Gladys80
2021-11-03
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Apple Stock: How Does Transition Away From Intel Chips Impact Business Outlook?<blockquote>苹果股票：从英特尔芯片转型如何影响业务前景？</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":841755008,"tweetId":"841755008","gmtCreate":1635945436397,"gmtModify":1635945436567,"author":{"id":4087907126409640,"idStr":"4087907126409640","authorId":4087907126409640,"authorIdStr":"4087907126409640","name":"Gladys80","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>👍</p></body></html>","htmlText":"<html><head></head><body><p>👍</p></body></html>","text":"👍","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/841755008","repostId":1125884187,"repostType":4,"repost":{"id":"1125884187","kind":"news","pubTimestamp":1635944999,"share":"https://www.laohu8.com/m/news/1125884187?lang=zh_CN&edition=full","pubTime":"2021-11-03 21:09","market":"us","language":"en","title":"Apple Stock: How Does Transition Away From Intel Chips Impact Business Outlook?<blockquote>苹果股票：从英特尔芯片转型如何影响业务前景？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125884187","media":"Seeking Alpha","summary":"Summary\n\nApple's new chips, the M1 Pro and the M1 Max, are very powerful and energy-efficient at the","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Apple's new chips, the M1 Pro and the M1 Max, are very powerful and energy-efficient at the same time.</li> <li>Getting rid of Intel and taking control of the chips it uses fits well with Apple's strategy, and its products will become more attractive.</li> <li>Overall, Apple still doesn't look like a great buy today, mainly due to a too-high valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03a6d9440c644482577c587ef65ade11\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>David Paul Morris/Getty Images News</span></p><p><blockquote><ul><li>苹果的新芯片M1 Pro和M1 Max非常强大，同时也非常节能。</li><li>摆脱英特尔并控制其使用的芯片，非常符合苹果的战略，其产品将变得更具吸引力。</li><li>总体而言，苹果今天看起来仍然不太值得买入，主要是因为估值过高。</li></ul><p class=\"t-img-caption\"><span>戴维·保罗·莫里斯/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple(NASDAQ:AAPL)has been increasing its focus on developing and using its own silicon for its laptops. Thanks to strong performance metrics and excellent power/performance ratios, these new chips, such as the M1 Pro and the M1 Max should help improve the value proposition of Apple's MacBooks, which could lead to higher market share. MacBooks aren't Apple's most important product by far, but over the years, moving away from Intel(NASDAQ:INTC)should still be an incremental positive for Apple.</p><p><blockquote>苹果（纳斯达克股票代码：AAPL）一直在加大力度开发和使用自己的笔记本电脑芯片。得益于强大的性能指标和出色的功率/性能比，这些新芯片，如M1 Pro和M1 Max，应该有助于提高苹果MacBooks的价值主张，这可能会带来更高的市场份额。到目前为止，MacBook并不是苹果最重要的产品，但多年来，远离英特尔（纳斯达克股票代码：INTC）对苹果来说仍然是一个增量积极因素。</blockquote></p><p> <b>Did Apple Use Intel Chips?</b></p><p><blockquote><b>苹果用英特尔芯片了吗？</b></blockquote></p><p> Apple's Macs had been using Intel processors for 15 years, but that has changed with recent new Mac and MacBook releases. In 2020, Apple has showcased laptops and a Mac that use its own chip, the M1, for the first time, ending the partnership with Intel that had been running for well over a decade. Intel's chips had been using the X86 technology, whereas the chips that Apple develops utilize the ARM architecture -- the one that it also had been using for its iPhone and iPad chips for a long period of time. In the past, ARM-based chips had not been powerful enough for the more demanding applications and use cases that play a role for PCs. Apple has now, however, closed that performance gap, which allows them to use its own ARM-based silicon to power its Macs and MacBooks in the future.</p><p><blockquote>苹果的Mac已经使用英特尔处理器15年了，但随着最近新Mac和MacBook的发布，这种情况发生了变化。2020年，苹果首次展示了使用自己芯片M1的笔记本电脑和Mac，结束了与英特尔长达十多年的合作伙伴关系。英特尔的芯片一直使用X86技术，而苹果开发的芯片使用ARM架构——该公司长期以来也一直在iPhone和iPad芯片中使用这种架构。过去，基于ARM的芯片对于在PC中发挥作用的要求更高的应用和用例来说还不够强大。然而，苹果现在已经缩小了这一性能差距，这使他们能够在未来使用自己的基于ARM的芯片为其Mac和MacBook提供动力。</blockquote></p><p> <b>What Are Apple's Newest Chips?</b></p><p><blockquote><b>苹果最新的芯片有哪些？</b></blockquote></p><p> In the laptop and PC space, Apple's newest chips are the M1 Pro and M1 Max, following up on last year's M1 chip. These new chips are being offered in the MacBook Pro and,presumably, in the 2022 MacBook Pro. These chips do, according to Apple, provide an unprecedented performance relative to the power they consume:</p><p><blockquote>在笔记本电脑和个人电脑领域，苹果最新的芯片是M1 Pro和M1 Max，继去年的M1芯片之后。这些新芯片将在MacBook Pro中提供，并且可能在2022年的MacBook Pro中提供。根据苹果的说法，相对于它们消耗的功率，这些芯片确实提供了前所未有的性能：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ea5c5be296a3e4ee0ca481937b02087\" tg-width=\"640\" tg-height=\"415\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> With up to 10 CPU cores, up to 32 GPU cores, and up to 64 GB of shared RAM, Apple's newest chips offer outstanding performance. As we can see in the above chart, this performance is achieved at considerably lower power consumption relative to current chips by competitors. This is especially important when it comes to Apple's MacBooks, as power consumption is highly important for laptops. Not only does lower power consumption lead to lower operating costs, but the laptop can also be constructed with lower battery capacity, all else equal, which translates into an improved form factor and lower weight. This, in turn, will make the new laptops more user-friendly, which should attract more buyers and help Apple expand its market share.