社区
首页
集团介绍
社区
资讯
行情
学堂
TigerAI
登录
注册
clarencejy
IP属地：未知
+关注
帖子 · 36
帖子 · 36
关注 · 0
关注 · 0
粉丝 · 0
粉丝 · 0
clarencejy
clarencejy
·
2021-08-08
like my comment
非常抱歉，此主贴已删除
看
2,440
回复
1
点赞
2
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-08-03
like my comment
Square: Killing It<blockquote>广场：杀死它</blockquote>
Summary Q2 earnings show solid growth with little signs of slowing down. A sizable Australian acqui
Square: Killing It<blockquote>广场：杀死它</blockquote>
看
1,066
回复
2
点赞
2
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-08-02
like my comment
China stocks mixed in morning trading<blockquote>中国股市早盘涨跌互现</blockquote>
(August 2) China stocks mixed in morning trading.
China stocks mixed in morning trading<blockquote>中国股市早盘涨跌互现</blockquote>
看
1,388
回复
2
点赞
1
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-29
Like this
非常抱歉，此主贴已删除
看
3,169
回复
评论
点赞
4
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-27
Like this
非常抱歉，此主贴已删除
看
1,687
回复
2
点赞
3
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-27
Like this
Intel Sets Plan to Again Become World’s Premier Chip Company<blockquote>英特尔计划再次成为全球首屈一指的芯片公司</blockquote>
CEO Pat Gelsinger maps path to catch up with Asian rivals with series of increasingly powerful chips featuring tinier transistors
Intel Sets Plan to Again Become World’s Premier Chip Company<blockquote>英特尔计划再次成为全球首屈一指的芯片公司</blockquote>
看
2,865
回复
2
点赞
6
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-26
Like my comment
非常抱歉，此主贴已删除
看
2,450
回复
2
点赞
6
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-25
Like this
Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>
Summary IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.
Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>
看
3,018
回复
2
点赞
4
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-24
Ok
Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>
The China market supervision administration made an administrative punishment decision according to
Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>
看
660
回复
评论
点赞
6
编组 21备份 2
分享
举报
clarencejy
clarencejy
·
2021-07-24
Like this
非常抱歉，此主贴已删除
看
1,280
回复
2
点赞
5
编组 21备份 2
分享
举报
加载更多
热议股票
{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3575694032718814","uuid":"3575694032718814","gmtCreate":1612600009396,"gmtModify":1625813262031,"name":"clarencejy","pinyin":"clarencejy","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":52,"tweetSize":36,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.06.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"35ec162348d5460f88c959321e554969-1","templateUuid":"35ec162348d5460f88c959321e554969","name":"精英交易员","description":"证券或期货账户累计交易次数达到30次","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"60.65%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":3,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":891428070,"gmtCreate":1628414546290,"gmtModify":1633747246609,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/891428070","repostId":"2157901414","repostType":4,"isVote":1,"tweetType":1,"viewCount":2440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804425738,"gmtCreate":1627974156324,"gmtModify":1633754728305,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804425738","repostId":"1105546206","repostType":4,"repost":{"id":"1105546206","kind":"news","pubTimestamp":1627973738,"share":"https://www.laohu8.com/m/news/1105546206?lang=zh_CN&edition=full","pubTime":"2021-08-03 14:55","market":"us","language":"en","title":"Square: Killing It<blockquote>广场：杀死它</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105546206","media":"seekingalpha","summary":"Summary\n\nQ2 earnings show solid growth with little signs of slowing down.\nA sizable Australian acqui","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Q2 earnings show solid growth with little signs of slowing down.</li> <li>A sizable Australian acquisition will help scale.</li> <li>Bitcoin trades helping drive traffic and usage.</li> <li>Cash app still strong as small business returns.</li> <li>Shares are going much higher.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab85907a8bae93764507725561f65355\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>shulz/E+ via Getty Images</span></p><p><blockquote><ul><li>第二季度盈利显示稳健增长，几乎没有放缓的迹象。</li><li>一项大规模的澳大利亚收购将有助于扩大规模。</li><li>比特币交易有助于推动流量和使用量。</li><li>随着小企业的回归，现金应用程序仍然强劲。</li><li>股价正在走高。</li></ul><p class=\"t-img-caption\"><span>shulz/E+来自盖蒂图片社</span></p></blockquote></p><p> We love financial tech stocks, and near the top of the list is Square(NYSE:SQ)which we have traded several times. That said, whilst being a great trading stock, the easiest move is to buy and hold over the next five years. The company is a fintech disruptor, and it is growing like wildfire. The company just reported some stellar earnings,and is showing no signs of slowing down. What is more, an expensive, but well-timed acquisition will help the company scale. While valuing the company on traditional metrics is near impossible, we implore our followers to think very long-term here and believe the company will grow into its stretched valuation. We rate shares a strong buy the closer they are to $200.</p><p><blockquote>我们喜欢金融科技股，其中排名靠前的是Square（纽约证券交易所股票代码：SQ），我们已经交易过多次。也就是说，虽然它是一只优秀的交易股票，但最简单的做法是在未来五年内购买并持有。该公司是金融科技颠覆者，并且正在像野火一样增长。该公司刚刚公布了一些出色的收益，并且没有显示出放缓的迹象。更重要的是，一次昂贵但适时的收购将有助于公司扩大规模。虽然根据传统指标对公司进行估值几乎是不可能的，但我们恳求我们的追随者进行长期思考，并相信公司将会发展到其过高的估值。当股价接近200美元时，我们将其评级为强力买入。</blockquote></p><p> Q2 earnings were solid</p><p><blockquote>第二季度盈利稳健</blockquote></p><p> Keep in mind ever since the company allowed access to cryptocurrency (bitcoin), revenues have taken off. In the just announced quarter, net revenue was $4.68 billion up an incredible 143% year-over-year. Excluding bitcoin (BTC-USD) transactions, total net revenue in the second quarter was $1.96 billion, up 87% year over year. While this is still massive growth, you can see how much the bitcoin assets mean to the company. On the whole, gross profit was $1.14 billion up 91% year-over-year. Solid.</p><p><blockquote>请记住，自从该公司允许使用加密货币（比特币）以来，收入已经起飞。在刚刚宣布的季度中，净收入为46.8亿美元，同比增长143%，令人难以置信。不包括比特币（BTC-USD）交易，第二季度总净收入为19.6亿美元，同比增长87%。虽然这仍然是巨大的增长，但您可以看到比特币资产对公司的意义有多大。总体而言，毛利润为11.4亿美元，同比增长91%。固体。</blockquote></p><p> Transaction revenue surges, but watch GPV gross profit</p><p><blockquote>交易收入激增，但要看GPV毛利</blockquote></p><p> Revenue from transactions was $1.23 billion rising 80% year-over-year, while gross profit was $543 million, up 85%. The Street may be disappointed with the fact that volumes were less than expected, despite surging from a year ago. Square processed $42.8 billion in GPV up 88% year-over-year. Transaction-based gross profit as a percentage of GPV was 1.27% down 2 basis points year over year and down 5 basis points quarter over quarter. That wasa weakness that the Street might also jump at. You have to remember, with the stretched valuation of this high growth fintech stock, the slightest negative can irritate the shareholder base and trigger selling. We would welcome the selling and encourage a buy.</p><p><blockquote>交易收入为12.3亿美元，同比增长80%，毛利润为5.43亿美元，增长85%。尽管交易量较一年前激增，但华尔街可能会对交易量低于预期感到失望。Square处理了428亿美元的GPV，同比增长88%。基于交易的毛利润占GPV的百分比为1.27%，同比下降2个基点，环比下降5个基点。这也是华尔街可能会抓住的弱点。你必须记住，由于这只高增长金融科技股票的估值过高，最轻微的负面影响都可能激怒股东群并引发抛售。我们欢迎抛售并鼓励买入。</blockquote></p><p> That said, subscription and services-based revenue nearly doubled as well to 685 million while gross profit was $561 million, up 90% year-over-year. Keep in mind the acquisition of TIDAL was a big boost in the quarter, but the organic growth was solid as well.</p><p><blockquote>尽管如此，基于订阅和服务的收入也几乎翻了一番，达到6.85亿美元，毛利润为5.61亿美元，同比增长90%。请记住，收购TIDAL是本季度的一大推动力，但有机增长也很稳健。</blockquote></p><p> Cash App and Bitcoin</p><p><blockquote>Cash App和比特币</blockquote></p><p> The biggest driver of overall growth was the amazing Cash App. Cash App generated $3.33 billion of revenue while delivering $546 million of gross profit. This is huge growth. Revenue rose 177%, while gross profit nearly doubled. Again, bitcoin was a large part of this. If we back out bitcoin, Cash App revenue was $606 million, up 87% year-over-year.