆放缓至 6 月份的 130 万辆。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-autos-sales/update-4-u-s-quarterly-auto-sales-jump-on-strong-suv-demand-shift-to-evs-idUSL3N2OD3MQ\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GE":"GE航空航天","F":"福特汽车","TM":"丰田汽车"},"source_url":"https://www.reuters.com/article/usa-autos-sales/update-4-u-s-quarterly-auto-sales-jump-on-strong-suv-demand-shift-to-evs-idUSL3N2OD3MQ","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175195232","content_text":"(Reuters) -U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.\nLow interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.\nHigher vehicle prices have boosted profitability for automakers, who have also increased investments in EV production.\nGeneral Motors Co said its Chevrolet Bolt EV posted record second-quarter deliveries, with total Chevrolet sales up 31%, while sales of its Buick premium SUVs soared 86%.\n“We expect continued high demand in the second half of this year and into 2022,” Elaine Buckberg, GM’s chief economist, said.\nLast month, the No.1 U.S. automaker increased its EV budget to $35 billion through 2025.\nJapan’s Toyota Motor Corp said alternative powered vehicles represented nearly a quarter of its sales volume through June this year, up from 13% a year earlier.\nToyota’s overall U.S. sales rose about 73% to 688,813 vehicles in the second quarter.\n“There need to be more models beyond Tesla ... next year, the (Ford) F-150 Lightning should help move the needle upward,” said Morningstar analyst David Whiston.\nSeveral new EVs will launch in the second half of 2021 including Chevrolet’s Bolt EUV, Hyundai’s Ioniq 5 and Kia’s EV6 models, helping lift the overall share of EVs in the United States from just 2% of all registered vehicles currently.\nFord, which sold more than 10,000 units of its Mustang Mach-E SUV in the first five months of this year, will launch the electric version of its best-selling F-150 pickup in 2022. The company is expected to report its sales numbers on Friday.\nSeparately, data from analytics firm Wards Intelligence showed that the pace of U.S. light-vehicle sales slowed in June to 1.3 million units from 1.6 million in May.","news_type":1,"symbols_score_info":{"TSLA":0.9,"F":0.9,"TM":0.9,"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":2198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154698376,"gmtCreate":1625521322195,"gmtModify":1631890545438,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154698376","repostId":"1166963826","repostType":4,"repost":{"id":"1166963826","kind":"news","pubTimestamp":1625486061,"share":"https://www.laohunote.com/m/news/1166963826?lang=zh_CN&edition=full","pubTime":"2021-07-05 19:54","market":"us","language":"en","title":"US IPO This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166963826","media":"renaissancecap...","summary":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holida","content":"<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.</p><p><blockquote>在经历了十多年来最繁忙的一周后，美国 IPO 市场正在假期后喘口气，缩短的一周内只有两次 IPO 计划进行。</blockquote></p><p> While the calendar is quiet at the moment, several companies are primed to launch, including luxury social club&nbsp;<b>Membership Collective Group</b>(MCG), Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV), database provider&nbsp;<b>Couchbase</b>(BASE), and consumer banking platform<b>BlendLabs</b>(BLND).</p><p><blockquote>虽然目前日历很安静，但包括豪华社交俱乐部在内的几家公司正准备推出<b>会员资格集体组</b>(MCG)，沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)，数据库提供商<b>沙发底座</b>（基地）和消费银行平台<b>混合实验室</b>（BLND）。</blockquote></p><p> Chinese healthcare data company&nbsp;<b>LinkDoc Technology</b>(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.</p><p><blockquote>中国医疗数据公司<b>LinkDoc技术</b>(LDOC) 计划以 15 亿美元的市值筹集 2 亿美元。