</p><p><blockquote>苹果的最新芯片拥有多达10个CPU内核、多达32个GPU内核和多达64 GB的共享RAM，可提供出色的性能。正如我们在上图中看到的，相对于竞争对手当前的芯片，这种性能是在相当低的功耗下实现的。这对于苹果的MacBooks来说尤其重要，因为功耗对于笔记本电脑来说非常重要。更低的功耗不仅会降低运营成本，而且在其他条件相同的情况下，笔记本电脑还可以采用更低的电池容量，这转化为更好的外形和更轻的重量。反过来，这将使新的笔记本电脑更加用户友好，这应该会吸引更多的买家，并帮助苹果扩大其市场份额。</blockquote></p><p> <b>Why Is Apple Transitioning Away From Intel Chips?</b></p><p><blockquote><b>为什么苹果要放弃英特尔芯片？</b></blockquote></p><p> There are several reasons for Apple's decision to move away from Intel and to develop its own chips for its laptops and PCs. First, this move gives Apple more control over core technologies and makes the company less dependent on suppliers. If Apple wants to make changes to its chips it can easily do that and put the engineering focus where it sees the biggest potential gains or benefits. While Apple was using Intel's chips, it was dependent on smart R&D by Intel, and thus not in control. This fits well with Apple's strategy that is sometimes called the <i>Tim Cook Doctrine</i>. The CEO has explained that Apple has a <i>“long-term strategy of owning and controlling the primary technologies behind the products that we make.”</i>Getting more control over the chips it uses in laptops and PCs is just a relatively logical step for a company that seeks to increase its ownership in key technologies for its products in order to become more dominant and less dependent on suppliers over time.</p><p><blockquote>苹果决定离开英特尔并为其笔记本电脑和个人电脑开发自己的芯片有几个原因。首先，此举让苹果对核心技术有了更多的控制权，并减少了公司对供应商的依赖。如果苹果想要对其芯片进行更改，它可以轻松做到这一点，并将工程重点放在它认为最大潜在收益或好处的地方。虽然苹果使用英特尔的芯片，但它依赖于英特尔的智能R&D，因此不受控制。这非常符合苹果的战略，有时被称为<i>蒂姆·库克主义</i>首席执行官解释说，苹果有一个<i>“拥有和控制我们制造的产品背后的主要技术的长期战略。”</i>对于一家寻求增加其产品关键技术所有权的公司来说，获得对笔记本电脑和个人电脑中使用的芯片的更多控制权只是一个相对合乎逻辑的步骤，以便随着时间的推移变得更具主导地位并减少对供应商的依赖。</blockquote></p><p> On top of that, technological progress has allowed ARM chips to increase their performance relative to X86 chips over the last couple of years. Due to the better efficiency of these chips and the huge benefits this efficiency guarantees in the notebook space, it is logical for Apple to pursue ARM-based chips instead of Intel's X86 architecture as this allows Apple to craft a better overall product.</p><p><blockquote>最重要的是，在过去几年中，技术进步使得ARM芯片相对于X86芯片的性能有所提高。由于这些芯片更好的效率以及这种效率在笔记本领域保证的巨大好处，苹果追求基于ARM的芯片而不是英特尔的X86架构是合乎逻辑的，因为这使得苹果能够打造出更好的整体产品。</blockquote></p><p> In short, there are thus both strategic reasons for Apple to move away from Intel, while there are also technical reasons that make ARM-based chips look favorable relative to what Apple was able to buy from Intel.</p><p><blockquote>简而言之，苹果放弃英特尔既有战略原因，也有技术原因使基于ARM的芯片相对于苹果能够从英特尔购买的芯片看起来更有利。</blockquote></p><p></p><p> <b>Apple Stock Forecast</b></p><p><blockquote><b>苹果股票预测</b></blockquote></p><p> With the introduction of the most recent high-powered and highly efficient chips, Apple should be able to strengthen its position in the higher-end laptop and PC space over the coming year, and likely beyond, as the company will continue to improve its chips going forward.</p><p><blockquote>随着最新高性能和高效芯片的推出，苹果应该能够在未来一年甚至更长时间内加强其在高端笔记本电脑和个人电脑领域的地位，因为该公司将继续改进其芯片。</blockquote></p><p> The market for PCs has been relatively strong in 2020 and 2021, on the back of more people working from home. On top of that, distance learning, due to school closures, and more demand for home entertainment, due to lockdowns that reduced the availability of out-of-house entertainment choices, have been beneficial for the global PC market over the last one and a half years. Gartner states that PC shipments rose by 1% during the third quarter, on top of a 4% growth rate in 2020, which had been the best year over the preceding decade. Gartner also estimates that Apple was the number four company in global PC market share, with an 8.6% market share:</p><p><blockquote>由于越来越多的人在家工作，个人电脑市场在2020年和2021年相对强劲。最重要的是，由于学校关闭而导致的远程学习，以及由于封锁减少了户外娱乐选择而导致的对家庭娱乐的更多需求，在过去一年半的时间里对全球PC市场有利。Gartner表示，第三季度PC出货量增长了1%，而2020年的增长率为4%，这是过去十年中最好的一年。Gartner还估计，苹果是全球PC市场份额排名第四的公司，市场份额为8.6%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80d8d6789d1c411907024a3576277475\" tg-width=\"640\" tg-height=\"445\" width=\"100%\" height=\"auto\"><span>Source: Gartner (linked above)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Gartner（上面链接）</span></p></blockquote></p><p> Apple was able to grow its market share by 50 basis points, which allowed the company to grow its overall sales by 7%, which was well above the overall market growth. Thanks to the introduction of its new and highly capable chips, it would not be a surprise to see Apple gain further market share in the coming years.</p><p><blockquote>苹果的市场份额增长了50个基点，这使得该公司的整体销售额增长了7%，远高于整体市场增长。由于推出了新型高性能芯片，苹果在未来几年获得进一步的市场份额也就不足为奇了。