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Parangccyman

Parangccyman

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2021-09-05

Oh

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2021-08-28

Nice

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2021-08-26

Comment

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2021-08-26

Nice

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2021-08-25

What [Anger]

German regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</blockquote>

2021-08-23

Like

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2021-08-23

Please like

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2021-08-23

Please like

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2021-08-23

Really

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2021-08-23

Really

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2021-08-23

Really

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2021-08-21

Wow

Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调了近 40%</blockquote>

2021-08-20

Nice

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2021-08-19

Wow

Stocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减规模谈判是认真的，股市以丑陋的方式收盘</blockquote>

2021-08-18

Maybe

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2021-08-17

Wow

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2021-08-16

Awesome

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

Superb

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2021-08-10

Wow

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2021-08-10

Nice

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[Anger]&nbsp;","listText":"What [Anger]&nbsp;","text":"What [Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837939892","repostId":"1102136193","repostType":4,"repost":{"id":"1102136193","kind":"news","pubTimestamp":1629851485,"share":"https://www.laohunote.com/m/news/1102136193?lang=zh_CN&edition=full","pubTime":"2021-08-25 08:31","market":"us","language":"en","title":"German regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102136193","media":"Reuters","summary":"(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an inside","content":"<p>(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an insider trading investigation in the shares of carmaker Daimler, including the purchase of a stake in the UK’s Aston Martin by Mercedes’ Formula One boss.</p><p><blockquote>(路透社）--德国市场监管机构 BaFin 周二表示，没有证据对汽车制造商戴姆勒的股票进行内幕交易调查，包括梅赛德斯一级方程式赛车老板购买英国阿斯顿-马丁的股份。</blockquote></p><p> BaFin looked into trading at Germany’s Daimler and passed information to counterparts at the UK’s Financial Conduct Authority (FCA) regarding trading in Aston Martin shares, with the FCA also finding no evidence to pursue a probe, the Financial Times newspaper reported earlier.</p><p><blockquote>据英国《金融时报》早些时候报道，德国联邦金融监管局（BaFin）调查了德国戴姆勒公司的交易情况，并将有关阿斯顿-马丁股票交易的信息传递给了英国金融行为监管局（FCA）的同行，FCA 也没有发现任何证据进行调查。</blockquote></p><p> “I can confirm that BaFin looked into the transaction with regard to possible suspicions of insider trading (in Daimler securities), but did not find any clues,” the BaFin spokesperson said in an emailed statement.</p><p><blockquote>“德国联邦金融监管局发言人在一份电子邮件声明中说：”我可以确认，德国联邦金融监管局（BaFin）对（戴姆勒证券）可能存在的内幕交易嫌疑进行了调查，但没有发现任何线索。</blockquote></p><p> Daimler said it had no comment. FCA and Aston Martin did not immediately respond to a request for comment outside regular working hours.</p><p><blockquote>戴姆勒表示不予置评。FCA 和阿斯顿·马丁没有在正常工作时间之外立即回应置评请求。</blockquote></p><p> Toto Wolff, Mercedes’ Formula One boss, who owns about a third of the Mercedes team, purchased shares in luxury carmaker Aston Martin in April last year.</p><p><blockquote>梅赛德斯一级方程式赛车老板托托-沃尔夫（Toto Wolff）拥有梅赛德斯车队约三分之一的股份，他于去年 4 月购买了豪华汽车制造商阿斯顿-马丁（Aston Martin）的股份。</blockquote></p><p> Daimler, the parent company of Mercedes, also owns a minority stake in Aston Martin.</p><p><blockquote>梅赛德斯的母公司戴姆勒也拥有阿斯顿·马丁的少数股权。</blockquote></p><p> Wolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK carmaker’s executive chair, according to the FT.</p><p><blockquote>据英国《金融时报》报道，沃尔夫从英国汽车制造商阿斯顿-马丁执行主席劳伦斯-斯特罗尔（Lawrence Stroll）控制的一家公司手中购买了阿斯顿-马丁0.95%的股份。</blockquote></p><p> In the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% by 2023.</p><p><blockquote>次月，阿斯顿-马丁任命梅赛德斯AMG业务前负责人托比亚斯-莫尔斯（Tobias Moers）为首席执行官。10 月，戴姆勒表示将到 2023 年将把阿斯顿·马丁的股份增至 20%。</blockquote></p><p> Mercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the FT. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper added.</p><p><blockquote>据《金融时报》报道，梅赛德斯-F1 表示，沃尔夫在收购股份时并不知道这两个计划，“所有相关披露都是在适当的时候向英国金融当局披露的”。该报补充说，沃尔夫去年没有收购或交易任何戴姆勒股票或证券。</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>German regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</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\">\nGerman regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-25 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an insider trading investigation in the shares of carmaker Daimler, including the purchase of a stake in the UK’s Aston Martin by Mercedes’ Formula One boss.</p><p><blockquote>(路透社）--德国市场监管机构 BaFin 周二表示，没有证据对汽车制造商戴姆勒的股票进行内幕交易调查，包括梅赛德斯一级方程式赛车老板购买英国阿斯顿-马丁的股份。</blockquote></p><p> BaFin looked into trading at Germany’s Daimler and passed information to counterparts at the UK’s Financial Conduct Authority (FCA) regarding trading in Aston Martin shares, with the FCA also finding no evidence to pursue a probe, the Financial Times newspaper reported earlier.</p><p><blockquote>据英国《金融时报》早些时候报道，德国联邦金融监管局（BaFin）调查了德国戴姆勒公司的交易情况，并将有关阿斯顿-马丁股票交易的信息传递给了英国金融行为监管局（FCA）的同行，FCA 也没有发现任何证据进行调查。</blockquote></p><p> “I can confirm that BaFin looked into the transaction with regard to possible suspicions of insider trading (in Daimler securities), but did not find any clues,” the BaFin spokesperson said in an emailed statement.</p><p><blockquote>“德国联邦金融监管局发言人在一份电子邮件声明中说：”我可以确认，德国联邦金融监管局（BaFin）对（戴姆勒证券）可能存在的内幕交易嫌疑进行了调查，但没有发现任何线索。</blockquote></p><p> Daimler said it had no comment. FCA and Aston Martin did not immediately respond to a request for comment outside regular working hours.</p><p><blockquote>戴姆勒表示不予置评。FCA 和阿斯顿·马丁没有在正常工作时间之外立即回应置评请求。</blockquote></p><p> Toto Wolff, Mercedes’ Formula One boss, who owns about a third of the Mercedes team, purchased shares in luxury carmaker Aston Martin in April last year.</p><p><blockquote>梅赛德斯一级方程式赛车老板托托-沃尔夫（Toto Wolff）拥有梅赛德斯车队约三分之一的股份，他于去年 4 月购买了豪华汽车制造商阿斯顿-马丁（Aston Martin）的股份。</blockquote></p><p> Daimler, the parent company of Mercedes, also owns a minority stake in Aston Martin.</p><p><blockquote>梅赛德斯的母公司戴姆勒也拥有阿斯顿·马丁的少数股权。</blockquote></p><p> Wolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK carmaker’s executive chair, according to the FT.</p><p><blockquote>据英国《金融时报》报道，沃尔夫从英国汽车制造商阿斯顿-马丁执行主席劳伦斯-斯特罗尔（Lawrence Stroll）控制的一家公司手中购买了阿斯顿-马丁0.95%的股份。</blockquote></p><p> In the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% by 2023.</p><p><blockquote>次月，阿斯顿-马丁任命梅赛德斯AMG业务前负责人托比亚斯-莫尔斯（Tobias Moers）为首席执行官。10 月，戴姆勒表示将到 2023 年将把阿斯顿·马丁的股份增至 20%。</blockquote></p><p> Mercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the FT. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper added.</p><p><blockquote>据《金融时报》报道，梅赛德斯-F1 表示，沃尔夫在收购股份时并不知道这两个计划，“所有相关披露都是在适当的时候向英国金融当局披露的”。该报补充说，沃尔夫去年没有收购或交易任何戴姆勒股票或证券。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/daimler-aston-martin-insidertrading/update-3-german-regulator-bafin-rejects-insider-trading-suspicions-in-daimler-shares-idUSL1N2PV254\">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":{"DDAIF":"戴姆勒汽车"},"source_url":"https://www.reuters.com/article/daimler-aston-martin-insidertrading/update-3-german-regulator-bafin-rejects-insider-trading-suspicions-in-daimler-shares-idUSL1N2PV254","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102136193","content_text":"(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an insider trading investigation in the shares of carmaker Daimler, including the purchase of a stake in the UK’s Aston Martin by Mercedes’ Formula One boss.\nBaFin looked into trading at Germany’s Daimler and passed information to counterparts at the UK’s Financial Conduct Authority (FCA) regarding trading in Aston Martin shares, with the FCA also finding no evidence to pursue a probe, the Financial Times newspaper reported earlier.\n“I can confirm that BaFin looked into the transaction with regard to possible suspicions of insider trading (in Daimler securities), but did not find any clues,” the BaFin spokesperson said in an emailed statement.\nDaimler said it had no comment. FCA and Aston Martin did not immediately respond to a request for comment outside regular working hours.\nToto Wolff, Mercedes’ Formula One boss, who owns about a third of the Mercedes team, purchased shares in luxury carmaker Aston Martin in April last year.\nDaimler, the parent company of Mercedes, also owns a minority stake in Aston Martin.\nWolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK carmaker’s executive chair, according to the FT.\nIn the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% by 2023.\nMercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the FT. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper 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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":1629473431,"share":"https://www.laohunote.com/m/news/1107004225?lang=zh_CN&edition=full","pubTime":"2021-08-20 23:30","market":"us","language":"en","title":"Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调了近 40%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107004225","media":"Benzinga Earnings","summary":"Virgin Galactic Holdings Inc shares have come crashing back to Earth since the company successfully ","content":"<p><b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> </b><b>Holdings</b><b> Inc</b>&nbsp;shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday&nbsp;the stock will likely continue to struggle in the near-term.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a></b><b>控股</b><b>公司</b>自该公司 7 月份成功完成 Unity 22 太空飞行以来，股价已重返地球，一位分析师周五表示，该股短期内可能会继续陷入困境。</blockquote></p><p> <b>The Virgin Galactic Analyst:</b>&nbsp;Bank of America analyst Ronald Epstein reiterated an Underperform rating on&nbsp;Virgin Galactic and cut the&nbsp;price target from $41 to $25.</p><p><blockquote><b>维珍银河分析师：</b>美国银行分析师罗纳德·爱泼斯坦重申了维珍银河表现不佳的评级，并将目标价从 41 美元下调至 25 美元。</blockquote></p><p> <b>The Virgin Galactic Takeaways:</b>&nbsp;In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.</p><p><blockquote><b>维珍银河要点：</b>爱泼斯坦在新的说明中说，维珍最近宣布将在 7 月份收到对母舰 Eve 的改进建议后，于 9 月份开始对其进行计划中的维护和改进，这让他感到惊讶和有些困惑。</blockquote></p><p> The planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.</p><p><blockquote>维珍航空没有详细说明计划中的改进措施，这些改进措施将把公司首趟商业客运航班的时间表从 2022 年初推迟到 2022 年第三季度末。