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2021-08-22

This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.

American consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</blockquote>

2021-08-22

Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.

Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>

2021-11-30

Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.

Moderna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</blockquote>

2021-10-04

Stockholm...? Why not London?

Volvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</blockquote>

2021-08-21

Like for like!

Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>

2021-08-09

Third booster shot and the path dependency based on their initial high efficacy means that Pfizer's lead is likely to stay indefinitely.

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2021-06-21

FUD alert 😂

抱歉，原内容已删除

2021-06-22

GME is going to go beyond being a brick and mortar games retailer.

GameStop completes at-the-market equity offering after raising $1.126 billion, stock jumps 6.84% premarket<blockquote>游戏驿站在筹集11.26亿美元后完成市场股票发行，股价盘前上涨6.84%</blockquote>

2021-10-12

Great ariticle, would you like to share it?

@3Fs:KeppelDC REIT Has Been Correcting - Potential $2.15 Coming?

2021-10-05

Great ariticle, would you like to share it?

抱歉，原内容已删除

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company Fortinet was the best-performing technology stock in the S&amp;P 500,up about 150% year to date.</p><p><blockquote><html><head></head><body>在网络安全事件激增的一年里，安全硬件公司Fortinet是标普500表现最好的科技股，今年迄今上涨了约150%。</body></html></blockquote></p><p>Fortinet’s (ticker: FTNT) flagship product is the FortiGate firewall, which combines various security and networking features for both enterprise and government customers. The company layers a “security fabric” on top of the hardware that includes “zero trust” network access controls, endpoint protection, and other features.</p><p><blockquote>Fortinet（股票代码：FTNT）的旗舰产品是FortiGate防火墙，它结合了面向企业和政府客户的各种安全和网络功能。该公司在硬件之上构建了一个“安全结构”，其中包括“零信任”网络访问控制、终端保护和其他功能。</blockquote></p><p>Growth has been impressive: Third-quarter revenue was up 33%, with product revenue up 52% and billings up 42%. RBC analyst Dan Bergstrom wrote in a research note last month following the earnings report that the company is seeing broad-based strength, “driven by the convergence of security and networking, consolidation and increased awareness around the threat landscape.”</p><p><blockquote>增长令人印象深刻：第三季度收入增长33%，产品收入增长52%，账单增长42%。加拿大皇家银行分析师丹·博格斯特伦(Dan Bergstrom)上个月在财报发布后的一份研究报告中写道，“在安全和网络融合、整合以及对威胁形势认识提高的推动下”，该公司正在看到广泛的实力。</blockquote></p><p>In a research note last week previewing the outlook for the software sector for 2022, Mizuho analyst Gregg Moskowitz noted that over the past few years, the company has “strengthened its competitive positioning and taken share in the network security market.” But he thinks it has “more work to do in the cloud,” and notes that its earnings comparisons get tougher in 2022.</p><p><blockquote>瑞穗分析师Gregg Moskowitz在上周预览2022年软件行业前景的研究报告中指出，在过去几年中，该公司“加强了其竞争地位，并在网络安全市场占据了份额”。但他认为该公司“在云中还有更多工作要做”，并指出2022年其盈利比较将变得更加严格。</blockquote></p><p>The chip maker Nvidia (NVDA) was the No. 2 tech stock in the S&amp;P 500 in 2021, up 137% year to date, boosting its valuation to $750 billion, which makes it the world’s most highly valued semiconductor company—nearly twice the combined valuation of Intel (INTC) and Advanced Micro Devices (AMD). Originally focused on producing graphics cards used in PCs and game consoles, the company has evolved into a key component provider to cloud computing companies—and a play on almost every key trend in the semiconductor world, including cryptocurrency mining, artificial intelligence, electric and autonomous vehicles, and even the metaverse. Revenue in the latest quarter surged 50%.</p><p><blockquote>芯片制造商英伟达(NVDA)是2021年标普500第二大科技股，今年迄今上涨137%，估值升至7500亿美元，这使其成为全球估值最高的半导体公司——几乎是英特尔(INTC)和超微半导体(AMD)估值总和的两倍。该公司最初专注于生产用于个人电脑和游戏机的显卡，现已发展成为云计算公司的关键组件提供商，并参与半导体世界几乎所有关键趋势，包括加密货币挖矿、人工智能、电动和自动驾驶汽车，甚至元宇宙。最近一个季度的收入飙升了50%。</blockquote></p><p>The IT consulting and events company Gartner (IT) has rallied 109% this year, as its IT research and consulting arms returned to prepandemic levels, though its events business has continued to lag. Gartner’s surge reflects widespread anticipation of a continued acceleration in enterprise technology spending as the world emerges from the pandemic. Another strong stock on a related theme was EPAM Systems (EPAM), an IT consulting firm that has rallied 95% over the past year.</p><p><blockquote>IT咨询和活动公司Gartner(IT)今年股价上涨了109%，其IT研究和咨询部门恢复到了大流行前的水平，尽管其活动业务继续滞后。Gartner的激增反映了人们普遍预期，随着世界摆脱疫情，企业技术支出将持续加速。另一只相关主题的强势股票是EPAM Systems(EPAM)，这是一家IT咨询公司，在过去一年中上涨了95%。</blockquote></p><p>Arista Networks shares (ANET) have doubled this year on strong demand for its networking wares, in particular from cloud players. The company is seeing accelerating earnings growth, and last month announced both a 4-for-1 stock split and a $1 billion stock-repurchase plan. Another stock that benefited from strong demand from cloud players is disk-drive maker Seagate Technology (STX), which rallied 83%. While the company was once largely tied to the PC market, it now primarily sells drives for enterprise applications.</p><p><blockquote>由于对其网络产品的强劲需求，尤其是来自云玩家的强劲需求，Arista Networks(ANET)的股价今年翻了一番。该公司的盈利增长正在加速，上个月宣布了4比1的股票分割和10亿美元的股票回购计划。另一只受益于云玩家强劲需求的股票是磁盘驱动器制造商希捷科技(STX)，该股上涨了83%。虽然该公司曾经主要与PC市场相关，但现在主要销售用于企业应用程序的驱动器。</blockquote></p><p>Semiconductor equipment stocks have been strong performers in 2021, no surprise given the continuing chip shortage and new commitments to expand capacity from Intel (INTC),Taiwan Semiconductor (TSM),GlobalFoundries (GF), and other chip manufacturers. Among the best performers in the S&amp;P 500 were Applied Materials (AMAT), up 89%, and KLA (KLAC), up 70%.</p><p><blockquote>考虑到芯片持续短缺以及英特尔(INTC)、台积电(TSM)、格芯(GF)和其他芯片制造商扩大产能的新承诺，半导体设备股在2021年表现强劲，这并不奇怪。标普500中表现最好的是应用材料公司(AMAT)，上涨89%，KLA(KLAC)，上涨70%。</blockquote></p><p>Intuit (INTU) shares have rallied 70%, driven by better-than-expected revenue growth, thanks in part to the company’s successful acquisition of Credit Karma. October-quarter revenues were up 52%, 15 percentage points ahead of the company’s original guidance. In an interview with <i>Barron’s</i> in November, Intuit CEO Sasan Goodarzi said the better-than-expected growth reflects the success of the company’s strategy over the past few years to expand its services for both consumers and small businesses beyond accounting and tax software.</p><p><blockquote>在好于预期的收入增长推动下，Intuit(INTU)股价上涨了70%，部分原因是该公司成功收购了Credit Karma。10月份季度收入增长52%，比公司最初的指引高出15个百分点。在接受采访时<i>巴伦周刊</i>去年11月，Intuit首席执行官Sasan Goodarzi表示，好于预期的增长反映了该公司过去几年为消费者和小型企业扩展会计和税务软件以外的服务的战略取得了成功。</blockquote></p><p>Rounding out the top 10, with a gain of 69%, is Google parent Alphabet (GOOGL), pushing its valuation to nearly $2 trillion. The company continues to see strong growth in demand for online advertising. Google has largely avoided the pain inflicted on some ad-supported businesses by Apple‘s (AAPL) shift to new rules that make it harder to follow customer behavior on iPhones. Search activity isn’t as dependent as display ads for determining consumer intent—and it seems likely that some ad spend is shifting from social media to search-based advertising. Growth is robust, too, in the company’s YouTube business.</p><p><blockquote>谷歌母公司Alphabet（GOOGL）以69%的涨幅跻身前十名，将其估值推至近2万亿美元。该公司的在线广告需求继续强劲增长。谷歌在很大程度上避免了苹果(AAPL)转向新规则给一些广告支持业务带来的痛苦，新规则使跟踪iPhone上的客户行为变得更加困难。搜索活动不像展示广告那样依赖于确定消费者意图，而且一些广告支出似乎正在从社交媒体转向基于搜索的广告。该公司的YouTube业务也增长强劲。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The 10 Best S&P 500 Tech Stocks of 2021 Start With a Highflying Security Company<blockquote>2021年标普500 10只最佳科技股从一家飞速发展的安全公司开始</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\">\nThe 10 Best S&P 500 Tech Stocks of 2021 Start With a Highflying Security Company<blockquote>2021年标普500 10只最佳科技股从一家飞速发展的安全公司开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-29 16:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In a year in which cybersecurity incidents soared, the security hardware company Fortinet was the best-performing technology stock in the S&amp;P 500,up about 150% year to date.</p><p><blockquote><html><head></head><body>在网络安全事件激增的一年里，安全硬件公司Fortinet是标普500表现最好的科技股，今年迄今上涨了约150%。</body></html></blockquote></p><p>Fortinet’s (ticker: FTNT) flagship product is the FortiGate firewall, which combines various security and networking features for both enterprise and government customers. The company layers a “security fabric” on top of the hardware that includes “zero trust” network access controls, endpoint protection, and other features.</p><p><blockquote>Fortinet（股票代码：FTNT）的旗舰产品是FortiGate防火墙，它结合了面向企业和政府客户的各种安全和网络功能。该公司在硬件之上构建了一个“安全结构”，其中包括“零信任”网络访问控制、终端保护和其他功能。</blockquote></p><p>Growth has been impressive: Third-quarter revenue was up 33%, with product revenue up 52% and billings up 42%. RBC analyst Dan Bergstrom wrote in a research note last month following the earnings report that the company is seeing broad-based strength, “driven by the convergence of security and networking, consolidation and increased awareness around the threat landscape.”</p><p><blockquote>增长令人印象深刻：第三季度收入增长33%，产品收入增长52%，账单增长42%。加拿大皇家银行分析师丹·博格斯特伦(Dan Bergstrom)上个月在财报发布后的一份研究报告中写道，“在安全和网络融合、整合以及对威胁形势认识提高的推动下”，该公司正在看到广泛的实力。</blockquote></p><p>In a research note last week previewing the outlook for the software sector for 2022, Mizuho analyst Gregg Moskowitz noted that over the past few years, the company has “strengthened its competitive positioning and taken share in the network security market.” But he thinks it has “more work to do in the cloud,” and notes that its earnings comparisons get tougher in 2022.</p><p><blockquote>瑞穗分析师Gregg Moskowitz在上周预览2022年软件行业前景的研究报告中指出，在过去几年中，该公司“加强了其竞争地位，并在网络安全市场占据了份额”。但他认为该公司“在云中还有更多工作要做”，并指出2022年其盈利比较将变得更加严格。</blockquote></p><p>The chip maker Nvidia (NVDA) was the No. 2 tech stock in the S&amp;P 500 in 2021, up 137% year to date, boosting its valuation to $750 billion, which makes it the world’s most highly valued semiconductor company—nearly twice the combined valuation of Intel (INTC) and Advanced Micro Devices (AMD). Originally focused on producing graphics cards used in PCs and game consoles, the company has evolved into a key component provider to cloud computing companies—and a play on almost every key trend in the semiconductor world, including cryptocurrency mining, artificial intelligence, electric and autonomous vehicles, and even the metaverse. Revenue in the latest quarter surged 50%.</p><p><blockquote>芯片制造商英伟达(NVDA)是2021年标普500第二大科技股，今年迄今上涨137%，估值升至7500亿美元，这使其成为全球估值最高的半导体公司——几乎是英特尔(INTC)和超微半导体(AMD)估值总和的两倍。该公司最初专注于生产用于个人电脑和游戏机的显卡，现已发展成为云计算公司的关键组件提供商，并参与半导体世界几乎所有关键趋势，包括加密货币挖矿、人工智能、电动和自动驾驶汽车，甚至元宇宙。最近一个季度的收入飙升了50%。</blockquote></p><p>The IT consulting and events company Gartner (IT) has rallied 109% this year, as its IT research and consulting arms returned to prepandemic levels, though its events business has continued to lag. Gartner’s surge reflects widespread anticipation of a continued acceleration in enterprise technology spending as the world emerges from the pandemic. Another strong stock on a related theme was EPAM Systems (EPAM), an IT consulting firm that has rallied 95% over the past year.</p><p><blockquote>IT咨询和活动公司Gartner(IT)今年股价上涨了109%，其IT研究和咨询部门恢复到了大流行前的水平，尽管其活动业务继续滞后。Gartner的激增反映了人们普遍预期，随着世界摆脱疫情，企业技术支出将持续加速。另一只相关主题的强势股票是EPAM Systems(EPAM)，这是一家IT咨询公司，在过去一年中上涨了95%。</blockquote></p><p>Arista Networks shares (ANET) have doubled this year on strong demand for its networking wares, in particular from cloud players. The company is seeing accelerating earnings growth, and last month announced both a 4-for-1 stock split and a $1 billion stock-repurchase plan. Another stock that benefited from strong demand from cloud players is disk-drive maker Seagate Technology (STX), which rallied 83%. While the company was once largely tied to the PC market, it now primarily sells drives for enterprise applications.</p><p><blockquote>由于对其网络产品的强劲需求，尤其是来自云玩家的强劲需求，Arista Networks(ANET)的股价今年翻了一番。该公司的盈利增长正在加速，上个月宣布了4比1的股票分割和10亿美元的股票回购计划。另一只受益于云玩家强劲需求的股票是磁盘驱动器制造商希捷科技(STX)，该股上涨了83%。虽然该公司曾经主要与PC市场相关，但现在主要销售用于企业应用程序的驱动器。</blockquote></p><p>Semiconductor equipment stocks have been strong performers in 2021, no surprise given the continuing chip shortage and new commitments to expand capacity from Intel (INTC),Taiwan Semiconductor (TSM),GlobalFoundries (GF), and other chip manufacturers. Among the best performers in the S&amp;P 500 were Applied Materials (AMAT), up 89%, and KLA (KLAC), up 70%.</p><p><blockquote>考虑到芯片持续短缺以及英特尔(INTC)、台积电(TSM)、格芯(GF)和其他芯片制造商扩大产能的新承诺，半导体设备股在2021年表现强劲，这并不奇怪。标普500中表现最好的是应用材料公司(AMAT)，上涨89%，KLA(KLAC)，上涨70%。</blockquote></p><p>Intuit (INTU) shares have rallied 70%, driven by better-than-expected revenue growth, thanks in part to the company’s successful acquisition of Credit Karma. October-quarter revenues were up 52%, 15 percentage points ahead of the company’s original guidance. In an interview with <i>Barron’s</i> in November, Intuit CEO Sasan Goodarzi said the better-than-expected growth reflects the success of the company’s strategy over the past few years to expand its services for both consumers and small businesses beyond accounting and tax software.</p><p><blockquote>在好于预期的收入增长推动下，Intuit(INTU)股价上涨了70%，部分原因是该公司成功收购了Credit Karma。10月份季度收入增长52%，比公司最初的指引高出15个百分点。在接受采访时<i>巴伦周刊</i>去年11月，Intuit首席执行官Sasan Goodarzi表示，好于预期的增长反映了该公司过去几年为消费者和小型企业扩展会计和税务软件以外的服务的战略取得了成功。</blockquote></p><p>Rounding out the top 10, with a gain of 69%, is Google parent Alphabet (GOOGL), pushing its valuation to nearly $2 trillion. The company continues to see strong growth in demand for online advertising. Google has largely avoided the pain inflicted on some ad-supported businesses by Apple‘s (AAPL) shift to new rules that make it harder to follow customer behavior on iPhones. Search activity isn’t as dependent as display ads for determining consumer intent—and it seems likely that some ad spend is shifting from social media to search-based advertising. Growth is robust, too, in the company’s YouTube business.</p><p><blockquote>谷歌母公司Alphabet（GOOGL）以69%的涨幅跻身前十名，将其估值推至近2万亿美元。该公司的在线广告需求继续强劲增长。谷歌在很大程度上避免了苹果(AAPL)转向新规则给一些广告支持业务带来的痛苦，新规则使跟踪iPhone上的客户行为变得更加困难。搜索活动不像展示广告那样依赖于确定消费者意图，而且一些广告支出似乎正在从社交媒体转向基于搜索的广告。该公司的YouTube业务也增长强劲。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-10-best-s-p-500-tech-stocks-of-2021-start-with-a-highflying-security-stock-51640726539?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ANET":"Arista Networks, Inc.","GF":"新德基金","TSM":"台积电","IT":"加特纳","INTC":"英特尔","FTNT":"飞塔信息","EPAM":"Epam Systems","KLAC":"科磊","INTU":"财捷","AMD":"美国超微公司","AMAT":"应用材料","GOOGL":"谷歌A","NVDA":"英伟达"},"source_url":"https://www.barrons.com/articles/the-10-best-s-p-500-tech-stocks-of-2021-start-with-a-highflying-security-stock-51640726539?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136005118","content_text":"In a year in which cybersecurity incidents soared, the security hardware company Fortinet was the best-performing technology stock in the S&P 500,up about 150% year to date.Fortinet’s (ticker: FTNT) flagship product is the FortiGate firewall, which combines various security and networking features for both enterprise and government customers. The company layers a “security fabric” on top of the hardware that includes “zero trust” network access controls, endpoint protection, and other features.Growth has been impressive: Third-quarter revenue was up 33%, with product revenue up 52% and billings up 42%. RBC analyst Dan Bergstrom wrote in a research note last month following the earnings report that the company is seeing broad-based strength, “driven by the convergence of security and networking, consolidation and increased awareness around the threat landscape.”In a research note last week previewing the outlook for the software sector for 2022, Mizuho analyst Gregg Moskowitz noted that over the past few years, the company has “strengthened its competitive positioning and taken share in the network security market.” But he thinks it has “more work to do in the cloud,” and notes that its earnings comparisons get tougher in 2022.The chip maker Nvidia (NVDA) was the No. 2 tech stock in the S&P 500 in 2021, up 137% year to date, boosting its valuation to $750 billion, which makes it the world’s most highly valued semiconductor company—nearly twice the combined valuation of Intel (INTC) and Advanced Micro Devices (AMD). Originally focused on producing graphics cards used in PCs and game consoles, the company has evolved into a key component provider to cloud computing companies—and a play on almost every key trend in the semiconductor world, including cryptocurrency mining, artificial intelligence, electric and autonomous vehicles, and even the metaverse. Revenue in the latest quarter surged 50%.The IT consulting and events company Gartner (IT) has rallied 109% this year, as its IT research and consulting arms returned to prepandemic levels, though its events business has continued to lag. Gartner’s surge reflects widespread anticipation of a continued acceleration in enterprise technology spending as the world emerges from the pandemic. Another strong stock on a related theme was EPAM Systems (EPAM), an IT consulting firm that has rallied 95% over the past year.Arista Networks shares (ANET) have doubled this year on strong demand for its networking wares, in particular from cloud players. The company is seeing accelerating earnings growth, and last month announced both a 4-for-1 stock split and a $1 billion stock-repurchase plan. Another stock that benefited from strong demand from cloud players is disk-drive maker Seagate Technology (STX), which rallied 83%. While the company was once largely tied to the PC market, it now primarily sells drives for enterprise applications.Semiconductor equipment stocks have been strong performers in 2021, no surprise given the continuing chip shortage and new commitments to expand capacity from Intel (INTC),Taiwan Semiconductor (TSM),GlobalFoundries (GF), and other chip manufacturers. Among the best performers in the S&P 500 were Applied Materials (AMAT), up 89%, and KLA (KLAC), up 70%.Intuit (INTU) shares have rallied 70%, driven by better-than-expected revenue growth, thanks in part to the company’s successful acquisition of Credit Karma. October-quarter revenues were up 52%, 15 percentage points ahead of the company’s original guidance. In an interview with Barron’s in November, Intuit CEO Sasan Goodarzi said the better-than-expected growth reflects the success of the company’s strategy over the past few years to expand its services for both consumers and small businesses beyond accounting and tax software.Rounding out the top 10, with a gain of 69%, is Google parent Alphabet (GOOGL), pushing its valuation to nearly $2 trillion. The company continues to see strong growth in demand for online advertising. Google has largely avoided the pain inflicted on some ad-supported businesses by Apple‘s (AAPL) shift to new rules that make it harder to follow customer behavior on iPhones. Search activity isn’t as dependent as display ads for determining consumer intent—and it seems likely that some ad spend is shifting from social media to search-based advertising. Growth is robust, too, in the company’s YouTube business.","news_type":1,"symbols_score_info":{"ANET":0.9,"INTC":0.9,"NVDA":0.9,"KLAC":0.9,"FTNT":0.9,"GF":0.9,"IT":0.9,"GOOGL":0.9,"AMAT":0.9,"EPAM":0.9,"INTU":0.9,"AMD":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":3344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609399469,"gmtCreate":1638236602813,"gmtModify":1638237464796,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.&nbsp;","listText":"Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.&nbsp;","text":"Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/609399469","repostId":"1199171840","repostType":4,"repost":{"id":"1199171840","kind":"news","pubTimestamp":1638236363,"share":"https://www.laohu8.com/m/news/1199171840?lang=zh_CN&edition=full","pubTime":"2021-11-30 09:39","market":"us","language":"en","title":"Moderna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199171840","media":"Bloomberg","summary":"(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vac","content":"<p>(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required.</p><p><blockquote>（彭博社）——Moderna Inc.公布了一年来最好的两天涨幅，此前该公司表示，如果需要，一种对抗冠状病毒奥密克戎株的新疫苗可能会在2022年初准备就绪。</blockquote></p><p> The stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&amp;P 500 year-to-date. The company mobilized hundreds of workers on Thanksgiving Day last Thursday in order to start work on omicron, Chief Medical Officer Paul Burton said over the weekend.</p><p><blockquote>该股在周五全球风险资产抛售期间飙升21%后，上涨12%，至9月30日以来的最高水平，重新夺回了今年迄今为止标普500表现最佳的地位。首席医疗官保罗·伯顿(Paul Burton)周末表示，该公司在上周四感恩节动员了数百名员工，开始治疗奥密克戎病毒。</blockquote></p><p> Moderna’s mRNA technology is ideally suited to adapting vaccines to new variants, according to Piper Sandler analyst Edward A. Tenthoff, who has an overweight rating on the stock.</p><p><blockquote>Piper Sandler分析师Edward A.Tenthoff对该股给予跑赢大盘评级，他表示，Moderna的mRNA技术非常适合使疫苗适应新变种。</blockquote></p><p> “Moderna is in a better position to develop novel Covid-19 vaccines, and now has capacity to manufacture several hundred million vaccine doses every month,” Tenthoff wrote in a note to clients. “SARS-CoV-2 is not going away and will provide years of future revenues.”</p><p><blockquote>Tenthoff在给客户的一份报告中写道：“Moderna在开发新型Covid-19疫苗方面处于更有利的地位，现在有能力每月生产数亿剂疫苗。”“新型冠状病毒不会消失，并将提供未来多年的收入。”</blockquote></p><p> Jefferies analyst Michael Yee also struck an optimistic tone for Moderna investors, saying the latest spread should encourage people to get boosted sooner rather than later, while the biotech focuses on a new version for 2022. Moderna “can advance new candidates to clinical trials within 60-90 days,” he said.</p><p><blockquote>杰富瑞(Jefferies)分析师Michael Yee也对Moderna投资者表示乐观，他表示最新的利差应该会鼓励人们尽早获得提振，而该生物技术公司则专注于2022年的新版本。他说，Moderna“可以在60-90天内将新的候选药物推进临床试验”。</blockquote></p><p> BioNTech SE closed 4.2% higher in U.S. trading after saying it is working to adapt its Covid-19 vaccine to address the omicron variant and expects to have a new version ready within 100 days if necessary. The biotech and its Covid vaccine partner Pfizer Inc. put plans into place months ago. Pfizer shares closed 3% lower.</p><p><blockquote>BioNTech SE在美国交易中收盘上涨4.2%，此前该公司表示正在努力调整其Covid-19疫苗以应对奥密克戎变种，并预计如有必要将在100天内准备好新版本。该生物技术公司及其新冠疫苗合作伙伴辉瑞公司几个月前就制定了计划。辉瑞股价收盘下跌3%。</blockquote></p><p></p>","source":"lsy1612507957220","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>Moderna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</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\">\nModerna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-30 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required.</p><p><blockquote>（彭博社）——Moderna Inc.公布了一年来最好的两天涨幅，此前该公司表示，如果需要，一种对抗冠状病毒奥密克戎株的新疫苗可能会在2022年初准备就绪。</blockquote></p><p> The stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&amp;P 500 year-to-date. The company mobilized hundreds of workers on Thanksgiving Day last Thursday in order to start work on omicron, Chief Medical Officer Paul Burton said over the weekend.</p><p><blockquote>该股在周五全球风险资产抛售期间飙升21%后，上涨12%，至9月30日以来的最高水平，重新夺回了今年迄今为止标普500表现最佳的地位。首席医疗官保罗·伯顿(Paul Burton)周末表示，该公司在上周四感恩节动员了数百名员工，开始治疗奥密克戎病毒。</blockquote></p><p> Moderna’s mRNA technology is ideally suited to adapting vaccines to new variants, according to Piper Sandler analyst Edward A. Tenthoff, who has an overweight rating on the stock.</p><p><blockquote>Piper Sandler分析师Edward A.Tenthoff对该股给予跑赢大盘评级，他表示，Moderna的mRNA技术非常适合使疫苗适应新变种。</blockquote></p><p> “Moderna is in a better position to develop novel Covid-19 vaccines, and now has capacity to manufacture several hundred million vaccine doses every month,” Tenthoff wrote in a note to clients. “SARS-CoV-2 is not going away and will provide years of future revenues.”</p><p><blockquote>Tenthoff在给客户的一份报告中写道：“Moderna在开发新型Covid-19疫苗方面处于更有利的地位，现在有能力每月生产数亿剂疫苗。”“新型冠状病毒不会消失，并将提供未来多年的收入。”</blockquote></p><p> Jefferies analyst Michael Yee also struck an optimistic tone for Moderna investors, saying the latest spread should encourage people to get boosted sooner rather than later, while the biotech focuses on a new version for 2022. Moderna “can advance new candidates to clinical trials within 60-90 days,” he said.</p><p><blockquote>杰富瑞(Jefferies)分析师Michael Yee也对Moderna投资者表示乐观，他表示最新的利差应该会鼓励人们尽早获得提振，而该生物技术公司则专注于2022年的新版本。他说，Moderna“可以在60-90天内将新的候选药物推进临床试验”。</blockquote></p><p> BioNTech SE closed 4.2% higher in U.S. trading after saying it is working to adapt its Covid-19 vaccine to address the omicron variant and expects to have a new version ready within 100 days if necessary. The biotech and its Covid vaccine partner Pfizer Inc. put plans into place months ago. Pfizer shares closed 3% lower.</p><p><blockquote>BioNTech SE在美国交易中收盘上涨4.2%，此前该公司表示正在努力调整其Covid-19疫苗以应对奥密克戎变种，并预计如有必要将在100天内准备好新版本。该生物技术公司及其新冠疫苗合作伙伴辉瑞公司几个月前就制定了计划。辉瑞股价收盘下跌3%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/moderna-surges-saying-omicron-vaccine-120220663.html\">Bloomberg</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":{"MRNA":"Moderna, Inc.","BNTX":"BioNTech SE"},"source_url":"https://finance.yahoo.com/news/moderna-surges-saying-omicron-vaccine-120220663.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199171840","content_text":"(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required.\nThe stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&P 500 year-to-date. The company mobilized hundreds of workers on Thanksgiving Day last Thursday in order to start work on omicron, Chief Medical Officer Paul Burton said over the weekend.\nModerna’s mRNA technology is ideally suited to adapting vaccines to new variants, according to Piper Sandler analyst Edward A. Tenthoff, who has an overweight rating on the stock.\n“Moderna is in a better position to develop novel Covid-19 vaccines, and now has capacity to manufacture several hundred million vaccine doses every month,” Tenthoff wrote in a note to clients. “SARS-CoV-2 is not going away and will provide years of future revenues.”\nJefferies analyst Michael Yee also struck an optimistic tone for Moderna investors, saying the latest spread should encourage people to get boosted sooner rather than later, while the biotech focuses on a new version for 2022. Moderna “can advance new candidates to clinical trials within 60-90 days,” he said.\nBioNTech SE closed 4.2% higher in U.S. trading after saying it is working to adapt its Covid-19 vaccine to address the omicron variant and expects to have a new version ready within 100 days if necessary. The biotech and its Covid vaccine partner Pfizer Inc. put plans into place months ago. Pfizer shares closed 3% lower.","news_type":1,"symbols_score_info":{"MRNA":0.9,"BNTX":0.9}},"isVote":1,"tweetType":1,"viewCount":4767,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000603","authorId":"9000000000000603","name":"ElsieDewey","avatar":"https://static.tigerbbs.com/f5db46fc82ad451b6aa0d938d2221d70","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000603","idStr":"9000000000000603"},"content":"I hope the virus will be eliminated as soon as possible. Twice a year is terrible.","text":"I hope the virus will be eliminated as soon as possible. Twice a year is terrible.","html":"I hope the virus will be eliminated as soon as possible. Twice a year is terrible."