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- EggyEggy
  ·2021-02-26
  Hold
  Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>
  “Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerN
  Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>
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- EggyEggy
  ·2021-02-26
  Bullish on apple
  非常抱歉，此主贴已删除
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- EggyEggy
  ·2021-02-26
  Frenzy
  GameStop Round 2? How an options-buying frenzy is providing another jolt to meme stocks<blockquote>游戏驿站第二轮？期权购买狂潮如何给模因股票带来另一次冲击</blockquote>
  It’s not just individual investors participating in latest squeeze, observers say Another options-fu
  GameStop Round 2? How an options-buying frenzy is providing another jolt to meme stocks<blockquote>游戏驿站第二轮？期权购买狂潮如何给模因股票带来另一次冲击</blockquote>
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11:52","market":"fut","language":"en","title":"Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125238969","media":"Barrons","summary":"“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerN","content":"<p>“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.</p><p><blockquote>如果科技行业持续下滑，“责怪比特币 ”可能会成为一个新的流行语。</blockquote></p><p>Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.</p><p><blockquote>半导体制造商英伟达（股票代码：NVDA）在最近的交易中下跌 8.2%，至 532.3 美元，以科技股为主的纳斯达克综合指数普遍暴跌。芯片股脱颖而出，因为该公司周三发布了强劲的收益报告，其中包括与比特币和其他加密货币相关的产品的提振。</blockquote></p><p>Payments app&nbsp;Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong&nbsp;earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as&nbsp;Bitcoin prices have slumped.</p><p><blockquote>与此同时，支付应用 Square(SQ) 也继续下滑，下跌 4.3%，至 227.11 美元。该公司周二发布的相对强劲的财报包括来自比特币的投资和运营收益，该公司表示计划在数字货币上 “加倍下注 ”。这可能会给该股带来压力，由于比特币价格暴跌，该股在过去几个交易日下跌了近 20%。</blockquote></p><p>Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.</p><p><blockquote>科技行业因其他原因面临压力：估值过高使得该行业容易受到公司预测疲软的影响。债券收益率上升对未来现金流的现值构成了威胁。大型科技公司也是一个拥挤的行业，随着投资者寻求更具周期性的敞口或估值较低的行业，可能会失去青睐。</blockquote></p><p>But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.</p><p><blockquote>但英伟达、Square、特斯拉（TSLA）和其他股票的交易模式也可能是比特币影响力日益增强的一个迹象。公司正在将资本直接投入比特币及相关产品和服务，在过去一年价格飙升超过 350% 的情况下扩大敞口。尽管最近有所下滑，但比特币今年仍上涨了 67%。</blockquote></p><p>Crypto is&nbsp;certainly gathering momentum.Mastercard&nbsp;(MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a&nbsp;Mastercard&nbsp;executive noted at a conference on Thursday.</p><p><blockquote>加密货币无疑正在蓄势待发。万事达卡 (MA) 本月表示，将开始直接在其网络上支持加密货币，并指出许多消费者已经在使用银行卡购买加密资产。但万事达卡高管在周四的一次会议上指出，将比特币转变为日常购物的可行货币仍然是一件困难的事情。</blockquote></p><p>“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a&nbsp;report&nbsp;on MarketWatch. “It’s too volatile and it takes too long to transact.”</p><p><blockquote>“据 MarketWatch 报道，万事达卡执行副主席安-凯恩斯（Ann Cairns）说：”比特币的行为不像是一种支付工具。“波动性太大，交易时间太长”。</blockquote></p><p>Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.</p><p><blockquote>无论是成为一种资产类别还是支付工具，比特币的崛起（以及潜在的下跌）正在席卷科技、银行和其他行业。</blockquote></p><p>Nvidia, for instance, issued animpressiveearnings report, as<i>Barron’s</i>noted. But it’s also becoming more of a crypto play.</p><p><blockquote>例如，英伟达发布了令人印象深刻的收益报告，<i>巴伦</i>注意到。但它也越来越像一场加密货币游戏。</blockquote></p><p>The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.</p><p><blockquote>该公司表示，加密货币可能在本季度产生了 1 亿至 3 亿美元的积极影响。该公司正在推出一系列新的加密货币挖掘处理器（CMP），用于专业的加密货币挖掘。</blockquote></p><p>“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.</p><p><blockquote>“英伟达告诉投资者：”加密货币最近开始被公司和金融机构接受，并显示出越来越强的持久力。该公司补充说，其新的 CMP 系列将使该公司更好地了解加密货币对收入的贡献。</blockquote></p><p>Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.</p><p><blockquote>例如，Piper Sandler 的 Harsh Kumar 重申了跑赢大盘对该股的评级，但对英伟达越来越多地涉足加密货币提出了警告。</blockquote></p><p>“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”</p><p><blockquote>“他写道：”随着加密货币的再次出现，加密货币和核心游戏的上涨空间之间的界限变得模糊了。“我们认为投资者可能会质疑这些趋势的可持续性，尤其是考虑到过去的加密货币问题。”</blockquote></p><p>Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.</p><p><blockquote>如上所述，支付应用Square现在也直接卷入了比特币的辩论。虽然核心业务趋势看起来很健康，但投资者可能会担心，随着价格见顶，Square 正在扩展到加密货币领域。该公司在本季度购买了 1.7 亿美元的比特币，此前购买了 5000 万美元，并正在将其 Cash 应用程序作为购买、存储并最终交易加密货币的机制进行营销。</blockquote></p><p>Wall Street has mixed views on that idea. Competitors like&nbsp;PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes&nbsp;JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.</p><p><blockquote>华尔街对这一想法看法不一。JMP 分析师大卫-沙夫（David Scharf）指出，PayPal控股公司（PYPL）等竞争对手以及其他 “新银行 ”竞争对手也在大举进军比特币。这就引发了人们对 Cash App 长期 “粘性 ”及其增长能否持续的质疑。</blockquote></p><p>Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.</p><p><blockquote>事实上，Cash App 目前约占 Square 毛利润的一半，该公司正指望比特币来刺激需求。这使得方形股票成为比特币上的一种衍生品；在过去的一年里，股票与比特币的价格越来越相关，而且这种关系可能只会变得越来越紧密。</blockquote></p><p>Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.</p><p><blockquote>Square 股票也可能无法完全解释比特币的波动性，该公司已经经历了几次繁荣-萧条周期。沙夫表示，预计 2022 年 Ebitda（息税折旧摊销前利润）约为 100，该股看起来价值充分，他维持了市场表现评级。