</blockquote></p><p> Apple's PC and laptop business is, however, not overly large relative to the company's overall size. This is why solid growth in the PC space will not necessarily lead to huge growth for the company overall. Apple is highly dependent on iPhone sales as those make up the majority of the company's revenue and profits. Apple recently had to announce that it would cut iPhone 13 shipments by 10 million in Q4 due to part shortages, which doesn't bode too well for the company's near-term outlook. Once part shortages have ended, production should expand again, but the iPhone business nevertheless isn't a high-growth franchise.</p><p><blockquote>然而，相对于公司的整体规模，苹果的个人电脑和笔记本电脑业务并不算太大。这就是为什么PC领域的稳健增长不一定会给公司整体带来巨大增长。苹果高度依赖iPhone销售，因为iPhone占该公司收入和利润的大部分。苹果最近不得不宣布，由于零部件短缺，将在第四季度削减1000万部iPhone 13的出货量，这对该公司的近期前景来说不是一个好兆头。一旦零部件短缺结束，产量应该会再次扩大，但iPhone业务仍然不是一个高增长的特许经营权。</blockquote></p><p> With much of the top line being dependent on the lower-growth iPhone business, it is not too surprising to see that analysts aren't predicting a lot of growth for Apple going forward:</p><p><blockquote>由于大部分营收依赖于增长较慢的iPhone业务，分析师预测苹果未来不会出现大幅增长也就不足为奇了：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59ba4b8335c70daaec148cbf01c9c24e\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> For the current year, analysts are predicting a 4% revenue increase, with a 5% top-line improvement being expected for the following year. Beyond that, however, growth is forecasted to decelerate. It is, of course, possible that Apple will outperform expectations, but it should be noted that the company actually missed estimates for the most recent quarter, breaking a very solid record of beating estimates. It is thus not guaranteed that Apple's actual performance will be better than the ~3% annual growth that analysts are forecasting today.</p><p><blockquote>分析师预计今年收入将增长4%，预计下一年营收将增长5%。然而，除此之外，增长预计将放缓。当然，苹果的表现有可能超出预期，但应该指出的是，该公司最近一个季度的表现实际上低于预期，打破了超出预期的非常可靠的记录。因此，不能保证苹果的实际业绩会好于分析师目前预测的约3%的年增长率。</blockquote></p><p> In the past, Apple has been able to grow its earnings per share way quicker than its revenue, thanks to margin improvements and the impact of buybacks. Buybacks will continue to have a positive impact on Apple's earnings per share growth, but most likely not at a similar magnitude compared to what we have seen in the past. When Apple was trading at 10-15x net profits, its buybacks had a lot more power, and the company was able to lower its share count pretty quickly. Today, with shares trading at 26x forward earnings, its share repurchase program is less impactful, as fewer shares can be bought back. This, in turn, leads to a smaller share count decline, which results in less pronounced earnings per share growth tailwinds. Overall, Apple should still be able to grow its earnings per share relatively reliably in the future, but I do believe that the current valuation could be too high for the growth that one can expect going forward.</p><p><blockquote>过去，由于利润率的提高和回购的影响，苹果的每股收益增长速度远远快于收入增长速度。回购将继续对苹果的每股收益增长产生积极影响，但与我们过去看到的情况相比，回购的幅度很可能不会类似。当苹果的净利润为10-15倍时，其回购的力量要大得多，并且该公司能够很快减少其股票数量。如今，由于股价预期市盈率为26倍，其股票回购计划的影响较小，因为可以回购的股票较少。这反过来又导致股票数量下降幅度较小，从而导致每股收益增长的推动力不太明显。总体而言，苹果未来应该仍然能够相对可靠地增长每股收益，但我确实认为，目前的估值对于未来预期的增长来说可能太高了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fdd3345ac6ca823a3dbc32016209746\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Analysts are currently predicting that Apple will earn $5.70 during the current fiscal year (which ends in September 2022), while earnings per share for the following two years are seen at $6.04 and $6.42. This pencils out to a growth rate of around 6% over these two years, which isn't disastrous at all, but it's also far from excellent. When we consider that Apple trades at 26x forward earnings today, while the median earnings multiple over the last decade is just 16, then Apple does not look like an exciting investment, I believe.</p><p><blockquote>分析师目前预测，苹果本财年（截至2022年9月）的盈利为5.70美元，而接下来两年的每股收益预计为6.04美元和6.42美元。这表明这两年的增长率约为6%，这根本不是灾难性的，但也远非出色。当我们考虑到苹果目前的预期市盈率为26倍，而过去十年的市盈率中位数仅为16倍时，我相信苹果看起来并不是一项令人兴奋的投资。</blockquote></p><p> <b>Is Apple Stock A Buy, Sell, Or Hold?</b></p><p><blockquote><b>苹果股票是买入、卖出还是持有？</b></blockquote></p><p></p><p> In the very long term, an investment in Apple will in all likelihood generate positive returns. Those could still be at a level that isn't especially attractive, however. With Apple entering a phase of somewhat subdued growth, while shares are historically expensive, I believe that the total return outlook isn't too great with shares trading at $150.</p><p><blockquote>从长远来看，对苹果的投资很可能会产生正回报。然而，这些可能仍处于不是特别有吸引力的水平。随着苹果进入增长有些疲软的阶段，虽然股价历来昂贵，但我认为总回报前景不会太好，股价交易价格为150美元。</blockquote></p><p> Apple will likely make gains in the PC space, but this alone will not be enough to move Apple's top line by a large amount, due to the fact that the PC and laptop business is relatively small in comparison to the much larger iPhone business. With some revenue growth and the impact of buybacks, 6%-10% annual earnings per share growth seems achievable, but I don't think that paying more than 25x forward earnings for that growth makes for a great investment proposal. Overall, I think Apple is a<i>Hold</i>at current prices, due to its relatively high valuation.