}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609304475,"gmtCreate":1638236417775,"gmtModify":1638237120281,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/609304475","repostId":"2185541043","repostType":4,"isVote":1,"tweetType":1,"viewCount":2045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877699768,"gmtCreate":1637920275199,"gmtModify":1637920275199,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877699768","repostId":"874111841","repostType":1,"repost":{"id":874111841,"gmtCreate":1637742207078,"gmtModify":1637857028934,"author":{"id":"4094170414075980","authorId":"4094170414075980","name":"Hazelle_TJI","avatar":"https://static.tigerbbs.com/30f0cd450e3f3bdd4218b5da4285f2c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4094170414075980","idStr":"4094170414075980"},"themes":[],"title":"Beginners' Guide To Call Options (Part 3 of 3) | How Do Buyers Profit From Call Options?","htmlText":"\n \n \n  Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)In the previous part of this Beginners' Guide To Call Options series👨‍🏫, we explained why the value of call options fluctuate in the financial markets. In the last part of this series, we will be sharing with you why some buyers buy call options instead of the underlying stocks. We will also take a step further to explore why buyers of call options usually do not exercise the call option.Disclaimer: The video is solely an educational series on how call options work from the buyers' perspective for beginners to understand better about options. This does not constitute as a recommendation or endorsement of any particular options strategy.\n \n","listText":"Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)In the previous part of this Beginners' Guide To Call Options series👨‍🏫, we explained why the value of call options fluctuate in the financial markets. In the last part of this series, we will be sharing with you why some buyers buy call options instead of the underlying stocks. We will also take a step further to explore why buyers of call options usually do not exercise the call option.Disclaimer: The video is solely an educational series on how call options work from the buyers' perspective for beginners to understand better about options. This does not constitute as a recommendation or endorsement of any particular options strategy.","text":"Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)In the previous part of this Beginners' Guide To Call Options series👨‍🏫, we explained why the value of call options fluctuate in the financial markets. In the last part of this series, we will be sharing with you why some buyers buy call options instead of the underlying stocks. We will also take a step further to explore why buyers of call options usually do not exercise the call option.Disclaimer: The video is solely an educational series on how call options work from the buyers' perspective for beginners to understand better about options. This does not constitute as a recommendation or endorsement of any particular options strategy.","images":[{"img":"https://static.tigerbbs.com/227fb28f85936d9e5b14a3630644081f","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874111841","isVote":1,"tweetType":2,"object":{"id":"06f96bc9d4e84954921b9580b97906f9","tweetId":"874111841","videoUrl":"https://1254107296.vod2.myqcloud.com/8a1ed91dvodsgp1254107296/53598de3387702291859855447/OaGeoJaWjKsA.mp4","poster":"https://static.tigerbbs.com/227fb28f85936d9e5b14a3630644081f"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877699442,"gmtCreate":1637920269166,"gmtModify":1637920269166,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877699442","repostId":"874998482","repostType":1,"repost":{"id":874998482,"gmtCreate":1637718076466,"gmtModify":1637767726042,"author":{"id":"4094170414075980","authorId":"4094170414075980","name":"Hazelle_TJI","avatar":"https://static.tigerbbs.com/30f0cd450e3f3bdd4218b5da4285f2c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4094170414075980","idStr":"4094170414075980"},"themes":[],"title":"Beginners' Guide To Call Options (Part 2 of 3) | Why Does The Value Of A Call Option Change?","htmlText":"\n \n \n  Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)Recall in the 1st part of this Beginners' Guide To Call Options series👨‍🏫, we shared about an analogy of Jerry using the concept of call option to purchase his dream house? The value of the call option he bought stays constant throughout, but this is not the case for the call options in the financial markets. In the 2nd part of this series, we will be sharing with you why the value of call options in the financial markets fluctuate.\n \n","listText":"Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)Recall in the 1st part of this Beginners' Guide To Call Options series👨‍🏫, we shared about an analogy of Jerry using the concept of call option to purchase his dream house? The value of the call option he bought stays constant throughout, but this is not the case for the call options in the financial markets. In the 2nd part of this series, we will be sharing with you why the value of call options in the financial markets fluctuate.","text":"Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)Recall in the 1st part of this Beginners' Guide To Call Options series👨‍🏫, we shared about an analogy of Jerry using the concept of call option to purchase his dream house? The value of the call option he bought stays constant throughout, but this is not the case for the call options in the financial markets. In the 2nd part of this series, we will be sharing with you why the value of call options in the financial markets fluctuate.","images":[{"img":"https://static.tigerbbs.com/5cef43d215984241f2dce268b834b5d7","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874998482","isVote":1,"tweetType":2,"object":{"id":"9e3477ab4a834755a03b2017de2186e3","tweetId":"874998482","videoUrl":"https://1254107296.vod2.myqcloud.com/8a1ed91dvodsgp1254107296/ebbb3423387702291834221012/cCNasBVgGywA.mp4","poster":"https://static.tigerbbs.com/5cef43d215984241f2dce268b834b5d7"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":877699535,"gmtCreate":1637920263942,"gmtModify":1637920263942,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/877699535","repostId":"875840306","repostType":1,"repost":{"id":875840306,"gmtCreate":1637635204294,"gmtModify":1637799852627,"author":{"id":"4094170414075980","authorId":"4094170414075980","name":"Hazelle_TJI","avatar":"https://static.tigerbbs.com/30f0cd450e3f3bdd4218b5da4285f2c5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4094170414075980","idStr":"4094170414075980"},"themes":[],"title":"Beginners' Guide To Call Options (Part 1 of 3) | What Are Call Options?","htmlText":"\n \n \n  Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)Heard about investors using options but have no idea what they are? [疑问]&nbsp;Fret not, here's a beginners' guide for you! 👨‍🏫In this 3-part series, you will be able to gain a good understanding of what are call options from the perspective of buyers. We will kickstart with the 1st part of this series by sharing with you what call options are using an analogy to simplify your learning curve.&nbsp;[微笑]&nbsp;Disclaimer: The video is solely an educational series on how call options work from the buyers' perspective for beginners to understand better about options. This does not constitute as a recommendation or endorsement of any particular options strategy.\n \n","listText":"Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)Heard about investors using options but have no idea what they are? [疑问]&nbsp;Fret not, here's a beginners' guide for you! 👨‍🏫In this 3-part series, you will be able to gain a good understanding of what are call options from the perspective of buyers. We will kickstart with the 1st part of this series by sharing with you what call options are using an analogy to simplify your learning curve.&nbsp;[微笑]&nbsp;Disclaimer: The video is solely an educational series on how call options work from the buyers' perspective for beginners to understand better about options. This does not constitute as a recommendation or endorsement of any particular options strategy.","text":"Original video was posted on The Joyful Investors' YouTube Channel (https://www.youtube.com/c/TheJoyfulInvestors)Heard about investors using options but have no idea what they are? [疑问] Fret not, here's a beginners' guide for you! 👨‍🏫In this 3-part series, you will be able to gain a good understanding of what are call options from the perspective of buyers. We will kickstart with the 1st part of this series by sharing with you what call options are using an analogy to simplify your learning curve. [微笑] Disclaimer: The video is solely an educational series on how call options work from the buyers' perspective for beginners to understand better about options. This does not constitute as a recommendation or endorsement of any particular options strategy.","images":[{"img":"https://static.tigerbbs.com/bc20f2ec871b80dbaf029faa59685e57","width":"0","height":"0"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875840306","isVote":1,"tweetType":2,"object":{"id":"071a0e1fc20444cb8264f1aa61cee334","tweetId":"875840306","videoUrl":"https://1254107296.vod2.myqcloud.com/8a1ed91dvodsgp1254107296/280fd53c387702291791850666/ZPi8S9zuBO0A.mp4","poster":"https://static.tigerbbs.com/9ab390aece013b383b755971f6501904"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874516515,"gmtCreate":1637800979034,"gmtModify":1637800979034,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/874516515","repostId":"1107787773","repostType":4,"isVote":1,"tweetType":1,"viewCount":2664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872890256,"gmtCreate":1637468024643,"gmtModify":1637468024643,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/872890256","repostId":"2184828468","repostType":4,"isVote":1,"tweetType":1,"viewCount":3320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826287574,"gmtCreate":1634026089217,"gmtModify":1634026097342,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826287574","repostId":"828515753","repostType":1,"repost":{"id":828515753,"gmtCreate":1633923851747,"gmtModify":1633984527317,"author":{"id":"3556134694513016","authorId":"3556134694513016","name":"3Fs","avatar":"https://static.tigerbbs.com/26cf959de8173b4a8aaee5e8568a8eff","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556134694513016","idStr":"3556134694513016"},"themes":[],"title":"KeppelDC REIT Has Been Correcting - Potential $2.15 Coming?","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a> has been one of the performing stars in the SREIT universe for quite some time since its’ IPO.Investors who are looking to buy this REIT has been given very little to no chance to add on to their shares as the company continues to shoulder on its meteoric rise in the past few years.Since hitting the peak of $3.13 sometime in October last year, the company has undergone quite a bit of correction over the past few months, breaking it’s support each time as it moves lower.With the company trading at $2.34 today, is this a good opportunity to add on to the shares given their longer term prospect?Maiden Acquisition in China with a high 9% NPI Yield:The maiden acquisition in&nbsp;Guangdong Data Centre&nbsp;locat","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a> has been one of the performing stars in the SREIT universe for quite some time since its’ IPO.Investors who are looking to buy this REIT has been given very little to no chance to add on to their shares as the company continues to shoulder on its meteoric rise in the past few years.Since hitting the peak of $3.13 sometime in October last year, the company has undergone quite a bit of correction over the past few months, breaking it’s support each time as it moves lower.With the company trading at $2.34 today, is this a good opportunity to add on to the shares given their longer term prospect?Maiden Acquisition in China with a high 9% NPI Yield:The maiden acquisition in&nbsp;Guangdong Data Centre&nbsp;locat","text":"$KEPPEL DC REIT(AJBU.SI)$ has been one of the performing stars in the SREIT universe for quite some time since its’ IPO.Investors who are looking to buy this REIT has been given very little to no chance to add on to their shares as the company continues to shoulder on its meteoric rise in the past few years.Since hitting the peak of $3.13 sometime in October last year, the company has undergone quite a bit of correction over the past few months, breaking it’s support each time as it moves lower.With the company trading at $2.34 today, is this a good opportunity to add on to the shares given their longer term prospect?Maiden Acquisition in China with a high 9% NPI Yield:The maiden acquisition in Guangdong Data Centre locat","images":[{"img":"https://static.tigerbbs.com/26a1c0c93b58898ee07897dd6539766c"},{"img":"https://static.tigerbbs.com/e08e5927471ce7ad96d042822dd24bb9"},{"img":"https://static.tigerbbs.com/6ce8d11aa2028ae2f64a7c01be0262bc"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828515753","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820453072,"gmtCreate":1633421436173,"gmtModify":1633421436248,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820453072","repostId":"2172873995","repostType":4,"isVote":1,"tweetType":1,"viewCount":3431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820986785,"gmtCreate":1633341344178,"gmtModify":1633341344306,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Stockholm...? Why not London?&nbsp;","listText":"Stockholm...? Why not London?&nbsp;","text":"Stockholm...? Why not London?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820986785","repostId":"1183951893","repostType":4,"repost":{"id":"1183951893","kind":"news","pubTimestamp":1633338624,"share":"https://www.laohu8.com/m/news/1183951893?lang=zh_CN&edition=full","pubTime":"2021-10-04 17:10","market":"us","language":"en","title":"Volvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183951893","media":"WSJ","summary":"Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing","content":"<p>Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，中国浙江吉利控股集团有限公司旗下的瑞典汽车制造商沃尔沃汽车正在完成首次公开募股计划，最早将于周一宣布上市细节，这笔交易可能会使该汽车制造商的估值高达250亿美元。</blockquote></p><p> A listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds.Ford MotorCo., weakened by the global financial crisis, sold the Swedish company to Geelyfor $1.8 billion in 2010.</p><p><blockquote>如果上市继续进行，将是汽车行业最引人注目的转变之一。受全球金融危机影响，福特汽车公司于2010年以18亿美元的价格将这家瑞典公司出售给吉利。</blockquote></p><p> Volvo has long capitalized on a brand recognized for safety, but at the time of its sale, its product lineup had failed to excite car buyers. Geely bankrolled Volvo’s recovery over the next decade, opening China as a market for the brand and providing financing to help the company revamp its model offerings.</p><p><blockquote>沃尔沃长期以来一直利用一个以安全著称的品牌，但在出售时，其产品阵容未能让购车者兴奋不已。吉利为沃尔沃在未来十年的复苏提供了资金，开放了中国作为该品牌的市场，并提供融资帮助该公司改造其车型产品。</blockquote></p><p> Today, Volvo is profitable, with a road map for electric-model rollouts that is ahead of some competitors. Its brand is back in fashion in the U.S. and elsewhere. It now competes with German premium brands, including BMW makerBayerische Motoren WerkeAG,VolkswagenAG’sAudi brand andDaimlerAG’sMercedes-Benz.</p><p><blockquote>如今，沃尔沃已实现盈利，其电动车型推出路线图领先于一些竞争对手。它的品牌在美国和其他地方重新流行起来。它现在与德国高端品牌竞争，包括宝马制造商巴伐利亚汽车厂、大众汽车公司的奥迪品牌和戴姆勒公司的梅赛德斯-奔驰。</blockquote></p><p> For the first half of this year, Volvo reported a 41% increase in sales over the same period last year, to 380,757 vehicles. The company’s sales in the U.S. rose 47% to 63,754 vehicles. Europe remains Volvo’s biggest market.</p><p><blockquote>今年上半年，沃尔沃销量较去年同期增长41%，达到380,757辆。该公司在美国的销量增长了47%，达到63,754辆。欧洲仍然是沃尔沃最大的市场。</blockquote></p><p> At a valuation of $25 billion, Volvo would be bigger than European car maker&nbsp;Renault&nbsp;SA,which has a market value of a little more than $10 billion. That is despite Volvo selling a fraction of the cars Renault sells each year. Volvo’s size, though, would pale against the world’s biggest car makers, including&nbsp;General MotorsCo.and Volkswagen, underscoring the competitive challenge the Swedish company faces. Its value would also sharply trail the $767.5 billion market capitalization of electric-vehicle leaderTeslaInc.</p><p><blockquote>沃尔沃的估值为250亿美元，将超过欧洲汽车制造商雷诺公司，后者的市值略高于100亿美元。尽管沃尔沃每年的销量仅为雷诺汽车销量的一小部分。不过，沃尔沃的规模与通用汽车和大众汽车等全球最大的汽车制造商相比相形见绌，凸显了这家瑞典公司面临的竞争挑战。其价值也将大幅落后于电动汽车领导者特斯拉公司7675亿美元的市值。</blockquote></p><p> Still, a listing would provide investors another competitor to bet on in an auto-industry race to roll out electric vehicles. Volvo was the first conventional auto maker to begin phasing out internal-combustion engines, ending its production of cars only powered by fossil fuels in 2019. Since then, every new Volvo is either a fully electric or hybrid model.</p><p><blockquote>尽管如此，上市仍将为投资者在汽车行业推出电动汽车的竞赛中提供另一个可以押注的竞争对手。沃尔沃是第一家开始逐步淘汰内燃机的传统汽车制造商，于2019年停止生产仅由化石燃料驱动的汽车。从那时起，每一款新沃尔沃要么是全电动要么是混合动力车型。</blockquote></p><p> Most big auto makers have since said that they also will be phasing out conventional engines in new vehicles, by around 2035.</p><p><blockquote>此后，大多数大型汽车制造商表示，他们也将在2035年左右逐步淘汰新车中的传统发动机。</blockquote></p><p> Volvo has floated the idea of a possible listing as far back as 2018, and in May said it&nbsp;was considering an IPO&nbsp;on the Stockholm stock exchange. Such a listing could provide the company a broader shareholder base and greater independence from its Chinese investors. In September, Reuters reported that Volvo was in talks to list its shares in the coming weeks.</p><p><blockquote>沃尔沃早在2018年就提出了可能上市的想法，并于5月份表示正在考虑在斯德哥尔摩证券交易所进行IPO。这样的上市可以为该公司提供更广泛的股东基础，并更加独立于中国投资者。9月，路透社报道称，沃尔沃正在就未来几周上市进行谈判。</blockquote></p><p> It isn’t clear how big a stake Geely plans to sell, but it has previously indicated it would likely remain a major shareholder after any offering. A decision on the details of the listing and its public disclosure could be delayed, but people familiar with the plans said a final call was imminent.</p><p><blockquote>目前尚不清楚吉利计划出售多少股份，但吉利此前曾表示，在任何发行后，它可能仍将是主要股东。关于上市细节及其公开披露的决定可能会推迟，但知情人士表示，最终看涨期权即将举行。</blockquote></p><p> An offering would come amid a frenzy of investor interest in electric vehicles and after an EV-focused Volvo affiliate made its own move to take advantage of that enthusiasm.</p><p><blockquote>此次发行是在投资者对电动汽车的狂热兴趣之际进行的，此前一家专注于电动汽车的沃尔沃子公司也采取了自己的行动来利用这种热情。</blockquote></p><p> Last week, Polestar, a Swedish electric-vehicle maker jointly owned by Volvo, Geely and others, announced plans to merge with a special-purpose acquisition company and list in New York in a deal that would value the Swedish EV company&nbsp;at roughly $20 billion.</p><p><blockquote>上周，沃尔沃、吉利等公司共同拥有的瑞典电动汽车制造商Polestar宣布计划与一家特殊目的收购公司合并，并在纽约上市，这笔交易将使这家瑞典电动汽车公司的估值约为200亿美元。</blockquote></p><p> Volvo Cars said last month that it expected to own close to 50% of the combined company after completion of Polestar’s merger with Gores Guggenheim Inc.</p><p><blockquote>沃尔沃汽车上个月表示，在Polestar与Gores Guggenheim Inc.的合并完成后，预计将拥有合并后公司近50%的股份。</blockquote></p><p> The Polestar deal generated a pathway for Volvo to pursue its own offering by assigning a value of about $10 billion to Volvo’s stake, according to some of the people familiar with Volvo’s listing plans.</p><p><blockquote>据一些熟悉沃尔沃上市计划的人士透露，Polestar交易为沃尔沃提供了一条寻求自己发行的途径，为沃尔沃的股份分配了约100亿美元的价值。</blockquote></p><p> Earlier this year, Volvo and Geely backed away from considerations of merging Volvo with Geely Auto Group, raising expectations that the company would pursue a separate listing and greater independence from Geely Holding.</p><p><blockquote>今年早些时候，沃尔沃和吉利放弃了将沃尔沃与吉利汽车集团合并的考虑，引发了人们对该公司将寻求单独上市并更大程度地独立于吉利控股的预期。</blockquote></p><p> “Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.</p><p><blockquote>吉利控股董事长李家祥5月份表示：“沃尔沃汽车在实现持续增长、充分利用电气化和提供安全自动驾驶功能方面处于特别有利的地位。”</blockquote></p><p> Ford bought Volvo in 1999 for 50 billion Swedish kronor&nbsp;, or about $6.47 billion at the time of the transaction. At the time, Volvo had 28,000 employees and produced about 400,000 vehicles a year.</p><p><blockquote>福特于1999年以500亿瑞典克朗的价格收购了沃尔沃，交易时约合64.7亿美元。当时，沃尔沃拥有28,000名员工，每年生产约40万辆汽车。</blockquote></p><p> By 2009, when Ford put the company up for sale, Volvo was struggling. After Geely stepped in, it poured in money. Over the course of a decade, Geely invested more than $11 billion, financing a modernization of the company’s model lineup, an early shift into electric vehicles, and factories in China that helped Volvo cash in on China’s surging appetite for Western cars.</p><p><blockquote>到2009年，当福特将公司出售时，沃尔沃已经陷入困境。吉利介入后，大举砸钱。十年来，吉利投资了超过110亿美元，为公司车型阵容的现代化、早期转向电动汽车以及在中国的工厂提供资金，帮助沃尔沃从中国对西方汽车日益增长的需求中获利。</blockquote></p><p></p><p> In 2018, Volvo opened its first U.S. factory. The brand had once been a household name in suburban America in the 1970s. But it had to rebuild its business in the world’s most lucrative car market.</p><p><blockquote>2018年，沃尔沃开设了第一家美国工厂。该品牌在20世纪70年代曾是美国郊区家喻户晓的品牌。但它必须在世界上最赚钱的汽车市场重建业务。</blockquote></p><p> Volvo produces the S60 sedan in Charleston, S.C. Next year, the South Carolina plant intends to produce an electric version of the company’s XC90, a large, premium sport-utility vehicle. Volvo has invested more than $1 billion in the plant and employs 1,500 people there. The company has said that its U.S. plant will be the first to shift entirely to electric-car production.</p><p><blockquote>沃尔沃在南卡罗来纳州查尔斯顿生产S60轿车。明年，南卡罗来纳州工厂打算生产该公司XC90的电动版本，这是一款大型高级运动型多功能车。沃尔沃在该工厂投资了超过10亿美元，拥有1,500名员工。该公司表示，其美国工厂将是第一家完全转向电动汽车生产的工厂。</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>Volvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</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\">\nVolvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-10-04 17:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，中国浙江吉利控股集团有限公司旗下的瑞典汽车制造商沃尔沃汽车正在完成首次公开募股计划，最早将于周一宣布上市细节，这笔交易可能会使该汽车制造商的估值高达250亿美元。</blockquote></p><p> A listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds.Ford MotorCo., weakened by the global financial crisis, sold the Swedish company to Geelyfor $1.8 billion in 2010.</p><p><blockquote>如果上市继续进行，将是汽车行业最引人注目的转变之一。受全球金融危机影响，福特汽车公司于2010年以18亿美元的价格将这家瑞典公司出售给吉利。</blockquote></p><p> Volvo has long capitalized on a brand recognized for safety, but at the time of its sale, its product lineup had failed to excite car buyers. Geely bankrolled Volvo’s recovery over the next decade, opening China as a market for the brand and providing financing to help the company revamp its model offerings.</p><p><blockquote>沃尔沃长期以来一直利用一个以安全著称的品牌，但在出售时，其产品阵容未能让购车者兴奋不已。吉利为沃尔沃在未来十年的复苏提供了资金，开放了中国作为该品牌的市场，并提供融资帮助该公司改造其车型产品。</blockquote></p><p> Today, Volvo is profitable, with a road map for electric-model rollouts that is ahead of some competitors. Its brand is back in fashion in the U.S. and elsewhere. It now competes with German premium brands, including BMW makerBayerische Motoren WerkeAG,VolkswagenAG’sAudi brand andDaimlerAG’sMercedes-Benz.</p><p><blockquote>如今，沃尔沃已实现盈利，其电动车型推出路线图领先于一些竞争对手。它的品牌在美国和其他地方重新流行起来。它现在与德国高端品牌竞争，包括宝马制造商巴伐利亚汽车厂、大众汽车公司的奥迪品牌和戴姆勒公司的梅赛德斯-奔驰。</blockquote></p><p> For the first half of this year, Volvo reported a 41% increase in sales over the same period last year, to 380,757 vehicles. The company’s sales in the U.S. rose 47% to 63,754 vehicles. Europe remains Volvo’s biggest market.</p><p><blockquote>今年上半年，沃尔沃销量较去年同期增长41%，达到380,757辆。该公司在美国的销量增长了47%，达到63,754辆。欧洲仍然是沃尔沃最大的市场。</blockquote></p><p> At a valuation of $25 billion, Volvo would be bigger than European car maker&nbsp;Renault&nbsp;SA,which has a market value of a little more than $10 billion. That is despite Volvo selling a fraction of the cars Renault sells each year. Volvo’s size, though, would pale against the world’s biggest car makers, including&nbsp;General MotorsCo.and Volkswagen, underscoring the competitive challenge the Swedish company faces. Its value would also sharply trail the $767.5 billion market capitalization of electric-vehicle leaderTeslaInc.</p><p><blockquote>沃尔沃的估值为250亿美元，将超过欧洲汽车制造商雷诺公司，后者的市值略高于100亿美元。尽管沃尔沃每年的销量仅为雷诺汽车销量的一小部分。不过，沃尔沃的规模与通用汽车和大众汽车等全球最大的汽车制造商相比相形见绌，凸显了这家瑞典公司面临的竞争挑战。其价值也将大幅落后于电动汽车领导者特斯拉公司7675亿美元的市值。</blockquote></p><p> Still, a listing would provide investors another competitor to bet on in an auto-industry race to roll out electric vehicles. Volvo was the first conventional auto maker to begin phasing out internal-combustion engines, ending its production of cars only powered by fossil fuels in 2019. Since then, every new Volvo is either a fully electric or hybrid model.</p><p><blockquote>尽管如此，上市仍将为投资者在汽车行业推出电动汽车的竞赛中提供另一个可以押注的竞争对手。沃尔沃是第一家开始逐步淘汰内燃机的传统汽车制造商，于2019年停止生产仅由化石燃料驱动的汽车。从那时起，每一款新沃尔沃要么是全电动要么是混合动力车型。</blockquote></p><p> Most big auto makers have since said that they also will be phasing out conventional engines in new vehicles, by around 2035.</p><p><blockquote>此后，大多数大型汽车制造商表示，他们也将在2035年左右逐步淘汰新车中的传统发动机。</blockquote></p><p> Volvo has floated the idea of a possible listing as far back as 2018, and in May said it&nbsp;was considering an IPO&nbsp;on the Stockholm stock exchange. Such a listing could provide the company a broader shareholder base and greater independence from its Chinese investors. In September, Reuters reported that Volvo was in talks to list its shares in the coming weeks.</p><p><blockquote>沃尔沃早在2018年就提出了可能上市的想法，并于5月份表示正在考虑在斯德哥尔摩证券交易所进行IPO。这样的上市可以为该公司提供更广泛的股东基础，并更加独立于中国投资者。9月，路透社报道称，沃尔沃正在就未来几周上市进行谈判。</blockquote></p><p> It isn’t clear how big a stake Geely plans to sell, but it has previously indicated it would likely remain a major shareholder after any offering. A decision on the details of the listing and its public disclosure could be delayed, but people familiar with the plans said a final call was imminent.</p><p><blockquote>目前尚不清楚吉利计划出售多少股份，但吉利此前曾表示，在任何发行后，它可能仍将是主要股东。关于上市细节及其公开披露的决定可能会推迟，但知情人士表示，最终看涨期权即将举行。</blockquote></p><p> An offering would come amid a frenzy of investor interest in electric vehicles and after an EV-focused Volvo affiliate made its own move to take advantage of that enthusiasm.</p><p><blockquote>此次发行是在投资者对电动汽车的狂热兴趣之际进行的，此前一家专注于电动汽车的沃尔沃子公司也采取了自己的行动来利用这种热情。</blockquote></p><p> Last week, Polestar, a Swedish electric-vehicle maker jointly owned by Volvo, Geely and others, announced plans to merge with a special-purpose acquisition company and list in New York in a deal that would value the Swedish EV company&nbsp;at roughly $20 billion.</p><p><blockquote>上周，沃尔沃、吉利等公司共同拥有的瑞典电动汽车制造商Polestar宣布计划与一家特殊目的收购公司合并，并在纽约上市，这笔交易将使这家瑞典电动汽车公司的估值约为200亿美元。</blockquote></p><p> Volvo Cars said last month that it expected to own close to 50% of the combined company after completion of Polestar’s merger with Gores Guggenheim Inc.</p><p><blockquote>沃尔沃汽车上个月表示，在Polestar与Gores Guggenheim Inc.的合并完成后，预计将拥有合并后公司近50%的股份。</blockquote></p><p> The Polestar deal generated a pathway for Volvo to pursue its own offering by assigning a value of about $10 billion to Volvo’s stake, according to some of the people familiar with Volvo’s listing plans.</p><p><blockquote>据一些熟悉沃尔沃上市计划的人士透露，Polestar交易为沃尔沃提供了一条寻求自己发行的途径，为沃尔沃的股份分配了约100亿美元的价值。</blockquote></p><p> Earlier this year, Volvo and Geely backed away from considerations of merging Volvo with Geely Auto Group, raising expectations that the company would pursue a separate listing and greater independence from Geely Holding.</p><p><blockquote>今年早些时候，沃尔沃和吉利放弃了将沃尔沃与吉利汽车集团合并的考虑，引发了人们对该公司将寻求单独上市并更大程度地独立于吉利控股的预期。</blockquote></p><p> “Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.</p><p><blockquote>吉利控股董事长李家祥5月份表示：“沃尔沃汽车在实现持续增长、充分利用电气化和提供安全自动驾驶功能方面处于特别有利的地位。”</blockquote></p><p> Ford bought Volvo in 1999 for 50 billion Swedish kronor&nbsp;, or about $6.47 billion at the time of the transaction. At the time, Volvo had 28,000 employees and produced about 400,000 vehicles a year.</p><p><blockquote>福特于1999年以500亿瑞典克朗的价格收购了沃尔沃，交易时约合64.7亿美元。当时，沃尔沃拥有28,000名员工，每年生产约40万辆汽车。</blockquote></p><p> By 2009, when Ford put the company up for sale, Volvo was struggling. After Geely stepped in, it poured in money. Over the course of a decade, Geely invested more than $11 billion, financing a modernization of the company’s model lineup, an early shift into electric vehicles, and factories in China that helped Volvo cash in on China’s surging appetite for Western cars.</p><p><blockquote>到2009年，当福特将公司出售时，沃尔沃已经陷入困境。吉利介入后，大举砸钱。十年来，吉利投资了超过110亿美元，为公司车型阵容的现代化、早期转向电动汽车以及在中国的工厂提供资金，帮助沃尔沃从中国对西方汽车日益增长的需求中获利。