</blockquote></p><p> Epstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.</p><p><blockquote>爱泼斯坦说，尤其令人惊讶的是，维珍航空没有提供任何有关计划改进的技术细节，并表示这些改进仍处于设计阶段。</blockquote></p><p> For now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.</p><p><blockquote>爱泼斯坦表示，目前，他预计维珍航空将专注于亚轨道旅行，这将在未来进一步推迟轨道旅行。爱泼斯坦将维珍轨道旅行的目标日期从 2028 年推迟到 2035 年，并取消了 2035 年高速点对点旅行的目标。</blockquote></p><p> In terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.</p><p><blockquote>就即将到来的股票催化剂而言，爱泼斯坦说，2021 年 10 月的锁定期可能会给维珍的股票带来压力。</blockquote></p><p> “We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.</p><p><blockquote>“爱泼斯坦说：”我们认为股价将面临短期下行压力，原因是：a) 商业化延迟导致缺乏催化剂；b) 市场对下一次股权融资保持关注；c) 下一次锁定期到期。</blockquote></p><p> <b>Benzinga’s Take:</b>&nbsp;With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.</p><p><blockquote><b>Benzinga 的观点：</b>由于维珍在 2020 年的收入不到 30 万美元，净亏损 6.44 亿美元，商业上市道路上的任何延迟都会引起投资者的担忧，这是可以理解的。</blockquote></p><p> If Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.</p><p><blockquote>如果爱泼斯坦的新目标是正确的，那么至少在未来 14 年里，维珍航空似乎将全部用于亚轨道旅行。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调了近 40%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy This Virgin Galactic Analyst Just Cut Their Price Target By Nearly 40%<blockquote>为什么这位维珍银河分析师刚刚将目标价下调了近 40%</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\">2021-08-20 23:30</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a> </b><b>Holdings</b><b> Inc</b>&nbsp;shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday&nbsp;the stock will likely continue to struggle in the near-term.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SPCE\">维珍银河</a></b><b>控股</b><b>公司</b>自该公司 7 月份成功完成 Unity 22 太空飞行以来，股价已重返地球，一位分析师周五表示，该股短期内可能会继续陷入困境。</blockquote></p><p> <b>The Virgin Galactic Analyst:</b>&nbsp;Bank of America analyst Ronald Epstein reiterated an Underperform rating on&nbsp;Virgin Galactic and cut the&nbsp;price target from $41 to $25.</p><p><blockquote><b>维珍银河分析师：</b>美国银行分析师罗纳德·爱泼斯坦重申了维珍银河表现不佳的评级，并将目标价从 41 美元下调至 25 美元。</blockquote></p><p> <b>The Virgin Galactic Takeaways:</b>&nbsp;In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.</p><p><blockquote><b>维珍银河要点：</b>爱泼斯坦在新的说明中说，维珍最近宣布将在 7 月份收到对母舰 Eve 的改进建议后，于 9 月份开始对其进行计划中的维护和改进，这让他感到惊讶和有些困惑。</blockquote></p><p> The planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.</p><p><blockquote>维珍航空没有详细说明计划中的改进措施，这些改进措施将把公司首趟商业客运航班的时间表从 2022 年初推迟到 2022 年第三季度末。</blockquote></p><p> Epstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.</p><p><blockquote>爱泼斯坦说，尤其令人惊讶的是，维珍航空没有提供任何有关计划改进的技术细节，并表示这些改进仍处于设计阶段。</blockquote></p><p> For now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.</p><p><blockquote>爱泼斯坦表示，目前，他预计维珍航空将专注于亚轨道旅行，这将在未来进一步推迟轨道旅行。爱泼斯坦将维珍轨道旅行的目标日期从 2028 年推迟到 2035 年，并取消了 2035 年高速点对点旅行的目标。</blockquote></p><p> In terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.</p><p><blockquote>就即将到来的股票催化剂而言，爱泼斯坦说，2021 年 10 月的锁定期可能会给维珍的股票带来压力。</blockquote></p><p> “We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.</p><p><blockquote>“爱泼斯坦说：”我们认为股价将面临短期下行压力，原因是：a) 商业化延迟导致缺乏催化剂；b) 市场对下一次股权融资保持关注；c) 下一次锁定期到期。</blockquote></p><p> <b>Benzinga’s Take:</b>&nbsp;With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.</p><p><blockquote><b>Benzinga 的观点：</b>由于维珍在 2020 年的收入不到 30 万美元，净亏损 6.44 亿美元，商业上市道路上的任何延迟都会引起投资者的担忧，这是可以理解的。</blockquote></p><p> If Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.</p><p><blockquote>如果爱泼斯坦的新目标是正确的，那么至少在未来 14 年里，维珍航空似乎将全部用于亚轨道旅行。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107004225","content_text":"Virgin Galactic Holdings Inc shares have come crashing back to Earth since the company successfully completed a Unity 22 space flight back in July, and one analyst said Friday the stock will likely continue to struggle in the near-term.\nThe Virgin Galactic Analyst: Bank of America analyst Ronald Epstein reiterated an Underperform rating on Virgin Galactic and cut the price target from $41 to $25.\nThe Virgin Galactic Takeaways: In his new note, Epstein said he was surprised and somewhat confused by Virgin’s recent announcement that it will begin planned maintenance plus enhancement for Mothership Eve in September after receiving a recommendation for the enhancements in July.\nThe planned improvements, which Virgin did not detail, will bump back the timeline for the company’s first commercial passenger flight from early 2022 to late in the third quarter of 2022.\nEpstein said it was particularly surprising that Virgin didn’t provide any technical details about the planned improvements and said the enhancements are still in the design phase.\nFor now, Epstein said he expects Virgin to focus on sub-orbital travel, which will bump back orbital travel further into the future. Epstein has pushed back his target date for Virgin orbital travel from 2028 to 2035 and is removing his 2035 target for high speed point-to-point travel.\nIn terms of upcoming stock catalysts, Epstein said the October 2021 lock-up expirations could pressure Virgin’s stock.\n“We see short term downside pressure to the stock price as a) delayed commercialization results in lack of catalysts, b) the market stays attentive to the next equity raise, and c) the next lock-up period expires,” Epstein said.\nBenzinga’s Take: With Virgin generating a $644-million net loss on less than $300,000 in revenue in 2020, any delays in the path to a commercial launch are understandably concerning for investors.\nIf Epstein’s new targets are correct, it also appears that at least the next 14 years will be all about sub-orbital travel for Virgin.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838233880,"gmtCreate":1629411877940,"gmtModify":1633685121647,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838233880","repostId":"1102855434","repostType":4,"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831240543,"gmtCreate":1629331824482,"gmtModify":1633685668083,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831240543","repostId":"1173912409","repostType":4,"repost":{"id":"1173912409","kind":"news","pubTimestamp":1629328047,"share":"https://www.laohunote.com/m/news/1173912409?lang=zh_CN&edition=full","pubTime":"2021-08-19 07:07","market":"us","language":"en","title":"Stocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减规模谈判是认真的，股市以丑陋的方式收盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173912409","media":"Barrons","summary":"Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.\nTh","content":"<p>Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.</p><p><blockquote>美联储7月会议纪要公布后，股市周三遭到抛售。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;dropped 383 points, or 1.1%, while the S&amp;P 500&nbsp;fell 1.1%. The Nasdaq Composite&nbsp;declined 0.9%. All three finished near their lows of the day.</p><p><blockquote>道琼斯工业平均指数下跌383点，跌幅1.1%，标普500下跌1.1%。纳斯达克综合指数下跌 0.9%。三者都接近当天的低点。</blockquote></p><p> Fed governors have been dropping hints in recent weeks that the beginning of the end of the central bank’s bond buying was nearing, and the minutes confirmed that&nbsp;taperingis at hand. “Most participants noted that …it could be appropriate to start reducing the pace of asset purchases this year,” the minutes read.</p><p><blockquote>最近几周，美联储理事们一直在暗示央行即将结束债券购买，会议纪要也证实了缩减债券规模即将到来。“会议纪要写道：”大多数与会者指出.今年开始放慢资产购买步伐可能是合适的。</blockquote></p><p> The assessment comes as&nbsp;the economy has recovered quickly, and reflects that the Fed is now focused on when—and how quickly—to remove support from the economy.</p><p><blockquote>该评估是在经济迅速复苏之际做出的，反映出美联储现在正关注何时以及以多快的速度取消对经济的支持。</blockquote></p><p> The selloff was broad. About 83% of S&amp;P 500 stocks fell on the day, according to FactSet. This dynamics often reflects concern about how the market will perform without the Fed there to support it.</p><p><blockquote>抛售范围很广。FactSet 的数据显示，当天约 83% 的标普500股票下跌。这种动态通常反映出人们对如果没有美联储的支持，市场将如何表现的担忧。</blockquote></p><p> Now, it’s just a question of when tapering will begin. It’ “is going to be September or December,” said Dave Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Everyone is focusing on Jackson Hole in my opinion,” he continued, referring to the conclave of central bankers that occurs later this month in Jackson Hole, Wyo.</p><p><blockquote>现在，只是何时开始缩减规模的问题。Aptus Capital Advisors 的投资组合经理兼分析师戴夫-瓦格纳（Dave Wagner）说：“这将是 9 月或 12 月。”“在我看来，每个人都在关注杰克逊霍尔，”他继续说道，指的是本月晚些时候将在怀俄明州杰克逊霍尔举行的央行行长秘密会议。</blockquote></p><p> Strangely, the bond market didn’t react all that much, with the 10-year Treasury yield closing at 1.27%, where it hovered for most of the day. The 2-year yield, which often moves higher when market participants see the Fed hiking short-term interest rates sooner, ended at 0.21%, lower than the 0.22% it hit in the morning.</p><p><blockquote>奇怪的是，债券市场并没有太大反应，10 年期国债收益率收于 1.27%，在当天的大部分时间里都徘徊在这一水平。当市场参与者看到美联储提前加息时，2年期国债收益率通常会走高，收于0.21%，低于上午触及的0.22%。</blockquote></p><p> “I don’t think we’ve learned anything new,” said Tom Graff, head of fixed income at Brown Advisory. Graff added that the consensus for a short-term interest rate hikes in 2022 or 2023 hasn’t changed.</p><p><blockquote>“布朗咨询公司固定收益主管汤姆-格拉夫（Tom Graff）说：”我认为我们没有学到任何新东西。格拉夫补充说，2022 年或 2023 年短期加息的共识没有改变。</blockquote></p><p> A weak market, however, couldn’t keep some stocks down. For some, it was about earnings.Lowe’s&nbsp;(ticker: LOW) stock rose 9.6% after&nbsp;reporting a profit&nbsp;of $4.25 a share, beating estimates of $4.01 a share, on sales of $27.6 billion, above expectations for $26.9 billion.TJX&nbsp;(TJX) stock rose 6% after reporting&nbsp;a profit&nbsp;of 64 cents a share, beating estimates of 59 cents a share, on sales of $12.1 billion, above expectations for $11 billion.</p><p><blockquote>然而，疲软的市场并没有让一些股票下跌。对一些人来说，这与盈利有关。劳氏（股票代码：LOW）公布每股利润 4.25 美元，高于预期的每股 4.01 美元，销售额为 276 亿美元，高于预期的 269 亿美元。TJX (TJX) 公布每股利润 64 美分，高于预期的每股 59 美分，销售额为 121 亿美元，高于预期的 110 亿美元。</blockquote></p><p> Others were buoyed by analyst upgrades, with ViacomCBS (VIAC) stock rose 3.7% after getting upgraded to Overweight from Equal Weight at Wells Fargo, and BlackBerry (BB) stock gained 4.2% after getting upgraded to Hold from Sell at Canaccord Genuity.</p><p><blockquote>其他股票则受到分析师评级上调的提振，维亚康姆哥伦比亚广播公司 (VIAC) 股价在富国银行 (Wells Fargo) 从持有评级上调至跑赢大盘后上涨 3.7%，黑莓 (BB) 股价在 Canaccord Genuity 从卖出评级上调至持有后上涨 4.2%。</blockquote></p><p> Tilray&nbsp;(TLRY) stock rose 1.1% after the company bought senior secured convertible notes in marijuana company&nbsp;MedMen Enterprises.&nbsp;The notes would convert into an equity stake if&nbsp;cannabis is legalized in the U.S.</p><p><blockquote>Tilray（TLRY）股价上涨1.1%，此前该公司购买了大麻公司MedMen Enterprises的高级担保可转换票据。如果大麻在美国合法化，这些票据将转换成股权。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减规模谈判是认真的，股市以丑陋的方式收盘</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\">\nStocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减规模谈判是认真的，股市以丑陋的方式收盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-19 07:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.