</p><p><blockquote>整体增长的最大驱动力是令人惊叹的现金应用程序。Cash App创造了33.3亿美元的收入，同时实现了5.46亿美元的毛利润。这是巨大的增长。营收增长177%，毛利增长近一倍。同样，比特币是其中的重要组成部分。如果剔除比特币，Cash App收入为6.06亿美元，同比增长87%。</blockquote></p><p> Keep in mind the prices of bitcoin were falling for most of Q2. It was volatile. Volatility helps with trading revenue, but expect even more positive profit power if bitcoin prices start to rebound. Which, they are, in the last week or so. We think that the cryptocurrency access is huge for the company. Just how big is bitcoin for Square? HUGE. Cash App brought in $2.72 billion of bitcoin revenue and $55 million of bitcoin gross profit in Q2. This was up three-fold from last year. It is major.</p><p><blockquote>请记住，比特币的价格在第二季度的大部分时间里都在下跌。它是不稳定的。波动性有助于增加交易收入，但如果比特币价格开始反弹，预计将带来更多积极的利润。他们是在上周左右。我们认为加密货币接入对公司来说意义重大。对于Square来说，比特币到底有多大？巨大的。Cash App在Q2为比特币带来了27.2亿美元的收入和5500万美元的比特币毛利润。这比去年增长了三倍。这是主要的。</blockquote></p><p> The company itself is taking money in putting it straight into owning bitcoin.According to the release:</p><p><blockquote>该公司本身也在拿钱直接拥有比特币。根据发布：</blockquote></p><p> <i>In the fourth quarter of 2020 and first quarter of 2021, we invested $50 million and $170 million, respectively, in bitcoin. As an indefinite-lived intangible asset, bitcoin is subject to impairment losses if the fair value of bitcoin decreases below the carrying value during the assessed period. In the second quarter, we recognized a bitcoin impairment loss of $45 million on our bitcoin investment. As of June 30, 2021, the fair value of our investment in bitcoin was $281 million based on observable market prices, which is $127 million greater than the carrying value of the investment.</i> As you can see, there is serious cash on the line here. As such, expect the stock to continue to trade with a slight correlation with the price of bitcoin. However, the bulk of the business is still transaction based, and we have not even touched on small business</p><p><blockquote><i>2020年第四季度和2021年第一季度，我们分别在比特币投资了5000万美元和1.7亿美元。比特币作为一项不确定存续期的无形资产，倘比特币的公允价值于评估期间低于其账面价值，则须计提减值亏损。第二季度，我们对比特币投资确认了4500万美元的比特币减值损失。截至2021年6月30日，根据可观察的市场价格，我们在比特币投资的公允价值为2.81亿美元，比投资的账面价值高出1.27亿美元。</i>正如你所看到的，这里有大量的现金。因此，预计该股将继续与比特币的价格略有相关性。然而，大部分业务仍然是基于交易的，我们甚至没有触及小企业</blockquote></p><p> Small business is coming back</p><p><blockquote>小企业正在回归</blockquote></p><p></p><p> One of the biggest customers and drivers of revenue for Square are small businesses. They are coming back now that the COVID crisis is improving and the world is reopening. Small businesses as part of the broader seller ecosystem was responsible for $1.31 billion of revenue and $585 million of gross profit, both up over 80% from a year ago. Once again, solid growth.</p><p><blockquote>Square最大的客户和收入驱动力之一是小型企业。现在，随着COVID危机的改善和世界的重新开放，他们又回来了。作为更广泛的卖家生态系统的一部分，小企业创造了13.1亿美元的收入和5.85亿美元的毛利润，均比一年前增长了80%以上。再次，稳健增长。</blockquote></p><p> Earnings are positive, though could be stronger if operational expenses are controlled but we aren't complaining</p><p><blockquote>盈利是积极的，尽管如果运营费用得到控制，盈利可能会更强劲，但我们并不抱怨</blockquote></p><p> We are not going to complain about a fintech that is in supreme revenue growth mode that is earnings positive. And the company is earnings positive. While a FWD p/e ratio is laughable over 100, or more, we want you looking at the degree of growth. Net income was $204 million. They did have a gain of $77 million by selling their DoorDash investment. Net income was $173 million when excluding that and the aforementioned loss related to the impairment of its bitcoin investment. Operational expenses are high however. Operating expenses were $1.02 billion up 64% from a year ago. Make no mistake, they are commensurate with the huge rise is sales, but the more controlled these expenses are, the better earnings will be.</p><p><blockquote>我们不会抱怨处于最高收入增长模式且盈利为正的金融科技公司。该公司的盈利为正。虽然FWD市盈率超过100或更高是可笑的，但我们希望您关注增长程度。净利润为2.04亿美元。他们确实通过出售DoorDash投资获得了7700万美元的收益。扣除上述与比特币投资减值相关的损失后，净利润为1.73亿美元。然而，运营费用很高。运营费用为10.2亿美元，同比增长64%。毫无疑问，它们与销售额的大幅增长是相称的，但这些费用控制得越好，收益就越好。</blockquote></p><p> <b>Nice to see EPS growing</b></p><p><blockquote><b>很高兴看到每股收益增长</b></blockquote></p><p> Overall, net income per share was $0.45 on a basic level. If we back out the DoorDash sale and the impairment on bitcoin basic EPS was $0.39, while adjusted EBITDA was $360 million surging from the $98 million a year ago. Overall adjusted EPS was $0.66 a huge $0.48 increase from a year ago. And things are only going to get better.</p><p><blockquote>总体而言，每股净利润基本为0.45美元。如果我们退出DoorDash出售，比特币基本每股收益的减值为0.39美元，而调整后EBITDA为3.6亿美元，较一年前的9800万美元飙升。总体调整后每股收益为0.66美元，比去年同期大幅增长0.48美元。事情只会变得更好。</blockquote></p><p> A new acquisition, pricey but interesting</p><p><blockquote>一次新的收购，昂贵但有趣</blockquote></p><p> In conjunction withthis weekend's earnings release, Square agreed to buy Australia's Afterpay(OTCPK:AFTPF)for $29 billion (all in stock by the way) to add buy now, pay later abilities. While Afterpay shareholders can take some of it in cash, on the whole, Square is paying roughly $125 per share for Afterpay in Australian dollars, or a 30% premium. That is pricey. The deal will not close until 2022, so the actual fiscal terms may differ at that point. Afterpay shareholders will own approximately nearly 20% of the newly combined company on a fully diluted basis. It is a massive transaction. But Afterpay has had its own immense growth and has surged in popularity. We believe this deal and the capabilities it will bring to Square's users is accretive, and the company will reap the benefits immediately in 2022. For more on Afterpay, we recommendthis column here.</p><p><blockquote>在本周末发布财报的同时，Square同意以290亿美元（顺便说一下，全部为股票）收购澳大利亚的Afterpay（OTCPK：AFTPF），以增加“先买后付”的功能。虽然Afterpay股东可以以现金形式获得部分资金，但总体而言，Square以澳元支付Afterpay每股约125美元，即30%的溢价。那是昂贵的。该交易要到2022年才会完成，因此届时实际的财政条款可能会有所不同。Afterpay股东将在完全稀释的基础上拥有新合并公司约近20%的股份。这是一笔巨额交易。但Afterpay也有自己的巨大增长，并且越来越受欢迎。我们相信这笔交易及其将为Square用户带来的功能是增值的，该公司将在2022年立即受益。有关Afterpay的更多信息，我们推荐本专栏。</blockquote></p><p> <b>Take home</b></p><p><blockquote><b>带回家</b></blockquote></p><p> Make no mistake, Q2 earnings were incredibly strong. The inclusion of bitcoin trading has been a massive benefit to the company as transactional revenue has surged. Small business is coming back and that has led to a big rebound in seller-based transactional fees. This supreme growth fintech is also earnings positive. The acquisition of Afterpay is a huge move to get into the buy now, pay later business which is growing in popularity, specifically among millennials a primary user of Square services. While traditional valuation metrics are not at play here, we urge our members to consider the fact that the company is growing like wildfire. The closer shares get to $200 the more bullish we are. However, shares are a buy at present levels for the long-term.</p><p><blockquote>毫无疑问，第二季度的盈利非常强劲。随着交易收入激增，比特币交易的纳入对公司来说是一个巨大的好处。小企业正在卷土重来，这导致基于卖家的交易费用大幅反弹。这家增长最快的金融科技公司的盈利也是积极的。收购Afterpay是进军“先买后付”业务的重大举措，该业务越来越受欢迎，特别是在Square服务的主要用户千禧一代中。虽然传统的估值指标在这里不起作用，但我们敦促我们的成员考虑公司正在像野火一样增长的事实。股价越接近200美元，我们就越看涨。然而，从长远来看，目前的股票水平值得买入。</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>Square: Killing It<blockquote>广场：杀死它</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\">\nSquare: Killing It<blockquote>广场：杀死它</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-03 14:55</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>Q2 earnings show solid growth with little signs of slowing down.</li> <li>A sizable Australian acquisition will help scale.</li> <li>Bitcoin trades helping drive traffic and usage.</li> <li>Cash app still strong as small business returns.</li> <li>Shares are going much higher.