</blockquote></p><p></p><p> In 2018, Volvo opened its first U.S. factory. The brand had once been a household name in suburban America in the 1970s. But it had to rebuild its business in the world’s most lucrative car market.</p><p><blockquote>2018年，沃尔沃开设了第一家美国工厂。该品牌在20世纪70年代曾是美国郊区家喻户晓的品牌。但它必须在世界上最赚钱的汽车市场重建业务。</blockquote></p><p> Volvo produces the S60 sedan in Charleston, S.C. Next year, the South Carolina plant intends to produce an electric version of the company’s XC90, a large, premium sport-utility vehicle. Volvo has invested more than $1 billion in the plant and employs 1,500 people there. The company has said that its U.S. plant will be the first to shift entirely to electric-car production.</p><p><blockquote>沃尔沃在南卡罗来纳州查尔斯顿生产S60轿车。明年，南卡罗来纳州工厂打算生产该公司XC90的电动版本，这是一款大型高级运动型多功能车。沃尔沃在该工厂投资了超过10亿美元，拥有1,500名员工。该公司表示，其美国工厂将是第一家完全转向电动汽车生产的工厂。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/volvo-cars-is-finalizing-plans-for-ipo-in-stockholm-11633283394?mod=itp_wsj\">WSJ</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":{"VLVLY":"Volvo AB","00175":"吉利汽车"},"source_url":"https://www.wsj.com/articles/volvo-cars-is-finalizing-plans-for-ipo-in-stockholm-11633283394?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183951893","content_text":"Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.\nA listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds.Ford MotorCo., weakened by the global financial crisis, sold the Swedish company to Geelyfor $1.8 billion in 2010.\nVolvo has long capitalized on a brand recognized for safety, but at the time of its sale, its product lineup had failed to excite car buyers. Geely bankrolled Volvo’s recovery over the next decade, opening China as a market for the brand and providing financing to help the company revamp its model offerings.\nToday, Volvo is profitable, with a road map for electric-model rollouts that is ahead of some competitors. Its brand is back in fashion in the U.S. and elsewhere. It now competes with German premium brands, including BMW makerBayerische Motoren WerkeAG,VolkswagenAG’sAudi brand andDaimlerAG’sMercedes-Benz.\nFor the first half of this year, Volvo reported a 41% increase in sales over the same period last year, to 380,757 vehicles. The company’s sales in the U.S. rose 47% to 63,754 vehicles. Europe remains Volvo’s biggest market.\nAt a valuation of $25 billion, Volvo would be bigger than European car maker Renault SA,which has a market value of a little more than $10 billion. That is despite Volvo selling a fraction of the cars Renault sells each year. Volvo’s size, though, would pale against the world’s biggest car makers, including General MotorsCo.and Volkswagen, underscoring the competitive challenge the Swedish company faces. Its value would also sharply trail the $767.5 billion market capitalization of electric-vehicle leaderTeslaInc.\nStill, a listing would provide investors another competitor to bet on in an auto-industry race to roll out electric vehicles. Volvo was the first conventional auto maker to begin phasing out internal-combustion engines, ending its production of cars only powered by fossil fuels in 2019. Since then, every new Volvo is either a fully electric or hybrid model.\nMost big auto makers have since said that they also will be phasing out conventional engines in new vehicles, by around 2035.\nVolvo has floated the idea of a possible listing as far back as 2018, and in May said it was considering an IPO on the Stockholm stock exchange. Such a listing could provide the company a broader shareholder base and greater independence from its Chinese investors. In September, Reuters reported that Volvo was in talks to list its shares in the coming weeks.\nIt isn’t clear how big a stake Geely plans to sell, but it has previously indicated it would likely remain a major shareholder after any offering. A decision on the details of the listing and its public disclosure could be delayed, but people familiar with the plans said a final call was imminent.\nAn offering would come amid a frenzy of investor interest in electric vehicles and after an EV-focused Volvo affiliate made its own move to take advantage of that enthusiasm.\nLast week, Polestar, a Swedish electric-vehicle maker jointly owned by Volvo, Geely and others, announced plans to merge with a special-purpose acquisition company and list in New York in a deal that would value the Swedish EV company at roughly $20 billion.\nVolvo Cars said last month that it expected to own close to 50% of the combined company after completion of Polestar’s merger with Gores Guggenheim Inc.\nThe Polestar deal generated a pathway for Volvo to pursue its own offering by assigning a value of about $10 billion to Volvo’s stake, according to some of the people familiar with Volvo’s listing plans.\nEarlier this year, Volvo and Geely backed away from considerations of merging Volvo with Geely Auto Group, raising expectations that the company would pursue a separate listing and greater independence from Geely Holding.\n“Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.\nFord bought Volvo in 1999 for 50 billion Swedish kronor , or about $6.47 billion at the time of the transaction. At the time, Volvo had 28,000 employees and produced about 400,000 vehicles a year.\nBy 2009, when Ford put the company up for sale, Volvo was struggling. After Geely stepped in, it poured in money. Over the course of a decade, Geely invested more than $11 billion, financing a modernization of the company’s model lineup, an early shift into electric vehicles, and factories in China that helped Volvo cash in on China’s surging appetite for Western cars.\nIn 2018, Volvo opened its first U.S. factory. The brand had once been a household name in suburban America in the 1970s. But it had to rebuild its business in the world’s most lucrative car market.\nVolvo produces the S60 sedan in Charleston, S.C. Next year, the South Carolina plant intends to produce an electric version of the company’s XC90, a large, premium sport-utility vehicle. Volvo has invested more than $1 billion in the plant and employs 1,500 people there. The company has said that its U.S. plant will be the first to shift entirely to electric-car production.","news_type":1,"symbols_score_info":{"00175":0.9,"VLVLY":0.9}},"isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867095767,"gmtCreate":1633160054571,"gmtModify":1633161157402,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Good read for those who are invested in EV stocks. Marco relevant for the likes of other American EVs including Lucid.&nbsp;","listText":"Good read for those who are invested in EV stocks. Marco relevant for the likes of other American EVs including Lucid.&nbsp;","text":"Good read for those who are invested in EV stocks. Marco relevant for the likes of other American EVs including Lucid.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867095767","repostId":"868394394","repostType":1,"repost":{"id":868394394,"gmtCreate":1632589568418,"gmtModify":1632641593409,"author":{"id":"3480981608385315","authorId":"3480981608385315","name":"猛虎财经","avatar":"https://static.tigerbbs.com/5f4cecdb84af1583ad2d12f02487a5e1","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3480981608385315","idStr":"3480981608385315"},"themes":[],"title":"2021年新能源汽车下半年你更看好谁？这篇文章告诉你答案！","htmlText":"摘要：2021年新能源汽车已经进入下半年，面对“芯片荒”，动力原材料大幅涨价等，新能源汽车面临不小的压力。我这看主要对特斯拉、蔚来、小鹏、理想、比亚迪五大新能源汽车公司进行对比分析，为大家提供一些参考。特斯拉2021年8月中国汽车销量44,264辆，环比增34.2%，同比增长275%。蔚来受到马来西亚等地的疫情影响，8月交付量为5880台，同比增长48.3%，环比下25.9%。小鹏汽车8月总交付7,214台，连续2个月交付量超7千。理想8月交付9433辆理想ONE，再创交付新纪录。特斯拉2021年8月中国汽车销量44,264辆，环比增34.2%，同比增长275%。比亚迪2021年8月新能源车累计销量为60508辆，同比增长了331.9%。据最新报道，马来西亚目前疫情任然不乐观，汽车芯片短缺状况进一步加剧。预计三季度“芯片荒”将进一步加剧。根据资料显示，马来西亚是全球封测重地，约有50家全球半导体巨头在马来西亚设立封测厂，包括博通、美光、意法、英飞凌等。马来西亚在半导体的封测业务占据全球近13%的市场份额。近期，丰田、大众、福特、通用等多家跨国汽车企业近期宣布减产。中汽协有关人士预测，汽车芯片危机或持续至明年春季。五大新能源汽车公司交付量对比今年第二季度，五家车企中，特斯拉交付量最高，交付超过20w辆，新能源龙头不可撼动。比亚迪赶超迅速，二季度交付达到10w量。蔚来、小鹏、理想二季度分别交付2.19万辆、1.74万辆、1.76w辆。整体来看，特斯拉稳步上涨，密切关注德州和柏林Giga超级工厂的动向。蔚来受到马来西亚等地的疫情影响，三季度交付将受到影响。小鹏P5预计10月开始交付，预计四季度交付将突破1.5w量。随着DMI的持续放量，预计比亚迪下半年交付将超乎你的想象，但是短期股票涨幅过大，处于震荡行情。理想ONE的交付数据确实亮眼，预计下半年将再创新高。8月新能源车出口呈现爆","listText":"摘要：2021年新能源汽车已经进入下半年，面对“芯片荒”，动力原材料大幅涨价等，新能源汽车面临不小的压力。我这看主要对特斯拉、蔚来、小鹏、理想、比亚迪五大新能源汽车公司进行对比分析，为大家提供一些参考。特斯拉2021年8月中国汽车销量44,264辆，环比增34.2%，同比增长275%。蔚来受到马来西亚等地的疫情影响，8月交付量为5880台，同比增长48.3%，环比下25.9%。小鹏汽车8月总交付7,214台，连续2个月交付量超7千。理想8月交付9433辆理想ONE，再创交付新纪录。特斯拉2021年8月中国汽车销量44,264辆，环比增34.2%，同比增长275%。比亚迪2021年8月新能源车累计销量为60508辆，同比增长了331.9%。据最新报道，马来西亚目前疫情任然不乐观，汽车芯片短缺状况进一步加剧。预计三季度“芯片荒”将进一步加剧。根据资料显示，马来西亚是全球封测重地，约有50家全球半导体巨头在马来西亚设立封测厂，包括博通、美光、意法、英飞凌等。马来西亚在半导体的封测业务占据全球近13%的市场份额。近期，丰田、大众、福特、通用等多家跨国汽车企业近期宣布减产。中汽协有关人士预测，汽车芯片危机或持续至明年春季。五大新能源汽车公司交付量对比今年第二季度，五家车企中，特斯拉交付量最高，交付超过20w辆，新能源龙头不可撼动。比亚迪赶超迅速，二季度交付达到10w量。蔚来、小鹏、理想二季度分别交付2.19万辆、1.74万辆、1.76w辆。整体来看，特斯拉稳步上涨，密切关注德州和柏林Giga超级工厂的动向。蔚来受到马来西亚等地的疫情影响，三季度交付将受到影响。小鹏P5预计10月开始交付，预计四季度交付将突破1.5w量。随着DMI的持续放量，预计比亚迪下半年交付将超乎你的想象，但是短期股票涨幅过大，处于震荡行情。理想ONE的交付数据确实亮眼，预计下半年将再创新高。8月新能源车出口呈现爆","text":"摘要：2021年新能源汽车已经进入下半年，面对“芯片荒”，动力原材料大幅涨价等，新能源汽车面临不小的压力。我这看主要对特斯拉、蔚来、小鹏、理想、比亚迪五大新能源汽车公司进行对比分析，为大家提供一些参考。特斯拉2021年8月中国汽车销量44,264辆，环比增34.2%，同比增长275%。蔚来受到马来西亚等地的疫情影响，8月交付量为5880台，同比增长48.3%，环比下25.9%。小鹏汽车8月总交付7,214台，连续2个月交付量超7千。理想8月交付9433辆理想ONE，再创交付新纪录。特斯拉2021年8月中国汽车销量44,264辆，环比增34.2%，同比增长275%。比亚迪2021年8月新能源车累计销量为60508辆，同比增长了331.9%。据最新报道，马来西亚目前疫情任然不乐观，汽车芯片短缺状况进一步加剧。预计三季度“芯片荒”将进一步加剧。根据资料显示，马来西亚是全球封测重地，约有50家全球半导体巨头在马来西亚设立封测厂，包括博通、美光、意法、英飞凌等。马来西亚在半导体的封测业务占据全球近13%的市场份额。近期，丰田、大众、福特、通用等多家跨国汽车企业近期宣布减产。中汽协有关人士预测，汽车芯片危机或持续至明年春季。五大新能源汽车公司交付量对比今年第二季度，五家车企中，特斯拉交付量最高，交付超过20w辆，新能源龙头不可撼动。比亚迪赶超迅速，二季度交付达到10w量。蔚来、小鹏、理想二季度分别交付2.19万辆、1.74万辆、1.76w辆。整体来看，特斯拉稳步上涨，密切关注德州和柏林Giga超级工厂的动向。蔚来受到马来西亚等地的疫情影响，三季度交付将受到影响。小鹏P5预计10月开始交付，预计四季度交付将突破1.5w量。随着DMI的持续放量，预计比亚迪下半年交付将超乎你的想象，但是短期股票涨幅过大，处于震荡行情。理想ONE的交付数据确实亮眼，预计下半年将再创新高。8月新能源车出口呈现爆","images":[{"img":"https://static.tigerbbs.com/fd8e5aefca8c6bf2abaa35d84a4fe193","width":"688","height":"427"},{"img":"https://static.tigerbbs.com/499b46619fe4896dcd48a2da988ab27e","width":"688","height":"425"},{"img":"https://static.tigerbbs.com/aa9135bc116212846e47b08e32ff7b14","width":"688","height":"423"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868394394","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":6,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":884138536,"gmtCreate":1631865861925,"gmtModify":1632805711251,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/884138536","repostId":"1189843549","repostType":4,"repost":{"id":"1189843549","kind":"news","pubTimestamp":1631864545,"share":"https://www.laohu8.com/m/news/1189843549?lang=zh_CN&edition=full","pubTime":"2021-09-17 15:42","market":"us","language":"en","title":"AMD Stock: Strong Momentum And Path To Strong Compounded Annual Returns<blockquote>AMD股票：强劲的势头和强劲的复合年回报之路</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189843549","media":"Seeking Alpha","summary":"Summary\n\nIn the dark days of 2015 and 2016, AMD traded for less than $3 and the company was loaded d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>In the dark days of 2015 and 2016, AMD traded for less than $3 and the company was loaded down with junk bonds.</li>  <li>Today, AMD's tech is getting positive reviews, the balance sheet is cleaned up, and there are big opportunities to continue grabbing market share in data centers.</li>  <li>AMD just raised revenue and margin guidance, with some analysts expecting AMD to earn as much as $7 per share by 2024.</li>  <li>Why momentum investing works and how to execute it with AMD.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad09afc88b98d84d101279ec2e71adec\" tg-width=\"1536\" tg-height=\"896\" width=\"100%\" height=\"auto\"><span>vchal/iStock via Getty Images</span></p><p><blockquote><ul><li>在2015年和2016年的黑暗日子里，AMD的交易价格不到3美元，该公司还背负着垃圾债券。</li><li>如今，AMD的技术得到了积极的评价，资产负债表得到了清理，并且有很大的机会继续抢占数据中心的市场份额。</li><li>AMD刚刚上调了营收和利润率指引，一些分析师预计AMD到2024年每股收益将高达7美元。</li><li>为什么动量投资有效以及如何与AMD一起执行。</li></ul><p class=\"t-img-caption\"><span>vchal/iStock来自Getty Images</span></p></blockquote></p><p> Advanced Micro Devices, Inc., better known as&nbsp;AMD, is one of the most popular NASDAQ stocks over the past few years with young investors, many of whom are into cryptocurrency and/or gaming. CEO&nbsp;Lisa Su&nbsp;took over in 2014, bringing both world-class engineering knowledge and business street smarts to the company. AMD quickly diversified into new product lines and has since gotten plenty of&nbsp;positive press&nbsp;for offering performance at a reasonable price. If you look at a long-run price graph of AMD, you'll see that it's a very boom and bust stock, obviously, the semiconductor business is cyclical, but the previous management had a habit of overleveraging the company, causing returns to be lower than they would be otherwise because much of the return went to creditors and not shareholders. Now AMD has a bunch of positive momentum, both in the share price and the business. Will AMD keep winning? I believe so, and I'll explain why.</p><p><blockquote>Advanced Micro Devices，Inc.，更广为人知的名字是AMD，是过去几年最受年轻投资者欢迎的纳斯达克股票之一，其中许多人对加密货币和/或游戏感兴趣。首席执行官Lisa Su于2014年接任，为公司带来了世界一流的工程知识和商业智慧。AMD迅速多元化到新的产品线，并因以合理的价格提供性能而获得了大量正面报道。如果你看一下AMD的长期价格图表，你会发现这是一只非常繁荣和萧条的股票，显然，半导体业务是周期性的，但前任管理层有过度利用公司杠杆的习惯，导致回报低于其他情况，因为大部分回报都流向了债权人而不是股东。现在AMD在股价和业务方面都有很多积极的势头。AMD会继续获胜吗？我相信是的，我会解释原因。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/79d63abb98a3a3779a37169300fade7a\" tg-width=\"635\" tg-height=\"417\" 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></p><p> <ul>  <li>In the past, lack of diversification and too much leverage forced AMD to raise capital during down cycles through junk bonds, often via convertible debt. Convertible debt is expensive because it generally pays interest and dilutes shareholders. As a general rule, convertible debt is generally preferred by savvy high-net-worth investors and institutions while retail investors tend to assume the common stock represents the whole company (it doesn't) and allow Wall Street to take free shots at them. Convertible debt tends to be issued by companies with low credit ratings and/or speculative business prospects. AMD and other chip companies like Micron (MU) have greatly improved their financial position over time, leading to the convertible debt no longer being necessary in many cases. The new generation of management teams at semiconductors has figured out how to manage risk and leverage better, allowing them to firmly take advantage of one of the biggest growth opportunities for any industry in the 21st century. You can get around the problem of overleverage, in general, by investing in the stocks of companies that have at least investment-grade credit ratings (research showst&nbsp;he returns tend to be better anyway for companies with strong credit ratings). AMD's hard work in diversifying the business and reducing debt has paid off, and the company&nbsp;now has&nbsp;an investment-grade credit rating. I would expect the markets to offer AMD capital at lower and lower rates relative to the market at large, bringing a virtuous circle that should act as a great tailwind going forward.</li>  <li>AMD has announced that they are acquiring chipmaker Xilinx (XLNX), and the consensus opinion seems to be that it's a good deal from a strategic standpoint (some&nbsp;deal analysis here). The deal may or may not actually close though, and Chinese regulators need to approve the deal. If the deal doesn't close, I don't view it as posing a large price risk to AMD, but it would be a nice kicker.</li>  <li>The party may just be getting started. A&nbsp;recent piece&nbsp;in Barron's suggested that AMD could earn over $7 per share in 2024 if the company reinvests some of its profit in the business.</li>  <li>Management may be being fairly conservative with their earnings guidance, as evidenced by how much the company has&nbsp;crushed earnings&nbsp;estimates in recent quarters. Most analysts only have estimates going out to 2023, but they do have AMD growing earnings by 20+ percent annually each year. I think these estimates are too low, and AMD stock should appreciate more or less in line with earnings growth. $3.50 in 2022 earnings and a 36x multiple would imply a 12-month price target of roughly $126 for AMD (20 percent upside), with more upside to come if they can get the supply chain caught up.</li>  <li>AMD believes data centers are a $30 billion-plus annual total-addressable-market opportunity. As was noted on the mostrecent conference call, AMD is steadily pulling market share for the server category, which includes data centers. The idea here is that AMD has built superior technology than Intel (INTC) over the past few years, forcing Intel to play catch-up (which takes a long time in the tech space) and giving AMD a chance to press its advantage.</li>  <li>AMD outsources manufacturing to Taiwan, which does create risk for the company if the China/Taiwan geopolitical situation changes. Additionally, the Xilinx acquisition requires Chinese approval, meaning that AMD has risk from a couple of different angles from China. So far, thechip shortage has somewhat constrained AMD's ability to supply the market, with lead times higher there than with their competitors. On the flip side, if the chip shortage does ease, this could be a positive catalyst for the company.</li>  <li>Intel is the elephant in the semiconductor industry, but AMD has outmaneuvered Intel at every turn so far since Lisa Su took over. Intel stock offers a much lower price to earnings multiple than AMD, but lower growth prospects.Recent newsis that Intel is willing to cut server CPU prices to win business back, but the AMD chips compare favorably on performance and energy consumption. Winning semiconductor market share is more than cutting prices, if you sell cheap chips that are inefficient and cause your customers to have to spend more on electricity, then cutting prices isn't going to help you as much as you think. Due to the ongoing carrying costs of data centers, AMD can win market share by building technology alone, no matter what pricing strategy their competitors do.</li>  <li>There are macro and micro risks to AMD. The macro risks are well-known and mainly relate to geopolitics, supply chain issues, and the global economy at large. The micro issues with AMD often relate to its perpetual status as the underdog. Intel, for example, has a greater market share and more R&amp;D resources, but AMD has gained an advantage in technology over them.</p><p><blockquote><ul><li>过去，缺乏多元化和杠杆率过高迫使AMD在下行周期通过垃圾债券（通常是可转换债券）筹集资金。可转换债券价格昂贵，因为它通常会支付利息并稀释股东权益。一般来说，精明的高净值投资者和机构通常更喜欢可转换债券，而散户投资者则倾向于认为普通股代表整个公司（事实并非如此），并允许华尔街随意攻击它们。可转换债务往往由信用评级低和/或投机性业务前景的公司发行。随着时间的推移，AMD和美光科技(MU)等其他芯片公司的财务状况大大改善，导致在许多情况下不再需要可转换债务。半导体公司的新一代管理团队已经想出了如何更好地管理风险和杠杆，使他们能够牢牢抓住21世纪任何行业最大的增长机会之一。一般来说，你可以通过投资至少具有投资级信用评级的公司的股票来解决杠杆率过高的问题（研究表明，信用评级高的公司的回报往往更好）。AMD在业务多元化和减少债务方面的努力得到了回报，该公司现在拥有投资级信用评级。我预计市场将以相对于整个市场越来越低的利率向AMD提供资本，从而带来良性循环，这应该会成为未来的巨大推动力。</li><li>AMD宣布他们将收购芯片制造商Xilinx(XLNX)，从战略角度来看，共识似乎是这是一笔不错的交易（这里有一些交易分析）。不过，该交易可能会也可能不会真正完成，中国监管机构需要批准该交易。如果交易没有完成，我不认为这会给AMD带来很大的价格风险，但这将是一个很好的机会。</li><li>派对可能才刚刚开始。《巴伦周刊》最近的一篇文章表明，如果AMD将部分利润再投资于该业务，该公司到2024年每股收益可能会超过7美元。</li><li>管理层的盈利指引可能相当保守，该公司最近几个季度的盈利预期大幅下降就证明了这一点。大多数分析师只预测到2023年，但他们确实认为AMD的盈利每年增长20%以上。我认为这些估计太低了，AMD股票应该或多或少地随着盈利增长而升值。2022年的盈利为3.50美元，市盈率为36倍，这意味着AMD的12个月目标价约为126美元（上涨20%），如果他们能够赶上供应链，还会有更多上涨空间。</li><li>AMD认为，数据中心是一个每年超过300亿美元的潜在市场机会。正如最近的电话会议所指出的，AMD正在稳步提升包括数据中心在内的服务器类别的市场份额。这里的想法是，AMD在过去几年中建立了比英特尔(INTC)更优越的技术，迫使英特尔迎头赶上（这在技术领域需要很长时间），并给AMD一个发挥优势的机会。</li><li>AMD将制造外包给台湾，如果中国/台湾地缘政治局势发生变化，这确实会给该公司带来风险。此外，收购赛灵思需要中国的批准，这意味着AMD面临着来自中国的几个不同角度的风险。到目前为止，芯片短缺在一定程度上限制了AMD供应市场的能力，其交货时间高于竞争对手。另一方面，如果芯片短缺确实缓解，这可能会成为该公司的积极催化剂。</li><li>英特尔是半导体行业的大象，但自从苏姿丰接手以来，AMD在每一个转折点上都胜过了英特尔。英特尔股票的市盈率远低于AMD，但增长前景较低。最近有消息称，英特尔愿意降低服务器CPU价格以赢回业务，但AMD芯片在性能和能耗方面更具优势。赢得半导体市场份额不仅仅是降价，如果你销售效率低下的廉价芯片，并导致你的客户不得不在电力上花费更多，那么降价不会像你想象的那样帮助你。由于数据中心的持续承载成本，AMD可以仅通过构建技术来赢得市场份额，无论他们的竞争对手采取什么定价策略。</li><li>AMD存在宏观和微观风险。宏观风险是众所周知的，主要与地缘政治、供应链问题和全球经济有关。AMD的微观问题往往与其永久的失败者地位有关。以英特尔为例，它拥有更大的市场份额和更多的研发资源，但AMD在技术上比他们获得了优势。</li></ul></blockquote></p><p></p><p> Academic research&nbsp;generally holds that investors underreact to success when pricing the stocks of winning businesses. This has to do with behavioral finance factors, like investors taking their profits and spending them while holding losing stocks (known as the&nbsp;disposition effect), as well as business factors (good managements tend to keep winning). This leads to returns above 20 percent annually for winning stocks in many cases. While the semiconductor business is cyclical, meaning that AMD shareholders may want to sell when the cycle inevitably turns again, AMD is one of the cleanest momentum stocks on the market right now.</p><p><blockquote>学术研究普遍认为，投资者在为获胜企业的股票定价时，对成功反应不足。这与行为金融因素有关，例如投资者在持有亏损股票的同时获利并支出（称为处置效应），以及商业因素（良好的管理层往往会持续获胜）。在许多情况下，这导致获胜股票的年回报率超过20%。虽然半导体业务具有周期性，这意味着当周期不可避免地再次转向时，AMD股东可能希望出售，但AMD是目前市场上最干净的动量股票之一。</blockquote></p><p> I wouldn't be surprised in the least if the company rises another 20-25 percent from here in the next 12 months. If the Barron's earnings call is correct, AMD should trade close to $200 by 2024 if the PE can remain at least in the 28-30x range, for an annual compound return of roughly 25 percent. While there are risks related to the semiconductor cycle, geopolitics, and competition, AMD seems to be one of the best buys in tech today.</p><p><blockquote>如果该公司在未来12个月内再上涨20-25%，我一点也不会感到惊讶。如果《巴伦周刊》的盈利看涨期权是正确的，如果市盈率至少保持在28-30倍的范围内，AMD的年复合回报率约为25%，到2024年，AMD的交易价格应该会接近200美元。尽管存在与半导体周期、地缘政治和竞争相关的风险，但AMD似乎是当今科技领域最值得买入的股票之一。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Stock: Strong Momentum And Path To Strong Compounded Annual Returns<blockquote>AMD股票：强劲的势头和强劲的复合年回报之路</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\">\nAMD Stock: Strong Momentum And Path To Strong Compounded Annual Returns<blockquote>AMD股票：强劲的势头和强劲的复合年回报之路</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\">2021-09-17 15:42</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>In the dark days of 2015 and 2016, AMD traded for less than $3 and the company was loaded down with junk bonds.</li>  <li>Today, AMD's tech is getting positive reviews, the balance sheet is cleaned up, and there are big opportunities to continue grabbing market share in data centers.</li>  <li>AMD just raised revenue and margin guidance, with some analysts expecting AMD to earn as much as $7 per share by 2024.</li>  <li>Why momentum investing works and how to execute it with AMD.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad09afc88b98d84d101279ec2e71adec\" tg-width=\"1536\" tg-height=\"896\" width=\"100%\" height=\"auto\"><span>vchal/iStock via Getty Images</span></p><p><blockquote><ul><li>在2015年和2016年的黑暗日子里，AMD的交易价格不到3美元，该公司还背负着垃圾债券。</li><li>如今，AMD的技术得到了积极的评价，资产负债表得到了清理，并且有很大的机会继续抢占数据中心的市场份额。</li><li>AMD刚刚上调了营收和利润率指引，一些分析师预计AMD到2024年每股收益将高达7美元。</li><li>为什么动量投资有效以及如何与AMD一起执行。</li></ul><p class=\"t-img-caption\"><span>vchal/iStock来自Getty Images</span></p></blockquote></p><p> Advanced Micro Devices, Inc., better known as&nbsp;AMD, is one of the most popular NASDAQ stocks over the past few years with young investors, many of whom are into cryptocurrency and/or gaming. CEO&nbsp;Lisa Su&nbsp;took over in 2014, bringing both world-class engineering knowledge and business street smarts to the company. AMD quickly diversified into new product lines and has since gotten plenty of&nbsp;positive press&nbsp;for offering performance at a reasonable price. If you look at a long-run price graph of AMD, you'll see that it's a very boom and bust stock, obviously, the semiconductor business is cyclical, but the previous management had a habit of overleveraging the company, causing returns to be lower than they would be otherwise because much of the return went to creditors and not shareholders. Now AMD has a bunch of positive momentum, both in the share price and the business. Will AMD keep winning? I believe so, and I'll explain why.</p><p><blockquote>Advanced Micro Devices，Inc.，更广为人知的名字是AMD，是过去几年最受年轻投资者欢迎的纳斯达克股票之一，其中许多人对加密货币和/或游戏感兴趣。首席执行官Lisa Su于2014年接任，为公司带来了世界一流的工程知识和商业智慧。AMD迅速多元化到新的产品线，并因以合理的价格提供性能而获得了大量正面报道。如果你看一下AMD的长期价格图表，你会发现这是一只非常繁荣和萧条的股票，显然，半导体业务是周期性的，但前任管理层有过度利用公司杠杆的习惯，导致回报低于其他情况，因为大部分回报都流向了债权人而不是股东。现在AMD在股价和业务方面都有很多积极的势头。AMD会继续获胜吗？我相信是的，我会解释原因。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/79d63abb98a3a3779a37169300fade7a\" tg-width=\"635\" tg-height=\"417\" 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></p><p> <ul>  <li>In the past, lack of diversification and too much leverage forced AMD to raise capital during down cycles through junk bonds, often via convertible debt. Convertible debt is expensive because it generally pays interest and dilutes shareholders. As a general rule, convertible debt is generally preferred by savvy high-net-worth investors and institutions while retail investors tend to assume the common stock represents the whole company (it doesn't) and allow Wall Street to take free shots at them. Convertible debt tends to be issued by companies with low credit ratings and/or speculative business prospects. AMD and other chip companies like Micron (MU) have greatly improved their financial position over time, leading to the convertible debt no longer being necessary in many cases. The new generation of management teams at semiconductors has figured out how to manage risk and leverage better, allowing them to firmly take advantage of one of the biggest growth opportunities for any industry in the 21st century. You can get around the problem of overleverage, in general, by investing in the stocks of companies that have at least investment-grade credit ratings (research showst&nbsp;he returns tend to be better anyway for companies with strong credit ratings). AMD's hard work in diversifying the business and reducing debt has paid off, and the company&nbsp;now has&nbsp;an investment-grade credit rating. I would expect the markets to offer AMD capital at lower and lower rates relative to the market at large, bringing a virtuous circle that should act as a great tailwind going forward.</li>  <li>AMD has announced that they are acquiring chipmaker Xilinx (XLNX), and the consensus opinion seems to be that it's a good deal from a strategic standpoint (some&nbsp;deal analysis here). The deal may or may not actually close though, and Chinese regulators need to approve the deal. If the deal doesn't close, I don't view it as posing a large price risk to AMD, but it would be a nice kicker.</li>  <li>The party may just be getting started. A&nbsp;recent piece&nbsp;in Barron's suggested that AMD could earn over $7 per share in 2024 if the company reinvests some of its profit in the business.</li>  <li>Management may be being fairly conservative with their earnings guidance, as evidenced by how much the company has&nbsp;crushed earnings&nbsp;estimates in recent quarters. Most analysts only have estimates going out to 2023, but they do have AMD growing earnings by 20+ percent annually each year. I think these estimates are too low, and AMD stock should appreciate more or less in line with earnings growth. $3.50 in 2022 earnings and a 36x multiple would imply a 12-month price target of roughly $126 for AMD (20 percent upside), with more upside to come if they can get the supply chain caught up.</li>  <li>AMD believes data centers are a $30 billion-plus annual total-addressable-market opportunity. As was noted on the mostrecent conference call, AMD is steadily pulling market share for the server category, which includes data centers. The idea here is that AMD has built superior technology than Intel (INTC) over the past few years, forcing Intel to play catch-up (which takes a long time in the tech space) and giving AMD a chance to press its advantage.</li>  <li>AMD outsources manufacturing to Taiwan, which does create risk for the company if the China/Taiwan geopolitical situation changes. Additionally, the Xilinx acquisition requires Chinese approval, meaning that AMD has risk from a couple of different angles from China. So far, thechip shortage has somewhat constrained AMD's ability to supply the market, with lead times higher there than with their competitors. On the flip side, if the chip shortage does ease, this could be a positive catalyst for the company.