这家人工智能驱动的医疗保健技术公司为患者护理和临床研究提供了数据平台，特别是在肿瘤学领域。自2015年以来，LinkDoc的平台已累计护理超过350万名患者，并为超过250万名患者提供纵向护理。</blockquote></p><p> OTC-list&nbsp;<b>Minim</b>(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead.&nbsp;Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.</p><p><blockquote>OTC上市<b>最小</b>（MINM）提供智能网络产品和WiFi作为服务平台，该公司尚未设定条款，但计划在未来一周开始交易。Minim开发了智能网络产品和WiFi作为服务平台，为企业、服务提供商和家庭用户的应用程序提供支持。该公司的产品可以在美国各地的零售商和100多家互联网服务提供商的宽带产品中找到。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/003a0748043153c660ff267811776609\" tg-width=\"1421\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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 This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</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 This Week: Just 2 IPOs scheduled for the shortened holiday week<blockquote>本周美国 IPO：假期周缩短期间仅安排 2 次 IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-07-05 19:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.</p><p><blockquote>在经历了十多年来最繁忙的一周后，美国 IPO 市场正在假期后喘口气，缩短的一周内只有两次 IPO 计划进行。</blockquote></p><p> While the calendar is quiet at the moment, several companies are primed to launch, including luxury social club&nbsp;<b>Membership Collective Group</b>(MCG), Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV), database provider&nbsp;<b>Couchbase</b>(BASE), and consumer banking platform<b>BlendLabs</b>(BLND).</p><p><blockquote>虽然目前日历很安静，但包括豪华社交俱乐部在内的几家公司正准备推出<b>会员资格集体组</b>(MCG)，沃尔伯格支持的健身特许经营权<b>F45训练</b>(FXLV)，数据库提供商<b>沙发底座</b>（基地）和消费银行平台<b>混合实验室</b>（BLND）。</blockquote></p><p> Chinese healthcare data company&nbsp;<b>LinkDoc Technology</b>(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.</p><p><blockquote>中国医疗数据公司<b>LinkDoc技术</b>(LDOC) 计划以 15 亿美元的市值筹集 2 亿美元。这家人工智能驱动的医疗保健技术公司为患者护理和临床研究提供了数据平台，特别是在肿瘤学领域。自2015年以来，LinkDoc的平台已累计护理超过350万名患者，并为超过250万名患者提供纵向护理。</blockquote></p><p> OTC-list&nbsp;<b>Minim</b>(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead.&nbsp;Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.</p><p><blockquote>OTC上市<b>最小</b>（MINM）提供智能网络产品和WiFi作为服务平台，该公司尚未设定条款，但计划在未来一周开始交易。Minim开发了智能网络产品和WiFi作为服务平台，为企业、服务提供商和家庭用户的应用程序提供支持。该公司的产品可以在美国各地的零售商和100多家互联网服务提供商的宽带产品中找到。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/003a0748043153c660ff267811776609\" tg-width=\"1421\" tg-height=\"362\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week\">renaissancecap...</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83625/US-IPO-Week-Ahead-Just-2-IPOs-scheduled-for-the-shortened-holiday-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166963826","content_text":"Following its busiest week in over a decade, the US IPO market is taking a breather after the holiday with just two IPOs scheduled for the shortened week ahead.\nWhile the calendar is quiet at the moment, several companies are primed to launch, including luxury social club Membership Collective Group(MCG), Wahlberg-backed fitness franchise F45 Training(FXLV), database provider Couchbase(BASE), and consumer banking platformBlendLabs(BLND).\nChinese healthcare data company LinkDoc Technology(LDOC) plans to raise $200 million at a $1.5 billion market cap. This AI-driven healthcare technology company provides a data platform for patient care and clinical research, specifically within oncology. Unprofitable with strong growth, LinkDoc's platform has cumulatively cared for over 3.5 million patients and provided longitudinal care for over 2.5 million patients since 2015.