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab85907a8bae93764507725561f65355\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>shulz/E+ via Getty Images</span></p><p><blockquote><ul><li>第二季度盈利显示稳健增长，几乎没有放缓的迹象。</li><li>一项大规模的澳大利亚收购将有助于扩大规模。</li><li>比特币交易有助于推动流量和使用量。</li><li>随着小企业的回归，现金应用程序仍然强劲。</li><li>股价正在走高。</li></ul><p class=\"t-img-caption\"><span>shulz/E+来自盖蒂图片社</span></p></blockquote></p><p> We love financial tech stocks, and near the top of the list is Square(NYSE:SQ)which we have traded several times. That said, whilst being a great trading stock, the easiest move is to buy and hold over the next five years. The company is a fintech disruptor, and it is growing like wildfire. The company just reported some stellar earnings,and is showing no signs of slowing down. What is more, an expensive, but well-timed acquisition will help the company scale. While valuing the company on traditional metrics is near impossible, we implore our followers to think very long-term here and believe the company will grow into its stretched valuation. We rate shares a strong buy the closer they are to $200.</p><p><blockquote>我们喜欢金融科技股，其中排名靠前的是Square（纽约证券交易所股票代码：SQ），我们已经交易过多次。也就是说，虽然它是一只优秀的交易股票，但最简单的做法是在未来五年内购买并持有。该公司是金融科技颠覆者，并且正在像野火一样增长。该公司刚刚公布了一些出色的收益，并且没有显示出放缓的迹象。更重要的是，一次昂贵但适时的收购将有助于公司扩大规模。虽然根据传统指标对公司进行估值几乎是不可能的，但我们恳求我们的追随者进行长期思考，并相信公司将会发展到其过高的估值。当股价接近200美元时，我们将其评级为强力买入。</blockquote></p><p> Q2 earnings were solid</p><p><blockquote>第二季度盈利稳健</blockquote></p><p> Keep in mind ever since the company allowed access to cryptocurrency (bitcoin), revenues have taken off. In the just announced quarter, net revenue was $4.68 billion up an incredible 143% year-over-year. Excluding bitcoin (BTC-USD) transactions, total net revenue in the second quarter was $1.96 billion, up 87% year over year. While this is still massive growth, you can see how much the bitcoin assets mean to the company. On the whole, gross profit was $1.14 billion up 91% year-over-year. Solid.</p><p><blockquote>请记住，自从该公司允许使用加密货币（比特币）以来，收入已经起飞。在刚刚宣布的季度中，净收入为46.8亿美元，同比增长143%，令人难以置信。不包括比特币（BTC-USD）交易，第二季度总净收入为19.6亿美元，同比增长87%。虽然这仍然是巨大的增长，但您可以看到比特币资产对公司的意义有多大。总体而言，毛利润为11.4亿美元，同比增长91%。固体。</blockquote></p><p> Transaction revenue surges, but watch GPV gross profit</p><p><blockquote>交易收入激增，但要看GPV毛利</blockquote></p><p> Revenue from transactions was $1.23 billion rising 80% year-over-year, while gross profit was $543 million, up 85%. The Street may be disappointed with the fact that volumes were less than expected, despite surging from a year ago. Square processed $42.8 billion in GPV up 88% year-over-year. Transaction-based gross profit as a percentage of GPV was 1.27% down 2 basis points year over year and down 5 basis points quarter over quarter. That wasa weakness that the Street might also jump at. You have to remember, with the stretched valuation of this high growth fintech stock, the slightest negative can irritate the shareholder base and trigger selling. We would welcome the selling and encourage a buy.</p><p><blockquote>交易收入为12.3亿美元，同比增长80%，毛利润为5.43亿美元，增长85%。尽管交易量较一年前激增，但华尔街可能会对交易量低于预期感到失望。Square处理了428亿美元的GPV，同比增长88%。基于交易的毛利润占GPV的百分比为1.27%，同比下降2个基点，环比下降5个基点。这也是华尔街可能会抓住的弱点。你必须记住，由于这只高增长金融科技股票的估值过高，最轻微的负面影响都可能激怒股东群并引发抛售。我们欢迎抛售并鼓励买入。</blockquote></p><p> That said, subscription and services-based revenue nearly doubled as well to 685 million while gross profit was $561 million, up 90% year-over-year. Keep in mind the acquisition of TIDAL was a big boost in the quarter, but the organic growth was solid as well.</p><p><blockquote>尽管如此，基于订阅和服务的收入也几乎翻了一番，达到6.85亿美元，毛利润为5.61亿美元，同比增长90%。请记住，收购TIDAL是本季度的一大推动力，但有机增长也很稳健。</blockquote></p><p> Cash App and Bitcoin</p><p><blockquote>Cash App和比特币</blockquote></p><p> The biggest driver of overall growth was the amazing Cash App. Cash App generated $3.33 billion of revenue while delivering $546 million of gross profit. This is huge growth. Revenue rose 177%, while gross profit nearly doubled. Again, bitcoin was a large part of this. If we back out bitcoin, Cash App revenue was $606 million, up 87% year-over-year.</p><p><blockquote>整体增长的最大驱动力是令人惊叹的现金应用程序。Cash App创造了33.3亿美元的收入，同时实现了5.46亿美元的毛利润。这是巨大的增长。营收增长177%，毛利增长近一倍。同样，比特币是其中的重要组成部分。如果剔除比特币，Cash App收入为6.06亿美元，同比增长87%。</blockquote></p><p> Keep in mind the prices of bitcoin were falling for most of Q2. It was volatile. Volatility helps with trading revenue, but expect even more positive profit power if bitcoin prices start to rebound. Which, they are, in the last week or so. We think that the cryptocurrency access is huge for the company. Just how big is bitcoin for Square? HUGE. Cash App brought in $2.72 billion of bitcoin revenue and $55 million of bitcoin gross profit in Q2. This was up three-fold from last year. It is major.</p><p><blockquote>请记住，比特币的价格在第二季度的大部分时间里都在下跌。它是不稳定的。波动性有助于增加交易收入，但如果比特币价格开始反弹，预计将带来更多积极的利润。他们是在上周左右。我们认为加密货币接入对公司来说意义重大。对于Square来说，比特币到底有多大？巨大的。Cash App在Q2为比特币带来了27.2亿美元的收入和5500万美元的比特币毛利润。这比去年增长了三倍。这是主要的。</blockquote></p><p> The company itself is taking money in putting it straight into owning bitcoin.According to the release:</p><p><blockquote>该公司本身也在拿钱直接拥有比特币。根据发布：</blockquote></p><p> <i>In the fourth quarter of 2020 and first quarter of 2021, we invested $50 million and $170 million, respectively, in bitcoin. As an indefinite-lived intangible asset, bitcoin is subject to impairment losses if the fair value of bitcoin decreases below the carrying value during the assessed period. In the second quarter, we recognized a bitcoin impairment loss of $45 million on our bitcoin investment. As of June 30, 2021, the fair value of our investment in bitcoin was $281 million based on observable market prices, which is $127 million greater than the carrying value of the investment.</i> As you can see, there is serious cash on the line here. As such, expect the stock to continue to trade with a slight correlation with the price of bitcoin. However, the bulk of the business is still transaction based, and we have not even touched on small business</p><p><blockquote><i>2020年第四季度和2021年第一季度，我们分别在比特币投资了5000万美元和1.7亿美元。比特币作为一项不确定存续期的无形资产，倘比特币的公允价值于评估期间低于其账面价值，则须计提减值亏损。第二季度，我们对比特币投资确认了4500万美元的比特币减值损失。截至2021年6月30日，根据可观察的市场价格，我们在比特币投资的公允价值为2.81亿美元，比投资的账面价值高出1.27亿美元。</i>正如你所看到的，这里有大量的现金。因此，预计该股将继续与比特币的价格略有相关性。然而，大部分业务仍然是基于交易的，我们甚至没有触及小企业</blockquote></p><p> Small business is coming back</p><p><blockquote>小企业正在回归</blockquote></p><p></p><p> One of the biggest customers and drivers of revenue for Square are small businesses. They are coming back now that the COVID crisis is improving and the world is reopening. Small businesses as part of the broader seller ecosystem was responsible for $1.31 billion of revenue and $585 million of gross profit, both up over 80% from a year ago. Once again, solid growth.</p><p><blockquote>Square最大的客户和收入驱动力之一是小型企业。现在，随着COVID危机的改善和世界的重新开放，他们又回来了。作为更广泛的卖家生态系统的一部分，小企业创造了13.1亿美元的收入和5.85亿美元的毛利润，均比一年前增长了80%以上。再次，稳健增长。</blockquote></p><p> Earnings are positive, though could be stronger if operational expenses are controlled but we aren't complaining</p><p><blockquote>盈利是积极的，尽管如果运营费用得到控制，盈利可能会更强劲，但我们并不抱怨</blockquote></p><p> We are not going to complain about a fintech that is in supreme revenue growth mode that is earnings positive. And the company is earnings positive. While a FWD p/e ratio is laughable over 100, or more, we want you looking at the degree of growth. Net income was $204 million. They did have a gain of $77 million by selling their DoorDash investment. Net income was $173 million when excluding that and the aforementioned loss related to the impairment of its bitcoin investment. Operational expenses are high however. Operating expenses were $1.02 billion up 64% from a year ago. Make no mistake, they are commensurate with the huge rise is sales, but the more controlled these expenses are, the better earnings will be.</p><p><blockquote>我们不会抱怨处于最高收入增长模式且盈利为正的金融科技公司。该公司的盈利为正。虽然FWD市盈率超过100或更高是可笑的，但我们希望您关注增长程度。净利润为2.04亿美元。他们确实通过出售DoorDash投资获得了7700万美元的收益。扣除上述与比特币投资减值相关的损失后，净利润为1.73亿美元。然而，运营费用很高。运营费用为10.2亿美元，同比增长64%。