</p><p><blockquote>苹果可能会在PC领域取得进展，但仅此不足以大幅提升苹果的营收，因为与规模大得多的iPhone业务相比，PC和笔记本电脑业务相对较小。随着一些收入增长和回购的影响，6%-10%的年每股收益增长似乎是可以实现的，但我认为为这种增长支付超过25倍的预期收益并不是一个很好的投资建议。总的来说，我认为苹果是一个<i>抓住</i>按目前价格计算，由于其估值相对较高。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How Does Transition Away From Intel Chips Impact Business Outlook?<blockquote>苹果股票：从英特尔芯片转型如何影响业务前景？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How Does Transition Away From Intel Chips Impact Business Outlook?<blockquote>苹果股票：从英特尔芯片转型如何影响业务前景？</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\">2021-11-03 21:09</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>Apple's new chips, the M1 Pro and the M1 Max, are very powerful and energy-efficient at the same time.</li> <li>Getting rid of Intel and taking control of the chips it uses fits well with Apple's strategy, and its products will become more attractive.</li> <li>Overall, Apple still doesn't look like a great buy today, mainly due to a too-high valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/03a6d9440c644482577c587ef65ade11\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>David Paul Morris/Getty Images News</span></p><p><blockquote><ul><li>苹果的新芯片M1 Pro和M1 Max非常强大，同时也非常节能。</li><li>摆脱英特尔并控制其使用的芯片，非常符合苹果的战略，其产品将变得更具吸引力。</li><li>总体而言，苹果今天看起来仍然不太值得买入，主要是因为估值过高。</li></ul><p class=\"t-img-caption\"><span>戴维·保罗·莫里斯/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple(NASDAQ:AAPL)has been increasing its focus on developing and using its own silicon for its laptops. Thanks to strong performance metrics and excellent power/performance ratios, these new chips, such as the M1 Pro and the M1 Max should help improve the value proposition of Apple's MacBooks, which could lead to higher market share. MacBooks aren't Apple's most important product by far, but over the years, moving away from Intel(NASDAQ:INTC)should still be an incremental positive for Apple.</p><p><blockquote>苹果（纳斯达克股票代码：AAPL）一直在加大力度开发和使用自己的笔记本电脑芯片。得益于强大的性能指标和出色的功率/性能比，这些新芯片，如M1 Pro和M1 Max，应该有助于提高苹果MacBooks的价值主张，这可能会带来更高的市场份额。到目前为止，MacBook并不是苹果最重要的产品，但多年来，远离英特尔（纳斯达克股票代码：INTC）对苹果来说仍然是一个增量积极因素。</blockquote></p><p> <b>Did Apple Use Intel Chips?</b></p><p><blockquote><b>苹果用英特尔芯片了吗？</b></blockquote></p><p> Apple's Macs had been using Intel processors for 15 years, but that has changed with recent new Mac and MacBook releases. In 2020, Apple has showcased laptops and a Mac that use its own chip, the M1, for the first time, ending the partnership with Intel that had been running for well over a decade. Intel's chips had been using the X86 technology, whereas the chips that Apple develops utilize the ARM architecture -- the one that it also had been using for its iPhone and iPad chips for a long period of time. In the past, ARM-based chips had not been powerful enough for the more demanding applications and use cases that play a role for PCs. Apple has now, however, closed that performance gap, which allows them to use its own ARM-based silicon to power its Macs and MacBooks in the future.</p><p><blockquote>苹果的Mac已经使用英特尔处理器15年了，但随着最近新Mac和MacBook的发布，这种情况发生了变化。2020年，苹果首次展示了使用自己芯片M1的笔记本电脑和Mac，结束了与英特尔长达十多年的合作伙伴关系。英特尔的芯片一直使用X86技术，而苹果开发的芯片使用ARM架构——该公司长期以来也一直在iPhone和iPad芯片中使用这种架构。过去，基于ARM的芯片对于在PC中发挥作用的要求更高的应用和用例来说还不够强大。然而，苹果现在已经缩小了这一性能差距，这使他们能够在未来使用自己的基于ARM的芯片为其Mac和MacBook提供动力。</blockquote></p><p> <b>What Are Apple's Newest Chips?</b></p><p><blockquote><b>苹果最新的芯片有哪些？</b></blockquote></p><p> In the laptop and PC space, Apple's newest chips are the M1 Pro and M1 Max, following up on last year's M1 chip. These new chips are being offered in the MacBook Pro and,presumably, in the 2022 MacBook Pro. These chips do, according to Apple, provide an unprecedented performance relative to the power they consume:</p><p><blockquote>在笔记本电脑和个人电脑领域，苹果最新的芯片是M1 Pro和M1 Max，继去年的M1芯片之后。这些新芯片将在MacBook Pro中提供，并且可能在2022年的MacBook Pro中提供。根据苹果的说法，相对于它们消耗的功率，这些芯片确实提供了前所未有的性能：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ea5c5be296a3e4ee0ca481937b02087\" tg-width=\"640\" tg-height=\"415\" width=\"100%\" height=\"auto\"><span>Source: Apple</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：苹果</span></p></blockquote></p><p> With up to 10 CPU cores, up to 32 GPU cores, and up to 64 GB of shared RAM, Apple's newest chips offer outstanding performance. As we can see in the above chart, this performance is achieved at considerably lower power consumption relative to current chips by competitors. This is especially important when it comes to Apple's MacBooks, as power consumption is highly important for laptops. Not only does lower power consumption lead to lower operating costs, but the laptop can also be constructed with lower battery capacity, all else equal, which translates into an improved form factor and lower weight. This, in turn, will make the new laptops more user-friendly, which should attract more buyers and help Apple expand its market share.