</blockquote></p><p></p><p>Guggenheim’s Jeff Cantwell&nbsp;took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.</p><p><blockquote>古根海姆博物馆的杰夫-坎特韦尔（Jeff Cantwell）站在了辩论的对立面。周四，他将 Square 股票评级上调至买入，部分原因是对比特币的乐观前景。“他写道：”我们认为比特币的长期走高轨迹，并补充说，这应该会推动现金应用程序使用量和其他指标的增加。</blockquote></p><p>He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.</p><p><blockquote>他认为比特币不会在短期内成为主流消费的货币。但他指出，这无关紧要，因为比特币正在变成 “数字黄金”--一种价值储存和资产类别。他指出，全球有5000万个数字比特币钱包，用户群庞大且不断增长。Square正在尽自己的一份力量将比特币纳入主流。</blockquote></p><p>Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.</p><p><blockquote>Cantwell 预计 Square 股价将触及 288 美元。比特币可能也必须为该股实现这一目标尽自己的一份力量。</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>Bitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</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\">\nBitcoin May Be Weighing on Tech Stocks Again<blockquote>比特币可能再次打压科技股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-26 11:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.</p><p><blockquote>如果科技行业持续下滑，“责怪比特币 ”可能会成为一个新的流行语。</blockquote></p><p>Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.</p><p><blockquote>半导体制造商英伟达（股票代码：NVDA）在最近的交易中下跌 8.2%，至 532.3 美元，以科技股为主的纳斯达克综合指数普遍暴跌。芯片股脱颖而出，因为该公司周三发布了强劲的收益报告，其中包括与比特币和其他加密货币相关的产品的提振。</blockquote></p><p>Payments app&nbsp;Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong&nbsp;earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as&nbsp;Bitcoin prices have slumped.</p><p><blockquote>与此同时，支付应用 Square(SQ) 也继续下滑，下跌 4.3%，至 227.11 美元。该公司周二发布的相对强劲的财报包括来自比特币的投资和运营收益，该公司表示计划在数字货币上 “加倍下注 ”。这可能会给该股带来压力，由于比特币价格暴跌，该股在过去几个交易日下跌了近 20%。</blockquote></p><p>Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.</p><p><blockquote>科技行业因其他原因面临压力：估值过高使得该行业容易受到公司预测疲软的影响。债券收益率上升对未来现金流的现值构成了威胁。大型科技公司也是一个拥挤的行业，随着投资者寻求更具周期性的敞口或估值较低的行业，可能会失去青睐。</blockquote></p><p>But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.</p><p><blockquote>但英伟达、Square、特斯拉（TSLA）和其他股票的交易模式也可能是比特币影响力日益增强的一个迹象。公司正在将资本直接投入比特币及相关产品和服务，在过去一年价格飙升超过 350% 的情况下扩大敞口。尽管最近有所下滑，但比特币今年仍上涨了 67%。</blockquote></p><p>Crypto is&nbsp;certainly gathering momentum.Mastercard&nbsp;(MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a&nbsp;Mastercard&nbsp;executive noted at a conference on Thursday.</p><p><blockquote>加密货币无疑正在蓄势待发。万事达卡 (MA) 本月表示，将开始直接在其网络上支持加密货币，并指出许多消费者已经在使用银行卡购买加密资产。但万事达卡高管在周四的一次会议上指出，将比特币转变为日常购物的可行货币仍然是一件困难的事情。</blockquote></p><p>“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a&nbsp;report&nbsp;on MarketWatch. “It’s too volatile and it takes too long to transact.”</p><p><blockquote>“据 MarketWatch 报道，万事达卡执行副主席安-凯恩斯（Ann Cairns）说：”比特币的行为不像是一种支付工具。“波动性太大，交易时间太长”。</blockquote></p><p>Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.</p><p><blockquote>无论是成为一种资产类别还是支付工具，比特币的崛起（以及潜在的下跌）正在席卷科技、银行和其他行业。</blockquote></p><p>Nvidia, for instance, issued animpressiveearnings report, as<i>Barron’s</i>noted. But it’s also becoming more of a crypto play.</p><p><blockquote>例如，英伟达发布了令人印象深刻的收益报告，<i>巴伦</i>注意到。但它也越来越像一场加密货币游戏。</blockquote></p><p>The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.</p><p><blockquote>该公司表示，加密货币可能在本季度产生了 1 亿至 3 亿美元的积极影响。该公司正在推出一系列新的加密货币挖掘处理器（CMP），用于专业的加密货币挖掘。</blockquote></p><p>“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.</p><p><blockquote>“英伟达告诉投资者：”加密货币最近开始被公司和金融机构接受，并显示出越来越强的持久力。该公司补充说，其新的 CMP 系列将使该公司更好地了解加密货币对收入的贡献。</blockquote></p><p>Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.</p><p><blockquote>例如，Piper Sandler 的 Harsh Kumar 重申了跑赢大盘对该股的评级，但对英伟达越来越多地涉足加密货币提出了警告。</blockquote></p><p>“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”</p><p><blockquote>“他写道：”随着加密货币的再次出现，加密货币和核心游戏的上涨空间之间的界限变得模糊了。“我们认为投资者可能会质疑这些趋势的可持续性，尤其是考虑到过去的加密货币问题。”</blockquote></p><p>Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.</p><p><blockquote>如上所述，支付应用Square现在也直接卷入了比特币的辩论。虽然核心业务趋势看起来很健康，但投资者可能会担心，随着价格见顶，Square 正在扩展到加密货币领域。该公司在本季度购买了 1.7 亿美元的比特币，此前购买了 5000 万美元，并正在将其 Cash 应用程序作为购买、存储并最终交易加密货币的机制进行营销。</blockquote></p><p>Wall Street has mixed views on that idea. Competitors like&nbsp;PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes&nbsp;JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.</p><p><blockquote>华尔街对这一想法看法不一。JMP 分析师大卫-沙夫（David Scharf）指出，PayPal控股公司（PYPL）等竞争对手以及其他 “新银行 ”竞争对手也在大举进军比特币。这就引发了人们对 Cash App 长期 “粘性 ”及其增长能否持续的质疑。</blockquote></p><p>Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.</p><p><blockquote>事实上，Cash App 目前约占 Square 毛利润的一半，该公司正指望比特币来刺激需求。这使得方形股票成为比特币上的一种衍生品；在过去的一年里，股票与比特币的价格越来越相关，而且这种关系可能只会变得越来越紧密。</blockquote></p><p>Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.</p><p><blockquote>Square 股票也可能无法完全解释比特币的波动性，该公司已经经历了几次繁荣-萧条周期。沙夫表示，预计 2022 年 Ebitda（息税折旧摊销前利润）约为 100，该股看起来价值充分，他维持了市场表现评级。</blockquote></p><p></p><p>Guggenheim’s Jeff Cantwell&nbsp;took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.</p><p><blockquote>古根海姆博物馆的杰夫-坎特韦尔（Jeff Cantwell）站在了辩论的对立面。