</li>  <li>Intel is the elephant in the semiconductor industry, but AMD has outmaneuvered Intel at every turn so far since Lisa Su took over. Intel stock offers a much lower price to earnings multiple than AMD, but lower growth prospects.Recent newsis that Intel is willing to cut server CPU prices to win business back, but the AMD chips compare favorably on performance and energy consumption. Winning semiconductor market share is more than cutting prices, if you sell cheap chips that are inefficient and cause your customers to have to spend more on electricity, then cutting prices isn't going to help you as much as you think. Due to the ongoing carrying costs of data centers, AMD can win market share by building technology alone, no matter what pricing strategy their competitors do.</li>  <li>There are macro and micro risks to AMD. The macro risks are well-known and mainly relate to geopolitics, supply chain issues, and the global economy at large. The micro issues with AMD often relate to its perpetual status as the underdog. Intel, for example, has a greater market share and more R&amp;D resources, but AMD has gained an advantage in technology over them.</p><p><blockquote><ul><li>过去，缺乏多元化和杠杆率过高迫使AMD在下行周期通过垃圾债券（通常是可转换债券）筹集资金。可转换债券价格昂贵，因为它通常会支付利息并稀释股东权益。一般来说，精明的高净值投资者和机构通常更喜欢可转换债券，而散户投资者则倾向于认为普通股代表整个公司（事实并非如此），并允许华尔街随意攻击它们。可转换债务往往由信用评级低和/或投机性业务前景的公司发行。随着时间的推移，AMD和美光科技(MU)等其他芯片公司的财务状况大大改善，导致在许多情况下不再需要可转换债务。半导体公司的新一代管理团队已经想出了如何更好地管理风险和杠杆，使他们能够牢牢抓住21世纪任何行业最大的增长机会之一。一般来说，你可以通过投资至少具有投资级信用评级的公司的股票来解决杠杆率过高的问题（研究表明，信用评级高的公司的回报往往更好）。AMD在业务多元化和减少债务方面的努力得到了回报，该公司现在拥有投资级信用评级。我预计市场将以相对于整个市场越来越低的利率向AMD提供资本，从而带来良性循环，这应该会成为未来的巨大推动力。</li><li>AMD宣布他们将收购芯片制造商Xilinx(XLNX)，从战略角度来看，共识似乎是这是一笔不错的交易（这里有一些交易分析）。不过，该交易可能会也可能不会真正完成，中国监管机构需要批准该交易。如果交易没有完成，我不认为这会给AMD带来很大的价格风险，但这将是一个很好的机会。</li><li>派对可能才刚刚开始。《巴伦周刊》最近的一篇文章表明，如果AMD将部分利润再投资于该业务，该公司到2024年每股收益可能会超过7美元。</li><li>管理层的盈利指引可能相当保守，该公司最近几个季度的盈利预期大幅下降就证明了这一点。大多数分析师只预测到2023年，但他们确实认为AMD的盈利每年增长20%以上。我认为这些估计太低了，AMD股票应该或多或少地随着盈利增长而升值。2022年的盈利为3.50美元，市盈率为36倍，这意味着AMD的12个月目标价约为126美元（上涨20%），如果他们能够赶上供应链，还会有更多上涨空间。</li><li>AMD认为，数据中心是一个每年超过300亿美元的潜在市场机会。正如最近的电话会议所指出的，AMD正在稳步提升包括数据中心在内的服务器类别的市场份额。这里的想法是，AMD在过去几年中建立了比英特尔(INTC)更优越的技术，迫使英特尔迎头赶上（这在技术领域需要很长时间），并给AMD一个发挥优势的机会。</li><li>AMD将制造外包给台湾，如果中国/台湾地缘政治局势发生变化，这确实会给该公司带来风险。此外，收购赛灵思需要中国的批准，这意味着AMD面临着来自中国的几个不同角度的风险。到目前为止，芯片短缺在一定程度上限制了AMD供应市场的能力，其交货时间高于竞争对手。另一方面，如果芯片短缺确实缓解，这可能会成为该公司的积极催化剂。</li><li>英特尔是半导体行业的大象，但自从苏姿丰接手以来，AMD在每一个转折点上都胜过了英特尔。英特尔股票的市盈率远低于AMD，但增长前景较低。最近有消息称，英特尔愿意降低服务器CPU价格以赢回业务，但AMD芯片在性能和能耗方面更具优势。赢得半导体市场份额不仅仅是降价，如果你销售效率低下的廉价芯片，并导致你的客户不得不在电力上花费更多，那么降价不会像你想象的那样帮助你。由于数据中心的持续承载成本，AMD可以仅通过构建技术来赢得市场份额，无论他们的竞争对手采取什么定价策略。</li><li>AMD存在宏观和微观风险。宏观风险是众所周知的，主要与地缘政治、供应链问题和全球经济有关。AMD的微观问题往往与其永久的失败者地位有关。以英特尔为例，它拥有更大的市场份额和更多的研发资源，但AMD在技术上比他们获得了优势。</li></ul></blockquote></p><p></p><p> Academic research&nbsp;generally holds that investors underreact to success when pricing the stocks of winning businesses. This has to do with behavioral finance factors, like investors taking their profits and spending them while holding losing stocks (known as the&nbsp;disposition effect), as well as business factors (good managements tend to keep winning). This leads to returns above 20 percent annually for winning stocks in many cases. While the semiconductor business is cyclical, meaning that AMD shareholders may want to sell when the cycle inevitably turns again, AMD is one of the cleanest momentum stocks on the market right now.</p><p><blockquote>学术研究普遍认为，投资者在为获胜企业的股票定价时，对成功反应不足。这与行为金融因素有关，例如投资者在持有亏损股票的同时获利并支出（称为处置效应），以及商业因素（良好的管理层往往会持续获胜）。在许多情况下，这导致获胜股票的年回报率超过20%。虽然半导体业务具有周期性，这意味着当周期不可避免地再次转向时，AMD股东可能希望出售，但AMD是目前市场上最干净的动量股票之一。</blockquote></p><p> I wouldn't be surprised in the least if the company rises another 20-25 percent from here in the next 12 months. If the Barron's earnings call is correct, AMD should trade close to $200 by 2024 if the PE can remain at least in the 28-30x range, for an annual compound return of roughly 25 percent. While there are risks related to the semiconductor cycle, geopolitics, and competition, AMD seems to be one of the best buys in tech today.</p><p><blockquote>如果该公司在未来12个月内再上涨20-25%，我一点也不会感到惊讶。如果《巴伦周刊》的盈利看涨期权是正确的，如果市盈率至少保持在28-30倍的范围内，AMD的年复合回报率约为25%，到2024年，AMD的交易价格应该会接近200美元。尽管存在与半导体周期、地缘政治和竞争相关的风险，但AMD似乎是当今科技领域最值得买入的股票之一。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455692-amd-stock-strong-momentum-and-path-to-strong-compounded-annual-returns\">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":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4455692-amd-stock-strong-momentum-and-path-to-strong-compounded-annual-returns","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189843549","content_text":"Summary\n\nIn the dark days of 2015 and 2016, AMD traded for less than $3 and the company was loaded down with junk bonds.\nToday, AMD's tech is getting positive reviews, the balance sheet is cleaned up, and there are big opportunities to continue grabbing market share in data centers.\nAMD just raised revenue and margin guidance, with some analysts expecting AMD to earn as much as $7 per share by 2024.\nWhy momentum investing works and how to execute it with AMD.\n\nvchal/iStock via Getty Images\nAdvanced Micro Devices, Inc., better known as AMD, is one of the most popular NASDAQ stocks over the past few years with young investors, many of whom are into cryptocurrency and/or gaming. CEO Lisa Su took over in 2014, bringing both world-class engineering knowledge and business street smarts to the company. AMD quickly diversified into new product lines and has since gotten plenty of positive press for offering performance at a reasonable price. If you look at a long-run price graph of AMD, you'll see that it's a very boom and bust stock, obviously, the semiconductor business is cyclical, but the previous management had a habit of overleveraging the company, causing returns to be lower than they would be otherwise because much of the return went to creditors and not shareholders. Now AMD has a bunch of positive momentum, both in the share price and the business. Will AMD keep winning? I believe so, and I'll explain why.\nData by YCharts\n\nIn the past, lack of diversification and too much leverage forced AMD to raise capital during down cycles through junk bonds, often via convertible debt. Convertible debt is expensive because it generally pays interest and dilutes shareholders. As a general rule, convertible debt is generally preferred by savvy high-net-worth investors and institutions while retail investors tend to assume the common stock represents the whole company (it doesn't) and allow Wall Street to take free shots at them. Convertible debt tends to be issued by companies with low credit ratings and/or speculative business prospects. AMD and other chip companies like Micron (MU) have greatly improved their financial position over time, leading to the convertible debt no longer being necessary in many cases. The new generation of management teams at semiconductors has figured out how to manage risk and leverage better, allowing them to firmly take advantage of one of the biggest growth opportunities for any industry in the 21st century. You can get around the problem of overleverage, in general, by investing in the stocks of companies that have at least investment-grade credit ratings (research showst he returns tend to be better anyway for companies with strong credit ratings). AMD's hard work in diversifying the business and reducing debt has paid off, and the company now has an investment-grade credit rating. I would expect the markets to offer AMD capital at lower and lower rates relative to the market at large, bringing a virtuous circle that should act as a great tailwind going forward.\nAMD has announced that they are acquiring chipmaker Xilinx (XLNX), and the consensus opinion seems to be that it's a good deal from a strategic standpoint (some deal analysis here). The deal may or may not actually close though, and Chinese regulators need to approve the deal. If the deal doesn't close, I don't view it as posing a large price risk to AMD, but it would be a nice kicker.\nThe party may just be getting started. A recent piece in Barron's suggested that AMD could earn over $7 per share in 2024 if the company reinvests some of its profit in the business.\nManagement may be being fairly conservative with their earnings guidance, as evidenced by how much the company has crushed earnings estimates in recent quarters. Most analysts only have estimates going out to 2023, but they do have AMD growing earnings by 20+ percent annually each year. I think these estimates are too low, and AMD stock should appreciate more or less in line with earnings growth. $3.50 in 2022 earnings and a 36x multiple would imply a 12-month price target of roughly $126 for AMD (20 percent upside), with more upside to come if they can get the supply chain caught up.\nAMD believes data centers are a $30 billion-plus annual total-addressable-market opportunity. As was noted on the mostrecent conference call, AMD is steadily pulling market share for the server category, which includes data centers. The idea here is that AMD has built superior technology than Intel (INTC) over the past few years, forcing Intel to play catch-up (which takes a long time in the tech space) and giving AMD a chance to press its advantage.\nAMD outsources manufacturing to Taiwan, which does create risk for the company if the China/Taiwan geopolitical situation changes. Additionally, the Xilinx acquisition requires Chinese approval, meaning that AMD has risk from a couple of different angles from China. So far, thechip shortage has somewhat constrained AMD's ability to supply the market, with lead times higher there than with their competitors. On the flip side, if the chip shortage does ease, this could be a positive catalyst for the company.\nIntel is the elephant in the semiconductor industry, but AMD has outmaneuvered Intel at every turn so far since Lisa Su took over. Intel stock offers a much lower price to earnings multiple than AMD, but lower growth prospects.Recent newsis that Intel is willing to cut server CPU prices to win business back, but the AMD chips compare favorably on performance and energy consumption. Winning semiconductor market share is more than cutting prices, if you sell cheap chips that are inefficient and cause your customers to have to spend more on electricity, then cutting prices isn't going to help you as much as you think. Due to the ongoing carrying costs of data centers, AMD can win market share by building technology alone, no matter what pricing strategy their competitors do.\nThere are macro and micro risks to AMD. The macro risks are well-known and mainly relate to geopolitics, supply chain issues, and the global economy at large. The micro issues with AMD often relate to its perpetual status as the underdog. Intel, for example, has a greater market share and more R&D resources, but AMD has gained an advantage in technology over them. To win in the market, AMD must press this advantage and reinvest in R&D. After all, investing in technology is high-risk, high-reward. Winning tech companies make fortunes for their investors while losing ones tend to be forgotten to history. This is one reason why momentum investing and technology stocks go hand in hand.\n\nAMD Stock Forecast\nAcademic research generally holds that investors underreact to success when pricing the stocks of winning businesses. This has to do with behavioral finance factors, like investors taking their profits and spending them while holding losing stocks (known as the disposition effect), as well as business factors (good managements tend to keep winning). This leads to returns above 20 percent annually for winning stocks in many cases. While the semiconductor business is cyclical, meaning that AMD shareholders may want to sell when the cycle inevitably turns again, AMD is one of the cleanest momentum stocks on the market right now.\nI wouldn't be surprised in the least if the company rises another 20-25 percent from here in the next 12 months. If the Barron's earnings call is correct, AMD should trade close to $200 by 2024 if the PE can remain at least in the 28-30x range, for an annual compound return of roughly 25 percent. While there are risks related to the semiconductor cycle, geopolitics, and competition, AMD seems to be one of the best buys in tech today.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884138371,"gmtCreate":1631865788093,"gmtModify":1632805711735,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Maybe.&nbsp;","listText":"Maybe.&nbsp;","text":"Maybe.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/884138371","repostId":"1183212407","repostType":4,"repost":{"id":"1183212407","kind":"news","pubTimestamp":1631865011,"share":"https://www.laohu8.com/m/news/1183212407?lang=zh_CN&edition=full","pubTime":"2021-09-17 15:50","market":"us","language":"en","title":"Palantir: An Investing Wildcard<blockquote>Palantir：投资通配符</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183212407","media":"Seeking Alpha","summary":"Summary\n\nPalantir offers a great service, but future profitability and growth remain a mystery.\nFurt","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir offers a great service, but future profitability and growth remain a mystery.</li>  <li>Furthermore, an investment in Palantir also means owning a variety of SPACs and even gold bars.</li>  <li>With all this uncertainty baked into Palantir's future, I find it hard to value the company and justify owning a significant position.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18bb60fe633f55b29d5a1b94157845f3\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>GOCMEN/iStock via Getty Images</span></p><p><blockquote><ul><li>Palantir提供优质服务，但未来的盈利能力和增长仍然是个谜。</li><li>此外，投资Palantir还意味着拥有各种SPAC甚至金条。</li><li>由于Palantir的未来充满了所有这些不确定性，我发现很难评估该公司的价值并证明拥有重要职位的合理性。</li></ul><p class=\"t-img-caption\"><span>GOCMEN/iStock来自Getty Images</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p> Palantir Technologies Inc. (PLTR) is perhaps one of the hardest companies to value and believe me I have tried. There are just too many uncertain variables when it comes to this company. What does Palantir even do? How profitable can it be? How much dilution can we expect? And what new and “unexpected” investments will the company make going forward?</p><p><blockquote>Palantir Technologies Inc.(PLTR)可能是我尝试过的最难估值的公司之一，相信我。这家公司有太多不确定的变量。Palantir到底是做什么的？能有多大的利润？我们可以预期稀释多少？公司未来将进行哪些新的和“意想不到”的投资？</blockquote></p><p> All of these things make for a very uncertain investment, which, in many ways, isn't justified at today’s price. At the very least, investors should apply an uncertainty discount to Palantir, since their business remains a mystery. Also, there are significant risks beyond dilution that could severely damage the company’s reputation.</p><p><blockquote>所有这些都导致了一项非常不确定的投资，从很多方面来说，以今天的价格来看，这是不合理的。至少，投资者应该对Palantir给予不确定性折扣，因为他们的业务仍然是个谜。此外，除了稀释之外，还存在可能严重损害公司声誉的重大风险。</blockquote></p><p> Ultimately, I believe that while there are many compelling bearish points, a bull thesis can be built around the future growth of Foundry.</p><p><blockquote>最终，我相信，虽然有许多令人信服的看跌点，但可以围绕代工厂的未来增长构建看涨论点。</blockquote></p><p> <b>What does Palantir do?</b></p><p><blockquote><b>Palantir是做什么的？</b></blockquote></p><p> I won’t spend too much time discussing something which I’ve already talked about extensively&nbsp;in this article. The key point I made there is that Palantir relies on having an experienced team of salesmen that can act as consultants to the businesses/institutions that use Gotham/Foundry. Far from saying that the software is useless by itself, the point I’m making is that it is so specialized that it has to be used by experts. It requires deep collaboration between experts from the company using the software and experts from Palantir.</p><p><blockquote>我不会花太多时间来讨论我已经在本文中广泛讨论过的东西。我在那里提出的关键点是，Palantir依赖于拥有一支经验丰富的销售团队，他们可以充当使用Gotham/Foundry的企业/机构的顾问。我并不是说这个软件本身没用，我想说的是它太专业了，必须由专家来使用。它需要使用该软件的公司专家和Palantir专家之间的深度协作。</blockquote></p><p> The question then is just how much does Palantir rely on its employees and how much of the work is being done by its AI/software? In other words, what is the value split? And from a competitive standpoint, how easy would it be for former Palantir employees to create their own AI and compete with Palantir?</p><p><blockquote>接下来的问题是Palantir在多大程度上依赖其员工，有多少工作是由其AI/软件完成的？换句话说，什么是价值分割？从竞争的角度来看，Palantir前员工创建自己的人工智能并与Palantir竞争有多容易？</blockquote></p><p> To properly answer this question, requires a very in-depth understanding of the technology behind Gotham/Foundry and also the specific business practices of the company. Most investors and I include myself here, can only make an educated guess, but ultimately this could go either way.</p><p><blockquote>要正确回答这个问题，需要对Gotham/Foundry背后的技术以及公司的具体业务实践有非常深入的了解。大多数投资者和我，包括我自己，只能做出有根据的猜测，但最终情况可能是这样。</blockquote></p><p> From a bullish perspective, one could say that Palantir’s AI is actually learning all the time, and perhaps this makes it much harder to replace than a more traditional SaaS. On the other hand, another favourable point would be to say that, in the future, as data analytics becomes much more prevalent, companies will have more experienced employees who can therefore take some of the “burden” away from Palantir. Of course, there is a thin line between this and Palantir becoming completely replaceable.</p><p><blockquote>从看涨的角度来看，可以说Palantir的人工智能实际上一直在学习，也许这使得它比更传统的SaaS更难被取代。另一方面，另一个有利的观点是，在未来，随着数据分析变得更加普遍，公司将拥有更多经验丰富的员工，因此可以减轻Palantir的一些“负担”。当然，这与Palantir变得完全可替代之间只有一线之隔。</blockquote></p><p> The more bearish perspective would be to argue that Palantir’s software is easily replaceable and not that cutting edge, and that the reliance on highly paid and specialized engineers will render the company unprofitable for years, which brings me to my next point.</p><p><blockquote>更悲观的观点是认为Palantir的软件很容易更换，而不是那么尖端，并且对高薪专业工程师的依赖将使公司多年无法盈利，这就引出了我的下一个观点。</blockquote></p><p> <b>An uncertain future</b></p><p><blockquote><b>不确定的未来</b></blockquote></p><p> The problem with Palantir is that it is near impossible to achieve a valuation based on cash flow, or even valuation multiples. Palantir’s business is unique and it remains a mystery what kind of profit margins the company will be able to achieve moving forward.</p><p><blockquote>Palantir的问题在于，几乎不可能实现基于现金流甚至估值倍数的估值。Palantir的业务是独一无二的，该公司未来能够实现什么样的利润率仍然是个谜。</blockquote></p><p> In the past, I have&nbsp;tried to value Palantir&nbsp;in such a way, by forecasting its profitability to approximate that of its peers in the coming decade. However, this yielded a target price of around $16/share, once dilution was taken into account.</p><p><blockquote>过去，我曾试图以这种方式对Palantir进行估值，预测其未来十年的盈利能力接近同行。然而，一旦考虑到稀释因素，目标价约为16美元/股。</blockquote></p><p> The only way one could justify an investment in Palantir would be if share dilution is drastically reduced and the company continues to grow at a rate that justifies much higher valuation multiples than the industry.In this article,I calculated what this could look like, reaching a price target of around $116 by 2030, but this uses a P/E ratio of 66, which is double the industry average.</p><p><blockquote>证明投资Palantir合理的唯一方法是股票稀释大幅减少，并且该公司继续以远高于行业估值倍数的速度增长。在本文中，我计算了这可能是什么样子，到2030年达到116美元左右的目标价格，但这使用的市盈率为66，是行业平均水平的两倍。</blockquote></p><p> The point I am trying to make is that very different price targets can be obtained under reasonable assumptions. It just really depends on your interpretation of the business and its prospects.</p><p><blockquote>我想说的是，在合理的假设下，可以获得非常不同的价格目标。这真的取决于你对业务及其前景的解读。</blockquote></p><p> Another issue with Palantir is the fact that it is so susceptible to news and marketing. Palantir works with sensitive data, and any hint at the fact that this data might not be safe, as the&nbsp;recent FBI glitch, might spook prospective clients and investors.</p><p><blockquote>Palantir的另一个问题是它非常容易受到新闻和营销的影响。Palantir处理敏感数据，任何暗示这些数据可能不安全的事实，例如最近的FBI故障，都可能会吓坏潜在客户和投资者。</blockquote></p><p> Ultimately, as many bulls argue, Palantir’s true addressable market can’t even be quantified yet. So how exactly can we quantify ROI?</p><p><blockquote>最终，正如许多多头所认为的那样，Palantir真正的潜在市场甚至还无法量化。那么，我们如何准确量化投资回报率呢？</blockquote></p><p></p><p> <b>A “diversified” Balance Sheet</b></p><p><blockquote><b>“多元化”的资产负债表</b></blockquote></p><p> To make matters even more complex, Palantir has been making a series of investments that don’t seem to necessarily be based on logic. Last month it was revealed that Palantir invested around&nbsp;$50 million in gold bars. Why exactly? A proper explanation hasn’t been offered. Of course, this investment represents a little over 2% of Palantir’s available cash, but it still makes a clear statement: Palantir is not afraid to do unexpected things.</p><p><blockquote>让事情变得更加复杂的是，Palantir一直在进行一系列似乎不一定基于逻辑的投资。上个月有消息称Palantir投资了约5000万美元购买金条。到底为什么？还没有给出适当的解释。当然，这笔投资只占Palantir可用现金的2%多一点，但它仍然明确声明：Palantir不怕做意想不到的事情。</blockquote></p><p> Most notably though, Palantir has invested in numerous SPACS in the last year, which again just adds to the uncertainty of investing in Palantir. Some of these investments include Sarcos Robotics, Roivant Sciences and Celularity. Of course, there is a common theme underpinning these investments. All the above-mentioned companies use or have committed to using Palantir’s software in the future. More recently, Palantir has&nbsp;partnered with BlackSky, a geospatial intelligence company following a successful partnership with this company.</p><p><blockquote>但最值得注意的是，Palantir去年投资了众多SPAC，这再次增加了投资Palantir的不确定性。其中一些投资包括Sarcos Robotics、Roivant Sciences和Celularity。当然，这些投资有一个共同的主题。上述所有公司都使用或承诺在未来使用Palantir的软件。最近，Palantir与地理空间情报公司BlackSky成功合作。</blockquote></p><p> The question is, are these good investments that the company is making from a position of privilege since it knows these companies well? Or is Palantir simply investing to guarantee future demand? Whichever it is, one thing is clear, the fact that Palantir is so happy to spend the money it has raised at the expense of shareholders might concern some.</p><p><blockquote>问题是，既然公司非常了解这些公司，那么这些投资是出于特权地位而进行的吗？还是Palantir只是为了保证未来的需求而投资？无论是哪一种，有一点是明确的，Palantir如此乐意以牺牲股东利益为代价来花费筹集的资金，这一事实可能会让一些人感到担忧。</blockquote></p><p> <b>Palantir’s road to success</b></p><p><blockquote><b>Palantir的成功之路</b></blockquote></p><p> With all of the uncertainty baked into the Palantir mix, there is only, in my opinion, one argument that can justify a position in Palantir, and that is growth. To justify its price, Palantir has to grow to become much more than it is today. Most significantly, Palantir’s Foundry, which serves commercial enterprises, has to become a staple in the business world.</p><p><blockquote>由于Palantir组合中存在所有不确定性，在我看来，只有一个论据可以证明Palantir的地位是合理的，那就是增长。为了证明其价格合理，Palantir必须发展到比现在更大的水平。最重要的是，Palantir为商业企业服务的代工厂必须成为商界的主要产品。</blockquote></p><p> Palantir is trying to do just this, and it is getting started by launching Foundry for Builders, which aims to target smaller companies.</p><p><blockquote>Palantir正试图做到这一点，它首先推出了Foundry for Builders，旨在针对较小的公司。</blockquote></p><p>   Under Foundry for Builders, Palantir will sell Foundry to start-ups under a subscription model, first to companies connected to Palantir alumni, before expanding the initiative to other early stage companies.  Source:Yahoo Finance</p><p><blockquote>根据Foundry for Builders，Palantir将以订阅模式向初创企业出售Foundry，首先向与Palantir校友有联系的公司出售，然后将该计划扩展到其他早期公司。资料来源：雅虎财经</blockquote></p><p> This is where Palantir investors should be looking to determine the future success of the company. If Palantir’s Foundry can prove itself useful to these early-stage companies, perhaps there is a chance that the company can grow into its valuation.</p><p><blockquote>这是Palantir投资者应该关注的决定公司未来成功的地方。如果Palantir的代工厂能够证明自己对这些早期公司有用，也许该公司有机会增长到其估值水平。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> The data analytics business will be one of the fastest-growing industries in the coming years. However, this space is incredibly competitive, and there’s a reasonable chance that successful companies today won’t be the winners of tomorrow. The data segment is comparable to the CRM and ERP business back in the 90s. In the coming years, a great majority of companies will be leveraging the power of data. But will they be using Palantir? The answer lies in which of these companies has the best “system” behind them. Palantir has shown a lot of promise, but at this price, I believe the uncertainty is too high to hold on to a significant position.</p><p><blockquote>数据分析业务将是未来几年增长最快的行业之一。然而，这个领域竞争异常激烈，今天成功的公司很有可能不会成为明天的赢家。数据部门可与90年代的CRM和ERP业务相媲美。在未来几年，绝大多数公司将利用数据的力量。但他们会使用Palantir吗？答案就在于这些公司中，哪家背后的“体系”最好。Palantir已经显示出很大的前景，但在这个价格下，我认为不确定性太高，无法持有重要头寸。</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>Palantir: An Investing Wildcard<blockquote>Palantir：投资通配符</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\">\nPalantir: An Investing Wildcard<blockquote>Palantir：投资通配符</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\">2021-09-17 15:50</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>Palantir offers a great service, but future profitability and growth remain a mystery.</li>  <li>Furthermore, an investment in Palantir also means owning a variety of SPACs and even gold bars.</li>  <li>With all this uncertainty baked into Palantir's future, I find it hard to value the company and justify owning a significant position.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18bb60fe633f55b29d5a1b94157845f3\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>GOCMEN/iStock via Getty Images</span></p><p><blockquote><ul><li>Palantir提供优质服务，但未来的盈利能力和增长仍然是个谜。</li><li>此外，投资Palantir还意味着拥有各种SPAC甚至金条。</li><li>由于Palantir的未来充满了所有这些不确定性，我发现很难评估该公司的价值并证明拥有重要职位的合理性。</li></ul><p class=\"t-img-caption\"><span>GOCMEN/iStock来自Getty Images</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p> Palantir Technologies Inc. (PLTR) is perhaps one of the hardest companies to value and believe me I have tried. There are just too many uncertain variables when it comes to this company. What does Palantir even do? How profitable can it be? How much dilution can we expect? And what new and “unexpected” investments will the company make going forward?</p><p><blockquote>Palantir Technologies Inc.(PLTR)可能是我尝试过的最难估值的公司之一，相信我。这家公司有太多不确定的变量。Palantir到底是做什么的？能有多大的利润？我们可以预期稀释多少？公司未来将进行哪些新的和“意想不到”的投资？</blockquote></p><p> All of these things make for a very uncertain investment, which, in many ways, isn't justified at today’s price. At the very least, investors should apply an uncertainty discount to Palantir, since their business remains a mystery. Also, there are significant risks beyond dilution that could severely damage the company’s reputation.</p><p><blockquote>所有这些都导致了一项非常不确定的投资，从很多方面来说，以今天的价格来看，这是不合理的。至少，投资者应该对Palantir给予不确定性折扣，因为他们的业务仍然是个谜。此外，除了稀释之外，还存在可能严重损害公司声誉的重大风险。</blockquote></p><p> Ultimately, I believe that while there are many compelling bearish points, a bull thesis can be built around the future growth of Foundry.</p><p><blockquote>最终，我相信，虽然有许多令人信服的看跌点，但可以围绕代工厂的未来增长构建看涨论点。</blockquote></p><p> <b>What does Palantir do?</b></p><p><blockquote><b>Palantir是做什么的？</b></blockquote></p><p> I won’t spend too much time discussing something which I’ve already talked about extensively&nbsp;in this article. The key point I made there is that Palantir relies on having an experienced team of salesmen that can act as consultants to the businesses/institutions that use Gotham/Foundry. Far from saying that the software is useless by itself, the point I’m making is that it is so specialized that it has to be used by experts. It requires deep collaboration between experts from the company using the software and experts from Palantir.</p><p><blockquote>我不会花太多时间来讨论我已经在本文中广泛讨论过的东西。我在那里提出的关键点是，Palantir依赖于拥有一支经验丰富的销售团队，他们可以充当使用Gotham/Foundry的企业/机构的顾问。我并不是说这个软件本身没用，我想说的是它太专业了，必须由专家来使用。