毫无疑问，它们与销售额的大幅增长是相称的，但这些费用控制得越好，收益就越好。</blockquote></p><p> <b>Nice to see EPS growing</b></p><p><blockquote><b>很高兴看到每股收益增长</b></blockquote></p><p> Overall, net income per share was $0.45 on a basic level. If we back out the DoorDash sale and the impairment on bitcoin basic EPS was $0.39, while adjusted EBITDA was $360 million surging from the $98 million a year ago. Overall adjusted EPS was $0.66 a huge $0.48 increase from a year ago. And things are only going to get better.</p><p><blockquote>总体而言，每股净利润基本为0.45美元。如果我们退出DoorDash出售，比特币基本每股收益的减值为0.39美元，而调整后EBITDA为3.6亿美元，较一年前的9800万美元飙升。总体调整后每股收益为0.66美元，比去年同期大幅增长0.48美元。事情只会变得更好。</blockquote></p><p> A new acquisition, pricey but interesting</p><p><blockquote>一次新的收购，昂贵但有趣</blockquote></p><p> In conjunction withthis weekend's earnings release, Square agreed to buy Australia's Afterpay(OTCPK:AFTPF)for $29 billion (all in stock by the way) to add buy now, pay later abilities. While Afterpay shareholders can take some of it in cash, on the whole, Square is paying roughly $125 per share for Afterpay in Australian dollars, or a 30% premium. That is pricey. The deal will not close until 2022, so the actual fiscal terms may differ at that point. Afterpay shareholders will own approximately nearly 20% of the newly combined company on a fully diluted basis. It is a massive transaction. But Afterpay has had its own immense growth and has surged in popularity. We believe this deal and the capabilities it will bring to Square's users is accretive, and the company will reap the benefits immediately in 2022. For more on Afterpay, we recommendthis column here.</p><p><blockquote>在本周末发布财报的同时，Square同意以290亿美元（顺便说一下，全部为股票）收购澳大利亚的Afterpay（OTCPK：AFTPF），以增加“先买后付”的功能。虽然Afterpay股东可以以现金形式获得部分资金，但总体而言，Square以澳元支付Afterpay每股约125美元，即30%的溢价。那是昂贵的。该交易要到2022年才会完成，因此届时实际的财政条款可能会有所不同。Afterpay股东将在完全稀释的基础上拥有新合并公司约近20%的股份。这是一笔巨额交易。但Afterpay也有自己的巨大增长，并且越来越受欢迎。我们相信这笔交易及其将为Square用户带来的功能是增值的，该公司将在2022年立即受益。有关Afterpay的更多信息，我们推荐本专栏。</blockquote></p><p> <b>Take home</b></p><p><blockquote><b>带回家</b></blockquote></p><p> Make no mistake, Q2 earnings were incredibly strong. The inclusion of bitcoin trading has been a massive benefit to the company as transactional revenue has surged. Small business is coming back and that has led to a big rebound in seller-based transactional fees. This supreme growth fintech is also earnings positive. The acquisition of Afterpay is a huge move to get into the buy now, pay later business which is growing in popularity, specifically among millennials a primary user of Square services. While traditional valuation metrics are not at play here, we urge our members to consider the fact that the company is growing like wildfire. The closer shares get to $200 the more bullish we are. However, shares are a buy at present levels for the long-term.</p><p><blockquote>毫无疑问，第二季度的盈利非常强劲。随着交易收入激增，比特币交易的纳入对公司来说是一个巨大的好处。小企业正在卷土重来，这导致基于卖家的交易费用大幅反弹。这家增长最快的金融科技公司的盈利也是积极的。收购Afterpay是进军“先买后付”业务的重大举措，该业务越来越受欢迎，特别是在Square服务的主要用户千禧一代中。虽然传统的估值指标在这里不起作用，但我们敦促我们的成员考虑公司正在像野火一样增长的事实。股价越接近200美元，我们就越看涨。然而，从长远来看，目前的股票水平值得买入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4444025-square-killing-it\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4444025-square-killing-it","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105546206","content_text":"Summary\n\nQ2 earnings show solid growth with little signs of slowing down.\nA sizable Australian acquisition will help scale.\nBitcoin trades helping drive traffic and usage.\nCash app still strong as small business returns.\nShares are going much higher.\n\nshulz/E+ via Getty Images\nWe love financial tech stocks, and near the top of the list is Square(NYSE:SQ)which we have traded several times. That said, whilst being a great trading stock, the easiest move is to buy and hold over the next five years. The company is a fintech disruptor, and it is growing like wildfire. The company just reported some stellar earnings,and is showing no signs of slowing down. What is more, an expensive, but well-timed acquisition will help the company scale. While valuing the company on traditional metrics is near impossible, we implore our followers to think very long-term here and believe the company will grow into its stretched valuation. We rate shares a strong buy the closer they are to $200.\nQ2 earnings were solid\nKeep in mind ever since the company allowed access to cryptocurrency (bitcoin), revenues have taken off. In the just announced quarter, net revenue was $4.68 billion up an incredible 143% year-over-year. Excluding bitcoin (BTC-USD) transactions, total net revenue in the second quarter was $1.96 billion, up 87% year over year. While this is still massive growth, you can see how much the bitcoin assets mean to the company. On the whole, gross profit was $1.14 billion up 91% year-over-year. Solid.\nTransaction revenue surges, but watch GPV gross profit\nRevenue from transactions was $1.23 billion rising 80% year-over-year, while gross profit was $543 million, up 85%. The Street may be disappointed with the fact that volumes were less than expected, despite surging from a year ago. Square processed $42.8 billion in GPV up 88% year-over-year. Transaction-based gross profit as a percentage of GPV was 1.27% down 2 basis points year over year and down 5 basis points quarter over quarter. That wasa weakness that the Street might also jump at. You have to remember, with the stretched valuation of this high growth fintech stock, the slightest negative can irritate the shareholder base and trigger selling. We would welcome the selling and encourage a buy.\nThat said, subscription and services-based revenue nearly doubled as well to 685 million while gross profit was $561 million, up 90% year-over-year. Keep in mind the acquisition of TIDAL was a big boost in the quarter, but the organic growth was solid as well.\nCash App and Bitcoin\nThe biggest driver of overall growth was the amazing Cash App. Cash App generated $3.33 billion of revenue while delivering $546 million of gross profit. This is huge growth. Revenue rose 177%, while gross profit nearly doubled. Again, bitcoin was a large part of this. If we back out bitcoin, Cash App revenue was $606 million, up 87% year-over-year.\nKeep in mind the prices of bitcoin were falling for most of Q2. It was volatile. Volatility helps with trading revenue, but expect even more positive profit power if bitcoin prices start to rebound. Which, they are, in the last week or so. We think that the cryptocurrency access is huge for the company. Just how big is bitcoin for Square? HUGE. Cash App brought in $2.72 billion of bitcoin revenue and $55 million of bitcoin gross profit in Q2. This was up three-fold from last year. It is major.\nThe company itself is taking money in putting it straight into owning bitcoin.According to the release:\n\nIn the fourth quarter of 2020 and first quarter of 2021, we invested $50 million and $170 million, respectively, in bitcoin. As an indefinite-lived intangible asset, bitcoin is subject to impairment losses if the fair value of bitcoin decreases below the carrying value during the assessed period. In the second quarter, we recognized a bitcoin impairment loss of $45 million on our bitcoin investment. As of June 30, 2021, the fair value of our investment in bitcoin was $281 million based on observable market prices, which is $127 million greater than the carrying value of the investment.\n\nAs you can see, there is serious cash on the line here. As such, expect the stock to continue to trade with a slight correlation with the price of bitcoin. However, the bulk of the business is still transaction based, and we have not even touched on small business\nSmall business is coming back\nOne of the biggest customers and drivers of revenue for Square are small businesses. They are coming back now that the COVID crisis is improving and the world is reopening. Small businesses as part of the broader seller ecosystem was responsible for $1.31 billion of revenue and $585 million of gross profit, both up over 80% from a year ago. Once again, solid growth.