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2021-08-26

Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The critical thing is whether these innovation-based businesses can live up to their names and survive over time.

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2021-07-27

Apple is in a good position for the 5g rollout.

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2021-06-26

NVDA will be a great stock to own down the road

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2021-09-12

Waiting for Amazon to stock split

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2021-08-10

And that's the bubble that made him what he is today.

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2021-07-17

God knows if the price is dropping due to disinterest of the stock by retail investors or institutional manipulation.

'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>

2021-08-13

Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of a company, especially during trying period like now. Great CEO.

AMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</blockquote>

2021-09-11

This is totally very possible.

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2021-09-05

Nice article. Not all hedge funds and shortists are bad actually.

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2021-07-20

Sometimes, those fund managers who are bearish about the situations, are the first ones to start buying in.

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16:59","market":"us","language":"en","title":"Nvidia's Trillion-Dollar AI Opportunity<blockquote>英伟达万亿美元的人工智能机遇</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174830865","media":"Seeking Alpha","summary":"SummaryNVIDIA's dominance in AI is underappreciated.The company satisfies all the conditions to grow","content":"<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>NVIDIA&#39;s dominance in AI is underappreciated.</li><li>The company satisfies all the conditions to grow its competitive advantage in AI over time.</li><li>AI could grow into a multi-trillion dollar opportunity for NVIDIA.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5ccc411f40abfe931b89d5588779451\" tg-width=\"1536\" tg-height=\"1152\" width=\"100%\" height=\"auto\"/><span>imaginima/E+ via Getty Images</span></p><p><blockquote><ul><li>英伟达在人工智能领域的主导地位未被充分认识。</li><li>随着时间的推移，该公司满足了在人工智能领域增强竞争优势的所有条件。</li><li>人工智能可能会成为英伟达价值数万亿美元的机会。</li></ul><p class=\"t-img-caption\"><span>imaginima/E+来自Getty Images</span></p></blockquote></p><p>AI is a watershed moment for the world. Humans’ fundamental technology is intelligence. We’re in the process of automating intelligence so that we can augment ours. The thing that’s really cool is that AI is software that writes itself, and it writes software that no humans can.Jensen Huang, Founder, and CEO of NVIDIANVIDIA (NVDA) does not get enough credit for its highly dominant position in artificial intelligence, a rapidly emerging class of technology that will likely disrupt every industry and centralize economic power in the hands of its masters. The market&#39;s increasing recognition of NVIDIA&#39;s sustainable competitive advantage in artificial intelligence (AI) and AI&#39;s long growth runway will likely sustain the stock&#39;s outperformance and premium valuation.</p><p><blockquote>AI是世界的分水岭时刻。人类的根本技术是智能。我们正在自动化智能，这样我们就可以增强我们的智能。真正酷的是，人工智能是自己编写的软件，而且它编写的软件是人类无法编写的。NVIDIA(NVDA)创始人兼首席执行官黄仁勋(Jensen Huang)并未因其在人工智能领域的高度主导地位而获得足够的赞誉，人工智能是一种快速发展的技术类别，可能会颠覆每个行业并将经济权力集中在其主人手中。市场越来越认可英伟达在人工智能（AI）领域的可持续竞争优势以及人工智能的长期增长跑道，这可能会维持该股的优异表现和溢价估值。</blockquote></p><p><b>AI &amp; Economic Centralization</b></p><p><blockquote><b>人工智能与经济集中化</b></blockquote></p><p>AI is exciting to the investment community because it gives those who wield it unprecedented abilities and economics. Revolutionary breakthroughs in artificial neural networks (or deep learning) in the 2010s enabled algorithms to &#34;learn&#34; and thus introduce a new level of machine intelligence never available before, allowing the algorithms to accomplish breathtaking new feats such asdefeatingthe world&#39;s top Go players and disrupting the translation industry.</p><p><blockquote>人工智能让投资界感到兴奋，因为它为那些使用人工智能的人提供了前所未有的能力和经济效益。2010年代人工神经网络（或深度学习）的革命性突破使算法能够“学习”，从而引入了前所未有的机器智能新水平，使算法能够完成令人惊叹的新壮举，例如击败世界顶级围棋选手和颠覆翻译行业。</blockquote></p><p>Importantly, for investors, modern neural network algorithms are a &#34;centralizing&#34; technology since the advantage of scale outweighs the disadvantages. The practical implication is that companies that can position themselves at the center should enjoy an unusually strong and sustainable competitive advantage in the niche where it dominates.</p><p><blockquote>重要的是，对于投资者来说，现代神经网络算法是一种“集中”技术，因为规模优势大于劣势。其实际含义是，能够将自己定位在中心的公司应该在其主导的利基市场中享有异常强大和可持续的竞争优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40aedfb330e1430e3b3578134c461460\" tg-width=\"640\" tg-height=\"538\" width=\"100%\" height=\"auto\"/><span>Source: Zen Analyst</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zen分析师</span></p></blockquote></p><p>Companies most likely to be in this enviable position should satisfy three conditions.</p><p><blockquote>最有可能处于这种令人羡慕地位的公司应该满足三个条件。</blockquote></p><p>First, there is a massive shortage of AI experts, so only very well-funded companies or those with massive cash flow can sustain world-class AI teams. In 2017, Tencent(OTCPK:TCEHY) estimated that there are only 300,000 AI researchers worldwide, far short of the millions demanded by the market. The lack of skilled people and difficulty hiring topped the list of challenges in AI to this day.</p><p><blockquote>首先，人工智能专家严重短缺，因此只有资金非常充足的公司或拥有大量现金流的公司才能维持世界级的人工智能团队。2017年，腾讯控股（OTCPK：TCEHY）估计全球AI研究人员只有30万人，远不及市场需求的数百万人。迄今为止，缺乏技术人员和招聘困难是人工智能面临的首要挑战。</blockquote></p><p>Second, AI delivers the greatest value to companies with the greatest data assets, which correlates with the scale of the enterprise. It takes a massive amount of data to train neural networks, and naturally, the best AI talents prefer to work in data-rich environments. It is no surprise that companies that are most excited about AI are also the ones with the greatest data assets, for example, Alphabet (GOOG), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (FB), Apple (AAPL), and Netflix (NFLX).</p><p><blockquote>其次，人工智能为拥有最大数据资产的公司提供了最大的价值，这与企业的规模相关。训练神经网络需要海量数据，自然，最优秀的AI人才更喜欢在数据丰富的环境中工作。毫不奇怪，对人工智能最感兴趣的公司也是拥有最多数据资产的公司，例如Alphabet(GOOG)、微软(MSFT)、亚马逊(AMZN)、Meta Platforms(FB)、苹果(AAPL)和Netflix(NFLX)。</blockquote></p><p>Third, combining top AI talent and massive data to produce breakthrough products requires a management team with a strong engineering and computer science background. This condition explains why Amazon, Alphabet, Microsoft, and NVIDIA lead in AI when other data-rich companies such as Bank of America (BAC) and UnitedHealth Group (UNH) do not.</p><p><blockquote>第三，结合顶尖AI人才和海量数据生产突破性产品，需要具有强大工程和计算机科学背景的管理团队。这种情况解释了为什么亚马逊、Alphabet、微软和英伟达在人工智能领域处于领先地位，而美银(BAC)和联合健康集团(UNH)等其他数据丰富的公司却没有。</blockquote></p><p>Once a breakthrough AI product is brought to market, for example, Google&#39;s AI language translation service, one that is significantly better than alternatives, a virtuous cycle begins that further reinforces the competitive advantage of the product. First, the superior product garners more users. Second, more users interacting with the product generates more data. Third, the incremental data is then used to improve the product.