</p><p><blockquote>苹果的最新芯片拥有多达10个CPU内核、多达32个GPU内核和多达64 GB的共享RAM，可提供出色的性能。正如我们在上图中看到的，相对于竞争对手当前的芯片，这种性能是在相当低的功耗下实现的。这对于苹果的MacBooks来说尤其重要，因为功耗对于笔记本电脑来说非常重要。更低的功耗不仅会降低运营成本，而且在其他条件相同的情况下，笔记本电脑还可以采用更低的电池容量，这转化为更好的外形和更轻的重量。反过来，这将使新的笔记本电脑更加用户友好，这应该会吸引更多的买家，并帮助苹果扩大其市场份额。</blockquote></p><p> <b>Why Is Apple Transitioning Away From Intel Chips?</b></p><p><blockquote><b>为什么苹果要放弃英特尔芯片？</b></blockquote></p><p> There are several reasons for Apple's decision to move away from Intel and to develop its own chips for its laptops and PCs. First, this move gives Apple more control over core technologies and makes the company less dependent on suppliers. If Apple wants to make changes to its chips it can easily do that and put the engineering focus where it sees the biggest potential gains or benefits. While Apple was using Intel's chips, it was dependent on smart R&D by Intel, and thus not in control. This fits well with Apple's strategy that is sometimes called the <i>Tim Cook Doctrine</i>. The CEO has explained that Apple has a <i>“long-term strategy of owning and controlling the primary technologies behind the products that we make.”</i>Getting more control over the chips it uses in laptops and PCs is just a relatively logical step for a company that seeks to increase its ownership in key technologies for its products in order to become more dominant and less dependent on suppliers over time.</p><p><blockquote>苹果决定离开英特尔并为其笔记本电脑和个人电脑开发自己的芯片有几个原因。首先，此举让苹果对核心技术有了更多的控制权，并减少了公司对供应商的依赖。如果苹果想要对其芯片进行更改，它可以轻松做到这一点，并将工程重点放在它认为最大潜在收益或好处的地方。虽然苹果使用英特尔的芯片，但它依赖于英特尔的智能R&D，因此不受控制。这非常符合苹果的战略，有时被称为<i>蒂姆·库克主义</i>首席执行官解释说，苹果有一个<i>“拥有和控制我们制造的产品背后的主要技术的长期战略。”</i>对于一家寻求增加其产品关键技术所有权的公司来说，获得对笔记本电脑和个人电脑中使用的芯片的更多控制权只是一个相对合乎逻辑的步骤，以便随着时间的推移变得更具主导地位并减少对供应商的依赖。</blockquote></p><p> On top of that, technological progress has allowed ARM chips to increase their performance relative to X86 chips over the last couple of years. Due to the better efficiency of these chips and the huge benefits this efficiency guarantees in the notebook space, it is logical for Apple to pursue ARM-based chips instead of Intel's X86 architecture as this allows Apple to craft a better overall product.</p><p><blockquote>最重要的是，在过去几年中，技术进步使得ARM芯片相对于X86芯片的性能有所提高。由于这些芯片更好的效率以及这种效率在笔记本领域保证的巨大好处，苹果追求基于ARM的芯片而不是英特尔的X86架构是合乎逻辑的，因为这使得苹果能够打造出更好的整体产品。</blockquote></p><p> In short, there are thus both strategic reasons for Apple to move away from Intel, while there are also technical reasons that make ARM-based chips look favorable relative to what Apple was able to buy from Intel.</p><p><blockquote>简而言之，苹果放弃英特尔既有战略原因，也有技术原因使基于ARM的芯片相对于苹果能够从英特尔购买的芯片看起来更有利。</blockquote></p><p></p><p> <b>Apple Stock Forecast</b></p><p><blockquote><b>苹果股票预测</b></blockquote></p><p> With the introduction of the most recent high-powered and highly efficient chips, Apple should be able to strengthen its position in the higher-end laptop and PC space over the coming year, and likely beyond, as the company will continue to improve its chips going forward.</p><p><blockquote>随着最新高性能和高效芯片的推出，苹果应该能够在未来一年甚至更长时间内加强其在高端笔记本电脑和个人电脑领域的地位，因为该公司将继续改进其芯片。</blockquote></p><p> The market for PCs has been relatively strong in 2020 and 2021, on the back of more people working from home. On top of that, distance learning, due to school closures, and more demand for home entertainment, due to lockdowns that reduced the availability of out-of-house entertainment choices, have been beneficial for the global PC market over the last one and a half years. Gartner states that PC shipments rose by 1% during the third quarter, on top of a 4% growth rate in 2020, which had been the best year over the preceding decade. Gartner also estimates that Apple was the number four company in global PC market share, with an 8.6% market share:</p><p><blockquote>由于越来越多的人在家工作，个人电脑市场在2020年和2021年相对强劲。最重要的是，由于学校关闭而导致的远程学习，以及由于封锁减少了户外娱乐选择而导致的对家庭娱乐的更多需求，在过去一年半的时间里对全球PC市场有利。Gartner表示，第三季度PC出货量增长了1%，而2020年的增长率为4%，这是过去十年中最好的一年。Gartner还估计，苹果是全球PC市场份额排名第四的公司，市场份额为8.6%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/80d8d6789d1c411907024a3576277475\" tg-width=\"640\" tg-height=\"445\" width=\"100%\" height=\"auto\"><span>Source: Gartner (linked above)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Gartner（上面链接）</span></p></blockquote></p><p> Apple was able to grow its market share by 50 basis points, which allowed the company to grow its overall sales by 7%, which was well above the overall market growth. Thanks to the introduction of its new and highly capable chips, it would not be a surprise to see Apple gain further market share in the coming years.</p><p><blockquote>苹果的市场份额增长了50个基点，这使得该公司的整体销售额增长了7%，远高于整体市场增长。由于推出了新型高性能芯片，苹果在未来几年获得进一步的市场份额也就不足为奇了。</blockquote></p><p> Apple's PC and laptop business is, however, not overly large relative to the company's overall size. This is why solid growth in the PC space will not necessarily lead to huge growth for the company overall. Apple is highly dependent on iPhone sales as those make up the majority of the company's revenue and profits. Apple recently had to announce that it would cut iPhone 13 shipments by 10 million in Q4 due to part shortages, which doesn't bode too well for the company's near-term outlook. Once part shortages have ended, production should expand again, but the iPhone business nevertheless isn't a high-growth franchise.