\nEarnings are positive, though could be stronger if operational expenses are controlled but we aren't complaining\nWe are not going to complain about a fintech that is in supreme revenue growth mode that is earnings positive. And the company is earnings positive. While a FWD p/e ratio is laughable over 100, or more, we want you looking at the degree of growth. Net income was $204 million. They did have a gain of $77 million by selling their DoorDash investment. Net income was $173 million when excluding that and the aforementioned loss related to the impairment of its bitcoin investment. Operational expenses are high however. Operating expenses were $1.02 billion up 64% from a year ago. Make no mistake, they are commensurate with the huge rise is sales, but the more controlled these expenses are, the better earnings will be.\nNice to see EPS growing\nOverall, net income per share was $0.45 on a basic level. If we back out the DoorDash sale and the impairment on bitcoin basic EPS was $0.39, while adjusted EBITDA was $360 million surging from the $98 million a year ago. Overall adjusted EPS was $0.66 a huge $0.48 increase from a year ago. And things are only going to get better.\nA new acquisition, pricey but interesting\nIn conjunction withthis weekend's earnings release, Square agreed to buy Australia's Afterpay(OTCPK:AFTPF)for $29 billion (all in stock by the way) to add buy now, pay later abilities. While Afterpay shareholders can take some of it in cash, on the whole, Square is paying roughly $125 per share for Afterpay in Australian dollars, or a 30% premium. That is pricey. The deal will not close until 2022, so the actual fiscal terms may differ at that point. Afterpay shareholders will own approximately nearly 20% of the newly combined company on a fully diluted basis. It is a massive transaction. But Afterpay has had its own immense growth and has surged in popularity. We believe this deal and the capabilities it will bring to Square's users is accretive, and the company will reap the benefits immediately in 2022. For more on Afterpay, we recommendthis column here.\nTake home\nMake no mistake, Q2 earnings were incredibly strong. The inclusion of bitcoin trading has been a massive benefit to the company as transactional revenue has surged. Small business is coming back and that has led to a big rebound in seller-based transactional fees. This supreme growth fintech is also earnings positive. The acquisition of Afterpay is a huge move to get into the buy now, pay later business which is growing in popularity, specifically among millennials a primary user of Square services. While traditional valuation metrics are not at play here, we urge our members to consider the fact that the company is growing like wildfire. The closer shares get to $200 the more bullish we are. However, shares are a buy at present levels for the long-term.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804902528,"gmtCreate":1627914515764,"gmtModify":1633755311194,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"like my comment","listText":"like my comment","text":"like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804902528","repostId":"1153009016","repostType":4,"repost":{"id":"1153009016","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627913861,"share":"https://www.laohu8.com/m/news/1153009016?lang=zh_CN&edition=full","pubTime":"2021-08-02 22:17","market":"us","language":"en","title":"China stocks mixed in morning trading<blockquote>中国股市早盘涨跌互现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153009016","media":"Tiger Newspress","summary":"(August 2) China stocks mixed in morning trading.","content":"<p>(August 2) China stocks mixed in morning trading.</p><p><blockquote>（8月2日）中国股市早盘涨跌不一。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/74d170328ae7478d6a6db2132ced78bc\" tg-width=\"315\" tg-height=\"716\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China stocks mixed in morning trading<blockquote>中国股市早盘涨跌互现</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\">\nChina stocks mixed in morning trading<blockquote>中国股市早盘涨跌互现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 22:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 2) China stocks mixed in morning trading.</p><p><blockquote>（8月2日）中国股市早盘涨跌不一。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/74d170328ae7478d6a6db2132ced78bc\" tg-width=\"315\" tg-height=\"716\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153009016","content_text":"(August 2) China stocks mixed in morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808916666,"gmtCreate":1627550646055,"gmtModify":1633763895802,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Like this","listText":"Like this","text":"Like this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808916666","repostId":"2155990524","repostType":4,"isVote":1,"tweetType":1,"viewCount":3169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809642603,"gmtCreate":1627368867602,"gmtModify":1633765660736,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Like this","listText":"Like this","text":"Like this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809642603","repostId":"1145674771","repostType":4,"isVote":1,"tweetType":1,"viewCount":1687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809648171,"gmtCreate":1627368747093,"gmtModify":1633765661666,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Like this","listText":"Like this","text":"Like this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809648171","repostId":"1181332154","repostType":4,"repost":{"id":"1181332154","kind":"news","pubTimestamp":1627368703,"share":"https://www.laohu8.com/m/news/1181332154?lang=zh_CN&edition=full","pubTime":"2021-07-27 14:51","market":"us","language":"en","title":"Intel Sets Plan to Again Become World’s Premier Chip Company<blockquote>英特尔计划再次成为全球首屈一指的芯片公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181332154","media":"The Wall Street Journal","summary":"CEO Pat Gelsinger maps path to catch up with Asian rivals with series of increasingly powerful chips featuring tinier transistors","content":"<p>The race is on at Intel Corp.as the semiconductor giant pledges to return to the top of its game, committing to produce the world’s best chips within four years.</p><p><blockquote>英特尔公司(Intel Corp.)的竞争正在进行中，这家半导体巨头承诺重返行业巅峰，承诺在四年内生产出世界上最好的芯片。</blockquote></p><p> To get there, Chief Executive Pat Gelsinger laid out a plan Monday for the company to introduce at least a new central processing unit—the brains of the modern computer—every year between 2021 and 2025. Each is expected to be based on transistor technology more advanced than the last.</p><p><blockquote>为了实现这一目标，首席执行官帕特·基辛格(Pat Gelsinger)周一制定了一项计划，要求该公司在2021年至2025年间每年至少推出一个新的中央处理器（现代计算机的大脑）。每一个都有望基于比上一个更先进的晶体管技术。</blockquote></p><p> Intel was long the unquestioned leader in computing performance. Co-founder Gordon Moore defined the law underpinning the semiconductor industry, describing how engineers would find ways to shrink circuits at a predictable pace year after year. But the company has fallen behind Asian rivals after a series of missteps and delays.</p><p><blockquote>英特尔长期以来一直是计算性能领域无可争议的领导者。联合创始人戈登·摩尔定义了支撑半导体行业的定律，描述了工程师如何找到年复一年以可预测的速度缩小电路的方法。但在经历了一系列失误和延误后，该公司已经落后于亚洲竞争对手。</blockquote></p><p> Taiwan Semiconductor Manufacturing Co. and South Korea’s Samsung Electronics Co. are now both ahead of Intel in chip-manufacturing technology. They manufacture chips on contract for chip-design specialists, allowing those customers to gain an edge on Intel.</p><p><blockquote>台积电公司和南韩三星电子公司目前在芯片制造技术上都领先于英特尔。他们根据合同为芯片设计专家制造芯片，使这些客户能够获得相对于英特尔的优势。