</p><p><blockquote>一旦一个突破性的人工智能产品被推向市场，例如谷歌的人工智能语言翻译服务，一个明显优于替代品的产品，一个良性循环就开始了，进一步增强了产品的竞争优势。首先，优势产品获得更多用户。其次，更多的用户与产品互动会产生更多的数据。第三，增量数据用于改进产品。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/965b5370b6f9a11ec4863ece11f18ddd\" tg-width=\"640\" tg-height=\"730\" width=\"100%\" height=\"auto\"/><span>Source: Zen Analyst</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zen分析师</span></p></blockquote></p><p>This virtuous flywheel increases the competitive advantages of the incumbents as long as they do not fall apart due to complacency and corruption.</p><p><blockquote>只要现任者不因自满和腐败而分崩离析，这种良性飞轮就会增加他们的竞争优势。</blockquote></p><p><b>NVIDIA&#39;s Dominance</b></p><p><blockquote><b>英伟达的主导地位</b></blockquote></p><p>NVIDIA satisfies all three conditions for maintaining and growing its dominant position in AI.</p><p><blockquote>英伟达满足了维持和发展其在人工智能领域主导地位的所有三个条件。</blockquote></p><p>First, NVIDIA is one of the most profitable and fastest-growing companies globally, making its stock-based compensation highly attractive to scarce AI talents. The company is expected to generate $13.7 billion in EBITDA this current fiscal year (ended January 2022), up 73% y/y.</p><p><blockquote>首先，英伟达是全球最赚钱、增长最快的公司之一，这使得其基于股票的薪酬对稀缺的AI人才极具吸引力。该公司预计本财年（截至2022年1月）将产生137亿美元的EBITDA，同比增长73%。</blockquote></p><p></p><p>Second, NVIDIA has access to a massive amount of data through its computing hardware business, CUDA parallel computing platform, gaming platforms such as GeForce Now, and software platforms such as Omniverse.</p><p><blockquote>其次，英伟达通过其计算硬件业务、CUDA并行计算平台、GeForce Now等游戏平台以及Omniverse等软件平台可以访问海量数据。</blockquote></p><p>In addition to providing AI talent a data-rich environment, the company also occupies an overwhelmingly dominant position in AI chips, making the company one of the exciting places to work for AI talent. According to JPR, NVIDIA has an 83% share of the Q2 2021 PC discrete GPUs, the preferred chip for AI training and inference. Likewise, NVIDIA GPUs also dominate the data center with over 80% market share in AI workloads.</p><p><blockquote>除了为AI人才提供数据丰富的环境，公司还在AI芯片方面占据压倒性优势地位，使公司成为AI人才工作的令人兴奋的地方之一。根据JPR的数据，英伟达在Q2 2021 PC独立GPU中占有83%的份额，这是人工智能训练和推理的首选芯片。同样，NVIDIA GPU也在数据中心占据主导地位，在AI工作负载中占有超过80%的市场份额。</blockquote></p><p>Third, in my view, NVIDIA&#39;s management ranks among the most innovative in history. Jensen Huang founded NVIDIA in 1993 and has been at the frontier of innovation in GPUs, gaming graphics, accelerated computing in data centers, AI, and the Metaverse. Today, at 58-years-old, Jensen is still deeply committed as the company&#39;s CEO, and his vision gets a tremendous amount of respect from Wall Street to Main Street.</p><p><blockquote>第三，在我看来，英伟达的管理层是历史上最具创新性的管理层之一。黄仁勋于1993年创立了英伟达，一直处于GPU、游戏图形、数据中心加速计算、人工智能和元宇宙领域创新的前沿。如今，58岁的詹森仍然坚定地担任公司首席执行官，他的愿景得到了从华尔街到大街的极大尊重。</blockquote></p><p>It is no wonder that AI talents are flocking to work at NVIDIA. According to a 2017 Glassdoor survey, NVIDIA ranked second among top employers hiring AI talent. According to a study released by Glassdoor, as of 2021, NVIDIA ranked the second-best place to work in the U.S. Given how well the company and the stock have done and the high level of employee satisfaction, NVIDIA should not have problems attracting some of the best AI talents in the world.</p><p><blockquote>难怪AI人才纷纷涌向英伟达工作。根据2017年Glassdoor的一项调查，英伟达在招聘人工智能人才的顶级雇主中排名第二。根据Glassdoor发布的一项研究，截至2021年，英伟达在美国排名第二。鉴于公司和股票的表现以及员工满意度的高水平，英伟达吸引一些世界上最优秀的人工智能人才应该没有问题。</blockquote></p><p><b>AI Market Opportunity</b></p><p><blockquote><b>人工智能市场机会</b></blockquote></p><p>NVIDIA has a massive AI portfolio that could serve every enterprise:</p><p><blockquote>NVIDIA拥有庞大的人工智能产品组合，可以为每个企业提供服务：</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8542e16ee66c70106491e1d683a30912\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: NVIDIA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：英伟达</span></p></blockquote></p><p>Due to the size of its AI portfolio, it is challenging to put an exact number on NVIDIA&#39;s AI addressable market for three reasons. First, NVIDIA has products up and down the stack, from applications interacting with the end-user to hardware sitting in the data center and at the edge. Second, NVIDIA&#39;s AI technologies are horizontal (giving a limited set of capabilities to every industry) and vertical (offering a broad set of capabilities to specialized industries). Third, AI will play a crucial but not exclusive role in rapidly emerging opportunities such as the metaverse.</p><p><blockquote>由于其人工智能产品组合的规模，很难给出英伟达人工智能潜在市场的确切数字，原因有三。首先，NVIDIA拥有堆栈上下的产品，从与最终用户交互的应用程序到位于数据中心和边缘的硬件。其次，英伟达的人工智能技术是水平的（为每个行业提供有限的功能）和垂直的（为专业行业提供广泛的功能）。第三，人工智能将在元宇宙等快速出现的机会中发挥至关重要但不是排他性的作用。</blockquote></p><p>To get a sense of the scale of the opportunities for NVIDIA&#39;s AI portfolio, let&#39;s take a look at a few examples.</p><p><blockquote>为了了解英伟达人工智能产品组合的机会规模，让我们看几个例子。</blockquote></p><p>Omdia forecasts the global artificial intelligence software market will grow rapidly in the coming years, reaching around $126 billion by 2025. The overall AI market includes various applications such as natural language processing, robotic process automation, and machine learning.</p><p><blockquote>Omdia预测，全球人工智能软件市场将在未来几年快速增长，到2025年将达到1260亿美元左右。整体AI市场包括自然语言处理、机器人流程自动化和机器学习等各种应用。</blockquote></p><p>I sized the current metaverse opportunity for NVIDIA at a minimum of $360 billion, with the potential to grow into the trillions. In my view, AI will play a crucial role in the metaverse, but so will blockchain, consumer electronics such as virtual reality goggles, and GPU chips. I suspect that AI will initially play a small role in the metaverse relative to blockchain and hardware, but its importance will increase in five to ten years.</p><p><blockquote>我估计英伟达目前的元宇宙机会至少为3600亿美元，并且有可能增长到数万亿美元。在我看来，AI将在元宇宙中发挥至关重要的作用，但区块链、虚拟现实护目镜等消费电子产品以及GPU芯片也将如此。我怀疑，相对于区块链和硬件，AI最初将在元宇宙中发挥很小的作用，但其重要性将在五到十年内增加。</blockquote></p><p>However, NVIDIA&#39;s CEO, Jensen Huang, has much bigger ambitions: he believes the intelligence market is sized in the trillions. For example, he believes that AI will transform the multi-trillion transportation industry through autonomous driving, to name one industry.</p><p><blockquote>然而，英伟达首席执行官黄仁勋(Elon Musk)有着更大的野心：他认为智能市场规模达数万亿美元。例如，他认为人工智能将通过自动驾驶改变数万亿的交通行业，仅举一个例子。</blockquote></p><p><b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p>(Note: all consensus and historical data in this section are from FactSet.)</p><p><blockquote>（注：本节中的所有共识和历史数据均来自FactSet。）</blockquote></p><p>While there is little disagreement that NVIDIA is an excellent company, many investors balk at NVIDIA&#39;s price action and premium valuation.</p><p><blockquote>尽管英伟达是一家优秀的公司几乎没有异议，但许多投资者对英伟达的价格走势和溢价估值犹豫不决。</blockquote></p><p>In my opinion, the stock&#39;s valuation is justified by its growth rate, the strength of its core business, and multiple &#34;free options&#34; attached to the stock. However, NVIDIA may not be appropriate for investors who would like to avoid large drawdowns given the stock&#39;s 1.95 52-week beta and the business&#39;s rapid growth, which could hit unexpected speed bumps.</p><p><blockquote>在我看来，该股的估值是合理的，其增长率、核心业务的实力以及该股附带的多个“免费期权”。然而，鉴于该股52周贝塔值为1.95，且业务快速增长，英伟达可能不适合希望避免大幅下跌的投资者，这可能会遇到意想不到的减速。