</p><p><blockquote>然而，相对于公司的整体规模，苹果的个人电脑和笔记本电脑业务并不算太大。这就是为什么PC领域的稳健增长不一定会给公司整体带来巨大增长。苹果高度依赖iPhone销售，因为iPhone占该公司收入和利润的大部分。苹果最近不得不宣布，由于零部件短缺，将在第四季度削减1000万部iPhone 13的出货量，这对该公司的近期前景来说不是一个好兆头。一旦零部件短缺结束，产量应该会再次扩大，但iPhone业务仍然不是一个高增长的特许经营权。</blockquote></p><p> With much of the top line being dependent on the lower-growth iPhone business, it is not too surprising to see that analysts aren't predicting a lot of growth for Apple going forward:</p><p><blockquote>由于大部分营收依赖于增长较慢的iPhone业务，分析师预测苹果未来不会出现大幅增长也就不足为奇了：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59ba4b8335c70daaec148cbf01c9c24e\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> For the current year, analysts are predicting a 4% revenue increase, with a 5% top-line improvement being expected for the following year. Beyond that, however, growth is forecasted to decelerate. It is, of course, possible that Apple will outperform expectations, but it should be noted that the company actually missed estimates for the most recent quarter, breaking a very solid record of beating estimates. It is thus not guaranteed that Apple's actual performance will be better than the ~3% annual growth that analysts are forecasting today.</p><p><blockquote>分析师预计今年收入将增长4%，预计下一年营收将增长5%。然而，除此之外，增长预计将放缓。当然，苹果的表现有可能超出预期，但应该指出的是，该公司最近一个季度的表现实际上低于预期，打破了超出预期的非常可靠的记录。因此，不能保证苹果的实际业绩会好于分析师目前预测的约3%的年增长率。</blockquote></p><p> In the past, Apple has been able to grow its earnings per share way quicker than its revenue, thanks to margin improvements and the impact of buybacks. Buybacks will continue to have a positive impact on Apple's earnings per share growth, but most likely not at a similar magnitude compared to what we have seen in the past. When Apple was trading at 10-15x net profits, its buybacks had a lot more power, and the company was able to lower its share count pretty quickly. Today, with shares trading at 26x forward earnings, its share repurchase program is less impactful, as fewer shares can be bought back. This, in turn, leads to a smaller share count decline, which results in less pronounced earnings per share growth tailwinds. Overall, Apple should still be able to grow its earnings per share relatively reliably in the future, but I do believe that the current valuation could be too high for the growth that one can expect going forward.</p><p><blockquote>过去，由于利润率的提高和回购的影响，苹果的每股收益增长速度远远快于收入增长速度。回购将继续对苹果的每股收益增长产生积极影响，但与我们过去看到的情况相比，回购的幅度很可能不会类似。当苹果的净利润为10-15倍时，其回购的力量要大得多，并且该公司能够很快减少其股票数量。如今，由于股价预期市盈率为26倍，其股票回购计划的影响较小，因为可以回购的股票较少。这反过来又导致股票数量下降幅度较小，从而导致每股收益增长的推动力不太明显。总体而言，苹果未来应该仍然能够相对可靠地增长每股收益，但我确实认为，目前的估值对于未来预期的增长来说可能太高了。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1fdd3345ac6ca823a3dbc32016209746\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Analysts are currently predicting that Apple will earn $5.70 during the current fiscal year (which ends in September 2022), while earnings per share for the following two years are seen at $6.04 and $6.42. This pencils out to a growth rate of around 6% over these two years, which isn't disastrous at all, but it's also far from excellent. When we consider that Apple trades at 26x forward earnings today, while the median earnings multiple over the last decade is just 16, then Apple does not look like an exciting investment, I believe.</p><p><blockquote>分析师目前预测，苹果本财年（截至2022年9月）的盈利为5.70美元，而接下来两年的每股收益预计为6.04美元和6.42美元。这表明这两年的增长率约为6%，这根本不是灾难性的，但也远非出色。当我们考虑到苹果目前的预期市盈率为26倍，而过去十年的市盈率中位数仅为16倍时，我相信苹果看起来并不是一项令人兴奋的投资。</blockquote></p><p> <b>Is Apple Stock A Buy, Sell, Or Hold?</b></p><p><blockquote><b>苹果股票是买入、卖出还是持有？</b></blockquote></p><p></p><p> In the very long term, an investment in Apple will in all likelihood generate positive returns. Those could still be at a level that isn't especially attractive, however. With Apple entering a phase of somewhat subdued growth, while shares are historically expensive, I believe that the total return outlook isn't too great with shares trading at $150.</p><p><blockquote>从长远来看，对苹果的投资很可能会产生正回报。然而，这些可能仍处于不是特别有吸引力的水平。随着苹果进入增长有些疲软的阶段，虽然股价历来昂贵，但我认为总回报前景不会太好，股价交易价格为150美元。</blockquote></p><p> Apple will likely make gains in the PC space, but this alone will not be enough to move Apple's top line by a large amount, due to the fact that the PC and laptop business is relatively small in comparison to the much larger iPhone business. With some revenue growth and the impact of buybacks, 6%-10% annual earnings per share growth seems achievable, but I don't think that paying more than 25x forward earnings for that growth makes for a great investment proposal. Overall, I think Apple is a<i>Hold</i>at current prices, due to its relatively high valuation.</p><p><blockquote>苹果可能会在PC领域取得进展，但仅此不足以大幅提升苹果的营收，因为与规模大得多的iPhone业务相比，PC和笔记本电脑业务相对较小。随着一些收入增长和回购的影响，6%-10%的年每股收益增长似乎是可以实现的，但我认为为这种增长支付超过25倍的预期收益并不是一个很好的投资建议。