周四，他将 Square 股票评级上调至买入，部分原因是对比特币的乐观前景。“他写道：”我们认为比特币的长期走高轨迹，并补充说，这应该会推动现金应用程序使用量和其他指标的增加。</blockquote></p><p>He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.</p><p><blockquote>他认为比特币不会在短期内成为主流消费的货币。但他指出，这无关紧要，因为比特币正在变成 “数字黄金”--一种价值储存和资产类别。他指出，全球有5000万个数字比特币钱包，用户群庞大且不断增长。Square正在尽自己的一份力量将比特币纳入主流。</blockquote></p><p>Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.</p><p><blockquote>Cantwell 预计 Square 股价将触及 288 美元。比特币可能也必须为该股实现这一目标尽自己的一份力量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-may-be-weighing-on-tech-stocks-again-investors-should-be-wary-51614284904?mod=hp_LEAD_2_B_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","PYPL":"PayPal","GBTC":"比特币ETF-Grayscale",".DJI":"道琼斯","NVDA":"英伟达","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/bitcoin-may-be-weighing-on-tech-stocks-again-investors-should-be-wary-51614284904?mod=hp_LEAD_2_B_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125238969","content_text":"“Blame it on Bitcoin” may be a new catchphrase if the tech sector keeps sinking.Semiconductor makerNvidia(ticker: NVDA) was down 8.2%, at $532.3, in recent trading amid a broader rout in the tech-heavyNasdaq Compositeindex. The chip stock stands out because the company issueda strong earnings reportWednesday, including a lift from products related to Bitcoin and other cryptocurrencies.Payments app Square(SQ), meanwhile, also continued its slide, down 4.3%, at $227.11. The company’srelatively strong earnings report on Tuesday included investments and operational gains from Bitcoin, and the firm said it plans to “double down” on the digital coin. That may be weighing on the stock, which is down nearly 20% in the last few sessions as Bitcoin prices have slumped.Tech is under pressure for other reasons: Steep valuations have made the sector vulnerable to weakness in company forecasts. Rising bond yields pose a threat by pressuring the present value of future cash flows. Big Tech is also a crowded trade that could be losing favor as investors look for more-cyclical exposure or sectors with lower valuations.But the trading patterns in Nvidia, Square,Tesla(TSLA), and other stocks may also be a sign of Bitcoin’s growing influence. Companies are plowing capital into Bitcoin directly and related products and services, expanding exposure at a time when prices have skyrocketed more than 350% in the past year. Despite its recent slide, Bitcoin is still up 67% this year.Crypto is certainly gathering momentum.Mastercard (MA) said this month that it would start supporting cryptocurrencies directly on its network, noting that many consumers are already using cards to buy crypto assets. But it would still be a stretch to turn Bitcoin into a viable currency for everyday purchases, a Mastercard executive noted at a conference on Thursday.“Bitcoin doesn’t behave like a payment instrument,” said Mastercard Executive Vice Chair Ann Cairns, according to a report on MarketWatch. “It’s too volatile and it takes too long to transact.”Whether it becomes an asset class or payment instrument, the rise (and potential fall) of Bitcoin is ripping through corners of tech, banking, and other sectors.Nvidia, for instance, issued animpressiveearnings report, asBarron’snoted. But it’s also becoming more of a crypto play.The company said crypto may have had a $100 million to $300 million positive impact in the quarter. The firm is launching a new line of cryptocurrency mining processors, or CMPs, for professional crypto-mining.“Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power,” Nvidia told investors. Its new line of CMPs will give the firm more visibility into the contribution of crypto to revenue, the company added.Some analysts are questioning the sustainability of the trend.Piper Sandler’s Harsh Kumarreiterated an Overweight rating on the shares, for instance, but cautioned about Nvidia’s growing exposure to crypto.“With cryptocurrency entering the picture again, the delineation between crypto and core gaming upside is blurred,” he writes. “We feel investors may question the sustainability of these trends, particularly given the cryptocurrency issues in the past.”Payments app Square, as noted above, is also now squarely in the Bitcoin debate. While core business trends are looking healthy, investors may be concerned that Square is expanding into crypto as prices peak. The company purchased $170 million of Bitcoin in the quarter, on top of $50 million previously purchased, and is marketing its Cash App as a mechanism to buy, store, and eventually transact with the cryptocurrency.Wall Street has mixed views on that idea. Competitors like PayPal Holdings(PYPL) are also plowing into Bitcoin, along with other “neobbank” competitors, notes JMP analyst David Scharf. That raises questions about the long-term “stickiness” of Cash App and