\nOTC-list Minim(MINM), which provides intelligent networking products and a WiFi as a Service platform, has not set terms but plans to begin trading in the week ahead. Minim has developed intelligent networking products and a WiFi as a Service platform that powers applications for businesses, service providers, and home users. The company's products can be found in retailers across the US and in over 100 Internet Service Providers broadband offerings.","news_type":1,"symbols_score_info":{"LDOC":0.9,"MINM":0.9}},"isVote":1,"tweetType":1,"viewCount":1599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830875920,"gmtCreate":1629067592660,"gmtModify":1631890545400,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Good info","listText":"Good info","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830875920","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohunote.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":1828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158765208,"gmtCreate":1625182756404,"gmtModify":1631890545482,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Latest cool new","listText":"Latest cool new","text":"Latest cool new","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158765208","repostId":"1193234138","repostType":4,"repost":{"id":"1193234138","kind":"news","pubTimestamp":1625182034,"share":"https://www.laohunote.com/m/news/1193234138?lang=zh_CN&edition=full","pubTime":"2021-07-02 07:27","market":"us","language":"en","title":"MKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193234138","media":"Reuters","summary":"(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty ","content":"<p>(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd for about $5.1 billion to expand its chip manufacturing capabilities.</p><p><blockquote>（路透社） - 半导体设备制造商 MKS Instruments Inc. 周四表示，将以约 51 亿美元收购特种化学品集团 Atotech Ltd，以扩大其芯片制造能力。</blockquote></p><p> The cash-and-stock deal includes $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations. MKS, which has a market capitalization of about $10 billion, will fund the acquisition through cash and debt financing.</p><p><blockquote>根据路透社的计算，现金加股票交易包括每股 Atotech 股票 16.20 美元现金和 0.0552 股 MKS 普通股，即每股价值约为 26 美元。市值约100亿美元的MKS将通过现金和债务融资为此次收购提供资金。</blockquote></p><p> The offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported MKS had approached Atotech with an acquisition offer.</p><p><blockquote>该报价比 Atotech 6 月 10 日的收盘价溢价约 10%，当时路透社报道称 MKS 已向 Atotech 提出收购要约。</blockquote></p><p> The deal comes at a time the chip industry has been dealing with a global shortage of semiconductors that has shuttered some auto production lines and its impact has been felt in other areas, including consumer electronics.</p><p><blockquote>该交易达成之际，芯片行业一直在应对全球半导体短缺的问题，导致一些汽车生产线关闭，其影响也波及到了包括消费电子产品在内的其他领域。</blockquote></p><p> Atotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February at $17 per share. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.</p><p><blockquote>Atotech 得到了收购公司凯雷集团 (Carlyle Group Inc.) 的支持，于 2 月份在美国公开市场首次亮相，价格为每股 17 美元。该公司生产用于智能手机、电器和重型机械的印刷电路板和半导体的化学品和设备。</blockquote></p><p> MKS approached Berlin-headquartered Atotech after it lost out to II-VI Inc in a bidding war for laser maker Coherent Inc in February.</p><p><blockquote>MKS 在 2 月份激光制造商 Coherent Inc 的竞购战中输给了 II-VI Inc 后，与总部位于柏林的 Atotech 进行了接洽。</blockquote></p><p> “We want to participate in all the profit pools for advanced electronics. Partnering with Atotech and having the scale is going to allow us being stronger in committing R&amp;D to our customers throughout downturns,” MKS Chief Executive John Lee said in an interview.</p><p><blockquote>“我们希望参与先进电子公司的所有利润池。MKS 首席执行官约翰-李（John Lee）在接受采访时说：”与 Atotech 合作并拥有这样的规模，将使我们能够在经济低迷时期更有力地为客户提供研发服务。</blockquote></p><p> The deal, expected to close by the fourth quarter of this year, will bring more recurring revenue streams and expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals, especially on rigid circuit boards that are widely used on smartphones, laptops and cars, according to MKS.