</p><p><blockquote>美联储7月会议纪要公布后，股市周三遭到抛售。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;dropped 383 points, or 1.1%, while the S&amp;P 500&nbsp;fell 1.1%. The Nasdaq Composite&nbsp;declined 0.9%. All three finished near their lows of the day.</p><p><blockquote>道琼斯工业平均指数下跌383点，跌幅1.1%，标普500下跌1.1%。纳斯达克综合指数下跌 0.9%。三者都接近当天的低点。</blockquote></p><p> Fed governors have been dropping hints in recent weeks that the beginning of the end of the central bank’s bond buying was nearing, and the minutes confirmed that&nbsp;taperingis at hand. “Most participants noted that …it could be appropriate to start reducing the pace of asset purchases this year,” the minutes read.</p><p><blockquote>最近几周，美联储理事们一直在暗示央行即将结束债券购买，会议纪要也证实了缩减债券规模即将到来。“会议纪要写道：”大多数与会者指出.今年开始放慢资产购买步伐可能是合适的。</blockquote></p><p> The assessment comes as&nbsp;the economy has recovered quickly, and reflects that the Fed is now focused on when—and how quickly—to remove support from the economy.</p><p><blockquote>该评估是在经济迅速复苏之际做出的，反映出美联储现在正关注何时以及以多快的速度取消对经济的支持。</blockquote></p><p> The selloff was broad. About 83% of S&amp;P 500 stocks fell on the day, according to FactSet. This dynamics often reflects concern about how the market will perform without the Fed there to support it.</p><p><blockquote>抛售范围很广。FactSet 的数据显示，当天约 83% 的标普500股票下跌。这种动态通常反映出人们对如果没有美联储的支持，市场将如何表现的担忧。</blockquote></p><p> Now, it’s just a question of when tapering will begin. It’ “is going to be September or December,” said Dave Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Everyone is focusing on Jackson Hole in my opinion,” he continued, referring to the conclave of central bankers that occurs later this month in Jackson Hole, Wyo.</p><p><blockquote>现在，只是何时开始缩减规模的问题。Aptus Capital Advisors 的投资组合经理兼分析师戴夫-瓦格纳（Dave Wagner）说：“这将是 9 月或 12 月。”“在我看来，每个人都在关注杰克逊霍尔，”他继续说道，指的是本月晚些时候将在怀俄明州杰克逊霍尔举行的央行行长秘密会议。</blockquote></p><p> Strangely, the bond market didn’t react all that much, with the 10-year Treasury yield closing at 1.27%, where it hovered for most of the day. The 2-year yield, which often moves higher when market participants see the Fed hiking short-term interest rates sooner, ended at 0.21%, lower than the 0.22% it hit in the morning.</p><p><blockquote>奇怪的是，债券市场并没有太大反应，10 年期国债收益率收于 1.27%，在当天的大部分时间里都徘徊在这一水平。当市场参与者看到美联储提前加息时，2年期国债收益率通常会走高，收于0.21%，低于上午触及的0.22%。</blockquote></p><p> “I don’t think we’ve learned anything new,” said Tom Graff, head of fixed income at Brown Advisory. Graff added that the consensus for a short-term interest rate hikes in 2022 or 2023 hasn’t changed.</p><p><blockquote>“布朗咨询公司固定收益主管汤姆-格拉夫（Tom Graff）说：”我认为我们没有学到任何新东西。格拉夫补充说，2022 年或 2023 年短期加息的共识没有改变。</blockquote></p><p> A weak market, however, couldn’t keep some stocks down. For some, it was about earnings.Lowe’s&nbsp;(ticker: LOW) stock rose 9.6% after&nbsp;reporting a profit&nbsp;of $4.25 a share, beating estimates of $4.01 a share, on sales of $27.6 billion, above expectations for $26.9 billion.TJX&nbsp;(TJX) stock rose 6% after reporting&nbsp;a profit&nbsp;of 64 cents a share, beating estimates of 59 cents a share, on sales of $12.1 billion, above expectations for $11 billion.</p><p><blockquote>然而，疲软的市场并没有让一些股票下跌。对一些人来说，这与盈利有关。劳氏（股票代码：LOW）公布每股利润 4.25 美元，高于预期的每股 4.01 美元，销售额为 276 亿美元，高于预期的 269 亿美元。TJX (TJX) 公布每股利润 64 美分，高于预期的每股 59 美分，销售额为 121 亿美元，高于预期的 110 亿美元。</blockquote></p><p> Others were buoyed by analyst upgrades, with ViacomCBS (VIAC) stock rose 3.7% after getting upgraded to Overweight from Equal Weight at Wells Fargo, and BlackBerry (BB) stock gained 4.2% after getting upgraded to Hold from Sell at Canaccord Genuity.</p><p><blockquote>其他股票则受到分析师评级上调的提振，维亚康姆哥伦比亚广播公司 (VIAC) 股价在富国银行 (Wells Fargo) 从持有评级上调至跑赢大盘后上涨 3.7%，黑莓 (BB) 股价在 Canaccord Genuity 从卖出评级上调至持有后上涨 4.2%。</blockquote></p><p> Tilray&nbsp;(TLRY) stock rose 1.1% after the company bought senior secured convertible notes in marijuana company&nbsp;MedMen Enterprises.&nbsp;The notes would convert into an equity stake if&nbsp;cannabis is legalized in the U.S.</p><p><blockquote>Tilray（TLRY）股价上涨1.1%，此前该公司购买了大麻公司MedMen Enterprises的高级担保可转换票据。如果大麻在美国合法化，这些票据将转换成股权。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-today-51629283162?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","TLRY":"Tilray Inc.","LOW":"劳氏","BB":"黑莓",".IXIC":"NASDAQ Composite","TJX":"The TJX Companies Inc.",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-today-51629283162?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173912409","content_text":"Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.\nThe Dow Jones Industrial Average dropped 383 points, or 1.1%, while the S&P 500 fell 1.1%. The Nasdaq Composite declined 0.9%. All three finished near their lows of the day.\nFed governors have been dropping hints in recent weeks that the beginning of the end of the central bank’s bond buying was nearing, and the minutes confirmed that taperingis at hand. “Most participants noted that …it could be appropriate to start reducing the pace of asset purchases this year,” the minutes read.\nThe assessment comes as the economy has recovered quickly, and reflects that the Fed is now focused on when—and how quickly—to remove support from the economy.\nThe selloff was broad. About 83% of S&P 500 stocks fell on the day, according to FactSet. This dynamics often reflects concern about how the market will perform without the Fed there to support it.\nNow, it’s just a question of when tapering will begin. It’ “is going to be September or December,” said Dave Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Everyone is focusing on Jackson Hole in my opinion,” he continued, referring to the conclave of central bankers that occurs later this month in Jackson Hole, Wyo.\nStrangely, the bond market didn’t react all that much, with the 10-year Treasury yield closing at 1.27%, where it hovered for most of the day. The 2-year yield, which often moves higher when market participants see the Fed hiking short-term interest rates sooner, ended at 0.21%, lower than the 0.22% it hit in the morning.\n“I don’t think we’ve learned anything new,” said Tom Graff, head of fixed income at Brown Advisory. Graff added that the consensus for a short-term interest rate hikes in 2022 or 2023 hasn’t changed.\nA weak market, however, couldn’t keep some stocks down. For some, it was about earnings.Lowe’s (ticker: LOW) stock rose 9.6% after reporting a profit of $4.25 a share, beating estimates of $4.01 a share, on sales of $27.6 billion, above expectations for $26.9 billion.TJX (TJX) stock rose 6% after reporting a profit of 64 cents a share, beating estimates of 59 cents a share, on sales of $12.1 billion, above expectations for $11 billion.\nOthers were buoyed by analyst upgrades, with ViacomCBS (VIAC) stock rose 3.7% after getting upgraded to Overweight from Equal Weight at Wells Fargo, and BlackBerry (BB) stock gained 4.2% after getting upgraded to Hold from Sell at Canaccord Genuity.\nTilray (TLRY) stock rose 1.1% after the company bought senior secured convertible notes in marijuana company MedMen Enterprises. The notes would convert into an equity stake if cannabis is legalized in the U.S.","news_type":1,"symbols_score_info":{"LOW":0.9,".DJI":0.9,".SPX":0.9,"TJX":0.9,"TLRY":0.9,".IXIC":0.9,"BB":0.9,"VIAC":0.9}},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833613097,"gmtCreate":1629238526119,"gmtModify":1633686423388,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Maybe&nbsp;","listText":"Maybe&nbsp;","text":"Maybe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833613097","repostId":"2160320769","repostType":4,"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839247181,"gmtCreate":1629163721543,"gmtModify":1633686912586,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839247181","repostId":"2160278866","repostType":4,"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830866996,"gmtCreate":1629051529515,"gmtModify":1633687790706,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Awesome&nbsp;","listText":"Awesome&nbsp;","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830866996","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":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"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 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[Anger]&nbsp;","listText":"What [Anger]&nbsp;","text":"What [Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837939892","repostId":"1102136193","repostType":4,"repost":{"id":"1102136193","kind":"news","pubTimestamp":1629851485,"share":"https://www.laohunote.com/m/news/1102136193?lang=zh_CN&edition=full","pubTime":"2021-08-25 08:31","market":"us","language":"en","title":"German regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102136193","media":"Reuters","summary":"(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an inside","content":"<p>(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an insider trading investigation in the shares of carmaker Daimler, including the purchase of a stake in the UK’s Aston Martin by Mercedes’ Formula One boss.</p><p><blockquote>(路透社）--德国市场监管机构 BaFin 周二表示，没有证据对汽车制造商戴姆勒的股票进行内幕交易调查，包括梅赛德斯一级方程式赛车老板购买英国阿斯顿-马丁的股份。</blockquote></p><p> BaFin looked into trading at Germany’s Daimler and passed information to counterparts at the UK’s Financial Conduct Authority (FCA) regarding trading in Aston Martin shares, with the FCA also finding no evidence to pursue a probe, the Financial Times newspaper reported earlier.</p><p><blockquote>据英国《金融时报》早些时候报道，德国联邦金融监管局（BaFin）调查了德国戴姆勒公司的交易情况，并将有关阿斯顿-马丁股票交易的信息传递给了英国金融行为监管局（FCA）的同行，FCA 也没有发现任何证据进行调查。</blockquote></p><p> “I can confirm that BaFin looked into the transaction with regard to possible suspicions of insider trading (in Daimler securities), but did not find any clues,” the BaFin spokesperson said in an emailed statement.</p><p><blockquote>“德国联邦金融监管局发言人在一份电子邮件声明中说：”我可以确认，德国联邦金融监管局（BaFin）对（戴姆勒证券）可能存在的内幕交易嫌疑进行了调查，但没有发现任何线索。</blockquote></p><p> Daimler said it had no comment. FCA and Aston Martin did not immediately respond to a request for comment outside regular working hours.</p><p><blockquote>戴姆勒表示不予置评。FCA 和阿斯顿·马丁没有在正常工作时间之外立即回应置评请求。</blockquote></p><p> Toto Wolff, Mercedes’ Formula One boss, who owns about a third of the Mercedes team, purchased shares in luxury carmaker Aston Martin in April last year.</p><p><blockquote>梅赛德斯一级方程式赛车老板托托-沃尔夫（Toto Wolff）拥有梅赛德斯车队约三分之一的股份，他于去年 4 月购买了豪华汽车制造商阿斯顿-马丁（Aston Martin）的股份。</blockquote></p><p> Daimler, the parent company of Mercedes, also owns a minority stake in Aston Martin.</p><p><blockquote>梅赛德斯的母公司戴姆勒也拥有阿斯顿·马丁的少数股权。</blockquote></p><p> Wolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK carmaker’s executive chair, according to the FT.