whether its growth can be sustained.Indeed, Cash App now accounts for about half of Square’s gross profits, and the company is counting on Bitcoin to fuel demand. That is making Square stock a kind of derivative on Bitcoin; shares have been increasingly correlated to the price of Bitcoin over the past year, and the relationship may only be getting tighter.Square stock also may not be fully accounting for the volatility of Bitcoin, which has had several boom-bust cycles. At around 100 estimated 2022 Ebitda (earnings before interest, taxes, depreciation, and amortization), the stock looks fully valued, according to Scharf, who maintained a Market Perform rating.Guggenheim’s Jeff Cantwell took the opposite side of that debate. He upgraded Square stock to a Buy on Thursday, partly on an upbeat outlook for Bitcoin. “We think Bitcoin is on a long-term trajectory higher,” he writes, adding that it should drive an increase in Cash App usage and other metrics.He doesn’t see Bitcoin becoming a currency used for mainstream purchases anytime soon. But that’s beside the point, he notes, since Bitcoin is turning into “digital gold”—a store of value and an asset class. There are 50 million digital Bitcoin wallets globally, a large and growing user base, he notes. Square is doing its part to take Bitcoin mainstream.Cantwell sees Square stock hitting $288. Bitcoin may have to do its part for the stock to get there, too.","news_type":1,"symbols_score_info":{"SQ":0.9,"NVDA":0.9,"TSLA":0.9,"GBTC":0.9,"XBTmain":0.9,".IXIC":0.9,"BTCmain":0.9,".DJI":0.9,"PYPL":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1245,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368692403,"gmtCreate":1614315044302,"gmtModify":1703476245694,"author":{"id":"3573531494106600","authorId":"3573531494106600","name":"Eggy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573531494106600","idStr":"3573531494106600"},"themes":[],"title":"","htmlText":"Bullish on apple","listText":"Bullish on apple","text":"Bullish on apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368692403","repostId":"1171144271","repostType":4,"isVote":1,"tweetType":1,"viewCount":1797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368696716,"gmtCreate":1614314977935,"gmtModify":1703476243981,"author":{"id":"3573531494106600","authorId":"3573531494106600","name":"Eggy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573531494106600","idStr":"3573531494106600"},"themes":[],"title":"","htmlText":"Frenzy","listText":"Frenzy","text":"Frenzy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368696716","repostId":"1120523685","repostType":4,"repost":{"id":"1120523685","kind":"news","pubTimestamp":1614310849,"share":"https://www.laohunote.com/m/news/1120523685?lang=zh_CN&edition=full","pubTime":"2021-02-26 11:40","market":"us","language":"en","title":"GameStop Round 2? How an options-buying frenzy is providing another jolt to meme stocks<blockquote>游戏驿站第二轮？期权购买狂潮如何给模因股票带来另一次冲击</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120523685","media":"MarketWatch","summary":"It’s not just individual investors participating in latest squeeze, observers say\nAnother options-fu","content":"<p>It’s not just individual investors participating in latest squeeze, observers say</p><p><blockquote>观察人士称，参与最新挤压的不仅仅是个人投资者</blockquote></p><p> Another options-fueled buying frenzy appeared to be sending shares of GameStop Corp. and other “meme” stocks soaring on Thursday. But unlike last month’s market-rattling move, it wasn’t clear that individual investors were the primary driver.</p><p><blockquote>周四，另一场由期权引发的买盘狂潮似乎导致游戏驿站公司和其他 “迷因 ”股票飙升。但与上个月扰乱市场的举动不同的是，个人投资者是主要驱动因素尚不清楚。</blockquote></p><p> The primary mechanism, however, appeared largely the same.</p><p><blockquote>然而，主要机制似乎基本相同。</blockquote></p><p> A surge in purchases of GameStop call options, centered on those with a strike price of $60 and due to expire at the end of the week, was seen late Wednesday afternoon, said Gust Kepler, chief executive of BlackBoxStocks, a stock-and-options analytics and social platform. That triggered an alert sent by BlackBoxStocks at 3:27 p.m. Eastern, he said. Another alert was triggered early Thursday by heavy interest in calls with a $125 strike price.</p><p><blockquote>股票和期权分析和社交平台 BlackBoxStocks 首席执行官 Gust Kepler 表示，周三下午晚些时候，游戏驿站·看涨期权期权的购买量激增，主要集中在执行价格为 60 美元、将于本周末到期的期权上。这引发了BlackBoxStocks在下午3点27分发出的警报。东部，他说。周四早些时候，人们对评级的浓厚兴趣引发了另一个警报，执行价格为 125 美元。</blockquote></p><p> The company tracks options buying activity, with an eye toward large institutional buyers. Concerted activity by individual investors can also be picked up as brokers, which are part of the institutional universe, move to fill orders. The recent activity appeared to likely be a combination of big, professional players as well as individual buyers, Kepler said, in an interview.