</p><p><blockquote>据 MKS 称，这笔交易预计将于今年第四季度完成，将带来更多的经常性收入来源，并通过增加 Atotech 的电镀化学品，扩大 MKS 在芯片制造领域的产品，尤其是在智能手机、笔记本电脑和汽车上广泛使用的刚性电路板上。</blockquote></p><p> Andover, Massachusetts-based MKS’ shares were down 3.7% at $171.35 on Thursday, while Atotech was down 1.45%.</p><p><blockquote>总部位于马萨诸塞州安多弗的 MKS 股价周四下跌 3.7%，至 171.35 美元，Atotech 下跌 1.45%。</blockquote></p><p> Perella Weinberg Partners acted as MKS’ financial adviser, while Credit Suisse was Atotech’s financial adviser.</p><p><blockquote>Perella Weinberg Partners 担任 MKS 的财务顾问，瑞士信贷担任 Atotech 的财务顾问。</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>MKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</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\">\nMKS Instruments to buy Atotech for $5.1 billion to expand chipmaking offerings<blockquote>MKS Instruments 将以 51 亿美元收购 Atotech，以扩大芯片制造产品</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-02 07:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd for about $5.1 billion to expand its chip manufacturing capabilities.</p><p><blockquote>（路透社） - 半导体设备制造商 MKS Instruments Inc. 周四表示，将以约 51 亿美元收购特种化学品集团 Atotech Ltd，以扩大其芯片制造能力。</blockquote></p><p> The cash-and-stock deal includes $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations. MKS, which has a market capitalization of about $10 billion, will fund the acquisition through cash and debt financing.</p><p><blockquote>根据路透社的计算，现金加股票交易包括每股 Atotech 股票 16.20 美元现金和 0.0552 股 MKS 普通股，即每股价值约为 26 美元。市值约100亿美元的MKS将通过现金和债务融资为此次收购提供资金。</blockquote></p><p> The offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported MKS had approached Atotech with an acquisition offer.</p><p><blockquote>该报价比 Atotech 6 月 10 日的收盘价溢价约 10%，当时路透社报道称 MKS 已向 Atotech 提出收购要约。</blockquote></p><p> The deal comes at a time the chip industry has been dealing with a global shortage of semiconductors that has shuttered some auto production lines and its impact has been felt in other areas, including consumer electronics.</p><p><blockquote>该交易达成之际，芯片行业一直在应对全球半导体短缺的问题，导致一些汽车生产线关闭，其影响也波及到了包括消费电子产品在内的其他领域。</blockquote></p><p> Atotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February at $17 per share. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.</p><p><blockquote>Atotech 得到了收购公司凯雷集团 (Carlyle Group Inc.) 的支持，于 2 月份在美国公开市场首次亮相，价格为每股 17 美元。该公司生产用于智能手机、电器和重型机械的印刷电路板和半导体的化学品和设备。</blockquote></p><p> MKS approached Berlin-headquartered Atotech after it lost out to II-VI Inc in a bidding war for laser maker Coherent Inc in February.</p><p><blockquote>MKS 在 2 月份激光制造商 Coherent Inc 的竞购战中输给了 II-VI Inc 后，与总部位于柏林的 Atotech 进行了接洽。</blockquote></p><p> “We want to participate in all the profit pools for advanced electronics. Partnering with Atotech and having the scale is going to allow us being stronger in committing R&amp;D to our customers throughout downturns,” MKS Chief Executive John Lee said in an interview.</p><p><blockquote>“我们希望参与先进电子公司的所有利润池。MKS 首席执行官约翰-李（John Lee）在接受采访时说：”与 Atotech 合作并拥有这样的规模，将使我们能够在经济低迷时期更有力地为客户提供研发服务。</blockquote></p><p> The deal, expected to close by the fourth quarter of this year, will bring more recurring revenue streams and expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals, especially on rigid circuit boards that are widely used on smartphones, laptops and cars, according to MKS.</p><p><blockquote>据 MKS 称，这笔交易预计将于今年第四季度完成，将带来更多的经常性收入来源，并通过增加 Atotech 的电镀化学品，扩大 MKS 在芯片制造领域的产品，尤其是在智能手机、笔记本电脑和汽车上广泛使用的刚性电路板上。</blockquote></p><p> Andover, Massachusetts-based MKS’ shares were down 3.7% at $171.35 on Thursday, while Atotech was down 1.45%.</p><p><blockquote>总部位于马萨诸塞州安多弗的 MKS 股价周四下跌 3.7%，至 171.35 美元，Atotech 下跌 1.45%。