</blockquote></p><p>NVDA currently trades at 58x next-twelve-month consensus EPS or a 180% premium to the S&amp;P 500. Given the stock&#39;s ~126% YTD rally and premium valuation, many investors fear chasing a winner. Furthermore, given the passionate discussions around the metaverse (see my recently published Meta Platforms article for more background information), bears will argue that NVDA&#39;s valuation is being propped up by &#34;hype.&#34;</p><p><blockquote>NVDA目前的交易价格是未来12个月共识每股收益的58倍，比标普500溢价180%。鉴于该股年初至今上涨约126%且估值溢价，许多投资者担心追逐赢家。此外，鉴于围绕元宇宙的热烈讨论（有关更多背景信息，请参阅我最近发表的Meta Platforms文章），空头会认为NVDA的估值是由“炒作”支撑的。</blockquote></p><p>I disagree with this conclusion because I believe NVDA&#39;s valuation is justified by the performance of its core business, while Omniverse has not yet materially contributed to results. For a detailed discussion of the Omniverse, please read my article<i>NVIDIA: Lord Of The Metaverse.</i></p><p><blockquote>我不同意这个结论，因为我认为NVDA的估值是由其核心业务的表现证明的，而Omniverse尚未对业绩做出实质性贡献。关于Omniverse的详细讨论，请阅读我的文章<i>英伟达：元宇宙之王。</i></blockquote></p><p></p><p>NVDA&#39;s EPS grew 73% y/y in FY20 and is expected to grow another 74% in FY22 (FY ending January). By the end of this year, the company is expected to generate earnings per share ~200% higher than its 2019 earnings. Over the same period, the S&amp;P 500&#39;s EPS grew 26%. Looking ahead, consensus EPS for NVDA&#39;s FY23 implies a 19% y/y growth rate, a number the company should easily beat given the strong momentum of its businesses and its long history of beating earnings estimates. However, even 19% is well above the S&amp;P 500&#39;s expected 8% EPS growth in the same period.</p><p><blockquote>NVDA的每股收益在20财年同比增长73%，预计在22财年（截至1月的财年）将再增长74%。到今年年底，该公司的每股收益预计将比2019年的收益高出约200%。同期，标普500的每股收益增长了26%。展望未来，NVDA 2023财年的普遍每股收益意味着同比增长率为19%，鉴于其业务的强劲势头以及超出盈利预期的悠久历史，该公司应该很容易超过这个数字。然而，即使是19%也远高于标普500同期8%的每股收益增长预期。</blockquote></p><p>In addition, I believe NVDA&#39;s above-market EPS growth rate will be more sustainable than the average S&amp;P 500 company, given its near-monopoly in discrete GPUs and the secular trends driving its business. Among the most important secular drivers is the rise of AI and the metaverse.</p><p><blockquote>此外，鉴于NVDA在独立GPU领域近乎垄断以及推动其业务的长期趋势，我相信NVDA高于市场的每股收益增长率将比一般标普500公司更具可持续性。最重要的长期驱动因素之一是人工智能和元宇宙的兴起。</blockquote></p><p><b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p>We know NVIDIA has a near-monopoly in discrete GPUs, the dominant chip used to power gaming, accelerated computing, and AI. The company enjoys network effects, flywheel effects, platform dominance, and a superior R&amp;D budget, putting it head and shoulders above competitors. Its primary end markets -- gaming, data center, and AI -- are also growing well above global GDP.</p><p><blockquote>我们知道英伟达在独立GPU领域几乎处于垄断地位，独立GPU是用于支持游戏、加速计算和人工智能的主导芯片。该公司享有网络效应、飞轮效应、平台主导地位和优越的研发预算，使其遥遥领先于竞争对手。其主要终端市场——游戏、数据中心和人工智能——的增长也远高于全球GDP。</blockquote></p><p>In my view, the most significant risk for NVIDIA is regulatory and not competitive or market-based. I see two primary regulatory risks: anti-monopoly and geopolitics.</p><p><blockquote>在我看来，英伟达最大的风险是监管，而不是竞争或基于市场的风险。我看到了两个主要的监管风险：反垄断和地缘政治。</blockquote></p><p>First, the company&#39;s dominance and size make it a threat to market competition, likely resulting in regulatory pressures. NVIDIA could face regulatory risks similar to those experienced by Microsoft twenty years ago and by Meta Platforms, Apple, and Alphabet today.</p><p><blockquote>首先，该公司的主导地位和规模使其对市场竞争构成威胁，可能会导致监管压力。英伟达可能面临类似于二十年前微软以及今天Meta Platforms、苹果和Alphabet所经历的监管风险。</blockquote></p><p>We already see early signs of government pressure on NVIDIA. For example, even US regulators object to the company&#39;s pending acquisition of ARM Holdings.</p><p><blockquote>我们已经看到了政府对英伟达施加压力的早期迹象。例如，就连美国监管机构也反对该公司即将收购ARM Holdings。</blockquote></p><p>Second, as a semiconductor company with significant China revenues, NVIDIA risks being caught in the cross-hair of the US-China semiconductor war.Revenue from billings to China, including Hong Kong, was 23% of NVIDIA&#39;s revenue for the fiscal year 2021. As the leader in AI, a key area of geopolitical contest, NVIDIA&#39;s risk of being caught in geopolitics is likely much greater than the average semiconductor company.</p><p><blockquote>其次，作为一家在中国收入可观的半导体公司，英伟达面临着陷入美中半导体战争的风险。2021财年，来自中国（包括香港）的账单收入占英伟达收入的23%。作为地缘政治较量关键领域AI的领头羊，英伟达陷入地缘政治的风险很可能远大于一般的半导体公司。</blockquote></p><p></body></html></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>Nvidia's Trillion-Dollar AI Opportunity<blockquote>英伟达万亿美元的人工智能机遇</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\">\nNvidia's Trillion-Dollar AI Opportunity<blockquote>英伟达万亿美元的人工智能机遇</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\">2021-12-29 16:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Summary</b></p><p><blockquote><html><head></head><body><b>总结</b></body></html></blockquote></p><p><ul><li>NVIDIA&#39;s dominance in AI is underappreciated.</li><li>The company satisfies all the conditions to grow its competitive advantage in AI over time.</li><li>AI could grow into a multi-trillion dollar opportunity for NVIDIA.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5ccc411f40abfe931b89d5588779451\" tg-width=\"1536\" tg-height=\"1152\" width=\"100%\" height=\"auto\"/><span>imaginima/E+ via Getty Images</span></p><p><blockquote><ul><li>英伟达在人工智能领域的主导地位未被充分认识。</li><li>随着时间的推移，该公司满足了在人工智能领域增强竞争优势的所有条件。</li><li>人工智能可能会成为英伟达价值数万亿美元的机会。</li></ul><p class=\"t-img-caption\"><span>imaginima/E+来自Getty Images</span></p></blockquote></p><p>AI is a watershed moment for the world. Humans’ fundamental technology is intelligence. We’re in the process of automating intelligence so that we can augment ours. The thing that’s really cool is that AI is software that writes itself, and it writes software that no humans can.Jensen Huang, Founder, and CEO of NVIDIANVIDIA (NVDA) does not get enough credit for its highly dominant position in artificial intelligence, a rapidly emerging class of technology that will likely disrupt every industry and centralize economic power in the hands of its masters. The market&#39;s increasing recognition of NVIDIA&#39;s sustainable competitive advantage in artificial intelligence (AI) and AI&#39;s long growth runway will likely sustain the stock&#39;s outperformance and premium valuation.</p><p><blockquote>AI是世界的分水岭时刻。人类的根本技术是智能。我们正在自动化智能，这样我们就可以增强我们的智能。真正酷的是，人工智能是自己编写的软件，而且它编写的软件是人类无法编写的。NVIDIA(NVDA)创始人兼首席执行官黄仁勋(Jensen Huang)并未因其在人工智能领域的高度主导地位而获得足够的赞誉，人工智能是一种快速发展的技术类别，可能会颠覆每个行业并将经济权力集中在其主人手中。市场越来越认可英伟达在人工智能（AI）领域的可持续竞争优势以及人工智能的长期增长跑道，这可能会维持该股的优异表现和溢价估值。</blockquote></p><p><b>AI &amp; Economic Centralization</b></p><p><blockquote><b>人工智能与经济集中化</b></blockquote></p><p>AI is exciting to the investment community because it gives those who wield it unprecedented abilities and economics. Revolutionary breakthroughs in artificial neural networks (or deep learning) in the 2010s enabled algorithms to &#34;learn&#34; and thus introduce a new level of machine intelligence never available before, allowing the algorithms to accomplish breathtaking new feats such asdefeatingthe world&#39;s top Go players and disrupting the translation industry.</p><p><blockquote>人工智能让投资界感到兴奋，因为它为那些使用人工智能的人提供了前所未有的能力和经济效益。2010年代人工神经网络（或深度学习）的革命性突破使算法能够“学习”，从而引入了前所未有的机器智能新水平，使算法能够完成令人惊叹的新壮举，例如击败世界顶级围棋选手和颠覆翻译行业。