</blockquote></p><p> “We are accelerating our innovation roadmap to ensure we are on a clear path to process performance leadership by 2025,” Mr. Gelsinger said. The CEO rejoined Intel in February with a mandate to revitalize the company after previously serving as its chief technology officer.</p><p><blockquote>“我们正在加快创新路线图，以确保到2025年我们走上实现流程绩效领先的清晰道路，”Gelsinger先生说。这位首席执行官在担任英特尔首席技术官后，于二月份重新加入英特尔，肩负着振兴公司的使命。</blockquote></p><p> The plan signals that Intel doesn’t believe in the near-term demise of Moore’s Law even as chip-making becomes more costly and technically difficult.</p><p><blockquote>该计划表明，即使芯片制造变得更加昂贵和技术困难，英特尔也不相信摩尔定律会在短期内消亡。</blockquote></p><p> The company reiterated its intention to release a new CPU for desktop computers this year and one for servers in the first quarter of 2022. Intel earlier this year delayed introducing the server chip to add features, signaling that the path to recovery isn’t without challenges.</p><p><blockquote>该公司重申，打算在今年发布一款用于台式电脑的新CPU，并在2022年第一季度发布一款用于服务器的新CPU。英特尔今年早些时候推迟了推出服务器芯片以增加功能，这表明复苏之路并非没有挑战。</blockquote></p><p> Intel said it plans its next round of personal-computer and server processors in 2023. Those, it said, would fully embrace a new form of circuit-printing called extreme ultraviolet lithography—the kind of cutting-edge tooling needed to produce the tiniest transistors, each a fraction of the width of an average human hair. Transistors are the building blocks of chips, and billions of them are needed to make calculations inside modern laptops, desktop computers and computer servers.</p><p><blockquote>英特尔表示，计划在2023年推出下一轮个人电脑和服务器处理器。报告称，这些将完全采用一种称为极紫外光刻的新型电路印刷形式——这是生产最小晶体管所需的尖端工具，每个晶体管的宽度只有普通人头发的一小部分。晶体管是芯片的组成部分，在现代笔记本电脑、台式电脑和计算机服务器中进行计算需要数十亿个晶体管。</blockquote></p><p> Further performance improvements and innovations in transistor design should follow through 2025, Intel said.</p><p><blockquote>英特尔表示，晶体管设计的进一步性能改进和创新应该会持续到2025年。</blockquote></p><p> By that year, the company said it hopes to introduce chips with transistor technology it is calling Intel 18A, a loose reference to its minuscule size—measured in angstroms rather than nanometers, which are currently used to define transistor size. Intel said it is already working on developing the chip.</p><p><blockquote>到那一年，该公司表示希望推出采用晶体管技术的芯片，称为英特尔18A，这是对其微小尺寸的松散引用——以埃而不是目前用于定义晶体管尺寸的纳米来测量。英特尔表示，它已经在致力于开发这种芯片。</blockquote></p><p> Ann Kelleher, Intel’s general manager of technology development, said the company is on track to meet its goals, citing its embrace of extreme ultraviolet technology, a more streamlined chip-development process and an openness to innovation coming from outside Intel.</p><p><blockquote>英特尔技术开发总经理安·凯莱赫(Ann Kelleher)表示，该公司有望实现其目标，理由是该公司采用了极紫外线技术、更简化的芯片开发流程以及对来自英特尔外部的创新持开放态度。</blockquote></p><p> Intel is racing with competitors that also are working on increasingly sophisticated chips. TSMC already has chips in development with smaller transistors than those featured in its currently leading-edge processors.</p><p><blockquote>英特尔正在与同样致力于日益复杂芯片的竞争对手展开竞争。台积电已经在开发芯片，其晶体管比其目前领先的处理器中的晶体管更小。</blockquote></p><p> Rebuilding Intel’s chip design and production process is only part of Mr. Gelsinger’s plan to revitalize the company. While Intel remains America’s largest chip company by sales,Nvidia Corp. has surpassed it in valuation. Known for its graphics chips, Nvidia has become an investor darling with its bet on some of the hottest fields in technology, such videogaming and artificial intelligence. The company, along with perennial Intel CPU-rival Advanced Micro Devices Inc.,have taken market share from Intel.</p><p><blockquote>重建英特尔的芯片设计和生产流程只是基辛格先生振兴公司计划的一部分。虽然英特尔仍然是美国销售额最大的芯片公司，但英伟达公司的估值已经超过了它。英伟达以其图形芯片而闻名，因押注视频游戏和人工智能等一些最热门的技术领域而成为投资者的宠儿。该公司以及英特尔CPU的长期竞争对手Advanced Micro Devices Inc.已经从英特尔手中夺取了市场份额。</blockquote></p><p> Mr. Gelsinger said in March that Intel would become a leading chip manufacturer,not just for its own needs but also for others. He has committed to investing billions of dollars toward that goal, and Intel is in talks to buy chip-making specialist GlobalFoundries Inc., The Wall Street Journal has reported.</p><p><blockquote>基辛格先生在三月份表示，英特尔将成为领先的芯片制造商，不仅是为了自己的需求，也是为了他人的需求。据《华尔街日报》报道，他已承诺为这一目标投资数十亿美元，英特尔正在就收购芯片制造专家GlobalFoundries Inc.进行谈判。</blockquote></p><p> Intel said it had signed mobile-phone chip company Qualcomm Inc. as a customer for chips due for production in 2024. Qualcomm has been a big user of chips made by TSMC and Samsung.</p><p><blockquote>英特尔表示，已与手机芯片公司高通公司签约，成为将于2024年生产的芯片的客户。高通一直是台积电和三星制造的芯片的大用户。</blockquote></p><p> To help ensure technology hiccups don’t delay its recovery plan and return to the technological high-ground, Intel will monitor progress at every step, Ms. Kelleher said. “In the areas where we have true risk within a process, we absolutely strive to have a Plan B,” she said. “So if Plan A doesn’t work, we can cut over much more easily.”</p><p><blockquote>凯莱赫表示，为了帮助确保技术问题不会推迟其恢复计划并重返技术高地，英特尔将监控每一步的进展。“在流程中存在真正风险的领域，我们绝对会努力制定B计划，”她说。“因此，如果A计划不起作用，我们可以更容易地过渡。”</blockquote></p><p></p><p> The company also said it was adjusting the naming of its newest transistor technology to better reflect industry standards. Intel’s 10-nanometer chips will now be called Intel 7, and its 7-nanometer chips will be called Intel 4. Years ago, cutting-edge transistor-size numbers referred to actual dimensions, but they lost real-world meaning as the structure of transistors changed.</p><p><blockquote>该公司还表示，正在调整其最新晶体管技术的命名，以更好地反映行业标准。英特尔的10纳米芯片现在将被称为英特尔7，其7纳米芯片将被称为英特尔4。几年前，尖端的晶体管尺寸数字指的是实际尺寸，但随着晶体管结构的变化，它们失去了现实世界的意义。</blockquote></p><p> Mr. Gelsinger is trying to execute the turnaround during an unprecedented chip shortage,brought on by supercharged demand during the Covid-19 pandemic for videogames, laptops and many other devices. The CEO has projected that outsize demand for semiconductors would continue for years, justifying Intel’s manufacturing capacity. The current global shortage of chips, he added, could take until 2023 to be resolved.</p><p><blockquote>基辛格先生正试图在前所未有的芯片短缺期间扭转局面，这是由Covid-19大流行期间对视频游戏、笔记本电脑和许多其他设备的需求旺盛造成的。这位首席执行官预计，对半导体的巨大需求将持续多年，这证明了英特尔的制造能力是合理的。他补充说，目前全球芯片短缺的问题可能要到2023年才能解决。</blockquote></p><p> The situation is also providing somewhat of a tailwind for the company. Intel on Thursday reported second-quarter results that benefited from stronger-than-expected sales in its PC-related chips.</p><p><blockquote>这种情况也为该公司提供了一定的推动力。英特尔周四公布了第二季度业绩，受益于其PC相关芯片销售强于预期。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Sets Plan to Again Become World’s Premier Chip Company<blockquote>英特尔计划再次成为全球首屈一指的芯片公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIntel Sets Plan to Again Become World’s Premier Chip Company<blockquote>英特尔计划再次成为全球首屈一指的芯片公司</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\">2021-07-27 14:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The race is on at Intel Corp.as the semiconductor giant pledges to return to the top of its game, committing to produce the world’s best chips within four years.</p><p><blockquote>英特尔公司(Intel Corp.)的竞争正在进行中，这家半导体巨头承诺重返行业巅峰，承诺在四年内生产出世界上最好的芯片。</blockquote></p><p> To get there, Chief Executive Pat Gelsinger laid out a plan Monday for the company to introduce at least a new central processing unit—the brains of the modern computer—every year between 2021 and 2025. Each is expected to be based on transistor technology more advanced than the last.</p><p><blockquote>为了实现这一目标，首席执行官帕特·基辛格(Pat Gelsinger)周一制定了一项计划，要求该公司在2021年至2025年间每年至少推出一个新的中央处理器（现代计算机的大脑）。每一个都有望基于比上一个更先进的晶体管技术。</blockquote></p><p> Intel was long the unquestioned leader in computing performance. Co-founder Gordon Moore defined the law underpinning the semiconductor industry, describing how engineers would find ways to shrink circuits at a predictable pace year after year. But the company has fallen behind Asian rivals after a series of missteps and delays.</p><p><blockquote>英特尔长期以来一直是计算性能领域无可争议的领导者。联合创始人戈登·摩尔定义了支撑半导体行业的定律，描述了工程师如何找到年复一年以可预测的速度缩小电路的方法。但在经历了一系列失误和延误后，该公司已经落后于亚洲竞争对手。