</p><p><blockquote>据英国《金融时报》报道，沃尔夫从英国汽车制造商阿斯顿-马丁执行主席劳伦斯-斯特罗尔（Lawrence Stroll）控制的一家公司手中购买了阿斯顿-马丁0.95%的股份。</blockquote></p><p> In the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% by 2023.</p><p><blockquote>次月，阿斯顿-马丁任命梅赛德斯AMG业务前负责人托比亚斯-莫尔斯（Tobias Moers）为首席执行官。10 月，戴姆勒表示将到 2023 年将把阿斯顿·马丁的股份增至 20%。</blockquote></p><p> Mercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the FT. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper added.</p><p><blockquote>据《金融时报》报道，梅赛德斯-F1 表示，沃尔夫在收购股份时并不知道这两个计划，“所有相关披露都是在适当的时候向英国金融当局披露的”。该报补充说，沃尔夫去年没有收购或交易任何戴姆勒股票或证券。</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>German regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</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\">\nGerman regulator BaFin rejects insider trading suspicions in Daimler shares<blockquote>德国监管机构 BaFin 否认戴姆勒股票内幕交易嫌疑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-25 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an insider trading investigation in the shares of carmaker Daimler, including the purchase of a stake in the UK’s Aston Martin by Mercedes’ Formula One boss.</p><p><blockquote>(路透社）--德国市场监管机构 BaFin 周二表示，没有证据对汽车制造商戴姆勒的股票进行内幕交易调查，包括梅赛德斯一级方程式赛车老板购买英国阿斯顿-马丁的股份。</blockquote></p><p> BaFin looked into trading at Germany’s Daimler and passed information to counterparts at the UK’s Financial Conduct Authority (FCA) regarding trading in Aston Martin shares, with the FCA also finding no evidence to pursue a probe, the Financial Times newspaper reported earlier.</p><p><blockquote>据英国《金融时报》早些时候报道，德国联邦金融监管局（BaFin）调查了德国戴姆勒公司的交易情况，并将有关阿斯顿-马丁股票交易的信息传递给了英国金融行为监管局（FCA）的同行，FCA 也没有发现任何证据进行调查。</blockquote></p><p> “I can confirm that BaFin looked into the transaction with regard to possible suspicions of insider trading (in Daimler securities), but did not find any clues,” the BaFin spokesperson said in an emailed statement.</p><p><blockquote>“德国联邦金融监管局发言人在一份电子邮件声明中说：”我可以确认，德国联邦金融监管局（BaFin）对（戴姆勒证券）可能存在的内幕交易嫌疑进行了调查，但没有发现任何线索。</blockquote></p><p> Daimler said it had no comment. FCA and Aston Martin did not immediately respond to a request for comment outside regular working hours.</p><p><blockquote>戴姆勒表示不予置评。FCA 和阿斯顿·马丁没有在正常工作时间之外立即回应置评请求。</blockquote></p><p> Toto Wolff, Mercedes’ Formula One boss, who owns about a third of the Mercedes team, purchased shares in luxury carmaker Aston Martin in April last year.</p><p><blockquote>梅赛德斯一级方程式赛车老板托托-沃尔夫（Toto Wolff）拥有梅赛德斯车队约三分之一的股份，他于去年 4 月购买了豪华汽车制造商阿斯顿-马丁（Aston Martin）的股份。</blockquote></p><p> Daimler, the parent company of Mercedes, also owns a minority stake in Aston Martin.</p><p><blockquote>梅赛德斯的母公司戴姆勒也拥有阿斯顿·马丁的少数股权。</blockquote></p><p> Wolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK carmaker’s executive chair, according to the FT.</p><p><blockquote>据英国《金融时报》报道，沃尔夫从英国汽车制造商阿斯顿-马丁执行主席劳伦斯-斯特罗尔（Lawrence Stroll）控制的一家公司手中购买了阿斯顿-马丁0.95%的股份。</blockquote></p><p> In the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% by 2023.</p><p><blockquote>次月，阿斯顿-马丁任命梅赛德斯AMG业务前负责人托比亚斯-莫尔斯（Tobias Moers）为首席执行官。10 月，戴姆勒表示将到 2023 年将把阿斯顿·马丁的股份增至 20%。</blockquote></p><p> Mercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the FT. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper added.</p><p><blockquote>据《金融时报》报道，梅赛德斯-F1 表示，沃尔夫在收购股份时并不知道这两个计划，“所有相关披露都是在适当的时候向英国金融当局披露的”。该报补充说，沃尔夫去年没有收购或交易任何戴姆勒股票或证券。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/daimler-aston-martin-insidertrading/update-3-german-regulator-bafin-rejects-insider-trading-suspicions-in-daimler-shares-idUSL1N2PV254\">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":{"DDAIF":"戴姆勒汽车"},"source_url":"https://www.reuters.com/article/daimler-aston-martin-insidertrading/update-3-german-regulator-bafin-rejects-insider-trading-suspicions-in-daimler-shares-idUSL1N2PV254","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102136193","content_text":"(Reuters) -Germany’s markets watchdog BaFin said on Tuesday it found no evidence to pursue an insider trading investigation in the shares of carmaker Daimler, including the purchase of a stake in the UK’s Aston Martin by Mercedes’ Formula One boss.\nBaFin looked into trading at Germany’s Daimler and passed information to counterparts at the UK’s Financial Conduct Authority (FCA) regarding trading in Aston Martin shares, with the FCA also finding no evidence to pursue a probe, the Financial Times newspaper reported earlier.\n“I can confirm that BaFin looked into the transaction with regard to possible suspicions of insider trading (in Daimler securities), but did not find any clues,” the BaFin spokesperson said in an emailed statement.\nDaimler said it had no comment. FCA and Aston Martin did not immediately respond to a request for comment outside regular working hours.\nToto Wolff, Mercedes’ Formula One boss, who owns about a third of the Mercedes team, purchased shares in luxury carmaker Aston Martin in April last year.\nDaimler, the parent company of Mercedes, also owns a minority stake in Aston Martin.\nWolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK carmaker’s executive chair, according to the FT.\nIn the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% by 2023.\nMercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the FT. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper added.","news_type":1,"symbols_score_info":{"DDAIF":0.9}},"isVote":1,"tweetType":1,"viewCount":3031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896822781,"gmtCreate":1628570835043,"gmtModify":1633746055294,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Sweet","listText":"Sweet","text":"Sweet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896822781","repostId":"1101485378","repostType":4,"repost":{"id":"1101485378","kind":"news","pubTimestamp":1628567272,"share":"https://www.laohunote.com/m/news/1101485378?lang=zh_CN&edition=full","pubTime":"2021-08-10 11:47","market":"us","language":"en","title":"Apple reportedly talking to Korean manufacturers for Apple Car<blockquote>据报道，苹果正在与韩国制造商就苹果汽车进行谈判</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101485378","media":"Seeking Alpha","summary":"$Apple$ has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and $Magna$ to serve as suppliers for the Apple Car.\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source tells The Korea Times.The source says Apple  has held \"advanced meetings with EV battery maker SK Innovation. The company has also ","content":"<p><ul>  <li><a href=\"https://laohu8.com/S/AAPL\">Apple</a> has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and <a href=\"https://laohu8.com/S/MGA\">Magna</a> to serve as suppliers for the Apple Car.</li>  <li>\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source&nbsp;tells&nbsp;<i>The Korea Times</i>.</li>  <li>The source says Apple (AAPL) has held \"advanced meetings with EV battery maker SK Innovation. The company has also met with LG and Magna, which have a joint venture called LG Magna e-Powertrain that manufactures e-motors, inverters, on-board chargers and e-drive systems.</li>  <li>Rumors that Apple (AAPL) would team with LG Magna e-Powertrain&nbsp;first surfaced earlier this year.</li>  <li>Previously, the company was said to favor Hyundai-Kia as a manufacturing partner&nbsp;but the company later denied the reports.</li> </ul></p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/AAPL\">苹果</a>据报道，他会见了韩国电动汽车公司 SK Innovation、LG 电子和<a href=\"https://laohu8.com/S/MGA\">麦格纳</a>作为苹果汽车的供应商。</li><li>一位业内人士表示：“如果不与韩国供应商建立合作伙伴关系，苹果将无法完成其电动汽车业务计划。据我所知，苹果已经与 LG、SK 和韩华进行了谈判，但谈判仍处于早期阶段。”<i>韩国时报</i>.</li><li>消息人士称，苹果 (AAPL) 已“与电动汽车电池制造商 SK Innovation 举行了高级会议”。该公司还会见了 LG 和麦格纳，这两家公司拥有一家名为 LG Magna e-Powertrain 的合资企业，生产电动机、逆变器、车载充电器和电子驱动系统。</li><li>今年早些时候，苹果 (AAPL) 将与 LG Magna e-Powertrain 合作的传言首次浮出水面。</li><li>此前，据称该公司倾向于现代起亚作为制造合作伙伴，但该公司后来否认了这些报道。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple reportedly talking to Korean manufacturers for Apple Car<blockquote>据报道，苹果正在与韩国制造商就苹果汽车进行谈判</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\">\nApple reportedly talking to Korean manufacturers for Apple Car<blockquote>据报道，苹果正在与韩国制造商就苹果汽车进行谈判</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-10 11:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><a href=\"https://laohu8.com/S/AAPL\">Apple</a> has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and <a href=\"https://laohu8.com/S/MGA\">Magna</a> to serve as suppliers for the Apple Car.</li>  <li>\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source&nbsp;tells&nbsp;<i>The Korea Times</i>.</li>  <li>The source says Apple (AAPL) has held \"advanced meetings with EV battery maker SK Innovation. The company has also met with LG and Magna, which have a joint venture called LG Magna e-Powertrain that manufactures e-motors, inverters, on-board chargers and e-drive systems.</li>  <li>Rumors that Apple (AAPL) would team with LG Magna e-Powertrain&nbsp;first surfaced earlier this year.</li>  <li>Previously, the company was said to favor Hyundai-Kia as a manufacturing partner&nbsp;but the company later denied the reports.</li> </ul></p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/AAPL\">苹果</a>据报道，他会见了韩国电动汽车公司 SK Innovation、LG 电子和<a href=\"https://laohu8.com/S/MGA\">麦格纳</a>作为苹果汽车的供应商。</li><li>一位业内人士表示：“如果不与韩国供应商建立合作伙伴关系，苹果将无法完成其电动汽车业务计划。据我所知，苹果已经与 LG、SK 和韩华进行了谈判，但谈判仍处于早期阶段。”<i>韩国时报</i>.</li><li>消息人士称，苹果 (AAPL) 已“与电动汽车电池制造商 SK Innovation 举行了高级会议”。该公司还会见了 LG 和麦格纳，这两家公司拥有一家名为 LG Magna e-Powertrain 的合资企业，生产电动机、逆变器、车载充电器和电子驱动系统。</li><li>今年早些时候，苹果 (AAPL) 将与 LG Magna e-Powertrain 合作的传言首次浮出水面。</li><li>此前，据称该公司倾向于现代起亚作为制造合作伙伴，但该公司后来否认了这些报道。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3727547-apple-reportedly-talking-to-korean-manufacturers-for-apple-car\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3727547-apple-reportedly-talking-to-korean-manufacturers-for-apple-car","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101485378","content_text":"Apple has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and Magna to serve as suppliers for the Apple Car.\n\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source tells The Korea Times.\nThe source says Apple (AAPL) has held \"advanced meetings with EV battery maker SK Innovation. The company has also met with LG and Magna, which have a joint venture called LG Magna e-Powertrain that manufactures e-motors, inverters, on-board chargers and e-drive systems.\nRumors that Apple (AAPL) would team with LG Magna e-Powertrain first surfaced earlier this year.