它需要使用该软件的公司专家和Palantir专家之间的深度协作。</blockquote></p><p> The question then is just how much does Palantir rely on its employees and how much of the work is being done by its AI/software? In other words, what is the value split? And from a competitive standpoint, how easy would it be for former Palantir employees to create their own AI and compete with Palantir?</p><p><blockquote>接下来的问题是Palantir在多大程度上依赖其员工，有多少工作是由其AI/软件完成的？换句话说，什么是价值分割？从竞争的角度来看，Palantir前员工创建自己的人工智能并与Palantir竞争有多容易？</blockquote></p><p> To properly answer this question, requires a very in-depth understanding of the technology behind Gotham/Foundry and also the specific business practices of the company. Most investors and I include myself here, can only make an educated guess, but ultimately this could go either way.</p><p><blockquote>要正确回答这个问题，需要对Gotham/Foundry背后的技术以及公司的具体业务实践有非常深入的了解。大多数投资者和我，包括我自己，只能做出有根据的猜测，但最终情况可能是这样。</blockquote></p><p> From a bullish perspective, one could say that Palantir’s AI is actually learning all the time, and perhaps this makes it much harder to replace than a more traditional SaaS. On the other hand, another favourable point would be to say that, in the future, as data analytics becomes much more prevalent, companies will have more experienced employees who can therefore take some of the “burden” away from Palantir. Of course, there is a thin line between this and Palantir becoming completely replaceable.</p><p><blockquote>从看涨的角度来看，可以说Palantir的人工智能实际上一直在学习，也许这使得它比更传统的SaaS更难被取代。另一方面，另一个有利的观点是，在未来，随着数据分析变得更加普遍，公司将拥有更多经验丰富的员工，因此可以减轻Palantir的一些“负担”。当然，这与Palantir变得完全可替代之间只有一线之隔。</blockquote></p><p> The more bearish perspective would be to argue that Palantir’s software is easily replaceable and not that cutting edge, and that the reliance on highly paid and specialized engineers will render the company unprofitable for years, which brings me to my next point.</p><p><blockquote>更悲观的观点是认为Palantir的软件很容易更换，而不是那么尖端，并且对高薪专业工程师的依赖将使公司多年无法盈利，这就引出了我的下一个观点。</blockquote></p><p> <b>An uncertain future</b></p><p><blockquote><b>不确定的未来</b></blockquote></p><p> The problem with Palantir is that it is near impossible to achieve a valuation based on cash flow, or even valuation multiples. Palantir’s business is unique and it remains a mystery what kind of profit margins the company will be able to achieve moving forward.</p><p><blockquote>Palantir的问题在于，几乎不可能实现基于现金流甚至估值倍数的估值。Palantir的业务是独一无二的，该公司未来能够实现什么样的利润率仍然是个谜。</blockquote></p><p> In the past, I have&nbsp;tried to value Palantir&nbsp;in such a way, by forecasting its profitability to approximate that of its peers in the coming decade. However, this yielded a target price of around $16/share, once dilution was taken into account.</p><p><blockquote>过去，我曾试图以这种方式对Palantir进行估值，预测其未来十年的盈利能力接近同行。然而，一旦考虑到稀释因素，目标价约为16美元/股。</blockquote></p><p> The only way one could justify an investment in Palantir would be if share dilution is drastically reduced and the company continues to grow at a rate that justifies much higher valuation multiples than the industry.In this article,I calculated what this could look like, reaching a price target of around $116 by 2030, but this uses a P/E ratio of 66, which is double the industry average.</p><p><blockquote>证明投资Palantir合理的唯一方法是股票稀释大幅减少，并且该公司继续以远高于行业估值倍数的速度增长。在本文中，我计算了这可能是什么样子，到2030年达到116美元左右的目标价格，但这使用的市盈率为66，是行业平均水平的两倍。</blockquote></p><p> The point I am trying to make is that very different price targets can be obtained under reasonable assumptions. It just really depends on your interpretation of the business and its prospects.</p><p><blockquote>我想说的是，在合理的假设下，可以获得非常不同的价格目标。这真的取决于你对业务及其前景的解读。</blockquote></p><p> Another issue with Palantir is the fact that it is so susceptible to news and marketing. Palantir works with sensitive data, and any hint at the fact that this data might not be safe, as the&nbsp;recent FBI glitch, might spook prospective clients and investors.</p><p><blockquote>Palantir的另一个问题是它非常容易受到新闻和营销的影响。Palantir处理敏感数据，任何暗示这些数据可能不安全的事实，例如最近的FBI故障，都可能会吓坏潜在客户和投资者。</blockquote></p><p> Ultimately, as many bulls argue, Palantir’s true addressable market can’t even be quantified yet. So how exactly can we quantify ROI?</p><p><blockquote>最终，正如许多多头所认为的那样，Palantir真正的潜在市场甚至还无法量化。那么，我们如何准确量化投资回报率呢？</blockquote></p><p></p><p> <b>A “diversified” Balance Sheet</b></p><p><blockquote><b>“多元化”的资产负债表</b></blockquote></p><p> To make matters even more complex, Palantir has been making a series of investments that don’t seem to necessarily be based on logic. Last month it was revealed that Palantir invested around&nbsp;$50 million in gold bars. Why exactly? A proper explanation hasn’t been offered. Of course, this investment represents a little over 2% of Palantir’s available cash, but it still makes a clear statement: Palantir is not afraid to do unexpected things.</p><p><blockquote>让事情变得更加复杂的是，Palantir一直在进行一系列似乎不一定基于逻辑的投资。上个月有消息称Palantir投资了约5000万美元购买金条。到底为什么？还没有给出适当的解释。当然，这笔投资只占Palantir可用现金的2%多一点，但它仍然明确声明：Palantir不怕做意想不到的事情。</blockquote></p><p> Most notably though, Palantir has invested in numerous SPACS in the last year, which again just adds to the uncertainty of investing in Palantir. Some of these investments include Sarcos Robotics, Roivant Sciences and Celularity. Of course, there is a common theme underpinning these investments. All the above-mentioned companies use or have committed to using Palantir’s software in the future. More recently, Palantir has&nbsp;partnered with BlackSky, a geospatial intelligence company following a successful partnership with this company.</p><p><blockquote>但最值得注意的是，Palantir去年投资了众多SPAC，这再次增加了投资Palantir的不确定性。其中一些投资包括Sarcos Robotics、Roivant Sciences和Celularity。当然，这些投资有一个共同的主题。上述所有公司都使用或承诺在未来使用Palantir的软件。最近，Palantir与地理空间情报公司BlackSky成功合作。</blockquote></p><p> The question is, are these good investments that the company is making from a position of privilege since it knows these companies well? Or is Palantir simply investing to guarantee future demand? Whichever it is, one thing is clear, the fact that Palantir is so happy to spend the money it has raised at the expense of shareholders might concern some.</p><p><blockquote>问题是，既然公司非常了解这些公司，那么这些投资是出于特权地位而进行的吗？还是Palantir只是为了保证未来的需求而投资？无论是哪一种，有一点是明确的，Palantir如此乐意以牺牲股东利益为代价来花费筹集的资金，这一事实可能会让一些人感到担忧。</blockquote></p><p> <b>Palantir’s road to success</b></p><p><blockquote><b>Palantir的成功之路</b></blockquote></p><p> With all of the uncertainty baked into the Palantir mix, there is only, in my opinion, one argument that can justify a position in Palantir, and that is growth. To justify its price, Palantir has to grow to become much more than it is today. Most significantly, Palantir’s Foundry, which serves commercial enterprises, has to become a staple in the business world.</p><p><blockquote>由于Palantir组合中存在所有不确定性，在我看来，只有一个论据可以证明Palantir的地位是合理的，那就是增长。为了证明其价格合理，Palantir必须发展到比现在更大的水平。最重要的是，Palantir为商业企业服务的代工厂必须成为商界的主要产品。</blockquote></p><p> Palantir is trying to do just this, and it is getting started by launching Foundry for Builders, which aims to target smaller companies.</p><p><blockquote>Palantir正试图做到这一点，它首先推出了Foundry for Builders，旨在针对较小的公司。</blockquote></p><p>   Under Foundry for Builders, Palantir will sell Foundry to start-ups under a subscription model, first to companies connected to Palantir alumni, before expanding the initiative to other early stage companies.  Source:Yahoo Finance</p><p><blockquote>根据Foundry for Builders，Palantir将以订阅模式向初创企业出售Foundry，首先向与Palantir校友有联系的公司出售，然后将该计划扩展到其他早期公司。资料来源：雅虎财经</blockquote></p><p> This is where Palantir investors should be looking to determine the future success of the company. If Palantir’s Foundry can prove itself useful to these early-stage companies, perhaps there is a chance that the company can grow into its valuation.</p><p><blockquote>这是Palantir投资者应该关注的决定公司未来成功的地方。如果Palantir的代工厂能够证明自己对这些早期公司有用，也许该公司有机会增长到其估值水平。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> The data analytics business will be one of the fastest-growing industries in the coming years. However, this space is incredibly competitive, and there’s a reasonable chance that successful companies today won’t be the winners of tomorrow. The data segment is comparable to the CRM and ERP business back in the 90s. In the coming years, a great majority of companies will be leveraging the power of data. But will they be using Palantir? The answer lies in which of these companies has the best “system” behind them. Palantir has shown a lot of promise, but at this price, I believe the uncertainty is too high to hold on to a significant position.</p><p><blockquote>数据分析业务将是未来几年增长最快的行业之一。然而，这个领域竞争异常激烈，今天成功的公司很有可能不会成为明天的赢家。数据部门可与90年代的CRM和ERP业务相媲美。在未来几年，绝大多数公司将利用数据的力量。但他们会使用Palantir吗？答案就在于这些公司中，哪家背后的“体系”最好。Palantir已经显示出很大的前景，但在这个价格下，我认为不确定性太高，无法持有重要头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455718-palantir-an-investing-wildcard\">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":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4455718-palantir-an-investing-wildcard","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183212407","content_text":"Summary\n\nPalantir offers a great service, but future profitability and growth remain a mystery.\nFurthermore, an investment in Palantir also means owning a variety of SPACs and even gold bars.\nWith all this uncertainty baked into Palantir's future, I find it hard to value the company and justify owning a significant position.\n\nGOCMEN/iStock via Getty Images\nThesis Summary\nPalantir Technologies Inc. (PLTR) is perhaps one of the hardest companies to value and believe me I have tried. There are just too many uncertain variables when it comes to this company. What does Palantir even do? How profitable can it be? How much dilution can we expect? And what new and “unexpected” investments will the company make going forward?\nAll of these things make for a very uncertain investment, which, in many ways, isn't justified at today’s price. At the very least, investors should apply an uncertainty discount to Palantir, since their business remains a mystery. Also, there are significant risks beyond dilution that could severely damage the company’s reputation.\nUltimately, I believe that while there are many compelling bearish points, a bull thesis can be built around the future growth of Foundry.\nWhat does Palantir do?\nI won’t spend too much time discussing something which I’ve already talked about extensively in this article. The key point I made there is that Palantir relies on having an experienced team of salesmen that can act as consultants to the businesses/institutions that use Gotham/Foundry. Far from saying that the software is useless by itself, the point I’m making is that it is so specialized that it has to be used by experts. It requires deep collaboration between experts from the company using the software and experts from Palantir.\nThe question then is just how much does Palantir rely on its employees and how much of the work is being done by its AI/software? In other words, what is the value split? And from a competitive standpoint, how easy would it be for former Palantir employees to create their own AI and compete with Palantir?\nTo properly answer this question, requires a very in-depth understanding of the technology behind Gotham/Foundry and also the specific business practices of the company. Most investors and I include myself here, can only make an educated guess, but ultimately this could go either way.\nFrom a bullish perspective, one could say that Palantir’s AI is actually learning all the time, and perhaps this makes it much harder to replace than a more traditional SaaS. On the other hand, another favourable point would be to say that, in the future, as data analytics becomes much more prevalent, companies will have more experienced employees who can therefore take some of the “burden” away from Palantir. Of course, there is a thin line between this and Palantir becoming completely replaceable.\nThe more bearish perspective would be to argue that Palantir’s software is easily replaceable and not that cutting edge, and that the reliance on highly paid and specialized engineers will render the company unprofitable for years, which brings me to my next point.\nAn uncertain future\nThe problem with Palantir is that it is near impossible to achieve a valuation based on cash flow, or even valuation multiples. Palantir’s business is unique and it remains a mystery what kind of profit margins the company will be able to achieve moving forward.\nIn the past, I have tried to value Palantir in such a way, by forecasting its profitability to approximate that of its peers in the coming decade. However, this yielded a target price of around $16/share, once dilution was taken into account.\nThe only way one could justify an investment in Palantir would be if share dilution is drastically reduced and the company continues to grow at a rate that justifies much higher valuation multiples than the industry.In this article,I calculated what this could look like, reaching a price target of around $116 by 2030, but this uses a P/E ratio of 66, which is double the industry average.\nThe point I am trying to make is that very different price targets can be obtained under reasonable assumptions. It just really depends on your interpretation of the business and its prospects.\nAnother issue with Palantir is the fact that it is so susceptible to news and marketing. Palantir works with sensitive data, and any hint at the fact that this data might not be safe, as the recent FBI glitch, might spook prospective clients and investors.\nUltimately, as many bulls argue, Palantir’s true addressable market can’t even be quantified yet. So how exactly can we quantify ROI?\nA “diversified” Balance Sheet\nTo make matters even more complex, Palantir has been making a series of investments that don’t seem to necessarily be based on logic. Last month it was revealed that Palantir invested around $50 million in gold bars. Why exactly? A proper explanation hasn’t been offered. Of course, this investment represents a little over 2% of Palantir’s available cash, but it still makes a clear statement: Palantir is not afraid to do unexpected things.\nMost notably though, Palantir has invested in numerous SPACS in the last year, which again just adds to the uncertainty of investing in Palantir. Some of these investments include Sarcos Robotics, Roivant Sciences and Celularity. Of course, there is a common theme underpinning these investments. All the above-mentioned companies use or have committed to using Palantir’s software in the future. More recently, Palantir has partnered with BlackSky, a geospatial intelligence company following a successful partnership with this company.\nThe question is, are these good investments that the company is making from a position of privilege since it knows these companies well? Or is Palantir simply investing to guarantee future demand? Whichever it is, one thing is clear, the fact that Palantir is so happy to spend the money it has raised at the expense of shareholders might concern some.\nPalantir’s road to success\nWith all of the uncertainty baked into the Palantir mix, there is only, in my opinion, one argument that can justify a position in Palantir, and that is growth. To justify its price, Palantir has to grow to become much more than it is today. Most significantly, Palantir’s Foundry, which serves commercial enterprises, has to become a staple in the business world.\nPalantir is trying to do just this, and it is getting started by launching Foundry for Builders, which aims to target smaller companies.\n\n Under Foundry for Builders, Palantir will sell Foundry to start-ups under a subscription model, first to companies connected to Palantir alumni, before expanding the initiative to other early stage companies.\n\nSource:Yahoo Finance\nThis is where Palantir investors should be looking to determine the future success of the company. If Palantir’s Foundry can prove itself useful to these early-stage companies, perhaps there is a chance that the company can grow into its valuation.\nTakeaway\nThe data analytics business will be one of the fastest-growing industries in the coming years. However, this space is incredibly competitive, and there’s a reasonable chance that successful companies today won’t be the winners of tomorrow. The data segment is comparable to the CRM and ERP business back in the 90s. In the coming years, a great majority of companies will be leveraging the power of data. But will they be using Palantir? The answer lies in which of these companies has the best “system” behind them. Palantir has shown a lot of promise, but at this price, I believe the uncertainty is too high to hold on to a significant position.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883964290,"gmtCreate":1631197062310,"gmtModify":1632884007450,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Debt ceiling increase on the way~","listText":"Debt ceiling increase on the way~","text":"Debt ceiling increase on the way~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883964290","repostId":"1114255023","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813523970,"gmtCreate":1630216957890,"gmtModify":1704957166439,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"KIV","listText":"KIV","text":"KIV","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813523970","repostId":"1129129956","repostType":4,"repost":{"id":"1129129956","kind":"news","pubTimestamp":1630201285,"share":"https://www.laohu8.com/m/news/1129129956?lang=zh_CN&edition=full","pubTime":"2021-08-29 09:41","market":"us","language":"en","title":"This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129129956","media":"Motley Fool","summary":"The iBuying business is a race to grow larger, and Opendoor is winning.The company is growing at a rate that is two years ahead of what management projected just a year earlier.The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.Real estate iBuying company Opendoor Technologieshas been executing at a high level in the three quarters since coming public via a special purpose acquisition company  merger. In a race to disrupt residential ","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件激怒了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</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>This Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</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\">\nThis Unloved Tech Stock Could Make You Rich One Day<blockquote>这只不受欢迎的科技股有一天会让你变得富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-29 09:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul>  <li>The iBuying business is a race to grow larger, and Opendoor is winning.</li>  <li>The company is growing at a rate that is two years ahead of what management projected just a year earlier.</li>  <li>The market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.</li> </ul> </p><p><blockquote><ul><li>iBuying业务是一场做大的竞赛，Opendoor正在获胜。</li><li>该公司的增长速度比管理层一年前的预测提前了两年。</li><li>市场对几乎所有SPAC都持悲观态度，这使得Opendoor成为最终可能带来巨额回报的便宜货。</li></ul></blockquote></p><p> Real estate iBuying company&nbsp;<b>Opendoor Technologies</b>(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.</p><p><blockquote>房地产iBuying公司<b>开门技术</b>（纳斯达克：OPEN）自通过特殊目的收购公司（SPAC）合并上市以来，三个季度的执行情况一直处于高水平。在颠覆全球最大市场之一住宅房地产的竞赛中，Opendoor的长期潜力可能会为耐心的投资者带来丰厚的回报。</blockquote></p><p> Despite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.</p><p><blockquote>尽管有上行空间，市场尚未欣赏Opendoor的成就；该股较高点下跌超过50%。有三个重要线索表明，对于大胆的投资者来说，Opendoor可能是一个引人注目的投资理念。</blockquote></p><p> <h3>1. Opendoor is winning the iBuying battle</h3> The traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.</p><p><blockquote><h3>1.Opendoor正在赢得iBuying之战</h3>美国传统的购房流程缓慢，由多方处理，包括代理人、律师、检查员和银行家。这造成了大量来回的文书工作，平均将流程拖到30多天。</blockquote></p><p> Opendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.</p><p><blockquote>Opendoor开创了“iBuying”的概念，即房屋的买卖是数字化的，像Opendoor这样的公司直接与卖家合作，为他们提供现金报价和数字化成交流程。然后公司在市场上转售房子。iBuying流程省去了代理商和一些与传统成交相关的费用，如代理商佣金。然后Opendoor在市场上转售房屋，并收取高达5%的交易服务费。</blockquote></p><p> After seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including&nbsp;<b>Zillow Group</b>&nbsp;and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.</p><p><blockquote>在看到Opendoor凭借iBuying概念稳步增长后，竞争对手也开始提供iBuying服务，包括<b>Zillow集团</b>和Offerpad。由于该业务的资本密集型程度（买卖数千套房屋需要大量资金）以及房地产市场的价格竞争力，这些公司都在竞相做大。随着公司买卖更多房屋，他们有能力通过利用外包承包商来节省资金来获得更多利润，并且随着交易数量的增加，其定价算法也会改进。</blockquote></p><p> According to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.</p><p><blockquote>根据专门跟踪iBuying竞争对手的网站iBuyerStats的数据，Opendoor一直拥有最多的待售房屋库存。该公司目前约有3,300套待售房屋，比Zillow多53%，是Offerpad的四倍多。</blockquote></p><p> <h3>2. Revenue growth is ahead of schedule</h3> When companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.</p><p><blockquote><h3>2、营收增速提前</h3>当公司通过SpacMerger上市时，他们会公开介绍自己的业务，通常包括长期增长预测。大约一年前，即2020年9月，Opendoor发布了合并前投资者演示文稿。</blockquote></p><p> Fast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"</p><p><blockquote>快进到该公司最近的2021年第二季度收益看涨期权。首席执行官兼创始人Eric Wu在财报看涨期权上表示，“……根据我们目前的进展，我们下半年的收入运行率有望超过2023年的目标，比计划提前了整整两年。”</blockquote></p><p> In other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.</p><p><blockquote>换句话说，如果Opendoor按照目前的业务水平运营12个月，它将超过2023年预计的98亿美元收入。这是一个被忽视的点，因为如果Opendoor已经比其最初的增长曲线提前了两年，那么到2023年它会在哪里？当然，房地产市场下滑或其他事件可能会扰乱公司的增长速度，但Opendoor正在向世界展示该业务正在高水平运营。</blockquote></p><p> <h3>3. SPACs are out of favor with the market... opportunity?</h3> Investors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.</p><p><blockquote><h3>3、SPAC失宠于市场……机会？</h3>投资者忽略了这一强劲表现，而是关注Opendoor通过SPAC合并加入公开市场的事实。对于前SPAC来说，经营业绩或收益如何并不重要；几个月来，股市几乎一直在抛售所有基于SPAC的股票。</blockquote></p><p> Investors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.</p><p><blockquote>投资者对少数“不良苹果”公司的欺诈行为感到震惊，而其他公司也严重未能实现上市前的预测。这些事件激怒了相关人员，投资者对SPAC整体采取了更加谨慎的态度。</blockquote></p><p> But if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.</p><p><blockquote>但如果像Opendoor这样的公司继续超出预期，市场最终可能会好转。当这种情况发生时，股价可能会大幅波动。如果我们采纳Eric Wu对收入的评论，并假设Opendoor在2022年的销售额为100亿美元（换句话说，Opendoor在接下来的一年里停止增长并保持目前的速度），那么该股目前的市销率(P/S)比率仅为1.0。这是一个便宜的估值。</blockquote></p><p> Competitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.</p><p><blockquote>竞争对手Zillow Group的市盈率超过3，反映了Opendoor作为前SPAC的折扣。</blockquote></p><p></p><p> <h3>Here's the bottom line</h3> Real estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"<b>Amazon</b>\" of home buying, but what seems certain is that the company is&nbsp;poised to be a big player&nbsp;in real estate's future if it keeps performing like this.</p><p><blockquote><h3>这是底线</h3>房地产是一个巨大的市场，也是一个复杂的行业，因为传统代理商和试图将技术引入购房的“新人”之间存在冲突。现在说Opendoor将成为“<b>亚马逊</b>“但似乎可以肯定的是，如果该公司继续保持这样的表现，它将成为房地产未来的重要参与者。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/\">Motley Fool</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":{"OPEN":"Opendoor Technologies Inc"},"source_url":"https://www.fool.com/investing/2021/08/28/this-unloved-tech-stock-may-make-you-rich-one-day/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129129956","content_text":"Key Points\n\nThe iBuying business is a race to grow larger, and Opendoor is winning.\nThe company is growing at a rate that is two years ahead of what management projected just a year earlier.\nThe market is bearish on virtually all SPACs, making Opendoor a bargain that could eventually bring huge returns.\n\n\nReal estate iBuying company Opendoor Technologies(NASDAQ:OPEN)has been executing at a high level in the three quarters since coming public via a special purpose acquisition company (SPAC) merger. In a race to disrupt residential real estate, one of the largest markets in the world, Opendoor's long-term potential could bring big returns for patient investors.\nDespite the upside, the market hasn't yet appreciated Opendoor's accomplishments; the stock is down more than 50% from its highs. There are three important clues that Opendoor could be a compelling investment idea for bold investors.\n1. Opendoor is winning the iBuying battle\nThe traditional home-buying process in the United States is slow and handled by multiple parties, including agents, lawyers, inspectors, and bankers. This creates a lot of back and forth paperwork and drags the process out to more than 30 days, on average.\nOpendoor pioneered the concept of \"iBuying,\" where the buying and selling of a house are digitized, and a company like Opendoor works directly with sellers to provide them with a cash offer and a digital closing process. The company then resells the house on the market. The iBuying process cuts out agents and some of the fees associated with traditional closings, such as agent commissions. Opendoor then resells the house on the market and charges a service fee of up to 5% on the transaction.\nAfter seeing Opendoor steadily grow with its iBuying concept, competitors have also begun to offer iBuying services, including Zillow Group and Offerpad. Because of how capital intensive the business is (a lot of money is needed to buy and sell thousands of houses) and how price competitive the housing market is, these companies are racing to get as big as possible. As the companies buy and sell more homes, they have the ability to become more profitable by leveraging outsourced contractors to save money, and its pricing algorithm improves as it sees more transactions.\nAccording to iBuyerStats, a website dedicated to tracking the competitors found in iBuying, Opendoor has consistently had the most housing inventory available for sale. It currently has roughly 3,300 houses for sale, 53% more than Zillow and more than four times as many as Offerpad.\n2. Revenue growth is ahead of schedule\nWhen companies go public viaSPACmerger, they lay out a public presentation of their business, often including long-term growth projections. Opendoor laid out its pre-merger investor presentation about a year ago, in September 2020.\nFast forward to the company's recent 2021 Q2 earnings call. CEO and founder Eric Wu said on the earnings call, \"... based on our current progress, our second half revenue run rate is on track to exceed our 2023 target, a full two years ahead of plan.\"\nIn other words, if Opendoor were to operate for 12 months at the level the business currently is, it would surpass the $9.8 billion in revenue it projected for 2023. This is an underlooked point because if Opendoor is already two years ahead of its original growth curve, where will it be by 2023? Sure, a dip in the housing market or other events could disrupt the company's speed of growth, but Opendoor is showing the world that the business is operating at a high level.\n3. SPACs are out of favor with the market... opportunity?\nInvestors have overlooked this strong performance, focusing instead on the fact that Opendoor joined the public market via SPAC merger. It has hardly mattered what operating results or earnings have looked like for former SPACs; the stock market has been selling off virtually all SPAC-based stocks for several months now.\nInvestors have been spooked by a handful of \"bad apple\" companies turning up fraudulent, and other companies have wildly missed on the projections they made before going public. These instances have burned those involved, and investors have taken a much more cautious attitude toward SPACs as a whole.\nBut if companies like Opendoor keep blowing away estimates, the market is likely to come around eventually. When it does, the stock price could move aggressively. If we take Eric Wu's comments about revenue and assume that Opendoor does sales of $10 billion in 2022 (in other words, Opendoor stops growing and maintains its current pace over the following year), the stock currently trades at aprice-to-sales(P/S) ratio of just 1.0. That's a bargain-bin valuation.\nCompetitor Zillow Group trades at a P/S ratio of more than 3, reflecting Opendoor's discount as a former SPAC.