总的来说，我认为苹果是一个<i>抓住</i>按目前价格计算，由于其估值相对较高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4464531-apple-stock-transition-intel-chips\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4464531-apple-stock-transition-intel-chips","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125884187","content_text":"Summary\n\nApple's new chips, the M1 Pro and the M1 Max, are very powerful and energy-efficient at the same time.\nGetting rid of Intel and taking control of the chips it uses fits well with Apple's strategy, and its products will become more attractive.\nOverall, Apple still doesn't look like a great buy today, mainly due to a too-high valuation.\n\nDavid Paul Morris/Getty Images News\nArticle Thesis\nApple(NASDAQ:AAPL)has been increasing its focus on developing and using its own silicon for its laptops. Thanks to strong performance metrics and excellent power/performance ratios, these new chips, such as the M1 Pro and the M1 Max should help improve the value proposition of Apple's MacBooks, which could lead to higher market share. MacBooks aren't Apple's most important product by far, but over the years, moving away from Intel(NASDAQ:INTC)should still be an incremental positive for Apple.\nDid Apple Use Intel Chips?\nApple's Macs had been using Intel processors for 15 years, but that has changed with recent new Mac and MacBook releases. In 2020, Apple has showcased laptops and a Mac that use its own chip, the M1, for the first time, ending the partnership with Intel that had been running for well over a decade. Intel's chips had been using the X86 technology, whereas the chips that Apple develops utilize the ARM architecture -- the one that it also had been using for its iPhone and iPad chips for a long period of time. In the past, ARM-based chips had not been powerful enough for the more demanding applications and use cases that play a role for PCs. Apple has now, however, closed that performance gap, which allows them to use its own ARM-based silicon to power its Macs and MacBooks in the future.\nWhat Are Apple's Newest Chips?\nIn the laptop and PC space, Apple's newest chips are the M1 Pro and M1 Max, following up on last year's M1 chip. These new chips are being offered in the MacBook Pro and,presumably, in the 2022 MacBook Pro. These chips do, according to Apple, provide an unprecedented performance relative to the power they consume:\nSource: Apple\nWith up to 10 CPU cores, up to 32 GPU cores, and up to 64 GB of shared RAM, Apple's newest chips offer outstanding performance. As we can see in the above chart, this performance is achieved at considerably lower power consumption relative to current chips by competitors. This is especially important when it comes to Apple's MacBooks, as power consumption is highly important for laptops. Not only does lower power consumption lead to lower operating costs, but the laptop can also be constructed with lower battery capacity, all else equal, which translates into an improved form factor and lower weight. This, in turn, will make the new laptops more user-friendly, which should attract more buyers and help Apple expand its market share.\nWhy Is Apple Transitioning Away From Intel Chips?\nThere are several reasons for Apple's decision to move away from Intel and to develop its own chips for its laptops and PCs. First, this move gives Apple more control over core technologies and makes the company less dependent on suppliers. If Apple wants to make changes to its chips it can easily do that and put the engineering focus where it sees the biggest potential gains or benefits. While Apple was using Intel's chips, it was dependent on smart R&D by Intel, and thus not in control. This fits well with Apple's strategy that is sometimes called the Tim Cook Doctrine. The CEO has explained that Apple has a “long-term strategy of owning and controlling the primary technologies behind the products that we make.”Getting more control over the chips it uses in laptops and PCs is just a relatively logical step for a company that seeks to increase its ownership in key technologies for its products in order to become more dominant and less dependent on suppliers over time.\nOn top of that, technological progress has allowed ARM chips to increase their performance relative to X86 chips over the last couple of years. Due to the better efficiency of these chips and the huge benefits this efficiency guarantees in the notebook space, it is logical for Apple to pursue ARM-based chips instead of Intel's X86 architecture as this allows Apple to craft a better overall product.\nIn short, there are thus both strategic reasons for Apple to move away from Intel, while there are also technical reasons that make ARM-based chips look favorable relative to what Apple was able to buy from Intel.\nApple Stock Forecast\nWith the introduction of the most recent high-powered and highly efficient chips, Apple should be able to strengthen its position in the higher-end laptop and PC space over the coming year, and likely beyond, as the company will continue to improve its chips going forward.