\nPreviously, the company was said to favor Hyundai-Kia as a manufacturing partner but the company later denied the reports.","news_type":1,"symbols_score_info":{"LGEPF":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898961372,"gmtCreate":1628468966396,"gmtModify":1633747013690,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Disgusted&nbsp;","listText":"Disgusted&nbsp;","text":"Disgusted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898961372","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808121354,"gmtCreate":1627565959178,"gmtModify":1633763752602,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808121354","repostId":"1164040651","repostType":4,"repost":{"id":"1164040651","kind":"news","pubTimestamp":1627563297,"share":"https://www.laohunote.com/m/news/1164040651?lang=zh_CN&edition=full","pubTime":"2021-07-29 20:54","market":"us","language":"en","title":"Credit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称瑞士信贷未能对 Archegos 风险采取行动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164040651","media":"The Wall Street Journal","summary":"Credit Suisse GroupAG knew Archegos Capital Management was a massive risk and didn’t take actions to","content":"<p>Credit Suisse GroupAG&nbsp;knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.</p><p><blockquote>根据瑞士信贷集团委托对这家家族投资公司倒闭进行的调查，瑞士信贷集团知道 Archegos Capital Management 存在巨大风险，但没有采取行动加以解决。</blockquote></p><p> The&nbsp;report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.</p><p><blockquote>周四发布的这份由瑞士信贷律师事务所编写的报告详细介绍了该银行多年来如何给予 Archegos 特殊豁免，以避免旨在保护该银行的规则。在这家家族投资公司倒闭之前，它还无视了员工的警告。</blockquote></p><p> Archegos&nbsp;rocked Wall Street&nbsp;when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.</p><p><blockquote>Archegos 在少数股票中持有的大量集中头寸化为乌有，震惊了华尔街。银行因退出交易而损失超过 100 亿美元。瑞士信贷在 Archegos 的贷款银行中表现最差，亏损超过 55 亿美元。Archegos 管理着前对冲基金经理 Bill Hwang 的家族财富。</blockquote></p><p> Credit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.</p><p><blockquote>瑞士信贷周四表示，已降低全行整体风险偏好，调整了治理，并增加了更多风险管理人员。该公司表示，与 Archegos 进行交易的主要经纪部门中所有对冲基金客户都已转移到动态保证金系统——这是导致亏损的早期系统的升级。</blockquote></p><p> The Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.</p><p><blockquote>Archegos 的亏损，以及瑞士信贷客户 Greensill Capital 的倒闭，促使这家瑞士银行重新思考存在主义，该银行将迎合全球富人的庞大财富管理业务与服务于企业、对冲基金和公司的重要华尔街业务结合在一起。近二十多名高管已离开该银行。</blockquote></p><p> The report, produced by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, details a dysfunctional culture around protecting the bank from risks.</p><p><blockquote>这份由 Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP 律师事务所制作的报告详细描述了围绕保护银行免受风险的功能失调文化。</blockquote></p><p> “The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.</p><p><blockquote>“报告称：”该业务专注于实现短期利润最大化，未能控制住局面，事实上，这助长了 Archegos 的贪婪冒险行为。“有许多警告信号”表明，Archegos 的头寸对瑞士信贷构成了潜在的灾难性风险。</blockquote></p><p> The report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”</p><p><blockquote>报告没有指名道姓的高管，但指责该银行当时的股票主管和参与监督 Archegos 交易的风险经理。他们 “没有注意到这些迹象，尽管有证据表明有些人确实提出了适当的担忧”。</blockquote></p><p> Senior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”</p><p><blockquote>报道称，高级管理人员发现这一情况太晚了。该银行首席执行官托马斯-戈特斯坦（Thomas Gottstein）周四表示：“我基本上是在 Archegos 的消息传出时才听说的。我甚至不知道 Archegos 的存在。”</blockquote></p><p> It found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.</p><p><blockquote>它发现许多相关员工更专注于使用肤浅的修复。这包括允许 Archegos 通过与广泛股票指数挂钩的期权来对冲其在少数股票中的大量头寸。信用风险经理质疑这些措施是否能有效抵消风险，但并未对此举提出充分质疑。</blockquote></p><p> It said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”</p><p><blockquote>报告称，该银行为对冲基金管理交易和融资的优质服务业务 “对风险和风险纪律态度迟钝”。</blockquote></p><p> The report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.</p><p><blockquote>报告详细介绍了瑞士信贷与黄先生的悠久历史，可以追溯到2003年他经营一家名为老虎亚洲管理公司的对冲基金。他专门交易亚洲股票，做多头和空头头寸。</blockquote></p><p> Credit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and&nbsp;pleaded guilty&nbsp;to federal wire fraud charges in 2012.</p><p><blockquote>即使在 Tiger Asia 与美国证券交易委员会就内幕交易指控达成和解，并于 2012 年承认联邦电信欺诈指控后，瑞士信贷仍与黄先生保持联系。</blockquote></p><p> When Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.</p><p><blockquote>当Tiger Asia被禁止在香港交易时，瑞士信贷帮助黄先生将他的交易活动（更名为Archegos）转移到纽约，在那里他投资了在美国上市的亚洲公司，并以约5亿美元的资金重新启动。</blockquote></p><p> “We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.</p><p><blockquote>“报告称：”我们没有看到任何证据表明 CS 针对这些问题对 Tiger Asia 或 Hwang 进行了任何额外的审查。</blockquote></p><p> His assets swelled to $3.9 billion in 2016.</p><p><blockquote>他的资产在2016年膨胀到39亿美元。</blockquote></p><p> Credit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”</p><p><blockquote>早在 Archegos 倒闭之前，瑞士信贷就开始放弃与黄先生相关的风险保护。2017 年，黄先生交易的变化引发了 10% 的保证金看涨期权，这是银行的常见要求，要求在头寸风险增加时注入更多现金来支持头寸。瑞士信贷放弃了这一要求，并创建了 “对 Archegos 的定制每周监测”。</blockquote></p><p> Then in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.</p><p><blockquote>然后在 2019 年，Archegos 要求降低利润率要求，称竞争对手提供了更好的交易。他喜欢投资的股票挂钩衍生品（称为总回报掉期）的利润率从投资总额的 20% 左右降至 7.5%。</blockquote></p><p> In return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”</p><p><blockquote>作为回报，Archegos 同意给予瑞士信贷更多权力，在几乎没有通知的情况下平仓。但报告称，这些保护措施 “是虚幻的，因为企业似乎无意援引这些保护措施，因为担心疏远客户”。</blockquote></p><p> Archegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.</p><p><blockquote>Archegos 的交易于 2020 年春季开始。随着其头寸的增加，Archegos 多次突破瑞士信贷风险经理设定的关键限额。</blockquote></p><p></p><p> One type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.</p><p><blockquote>一种被称为 “潜在风险敞口 ”的限额，即如果市场对 Archegos 不利，银行可能损失的最高限额，被设定为 2000 万美元。2020年4月，超过2亿美元。到 8 月份，这一数字已增至 5.3 亿美元。风险经理们无视了这一警告，认为今年早些时候银行实施的方法变化打乱了计算。</blockquote></p><p> Many of the findings of the report&nbsp;echo reporting&nbsp;from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.</p><p><blockquote>报告中的许多调查结果与《华尔街日报》6 月份头版的一篇文章相呼应，该文章强调了该银行脆弱的风险管理系统，使其在判断上容易出现人为错误。</blockquote></p><p> The report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.</p><p><blockquote>该报告描述了所谓的“初级化”，因为有经验的人员离开了，而且缺乏对风险技术的投资。治理不善意味着一些关键员工必须扮演多种角色，他们描述说，他们对必须消化的数据和信息感到不知所措。</blockquote></p><p> The problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.</p><p><blockquote>报告称，纽约和伦敦之间的地理分歧加剧了这些问题，两个城市的主要服务联席负责人都不认为他负责监督Archegos的关系。</blockquote></p><p> Credit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.</p><p><blockquote>瑞士信贷周四表示，将寻求减少对联合领导职位和多重角色的使用。</blockquote></p><p> The report listed repeated warning signs that the bank failed to act upon.</p><p><blockquote>该报告列出了银行未能采取行动的反复警告信号。</blockquote></p><p> In September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.</p><p><blockquote>2020 年 9 月，一名信用风险经理向其主管提出了对这些交易的担忧。报告称，一个监督委员会在当月的一次会议上审查了这些职位，但没有采取任何计划行动。</blockquote></p><p> Early in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.</p><p><blockquote>2021 年初，信用风险经理下调了 Archegos 的内部信用评级，理由是该公司 “业绩波动性高、投资组合集中、杠杆使用增加”。根据 Archegos 自己的估计，清算其投资组合需要两周到一个月的时间，这是一个危险的漫长时间。</blockquote></p><p> The credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.</p><p><blockquote>信用风险经理讨论了要求 Archegos 提供更多保证金抵押品，估计需要再提供约 10 亿美元，但这一请求从未提出。</blockquote></p><p> In March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.</p><p><blockquote>今年 3 月，交易对手监督委员会再次讨论了 Archegos，按头寸规模计算，Archegos 是当时主要经纪部门最大的客户。委员会决定，Archegos 将在未来几周内转入动态保证金系统，否则瑞士信贷将要求额外保证金。</blockquote></p><p> The dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.</p><p><blockquote>报告称，动态保证金将市场波动性和头寸集中度等更多实时数据纳入保证金计算中，将使交易更加安全。3月中旬，瑞士信贷计算出Archegos将不得不额外支付14亿美元的利润，并告诉Archegos，它希望在下周实施新系统。</blockquote></p><p> Instead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including&nbsp;ViacomCBS,Inc. and&nbsp;Discovery&nbsp;Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.</p><p><blockquote>相反，Archegos 取消了评级来讨论这一举措，并开始要求退还其在银行的保证金，因为它投资的股票（包括 ViacomCBS, Inc.）的价值。发现公司的股价暴涨。在一个决定性的决定中，瑞士信贷在3月1日至3月19日期间向Archegos返还了24亿美元的保证金抵押品。</blockquote></p><p> On March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.</p><p><blockquote>截至 3 月 23 日，瑞士信贷对 Archegos 的总敞口已增至 270 亿美元。</blockquote></p><p> Credit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.</p><p><blockquote>瑞士信贷在发布第二季度收益的同时发布了 Archegos 报告，该报告逊于分析师预期，与其他欧洲银行的强劲表现形成鲜明对比。该银行报告称，亚洲客户流出数十亿美元，这主要归因于 “主动去风险”，以切断或减少与某些客户的联系。</blockquote></p><p> The report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former&nbsp;JPMorgan Chase&amp; Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.</p><p><blockquote>这份报告是由瑞士信贷董事会的一个特别委员会委托撰写的，该委员会成员包括该行前长期高管理查德-梅丁斯（Richard Meddings）和摩根大通前高管布莱斯-马斯特斯（Blythe Masters）。保罗-韦斯的董事长布拉德-卡普（Brad Karp）负责监督调查。</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>Credit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称瑞士信贷未能对 Archegos 风险采取行动</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\">\nCredit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称瑞士信贷未能对 Archegos 风险采取行动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-29 20:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Credit Suisse GroupAG&nbsp;knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.</p><p><blockquote>根据瑞士信贷集团委托对这家家族投资公司倒闭进行的调查，瑞士信贷集团知道 Archegos Capital Management 存在巨大风险，但没有采取行动加以解决。</blockquote></p><p> The&nbsp;report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.</p><p><blockquote>周四发布的这份由瑞士信贷律师事务所编写的报告详细介绍了该银行多年来如何给予 Archegos 特殊豁免，以避免旨在保护该银行的规则。在这家家族投资公司倒闭之前，它还无视了员工的警告。</blockquote></p><p> Archegos&nbsp;rocked Wall Street&nbsp;when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.</p><p><blockquote>Archegos 在少数股票中持有的大量集中头寸化为乌有，震惊了华尔街。银行因退出交易而损失超过 100 亿美元。瑞士信贷在 Archegos 的贷款银行中表现最差，亏损超过 55 亿美元。Archegos 管理着前对冲基金经理 Bill Hwang 的家族财富。</blockquote></p><p> Credit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.</p><p><blockquote>瑞士信贷周四表示，已降低全行整体风险偏好，调整了治理，并增加了更多风险管理人员。该公司表示，与 Archegos 进行交易的主要经纪部门中所有对冲基金客户都已转移到动态保证金系统——这是导致亏损的早期系统的升级。</blockquote></p><p> The Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.</p><p><blockquote>Archegos 的亏损，以及瑞士信贷客户 Greensill Capital 的倒闭，促使这家瑞士银行重新思考存在主义，该银行将迎合全球富人的庞大财富管理业务与服务于企业、对冲基金和公司的重要华尔街业务结合在一起。近二十多名高管已离开该银行。</blockquote></p><p> The report, produced by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, details a dysfunctional culture around protecting the bank from risks.</p><p><blockquote>这份由 Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP 律师事务所制作的报告详细描述了围绕保护银行免受风险的功能失调文化。</blockquote></p><p> “The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.</p><p><blockquote>“报告称：”该业务专注于实现短期利润最大化，未能控制住局面，事实上，这助长了 Archegos 的贪婪冒险行为。“有许多警告信号”表明，Archegos 的头寸对瑞士信贷构成了潜在的灾难性风险。</blockquote></p><p> The report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”</p><p><blockquote>报告没有指名道姓的高管，但指责该银行当时的股票主管和参与监督 Archegos 交易的风险经理。他们 “没有注意到这些迹象，尽管有证据表明有些人确实提出了适当的担忧”。</blockquote></p><p> Senior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”</p><p><blockquote>报道称，高级管理人员发现这一情况太晚了。该银行首席执行官托马斯-戈特斯坦（Thomas Gottstein）周四表示：“我基本上是在 Archegos 的消息传出时才听说的。我甚至不知道 Archegos 的存在。”</blockquote></p><p> It found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.</p><p><blockquote>它发现许多相关员工更专注于使用肤浅的修复。这包括允许 Archegos 通过与广泛股票指数挂钩的期权来对冲其在少数股票中的大量头寸。信用风险经理质疑这些措施是否能有效抵消风险，但并未对此举提出充分质疑。</blockquote></p><p> It said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”</p><p><blockquote>报告称，该银行为对冲基金管理交易和融资的优质服务业务 “对风险和风险纪律态度迟钝”。</blockquote></p><p> The report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.