</blockquote></p><p>Importantly, for investors, modern neural network algorithms are a &#34;centralizing&#34; technology since the advantage of scale outweighs the disadvantages. The practical implication is that companies that can position themselves at the center should enjoy an unusually strong and sustainable competitive advantage in the niche where it dominates.</p><p><blockquote>重要的是，对于投资者来说，现代神经网络算法是一种“集中”技术，因为规模优势大于劣势。其实际含义是，能够将自己定位在中心的公司应该在其主导的利基市场中享有异常强大和可持续的竞争优势。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40aedfb330e1430e3b3578134c461460\" tg-width=\"640\" tg-height=\"538\" width=\"100%\" height=\"auto\"/><span>Source: Zen Analyst</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zen分析师</span></p></blockquote></p><p>Companies most likely to be in this enviable position should satisfy three conditions.</p><p><blockquote>最有可能处于这种令人羡慕地位的公司应该满足三个条件。</blockquote></p><p>First, there is a massive shortage of AI experts, so only very well-funded companies or those with massive cash flow can sustain world-class AI teams. In 2017, Tencent(OTCPK:TCEHY) estimated that there are only 300,000 AI researchers worldwide, far short of the millions demanded by the market. The lack of skilled people and difficulty hiring topped the list of challenges in AI to this day.</p><p><blockquote>首先，人工智能专家严重短缺，因此只有资金非常充足的公司或拥有大量现金流的公司才能维持世界级的人工智能团队。2017年，腾讯控股（OTCPK：TCEHY）估计全球AI研究人员只有30万人，远不及市场需求的数百万人。迄今为止，缺乏技术人员和招聘困难是人工智能面临的首要挑战。</blockquote></p><p>Second, AI delivers the greatest value to companies with the greatest data assets, which correlates with the scale of the enterprise. It takes a massive amount of data to train neural networks, and naturally, the best AI talents prefer to work in data-rich environments. It is no surprise that companies that are most excited about AI are also the ones with the greatest data assets, for example, Alphabet (GOOG), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (FB), Apple (AAPL), and Netflix (NFLX).</p><p><blockquote>其次，人工智能为拥有最大数据资产的公司提供了最大的价值，这与企业的规模相关。训练神经网络需要海量数据，自然，最优秀的AI人才更喜欢在数据丰富的环境中工作。毫不奇怪，对人工智能最感兴趣的公司也是拥有最多数据资产的公司，例如Alphabet(GOOG)、微软(MSFT)、亚马逊(AMZN)、Meta Platforms(FB)、苹果(AAPL)和Netflix(NFLX)。</blockquote></p><p>Third, combining top AI talent and massive data to produce breakthrough products requires a management team with a strong engineering and computer science background. This condition explains why Amazon, Alphabet, Microsoft, and NVIDIA lead in AI when other data-rich companies such as Bank of America (BAC) and UnitedHealth Group (UNH) do not.</p><p><blockquote>第三，结合顶尖AI人才和海量数据生产突破性产品，需要具有强大工程和计算机科学背景的管理团队。这种情况解释了为什么亚马逊、Alphabet、微软和英伟达在人工智能领域处于领先地位，而美银(BAC)和联合健康集团(UNH)等其他数据丰富的公司却没有。</blockquote></p><p>Once a breakthrough AI product is brought to market, for example, Google&#39;s AI language translation service, one that is significantly better than alternatives, a virtuous cycle begins that further reinforces the competitive advantage of the product. First, the superior product garners more users. Second, more users interacting with the product generates more data. Third, the incremental data is then used to improve the product.</p><p><blockquote>一旦一个突破性的人工智能产品被推向市场，例如谷歌的人工智能语言翻译服务，一个明显优于替代品的产品，一个良性循环就开始了，进一步增强了产品的竞争优势。首先，优势产品获得更多用户。其次，更多的用户与产品互动会产生更多的数据。第三，增量数据用于改进产品。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/965b5370b6f9a11ec4863ece11f18ddd\" tg-width=\"640\" tg-height=\"730\" width=\"100%\" height=\"auto\"/><span>Source: Zen Analyst</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zen分析师</span></p></blockquote></p><p>This virtuous flywheel increases the competitive advantages of the incumbents as long as they do not fall apart due to complacency and corruption.</p><p><blockquote>只要现任者不因自满和腐败而分崩离析，这种良性飞轮就会增加他们的竞争优势。</blockquote></p><p><b>NVIDIA&#39;s Dominance</b></p><p><blockquote><b>英伟达的主导地位</b></blockquote></p><p>NVIDIA satisfies all three conditions for maintaining and growing its dominant position in AI.</p><p><blockquote>英伟达满足了维持和发展其在人工智能领域主导地位的所有三个条件。</blockquote></p><p>First, NVIDIA is one of the most profitable and fastest-growing companies globally, making its stock-based compensation highly attractive to scarce AI talents. The company is expected to generate $13.7 billion in EBITDA this current fiscal year (ended January 2022), up 73% y/y.</p><p><blockquote>首先，英伟达是全球最赚钱、增长最快的公司之一，这使得其基于股票的薪酬对稀缺的AI人才极具吸引力。该公司预计本财年（截至2022年1月）将产生137亿美元的EBITDA，同比增长73%。</blockquote></p><p></p><p>Second, NVIDIA has access to a massive amount of data through its computing hardware business, CUDA parallel computing platform, gaming platforms such as GeForce Now, and software platforms such as Omniverse.</p><p><blockquote>其次，英伟达通过其计算硬件业务、CUDA并行计算平台、GeForce Now等游戏平台以及Omniverse等软件平台可以访问海量数据。</blockquote></p><p>In addition to providing AI talent a data-rich environment, the company also occupies an overwhelmingly dominant position in AI chips, making the company one of the exciting places to work for AI talent. According to JPR, NVIDIA has an 83% share of the Q2 2021 PC discrete GPUs, the preferred chip for AI training and inference. Likewise, NVIDIA GPUs also dominate the data center with over 80% market share in AI workloads.</p><p><blockquote>除了为AI人才提供数据丰富的环境，公司还在AI芯片方面占据压倒性优势地位，使公司成为AI人才工作的令人兴奋的地方之一。根据JPR的数据，英伟达在Q2 2021 PC独立GPU中占有83%的份额，这是人工智能训练和推理的首选芯片。同样，NVIDIA GPU也在数据中心占据主导地位，在AI工作负载中占有超过80%的市场份额。</blockquote></p><p>Third, in my view, NVIDIA&#39;s management ranks among the most innovative in history. Jensen Huang founded NVIDIA in 1993 and has been at the frontier of innovation in GPUs, gaming graphics, accelerated computing in data centers, AI, and the Metaverse. Today, at 58-years-old, Jensen is still deeply committed as the company&#39;s CEO, and his vision gets a tremendous amount of respect from Wall Street to Main Street.</p><p><blockquote>第三，在我看来，英伟达的管理层是历史上最具创新性的管理层之一。黄仁勋于1993年创立了英伟达，一直处于GPU、游戏图形、数据中心加速计算、人工智能和元宇宙领域创新的前沿。如今，58岁的詹森仍然坚定地担任公司首席执行官，他的愿景得到了从华尔街到大街的极大尊重。</blockquote></p><p>It is no wonder that AI talents are flocking to work at NVIDIA. According to a 2017 Glassdoor survey, NVIDIA ranked second among top employers hiring AI talent. According to a study released by Glassdoor, as of 2021, NVIDIA ranked the second-best place to work in the U.S. Given how well the company and the stock have done and the high level of employee satisfaction, NVIDIA should not have problems attracting some of the best AI talents in the world.</p><p><blockquote>难怪AI人才纷纷涌向英伟达工作。根据2017年Glassdoor的一项调查，英伟达在招聘人工智能人才的顶级雇主中排名第二。根据Glassdoor发布的一项研究，截至2021年，英伟达在美国排名第二。鉴于公司和股票的表现以及员工满意度的高水平，英伟达吸引一些世界上最优秀的人工智能人才应该没有问题。</blockquote></p><p><b>AI Market Opportunity</b></p><p><blockquote><b>人工智能市场机会</b></blockquote></p><p>NVIDIA has a massive AI portfolio that could serve every enterprise:</p><p><blockquote>NVIDIA拥有庞大的人工智能产品组合，可以为每个企业提供服务：</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8542e16ee66c70106491e1d683a30912\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: NVIDIA</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：英伟达</span></p></blockquote></p><p>Due to the size of its AI portfolio, it is challenging to put an exact number on NVIDIA&#39;s AI addressable market for three reasons. First, NVIDIA has products up and down the stack, from applications interacting with the end-user to hardware sitting in the data center and at the edge. Second, NVIDIA&#39;s AI technologies are horizontal (giving a limited set of capabilities to every industry) and vertical (offering a broad set of capabilities to specialized industries). Third, AI will play a crucial but not exclusive role in rapidly emerging opportunities such as the metaverse.