</p><p><blockquote>该公司跟踪期权购买活动，重点关注大型机构买家。当作为机构世界一部分的经纪商开始执行订单时，个人投资者的一致活动也可能被发现。开普勒在接受采访时表示，最近的活动似乎很可能是大型专业参与者和个人买家的结合。</blockquote></p><p> <b>‘Gamma squeeze’</b></p><p><blockquote><b>伽马挤压</b></blockquote></p><p> A call option is a financial instrument that gives the holder the right, but not the obligation, to buy the underlying security at a set price, known as the strike price, by a certain date. By buying far “out of the money” calls, which have a strike price well above the stock’s present level, investors are betting that a surge in the stock price will net them a healthy profit.</p><p><blockquote>看涨期权期权是一种金融工具，赋予持有人在特定日期之前以设定价格（称为执行价格）购买标的证券的权利，但没有义务。通过购买远远 “超出资金 ”的评级，投资者押注股价飙升将为他们带来可观的净利润。</blockquote></p><p> Buying far out of the money calls is usually a losing proposition, analysts noted, and a surge in interest can make the strategy more expensive as premiums rise in response to demand.</p><p><blockquote>分析师指出，远远超出评级的资金购买通常是一个亏损的提议，而且随着保费因需求而上升，兴趣的激增可能会使该策略变得更加昂贵。</blockquote></p><p> But the options buying can, under certain circumstances, create conditions in which a price rally feeds on itself. Known as a “gamma squeeze,” this occurs when the sellers of the call options, in order to hedge their positions, buy the underlying stock. As the price of the stock rises, they need to buy more to maintain their hedge, creating the feedback loop.</p><p><blockquote>但在某些情况下，购买期权可能会创造出价格上涨自我推动的条件。这种情况被称为 “伽马挤压”，是指看涨期权期权的卖方为了对冲头寸而买入标的股票。随着股票价格上涨，他们需要购买更多股票来维持对冲，从而形成反馈循环。</blockquote></p><p> GameStop&nbsp;shares soared in late afternoon trade Wednesday, prompting trading halts before it&nbsp;ended with a gain of 104%.Nearly 65 million shares changed hands, with volume surging as the closing bell neared, compared with a recent average daily volume of 14.7 million shares. GameStop shares&nbsp;popped as much as 85% at Thursday’s opening bell. Gains were trimmed by the close, but it still finished at $108.73, up more than 18%.</p><p><blockquote>游戏驿站股价在周三下午晚些时候的交易中飙升，引发交易暂停，最终上涨 104%。近 6500 万股易手，随着收盘时间的临近，成交量激增，而最近的日均成交量为 1,470 万股。周四开盘时，游戏驿站股价大涨 85%。收盘时涨幅有所回落，但仍收于 108.73 美元，上涨超过 18%。</blockquote></p><p> <b>Where are the shorts?</b></p><p><blockquote><b>短裤呢？</b></blockquote></p><p> GameStop, which ended last year near $17 a share, soared as high as $483 in late January as concerted buying efforts initiated by individual investors on Reddit’s WallStreetBets forum contributed to a short squeeze, forcing traders who had bet on falling stock prices to cover their positions, adding to the buying frenzy.</p><p><blockquote>游戏驿站去年收盘价接近每股 17 美元，1 月底飙升至 483 美元，原因是个人投资者在 Reddit 的 WallStreetBets 论坛上发起的一致买入活动导致了空头挤压，迫使押注股价下跌的交易员补仓，加剧了买盘狂潮。</blockquote></p><p> GameStop shares subsequently fell back, trading below $40 a share last week. The late-January episode briefly rattled financial markets, triggered investigations and brought additional scrutiny, including a high-profile congressional hearing, on online brokers, market makers, and other players.</p><p><blockquote>游戏驿站股价随后回落，上周交易价格跌破每股 40 美元。1月下旬的事件短暂扰乱了金融市场，引发了调查，并带来了额外的审查，包括对在线经纪商、做市商和其他参与者的高调国会听证会。</blockquote></p><p> It’s also brought attention to the broader role individual investors are playing and the possibility of a sustained pickup in retail interest that could alter market dynamics over the long run.</p><p><blockquote>这也让人们注意到个人投资者所扮演的更广泛的角色，以及散户兴趣持续回升的可能性，这可能会在长期内改变市场动态。</blockquote></p><p> The broader stock marketsaw steep lossesthat deepened ahead of the closing bell, though the tech-led fall was blamed largely on a sharp jump in Treasury yields. The Dow Jones Industrial Average&nbsp;dropped nearly 560 points, or 1.8%. The S&amp;P 500&nbsp;fell 2.4%, while the Nasdaq Composite&nbsp;dropped 3.5%.</p><p><blockquote>大盘股市大幅下跌，并在收盘前加深，尽管科技股主导的下跌主要归咎于国债收益率的大幅上涨。道琼斯工业平均指数下跌近560点，跌幅1.8%。标普500指数下跌2.4%，纳斯达克综合指数下跌3.5%。</blockquote></p><p> Some market watchers, however, saw a possible but not clear-cut link between the GameStop activity and the selloff.</p><p><blockquote>然而，一些市场观察人士认为，游戏驿站活动和抛售之间可能存在但并不明确的联系。</blockquote></p><p> GameStop might still be a popular short among some hedge funds, said Thomas Lee, managing partner and head of research at Fundstrat Global Advisors, in a Thursday note. That could be fostering a repeat of the late-January “degrossing” episode, in which hedge funds sold assets in order to reduce leverage, in keeping with “value-at-risk” models.</p><p><blockquote>Fundstrat Global Advisors 执行合伙人兼研究主管 Thomas Lee 在周四的一份报告中表示，游戏驿站可能仍然是一些对冲基金的热门空头。这可能会导致 1 月下旬 “去格罗斯 ”事件重演，当时对冲基金出售资产以降低杠杆率，符合 “风险价值 ”模型。</blockquote></p><p> Meanwhile, other market watchers questioned how much fuel existed for for a repeat short squeeze, noting a sharp fall in short interest and expectations that remaining shorts are more adequately hedged against sharp moves.