</blockquote></p><p> Perella Weinberg Partners acted as MKS’ financial adviser, while Credit Suisse was Atotech’s financial adviser.</p><p><blockquote>Perella Weinberg Partners 担任 MKS 的财务顾问，瑞士信贷担任 Atotech 的财务顾问。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/atotech-ma-mks-instruments/update-3-mks-instruments-to-buy-atotech-for-5-1-bln-to-expand-chipmaking-offerings-idUSL3N2OD2SF\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MKSI":"MKS仪器"},"source_url":"https://www.reuters.com/article/atotech-ma-mks-instruments/update-3-mks-instruments-to-buy-atotech-for-5-1-bln-to-expand-chipmaking-offerings-idUSL3N2OD2SF","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193234138","content_text":"(Reuters) -Semiconductor equipment maker MKS Instruments Inc said on Thursday it will buy specialty chemicals group Atotech Ltd for about $5.1 billion to expand its chip manufacturing capabilities.\nThe cash-and-stock deal includes $16.20 in cash and 0.0552 of a share of MKS common stock for each Atotech share, or a per share value of about $26, according to Reuters calculations. MKS, which has a market capitalization of about $10 billion, will fund the acquisition through cash and debt financing.\nThe offer represents a premium of about 10% to Atotech’s closing price on June 10, when Reuters reported MKS had approached Atotech with an acquisition offer.\nThe deal comes at a time the chip industry has been dealing with a global shortage of semiconductors that has shuttered some auto production lines and its impact has been felt in other areas, including consumer electronics.\nAtotech, backed by buyout firm Carlyle Group Inc, made its U.S. public market debut in February at $17 per share. The company makes chemicals and equipment for printed circuit boards and semiconductors that are used in smartphones, appliances and heavy machinery.\nMKS approached Berlin-headquartered Atotech after it lost out to II-VI Inc in a bidding war for laser maker Coherent Inc in February.\n“We want to participate in all the profit pools for advanced electronics. Partnering with Atotech and having the scale is going to allow us being stronger in committing R&D to our customers throughout downturns,” MKS Chief Executive John Lee said in an interview.\nThe deal, expected to close by the fourth quarter of this year, will bring more recurring revenue streams and expand MKS’ offerings in chip manufacturing through the addition of Atotech’s plating chemicals, especially on rigid circuit boards that are widely used on smartphones, laptops and cars, according to MKS.\nAndover, Massachusetts-based MKS’ shares were down 3.7% at $171.35 on Thursday, while Atotech was down 1.45%.\nPerella Weinberg Partners acted as MKS’ financial adviser, while Credit Suisse was Atotech’s financial adviser.","news_type":1,"symbols_score_info":{"MKSI":0.9}},"isVote":1,"tweetType":1,"viewCount":3158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894139209,"gmtCreate":1628810613501,"gmtModify":1631890545415,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Go up…","listText":"Go up…","text":"Go up…","images":[{"img":"https://static.tigerbbs.com/70fed4107c1dd5122b2a54e100d77fb2","width":"1125","height":"2332"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894139209","isVote":1,"tweetType":1,"viewCount":1688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":179502054,"gmtCreate":1626554613578,"gmtModify":1631890545425,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Buy now?","listText":"Buy now?","text":"Buy now?","images":[{"img":"https://static.tigerbbs.com/ab72e48e2b3bc7e201bb81f9ad1b4d3d","width":"1125","height":"2515"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/179502054","isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":151015917,"gmtCreate":1625057319739,"gmtModify":1631890545494,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Interesting