\nThe market for PCs has been relatively strong in 2020 and 2021, on the back of more people working from home. On top of that, distance learning, due to school closures, and more demand for home entertainment, due to lockdowns that reduced the availability of out-of-house entertainment choices, have been beneficial for the global PC market over the last one and a half years. Gartner states that PC shipments rose by 1% during the third quarter, on top of a 4% growth rate in 2020, which had been the best year over the preceding decade. Gartner also estimates that Apple was the number four company in global PC market share, with an 8.6% market share:\nSource: Gartner (linked above)\nApple was able to grow its market share by 50 basis points, which allowed the company to grow its overall sales by 7%, which was well above the overall market growth. Thanks to the introduction of its new and highly capable chips, it would not be a surprise to see Apple gain further market share in the coming years.\nApple's PC and laptop business is, however, not overly large relative to the company's overall size. This is why solid growth in the PC space will not necessarily lead to huge growth for the company overall. Apple is highly dependent on iPhone sales as those make up the majority of the company's revenue and profits. Apple recently had to announce that it would cut iPhone 13 shipments by 10 million in Q4 due to part shortages, which doesn't bode too well for the company's near-term outlook. Once part shortages have ended, production should expand again, but the iPhone business nevertheless isn't a high-growth franchise.\nWith much of the top line being dependent on the lower-growth iPhone business, it is not too surprising to see that analysts aren't predicting a lot of growth for Apple going forward:\nSource: Seeking Alpha\nFor the current year, analysts are predicting a 4% revenue increase, with a 5% top-line improvement being expected for the following year. Beyond that, however, growth is forecasted to decelerate. It is, of course, possible that Apple will outperform expectations, but it should be noted that the company actually missed estimates for the most recent quarter, breaking a very solid record of beating estimates. It is thus not guaranteed that Apple's actual performance will be better than the ~3% annual growth that analysts are forecasting today.\nIn the past, Apple has been able to grow its earnings per share way quicker than its revenue, thanks to margin improvements and the impact of buybacks. Buybacks will continue to have a positive impact on Apple's earnings per share growth, but most likely not at a similar magnitude compared to what we have seen in the past. When Apple was trading at 10-15x net profits, its buybacks had a lot more power, and the company was able to lower its share count pretty quickly. Today, with shares trading at 26x forward earnings, its share repurchase program is less impactful, as fewer shares can be bought back. This, in turn, leads to a smaller share count decline, which results in less pronounced earnings per share growth tailwinds. Overall, Apple should still be able to grow its earnings per share relatively reliably in the future, but I do believe that the current valuation could be too high for the growth that one can expect going forward.\nData by YCharts\nAnalysts are currently predicting that Apple will earn $5.70 during the current fiscal year (which ends in September 2022), while earnings per share for the following two years are seen at $6.04 and $6.42. This pencils out to a growth rate of around 6% over these two years, which isn't disastrous at all, but it's also far from excellent. When we consider that Apple trades at 26x forward earnings today, while the median earnings multiple over the last decade is just 16, then Apple does not look like an exciting investment, I believe.\nIs Apple Stock A Buy, Sell, Or Hold?\nIn the very long term, an investment in Apple will in all likelihood generate positive returns. Those could still be at a level that isn't especially attractive, however. With Apple entering a phase of somewhat subdued growth, while shares are historically expensive, I believe that the total return outlook isn't too great with shares trading at $150.\nApple will likely make gains in the PC space, but this alone will not be enough to move Apple's top line by a large amount, due to the fact that the PC and laptop business is relatively small in comparison to the much larger iPhone business. With some revenue growth and the impact of buybacks, 6%-10% annual earnings per share growth seems achievable, but I don't think that paying more than 25x forward earnings for that growth makes for a great investment proposal. Overall, I think Apple is aHoldat current prices, due to its relatively high valuation.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":746,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/841755008"}
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