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2021-07-22
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BofA reups chip favorites as cloud spending broadens beyond Amazon<blockquote>随着云支出扩大到亚马逊之外，美国银行重新增加了芯片的最爱</blockquote>
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However, BofA notes that ex-<a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>, \"super 7\" capex is expected to grow 33% vs. just 9% a year ago. And limiting the look to the second half, ex-Amazon spending could surge 42%.</p><p><blockquote>这比去年37%的增长有所放缓。然而，美国银行指出，前-<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>，“super 7”资本支出预计将增长33%，而一年前仅为9%。如果将目光限制在下半年，前亚马逊支出可能会飙升42%。</blockquote></p><p> That broadening is potentially a positive for merchant semiconductors, it says, since Amazon has been most active in insourcing \"specific processors/networking gear (AWS Graviton, Nitro).\"</p><p><blockquote>报告称，这种扩大对商用半导体来说可能是积极的，因为亚马逊在内包“特定处理器/网络设备（AWS Graviton、Nitro）”方面最为积极。</blockquote></p><p> As for 2022, capital intensity of 9% at the super 7 would mark the lowest levels since 2017, it notes - indicating potentially conservative estimates for spending, particularly amid secular trends like AI/machine learning and 5G driving growing data consumption. Cloud sales at major vendors (AWS, Google Cloud, Microsoft Azure) are expected to grow at a compound annual rate of 32% from 2020 through 2022, but the capex outlook is \"muted,\" suggesting the Street may not appreciate the investments needed.</p><p><blockquote>报告指出，到2022年，速7 9%的资本强度将创下2017年以来的最低水平，这表明对支出的估计可能较为保守，特别是在人工智能/机器学习和5G等长期趋势推动数据消费增长的情况下。从2020年到2022年，主要供应商（AWS、谷歌云、微软Azure）的云销售额预计将以32%的复合年增长率增长，但资本支出前景“低迷”，这表明华尔街可能不会欣赏所需的投资。</blockquote></p><p> And its top three picks for secular cloud-driven growth among semiconductor companies are <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a>, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and <a href=\"https://laohu8.com/S/MRVL\">Marvell Technology</a> - though it notes there are \"multiple reasons\" to like the names. All three can outperform in an environment of decelerating growth for large markets including PCs, automobiles and smartphones.</p><p><blockquote>其在半导体公司中长期云驱动增长的前三名选择是<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>,<a href=\"https://laohu8.com/S/AMD\">AMD</a>和<a href=\"https://laohu8.com/S/MRVL\">Marvell技术</a>——尽管它指出有“多种原因”喜欢这些名字。在个人电脑、汽车和智能手机等大型市场增长放缓的环境下，这三者都可以表现出色。</blockquote></p><p> \"These stocks are not exposed to cyclical unit growth and volatile memory capex, but instead benefit from specific product cycles and share gains across AI, cloud computing, gaming, networking, enterprise, and 5G infrastructure,\" Vivek Arya and team write, \"which in our view limits their impact from macro swings and supports their best-in-semis ~20% sales/25%-plus EPS growth potential through 2023E (vs. semi industry average 7% sales/10% EPS growth).\"</p><p><blockquote>Vivek Arya和团队写道：“这些股票不会受到周期性单位增长和易失性内存资本支出的影响，而是受益于特定的产品周期，并分享人工智能、云计算、游戏、网络、企业和5G基础设施的收益。”在我们看来，这限制了它们受到宏观波动的影响，并支持到2023年，它们的半成品销售额约为20%/25%以上的每股收益增长潜力（而半成品行业平均销售额为7%/每股收益增长10%）。”</blockquote></p><p> And while industry supply will continue to be an issue in the second half, scale and share growth means these three companies are \"critical customers\" of their foundry partners, and supply will continue to steadily improve.</p><p><blockquote>尽管行业供应仍将是下半年的一个问题，但规模和份额增长意味着这三家公司是其代工合作伙伴的“关键客户”，供应将继续稳步改善。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBofA reups chip favorites as cloud spending broadens beyond Amazon<blockquote>随着云支出扩大到亚马逊之外，美国银行重新增加了芯片的最爱</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-07-22 13:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>An update on expectations for capital expenditures from cloud companies from <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> brings the key takeaway that spending breadth is growing beyond the hefty footprint of Amazon Web Services.</p><p><blockquote>云公司资本支出预期的最新情况<a href=\"https://laohu8.com/S/BAC\">美国银行</a>带来了一个关键的收获，即支出广度正在增长，超出了亚马逊网络服务的巨大足迹。</blockquote></p><p> Overall the tracker points to growth in capex among the world's top seven hyperscalers of 21% in 2021, to $128B (or up 20% to $138B including Apple).</p><p><blockquote>总体而言，该追踪显示，2021年全球七大超大规模企业的资本支出将增长21%，达到128B美元（包括苹果在内，增长20%，达到138B美元）。</blockquote></p><p> That's a deceleration from last year's 37% growth. However, BofA notes that ex-<a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>, \"super 7\" capex is expected to grow 33% vs. just 9% a year ago. And limiting the look to the second half, ex-Amazon spending could surge 42%.</p><p><blockquote>这比去年37%的增长有所放缓。然而，美国银行指出，前-<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>，“super 7”资本支出预计将增长33%，而一年前仅为9%。如果将目光限制在下半年，前亚马逊支出可能会飙升42%。</blockquote></p><p> That broadening is potentially a positive for merchant semiconductors, it says, since Amazon has been most active in insourcing \"specific processors/networking gear (AWS Graviton, Nitro).\"</p><p><blockquote>报告称，这种扩大对商用半导体来说可能是积极的，因为亚马逊在内包“特定处理器/网络设备（AWS Graviton、Nitro）”方面最为积极。