example","listText":"Interesting example","text":"Interesting example","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151015917","repostId":"1142269235","repostType":4,"repost":{"id":"1142269235","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":1625039703,"share":"https://www.laohunote.com/m/news/1142269235?lang=zh_CN&edition=full","pubTime":"2021-06-30 15:55","market":"us","language":"en","title":"Coinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142269235","media":"Benzinga Earnings","summary":"Coinbase Global Inc(NASDAQ:COIN) CEO Brian Armstrong, in a blog post on Tuesday, called for the buil","content":"<p><b>Coinbase Global Inc</b>(NASDAQ:COIN) CEO Brian Armstrong,&nbsp;in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by&nbsp;<b>Apple Inc</b>(NASDAQ:AAPL).</p><p><blockquote><b>比特币基地全球公司</b>（纳斯达克股票代码：COIN）首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）在周二的一篇博客文章中呼吁建立一个类似于……创建的“加密货币应用商店”。<b>苹果公司</b>（纳斯达克股票代码：AAPL）</blockquote></p><p> <b>What Happened:</b>Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.</p><p><blockquote><b>发生了什么：</b>阿姆斯特朗指出，加密货币的用例有所增加，并列举了不可替代的代币或NFT以及dApp的去中心化应用的例子。</blockquote></p><p> Calling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”</p><p><blockquote>他呼吁建立一个类似于 App Store 的商店，并写道：“我们也需要在加密货币领域做同样的事情。现在有数百亿美元的经济活动在 dApps 上运行，每三个月就会出现一个新的趋势。”</blockquote></p><p> “We’ll work to give our users easy access to all of this from the main Coinbase product.”</p><p><blockquote>“我们将努力让我们的用户从 Coinbase 的主要产品中轻松访问所有这些内容。”</blockquote></p><p> <b>Why It Matters:</b>Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”</p><p><blockquote><b>为什么重要：</b>阿姆斯特朗指出，苹果并没有试图 “为 iPhone 打造每一个应用程序，它赋予了开发者权力，并为移动用户提供了一种访问新创新应用程序的便捷方式”。</blockquote></p><p> According to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.</p><p><blockquote>根据苹果网站的数据，苹果的商店里有 180 万个应用程序，有 175 个店面，涵盖 40 多种语言。</blockquote></p><p> The Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”</p><p><blockquote>这位 Coinbase 首席执行官似乎从苹果那里得到了启发，因为他也倡导 “国际第一的思维”。</blockquote></p><p> Armstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”</p><p><blockquote>阿姆斯特朗说，Coinbase 不会专注于 “一小部分地区”，而是 “将在第一天就在国际市场上运送更多产品，从而彻底改变这种做法”。</blockquote></p><p> However, Apple’s App Store policies have also attracted the&nbsp;attention of regulators&nbsp;with Germany’s competition watchdog being the latest to bring the store under scrutiny.</p><p><blockquote>然而，苹果的 App Store 政策也引起了监管机构的注意，德国竞争监督机构是最新一家对该应用商店进行审查的机构。</blockquote></p><p> <b>Price Action:</b>On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.</p><p><blockquote><b>价格行为：</b>周二，Coinbase 股价在常规交易时段收盘上涨 3.33%，至 254.90 美元，在盘后交易中下跌 0.2%。同一天，苹果股价在常规交易时段上涨1.15%，至136.33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>Coinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</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\">\nCoinbase CEO Gives Apple's Example As He Calls For Building The 'Crypto App Store'<blockquote>Coinbase 首席执行官以苹果为例，他是评级，建立了“加密应用商店”</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\">2021-06-30 15:55</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Coinbase Global Inc</b>(NASDAQ:COIN) CEO Brian Armstrong,&nbsp;in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by&nbsp;<b>Apple Inc</b>(NASDAQ:AAPL).</p><p><blockquote><b>比特币基地全球公司</b>（纳斯达克股票代码：COIN）首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）在周二的一篇博客文章中呼吁建立一个类似于……创建的“加密货币应用商店”。<b>苹果公司</b>（纳斯达克股票代码：AAPL）</blockquote></p><p> <b>What Happened:</b>Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.</p><p><blockquote><b>发生了什么：</b>阿姆斯特朗指出，加密货币的用例有所增加，并列举了不可替代的代币或NFT以及dApp的去中心化应用的例子。