</p><p><blockquote>由于其人工智能产品组合的规模，很难给出英伟达人工智能潜在市场的确切数字，原因有三。首先，NVIDIA拥有堆栈上下的产品，从与最终用户交互的应用程序到位于数据中心和边缘的硬件。其次，英伟达的人工智能技术是水平的（为每个行业提供有限的功能）和垂直的（为专业行业提供广泛的功能）。第三，人工智能将在元宇宙等快速出现的机会中发挥至关重要但不是排他性的作用。</blockquote></p><p>To get a sense of the scale of the opportunities for NVIDIA&#39;s AI portfolio, let&#39;s take a look at a few examples.</p><p><blockquote>为了了解英伟达人工智能产品组合的机会规模，让我们看几个例子。</blockquote></p><p>Omdia forecasts the global artificial intelligence software market will grow rapidly in the coming years, reaching around $126 billion by 2025. The overall AI market includes various applications such as natural language processing, robotic process automation, and machine learning.</p><p><blockquote>Omdia预测，全球人工智能软件市场将在未来几年快速增长，到2025年将达到1260亿美元左右。整体AI市场包括自然语言处理、机器人流程自动化和机器学习等各种应用。</blockquote></p><p>I sized the current metaverse opportunity for NVIDIA at a minimum of $360 billion, with the potential to grow into the trillions. In my view, AI will play a crucial role in the metaverse, but so will blockchain, consumer electronics such as virtual reality goggles, and GPU chips. I suspect that AI will initially play a small role in the metaverse relative to blockchain and hardware, but its importance will increase in five to ten years.</p><p><blockquote>我估计英伟达目前的元宇宙机会至少为3600亿美元，并且有可能增长到数万亿美元。在我看来，AI将在元宇宙中发挥至关重要的作用，但区块链、虚拟现实护目镜等消费电子产品以及GPU芯片也将如此。我怀疑，相对于区块链和硬件，AI最初将在元宇宙中发挥很小的作用，但其重要性将在五到十年内增加。</blockquote></p><p>However, NVIDIA&#39;s CEO, Jensen Huang, has much bigger ambitions: he believes the intelligence market is sized in the trillions. For example, he believes that AI will transform the multi-trillion transportation industry through autonomous driving, to name one industry.</p><p><blockquote>然而，英伟达首席执行官黄仁勋(Elon Musk)有着更大的野心：他认为智能市场规模达数万亿美元。例如，他认为人工智能将通过自动驾驶改变数万亿的交通行业，仅举一个例子。</blockquote></p><p><b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p>(Note: all consensus and historical data in this section are from FactSet.)</p><p><blockquote>（注：本节中的所有共识和历史数据均来自FactSet。）</blockquote></p><p>While there is little disagreement that NVIDIA is an excellent company, many investors balk at NVIDIA&#39;s price action and premium valuation.</p><p><blockquote>尽管英伟达是一家优秀的公司几乎没有异议，但许多投资者对英伟达的价格走势和溢价估值犹豫不决。</blockquote></p><p>In my opinion, the stock&#39;s valuation is justified by its growth rate, the strength of its core business, and multiple &#34;free options&#34; attached to the stock. However, NVIDIA may not be appropriate for investors who would like to avoid large drawdowns given the stock&#39;s 1.95 52-week beta and the business&#39;s rapid growth, which could hit unexpected speed bumps.</p><p><blockquote>在我看来，该股的估值是合理的，其增长率、核心业务的实力以及该股附带的多个“免费期权”。然而，鉴于该股52周贝塔值为1.95，且业务快速增长，英伟达可能不适合希望避免大幅下跌的投资者，这可能会遇到意想不到的减速。</blockquote></p><p>NVDA currently trades at 58x next-twelve-month consensus EPS or a 180% premium to the S&amp;P 500. Given the stock&#39;s ~126% YTD rally and premium valuation, many investors fear chasing a winner. Furthermore, given the passionate discussions around the metaverse (see my recently published Meta Platforms article for more background information), bears will argue that NVDA&#39;s valuation is being propped up by &#34;hype.&#34;</p><p><blockquote>NVDA目前的交易价格是未来12个月共识每股收益的58倍，比标普500溢价180%。鉴于该股年初至今上涨约126%且估值溢价，许多投资者担心追逐赢家。此外，鉴于围绕元宇宙的热烈讨论（有关更多背景信息，请参阅我最近发表的Meta Platforms文章），空头会认为NVDA的估值是由“炒作”支撑的。</blockquote></p><p>I disagree with this conclusion because I believe NVDA&#39;s valuation is justified by the performance of its core business, while Omniverse has not yet materially contributed to results. For a detailed discussion of the Omniverse, please read my article<i>NVIDIA: Lord Of The Metaverse.</i></p><p><blockquote>我不同意这个结论，因为我认为NVDA的估值是由其核心业务的表现证明的，而Omniverse尚未对业绩做出实质性贡献。关于Omniverse的详细讨论，请阅读我的文章<i>英伟达：元宇宙之王。</i></blockquote></p><p></p><p>NVDA&#39;s EPS grew 73% y/y in FY20 and is expected to grow another 74% in FY22 (FY ending January). By the end of this year, the company is expected to generate earnings per share ~200% higher than its 2019 earnings. Over the same period, the S&amp;P 500&#39;s EPS grew 26%. Looking ahead, consensus EPS for NVDA&#39;s FY23 implies a 19% y/y growth rate, a number the company should easily beat given the strong momentum of its businesses and its long history of beating earnings estimates. However, even 19% is well above the S&amp;P 500&#39;s expected 8% EPS growth in the same period.</p><p><blockquote>NVDA的每股收益在20财年同比增长73%，预计在22财年（截至1月的财年）将再增长74%。到今年年底，该公司的每股收益预计将比2019年的收益高出约200%。同期，标普500的每股收益增长了26%。展望未来，NVDA 2023财年的普遍每股收益意味着同比增长率为19%，鉴于其业务的强劲势头以及超出盈利预期的悠久历史，该公司应该很容易超过这个数字。然而，即使是19%也远高于标普500同期8%的每股收益增长预期。</blockquote></p><p>In addition, I believe NVDA&#39;s above-market EPS growth rate will be more sustainable than the average S&amp;P 500 company, given its near-monopoly in discrete GPUs and the secular trends driving its business. Among the most important secular drivers is the rise of AI and the metaverse.</p><p><blockquote>此外，鉴于NVDA在独立GPU领域近乎垄断以及推动其业务的长期趋势，我相信NVDA高于市场的每股收益增长率将比一般标普500公司更具可持续性。最重要的长期驱动因素之一是人工智能和元宇宙的兴起。</blockquote></p><p><b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p>We know NVIDIA has a near-monopoly in discrete GPUs, the dominant chip used to power gaming, accelerated computing, and AI. The company enjoys network effects, flywheel effects, platform dominance, and a superior R&amp;D budget, putting it head and shoulders above competitors. Its primary end markets -- gaming, data center, and AI -- are also growing well above global GDP.</p><p><blockquote>我们知道英伟达在独立GPU领域几乎处于垄断地位，独立GPU是用于支持游戏、加速计算和人工智能的主导芯片。该公司享有网络效应、飞轮效应、平台主导地位和优越的研发预算，使其遥遥领先于竞争对手。其主要终端市场——游戏、数据中心和人工智能——的增长也远高于全球GDP。</blockquote></p><p>In my view, the most significant risk for NVIDIA is regulatory and not competitive or market-based. I see two primary regulatory risks: anti-monopoly and geopolitics.</p><p><blockquote>在我看来，英伟达最大的风险是监管，而不是竞争或基于市场的风险。我看到了两个主要的监管风险：反垄断和地缘政治。</blockquote></p><p>First, the company&#39;s dominance and size make it a threat to market competition, likely resulting in regulatory pressures. NVIDIA could face regulatory risks similar to those experienced by Microsoft twenty years ago and by Meta Platforms, Apple, and Alphabet today.</p><p><blockquote>首先，该公司的主导地位和规模使其对市场竞争构成威胁，可能会导致监管压力。英伟达可能面临类似于二十年前微软以及今天Meta Platforms、苹果和Alphabet所经历的监管风险。</blockquote></p><p>We already see early signs of government pressure on NVIDIA. For example, even US regulators object to the company&#39;s pending acquisition of ARM Holdings.</p><p><blockquote>我们已经看到了政府对英伟达施加压力的早期迹象。例如，就连美国监管机构也反对该公司即将收购ARM Holdings。</blockquote></p><p>Second, as a semiconductor company with significant China revenues, NVIDIA risks being caught in the cross-hair of the US-China semiconductor war.Revenue from billings to China, including Hong Kong, was 23% of NVIDIA&#39;s revenue for the fiscal year 2021. As the leader in AI, a key area of geopolitical contest, NVIDIA&#39;s risk of being caught in geopolitics is likely much greater than the average semiconductor company.</p><p><blockquote>其次，作为一家在中国收入可观的半导体公司，英伟达面临着陷入美中半导体战争的风险。2021财年，来自中国（包括香港）的账单收入占英伟达收入的23%。作为地缘政治较量关键领域AI的领头羊，英伟达陷入地缘政治的风险很可能远大于一般的半导体公司。