</p><p><blockquote>报告详细介绍了瑞士信贷与黄先生的悠久历史，可以追溯到2003年他经营一家名为老虎亚洲管理公司的对冲基金。他专门交易亚洲股票，做多头和空头头寸。</blockquote></p><p> Credit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and&nbsp;pleaded guilty&nbsp;to federal wire fraud charges in 2012.</p><p><blockquote>即使在 Tiger Asia 与美国证券交易委员会就内幕交易指控达成和解，并于 2012 年承认联邦电信欺诈指控后，瑞士信贷仍与黄先生保持联系。</blockquote></p><p> When Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.</p><p><blockquote>当Tiger Asia被禁止在香港交易时，瑞士信贷帮助黄先生将他的交易活动（更名为Archegos）转移到纽约，在那里他投资了在美国上市的亚洲公司，并以约5亿美元的资金重新启动。</blockquote></p><p> “We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.</p><p><blockquote>“报告称：”我们没有看到任何证据表明 CS 针对这些问题对 Tiger Asia 或 Hwang 进行了任何额外的审查。</blockquote></p><p> His assets swelled to $3.9 billion in 2016.</p><p><blockquote>他的资产在2016年膨胀到39亿美元。</blockquote></p><p> Credit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”</p><p><blockquote>早在 Archegos 倒闭之前，瑞士信贷就开始放弃与黄先生相关的风险保护。2017 年，黄先生交易的变化引发了 10% 的保证金看涨期权，这是银行的常见要求，要求在头寸风险增加时注入更多现金来支持头寸。瑞士信贷放弃了这一要求，并创建了 “对 Archegos 的定制每周监测”。</blockquote></p><p> Then in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.</p><p><blockquote>然后在 2019 年，Archegos 要求降低利润率要求，称竞争对手提供了更好的交易。他喜欢投资的股票挂钩衍生品（称为总回报掉期）的利润率从投资总额的 20% 左右降至 7.5%。</blockquote></p><p> In return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”</p><p><blockquote>作为回报，Archegos 同意给予瑞士信贷更多权力，在几乎没有通知的情况下平仓。但报告称，这些保护措施 “是虚幻的，因为企业似乎无意援引这些保护措施，因为担心疏远客户”。</blockquote></p><p> Archegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.</p><p><blockquote>Archegos 的交易于 2020 年春季开始。随着其头寸的增加，Archegos 多次突破瑞士信贷风险经理设定的关键限额。</blockquote></p><p></p><p> One type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.</p><p><blockquote>一种被称为 “潜在风险敞口 ”的限额，即如果市场对 Archegos 不利，银行可能损失的最高限额，被设定为 2000 万美元。2020年4月，超过2亿美元。到 8 月份，这一数字已增至 5.3 亿美元。风险经理们无视了这一警告，认为今年早些时候银行实施的方法变化打乱了计算。</blockquote></p><p> Many of the findings of the report&nbsp;echo reporting&nbsp;from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.</p><p><blockquote>报告中的许多调查结果与《华尔街日报》6 月份头版的一篇文章相呼应，该文章强调了该银行脆弱的风险管理系统，使其在判断上容易出现人为错误。</blockquote></p><p> The report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.</p><p><blockquote>该报告描述了所谓的“初级化”，因为有经验的人员离开了，而且缺乏对风险技术的投资。治理不善意味着一些关键员工必须扮演多种角色，他们描述说，他们对必须消化的数据和信息感到不知所措。</blockquote></p><p> The problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.</p><p><blockquote>报告称，纽约和伦敦之间的地理分歧加剧了这些问题，两个城市的主要服务联席负责人都不认为他负责监督Archegos的关系。</blockquote></p><p> Credit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.</p><p><blockquote>瑞士信贷周四表示，将寻求减少对联合领导职位和多重角色的使用。</blockquote></p><p> The report listed repeated warning signs that the bank failed to act upon.</p><p><blockquote>该报告列出了银行未能采取行动的反复警告信号。</blockquote></p><p> In September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.</p><p><blockquote>2020 年 9 月，一名信用风险经理向其主管提出了对这些交易的担忧。报告称，一个监督委员会在当月的一次会议上审查了这些职位，但没有采取任何计划行动。</blockquote></p><p> Early in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.</p><p><blockquote>2021 年初，信用风险经理下调了 Archegos 的内部信用评级，理由是该公司 “业绩波动性高、投资组合集中、杠杆使用增加”。根据 Archegos 自己的估计，清算其投资组合需要两周到一个月的时间，这是一个危险的漫长时间。</blockquote></p><p> The credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.</p><p><blockquote>信用风险经理讨论了要求 Archegos 提供更多保证金抵押品，估计需要再提供约 10 亿美元，但这一请求从未提出。</blockquote></p><p> In March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.</p><p><blockquote>今年 3 月，交易对手监督委员会再次讨论了 Archegos，按头寸规模计算，Archegos 是当时主要经纪部门最大的客户。委员会决定，Archegos 将在未来几周内转入动态保证金系统，否则瑞士信贷将要求额外保证金。</blockquote></p><p> The dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.</p><p><blockquote>报告称，动态保证金将市场波动性和头寸集中度等更多实时数据纳入保证金计算中，将使交易更加安全。3月中旬，瑞士信贷计算出Archegos将不得不额外支付14亿美元的利润，并告诉Archegos，它希望在下周实施新系统。</blockquote></p><p> Instead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including&nbsp;ViacomCBS,Inc. and&nbsp;Discovery&nbsp;Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.</p><p><blockquote>相反，Archegos 取消了评级来讨论这一举措，并开始要求退还其在银行的保证金，因为它投资的股票（包括 ViacomCBS, Inc.）的价值。发现公司的股价暴涨。在一个决定性的决定中，瑞士信贷在3月1日至3月19日期间向Archegos返还了24亿美元的保证金抵押品。</blockquote></p><p> On March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.</p><p><blockquote>截至 3 月 23 日，瑞士信贷对 Archegos 的总敞口已增至 270 亿美元。</blockquote></p><p> Credit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.</p><p><blockquote>瑞士信贷在发布第二季度收益的同时发布了 Archegos 报告，该报告逊于分析师预期，与其他欧洲银行的强劲表现形成鲜明对比。该银行报告称，亚洲客户流出数十亿美元，这主要归因于 “主动去风险”，以切断或减少与某些客户的联系。</blockquote></p><p> The report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former&nbsp;JPMorgan Chase&amp; Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.</p><p><blockquote>这份报告是由瑞士信贷董事会的一个特别委员会委托撰写的，该委员会成员包括该行前长期高管理查德-梅丁斯（Richard Meddings）和摩根大通前高管布莱斯-马斯特斯（Blythe Masters）。保罗-韦斯的董事长布拉德-卡普（Brad Karp）负责监督调查。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/credit-suisse-report-pins-archegos-disaster-on-fundamental-failure-of-management-and-controls-11627537722?mod=hp_lead_pos4\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/credit-suisse-report-pins-archegos-disaster-on-fundamental-failure-of-management-and-controls-11627537722?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164040651","content_text":"Credit Suisse GroupAG knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.\nThe report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.\nArchegos rocked Wall Street when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.\nCredit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.\nThe Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.\nThe report, produced by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, details a dysfunctional culture around protecting the bank from risks.\n“The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.\nThe report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”\nSenior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”\nIt found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.\nIt said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”\nThe report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.\nCredit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and pleaded guilty to federal wire fraud charges in 2012.\nWhen Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.\n“We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.\nHis assets swelled to $3.9 billion in 2016.\nCredit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”\nThen in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.\nIn return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”\nArchegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.\nOne type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.\nMany of the findings of the report echo reporting from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.\nThe report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.\nThe problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.\nCredit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.\nThe report listed repeated warning signs that the bank failed to act upon.\nIn September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.\nEarly in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.\nThe credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.\nIn March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.\nThe dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.\nInstead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including ViacomCBS,Inc. and Discovery Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.\nOn March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.\nCredit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.\nThe report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former JPMorgan Chase& Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.","news_type":1,"symbols_score_info":{"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808120266,"gmtCreate":1627565868555,"gmtModify":1633763755020,"author":{"id":"4090061934789860","authorId":"4090061934789860","name":"Parangccyman","avatar":"https://static.tigerbbs.com/6096c16dea525df8d2da4a3ab4ad785d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4090061934789860","idStr":"4090061934789860"},"themes":[],"title":"","htmlText":"Oh man","listText":"Oh man","text":"Oh man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808120266","repostId":"1164040651","repostType":4,"repost":{"id":"1164040651","kind":"news","pubTimestamp":1627563297,"share":"https://www.laohunote.com/m/news/1164040651?lang=zh_CN&edition=full","pubTime":"2021-07-29 20:54","market":"us","language":"en","title":"Credit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称瑞士信贷未能对 Archegos 风险采取行动</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164040651","media":"The Wall Street Journal","summary":"Credit Suisse GroupAG knew Archegos Capital Management was a massive risk and didn’t take actions to","content":"<p>Credit Suisse GroupAG&nbsp;knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.</p><p><blockquote>根据瑞士信贷集团委托对这家家族投资公司倒闭进行的调查，瑞士信贷集团知道 Archegos Capital Management 存在巨大风险，但没有采取行动加以解决。</blockquote></p><p> The&nbsp;report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.</p><p><blockquote>周四发布的这份由瑞士信贷律师事务所编写的报告详细介绍了该银行多年来如何给予 Archegos 特殊豁免，以避免旨在保护该银行的规则。在这家家族投资公司倒闭之前，它还无视了员工的警告。</blockquote></p><p> Archegos&nbsp;rocked Wall Street&nbsp;when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.</p><p><blockquote>Archegos 在少数股票中持有的大量集中头寸化为乌有，震惊了华尔街。银行因退出交易而损失超过 100 亿美元。瑞士信贷在 Archegos 的贷款银行中表现最差，亏损超过 55 亿美元。Archegos 管理着前对冲基金经理 Bill Hwang 的家族财富。</blockquote></p><p> Credit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.</p><p><blockquote>瑞士信贷周四表示，已降低全行整体风险偏好，调整了治理，并增加了更多风险管理人员。该公司表示，与 Archegos 进行交易的主要经纪部门中所有对冲基金客户都已转移到动态保证金系统——这是导致亏损的早期系统的升级。</blockquote></p><p> The Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.</p><p><blockquote>Archegos 的亏损，以及瑞士信贷客户 Greensill Capital 的倒闭，促使这家瑞士银行重新思考存在主义，该银行将迎合全球富人的庞大财富管理业务与服务于企业、对冲基金和公司的重要华尔街业务结合在一起。近二十多名高管已离开该银行。</blockquote></p><p> The report, produced by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, details a dysfunctional culture around protecting the bank from risks.</p><p><blockquote>这份由 Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP 律师事务所制作的报告详细描述了围绕保护银行免受风险的功能失调文化。</blockquote></p><p> “The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.</p><p><blockquote>“报告称：”该业务专注于实现短期利润最大化，未能控制住局面，事实上，这助长了 Archegos 的贪婪冒险行为。“有许多警告信号”表明，Archegos 的头寸对瑞士信贷构成了潜在的灾难性风险。</blockquote></p><p> The report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”</p><p><blockquote>报告没有指名道姓的高管，但指责该银行当时的股票主管和参与监督 Archegos 交易的风险经理。他们 “没有注意到这些迹象，尽管有证据表明有些人确实提出了适当的担忧”。</blockquote></p><p> Senior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”</p><p><blockquote>报道称，高级管理人员发现这一情况太晚了。该银行首席执行官托马斯-戈特斯坦（Thomas Gottstein）周四表示：“我基本上是在 Archegos 的消息传出时才听说的。我甚至不知道 Archegos 的存在。”