</p><p><blockquote>与此同时，其他市场观察人士质疑有多少燃料可以反复挤空，指出空头兴趣急剧下降，并且预期剩余的空头可以更充分地对冲大幅波动。</blockquote></p><p> Short interest in GameStop had reached 140% in January, but has since fallen back closer to 30%, noted Edward Moya, senior market analyst at brokerage Oanda, in a note, observing that professional investors likely also see an opportunity near options expiration dates following last month’s action.</p><p><blockquote>经纪公司 Oanda 的高级市场分析师 Edward Moya 在一份报告中指出，1 月份游戏驿站的空头兴趣曾达到 140%，但此后已回落至接近 30%。</blockquote></p><p></p><p> “One thing is clear, the institutional money behind this move found options expiration as a pivotal opportunity that will make it easier for market disruptions,” Moya wrote. “The violent price swings might remain elevated around options expirations for the Reddit-WallStreetBets crowd.”</p><p><blockquote>“有一点是明确的，这一举措背后的机构资金认为期权到期是一个关键机会，这将使市场更容易受到干扰，”莫亚写道。“对于 Reddit-WallStreetBets 人群来说，期权到期前后的剧烈价格波动可能会持续升高。”</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop Round 2? How an options-buying frenzy is providing another jolt to meme stocks<blockquote>游戏驿站第二轮？期权购买狂潮如何给模因股票带来另一次冲击</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\">\nGameStop Round 2? How an options-buying frenzy is providing another jolt to meme stocks<blockquote>游戏驿站第二轮？期权购买狂潮如何给模因股票带来另一次冲击</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-26 11:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s not just individual investors participating in latest squeeze, observers say</p><p><blockquote>观察人士称，参与最新挤压的不仅仅是个人投资者</blockquote></p><p> Another options-fueled buying frenzy appeared to be sending shares of GameStop Corp. and other “meme” stocks soaring on Thursday. But unlike last month’s market-rattling move, it wasn’t clear that individual investors were the primary driver.</p><p><blockquote>周四，另一场由期权引发的买盘狂潮似乎导致游戏驿站公司和其他 “迷因 ”股票飙升。但与上个月扰乱市场的举动不同的是，个人投资者是主要驱动因素尚不清楚。</blockquote></p><p> The primary mechanism, however, appeared largely the same.</p><p><blockquote>然而，主要机制似乎基本相同。</blockquote></p><p> A surge in purchases of GameStop call options, centered on those with a strike price of $60 and due to expire at the end of the week, was seen late Wednesday afternoon, said Gust Kepler, chief executive of BlackBoxStocks, a stock-and-options analytics and social platform. That triggered an alert sent by BlackBoxStocks at 3:27 p.m. Eastern, he said. Another alert was triggered early Thursday by heavy interest in calls with a $125 strike price.</p><p><blockquote>股票和期权分析和社交平台 BlackBoxStocks 首席执行官 Gust Kepler 表示，周三下午晚些时候，游戏驿站·看涨期权期权的购买量激增，主要集中在执行价格为 60 美元、将于本周末到期的期权上。这引发了BlackBoxStocks在下午3点27分发出的警报。东部，他说。周四早些时候，人们对评级的浓厚兴趣引发了另一个警报，执行价格为 125 美元。</blockquote></p><p> The company tracks options buying activity, with an eye toward large institutional buyers. Concerted activity by individual investors can also be picked up as brokers, which are part of the institutional universe, move to fill orders. The recent activity appeared to likely be a combination of big, professional players as well as individual buyers, Kepler said, in an interview.</p><p><blockquote>该公司跟踪期权购买活动，重点关注大型机构买家。当作为机构世界一部分的经纪商开始执行订单时，个人投资者的一致活动也可能被发现。开普勒在接受采访时表示，最近的活动似乎很可能是大型专业参与者和个人买家的结合。</blockquote></p><p> <b>‘Gamma squeeze’</b></p><p><blockquote><b>伽马挤压</b></blockquote></p><p> A call option is a financial instrument that gives the holder the right, but not the obligation, to buy the underlying security at a set price, known as the strike price, by a certain date. By buying far “out of the money” calls, which have a strike price well above the stock’s present level, investors are betting that a surge in the stock price will net them a healthy profit.</p><p><blockquote>看涨期权期权是一种金融工具，赋予持有人在特定日期之前以设定价格（称为执行价格）购买标的证券的权利，但没有义务。通过购买远远 “超出资金 ”的评级，投资者押注股价飙升将为他们带来可观的净利润。</blockquote></p><p> Buying far out of the money calls is usually a losing proposition, analysts noted, and a surge in interest can make the strategy more expensive as premiums rise in response to demand.</p><p><blockquote>分析师指出，远远超出评级的资金购买通常是一个亏损的提议，而且随着保费因需求而上升，兴趣的激增可能会使该策略变得更加昂贵。</blockquote></p><p> But the options buying can, under certain circumstances, create conditions in which a price rally feeds on itself. Known as a “gamma squeeze,” this occurs when the sellers of the call options, in order to hedge their positions, buy the underlying stock. As the price of the stock rises, they need to buy more to maintain their hedge, creating the feedback loop.</p><p><blockquote>但在某些情况下，购买期权可能会创造出价格上涨自我推动的条件。这种情况被称为 “伽马挤压”，是指看涨期权期权的卖方为了对冲头寸而买入标的股票。随着股票价格上涨，他们需要购买更多股票来维持对冲，从而形成反馈循环。</blockquote></p><p> GameStop&nbsp;shares soared in late afternoon trade Wednesday, prompting trading halts before it&nbsp;ended with a gain of 104%.Nearly 65 million shares changed hands, with volume surging as the closing bell neared, compared with a recent average daily volume of 14.7 million shares. GameStop shares&nbsp;popped as much as 85% at Thursday’s opening bell. Gains were trimmed by the close, but it still finished at $108.73, up more than 18%.