</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://seekingalpha.com/article/4477152-nvidia-nvda-stock-trillion-dollar-ai-opportunity\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4477152-nvidia-nvda-stock-trillion-dollar-ai-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174830865","content_text":"SummaryNVIDIA's dominance in AI is underappreciated.The company satisfies all the conditions to grow its competitive advantage in AI over time.AI could grow into a multi-trillion dollar opportunity for NVIDIA.imaginima/E+ via Getty ImagesAI is a watershed moment for the world. Humans’ fundamental technology is intelligence. We’re in the process of automating intelligence so that we can augment ours. The thing that’s really cool is that AI is software that writes itself, and it writes software that no humans can.Jensen Huang, Founder, and CEO of NVIDIANVIDIA (NVDA) does not get enough credit for its highly dominant position in artificial intelligence, a rapidly emerging class of technology that will likely disrupt every industry and centralize economic power in the hands of its masters. The market's increasing recognition of NVIDIA's sustainable competitive advantage in artificial intelligence (AI) and AI's long growth runway will likely sustain the stock's outperformance and premium valuation.AI & Economic CentralizationAI is exciting to the investment community because it gives those who wield it unprecedented abilities and economics. Revolutionary breakthroughs in artificial neural networks (or deep learning) in the 2010s enabled algorithms to \"learn\" and thus introduce a new level of machine intelligence never available before, allowing the algorithms to accomplish breathtaking new feats such asdefeatingthe world's top Go players and disrupting the translation industry.Importantly, for investors, modern neural network algorithms are a \"centralizing\" technology since the advantage of scale outweighs the disadvantages. The practical implication is that companies that can position themselves at the center should enjoy an unusually strong and sustainable competitive advantage in the niche where it dominates.Source: Zen AnalystCompanies most likely to be in this enviable position should satisfy three conditions.First, there is a massive shortage of AI experts, so only very well-funded companies or those with massive cash flow can sustain world-class AI teams. In 2017, Tencent(OTCPK:TCEHY) estimated that there are only 300,000 AI researchers worldwide, far short of the millions demanded by the market. The lack of skilled people and difficulty hiring topped the list of challenges in AI to this day.Second, AI delivers the greatest value to companies with the greatest data assets, which correlates with the scale of the enterprise. It takes a massive amount of data to train neural networks, and naturally, the best AI talents prefer to work in data-rich environments. It is no surprise that companies that are most excited about AI are also the ones with the greatest data assets, for example, Alphabet (GOOG), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (FB), Apple (AAPL), and Netflix (NFLX).Third, combining top AI talent and massive data to produce breakthrough products requires a management team with a strong engineering and computer science background. This condition explains why Amazon, Alphabet, Microsoft, and NVIDIA lead in AI when other data-rich companies such as Bank of America (BAC) and UnitedHealth Group (UNH) do not.Once a breakthrough AI product is brought to market, for example, Google's AI language translation service, one that is significantly better than alternatives, a virtuous cycle begins that further reinforces the competitive advantage of the product. First, the superior product garners more users. Second, more users interacting with the product generates more data. Third, the incremental data is then used to improve the product.Source: Zen AnalystThis virtuous flywheel increases the competitive advantages of the incumbents as long as they do not fall apart due to complacency and corruption.NVIDIA's DominanceNVIDIA satisfies all three conditions for maintaining and growing its dominant position in AI.First, NVIDIA is one of the most profitable and fastest-growing companies globally, making its stock-based compensation highly attractive to scarce AI talents. The company is expected to generate $13.7 billion in EBITDA this current fiscal year (ended January 2022), up 73% y/y.Second, NVIDIA has access to a massive amount of data through its computing hardware business, CUDA parallel computing platform, gaming platforms such as GeForce Now, and software platforms such as Omniverse.In addition to providing AI talent a data-rich environment, the company also occupies an overwhelmingly dominant position in AI chips, making the company one of the exciting places to work for AI talent. According to JPR, NVIDIA has an 83% share of the Q2 2021 PC discrete GPUs, the preferred chip for AI training and inference. Likewise, NVIDIA GPUs also dominate the data center with over 80% market share in AI workloads.Third, in my view, NVIDIA's management ranks among the most innovative in history. Jensen Huang founded NVIDIA in 1993 and has been at the frontier of innovation in GPUs, gaming graphics, accelerated computing in data centers, AI, and the Metaverse. Today, at 58-years-old, Jensen is still deeply committed as the company's CEO, and his vision gets a tremendous amount of respect from Wall Street to Main Street.It is no wonder that AI talents are flocking to work at NVIDIA. According to a 2017 Glassdoor survey, NVIDIA ranked second among top employers hiring AI talent. According to a study released by Glassdoor, as of 2021, NVIDIA ranked the second-best place to work in the U.S. Given how well the company and the stock have done and the high level of employee satisfaction, NVIDIA should not have problems attracting some of the best AI talents in the world.AI Market OpportunityNVIDIA has a massive AI portfolio that could serve every enterprise:Source: NVIDIADue to the size of its AI portfolio, it is challenging to put an exact number on NVIDIA's AI addressable market for three reasons. First, NVIDIA has products up and down the stack, from applications interacting with the end-user to hardware sitting in the data center and at the edge. Second, NVIDIA's AI technologies are horizontal (giving a limited set of capabilities to every industry) and vertical (offering a broad set of capabilities to specialized industries). Third, AI will play a crucial but not exclusive role in rapidly emerging opportunities such as the metaverse.To get a sense of the scale of the opportunities for NVIDIA's AI portfolio, let's take a look at a few examples.Omdia forecasts the global artificial intelligence software market will grow rapidly in the coming years, reaching around $126 billion by 2025. The overall AI market includes various applications such as natural language processing, robotic process automation, and machine learning.I sized the current metaverse opportunity for NVIDIA at a minimum of $360 billion, with the potential to grow into the trillions. In my view, AI will play a crucial role in the metaverse, but so will blockchain, consumer electronics such as virtual reality goggles, and GPU chips. I suspect that AI will initially play a small role in the metaverse relative to blockchain and hardware, but its importance will increase in five to ten years.However, NVIDIA's CEO, Jensen Huang, has much bigger ambitions: he believes the intelligence market is sized in