</blockquote></p><p> Calling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”</p><p><blockquote>他呼吁建立一个类似于 App Store 的商店，并写道：“我们也需要在加密货币领域做同样的事情。现在有数百亿美元的经济活动在 dApps 上运行，每三个月就会出现一个新的趋势。”</blockquote></p><p> “We’ll work to give our users easy access to all of this from the main Coinbase product.”</p><p><blockquote>“我们将努力让我们的用户从 Coinbase 的主要产品中轻松访问所有这些内容。”</blockquote></p><p> <b>Why It Matters:</b>Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”</p><p><blockquote><b>为什么重要：</b>阿姆斯特朗指出，苹果并没有试图 “为 iPhone 打造每一个应用程序，它赋予了开发者权力，并为移动用户提供了一种访问新创新应用程序的便捷方式”。</blockquote></p><p> According to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.</p><p><blockquote>根据苹果网站的数据，苹果的商店里有 180 万个应用程序，有 175 个店面，涵盖 40 多种语言。</blockquote></p><p> The Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”</p><p><blockquote>这位 Coinbase 首席执行官似乎从苹果那里得到了启发，因为他也倡导 “国际第一的思维”。</blockquote></p><p> Armstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”</p><p><blockquote>阿姆斯特朗说，Coinbase 不会专注于 “一小部分地区”，而是 “将在第一天就在国际市场上运送更多产品，从而彻底改变这种做法”。</blockquote></p><p> However, Apple’s App Store policies have also attracted the&nbsp;attention of regulators&nbsp;with Germany’s competition watchdog being the latest to bring the store under scrutiny.</p><p><blockquote>然而，苹果的 App Store 政策也引起了监管机构的注意，德国竞争监督机构是最新一家对该应用商店进行审查的机构。</blockquote></p><p> <b>Price Action:</b>On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.</p><p><blockquote><b>价格行为：</b>周二，Coinbase 股价在常规交易时段收盘上涨 3.33%，至 254.90 美元，在盘后交易中下跌 0.2%。同一天，苹果股价在常规交易时段上涨1.15%，至136.33美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142269235","content_text":"Coinbase Global Inc(NASDAQ:COIN) CEO Brian Armstrong, in a blog post on Tuesday, called for the building of the “crypto app store” similar to the one created by Apple Inc(NASDAQ:AAPL).\nWhat Happened:Armstrong noted that the cryptocurrency use cases have grown, citing the examples of non-fungible tokens or NFTs and Decentralized Applications of DApps.\nCalling for a store similar to the App Store, he wrote, “We need to do the same in crypto. There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.”\n“We’ll work to give our users easy access to all of this from the main Coinbase product.”\nWhy It Matters:Armstrong noted that Apple did not attempt to build “every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.”\nAccording to Apple’s website, Apple has 1.8 million apps available on its store with 175 storefronts in over 40 languages.\nThe Coinbase CEO seems to have taken a cue from Apple as he also advocated an “international-first mindset.”\nArmstrong said instead of focusing on a “narrow set of regions,” Coinbase is “going to flip this approach on its head by shipping more products in international markets on day one.”\nHowever, Apple’s App Store policies have also attracted the attention of regulators with Germany’s competition watchdog being the latest to bring the store under scrutiny.\nPrice Action:On Tuesday, Coinbase shares closed 3.33% higher at $254.90 in the regular session and fell 0.2% in the after-hours trading. On the same day, Apple shares rose 1.15% in the regular session to $136.33.","news_type":1,"symbols_score_info":{"GBTC":0.9,"MBTmain":0.9,"XBTmain":0.9,"BTCmain":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151036782,"gmtCreate":1625056715046,"gmtModify":1631890545504,"author":{"id":"4088143116973830","authorId":"4088143116973830","name":"Ming28","avatar":"https://static.tigerbbs.com/5e2bf6eb06a649f2760e80e9d4788859","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088143116973830","authorIdStr":"4088143116973830"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/151036782","repostId":"1150186389","repostType":4,"isVote":1,"tweetType":1,"viewCount":1831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}