</p><p><blockquote>游戏驿站股价在周三下午晚些时候的交易中飙升，引发交易暂停，最终上涨 104%。近 6500 万股易手，随着收盘时间的临近，成交量激增，而最近的日均成交量为 1,470 万股。周四开盘时，游戏驿站股价大涨 85%。收盘时涨幅有所回落，但仍收于 108.73 美元，上涨超过 18%。</blockquote></p><p> <b>Where are the shorts?</b></p><p><blockquote><b>短裤呢？</b></blockquote></p><p> GameStop, which ended last year near $17 a share, soared as high as $483 in late January as concerted buying efforts initiated by individual investors on Reddit’s WallStreetBets forum contributed to a short squeeze, forcing traders who had bet on falling stock prices to cover their positions, adding to the buying frenzy.</p><p><blockquote>游戏驿站去年收盘价接近每股 17 美元，1 月底飙升至 483 美元，原因是个人投资者在 Reddit 的 WallStreetBets 论坛上发起的一致买入活动导致了空头挤压，迫使押注股价下跌的交易员补仓，加剧了买盘狂潮。</blockquote></p><p> GameStop shares subsequently fell back, trading below $40 a share last week. The late-January episode briefly rattled financial markets, triggered investigations and brought additional scrutiny, including a high-profile congressional hearing, on online brokers, market makers, and other players.</p><p><blockquote>游戏驿站股价随后回落，上周交易价格跌破每股 40 美元。1月下旬的事件短暂扰乱了金融市场，引发了调查，并带来了额外的审查，包括对在线经纪商、做市商和其他参与者的高调国会听证会。</blockquote></p><p> It’s also brought attention to the broader role individual investors are playing and the possibility of a sustained pickup in retail interest that could alter market dynamics over the long run.</p><p><blockquote>这也让人们注意到个人投资者所扮演的更广泛的角色，以及散户兴趣持续回升的可能性，这可能会在长期内改变市场动态。</blockquote></p><p> The broader stock marketsaw steep lossesthat deepened ahead of the closing bell, though the tech-led fall was blamed largely on a sharp jump in Treasury yields. The Dow Jones Industrial Average&nbsp;dropped nearly 560 points, or 1.8%. The S&amp;P 500&nbsp;fell 2.4%, while the Nasdaq Composite&nbsp;dropped 3.5%.</p><p><blockquote>大盘股市大幅下跌，并在收盘前加深，尽管科技股主导的下跌主要归咎于国债收益率的大幅上涨。道琼斯工业平均指数下跌近560点，跌幅1.8%。标普500指数下跌2.4%，纳斯达克综合指数下跌3.5%。</blockquote></p><p> Some market watchers, however, saw a possible but not clear-cut link between the GameStop activity and the selloff.</p><p><blockquote>然而，一些市场观察人士认为，游戏驿站活动和抛售之间可能存在但并不明确的联系。</blockquote></p><p> GameStop might still be a popular short among some hedge funds, said Thomas Lee, managing partner and head of research at Fundstrat Global Advisors, in a Thursday note. That could be fostering a repeat of the late-January “degrossing” episode, in which hedge funds sold assets in order to reduce leverage, in keeping with “value-at-risk” models.</p><p><blockquote>Fundstrat Global Advisors 执行合伙人兼研究主管 Thomas Lee 在周四的一份报告中表示，游戏驿站可能仍然是一些对冲基金的热门空头。这可能会导致 1 月下旬 “去格罗斯 ”事件重演，当时对冲基金出售资产以降低杠杆率，符合 “风险价值 ”模型。</blockquote></p><p> Meanwhile, other market watchers questioned how much fuel existed for for a repeat short squeeze, noting a sharp fall in short interest and expectations that remaining shorts are more adequately hedged against sharp moves.</p><p><blockquote>与此同时，其他市场观察人士质疑有多少燃料可以反复挤空，指出空头兴趣急剧下降，并且预期剩余的空头可以更充分地对冲大幅波动。</blockquote></p><p> Short interest in GameStop had reached 140% in January, but has since fallen back closer to 30%, noted Edward Moya, senior market analyst at brokerage Oanda, in a note, observing that professional investors likely also see an opportunity near options expiration dates following last month’s action.</p><p><blockquote>经纪公司 Oanda 的高级市场分析师 Edward Moya 在一份报告中指出，1 月份游戏驿站的空头兴趣曾达到 140%，但此后已回落至接近 30%。</blockquote></p><p></p><p> “One thing is clear, the institutional money behind this move found options expiration as a pivotal opportunity that will make it easier for market disruptions,” Moya wrote. “The violent price swings might remain elevated around options expirations for the Reddit-WallStreetBets crowd.”</p><p><blockquote>“有一点是明确的，这一举措背后的机构资金认为期权到期是一个关键机会，这将使市场更容易受到干扰，”莫亚写道。“对于 Reddit-WallStreetBets 人群来说，期权到期前后的剧烈价格波动可能会持续升高。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/gamestop-round-2-how-an-options-buying-frenzy-is-providing-another-jolt-to-meme-stocks-11614277287?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","KOSS":"高斯电子","BB":"黑莓",".IXIC":"NASDAQ Composite","AMC":"AMC院线",".SPX":"S&P 500 Index","GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/gamestop-round-2-how-an-options-buying-frenzy-is-providing-another-jolt-to-meme-stocks-11614277287?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1120523685","content_text":"It’s not just individual investors participating in latest squeeze, observers say\nAnother options-fueled buying frenzy appeared to be sending shares of GameStop Corp. and other “meme” stocks soaring on Thursday. But unlike last month’s market-rattling move, it wasn’t clear that individual investors were the primary driver.\nThe primary mechanism, however, appeared largely the same.