</blockquote></p><p> It found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.</p><p><blockquote>它发现许多相关员工更专注于使用肤浅的修复。这包括允许 Archegos 通过与广泛股票指数挂钩的期权来对冲其在少数股票中的大量头寸。信用风险经理质疑这些措施是否能有效抵消风险，但并未对此举提出充分质疑。</blockquote></p><p> It said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”</p><p><blockquote>报告称，该银行为对冲基金管理交易和融资的优质服务业务 “对风险和风险纪律态度迟钝”。</blockquote></p><p> The report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.</p><p><blockquote>报告详细介绍了瑞士信贷与黄先生的悠久历史，可以追溯到2003年他经营一家名为老虎亚洲管理公司的对冲基金。他专门交易亚洲股票，做多头和空头头寸。</blockquote></p><p> Credit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and&nbsp;pleaded guilty&nbsp;to federal wire fraud charges in 2012.</p><p><blockquote>即使在 Tiger Asia 与美国证券交易委员会就内幕交易指控达成和解，并于 2012 年承认联邦电信欺诈指控后，瑞士信贷仍与黄先生保持联系。</blockquote></p><p> When Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.</p><p><blockquote>当Tiger Asia被禁止在香港交易时，瑞士信贷帮助黄先生将他的交易活动（更名为Archegos）转移到纽约，在那里他投资了在美国上市的亚洲公司，并以约5亿美元的资金重新启动。</blockquote></p><p> “We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.</p><p><blockquote>“报告称：”我们没有看到任何证据表明 CS 针对这些问题对 Tiger Asia 或 Hwang 进行了任何额外的审查。</blockquote></p><p> His assets swelled to $3.9 billion in 2016.</p><p><blockquote>他的资产在2016年膨胀到39亿美元。</blockquote></p><p> Credit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”</p><p><blockquote>早在 Archegos 倒闭之前，瑞士信贷就开始放弃与黄先生相关的风险保护。2017 年，黄先生交易的变化引发了 10% 的保证金看涨期权，这是银行的常见要求，要求在头寸风险增加时注入更多现金来支持头寸。瑞士信贷放弃了这一要求，并创建了 “对 Archegos 的定制每周监测”。</blockquote></p><p> Then in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.</p><p><blockquote>然后在 2019 年，Archegos 要求降低利润率要求，称竞争对手提供了更好的交易。他喜欢投资的股票挂钩衍生品（称为总回报掉期）的利润率从投资总额的 20% 左右降至 7.5%。</blockquote></p><p> In return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”</p><p><blockquote>作为回报，Archegos 同意给予瑞士信贷更多权力，在几乎没有通知的情况下平仓。但报告称，这些保护措施 “是虚幻的，因为企业似乎无意援引这些保护措施，因为担心疏远客户”。</blockquote></p><p> Archegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.</p><p><blockquote>Archegos 的交易于 2020 年春季开始。随着其头寸的增加，Archegos 多次突破瑞士信贷风险经理设定的关键限额。</blockquote></p><p></p><p> One type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.</p><p><blockquote>一种被称为 “潜在风险敞口 ”的限额，即如果市场对 Archegos 不利，银行可能损失的最高限额，被设定为 2000 万美元。2020年4月，超过2亿美元。到 8 月份，这一数字已增至 5.3 亿美元。风险经理们无视了这一警告，认为今年早些时候银行实施的方法变化打乱了计算。</blockquote></p><p> Many of the findings of the report&nbsp;echo reporting&nbsp;from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.</p><p><blockquote>报告中的许多调查结果与《华尔街日报》6 月份头版的一篇文章相呼应，该文章强调了该银行脆弱的风险管理系统，使其在判断上容易出现人为错误。</blockquote></p><p> The report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.</p><p><blockquote>该报告描述了所谓的“初级化”，因为有经验的人员离开了，而且缺乏对风险技术的投资。治理不善意味着一些关键员工必须扮演多种角色，他们描述说，他们对必须消化的数据和信息感到不知所措。</blockquote></p><p> The problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.</p><p><blockquote>报告称，纽约和伦敦之间的地理分歧加剧了这些问题，两个城市的主要服务联席负责人都不认为他负责监督Archegos的关系。</blockquote></p><p> Credit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.</p><p><blockquote>瑞士信贷周四表示，将寻求减少对联合领导职位和多重角色的使用。</blockquote></p><p> The report listed repeated warning signs that the bank failed to act upon.</p><p><blockquote>该报告列出了银行未能采取行动的反复警告信号。</blockquote></p><p> In September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.</p><p><blockquote>2020 年 9 月，一名信用风险经理向其主管提出了对这些交易的担忧。报告称，一个监督委员会在当月的一次会议上审查了这些职位，但没有采取任何计划行动。</blockquote></p><p> Early in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.</p><p><blockquote>2021 年初，信用风险经理下调了 Archegos 的内部信用评级，理由是该公司 “业绩波动性高、投资组合集中、杠杆使用增加”。根据 Archegos 自己的估计，清算其投资组合需要两周到一个月的时间，这是一个危险的漫长时间。</blockquote></p><p> The credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.</p><p><blockquote>信用风险经理讨论了要求 Archegos 提供更多保证金抵押品，估计需要再提供约 10 亿美元，但这一请求从未提出。</blockquote></p><p> In March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.</p><p><blockquote>今年 3 月，交易对手监督委员会再次讨论了 Archegos，按头寸规模计算，Archegos 是当时主要经纪部门最大的客户。委员会决定，Archegos 将在未来几周内转入动态保证金系统，否则瑞士信贷将要求额外保证金。</blockquote></p><p> The dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.</p><p><blockquote>报告称，动态保证金将市场波动性和头寸集中度等更多实时数据纳入保证金计算中，将使交易更加安全。3月中旬，瑞士信贷计算出Archegos将不得不额外支付14亿美元的利润，并告诉Archegos，它希望在下周实施新系统。</blockquote></p><p> Instead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including&nbsp;ViacomCBS,Inc. and&nbsp;Discovery&nbsp;Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.</p><p><blockquote>相反，Archegos 取消了评级来讨论这一举措，并开始要求退还其在银行的保证金，因为它投资的股票（包括 ViacomCBS, Inc.）的价值。发现公司的股价暴涨。在一个决定性的决定中，瑞士信贷在3月1日至3月19日期间向Archegos返还了24亿美元的保证金抵押品。</blockquote></p><p> On March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.</p><p><blockquote>截至 3 月 23 日，瑞士信贷对 Archegos 的总敞口已增至 270 亿美元。</blockquote></p><p> Credit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.</p><p><blockquote>瑞士信贷在发布第二季度收益的同时发布了 Archegos 报告，该报告逊于分析师预期，与其他欧洲银行的强劲表现形成鲜明对比。该银行报告称，亚洲客户流出数十亿美元，这主要归因于 “主动去风险”，以切断或减少与某些客户的联系。</blockquote></p><p> The report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former&nbsp;JPMorgan Chase&amp; Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.</p><p><blockquote>这份报告是由瑞士信贷董事会的一个特别委员会委托撰写的，该委员会成员包括该行前长期高管理查德-梅丁斯（Richard Meddings）和摩根大通前高管布莱斯-马斯特斯（Blythe Masters）。保罗-韦斯的董事长布拉德-卡普（Brad Karp）负责监督调查。</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>Credit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称瑞士信贷未能对 Archegos 风险采取行动</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\">\nCredit Suisse Failed to Act on Archegos Risks, Report Says<blockquote>报告称瑞士信贷未能对 Archegos 风险采取行动</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-29 20:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Credit Suisse GroupAG&nbsp;knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.</p><p><blockquote>根据瑞士信贷集团委托对这家家族投资公司倒闭进行的调查，瑞士信贷集团知道 Archegos Capital Management 存在巨大风险，但没有采取行动加以解决。</blockquote></p><p> The&nbsp;report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.</p><p><blockquote>周四发布的这份由瑞士信贷律师事务所编写的报告详细介绍了该银行多年来如何给予 Archegos 特殊豁免，以避免旨在保护该银行的规则。在这家家族投资公司倒闭之前，它还无视了员工的警告。</blockquote></p><p> Archegos&nbsp;rocked Wall Street&nbsp;when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.</p><p><blockquote>Archegos 在少数股票中持有的大量集中头寸化为乌有，震惊了华尔街。银行因退出交易而损失超过 100 亿美元。瑞士信贷在 Archegos 的贷款银行中表现最差，亏损超过 55 亿美元。Archegos 管理着前对冲基金经理 Bill Hwang 的家族财富。</blockquote></p><p> Credit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.</p><p><blockquote>瑞士信贷周四表示，已降低全行整体风险偏好，调整了治理，并增加了更多风险管理人员。该公司表示，与 Archegos 进行交易的主要经纪部门中所有对冲基金客户都已转移到动态保证金系统——这是导致亏损的早期系统的升级。</blockquote></p><p> The Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.</p><p><blockquote>Archegos 的亏损，以及瑞士信贷客户 Greensill Capital 的倒闭，促使这家瑞士银行重新思考存在主义，该银行将迎合全球富人的庞大财富管理业务与服务于企业、对冲基金和公司的重要华尔街业务结合在一起。近二十多名高管已离开该银行。</blockquote></p><p> The report, produced by law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, details a dysfunctional culture around protecting the bank from risks.</p><p><blockquote>这份由 Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP 律师事务所制作的报告详细描述了围绕保护银行免受风险的功能失调文化。</blockquote></p><p> “The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.</p><p><blockquote>“报告称：”该业务专注于实现短期利润最大化，未能控制住局面，事实上，这助长了 Archegos 的贪婪冒险行为。“有许多警告信号”表明，Archegos 的头寸对瑞士信贷构成了潜在的灾难性风险。</blockquote></p><p> The report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”</p><p><blockquote>报告没有指名道姓的高管，但指责该银行当时的股票主管和参与监督 Archegos 交易的风险经理。他们 “没有注意到这些迹象，尽管有证据表明有些人确实提出了适当的担忧”。</blockquote></p><p> Senior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”</p><p><blockquote>报道称，高级管理人员发现这一情况太晚了。该银行首席执行官托马斯-戈特斯坦（Thomas Gottstein）周四表示：“我基本上是在 Archegos 的消息传出时才听说的。我甚至不知道 Archegos 的存在。”</blockquote></p><p> It found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.</p><p><blockquote>它发现许多相关员工更专注于使用肤浅的修复。这包括允许 Archegos 通过与广泛股票指数挂钩的期权来对冲其在少数股票中的大量头寸。信用风险经理质疑这些措施是否能有效抵消风险，但并未对此举提出充分质疑。</blockquote></p><p> It said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”</p><p><blockquote>报告称，该银行为对冲基金管理交易和融资的优质服务业务 “对风险和风险纪律态度迟钝”。</blockquote></p><p> The report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.</p><p><blockquote>报告详细介绍了瑞士信贷与黄先生的悠久历史，可以追溯到2003年他经营一家名为老虎亚洲管理公司的对冲基金。他专门交易亚洲股票，做多头和空头头寸。</blockquote></p><p> Credit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and&nbsp;pleaded guilty&nbsp;to federal wire fraud charges in 2012.</p><p><blockquote>即使在 Tiger Asia 与美国证券交易委员会就内幕交易指控达成和解，并于 2012 年承认联邦电信欺诈指控后，瑞士信贷仍与黄先生保持联系。</blockquote></p><p> When Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.</p><p><blockquote>当Tiger Asia被禁止在香港交易时，瑞士信贷帮助黄先生将他的交易活动（更名为Archegos）转移到纽约，在那里他投资了在美国上市的亚洲公司，并以约5亿美元的资金重新启动。</blockquote></p><p> “We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.</p><p><blockquote>“报告称：”我们没有看到任何证据表明 CS 针对这些问题对 Tiger Asia 或 Hwang 进行了任何额外的审查。</blockquote></p><p> His assets swelled to $3.9 billion in 2016.</p><p><blockquote>他的资产在2016年膨胀到39亿美元。</blockquote></p><p> Credit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”</p><p><blockquote>早在 Archegos 倒闭之前，瑞士信贷就开始放弃与黄先生相关的风险保护。2017 年，黄先生交易的变化引发了 10% 的保证金看涨期权，这是银行的常见要求，要求在头寸风险增加时注入更多现金来支持头寸。瑞士信贷放弃了这一要求，并创建了 “对 Archegos 的定制每周监测”。</blockquote></p><p> Then in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.</p><p><blockquote>然后在 2019 年，Archegos 要求降低利润率要求，称竞争对手提供了更好的交易。他喜欢投资的股票挂钩衍生品（称为总回报掉期）的利润率从投资总额的 20% 左右降至 7.5%。</blockquote></p><p> In return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”</p><p><blockquote>作为回报，Archegos 同意给予瑞士信贷更多权力，在几乎没有通知的情况下平仓。但报告称，这些保护措施 “是虚幻的，因为企业似乎无意援引这些保护措施，因为担心疏远客户”。</blockquote></p><p> Archegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.</p><p><blockquote>Archegos 的交易于 2020 年春季开始。随着其头寸的增加，Archegos 多次突破瑞士信贷风险经理设定的关键限额。</blockquote></p><p></p><p> One type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.</p><p><blockquote>一种被称为 “潜在风险敞口 ”的限额，即如果市场对 Archegos 不利，银行可能损失的最高限额，被设定为 2000 万美元。2020年4月，超过2亿美元。到 8 月份，这一数字已增至 5.3 亿美元。风险经理们无视了这一警告，认为今年早些时候银行实施的方法变化打乱了计算。</blockquote></p><p> Many of the findings of the report&nbsp;echo reporting&nbsp;from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.</p><p><blockquote>报告中的许多调查结果与《华尔街日报》6 月份头版的一篇文章相呼应，该文章强调了该银行脆弱的风险管理系统，使其在判断上容易出现人为错误。</blockquote></p><p> The report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.</p><p><blockquote>该报告描述了所谓的“初级化”，因为有经验的人员离开了，而且缺乏对风险技术的投资。治理不善意味着一些关键员工必须扮演多种角色，他们描述说，他们对必须消化的数据和信息感到不知所措。</blockquote></p><p> The problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.</p><p><blockquote>报告称，纽约和伦敦之间的地理分歧加剧了这些问题，两个城市的主要服务联席负责人都不认为他负责监督Archegos的关系。</blockquote></p><p> Credit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.</p><p><blockquote>瑞士信贷周四表示，将寻求减少对联合领导职位和多重角色的使用。</blockquote></p><p> The report listed repeated warning signs that the bank failed to act upon.</p><p><blockquote>该报告列出了银行未能采取行动的反复警告信号。</blockquote></p><p> In September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.</p><p><blockquote>2020 年 9 月，一名信用风险经理向其主管提出了对这些交易的担忧。报告称，一个监督委员会在当月的一次会议上审查了这些职位，但没有采取任何计划行动。</blockquote></p><p> Early in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.