\nHere's the bottom line\nReal estate is a huge market, and it's a complicated industry because of the clash between traditional agents and the \"new kids\" on the block trying to bring technology into homebuying. It's too early to say that Opendoor will become the \"Amazon\" of home buying, but what seems certain is that the company is poised to be a big player in real estate's future if it keeps performing like this.","news_type":1,"symbols_score_info":{"OPEN":0.9}},"isVote":1,"tweetType":1,"viewCount":537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832832767,"gmtCreate":1629604791959,"gmtModify":1633683799126,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.&nbsp;","listText":"Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.&nbsp;","text":"Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832832767","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOXX":"iShares费城交易所半导体ETF","AMZN":"亚马逊","QCOM":"高通","ASML":"阿斯麦","GOOG":"谷歌","SSNLF":"三星电子","ON":"安森美半导体","NVDA":"英伟达","SNPS":"新思科技","TSM":"台积电","AAPL":"苹果","GOOGL":"谷歌A","CDNS":"铿腾电子"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOG":0.9,"ASML":0.9,"NVDA":0.9,"SOXX":0.9,"AMZN":0.9,"CDNS":0.9,"AAPL":0.9,"SNPS":0.9,"ON":0.9,"SSNLF":0.9,"TSM":0.9,"GOOGL":0.9,"QCOM":0.9}},"isVote":1,"tweetType":1,"viewCount":488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832836103,"gmtCreate":1629604583702,"gmtModify":1631883827610,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.&nbsp;","listText":"This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.&nbsp;","text":"This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/832836103","repostId":"1158638011","repostType":4,"repost":{"id":"1158638011","kind":"news","pubTimestamp":1629602404,"share":"https://www.laohu8.com/m/news/1158638011?lang=zh_CN&edition=full","pubTime":"2021-08-22 11:20","market":"us","language":"en","title":"American consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158638011","media":"MarketWatch","summary":"Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.\n\nL","content":"<p>  <b>Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.</b>  Last week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors. That’s because the American consumer is a contrarian stock-market indicator. More often than not over the past four decades, large declines in consumer confidence have been followed by above-average stock market returns.</p><p><blockquote><b>消费者情绪是一个逆向指标，因此他们目前的悲观情绪对股市有利。</b>上周密歇根大学消费者信心指数意外暴跌，对美股投资者来说其实是个好消息。这是因为美国消费者是股市的逆向指标。在过去的四十年里，消费者信心大幅下降之后往往会出现高于平均水平的股市回报。</blockquote></p><p> This should come as a big relief for Wall Street bulls, who have otherwise been fretting about the University of Michigan index’s latest reading. From a July level of 81.2,the index fell last week to 70.2. That’s the lowest since December 2011 — lower even than the lowest reading registered in the darkest early weeks of the COVID-19 pandemic.</p><p><blockquote>这应该会让华尔街多头松一口气，否则他们一直对密歇根大学指数的最新读数感到担忧。该指数从7月份的81.2降至上周的70.2。这是自2011年12月以来的最低水平，甚至低于COVID-19大流行最黑暗的最初几周记录的最低读数。</blockquote></p><p> To appreciate how much this latest reading was unexpected, consider that the economists surveyed in advance by MarketWatch were predicting, on average, that the index would come in at 81.3 — a slight right rise from the July number.</p><p><blockquote>要了解这一最新读数有多出乎意料，请考虑一下MarketWatch提前调查的经济学家平均预测该指数将为81.3，比7月份的数字略有上升。</blockquote></p><p> To analyze the significance of drops as big as this latest one, I calculated the correlations between monthly changes in the University of Michigan index since 1978 and the S&amp;P 500’sSPX,+0.81%subsequent performance on both an inflation- and dividend-adjusted basis. I found that whenever this sentiment index dropped by at least 10 percentage points, the S&amp;P 500 over the subsequent three months gained an average of 3.6%.</p><p><blockquote>为了分析像最近一次这样大幅下跌的重要性，我计算了自1978年以来密歇根大学指数的月度变化与标普500 SPX之间的相关性，在通胀和股息调整的基础上，随后的表现为+0.81%。我发现，每当这一情绪指数下降至少10个百分点时，随后三个月的标普500平均上涨3.6%。</blockquote></p><p> That’s double the 1.7% average three-month gain following months in which the consumer sentiment index gained at least 10 percentage points. Moreover, as evident in the chart below, this contrast at the six-month horizon is even greater: 7.5% versus 2.6%.</p><p><blockquote>这是消费者信心指数上涨至少10个百分点后三个月平均涨幅1.7%的两倍。此外，如下图所示，六个月内的反差甚至更大：7.5%对2.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db16295aee3c6f4bbf094317ade3d200\" tg-width=\"700\" tg-height=\"486\" width=\"100%\" height=\"auto\">To be sure, there aren’t that many months since 1978 in which the consumer sentiment index rose or fell by this much. The inverse relationship between the sentiment index’s monthly changes and the U.S. stock market’s subsequent performance is only marginally statistically significant. So you should not use the occasion of the sentiment index’s big drop to throw caution to the wind.</p><p><blockquote>可以肯定的是，自1978年以来，消费者信心指数上涨或下跌幅度如此之大的月份并不多。情绪指数的月度变化与美股市场后续表现之间的反比关系仅具有边际统计意义。所以你不应该利用情绪指数大跌的机会把谨慎抛到九霄云外。</blockquote></p><p> Nevertheless, if you want to believe that this historical relationship is statistically insignificant, you still can’t conclude that this most recent drop is a bad sign. You’d instead have to conclude that the University of Michigan index tells you nothing about the stock market’s prospects in coming months.</p><p><blockquote>尽管如此，如果你想相信这种历史关系在统计上是微不足道的，你仍然不能断定最近的这种下降是一个不好的迹象。相反，你不得不得出结论，密歇根大学指数没有告诉你任何关于未来几个月股市前景的信息。</blockquote></p><p> So there you have it. Either this latest drop means nothing, or it is bullish. If you want to believe that this latest drop is bad news, you will have to base your argument on something other than U.S. stock market history since 1978.</p><p><blockquote>所以你有它。要么最近的下跌毫无意义，要么就是看涨。如果你想相信最近的下跌是坏消息，你就必须把你的论点建立在1978年以来美国股市历史以外的东西上。</blockquote></p><p></p>","source":"lsy1603348471595","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>American consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</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\">\nAmerican consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-22 11:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.</b>  Last week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors. That’s because the American consumer is a contrarian stock-market indicator. More often than not over the past four decades, large declines in consumer confidence have been followed by above-average stock market returns.</p><p><blockquote><b>消费者情绪是一个逆向指标，因此他们目前的悲观情绪对股市有利。</b>上周密歇根大学消费者信心指数意外暴跌，对美股投资者来说其实是个好消息。这是因为美国消费者是股市的逆向指标。在过去的四十年里，消费者信心大幅下降之后往往会出现高于平均水平的股市回报。</blockquote></p><p> This should come as a big relief for Wall Street bulls, who have otherwise been fretting about the University of Michigan index’s latest reading. From a July level of 81.2,the index fell last week to 70.2. That’s the lowest since December 2011 — lower even than the lowest reading registered in the darkest early weeks of the COVID-19 pandemic.</p><p><blockquote>这应该会让华尔街多头松一口气，否则他们一直对密歇根大学指数的最新读数感到担忧。该指数从7月份的81.2降至上周的70.2。这是自2011年12月以来的最低水平，甚至低于COVID-19大流行最黑暗的最初几周记录的最低读数。</blockquote></p><p> To appreciate how much this latest reading was unexpected, consider that the economists surveyed in advance by MarketWatch were predicting, on average, that the index would come in at 81.3 — a slight right rise from the July number.</p><p><blockquote>要了解这一最新读数有多出乎意料，请考虑一下MarketWatch提前调查的经济学家平均预测该指数将为81.3，比7月份的数字略有上升。</blockquote></p><p> To analyze the significance of drops as big as this latest one, I calculated the correlations between monthly changes in the University of Michigan index since 1978 and the S&amp;P 500’sSPX,+0.81%subsequent performance on both an inflation- and dividend-adjusted basis. I found that whenever this sentiment index dropped by at least 10 percentage points, the S&amp;P 500 over the subsequent three months gained an average of 3.6%.</p><p><blockquote>为了分析像最近一次这样大幅下跌的重要性，我计算了自1978年以来密歇根大学指数的月度变化与标普500 SPX之间的相关性，在通胀和股息调整的基础上，随后的表现为+0.81%。我发现，每当这一情绪指数下降至少10个百分点时，随后三个月的标普500平均上涨3.6%。</blockquote></p><p> That’s double the 1.7% average three-month gain following months in which the consumer sentiment index gained at least 10 percentage points. Moreover, as evident in the chart below, this contrast at the six-month horizon is even greater: 7.5% versus 2.6%.</p><p><blockquote>这是消费者信心指数上涨至少10个百分点后三个月平均涨幅1.7%的两倍。此外，如下图所示，六个月内的反差甚至更大：7.5%对2.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db16295aee3c6f4bbf094317ade3d200\" tg-width=\"700\" tg-height=\"486\" width=\"100%\" height=\"auto\">To be sure, there aren’t that many months since 1978 in which the consumer sentiment index rose or fell by this much. The inverse relationship between the sentiment index’s monthly changes and the U.S. stock market’s subsequent performance is only marginally statistically significant. So you should not use the occasion of the sentiment index’s big drop to throw caution to the wind.</p><p><blockquote>可以肯定的是，自1978年以来，消费者信心指数上涨或下跌幅度如此之大的月份并不多。情绪指数的月度变化与美股市场后续表现之间的反比关系仅具有边际统计意义。所以你不应该利用情绪指数大跌的机会把谨慎抛到九霄云外。</blockquote></p><p> Nevertheless, if you want to believe that this historical relationship is statistically insignificant, you still can’t conclude that this most recent drop is a bad sign. You’d instead have to conclude that the University of Michigan index tells you nothing about the stock market’s prospects in coming months.</p><p><blockquote>尽管如此，如果你想相信这种历史关系在统计上是微不足道的，你仍然不能断定最近的这种下降是一个不好的迹象。相反，你不得不得出结论，密歇根大学指数没有告诉你任何关于未来几个月股市前景的信息。</blockquote></p><p> So there you have it. Either this latest drop means nothing, or it is bullish. If you want to believe that this latest drop is bad news, you will have to base your argument on something other than U.S. stock market history since 1978.</p><p><blockquote>所以你有它。要么最近的下跌毫无意义，要么就是看涨。如果你想相信最近的下跌是坏消息，你就必须把你的论点建立在1978年以来美国股市历史以外的东西上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/american-consumers-gray-mood-could-put-the-s-p-500-in-the-green-over-the-next-6-months-11629181914?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/american-consumers-gray-mood-could-put-the-s-p-500-in-the-green-over-the-next-6-months-11629181914?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158638011","content_text":"Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.\n\nLast week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors. That’s because the American consumer is a contrarian stock-market indicator. More often than not over the past four decades, large declines in consumer confidence have been followed by above-average stock market returns.\nThis should come as a big relief for Wall Street bulls, who have otherwise been fretting about the University of Michigan index’s latest reading. From a July level of 81.2,the index fell last week to 70.2. That’s the lowest since December 2011 — lower even than the lowest reading registered in the darkest early weeks of the COVID-19 pandemic.\nTo appreciate how much this latest reading was unexpected, consider that the economists surveyed in advance by MarketWatch were predicting, on average, that the index would come in at 81.3 — a slight right rise from the July number.\nTo analyze the significance of drops as big as this latest one, I calculated the correlations between monthly changes in the University of Michigan index since 1978 and the S&P 500’sSPX,+0.81%subsequent performance on both an inflation- and dividend-adjusted basis. I found that whenever this sentiment index dropped by at least 10 percentage points, the S&P 500 over the subsequent three months gained an average of 3.6%.\nThat’s double the 1.7% average three-month gain following months in which the consumer sentiment index gained at least 10 percentage points. Moreover, as evident in the chart below, this contrast at the six-month horizon is even greater: 7.5% versus 2.6%.\nTo be sure, there aren’t that many months since 1978 in which the consumer sentiment index rose or fell by this much. The inverse relationship between the sentiment index’s monthly changes and the U.S. stock market’s subsequent performance is only marginally statistically significant. So you should not use the occasion of the sentiment index’s big drop to throw caution to the wind.\nNevertheless, if you want to believe that this historical relationship is statistically insignificant, you still can’t conclude that this most recent drop is a bad sign. You’d instead have to conclude that the University of Michigan index tells you nothing about the stock market’s prospects in coming months.\nSo there you have it. Either this latest drop means nothing, or it is bullish. If you want to believe that this latest drop is bad news, you will have to base your argument on something other than U.S. stock market history since 1978.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832931372,"gmtCreate":1629556032396,"gmtModify":1633684059966,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Like for like!&nbsp;","listText":"Like for like!&nbsp;","text":"Like for like!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832931372","repostId":"1107075259","repostType":4,"repost":{"id":"1107075259","kind":"news","pubTimestamp":1629509852,"share":"https://www.laohu8.com/m/news/1107075259?lang=zh_CN&edition=full","pubTime":"2021-08-21 09:37","market":"us","language":"en","title":"Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107075259","media":"MarketWatch","summary":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.$Investors$ should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.At $Tesla Motors$’s AI Day late Thursday, self-named Technoking Musk said th","content":"<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</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\">\nIgnore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-21 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107075259","content_text":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.\n\nInvestors should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.\nAt Tesla Motors’s AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”\nAfter a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.\nAs always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.\n“Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this Tesla Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.\nThe safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.\nJust a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.\n“Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at American University in Washington DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”\n“Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.\nThe week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The National Highway Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with Advanced Driver Assistance Systems (ADAS) and tractor-trailers.\nThe latest outcry on Capitol Hill follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.\n“The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”\nIt is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”\nIf only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.\n“We basically have to solve real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over one million cars on the road that are collecting data… But I am highly confident that we will get this done.”\nBut for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.\nFor example, Alphabet Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.\n“Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of American University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”\nWith FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.\n“They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.\nMusk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896603673,"gmtCreate":1628573553492,"gmtModify":1633746031106,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555249757581559","idStr":"3555249757581559"},"themes":[],"htmlText":"Battery stocks are long ftw!&nbsp;","listText":"Battery stocks are long ftw!&nbsp;","text":"Battery stocks are long ftw!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896603673","repostId":"1156817183","repostType":4,"repost":{"id":"1156817183","kind":"news","pubTimestamp":1628563920,"share":"https://www.laohu8.com/m/news/1156817183?lang=zh_CN&edition=full","pubTime":"2021-08-10 10:52","market":"us","language":"en","title":"Why Ballard Power, Plug Power, Bloom Energy, and Especially FuelCell Energy Stocks Popped Today<blockquote>为什么巴拉德电力、普拉格能源、布鲁姆能源，尤其是燃料电池能源股票今天上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156817183","media":"The motley fool","summary":"What happened\nLast week was an important week for thehydrogen fuel cellindustry, withBallard Power S","content":"<p> What happened</p><p><blockquote>发生了什么</blockquote></p><p> Last week was an important week for thehydrogen fuel cellindustry, with<b><a href=\"https://laohu8.com/S/BLDP\">Ballard Power</a> Systems</b>(NASDAQ:BLDP),<b>Bloom Energy</b>(NYSE:BE), and<b><a href=\"https://laohu8.com/S/PLUG\">Plug Power</a></b>(NASDAQ:PLUG)reporting earnings.<b><a href=\"https://laohu8.com/S/FCEL\">FuelCell</a> Energy</b>(NASDAQ:FCEL)was the odd man out. It reports earnings only next month -- but even FuelCell Energy had some news to report today.</p><p><blockquote>上周对于氢燃料电池行业来说是重要的一周，<b><a href=\"https://laohu8.com/S/BLDP\">巴拉德动力</a>系统</b>（纳斯达克：BLDP），<b>布鲁姆能源</b>（纽约证券交易所代码：BE），以及<b><a href=\"https://laohu8.com/S/PLUG\">普拉格能源</a></b>（纳斯达克：PLUG）报告收益。<b><a href=\"https://laohu8.com/S/FCEL\">燃料电池</a>能源</b>（纳斯达克：FCEL）是个异类。该公司下个月才会公布收益，但即使是FuelCell Energy今天也有一些消息要报告。</blockquote></p><p> On Friday, investors rendered their verdict on the week, and it was generally positive, with every fuel cell stock but Plug closing the day higher -- and today looks even better.</p><p><blockquote>周五，投资者对本周做出了判断，总体上是积极的，除Plug外，所有燃料电池股票当天均收高，今天看起来甚至更好。</blockquote></p><p> Here's how the fuel cell stocks are faring as of 11:35 a.m. EDT Monday.</p><p><blockquote>以下是截至美国东部时间周一上午11:35燃料电池股票的表现。</blockquote></p><p> <ul>  <li>Ballard <a href=\"https://laohu8.com/S/PW\">Power</a> is up 4.9%.</li>  <li>Bloom Energy is up 5.5%.</li>  <li>Plug Power is up a remarkable 8.5%.</li>  <li>FuelCell Energy is doing best of all, up 11%.</li> </ul> So what</p><p><blockquote><ul><li>巴拉德<a href=\"https://laohu8.com/S/PW\">力量</a>上涨4.9%。</li><li>布鲁姆能源上涨5.5%。</li><li>普拉格能源股价上涨8.5%。</li><li>FuelCell Energy表现最好，上涨11%。</li></ul>那又怎样</blockquote></p><p> After gaining only 2.2% Friday, FuelCell is rocketing this morning on news that it has secured $15 million in financing from <a href=\"https://laohu8.com/S/EWBC\">East West</a> Bank to fund its production of a 7.4 megawatt fuel cell project for the U.S. Navy Submarine Base in Groton, Connecticut. It believes it can secure debt financing to complete the project later this year. Commercial operation of the project could begin as early as next month, and FuelCell calls this a \"milestone\" project for the company -- <a href=\"https://laohu8.com/S/AONE.U\">one</a> that will secure a 20-year-long revenue stream as FuelCell provides electricity from the project to the Naval base.</p><p><blockquote>继周五仅上涨2.2%后，FuelCell今天上午因有消息称其已从<a href=\"https://laohu8.com/S/EWBC\">东西方</a>银行将为其为康涅狄格州格罗顿美国海军潜艇基地生产7.4兆瓦燃料电池项目提供资金。该公司相信可以获得债务融资以在今年晚些时候完成该项目。该项目最早可能在下个月开始商业运营，而评级燃料电池公司这是该公司的一个“里程碑”项目——<a href=\"https://laohu8.com/S/AONE.U\">一</a>这将确保长达20年的收入来源，因为FuelCell从该项目向海军基地提供电力。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> Now let's quickly review the news for the other three fuel cell firms -- the ones that reported earnings last week, and see why<i>they</i>are performing so well, as well.</p><p><blockquote>现在让我们快速回顾一下上周公布收益的其他三家燃料电池公司的新闻，看看原因<i>他们</i>也表现得很好。</blockquote></p><p> According to published analyst estimates collated byTheFly.com, all three fuel cell firms (aside from FuelCell) missed earnings last week, with Bloom reporting a $0.23 per share loss on Wednesday, followed by Plug losing $0.18 per share on Thursday, and finally Ballard losing $0.07 per share on Friday.</p><p><blockquote>根据TheFly.com整理的已公布的分析师估计，所有三家燃料电池公司（FuelCell除外）上周均未实现盈利，其中Bloom周三报告每股亏损0.23美元，其次是Plug周四每股亏损0.18美元，最后是Ballard周五每股亏损0.07美元。</blockquote></p><p> That doesn't sound so great, but on the bright side, Ballard and Plug, at least, reported better-than-expected revenue for their respective fiscal second quarters. And Bloom gave new guidance for the balance of fiscal 2021 which -- taken at the midpoint -- sees revenue coming in at about $975 million, or slightly ahead of expectations.</p><p><blockquote>这听起来不太好，但从好的方面来看，巴拉德和普拉格至少报告了各自第二财季的收入好于预期。布鲁姆对2021财年的余额给出了新的指引，从中点来看，预计收入约为9.75亿美元，略高于预期。</blockquote></p><p> It's this revenue growth investors seem to be focusing on today, on the assumption that at some point in the future, this revenue will turn into profits. Based on last week's abysmal profit performance, however, and based on the industry's history -- specifically, the fact that according toS&amp;P Global Market Intelligence, out of these four companies, only Ballard has ever earned a single full-year profit in the past 20 years -- I'm not sure I share investors' optimism aboutthese stocks.</p><p><blockquote>投资者今天似乎关注的就是这种收入增长，假设在未来的某个时候，这种收入将转化为利润。然而，根据上周糟糕的利润表现，以及该行业的历史——具体来说，根据标准普尔全球市场情报，在这四家公司中，只有巴拉德在过去20年中实现过全年利润——我不确定我是否认同投资者对这些股票的乐观态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Ballard Power, Plug Power, Bloom Energy, and Especially FuelCell Energy Stocks Popped Today<blockquote>为什么巴拉德电力、普拉格能源、布鲁姆能源，尤其是燃料电池能源股票今天上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Ballard Power, Plug Power, Bloom Energy, and Especially FuelCell Energy Stocks Popped Today<blockquote>为什么巴拉德电力、普拉格能源、布鲁姆能源，尤其是燃料电池能源股票今天上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-08-10 10:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p> What happened</p><p><blockquote>发生了什么</blockquote></p><p> Last week was an important week for thehydrogen fuel cellindustry, with<b><a href=\"https://laohu8.com/S/BLDP\">Ballard Power</a> Systems</b>(NASDAQ:BLDP),<b>Bloom Energy</b>(NYSE:BE), and<b><a href=\"https://laohu8.com/S/PLUG\">Plug Power</a></b>(NASDAQ:PLUG)reporting earnings.<b><a href=\"https://laohu8.com/S/FCEL\">FuelCell</a> Energy</b>(NASDAQ:FCEL)was the odd man out. It reports earnings only next month -- but even FuelCell Energy had some news to report today.</p><p><blockquote>上周对于氢燃料电池行业来说是重要的一周，<b><a href=\"https://laohu8.com/S/BLDP\">巴拉德动力</a>系统</b>（纳斯达克：BLDP），<b>布鲁姆能源</b>（纽约证券交易所代码：BE），以及<b><a href=\"https://laohu8.com/S/PLUG\">普拉格能源</a></b>（纳斯达克：PLUG）报告收益。<b><a href=\"https://laohu8.com/S/FCEL\">燃料电池</a>能源</b>（纳斯达克：FCEL）是个异类。该公司下个月才会公布收益，但即使是FuelCell Energy今天也有一些消息要报告。</blockquote></p><p> On Friday, investors rendered their verdict on the week, and it was generally positive, with every fuel cell stock but Plug closing the day higher -- and today looks even better.</p><p><blockquote>周五，投资者对本周做出了判断，总体上是积极的，除Plug外，所有燃料电池股票当天均收高，今天看起来甚至更好。</blockquote></p><p> Here's how the fuel cell stocks are faring as of 11:35 a.m. EDT Monday.</p><p><blockquote>以下是截至美国东部时间周一上午11:35燃料电池股票的表现。</blockquote></p><p> <ul>  <li>Ballard <a href=\"https://laohu8.com/S/PW\">Power</a> is up 4.9%.</li>  <li>Bloom Energy is up 5.5%.</li>  <li>Plug Power is up a remarkable 8.5%.</li>  <li>FuelCell Energy is doing best of all, up 11%.</li> </ul> So what</p><p><blockquote><ul><li>巴拉德<a href=\"https://laohu8.com/S/PW\">力量</a>上涨4.9%。</li><li>布鲁姆能源上涨5.5%。</li><li>普拉格能源股价上涨8.5%。</li><li>FuelCell Energy表现最好，上涨11%。</li></ul>那又怎样</blockquote></p><p> After gaining only 2.2% Friday, FuelCell is rocketing this morning on news that it has secured $15 million in financing from <a href=\"https://laohu8.com/S/EWBC\">East West</a> Bank to fund its production of a 7.4 megawatt fuel cell project for the U.S. Navy Submarine Base in Groton, Connecticut. It believes it can secure debt financing to complete the project later this year. Commercial operation of the project could begin as early as next month, and FuelCell calls this a \"milestone\" project for the company -- <a href=\"https://laohu8.com/S/AONE.U\">one</a> that will secure a 20-year-long revenue stream as FuelCell provides electricity from the project to the Naval base.</p><p><blockquote>继周五仅上涨2.2%后，FuelCell今天上午因有消息称其已从<a href=\"https://laohu8.com/S/EWBC\">东西方</a>银行将为其为康涅狄格州格罗顿美国海军潜艇基地生产7.4兆瓦燃料电池项目提供资金。该公司相信可以获得债务融资以在今年晚些时候完成该项目。该项目最早可能在下个月开始商业运营，而评级燃料电池公司这是该公司的一个“里程碑”项目——<a href=\"https://laohu8.com/S/AONE.U\">一</a>这将确保长达20年的收入来源，因为FuelCell从该项目向海军基地提供电力。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> Now let's quickly review the news for the other three fuel cell firms -- the ones that reported earnings last week, and see why<i>they</i>are performing so well, as well.</p><p><blockquote>现在让我们快速回顾一下上周公布收益的其他三家燃料电池公司的新闻，看看原因<i>他们</i>也表现得很好。</blockquote></p><p> According to published analyst estimates collated byTheFly.com, all three fuel cell firms (aside from FuelCell) missed earnings last week, with Bloom reporting a $0.23 per share loss on Wednesday, followed by Plug losing $0.18 per share on Thursday, and finally Ballard losing $0.07 per share on Friday.</p><p><blockquote>根据TheFly.com整理的已公布的分析师估计，所有三家燃料电池公司（FuelCell除外）上周均未实现盈利，其中Bloom周三报告每股亏损0.23美元，其次是Plug周四每股亏损0.18美元，最后是Ballard周五每股亏损0.07美元。</blockquote></p><p> That doesn't sound so great, but on the bright side, Ballard and Plug, at least, reported better-than-expected revenue for their respective fiscal second quarters. And Bloom gave new guidance for the balance of fiscal 2021 which -- taken at the midpoint -- sees revenue coming in at about $975 million, or slightly ahead of expectations.</p><p><blockquote>这听起来不太好，但从好的方面来看，巴拉德和普拉格至少报告了各自第二财季的收入好于预期。布鲁姆对2021财年的余额给出了新的指引，从中点来看，预计收入约为9.75亿美元，略高于预期。</blockquote></p><p> It's this revenue growth investors seem to be focusing on today, on the assumption that at some point in the future, this revenue will turn into profits. Based on last week's abysmal profit performance, however, and based on the industry's history -- specifically, the fact that according toS&amp;P Global Market Intelligence, out of these four companies, only Ballard has ever earned a single full-year profit in the past 20 years -- I'm not sure I share investors' optimism aboutthese stocks.</p><p><blockquote>投资者今天似乎关注的就是这种收入增长，假设在未来的某个时候，这种收入将转化为利润。然而，根据上周糟糕的利润表现，以及该行业的历史——具体来说，根据标准普尔全球市场情报，在这四家公司中，只有巴拉德在过去20年中实现过全年利润——我不确定我是否认同投资者对这些股票的乐观态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/09/why-ballard-plug-bloom-fuelcell-stocks-popped/\">The motley fool</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":{"PLUG":"普拉格能源","FCEL":"燃料电池能源","BLDP":"巴拉德动力系统"},"source_url":"https://www.fool.com/investing/2021/08/09/why-ballard-plug-bloom-fuelcell-stocks-popped/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156817183","content_text":"What happened\nLast week was an important week for thehydrogen fuel cellindustry, withBallard Power Systems(NASDAQ:BLDP),Bloom Energy(NYSE:BE), andPlug Power(NASDAQ:PLUG)reporting earnings.FuelCell Energy(NASDAQ:FCEL)was the odd man out. It reports earnings only next month -- but even FuelCell Energy had some news to report today.\nOn Friday, investors rendered their verdict on the week, and it was generally positive, with every fuel cell stock but Plug closing the day higher -- and today looks even better.\nHere's how the fuel cell stocks are faring as of 11:35 a.m. EDT Monday.\n\nBallard Power is up 4.9%.\nBloom Energy is up 5.5%.\nPlug Power is up a remarkable 8.5%.\nFuelCell Energy is doing best of all, up 11%.\n\nSo what\nAfter gaining only 2.2% Friday, FuelCell is rocketing this morning on news that it has secured $15 million in financing from East West Bank to fund its production of a 7.4 megawatt fuel cell project for the U.S. Navy Submarine Base in Groton, Connecticut. It believes it can secure debt financing to complete the project later this year. Commercial operation of the project could begin as early as next month, and FuelCell calls this a \"milestone\" project for the company -- one that will secure a 20-year-long revenue stream as FuelCell provides electricity from the project to the Naval base.\nNow what\nNow let's quickly review the news for the other three fuel cell firms -- the ones that reported earnings last week, and see whytheyare performing so well, as well.