\nA surge in purchases of GameStop call options, centered on those with a strike price of $60 and due to expire at the end of the week, was seen late Wednesday afternoon, said Gust Kepler, chief executive of BlackBoxStocks, a stock-and-options analytics and social platform. That triggered an alert sent by BlackBoxStocks at 3:27 p.m. Eastern, he said. Another alert was triggered early Thursday by heavy interest in calls with a $125 strike price.\nThe company tracks options buying activity, with an eye toward large institutional buyers. Concerted activity by individual investors can also be picked up as brokers, which are part of the institutional universe, move to fill orders. The recent activity appeared to likely be a combination of big, professional players as well as individual buyers, Kepler said, in an interview.\n‘Gamma squeeze’\nA call option is a financial instrument that gives the holder the right, but not the obligation, to buy the underlying security at a set price, known as the strike price, by a certain date. By buying far “out of the money” calls, which have a strike price well above the stock’s present level, investors are betting that a surge in the stock price will net them a healthy profit.\nBuying far out of the money calls is usually a losing proposition, analysts noted, and a surge in interest can make the strategy more expensive as premiums rise in response to demand.\nBut the options buying can, under certain circumstances, create conditions in which a price rally feeds on itself. Known as a “gamma squeeze,” this occurs when the sellers of the call options, in order to hedge their positions, buy the underlying stock. As the price of the stock rises, they need to buy more to maintain their hedge, creating the feedback loop.\nGameStop shares soared in late afternoon trade Wednesday, prompting trading halts before it ended with a gain of 104%.Nearly 65 million shares changed hands, with volume surging as the closing bell neared, compared with a recent average daily volume of 14.7 million shares. GameStop shares popped as much as 85% at Thursday’s opening bell. Gains were trimmed by the close, but it still finished at $108.73, up more than 18%.\nWhere are the shorts?\nGameStop, which ended last year near $17 a share, soared as high as $483 in late January as concerted buying efforts initiated by individual investors on Reddit’s WallStreetBets forum contributed to a short squeeze, forcing traders who had bet on falling stock prices to cover their positions, adding to the buying frenzy.\nGameStop shares subsequently fell back, trading below $40 a share last week. The late-January episode briefly rattled financial markets, triggered investigations and brought additional scrutiny, including a high-profile congressional hearing, on online brokers, market makers, and other players.\nIt’s also brought attention to the broader role individual investors are playing and the possibility of a sustained pickup in retail interest that could alter market dynamics over the long run.\nThe broader stock marketsaw steep lossesthat deepened ahead of the closing bell, though the tech-led fall was blamed largely on a sharp jump in Treasury yields. The Dow Jones Industrial Average dropped nearly 560 points, or 1.8%. The S&P 500 fell 2.4%, while the Nasdaq Composite dropped 3.5%.\nSome market watchers, however, saw a possible but not clear-cut link between the GameStop activity and the selloff.\nGameStop might still be a popular short among some hedge funds, said Thomas Lee, managing partner and head of research at Fundstrat Global Advisors, in a Thursday note. That could be fostering a repeat of the late-January “degrossing” episode, in which hedge funds sold assets in order to reduce leverage, in keeping with “value-at-risk” models.\nMeanwhile, other market watchers questioned how much fuel existed for for a repeat short squeeze, noting a sharp fall in short interest and expectations that remaining shorts are more adequately hedged against sharp moves.\nShort interest in GameStop had reached 140% in January, but has since fallen back closer to 30%, noted Edward Moya, senior market analyst at brokerage Oanda, in a note, observing that professional investors likely also see an opportunity near options expiration dates following last month’s action.\n“One thing is clear, the institutional money behind this move found options expiration as a pivotal opportunity that will make it easier for market disruptions,” Moya wrote. “The violent price swings might remain elevated around options expirations for the Reddit-WallStreetBets crowd.”","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"AMC":0.9,"GME":0.9,"KOSS":0.9,"BB":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1917,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}