</blockquote></p><p> Taiwan Semiconductor Manufacturing Co. and South Korea’s Samsung Electronics Co. are now both ahead of Intel in chip-manufacturing technology. They manufacture chips on contract for chip-design specialists, allowing those customers to gain an edge on Intel.</p><p><blockquote>台积电公司和南韩三星电子公司目前在芯片制造技术上都领先于英特尔。他们根据合同为芯片设计专家制造芯片，使这些客户能够获得相对于英特尔的优势。</blockquote></p><p> “We are accelerating our innovation roadmap to ensure we are on a clear path to process performance leadership by 2025,” Mr. Gelsinger said. The CEO rejoined Intel in February with a mandate to revitalize the company after previously serving as its chief technology officer.</p><p><blockquote>“我们正在加快创新路线图，以确保到2025年我们走上实现流程绩效领先的清晰道路，”Gelsinger先生说。这位首席执行官在担任英特尔首席技术官后，于二月份重新加入英特尔，肩负着振兴公司的使命。</blockquote></p><p> The plan signals that Intel doesn’t believe in the near-term demise of Moore’s Law even as chip-making becomes more costly and technically difficult.</p><p><blockquote>该计划表明，即使芯片制造变得更加昂贵和技术困难，英特尔也不相信摩尔定律会在短期内消亡。</blockquote></p><p> The company reiterated its intention to release a new CPU for desktop computers this year and one for servers in the first quarter of 2022. Intel earlier this year delayed introducing the server chip to add features, signaling that the path to recovery isn’t without challenges.</p><p><blockquote>该公司重申，打算在今年发布一款用于台式电脑的新CPU，并在2022年第一季度发布一款用于服务器的新CPU。英特尔今年早些时候推迟了推出服务器芯片以增加功能，这表明复苏之路并非没有挑战。</blockquote></p><p> Intel said it plans its next round of personal-computer and server processors in 2023. Those, it said, would fully embrace a new form of circuit-printing called extreme ultraviolet lithography—the kind of cutting-edge tooling needed to produce the tiniest transistors, each a fraction of the width of an average human hair. Transistors are the building blocks of chips, and billions of them are needed to make calculations inside modern laptops, desktop computers and computer servers.</p><p><blockquote>英特尔表示，计划在2023年推出下一轮个人电脑和服务器处理器。报告称，这些将完全采用一种称为极紫外光刻的新型电路印刷形式——这是生产最小晶体管所需的尖端工具，每个晶体管的宽度只有普通人头发的一小部分。晶体管是芯片的组成部分，在现代笔记本电脑、台式电脑和计算机服务器中进行计算需要数十亿个晶体管。</blockquote></p><p> Further performance improvements and innovations in transistor design should follow through 2025, Intel said.</p><p><blockquote>英特尔表示，晶体管设计的进一步性能改进和创新应该会持续到2025年。</blockquote></p><p> By that year, the company said it hopes to introduce chips with transistor technology it is calling Intel 18A, a loose reference to its minuscule size—measured in angstroms rather than nanometers, which are currently used to define transistor size. Intel said it is already working on developing the chip.</p><p><blockquote>到那一年，该公司表示希望推出采用晶体管技术的芯片，称为英特尔18A，这是对其微小尺寸的松散引用——以埃而不是目前用于定义晶体管尺寸的纳米来测量。英特尔表示，它已经在致力于开发这种芯片。</blockquote></p><p> Ann Kelleher, Intel’s general manager of technology development, said the company is on track to meet its goals, citing its embrace of extreme ultraviolet technology, a more streamlined chip-development process and an openness to innovation coming from outside Intel.</p><p><blockquote>英特尔技术开发总经理安·凯莱赫(Ann Kelleher)表示，该公司有望实现其目标，理由是该公司采用了极紫外线技术、更简化的芯片开发流程以及对来自英特尔外部的创新持开放态度。</blockquote></p><p> Intel is racing with competitors that also are working on increasingly sophisticated chips. TSMC already has chips in development with smaller transistors than those featured in its currently leading-edge processors.</p><p><blockquote>英特尔正在与同样致力于日益复杂芯片的竞争对手展开竞争。台积电已经在开发芯片，其晶体管比其目前领先的处理器中的晶体管更小。</blockquote></p><p> Rebuilding Intel’s chip design and production process is only part of Mr. Gelsinger’s plan to revitalize the company. While Intel remains America’s largest chip company by sales,Nvidia Corp. has surpassed it in valuation. Known for its graphics chips, Nvidia has become an investor darling with its bet on some of the hottest fields in technology, such videogaming and artificial intelligence. The company, along with perennial Intel CPU-rival Advanced Micro Devices Inc.,have taken market share from Intel.</p><p><blockquote>重建英特尔的芯片设计和生产流程只是基辛格先生振兴公司计划的一部分。虽然英特尔仍然是美国销售额最大的芯片公司，但英伟达公司的估值已经超过了它。英伟达以其图形芯片而闻名，因押注视频游戏和人工智能等一些最热门的技术领域而成为投资者的宠儿。该公司以及英特尔CPU的长期竞争对手Advanced Micro Devices Inc.已经从英特尔手中夺取了市场份额。</blockquote></p><p> Mr. Gelsinger said in March that Intel would become a leading chip manufacturer,not just for its own needs but also for others. He has committed to investing billions of dollars toward that goal, and Intel is in talks to buy chip-making specialist GlobalFoundries Inc., The Wall Street Journal has reported.</p><p><blockquote>基辛格先生在三月份表示，英特尔将成为领先的芯片制造商，不仅是为了自己的需求，也是为了他人的需求。据《华尔街日报》报道，他已承诺为这一目标投资数十亿美元，英特尔正在就收购芯片制造专家GlobalFoundries Inc.进行谈判。</blockquote></p><p> Intel said it had signed mobile-phone chip company Qualcomm Inc. as a customer for chips due for production in 2024. Qualcomm has been a big user of chips made by TSMC and Samsung.</p><p><blockquote>英特尔表示，已与手机芯片公司高通公司签约，成为将于2024年生产的芯片的客户。高通一直是台积电和三星制造的芯片的大用户。</blockquote></p><p> To help ensure technology hiccups don’t delay its recovery plan and return to the technological high-ground, Intel will monitor progress at every step, Ms. Kelleher said. “In the areas where we have true risk within a process, we absolutely strive to have a Plan B,” she said. “So if Plan A doesn’t work, we can cut over much more easily.”</p><p><blockquote>凯莱赫表示，为了帮助确保技术问题不会推迟其恢复计划并重返技术高地，英特尔将监控每一步的进展。“在流程中存在真正风险的领域，我们绝对会努力制定B计划，”她说。“因此，如果A计划不起作用，我们可以更容易地过渡。”</blockquote></p><p></p><p> The company also said it was adjusting the naming of its newest transistor technology to better reflect industry standards. Intel’s 10-nanometer chips will now be called Intel 7, and its 7-nanometer chips will be called Intel 4. Years ago, cutting-edge transistor-size numbers referred to actual dimensions, but they lost real-world meaning as the structure of transistors changed.</p><p><blockquote>该公司还表示，正在调整其最新晶体管技术的命名，以更好地反映行业标准。英特尔的10纳米芯片现在将被称为英特尔7，其7纳米芯片将被称为英特尔4。几年前，尖端的晶体管尺寸数字指的是实际尺寸，但随着晶体管结构的变化，它们失去了现实世界的意义。</blockquote></p><p> Mr. Gelsinger is trying to execute the turnaround during an unprecedented chip shortage,brought on by supercharged demand during the Covid-19 pandemic for videogames, laptops and many other devices. The CEO has projected that outsize demand for semiconductors would continue for years, justifying Intel’s manufacturing capacity. The current global shortage of chips, he added, could take until 2023 to be resolved.</p><p><blockquote>基辛格先生正试图在前所未有的芯片短缺期间扭转局面，这是由Covid-19大流行期间对视频游戏、笔记本电脑和许多其他设备的需求旺盛造成的。这位首席执行官预计，对半导体的巨大需求将持续多年，这证明了英特尔的制造能力是合理的。他补充说，目前全球芯片短缺的问题可能要到2023年才能解决。</blockquote></p><p> The situation is also providing somewhat of a tailwind for the company. Intel on Thursday reported second-quarter results that benefited from stronger-than-expected sales in its PC-related chips.</p><p><blockquote>这种情况也为该公司提供了一定的推动力。英特尔周四公布了第二季度业绩，受益于其PC相关芯片销售强于预期。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/intel-sets-plan-to-again-become-worlds-premier-chip-company-11627333200?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":{"INTC":"英特尔"},"source_url":"https://www.wsj.com/articles/intel-sets-plan-to-again-become-worlds-premier-chip-company-11627333200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181332154","content_text":"The race is on at Intel Corp.as the semiconductor giant pledges to return to the top of its game, committing to produce the world’s best chips within four years.\nTo get there, Chief Executive Pat Gelsinger laid out a plan Monday for the company to introduce at least a new central processing unit—the brains of the modern computer—every year between 2021 and 2025. Each is expected to be based on transistor technology more advanced than the last.\nIntel was long the unquestioned leader in computing performance. Co-founder Gordon Moore defined the law underpinning the semiconductor industry, describing how engineers would find ways to shrink circuits at a predictable pace year after year. But the company has fallen behind Asian rivals after a series of missteps and delays.