</blockquote></p><p> As for 2022, capital intensity of 9% at the super 7 would mark the lowest levels since 2017, it notes - indicating potentially conservative estimates for spending, particularly amid secular trends like AI/machine learning and 5G driving growing data consumption. Cloud sales at major vendors (AWS, Google Cloud, Microsoft Azure) are expected to grow at a compound annual rate of 32% from 2020 through 2022, but the capex outlook is \"muted,\" suggesting the Street may not appreciate the investments needed.</p><p><blockquote>报告指出，到2022年，速7 9%的资本强度将创下2017年以来的最低水平，这表明对支出的估计可能较为保守，特别是在人工智能/机器学习和5G等长期趋势推动数据消费增长的情况下。从2020年到2022年，主要供应商（AWS、谷歌云、微软Azure）的云销售额预计将以32%的复合年增长率增长，但资本支出前景“低迷”，这表明华尔街可能不会欣赏所需的投资。</blockquote></p><p> And its top three picks for secular cloud-driven growth among semiconductor companies are <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a>, <a href=\"https://laohu8.com/S/AMD\">AMD</a> and <a href=\"https://laohu8.com/S/MRVL\">Marvell Technology</a> - though it notes there are \"multiple reasons\" to like the names. All three can outperform in an environment of decelerating growth for large markets including PCs, automobiles and smartphones.</p><p><blockquote>其在半导体公司中长期云驱动增长的前三名选择是<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>,<a href=\"https://laohu8.com/S/AMD\">AMD</a>和<a href=\"https://laohu8.com/S/MRVL\">Marvell技术</a>——尽管它指出有“多种原因”喜欢这些名字。在个人电脑、汽车和智能手机等大型市场增长放缓的环境下，这三者都可以表现出色。</blockquote></p><p> \"These stocks are not exposed to cyclical unit growth and volatile memory capex, but instead benefit from specific product cycles and share gains across AI, cloud computing, gaming, networking, enterprise, and 5G infrastructure,\" Vivek Arya and team write, \"which in our view limits their impact from macro swings and supports their best-in-semis ~20% sales/25%-plus EPS growth potential through 2023E (vs. semi industry average 7% sales/10% EPS growth).\"</p><p><blockquote>Vivek Arya和团队写道：“这些股票不会受到周期性单位增长和易失性内存资本支出的影响，而是受益于特定的产品周期，并分享人工智能、云计算、游戏、网络、企业和5G基础设施的收益。”在我们看来，这限制了它们受到宏观波动的影响，并支持到2023年，它们的半成品销售额约为20%/25%以上的每股收益增长潜力（而半成品行业平均销售额为7%/每股收益增长10%）。”</blockquote></p><p> And while industry supply will continue to be an issue in the second half, scale and share growth means these three companies are \"critical customers\" of their foundry partners, and supply will continue to steadily improve.</p><p><blockquote>尽管行业供应仍将是下半年的一个问题，但规模和份额增长意味着这三家公司是其代工合作伙伴的“关键客户”，供应将继续稳步改善。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3717825-bofa-reups-chip-favorites-as-cloud-spending-broadens-beyond-amazon\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","MRVL":"迈威尔科技","AMZN":"亚马逊","AMD":"美国超微公司","BAC":"美国银行"},"source_url":"https://seekingalpha.com/news/3717825-bofa-reups-chip-favorites-as-cloud-spending-broadens-beyond-amazon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162391670","content_text":"An update on expectations for capital expenditures from cloud companies from Bank of America brings the key takeaway that spending breadth is growing beyond the hefty footprint of Amazon Web Services.\nOverall the tracker points to growth in capex among the world's top seven hyperscalers of 21% in 2021, to $128B (or up 20% to $138B including Apple).\nThat's a deceleration from last year's 37% growth. However, BofA notes that ex-Amazon.com, \"super 7\" capex is expected to grow 33% vs. just 9% a year ago. And limiting the look to the second half, ex-Amazon spending could surge 42%.\nThat broadening is potentially a positive for merchant semiconductors, it says, since Amazon has been most active in insourcing \"specific processors/networking gear (AWS Graviton, Nitro).\"\nAs for 2022, capital intensity of 9% at the super 7 would mark the lowest levels since 2017, it notes - indicating potentially conservative estimates for spending, particularly amid secular trends like AI/machine learning and 5G driving growing data consumption. Cloud sales at major vendors (AWS, Google Cloud, Microsoft Azure) are expected to grow at a compound annual rate of 32% from 2020 through 2022, but the capex outlook is \"muted,\" suggesting the Street may not appreciate the investments needed.\nAnd its top three picks for secular cloud-driven growth among semiconductor companies are NVIDIA Corp, AMD and Marvell Technology - though it notes there are \"multiple reasons\" to like the names. All three can outperform in an environment of decelerating growth for large markets including PCs, automobiles and smartphones.\n\"These stocks are not exposed to cyclical unit growth and volatile memory capex, but instead benefit from specific product cycles and share gains across AI, cloud computing, gaming, networking, enterprise, and 5G infrastructure,\" Vivek Arya and team write, \"which in our view limits their impact from macro swings and supports their best-in-semis ~20% sales/25%-plus EPS growth potential through 2023E (vs. semi industry average 7% sales/10% EPS growth).\"\nAnd while industry supply will continue to be an issue in the second half, scale and share growth means these three companies are \"critical customers\" of their foundry partners, and supply will continue to steadily improve.","news_type":1,"symbols_score_info":{"NVDA":0.9,"AMD":0.9,"MRVL":0.9,"AMZN":0.9,"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":283,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/172305644"}
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