\nAccording to published analyst estimates collated byTheFly.com, all three fuel cell firms (aside from FuelCell) missed earnings last week, with Bloom reporting a $0.23 per share loss on Wednesday, followed by Plug losing $0.18 per share on Thursday, and finally Ballard losing $0.07 per share on Friday.\nThat doesn't sound so great, but on the bright side, Ballard and Plug, at least, reported better-than-expected revenue for their respective fiscal second quarters. And Bloom gave new guidance for the balance of fiscal 2021 which -- taken at the midpoint -- sees revenue coming in at about $975 million, or slightly ahead of expectations.\nIt's this revenue growth investors seem to be focusing on today, on the assumption that at some point in the future, this revenue will turn into profits. Based on last week's abysmal profit performance, however, and based on the industry's history -- specifically, the fact that according toS&P Global Market Intelligence, out of these four companies, only Ballard has ever earned a single full-year profit in the past 20 years -- I'm not sure I share investors' optimism aboutthese stocks.","news_type":1,"symbols_score_info":{"PLUG":0.9,"FCEL":0.9,"BLDP":0.9}},"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":832836103,"gmtCreate":1629604583702,"gmtModify":1631883827610,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.&nbsp;","listText":"This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.&nbsp;","text":"This is interesting because one would think that this is essentially sowing FUD. But I'm not sure even with historical data, we can dispel it just like that because of QE. It's all at a new different level and if anything, this supports the Feds in bringing forward tapering.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/832836103","repostId":"1158638011","repostType":4,"repost":{"id":"1158638011","kind":"news","pubTimestamp":1629602404,"share":"https://www.laohu8.com/m/news/1158638011?lang=zh_CN&edition=full","pubTime":"2021-08-22 11:20","market":"us","language":"en","title":"American consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158638011","media":"MarketWatch","summary":"Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.\n\nL","content":"<p>  <b>Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.</b>  Last week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors. That’s because the American consumer is a contrarian stock-market indicator. More often than not over the past four decades, large declines in consumer confidence have been followed by above-average stock market returns.</p><p><blockquote><b>消费者情绪是一个逆向指标，因此他们目前的悲观情绪对股市有利。</b>上周密歇根大学消费者信心指数意外暴跌，对美股投资者来说其实是个好消息。这是因为美国消费者是股市的逆向指标。在过去的四十年里，消费者信心大幅下降之后往往会出现高于平均水平的股市回报。</blockquote></p><p> This should come as a big relief for Wall Street bulls, who have otherwise been fretting about the University of Michigan index’s latest reading. From a July level of 81.2,the index fell last week to 70.2. That’s the lowest since December 2011 — lower even than the lowest reading registered in the darkest early weeks of the COVID-19 pandemic.</p><p><blockquote>这应该会让华尔街多头松一口气，否则他们一直对密歇根大学指数的最新读数感到担忧。该指数从7月份的81.2降至上周的70.2。这是自2011年12月以来的最低水平，甚至低于COVID-19大流行最黑暗的最初几周记录的最低读数。</blockquote></p><p> To appreciate how much this latest reading was unexpected, consider that the economists surveyed in advance by MarketWatch were predicting, on average, that the index would come in at 81.3 — a slight right rise from the July number.</p><p><blockquote>要了解这一最新读数有多出乎意料，请考虑一下MarketWatch提前调查的经济学家平均预测该指数将为81.3，比7月份的数字略有上升。</blockquote></p><p> To analyze the significance of drops as big as this latest one, I calculated the correlations between monthly changes in the University of Michigan index since 1978 and the S&amp;P 500’sSPX,+0.81%subsequent performance on both an inflation- and dividend-adjusted basis. I found that whenever this sentiment index dropped by at least 10 percentage points, the S&amp;P 500 over the subsequent three months gained an average of 3.6%.</p><p><blockquote>为了分析像最近一次这样大幅下跌的重要性，我计算了自1978年以来密歇根大学指数的月度变化与标普500 SPX之间的相关性，在通胀和股息调整的基础上，随后的表现为+0.81%。我发现，每当这一情绪指数下降至少10个百分点时，随后三个月的标普500平均上涨3.6%。</blockquote></p><p> That’s double the 1.7% average three-month gain following months in which the consumer sentiment index gained at least 10 percentage points. Moreover, as evident in the chart below, this contrast at the six-month horizon is even greater: 7.5% versus 2.6%.</p><p><blockquote>这是消费者信心指数上涨至少10个百分点后三个月平均涨幅1.7%的两倍。此外，如下图所示，六个月内的反差甚至更大：7.5%对2.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db16295aee3c6f4bbf094317ade3d200\" tg-width=\"700\" tg-height=\"486\" width=\"100%\" height=\"auto\">To be sure, there aren’t that many months since 1978 in which the consumer sentiment index rose or fell by this much. The inverse relationship between the sentiment index’s monthly changes and the U.S. stock market’s subsequent performance is only marginally statistically significant. So you should not use the occasion of the sentiment index’s big drop to throw caution to the wind.</p><p><blockquote>可以肯定的是，自1978年以来，消费者信心指数上涨或下跌幅度如此之大的月份并不多。情绪指数的月度变化与美股市场后续表现之间的反比关系仅具有边际统计意义。所以你不应该利用情绪指数大跌的机会把谨慎抛到九霄云外。</blockquote></p><p> Nevertheless, if you want to believe that this historical relationship is statistically insignificant, you still can’t conclude that this most recent drop is a bad sign. You’d instead have to conclude that the University of Michigan index tells you nothing about the stock market’s prospects in coming months.</p><p><blockquote>尽管如此，如果你想相信这种历史关系在统计上是微不足道的，你仍然不能断定最近的这种下降是一个不好的迹象。相反，你不得不得出结论，密歇根大学指数没有告诉你任何关于未来几个月股市前景的信息。</blockquote></p><p> So there you have it. Either this latest drop means nothing, or it is bullish. If you want to believe that this latest drop is bad news, you will have to base your argument on something other than U.S. stock market history since 1978.</p><p><blockquote>所以你有它。要么最近的下跌毫无意义，要么就是看涨。如果你想相信最近的下跌是坏消息，你就必须把你的论点建立在1978年以来美国股市历史以外的东西上。</blockquote></p><p></p>","source":"lsy1603348471595","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>American consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</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\">\nAmerican consumers’ gray mood could put the S&P 500 in the green over the next 6 months<blockquote>美国消费者的灰色情绪可能会让标普500在未来6个月内变得绿色</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-22 11:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.</b>  Last week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors. That’s because the American consumer is a contrarian stock-market indicator. More often than not over the past four decades, large declines in consumer confidence have been followed by above-average stock market returns.</p><p><blockquote><b>消费者情绪是一个逆向指标，因此他们目前的悲观情绪对股市有利。</b>上周密歇根大学消费者信心指数意外暴跌，对美股投资者来说其实是个好消息。这是因为美国消费者是股市的逆向指标。在过去的四十年里，消费者信心大幅下降之后往往会出现高于平均水平的股市回报。</blockquote></p><p> This should come as a big relief for Wall Street bulls, who have otherwise been fretting about the University of Michigan index’s latest reading. From a July level of 81.2,the index fell last week to 70.2. That’s the lowest since December 2011 — lower even than the lowest reading registered in the darkest early weeks of the COVID-19 pandemic.</p><p><blockquote>这应该会让华尔街多头松一口气，否则他们一直对密歇根大学指数的最新读数感到担忧。该指数从7月份的81.2降至上周的70.2。这是自2011年12月以来的最低水平，甚至低于COVID-19大流行最黑暗的最初几周记录的最低读数。</blockquote></p><p> To appreciate how much this latest reading was unexpected, consider that the economists surveyed in advance by MarketWatch were predicting, on average, that the index would come in at 81.3 — a slight right rise from the July number.</p><p><blockquote>要了解这一最新读数有多出乎意料，请考虑一下MarketWatch提前调查的经济学家平均预测该指数将为81.3，比7月份的数字略有上升。</blockquote></p><p> To analyze the significance of drops as big as this latest one, I calculated the correlations between monthly changes in the University of Michigan index since 1978 and the S&amp;P 500’sSPX,+0.81%subsequent performance on both an inflation- and dividend-adjusted basis. I found that whenever this sentiment index dropped by at least 10 percentage points, the S&amp;P 500 over the subsequent three months gained an average of 3.6%.</p><p><blockquote>为了分析像最近一次这样大幅下跌的重要性，我计算了自1978年以来密歇根大学指数的月度变化与标普500 SPX之间的相关性，在通胀和股息调整的基础上，随后的表现为+0.81%。我发现，每当这一情绪指数下降至少10个百分点时，随后三个月的标普500平均上涨3.6%。</blockquote></p><p> That’s double the 1.7% average three-month gain following months in which the consumer sentiment index gained at least 10 percentage points. Moreover, as evident in the chart below, this contrast at the six-month horizon is even greater: 7.5% versus 2.6%.</p><p><blockquote>这是消费者信心指数上涨至少10个百分点后三个月平均涨幅1.7%的两倍。此外，如下图所示，六个月内的反差甚至更大：7.5%对2.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db16295aee3c6f4bbf094317ade3d200\" tg-width=\"700\" tg-height=\"486\" width=\"100%\" height=\"auto\">To be sure, there aren’t that many months since 1978 in which the consumer sentiment index rose or fell by this much. The inverse relationship between the sentiment index’s monthly changes and the U.S. stock market’s subsequent performance is only marginally statistically significant. So you should not use the occasion of the sentiment index’s big drop to throw caution to the wind.</p><p><blockquote>可以肯定的是，自1978年以来，消费者信心指数上涨或下跌幅度如此之大的月份并不多。情绪指数的月度变化与美股市场后续表现之间的反比关系仅具有边际统计意义。所以你不应该利用情绪指数大跌的机会把谨慎抛到九霄云外。</blockquote></p><p> Nevertheless, if you want to believe that this historical relationship is statistically insignificant, you still can’t conclude that this most recent drop is a bad sign. You’d instead have to conclude that the University of Michigan index tells you nothing about the stock market’s prospects in coming months.</p><p><blockquote>尽管如此，如果你想相信这种历史关系在统计上是微不足道的，你仍然不能断定最近的这种下降是一个不好的迹象。相反，你不得不得出结论，密歇根大学指数没有告诉你任何关于未来几个月股市前景的信息。</blockquote></p><p> So there you have it. Either this latest drop means nothing, or it is bullish. If you want to believe that this latest drop is bad news, you will have to base your argument on something other than U.S. stock market history since 1978.</p><p><blockquote>所以你有它。要么最近的下跌毫无意义，要么就是看涨。如果你想相信最近的下跌是坏消息，你就必须把你的论点建立在1978年以来美国股市历史以外的东西上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/american-consumers-gray-mood-could-put-the-s-p-500-in-the-green-over-the-next-6-months-11629181914?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/american-consumers-gray-mood-could-put-the-s-p-500-in-the-green-over-the-next-6-months-11629181914?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158638011","content_text":"Consumers’ sentiment is a contrarian indicator, so their current pessimism is bullish for stocks.\n\nLast week’s unexpected plunge in the University of Michigan Consumer Sentiment Index is actually good news for U.S. stock investors. That’s because the American consumer is a contrarian stock-market indicator. More often than not over the past four decades, large declines in consumer confidence have been followed by above-average stock market returns.\nThis should come as a big relief for Wall Street bulls, who have otherwise been fretting about the University of Michigan index’s latest reading. From a July level of 81.2,the index fell last week to 70.2. That’s the lowest since December 2011 — lower even than the lowest reading registered in the darkest early weeks of the COVID-19 pandemic.\nTo appreciate how much this latest reading was unexpected, consider that the economists surveyed in advance by MarketWatch were predicting, on average, that the index would come in at 81.3 — a slight right rise from the July number.\nTo analyze the significance of drops as big as this latest one, I calculated the correlations between monthly changes in the University of Michigan index since 1978 and the S&P 500’sSPX,+0.81%subsequent performance on both an inflation- and dividend-adjusted basis. I found that whenever this sentiment index dropped by at least 10 percentage points, the S&P 500 over the subsequent three months gained an average of 3.6%.\nThat’s double the 1.7% average three-month gain following months in which the consumer sentiment index gained at least 10 percentage points. Moreover, as evident in the chart below, this contrast at the six-month horizon is even greater: 7.5% versus 2.6%.\nTo be sure, there aren’t that many months since 1978 in which the consumer sentiment index rose or fell by this much. The inverse relationship between the sentiment index’s monthly changes and the U.S. stock market’s subsequent performance is only marginally statistically significant. So you should not use the occasion of the sentiment index’s big drop to throw caution to the wind.\nNevertheless, if you want to believe that this historical relationship is statistically insignificant, you still can’t conclude that this most recent drop is a bad sign. You’d instead have to conclude that the University of Michigan index tells you nothing about the stock market’s prospects in coming months.\nSo there you have it. Either this latest drop means nothing, or it is bullish. If you want to believe that this latest drop is bad news, you will have to base your argument on something other than U.S. stock market history since 1978.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832832767,"gmtCreate":1629604791959,"gmtModify":1633683799126,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.&nbsp;","listText":"Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.&nbsp;","text":"Good to long US semicon as trade war will continue to insulate it from Chinese competitive pressures.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/832832767","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","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>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOXX":"iShares费城交易所半导体ETF","AMZN":"亚马逊","QCOM":"高通","ASML":"阿斯麦","GOOG":"谷歌","SSNLF":"三星电子","ON":"安森美半导体","NVDA":"英伟达","SNPS":"新思科技","TSM":"台积电","AAPL":"苹果","GOOGL":"谷歌A","CDNS":"铿腾电子"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOG":0.9,"ASML":0.9,"NVDA":0.9,"SOXX":0.9,"AMZN":0.9,"CDNS":0.9,"AAPL":0.9,"SNPS":0.9,"ON":0.9,"SSNLF":0.9,"TSM":0.9,"GOOGL":0.9,"QCOM":0.9}},"isVote":1,"tweetType":1,"viewCount":488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":609399469,"gmtCreate":1638236602813,"gmtModify":1638237464796,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.&nbsp;","listText":"Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.&nbsp;","text":"Not sure if you've all taken the mRNA boosters but damn, you really do get knocked out 😅 looks like it's 2x jabs annually, for the foreseeable future.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/609399469","repostId":"1199171840","repostType":4,"repost":{"id":"1199171840","kind":"news","pubTimestamp":1638236363,"share":"https://www.laohu8.com/m/news/1199171840?lang=zh_CN&edition=full","pubTime":"2021-11-30 09:39","market":"us","language":"en","title":"Moderna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199171840","media":"Bloomberg","summary":"(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vac","content":"<p>(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required.</p><p><blockquote>（彭博社）——Moderna Inc.公布了一年来最好的两天涨幅，此前该公司表示，如果需要，一种对抗冠状病毒奥密克戎株的新疫苗可能会在2022年初准备就绪。</blockquote></p><p> The stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&amp;P 500 year-to-date. The company mobilized hundreds of workers on Thanksgiving Day last Thursday in order to start work on omicron, Chief Medical Officer Paul Burton said over the weekend.</p><p><blockquote>该股在周五全球风险资产抛售期间飙升21%后，上涨12%，至9月30日以来的最高水平，重新夺回了今年迄今为止标普500表现最佳的地位。首席医疗官保罗·伯顿(Paul Burton)周末表示，该公司在上周四感恩节动员了数百名员工，开始治疗奥密克戎病毒。</blockquote></p><p> Moderna’s mRNA technology is ideally suited to adapting vaccines to new variants, according to Piper Sandler analyst Edward A. Tenthoff, who has an overweight rating on the stock.</p><p><blockquote>Piper Sandler分析师Edward A.Tenthoff对该股给予跑赢大盘评级，他表示，Moderna的mRNA技术非常适合使疫苗适应新变种。</blockquote></p><p> “Moderna is in a better position to develop novel Covid-19 vaccines, and now has capacity to manufacture several hundred million vaccine doses every month,” Tenthoff wrote in a note to clients. “SARS-CoV-2 is not going away and will provide years of future revenues.”</p><p><blockquote>Tenthoff在给客户的一份报告中写道：“Moderna在开发新型Covid-19疫苗方面处于更有利的地位，现在有能力每月生产数亿剂疫苗。”“新型冠状病毒不会消失，并将提供未来多年的收入。”</blockquote></p><p> Jefferies analyst Michael Yee also struck an optimistic tone for Moderna investors, saying the latest spread should encourage people to get boosted sooner rather than later, while the biotech focuses on a new version for 2022. Moderna “can advance new candidates to clinical trials within 60-90 days,” he said.</p><p><blockquote>杰富瑞(Jefferies)分析师Michael Yee也对Moderna投资者表示乐观，他表示最新的利差应该会鼓励人们尽早获得提振，而该生物技术公司则专注于2022年的新版本。他说，Moderna“可以在60-90天内将新的候选药物推进临床试验”。</blockquote></p><p> BioNTech SE closed 4.2% higher in U.S. trading after saying it is working to adapt its Covid-19 vaccine to address the omicron variant and expects to have a new version ready within 100 days if necessary. The biotech and its Covid vaccine partner Pfizer Inc. put plans into place months ago. Pfizer shares closed 3% lower.</p><p><blockquote>BioNTech SE在美国交易中收盘上涨4.2%，此前该公司表示正在努力调整其Covid-19疫苗以应对奥密克戎变种，并预计如有必要将在100天内准备好新版本。该生物技术公司及其新冠疫苗合作伙伴辉瑞公司几个月前就制定了计划。辉瑞股价收盘下跌3%。</blockquote></p><p></p>","source":"lsy1612507957220","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>Moderna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</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\">\nModerna Surges After Saying Omicron Vaccine Ready Early 2022<blockquote>Moderna表示奥密克戎疫苗将于2022年初准备就绪后股价飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-30 09:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required.</p><p><blockquote>（彭博社）——Moderna Inc.公布了一年来最好的两天涨幅，此前该公司表示，如果需要，一种对抗冠状病毒奥密克戎株的新疫苗可能会在2022年初准备就绪。</blockquote></p><p> The stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&amp;P 500 year-to-date. The company mobilized hundreds of workers on Thanksgiving Day last Thursday in order to start work on omicron, Chief Medical Officer Paul Burton said over the weekend.</p><p><blockquote>该股在周五全球风险资产抛售期间飙升21%后，上涨12%，至9月30日以来的最高水平，重新夺回了今年迄今为止标普500表现最佳的地位。首席医疗官保罗·伯顿(Paul Burton)周末表示，该公司在上周四感恩节动员了数百名员工，开始治疗奥密克戎病毒。</blockquote></p><p> Moderna’s mRNA technology is ideally suited to adapting vaccines to new variants, according to Piper Sandler analyst Edward A. Tenthoff, who has an overweight rating on the stock.</p><p><blockquote>Piper Sandler分析师Edward A.Tenthoff对该股给予跑赢大盘评级，他表示，Moderna的mRNA技术非常适合使疫苗适应新变种。</blockquote></p><p> “Moderna is in a better position to develop novel Covid-19 vaccines, and now has capacity to manufacture several hundred million vaccine doses every month,” Tenthoff wrote in a note to clients. “SARS-CoV-2 is not going away and will provide years of future revenues.”</p><p><blockquote>Tenthoff在给客户的一份报告中写道：“Moderna在开发新型Covid-19疫苗方面处于更有利的地位，现在有能力每月生产数亿剂疫苗。”“新型冠状病毒不会消失，并将提供未来多年的收入。”</blockquote></p><p> Jefferies analyst Michael Yee also struck an optimistic tone for Moderna investors, saying the latest spread should encourage people to get boosted sooner rather than later, while the biotech focuses on a new version for 2022. Moderna “can advance new candidates to clinical trials within 60-90 days,” he said.</p><p><blockquote>杰富瑞(Jefferies)分析师Michael Yee也对Moderna投资者表示乐观，他表示最新的利差应该会鼓励人们尽早获得提振，而该生物技术公司则专注于2022年的新版本。他说，Moderna“可以在60-90天内将新的候选药物推进临床试验”。</blockquote></p><p> BioNTech SE closed 4.2% higher in U.S. trading after saying it is working to adapt its Covid-19 vaccine to address the omicron variant and expects to have a new version ready within 100 days if necessary. The biotech and its Covid vaccine partner Pfizer Inc. put plans into place months ago. Pfizer shares closed 3% lower.</p><p><blockquote>BioNTech SE在美国交易中收盘上涨4.2%，此前该公司表示正在努力调整其Covid-19疫苗以应对奥密克戎变种，并预计如有必要将在100天内准备好新版本。该生物技术公司及其新冠疫苗合作伙伴辉瑞公司几个月前就制定了计划。辉瑞股价收盘下跌3%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/moderna-surges-saying-omicron-vaccine-120220663.html\">Bloomberg</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":{"MRNA":"Moderna, Inc.","BNTX":"BioNTech SE"},"source_url":"https://finance.yahoo.com/news/moderna-surges-saying-omicron-vaccine-120220663.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199171840","content_text":"(Bloomberg) -- Moderna Inc. posted its best two-day rally in a year after the company said a new vaccine to fight the omicron strain of the coronavirus could be ready by early 2022 if required.\nThe stock jumped 12% to the highest level since Sept. 30 after surging 21% during Friday’s global risk-asset selloff, to reclaim its place as top performer on the S&P 500 year-to-date. The company mobilized hundreds of workers on Thanksgiving Day last Thursday in order to start work on omicron, Chief Medical Officer Paul Burton said over the weekend.\nModerna’s mRNA technology is ideally suited to adapting vaccines to new variants, according to Piper Sandler analyst Edward A. Tenthoff, who has an overweight rating on the stock.\n“Moderna is in a better position to develop novel Covid-19 vaccines, and now has capacity to manufacture several hundred million vaccine doses every month,” Tenthoff wrote in a note to clients. “SARS-CoV-2 is not going away and will provide years of future revenues.”\nJefferies analyst Michael Yee also struck an optimistic tone for Moderna investors, saying the latest spread should encourage people to get boosted sooner rather than later, while the biotech focuses on a new version for 2022. Moderna “can advance new candidates to clinical trials within 60-90 days,” he said.\nBioNTech SE closed 4.2% higher in U.S. trading after saying it is working to adapt its Covid-19 vaccine to address the omicron variant and expects to have a new version ready within 100 days if necessary. The biotech and its Covid vaccine partner Pfizer Inc. put plans into place months ago. Pfizer shares closed 3% lower.","news_type":1,"symbols_score_info":{"MRNA":0.9,"BNTX":0.9}},"isVote":1,"tweetType":1,"viewCount":4767,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000603","authorId":"9000000000000603","name":"ElsieDewey","avatar":"https://static.tigerbbs.com/f5db46fc82ad451b6aa0d938d2221d70","crmLevel":1,"crmLevelSwitch":0,"idStr":"9000000000000603","authorIdStr":"9000000000000603"},"content":"I hope the virus will be eliminated as soon as possible. Twice a year is terrible.","text":"I hope the virus will be eliminated as soon as possible. Twice a year is terrible.","html":"I hope the virus will be eliminated as soon as possible. Twice a year is terrible."}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820986785,"gmtCreate":1633341344178,"gmtModify":1633341344306,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Stockholm...? Why not London?&nbsp;","listText":"Stockholm...? Why not London?&nbsp;","text":"Stockholm...? Why not London?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820986785","repostId":"1183951893","repostType":4,"repost":{"id":"1183951893","kind":"news","pubTimestamp":1633338624,"share":"https://www.laohu8.com/m/news/1183951893?lang=zh_CN&edition=full","pubTime":"2021-10-04 17:10","market":"us","language":"en","title":"Volvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183951893","media":"WSJ","summary":"Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing","content":"<p>Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，中国浙江吉利控股集团有限公司旗下的瑞典汽车制造商沃尔沃汽车正在完成首次公开募股计划，最早将于周一宣布上市细节，这笔交易可能会使该汽车制造商的估值高达250亿美元。</blockquote></p><p> A listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds.Ford MotorCo., weakened by the global financial crisis, sold the Swedish company to Geelyfor $1.8 billion in 2010.</p><p><blockquote>如果上市继续进行，将是汽车行业最引人注目的转变之一。受全球金融危机影响，福特汽车公司于2010年以18亿美元的价格将这家瑞典公司出售给吉利。</blockquote></p><p> Volvo has long capitalized on a brand recognized for safety, but at the time of its sale, its product lineup had failed to excite car buyers. Geely bankrolled Volvo’s recovery over the next decade, opening China as a market for the brand and providing financing to help the company revamp its model offerings.</p><p><blockquote>沃尔沃长期以来一直利用一个以安全著称的品牌，但在出售时，其产品阵容未能让购车者兴奋不已。吉利为沃尔沃在未来十年的复苏提供了资金，开放了中国作为该品牌的市场，并提供融资帮助该公司改造其车型产品。</blockquote></p><p> Today, Volvo is profitable, with a road map for electric-model rollouts that is ahead of some competitors. Its brand is back in fashion in the U.S. and elsewhere. It now competes with German premium brands, including BMW makerBayerische Motoren WerkeAG,VolkswagenAG’sAudi brand andDaimlerAG’sMercedes-Benz.</p><p><blockquote>如今，沃尔沃已实现盈利，其电动车型推出路线图领先于一些竞争对手。它的品牌在美国和其他地方重新流行起来。它现在与德国高端品牌竞争，包括宝马制造商巴伐利亚汽车厂、大众汽车公司的奥迪品牌和戴姆勒公司的梅赛德斯-奔驰。</blockquote></p><p> For the first half of this year, Volvo reported a 41% increase in sales over the same period last year, to 380,757 vehicles. The company’s sales in the U.S. rose 47% to 63,754 vehicles. Europe remains Volvo’s biggest market.</p><p><blockquote>今年上半年，沃尔沃销量较去年同期增长41%，达到380,757辆。该公司在美国的销量增长了47%，达到63,754辆。欧洲仍然是沃尔沃最大的市场。</blockquote></p><p> At a valuation of $25 billion, Volvo would be bigger than European car maker&nbsp;Renault&nbsp;SA,which has a market value of a little more than $10 billion. That is despite Volvo selling a fraction of the cars Renault sells each year. Volvo’s size, though, would pale against the world’s biggest car makers, including&nbsp;General MotorsCo.and Volkswagen, underscoring the competitive challenge the Swedish company faces. Its value would also sharply trail the $767.5 billion market capitalization of electric-vehicle leaderTeslaInc.</p><p><blockquote>沃尔沃的估值为250亿美元，将超过欧洲汽车制造商雷诺公司，后者的市值略高于100亿美元。尽管沃尔沃每年的销量仅为雷诺汽车销量的一小部分。不过，沃尔沃的规模与通用汽车和大众汽车等全球最大的汽车制造商相比相形见绌，凸显了这家瑞典公司面临的竞争挑战。其价值也将大幅落后于电动汽车领导者特斯拉公司7675亿美元的市值。</blockquote></p><p> Still, a listing would provide investors another competitor to bet on in an auto-industry race to roll out electric vehicles. Volvo was the first conventional auto maker to begin phasing out internal-combustion engines, ending its production of cars only powered by fossil fuels in 2019. Since then, every new Volvo is either a fully electric or hybrid model.</p><p><blockquote>尽管如此，上市仍将为投资者在汽车行业推出电动汽车的竞赛中提供另一个可以押注的竞争对手。沃尔沃是第一家开始逐步淘汰内燃机的传统汽车制造商，于2019年停止生产仅由化石燃料驱动的汽车。从那时起，每一款新沃尔沃要么是全电动要么是混合动力车型。</blockquote></p><p> Most big auto makers have since said that they also will be phasing out conventional engines in new vehicles, by around 2035.</p><p><blockquote>此后，大多数大型汽车制造商表示，他们也将在2035年左右逐步淘汰新车中的传统发动机。</blockquote></p><p> Volvo has floated the idea of a possible listing as far back as 2018, and in May said it&nbsp;was considering an IPO&nbsp;on the Stockholm stock exchange. Such a listing could provide the company a broader shareholder base and greater independence from its Chinese investors. In September, Reuters reported that Volvo was in talks to list its shares in the coming weeks.</p><p><blockquote>沃尔沃早在2018年就提出了可能上市的想法，并于5月份表示正在考虑在斯德哥尔摩证券交易所进行IPO。这样的上市可以为该公司提供更广泛的股东基础，并更加独立于中国投资者。9月，路透社报道称，沃尔沃正在就未来几周上市进行谈判。</blockquote></p><p> It isn’t clear how big a stake Geely plans to sell, but it has previously indicated it would likely remain a major shareholder after any offering. A decision on the details of the listing and its public disclosure could be delayed, but people familiar with the plans said a final call was imminent.</p><p><blockquote>目前尚不清楚吉利计划出售多少股份，但吉利此前曾表示，在任何发行后，它可能仍将是主要股东。关于上市细节及其公开披露的决定可能会推迟，但知情人士表示，最终看涨期权即将举行。</blockquote></p><p> An offering would come amid a frenzy of investor interest in electric vehicles and after an EV-focused Volvo affiliate made its own move to take advantage of that enthusiasm.</p><p><blockquote>此次发行是在投资者对电动汽车的狂热兴趣之际进行的，此前一家专注于电动汽车的沃尔沃子公司也采取了自己的行动来利用这种热情。</blockquote></p><p> Last week, Polestar, a Swedish electric-vehicle maker jointly owned by Volvo, Geely and others, announced plans to merge with a special-purpose acquisition company and list in New York in a deal that would value the Swedish EV company&nbsp;at roughly $20 billion.</p><p><blockquote>上周，沃尔沃、吉利等公司共同拥有的瑞典电动汽车制造商Polestar宣布计划与一家特殊目的收购公司合并，并在纽约上市，这笔交易将使这家瑞典电动汽车公司的估值约为200亿美元。