\nTaiwan Semiconductor Manufacturing Co. and South Korea’s Samsung Electronics Co. are now both ahead of Intel in chip-manufacturing technology. They manufacture chips on contract for chip-design specialists, allowing those customers to gain an edge on Intel.\n“We are accelerating our innovation roadmap to ensure we are on a clear path to process performance leadership by 2025,” Mr. Gelsinger said. The CEO rejoined Intel in February with a mandate to revitalize the company after previously serving as its chief technology officer.\nThe plan signals that Intel doesn’t believe in the near-term demise of Moore’s Law even as chip-making becomes more costly and technically difficult.\nThe company reiterated its intention to release a new CPU for desktop computers this year and one for servers in the first quarter of 2022. Intel earlier this year delayed introducing the server chip to add features, signaling that the path to recovery isn’t without challenges.\nIntel said it plans its next round of personal-computer and server processors in 2023. Those, it said, would fully embrace a new form of circuit-printing called extreme ultraviolet lithography—the kind of cutting-edge tooling needed to produce the tiniest transistors, each a fraction of the width of an average human hair. Transistors are the building blocks of chips, and billions of them are needed to make calculations inside modern laptops, desktop computers and computer servers.\nFurther performance improvements and innovations in transistor design should follow through 2025, Intel said.\nBy that year, the company said it hopes to introduce chips with transistor technology it is calling Intel 18A, a loose reference to its minuscule size—measured in angstroms rather than nanometers, which are currently used to define transistor size. Intel said it is already working on developing the chip.\nAnn Kelleher, Intel’s general manager of technology development, said the company is on track to meet its goals, citing its embrace of extreme ultraviolet technology, a more streamlined chip-development process and an openness to innovation coming from outside Intel.\nIntel is racing with competitors that also are working on increasingly sophisticated chips. TSMC already has chips in development with smaller transistors than those featured in its currently leading-edge processors.\nRebuilding Intel’s chip design and production process is only part of Mr. Gelsinger’s plan to revitalize the company. While Intel remains America’s largest chip company by sales,Nvidia Corp. has surpassed it in valuation. Known for its graphics chips, Nvidia has become an investor darling with its bet on some of the hottest fields in technology, such videogaming and artificial intelligence. The company, along with perennial Intel CPU-rival Advanced Micro Devices Inc.,have taken market share from Intel.\nMr. Gelsinger said in March that Intel would become a leading chip manufacturer,not just for its own needs but also for others. He has committed to investing billions of dollars toward that goal, and Intel is in talks to buy chip-making specialist GlobalFoundries Inc., The Wall Street Journal has reported.\nIntel said it had signed mobile-phone chip company Qualcomm Inc. as a customer for chips due for production in 2024. Qualcomm has been a big user of chips made by TSMC and Samsung.\nTo help ensure technology hiccups don’t delay its recovery plan and return to the technological high-ground, Intel will monitor progress at every step, Ms. Kelleher said. “In the areas where we have true risk within a process, we absolutely strive to have a Plan B,” she said. “So if Plan A doesn’t work, we can cut over much more easily.”\nThe company also said it was adjusting the naming of its newest transistor technology to better reflect industry standards. Intel’s 10-nanometer chips will now be called Intel 7, and its 7-nanometer chips will be called Intel 4. Years ago, cutting-edge transistor-size numbers referred to actual dimensions, but they lost real-world meaning as the structure of transistors changed.\nMr. Gelsinger is trying to execute the turnaround during an unprecedented chip shortage,brought on by supercharged demand during the Covid-19 pandemic for videogames, laptops and many other devices. The CEO has projected that outsize demand for semiconductors would continue for years, justifying Intel’s manufacturing capacity. The current global shortage of chips, he added, could take until 2023 to be resolved.\nThe situation is also providing somewhat of a tailwind for the company. Intel on Thursday reported second-quarter results that benefited from stronger-than-expected sales in its PC-related chips.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800373337,"gmtCreate":1627282445329,"gmtModify":1633766545983,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Like my comment","listText":"Like my comment","text":"Like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/800373337","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177637555,"gmtCreate":1627207417977,"gmtModify":1633767159569,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Like this","listText":"Like this","text":"Like this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177637555","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li> <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li> <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p> For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall. Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</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>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li> <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li> <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p> For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall. Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":3018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174461110,"gmtCreate":1627127652530,"gmtModify":1633767762846,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174461110","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092269,"share":"https://www.laohu8.com/m/news/1151500518?lang=zh_CN&edition=full","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</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>Tencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</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\">\nTencent was ordered to remove the exclusive copyright of online music<blockquote>腾讯控股被命令删除在线音乐的独家版权</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-24 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p><p><blockquote>市场监督管理总局依法作出行政处罚决定，责令腾讯控股及其关联公司采取措施，恢复市场竞争状态，如30日内取消独家音乐版权、停止支付高额预付款等版权费用、无正当理由不得要求上游版权方给予优于竞争对手的条件等。腾讯控股将在三年内每年向国家市场监管总局报告义务履行情况，国家市场监管总局将依法严格监督落实。</blockquote></p><p> This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p><p><blockquote>本案是我国《反垄断法》实施以来，对违法实施经营者集中行为采取必要措施恢复市场竞争状态的第一起案件。</blockquote></p><p> Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p><p><blockquote>腾讯控股回应称，公司将认真遵守《决定》，严格执行监管要求，依法经营，切实履行社会责任，维护市场良性竞争。腾讯控股将负全责，在规定时限内与腾讯控股音乐等关联公司制定整改措施和方案，按照处罚决定书要求全面完成，确保整改到位。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1,"symbols_score_info":{"00700":0.9,"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174931046,"gmtCreate":1627056325185,"gmtModify":1633768350435,"author":{"id":"3575694032718814","authorId":"3575694032718814","name":"clarencejy","avatar":"https://static.tigerbbs.com/3e824bcaf6beda1d092bd5b17a31d123","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694032718814","authorIdStr":"3575694032718814"},"themes":[],"htmlText":"Like this","listText":"Like this","text":"Like this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/174931046","repostId":"2153983997","repostType":4,"isVote":1,"tweetType":1,"viewCount":1280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}