</p><p><blockquote>2021 年初，信用风险经理下调了 Archegos 的内部信用评级，理由是该公司 “业绩波动性高、投资组合集中、杠杆使用增加”。根据 Archegos 自己的估计，清算其投资组合需要两周到一个月的时间，这是一个危险的漫长时间。</blockquote></p><p> The credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.</p><p><blockquote>信用风险经理讨论了要求 Archegos 提供更多保证金抵押品，估计需要再提供约 10 亿美元，但这一请求从未提出。</blockquote></p><p> In March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.</p><p><blockquote>今年 3 月，交易对手监督委员会再次讨论了 Archegos，按头寸规模计算，Archegos 是当时主要经纪部门最大的客户。委员会决定，Archegos 将在未来几周内转入动态保证金系统，否则瑞士信贷将要求额外保证金。</blockquote></p><p> The dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.</p><p><blockquote>报告称，动态保证金将市场波动性和头寸集中度等更多实时数据纳入保证金计算中，将使交易更加安全。3月中旬，瑞士信贷计算出Archegos将不得不额外支付14亿美元的利润，并告诉Archegos，它希望在下周实施新系统。</blockquote></p><p> Instead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including&nbsp;ViacomCBS,Inc. and&nbsp;Discovery&nbsp;Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.</p><p><blockquote>相反，Archegos 取消了评级来讨论这一举措，并开始要求退还其在银行的保证金，因为它投资的股票（包括 ViacomCBS, Inc.）的价值。发现公司的股价暴涨。在一个决定性的决定中，瑞士信贷在3月1日至3月19日期间向Archegos返还了24亿美元的保证金抵押品。</blockquote></p><p> On March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.</p><p><blockquote>截至 3 月 23 日，瑞士信贷对 Archegos 的总敞口已增至 270 亿美元。</blockquote></p><p> Credit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.</p><p><blockquote>瑞士信贷在发布第二季度收益的同时发布了 Archegos 报告，该报告逊于分析师预期，与其他欧洲银行的强劲表现形成鲜明对比。该银行报告称，亚洲客户流出数十亿美元，这主要归因于 “主动去风险”，以切断或减少与某些客户的联系。</blockquote></p><p> The report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former&nbsp;JPMorgan Chase&amp; Co. executive Blythe Masters. Paul Weiss’s Chairman Brad Karp oversaw the investigation.</p><p><blockquote>这份报告是由瑞士信贷董事会的一个特别委员会委托撰写的，该委员会成员包括该行前长期高管理查德-梅丁斯（Richard Meddings）和摩根大通前高管布莱斯-马斯特斯（Blythe Masters）。保罗-韦斯的董事长布拉德-卡普（Brad Karp）负责监督调查。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/credit-suisse-report-pins-archegos-disaster-on-fundamental-failure-of-management-and-controls-11627537722?mod=hp_lead_pos4\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/credit-suisse-report-pins-archegos-disaster-on-fundamental-failure-of-management-and-controls-11627537722?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164040651","content_text":"Credit Suisse GroupAG knew Archegos Capital Management was a massive risk and didn’t take actions to fix it, according to an investigation the bank commissioned into the collapse of the family investment firm.\nThe report released Thursday, prepared by a law firm for Credit Suisse, detailed how the bank for years granted Archegos special dispensation to avoid rules meant to protect the bank. It also ignored staff warnings before the family investment firm’s collapse.\nArchegos rocked Wall Street when large, concentrated positions it held in a few stocks went sour. Banks lost more than $10 billion exiting the trades. Credit Suisse fared the worst among Archegos’s lending banks, with more than $5.5 billion in losses. Archegos managed the family fortune of Bill Hwang, a former hedge-fund manager.\nCredit Suisse said Thursday it had lowered its overall risk appetite across the bank, adjusted its governance and is adding more people in risk management. It said all hedge-fund clients in the prime brokerage unit that traded with Archegos have been moved to a dynamic margining system—an upgrade of an earlier system that contributed to the losses.\nThe Archegos losses, along with the collapse of Credit Suisse client Greensill Capital, prompted an existential rethink for the Swiss bank, which marries a giant wealth management business catering to the global rich along with a significant Wall Street presence serving corporations, hedge funds and companies. Nearly two dozen executives have left the bank.\nThe report, produced by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP, details a dysfunctional culture around protecting the bank from risks.\n“The business was focused on maximizing short-term profits and failed to rein in and, indeed, enabled Archegos’s voracious risk-taking,” the report said. “There were numerous warning signals” that Archegos’s positions posed potentially catastrophic risk” to Credit Suisse.\nThe report doesn’t identify executives by name, but singles out for blame the bank’s then-head of equities and the risk managers involved in monitoring the Archegos trades. They “failed to heed these signs, despite evidence that some individuals did raise concerns appropriately.”\nSenior executives were late to find out about the situation, according to the report. The bank’s chief executive, Thomas Gottstein, said Thursday, “I only heard about Archegos basically when it hit the news. I wasn’t aware even about the existence of Archegos.”\nIt found many of the employees involved were more focused on using superficial fixes. This included allowing Archegos to hedge its massive positions in just a few stocks with options tied to broad stock indexes. Credit risk managers questioned if those would effectively offset risks, but didn’t sufficiently challenge the move.\nIt said the bank’s prime services business, which manages trades and financing for hedge funds, had “a lackadaisical attitude towards risk and risk discipline.”\nThe report details Credit Suisse’s long history with Mr. Hwang, stretching back to his days running a hedge fund called Tiger Asia Management in 2003. He specialized in trading Asian stocks, taking long and short positions.\nCredit Suisse stuck with Mr. Hwang even after Tiger Asia settled insider trading allegations with the Securities and Exchange Commission and pleaded guilty to federal wire fraud charges in 2012.\nWhen Tiger Asia was banned from trading in Hong Kong, Credit Suisse helped Mr. Hwang move his trading activity—rechristened under the Archegos name—to New York, where he invested in U.S.-listed Asian companies, relaunching with around $500 million.\n“We have seen no evidence that CS applied any additional scrutiny to Tiger Asia or Hwang in response to these matters,” the report said.\nHis assets swelled to $3.9 billion in 2016.\nCredit Suisse began waiving risk protections related to Mr. Hwang well before Archegos collapsed. In 2017, changes in Mr. Hwang’s trading prompted a 10% margin call, a common request by a bank to post more cash to back up positions as they became riskier. Credit Suisse waived the requirement and created a “bespoke weekly monitoring of Archegos.”\nThen in 2019, Archegos asked to lower its margin requirement, saying competitors were offering a better deal. The margin on the stock-linked derivatives he liked to invest in, known as total return swaps, dropped to 7.5% of the total invested from around 20%.\nIn return, Archegos agreed to give Credit Suisse more power to close out its positions with little notice. But the report says these protections were “illusory, as the business appears to have had no intention of invoking them for fear of alienating the client.”\nArchegos’s trading took off in the spring of 2020. As its positions swelled, Archegos repeatedly breached key limits Credit Suisse risk managers had set.\nOne type of limit, known as “potential exposure,” or the maximum the bank was likely to lose if markets went against Archegos, was set at $20 million. In April 2020, it was more than $200 million. By August, it swelled to $530 million. Risk managers ignored the warning, figuring a change in the bank’s methodology implemented earlier in the year had thrown off the calculation.\nMany of the findings of the report echo reporting from a June page one article in The Wall Street Journal, which highlighted the bank’s creaky risk-management systems that left it exposed to human errors in judgment.\nThe report described what it called a “juniorization” of staff as experienced personnel left and a lack of investment in risk technology. Poor governance meant some key staff had to perform multiple roles, and they described feeling overwhelmed by the data and information they had to digest.\nThe problems were amplified by a geographic split between New York and London, with neither co-head of prime services in the different cities believing he was responsible for supervising the Archegos relationship, according to the report.\nCredit Suisse on Thursday said it would look to reduce its use of co-headed positions and multi-hatted roles.\nThe report listed repeated warning signs that the bank failed to act upon.\nIn September 2020, a credit risk manager escalated concerns about the trades to his supervisor. An oversight committee reviewed the positions at a meeting that month but planned actions weren’t taken, the report said.\nEarly in 2021, credit risk managers cut Archegos’s internal credit rating citing the firm’s “high performance volatility, concentrated portfolio, and increased use of leverage.” By Archegos’s own estimate, according to the report, it would take between two weeks and a month to liquidate its portfolio, a dangerously long time.\nThe credit risk managers discussed requiring more margin collateral from Archegos, estimating it needed to post around another $1 billion, but the request was never made.\nIn March, the counterparty oversight committee again discussed Archegos, by then the prime brokerage unit’s largest client in terms of position size. The committee decided Archegos would be moved to a dynamic margining system within the next couple of weeks, and if not Credit Suisse would ask for additional margin.\nThe dynamic margining, which incorporates more real-time data such as market volatility and position concentration into margin calculations, would have made the trades safer, according to the report. In mid-March, Credit Suisse calculated Archegos would have to put up an additional $1.4 billion margin, and told Archegos it wanted to implement the new system the next week.\nInstead, Archegos canceled calls to discuss the step, and began requesting back margin it had at the bank, since the value of the shares it invested in—including ViacomCBS,Inc. and Discovery Inc.,had skyrocketed. In a fateful decision, Credit Suisse returned $2.4 billion in margin collateral to Archegos between March 1 and March 19.\nOn March 23, Credit Suisse’s gross exposure to Archegos had grown to $27 billion.\nCredit Suisse released the Archegos report alongside its second-quarter earnings, which were worse than analysts expected and stood in contrast to a strong performance at other European banks. It reported billions in outflows from clients in Asia, which the bank attributed mainly to “proactive de-risking” to cut or reduce ties to some customers.\nThe report was commissioned by a special committee of Credit Suisse’s board, which included former longtime bank executive Richard Meddings and former JPMorgan Chase& Co. executive Blythe Masters. 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