</blockquote></p><p> Volvo Cars said last month that it expected to own close to 50% of the combined company after completion of Polestar’s merger with Gores Guggenheim Inc.</p><p><blockquote>沃尔沃汽车上个月表示，在Polestar与Gores Guggenheim Inc.的合并完成后，预计将拥有合并后公司近50%的股份。</blockquote></p><p> The Polestar deal generated a pathway for Volvo to pursue its own offering by assigning a value of about $10 billion to Volvo’s stake, according to some of the people familiar with Volvo’s listing plans.</p><p><blockquote>据一些熟悉沃尔沃上市计划的人士透露，Polestar交易为沃尔沃提供了一条寻求自己发行的途径，为沃尔沃的股份分配了约100亿美元的价值。</blockquote></p><p> Earlier this year, Volvo and Geely backed away from considerations of merging Volvo with Geely Auto Group, raising expectations that the company would pursue a separate listing and greater independence from Geely Holding.</p><p><blockquote>今年早些时候，沃尔沃和吉利放弃了将沃尔沃与吉利汽车集团合并的考虑，引发了人们对该公司将寻求单独上市并更大程度地独立于吉利控股的预期。</blockquote></p><p> “Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.</p><p><blockquote>吉利控股董事长李家祥5月份表示：“沃尔沃汽车在实现持续增长、充分利用电气化和提供安全自动驾驶功能方面处于特别有利的地位。”</blockquote></p><p> Ford bought Volvo in 1999 for 50 billion Swedish kronor&nbsp;, or about $6.47 billion at the time of the transaction. At the time, Volvo had 28,000 employees and produced about 400,000 vehicles a year.</p><p><blockquote>福特于1999年以500亿瑞典克朗的价格收购了沃尔沃，交易时约合64.7亿美元。当时，沃尔沃拥有28,000名员工，每年生产约40万辆汽车。</blockquote></p><p> By 2009, when Ford put the company up for sale, Volvo was struggling. After Geely stepped in, it poured in money. Over the course of a decade, Geely invested more than $11 billion, financing a modernization of the company’s model lineup, an early shift into electric vehicles, and factories in China that helped Volvo cash in on China’s surging appetite for Western cars.</p><p><blockquote>到2009年，当福特将公司出售时，沃尔沃已经陷入困境。吉利介入后，大举砸钱。十年来，吉利投资了超过110亿美元，为公司车型阵容的现代化、早期转向电动汽车以及在中国的工厂提供资金，帮助沃尔沃从中国对西方汽车日益增长的需求中获利。</blockquote></p><p></p><p> In 2018, Volvo opened its first U.S. factory. The brand had once been a household name in suburban America in the 1970s. But it had to rebuild its business in the world’s most lucrative car market.</p><p><blockquote>2018年，沃尔沃开设了第一家美国工厂。该品牌在20世纪70年代曾是美国郊区家喻户晓的品牌。但它必须在世界上最赚钱的汽车市场重建业务。</blockquote></p><p> Volvo produces the S60 sedan in Charleston, S.C. Next year, the South Carolina plant intends to produce an electric version of the company’s XC90, a large, premium sport-utility vehicle. Volvo has invested more than $1 billion in the plant and employs 1,500 people there. The company has said that its U.S. plant will be the first to shift entirely to electric-car production.</p><p><blockquote>沃尔沃在南卡罗来纳州查尔斯顿生产S60轿车。明年，南卡罗来纳州工厂打算生产该公司XC90的电动版本，这是一款大型高级运动型多功能车。沃尔沃在该工厂投资了超过10亿美元，拥有1,500名员工。该公司表示，其美国工厂将是第一家完全转向电动汽车生产的工厂。</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>Volvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</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\">\nVolvo Cars Is Completing Plans for IPO in Stockholm<blockquote>沃尔沃汽车正在完成斯德哥尔摩IPO计划</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-10-04 17:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，中国浙江吉利控股集团有限公司旗下的瑞典汽车制造商沃尔沃汽车正在完成首次公开募股计划，最早将于周一宣布上市细节，这笔交易可能会使该汽车制造商的估值高达250亿美元。</blockquote></p><p> A listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds.Ford MotorCo., weakened by the global financial crisis, sold the Swedish company to Geelyfor $1.8 billion in 2010.</p><p><blockquote>如果上市继续进行，将是汽车行业最引人注目的转变之一。受全球金融危机影响，福特汽车公司于2010年以18亿美元的价格将这家瑞典公司出售给吉利。</blockquote></p><p> Volvo has long capitalized on a brand recognized for safety, but at the time of its sale, its product lineup had failed to excite car buyers. Geely bankrolled Volvo’s recovery over the next decade, opening China as a market for the brand and providing financing to help the company revamp its model offerings.</p><p><blockquote>沃尔沃长期以来一直利用一个以安全著称的品牌，但在出售时，其产品阵容未能让购车者兴奋不已。吉利为沃尔沃在未来十年的复苏提供了资金，开放了中国作为该品牌的市场，并提供融资帮助该公司改造其车型产品。</blockquote></p><p> Today, Volvo is profitable, with a road map for electric-model rollouts that is ahead of some competitors. Its brand is back in fashion in the U.S. and elsewhere. It now competes with German premium brands, including BMW makerBayerische Motoren WerkeAG,VolkswagenAG’sAudi brand andDaimlerAG’sMercedes-Benz.</p><p><blockquote>如今，沃尔沃已实现盈利，其电动车型推出路线图领先于一些竞争对手。它的品牌在美国和其他地方重新流行起来。它现在与德国高端品牌竞争，包括宝马制造商巴伐利亚汽车厂、大众汽车公司的奥迪品牌和戴姆勒公司的梅赛德斯-奔驰。</blockquote></p><p> For the first half of this year, Volvo reported a 41% increase in sales over the same period last year, to 380,757 vehicles. The company’s sales in the U.S. rose 47% to 63,754 vehicles. Europe remains Volvo’s biggest market.</p><p><blockquote>今年上半年，沃尔沃销量较去年同期增长41%，达到380,757辆。该公司在美国的销量增长了47%，达到63,754辆。欧洲仍然是沃尔沃最大的市场。</blockquote></p><p> At a valuation of $25 billion, Volvo would be bigger than European car maker&nbsp;Renault&nbsp;SA,which has a market value of a little more than $10 billion. That is despite Volvo selling a fraction of the cars Renault sells each year. Volvo’s size, though, would pale against the world’s biggest car makers, including&nbsp;General MotorsCo.and Volkswagen, underscoring the competitive challenge the Swedish company faces. Its value would also sharply trail the $767.5 billion market capitalization of electric-vehicle leaderTeslaInc.</p><p><blockquote>沃尔沃的估值为250亿美元，将超过欧洲汽车制造商雷诺公司，后者的市值略高于100亿美元。尽管沃尔沃每年的销量仅为雷诺汽车销量的一小部分。不过，沃尔沃的规模与通用汽车和大众汽车等全球最大的汽车制造商相比相形见绌，凸显了这家瑞典公司面临的竞争挑战。其价值也将大幅落后于电动汽车领导者特斯拉公司7675亿美元的市值。</blockquote></p><p> Still, a listing would provide investors another competitor to bet on in an auto-industry race to roll out electric vehicles. Volvo was the first conventional auto maker to begin phasing out internal-combustion engines, ending its production of cars only powered by fossil fuels in 2019. Since then, every new Volvo is either a fully electric or hybrid model.</p><p><blockquote>尽管如此，上市仍将为投资者在汽车行业推出电动汽车的竞赛中提供另一个可以押注的竞争对手。沃尔沃是第一家开始逐步淘汰内燃机的传统汽车制造商，于2019年停止生产仅由化石燃料驱动的汽车。从那时起，每一款新沃尔沃要么是全电动要么是混合动力车型。</blockquote></p><p> Most big auto makers have since said that they also will be phasing out conventional engines in new vehicles, by around 2035.</p><p><blockquote>此后，大多数大型汽车制造商表示，他们也将在2035年左右逐步淘汰新车中的传统发动机。</blockquote></p><p> Volvo has floated the idea of a possible listing as far back as 2018, and in May said it&nbsp;was considering an IPO&nbsp;on the Stockholm stock exchange. Such a listing could provide the company a broader shareholder base and greater independence from its Chinese investors. In September, Reuters reported that Volvo was in talks to list its shares in the coming weeks.</p><p><blockquote>沃尔沃早在2018年就提出了可能上市的想法，并于5月份表示正在考虑在斯德哥尔摩证券交易所进行IPO。这样的上市可以为该公司提供更广泛的股东基础，并更加独立于中国投资者。9月，路透社报道称，沃尔沃正在就未来几周上市进行谈判。</blockquote></p><p> It isn’t clear how big a stake Geely plans to sell, but it has previously indicated it would likely remain a major shareholder after any offering. A decision on the details of the listing and its public disclosure could be delayed, but people familiar with the plans said a final call was imminent.</p><p><blockquote>目前尚不清楚吉利计划出售多少股份，但吉利此前曾表示，在任何发行后，它可能仍将是主要股东。关于上市细节及其公开披露的决定可能会推迟，但知情人士表示，最终看涨期权即将举行。</blockquote></p><p> An offering would come amid a frenzy of investor interest in electric vehicles and after an EV-focused Volvo affiliate made its own move to take advantage of that enthusiasm.</p><p><blockquote>此次发行是在投资者对电动汽车的狂热兴趣之际进行的，此前一家专注于电动汽车的沃尔沃子公司也采取了自己的行动来利用这种热情。</blockquote></p><p> Last week, Polestar, a Swedish electric-vehicle maker jointly owned by Volvo, Geely and others, announced plans to merge with a special-purpose acquisition company and list in New York in a deal that would value the Swedish EV company&nbsp;at roughly $20 billion.</p><p><blockquote>上周，沃尔沃、吉利等公司共同拥有的瑞典电动汽车制造商Polestar宣布计划与一家特殊目的收购公司合并，并在纽约上市，这笔交易将使这家瑞典电动汽车公司的估值约为200亿美元。</blockquote></p><p> Volvo Cars said last month that it expected to own close to 50% of the combined company after completion of Polestar’s merger with Gores Guggenheim Inc.</p><p><blockquote>沃尔沃汽车上个月表示，在Polestar与Gores Guggenheim Inc.的合并完成后，预计将拥有合并后公司近50%的股份。</blockquote></p><p> The Polestar deal generated a pathway for Volvo to pursue its own offering by assigning a value of about $10 billion to Volvo’s stake, according to some of the people familiar with Volvo’s listing plans.</p><p><blockquote>据一些熟悉沃尔沃上市计划的人士透露，Polestar交易为沃尔沃提供了一条寻求自己发行的途径，为沃尔沃的股份分配了约100亿美元的价值。</blockquote></p><p> Earlier this year, Volvo and Geely backed away from considerations of merging Volvo with Geely Auto Group, raising expectations that the company would pursue a separate listing and greater independence from Geely Holding.</p><p><blockquote>今年早些时候，沃尔沃和吉利放弃了将沃尔沃与吉利汽车集团合并的考虑，引发了人们对该公司将寻求单独上市并更大程度地独立于吉利控股的预期。</blockquote></p><p> “Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.</p><p><blockquote>吉利控股董事长李家祥5月份表示：“沃尔沃汽车在实现持续增长、充分利用电气化和提供安全自动驾驶功能方面处于特别有利的地位。”</blockquote></p><p> Ford bought Volvo in 1999 for 50 billion Swedish kronor&nbsp;, or about $6.47 billion at the time of the transaction. At the time, Volvo had 28,000 employees and produced about 400,000 vehicles a year.</p><p><blockquote>福特于1999年以500亿瑞典克朗的价格收购了沃尔沃，交易时约合64.7亿美元。当时，沃尔沃拥有28,000名员工，每年生产约40万辆汽车。</blockquote></p><p> By 2009, when Ford put the company up for sale, Volvo was struggling. After Geely stepped in, it poured in money. Over the course of a decade, Geely invested more than $11 billion, financing a modernization of the company’s model lineup, an early shift into electric vehicles, and factories in China that helped Volvo cash in on China’s surging appetite for Western cars.</p><p><blockquote>到2009年，当福特将公司出售时，沃尔沃已经陷入困境。吉利介入后，大举砸钱。十年来，吉利投资了超过110亿美元，为公司车型阵容的现代化、早期转向电动汽车以及在中国的工厂提供资金，帮助沃尔沃从中国对西方汽车日益增长的需求中获利。</blockquote></p><p></p><p> In 2018, Volvo opened its first U.S. factory. The brand had once been a household name in suburban America in the 1970s. But it had to rebuild its business in the world’s most lucrative car market.</p><p><blockquote>2018年，沃尔沃开设了第一家美国工厂。该品牌在20世纪70年代曾是美国郊区家喻户晓的品牌。但它必须在世界上最赚钱的汽车市场重建业务。</blockquote></p><p> Volvo produces the S60 sedan in Charleston, S.C. Next year, the South Carolina plant intends to produce an electric version of the company’s XC90, a large, premium sport-utility vehicle. Volvo has invested more than $1 billion in the plant and employs 1,500 people there. The company has said that its U.S. plant will be the first to shift entirely to electric-car production.</p><p><blockquote>沃尔沃在南卡罗来纳州查尔斯顿生产S60轿车。明年，南卡罗来纳州工厂打算生产该公司XC90的电动版本，这是一款大型高级运动型多功能车。沃尔沃在该工厂投资了超过10亿美元，拥有1,500名员工。该公司表示，其美国工厂将是第一家完全转向电动汽车生产的工厂。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/volvo-cars-is-finalizing-plans-for-ipo-in-stockholm-11633283394?mod=itp_wsj\">WSJ</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":{"VLVLY":"Volvo AB","00175":"吉利汽车"},"source_url":"https://www.wsj.com/articles/volvo-cars-is-finalizing-plans-for-ipo-in-stockholm-11633283394?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183951893","content_text":"Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.\nA listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds.Ford MotorCo., weakened by the global financial crisis, sold the Swedish company to Geelyfor $1.8 billion in 2010.\nVolvo has long capitalized on a brand recognized for safety, but at the time of its sale, its product lineup had failed to excite car buyers. Geely bankrolled Volvo’s recovery over the next decade, opening China as a market for the brand and providing financing to help the company revamp its model offerings.\nToday, Volvo is profitable, with a road map for electric-model rollouts that is ahead of some competitors. Its brand is back in fashion in the U.S. and elsewhere. It now competes with German premium brands, including BMW makerBayerische Motoren WerkeAG,VolkswagenAG’sAudi brand andDaimlerAG’sMercedes-Benz.\nFor the first half of this year, Volvo reported a 41% increase in sales over the same period last year, to 380,757 vehicles. The company’s sales in the U.S. rose 47% to 63,754 vehicles. Europe remains Volvo’s biggest market.\nAt a valuation of $25 billion, Volvo would be bigger than European car maker Renault SA,which has a market value of a little more than $10 billion. That is despite Volvo selling a fraction of the cars Renault sells each year. Volvo’s size, though, would pale against the world’s biggest car makers, including General MotorsCo.and Volkswagen, underscoring the competitive challenge the Swedish company faces. Its value would also sharply trail the $767.5 billion market capitalization of electric-vehicle leaderTeslaInc.\nStill, a listing would provide investors another competitor to bet on in an auto-industry race to roll out electric vehicles. Volvo was the first conventional auto maker to begin phasing out internal-combustion engines, ending its production of cars only powered by fossil fuels in 2019. Since then, every new Volvo is either a fully electric or hybrid model.\nMost big auto makers have since said that they also will be phasing out conventional engines in new vehicles, by around 2035.\nVolvo has floated the idea of a possible listing as far back as 2018, and in May said it was considering an IPO on the Stockholm stock exchange. Such a listing could provide the company a broader shareholder base and greater independence from its Chinese investors. In September, Reuters reported that Volvo was in talks to list its shares in the coming weeks.\nIt isn’t clear how big a stake Geely plans to sell, but it has previously indicated it would likely remain a major shareholder after any offering. A decision on the details of the listing and its public disclosure could be delayed, but people familiar with the plans said a final call was imminent.\nAn offering would come amid a frenzy of investor interest in electric vehicles and after an EV-focused Volvo affiliate made its own move to take advantage of that enthusiasm.\nLast week, Polestar, a Swedish electric-vehicle maker jointly owned by Volvo, Geely and others, announced plans to merge with a special-purpose acquisition company and list in New York in a deal that would value the Swedish EV company at roughly $20 billion.\nVolvo Cars said last month that it expected to own close to 50% of the combined company after completion of Polestar’s merger with Gores Guggenheim Inc.\nThe Polestar deal generated a pathway for Volvo to pursue its own offering by assigning a value of about $10 billion to Volvo’s stake, according to some of the people familiar with Volvo’s listing plans.\nEarlier this year, Volvo and Geely backed away from considerations of merging Volvo with Geely Auto Group, raising expectations that the company would pursue a separate listing and greater independence from Geely Holding.\n“Volvo Cars is especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous-drive functions,” Eric Li, chairman of Geely Holding, said in May.\nFord bought Volvo in 1999 for 50 billion Swedish kronor , or about $6.47 billion at the time of the transaction. At the time, Volvo had 28,000 employees and produced about 400,000 vehicles a year.\nBy 2009, when Ford put the company up for sale, Volvo was struggling. After Geely stepped in, it poured in money. Over the course of a decade, Geely invested more than $11 billion, financing a modernization of the company’s model lineup, an early shift into electric vehicles, and factories in China that helped Volvo cash in on China’s surging appetite for Western cars.\nIn 2018, Volvo opened its first U.S. factory. The brand had once been a household name in suburban America in the 1970s. But it had to rebuild its business in the world’s most lucrative car market.\nVolvo produces the S60 sedan in Charleston, S.C. Next year, the South Carolina plant intends to produce an electric version of the company’s XC90, a large, premium sport-utility vehicle. Volvo has invested more than $1 billion in the plant and employs 1,500 people there. The company has said that its U.S. plant will be the first to shift entirely to electric-car production.","news_type":1,"symbols_score_info":{"00175":0.9,"VLVLY":0.9}},"isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":832931372,"gmtCreate":1629556032396,"gmtModify":1633684059966,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Like for like!&nbsp;","listText":"Like for like!&nbsp;","text":"Like for like!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832931372","repostId":"1107075259","repostType":4,"repost":{"id":"1107075259","kind":"news","pubTimestamp":1629509852,"share":"https://www.laohu8.com/m/news/1107075259?lang=zh_CN&edition=full","pubTime":"2021-08-21 09:37","market":"us","language":"en","title":"Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107075259","media":"MarketWatch","summary":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.$Investors$ should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.At $Tesla Motors$’s AI Day late Thursday, self-named Technoking Musk said th","content":"<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIgnore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-21 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107075259","content_text":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.\n\nInvestors should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.\nAt Tesla Motors’s AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”\nAfter a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.\nAs always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.\n“Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this Tesla Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.\nThe safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.\nJust a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.\n“Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at American University in Washington DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”\n“Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.\nThe week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The National Highway Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with Advanced Driver Assistance Systems (ADAS) and tractor-trailers.\nThe latest outcry on Capitol Hill follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.\n“The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”\nIt is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”\nIf only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.\n“We basically have to solve real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over one million cars on the road that are collecting data… But I am highly confident that we will get this done.”\nBut for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.\nFor example, Alphabet Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.\n“Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of American University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”\nWith FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.\n“They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.\nMusk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898537569,"gmtCreate":1628508968551,"gmtModify":1633746593451,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Third booster shot and the path dependency based on their initial high efficacy means that Pfizer's lead is likely to stay indefinitely.&nbsp;","listText":"Third booster shot and the path dependency based on their initial high efficacy means that Pfizer's lead is likely to stay indefinitely.&nbsp;","text":"Third booster shot and the path dependency based on their initial high efficacy means that Pfizer's lead is likely to stay indefinitely.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898537569","repostId":"2158844506","repostType":4,"isVote":1,"tweetType":1,"viewCount":338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167291526,"gmtCreate":1624268824665,"gmtModify":1634008652490,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"FUD alert 😂","listText":"FUD alert 😂","text":"FUD alert 😂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167291526","repostId":"1153139723","repostType":4,"isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129350459,"gmtCreate":1624361039171,"gmtModify":1634007313368,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"GME is going to go beyond being a brick and mortar games retailer.&nbsp;","listText":"GME is going to go beyond being a brick and mortar games retailer.&nbsp;","text":"GME is going to go beyond being a brick and mortar games retailer.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129350459","repostId":"1161172533","repostType":4,"repost":{"id":"1161172533","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":1624360705,"share":"https://www.laohu8.com/m/news/1161172533?lang=zh_CN&edition=full","pubTime":"2021-06-22 19:18","market":"us","language":"en","title":"GameStop completes at-the-market equity offering after raising $1.126 billion, stock jumps 6.84% premarket<blockquote>游戏驿站在筹集11.26亿美元后完成市场股票发行，股价盘前上涨6.84%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161172533","media":"Tiger Newspress","summary":"(June 15) GameStop Corp. said Tuesday it has completed an at-the-market equity offering after issuin","content":"<p>(June 15)&nbsp;GameStop Corp. said Tuesday it has completed an at-the-market equity offering after issuing 5 million shares to raise about $1.126 billion. The videogame retailer and leading meme stock said it will use the proceeds for the catch-all general corporate purposes and for growth initiatives, while maintaining a healthy balance sheet. </p><p><blockquote>（6月15日）游戏驿站公司周二表示，在发行500万股股票以筹集约11.26亿美元后，已完成市场股票发行。这家视频游戏零售商和领先的meme股票表示，将把所得款项用于包罗万象的一般企业用途和增长计划，同时保持健康的资产负债表。</blockquote></p><p> The stock jumped 6.84% premarket and has gained 964% in the year to date, spurred on by Reddit subgroup WallStreetBets, who are betting the company can restore its business under new leadership. The S&amp;P 500 SPX, +1.40% has gained 12.5% in the same period.</p><p><blockquote>在Reddit子集团WallStreetBets的推动下，该股盘前上涨6.84%，今年迄今已上涨964%，他们押注该公司能够在新的领导下恢复业务。标普500 SPX,+1.40%同期上涨12.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b4772ce5d4d1e2d998daa7d0cddf05c0\" tg-width=\"656\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></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>GameStop completes at-the-market equity offering after raising $1.126 billion, stock jumps 6.84% premarket<blockquote>游戏驿站在筹集11.26亿美元后完成市场股票发行，股价盘前上涨6.84%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop completes at-the-market equity offering after raising $1.126 billion, stock jumps 6.84% premarket<blockquote>游戏驿站在筹集11.26亿美元后完成市场股票发行，股价盘前上涨6.84%</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\">2021-06-22 19:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 15)&nbsp;GameStop Corp. said Tuesday it has completed an at-the-market equity offering after issuing 5 million shares to raise about $1.126 billion. The videogame retailer and leading meme stock said it will use the proceeds for the catch-all general corporate purposes and for growth initiatives, while maintaining a healthy balance sheet. </p><p><blockquote>（6月15日）游戏驿站公司周二表示，在发行500万股股票以筹集约11.26亿美元后，已完成市场股票发行。这家视频游戏零售商和领先的meme股票表示，将把所得款项用于包罗万象的一般企业用途和增长计划，同时保持健康的资产负债表。</blockquote></p><p> The stock jumped 6.84% premarket and has gained 964% in the year to date, spurred on by Reddit subgroup WallStreetBets, who are betting the company can restore its business under new leadership. The S&amp;P 500 SPX, +1.40% has gained 12.5% in the same period.</p><p><blockquote>在Reddit子集团WallStreetBets的推动下，该股盘前上涨6.84%，今年迄今已上涨964%，他们押注该公司能够在新的领导下恢复业务。标普500 SPX,+1.40%同期上涨12.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b4772ce5d4d1e2d998daa7d0cddf05c0\" tg-width=\"656\" tg-height=\"497\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161172533","content_text":"(June 15) GameStop Corp. said Tuesday it has completed an at-the-market equity offering after issuing 5 million shares to raise about $1.126 billion. The videogame retailer and leading meme stock said it will use the proceeds for the catch-all general corporate purposes and for growth initiatives, while maintaining a healthy balance sheet. \nThe stock jumped 6.84% premarket and has gained 964% in the year to date, spurred on by Reddit subgroup WallStreetBets, who are betting the company can restore its business under new leadership. The S&P 500 SPX, +1.40% has gained 12.5% in the same period.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":826287574,"gmtCreate":1634026089217,"gmtModify":1634026097342,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826287574","repostId":"828515753","repostType":1,"repost":{"id":828515753,"gmtCreate":1633923851747,"gmtModify":1633984527317,"author":{"id":"3556134694513016","authorId":"3556134694513016","name":"3Fs","avatar":"https://static.tigerbbs.com/26cf959de8173b4a8aaee5e8568a8eff","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556134694513016","authorIdStr":"3556134694513016"},"themes":[],"title":"KeppelDC REIT Has Been Correcting - Potential $2.15 Coming?","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a> has been one of the performing stars in the SREIT universe for quite some time since its’ IPO.Investors who are looking to buy this REIT has been given very little to no chance to add on to their shares as the company continues to shoulder on its meteoric rise in the past few years.Since hitting the peak of $3.13 sometime in October last year, the company has undergone quite a bit of correction over the past few months, breaking it’s support each time as it moves lower.With the company trading at $2.34 today, is this a good opportunity to add on to the shares given their longer term prospect?Maiden Acquisition in China with a high 9% NPI Yield:The maiden acquisition in&nbsp;Guangdong Data Centre&nbsp;locat","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a> has been one of the performing stars in the SREIT universe for quite some time since its’ IPO.Investors who are looking to buy this REIT has been given very little to no chance to add on to their shares as the company continues to shoulder on its meteoric rise in the past few years.Since hitting the peak of $3.13 sometime in October last year, the company has undergone quite a bit of correction over the past few months, breaking it’s support each time as it moves lower.With the company trading at $2.34 today, is this a good opportunity to add on to the shares given their longer term prospect?Maiden Acquisition in China with a high 9% NPI Yield:The maiden acquisition in&nbsp;Guangdong Data Centre&nbsp;locat","text":"$KEPPEL DC REIT(AJBU.SI)$ has been one of the performing stars in the SREIT universe for quite some time since its’ IPO.Investors who are looking to buy this REIT has been given very little to no chance to add on to their shares as the company continues to shoulder on its meteoric rise in the past few years.Since hitting the peak of $3.13 sometime in October last year, the company has undergone quite a bit of correction over the past few months, breaking it’s support each time as it moves lower.With the company trading at $2.34 today, is this a good opportunity to add on to the shares given their longer term prospect?Maiden Acquisition in China with a high 9% NPI Yield:The maiden acquisition in Guangdong Data Centre locat","images":[{"img":"https://static.tigerbbs.com/26a1c0c93b58898ee07897dd6539766c"},{"img":"https://static.tigerbbs.com/e08e5927471ce7ad96d042822dd24bb9"},{"img":"https://static.tigerbbs.com/6ce8d11aa2028ae2f64a7c01be0262bc"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828515753","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820453072,"gmtCreate":1633421436173,"gmtModify":1633421436248,"author":{"id":"3555249757581559","authorId":"3555249757581559","name":"Anh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3555249757581559","authorIdStr":"3555249757581559"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820453072","repostId":"2172873995","repostType":4,"isVote":1,"tweetType":1,"viewCount":3431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}