the trillions. For example, he believes that AI will transform the multi-trillion transportation industry through autonomous driving, to name one industry.Valuation(Note: all consensus and historical data in this section are from FactSet.)While there is little disagreement that NVIDIA is an excellent company, many investors balk at NVIDIA's price action and premium valuation.In my opinion, the stock's valuation is justified by its growth rate, the strength of its core business, and multiple \"free options\" attached to the stock. However, NVIDIA may not be appropriate for investors who would like to avoid large drawdowns given the stock's 1.95 52-week beta and the business's rapid growth, which could hit unexpected speed bumps.NVDA currently trades at 58x next-twelve-month consensus EPS or a 180% premium to the S&P 500. Given the stock's ~126% YTD rally and premium valuation, many investors fear chasing a winner. Furthermore, given the passionate discussions around the metaverse (see my recently published Meta Platforms article for more background information), bears will argue that NVDA's valuation is being propped up by \"hype.\"I disagree with this conclusion because I believe NVDA's valuation is justified by the performance of its core business, while Omniverse has not yet materially contributed to results. For a detailed discussion of the Omniverse, please read my articleNVIDIA: Lord Of The Metaverse.NVDA's EPS grew 73% y/y in FY20 and is expected to grow another 74% in FY22 (FY ending January). By the end of this year, the company is expected to generate earnings per share ~200% higher than its 2019 earnings. Over the same period, the S&P 500's EPS grew 26%. Looking ahead, consensus EPS for NVDA's FY23 implies a 19% y/y growth rate, a number the company should easily beat given the strong momentum of its businesses and its long history of beating earnings estimates. However, even 19% is well above the S&P 500's expected 8% EPS growth in the same period.In addition, I believe NVDA's above-market EPS growth rate will be more sustainable than the average S&P 500 company, given its near-monopoly in discrete GPUs and the secular trends driving its business. Among the most important secular drivers is the rise of AI and the metaverse.RisksWe know NVIDIA has a near-monopoly in discrete GPUs, the dominant chip used to power gaming, accelerated computing, and AI. The company enjoys network effects, flywheel effects, platform dominance, and a superior R&D budget, putting it head and shoulders above competitors. Its primary end markets -- gaming, data center, and AI -- are also growing well above global GDP.In my view, the most significant risk for NVIDIA is regulatory and not competitive or market-based. I see two primary regulatory risks: anti-monopoly and geopolitics.First, the company's dominance and size make it a threat to market competition, likely resulting in regulatory pressures. NVIDIA could face regulatory risks similar to those experienced by Microsoft twenty years ago and by Meta Platforms, Apple, and Alphabet today.We already see early signs of government pressure on NVIDIA. For example, even US regulators object to the company's pending acquisition of ARM Holdings.Second, as a semiconductor company with significant China revenues, NVIDIA risks being caught in the cross-hair of the US-China semiconductor war.Revenue from billings to China, including Hong Kong, was 23% of NVIDIA's revenue for the fiscal year 2021. As the leader in AI, a key area of geopolitical contest, NVIDIA's risk of being caught in geopolitics is likely much greater than the average semiconductor company.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699292980,"gmtCreate":1639803172765,"gmtModify":1639803172969,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Sometimes I feel bad for Meta. They are still the punching bag for everything...","listText":"Sometimes I feel bad for Meta. They are still the punching bag for everything...","text":"Sometimes I feel bad for Meta. They are still the punching bag for everything...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699292980","repostId":"1135849093","repostType":4,"isVote":1,"tweetType":1,"viewCount":2415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690467478,"gmtCreate":1639702810506,"gmtModify":1639702810695,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"What a move. Private property market will probably prosper in the upcoming few years. Sigh","listText":"What a move. Private property market will probably prosper in the upcoming few years. Sigh","text":"What a move. Private property market will probably prosper in the upcoming few years. Sigh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690467478","repostId":"1172405131","repostType":4,"isVote":1,"tweetType":1,"viewCount":3307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690504391,"gmtCreate":1639676736216,"gmtModify":1639676736393,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690504391","repostId":"1181686014","repostType":4,"repost":{"id":"1181686014","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":1639666432,"share":"https://www.laohu8.com/m/news/1181686014?lang=zh_CN&edition=full","pubTime":"2021-12-16 22:53","market":"us","language":"en","title":"Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达250辆全电动Model 3汽车，但特斯拉早盘下跌近1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181686014","media":"Tiger Newspress","summary":"Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Mode","content":"<p>Tesla&nbsp;fell&nbsp;nearly&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading&nbsp;though&nbsp;New York police&nbsp;would&nbsp;buy&nbsp;up to 250 all-electric Model 3 cars.<img src=\"https://static.tigerbbs.com/a88f381fe4239d26d1254d4f4745b1f0\" tg-width=\"771\" tg-height=\"568\" width=\"100%\" height=\"auto\">The New York City Police Department is considering buying up to 250 all-electric Model 3 cars from Tesla, which will enable these high-performance cars to be delivered to the largest police force in the United States.</p><p><blockquote>尽管纽约警方将购买多达250辆全电动Model 3汽车，但特斯拉早盘下跌近1%。纽约市警察局正在考虑从特斯拉购买多达250辆全电动Model 3汽车，这将使这些高性能汽车能够交付给美国最大的警察部队。</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>Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达250辆全电动Model 3汽车，但特斯拉早盘下跌近1%</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\">\nTesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars<blockquote>尽管纽约警方将购买多达250辆全电动Model 3汽车，但特斯拉早盘下跌近1%</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\">2021-12-16 22:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;fell&nbsp;nearly&nbsp;1%&nbsp;in&nbsp;morning&nbsp;trading&nbsp;though&nbsp;New York police&nbsp;would&nbsp;buy&nbsp;up to 250 all-electric Model 3 cars.<img src=\"https://static.tigerbbs.com/a88f381fe4239d26d1254d4f4745b1f0\" tg-width=\"771\" tg-height=\"568\" width=\"100%\" height=\"auto\">The New York City Police Department is considering buying up to 250 all-electric Model 3 cars from Tesla, which will enable these high-performance cars to be delivered to the largest police force in the United States.</p><p><blockquote>尽管纽约警方将购买多达250辆全电动Model 3汽车，但特斯拉早盘下跌近1%。纽约市警察局正在考虑从特斯拉购买多达250辆全电动Model 3汽车，这将使这些高性能汽车能够交付给美国最大的警察部队。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181686014","content_text":"Tesla fell nearly 1% in morning trading though New York police would buy up to 250 all-electric Model 3 cars.The New York City Police Department is considering buying up to 250 all-electric Model 3 cars from Tesla, which will enable these high-performance cars to be delivered to the largest police force in the United States.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":888117879,"gmtCreate":1631456095791,"gmtModify":1631883943392,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Waiting for Amazon to stock split","listText":"Waiting for Amazon to stock split","text":"Waiting for Amazon to stock split","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888117879","repostId":"2166377772","repostType":4,"isVote":1,"tweetType":1,"viewCount":2404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881588089,"gmtCreate":1631363370841,"gmtModify":1631891460298,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"This is totally very possible.","listText":"This is totally very possible.","text":"This is totally very possible.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881588089","repostId":"1170700790","repostType":4,"isVote":1,"tweetType":1,"viewCount":1771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814100981,"gmtCreate":1630774512743,"gmtModify":1631891460310,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Glad that this is finally being pointed out.","listText":"Glad that this is finally being pointed out.","text":"Glad that this is finally being pointed out.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814100981","repostId":"2164872245","repostType":4,"isVote":1,"tweetType":1,"viewCount":2063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814374704,"gmtCreate":1630774223808,"gmtModify":1631891460323,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Nice article. Not all hedge funds and shortists are bad actually.&nbsp;","listText":"Nice article. Not all hedge funds and shortists are bad actually.&nbsp;","text":"Nice article. Not all hedge funds and shortists are bad actually.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814374704","repostId":"1189766406","repostType":4,"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810126915,"gmtCreate":1629954296837,"gmtModify":1631891460331,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Yes, to the moon pls.","listText":"Yes, to the moon pls.","text":"Yes, to the moon pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810126915","repostId":"1197918153","repostType":4,"repost":{"id":"1197918153","kind":"news","pubTimestamp":1629948466,"share":"https://www.laohu8.com/m/news/1197918153?lang=zh_CN&edition=full","pubTime":"2021-08-26 11:27","market":"us","language":"en","title":"AMC Stock: Running Of The Bulls Knocks Short Sellers Down<blockquote>AMC股票：多头的奔跑击倒了卖空者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197918153","media":"Thestreet","summary":"The August 24 trading session provided AMC stock (AMC) -Get Report owners with reasons to be optimis","content":"<p>The August 24 trading session provided AMC stock&nbsp;(<b>AMC</b>) -Get Report&nbsp;owners with reasons to be optimistic about a run towards new peaks. Possibly motivated by broad market movements that were also positive, AMC surged 20% and finally broke into the $40 levels once again.</p><p><blockquote>8月24日交易时段提供了AMC股票(<b>AMC</b>)-让报告所有者有理由对迈向新高峰持乐观态度。可能是受到同样积极的市场走势的推动，AMC飙升20%，最终再次突破40美元的水平。</blockquote></p><p> Not yet satisfied, ambitious apes still believe that the recent move in AMC is just the tip of the iceberg, and that the path to the moon is gradually being paved. Wall Street Memes reviews AMC stock’s recent performance.</p><p><blockquote>尚未满足，野心勃勃的猿类仍然认为，AMC最近的举动只是冰山一角，通往月球的道路正在逐步铺就。华尔街模因回顾了AMC股票近期的表现。</blockquote></p><p> <h3>Broad market strength</h3> The US stock market had a record-breaking dayon August 24. In a week marked by chatter around monetary policy and the Jackson Hole symposium, vaccine approval news and the Chinese market’s retraction helped to fuel the market’s euphoria in the US.</p><p><blockquote><h3>广泛的市场实力</h3>8月24日，美国股市创下历史新高。在围绕货币政策和杰克逊霍尔研讨会的讨论中，疫苗批准的消息和中国市场的回调帮助刺激了美国市场的兴奋情绪。</blockquote></p><p> AMC trading volume reached about 220 million shares on August 24, more than double the average 10-day metric.</p><p><blockquote>8月24日，AMC交易量达到约2.2亿股，是10天平均水平的两倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1cc490ca24ca006f0cad2c9b785eb27\" tg-width=\"1200\" tg-height=\"595\" width=\"100%\" height=\"auto\"><span>Figure 1: AMC historical data and trading volume.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMC历史数据和交易量。</span></p></blockquote></p><p> <h3>Bullish drivers</h3> AMC’s popularity across the main online discussion boards remains at peak levels. The top meme stock’s performance mirrored WallStreetBets’ commentary volume, although correlation does not necessarily mean causation.</p><p><blockquote><h3>看涨驱动因素</h3>AMC在主要在线讨论板上的受欢迎程度仍处于峰值水平。顶级模因股票的表现反映了WallStreetBets的评论量，尽管相关性并不一定意味着因果关系。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81369ea6c61e3992aad71b0bb2d24e20\" tg-width=\"1200\" tg-height=\"609\" width=\"100%\" height=\"auto\"><span>Figure 2: WSB ticker sentiment - AMC.Swaggy Stocks</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：WSB股票情绪-AMC.Swaggy股票</span></p></blockquote></p><p> Short interest remains elevated and on the rise, at around 18% according to&nbsp;Yahoo Finance.&nbsp;Also, Wall Street analysts' bearishness towards the stock has served as fuel for defying AMC apes in their quest to squeeze short sellers out.</p><p><blockquote>根据雅虎财经的数据，空头兴趣仍然很高，并且还在上升，约为18%。此外，华尔街分析师对该股的看跌情绪也助长了AMC猿类寻求排挤卖空者的行为。</blockquote></p><p> The company’s recent financial performance may also be playing a role in stock price action. The&nbsp;above-expectations Q2 earnings report, which pointed at a scenario of post-pandemic recovery for AMC, reinforces the fundamentalist thesis. Keep in mind, however, that meme mania has much more to do with momentum and market dynamics than with business fundamentals.</p><p><blockquote>该公司最近的财务业绩也可能在股价走势中发挥作用。高于预期的第二季度收益报告指出了AMC大流行后复苏的情景，强化了原教旨主义论点。然而，请记住，模因狂热更多地与势头和市场动态有关，而不是与商业基本面有关。</blockquote></p><p> <h3>SEC looking closely at dark pools</h3> One of the biggest complaints and concerns of AMC shareholders is the lack of transparency in the market. There seems to be a consensus among the ape community that dark pool activities and naked short selling could be hampering AMC's ride to new highs.</p><p><blockquote><h3>SEC密切关注暗池</h3>AMC股东最大的抱怨和担忧之一是市场缺乏透明度。ape社区似乎达成了一个共识，即暗池活动和裸卖空可能会阻碍AMC创下新高。</blockquote></p><p> Recently, SEC Chair Gay Genslerspoke directly on the matter, stating that the agency is looking closely at dark pool activities&nbsp;to protect investors. While no firm action has been taken yet, the SEC’s willingness to address the issue can be seen as positive news.</p><p><blockquote>最近，SEC主席Gay Gensler直接就此事发表讲话，表示该机构正在密切关注暗池活动以保护投资者。虽然尚未采取坚定行动，但SEC解决这一问题的意愿可以被视为积极消息。</blockquote></p><p> <h3>Short sellers get slapped</h3> With over 92 million AMC shares currently shorted, sellers have racked up billions of dollars in losses since meme mania emerged. The latest data&nbsp;provided&nbsp;by third-party research reveals that, as of July 20, shorts had incurred year-to-date losses of $3.8 billion.</p><p><blockquote><h3>卖空者被扇耳光</h3>目前有超过9200万股AMC股票被做空，自模因狂热出现以来，卖家已经损失了数十亿美元。第三方研究提供的最新数据显示，截至7月20日，空头年初至今已损失38亿美元。</blockquote></p><p> Short seller losses are probably even higher now, since AMC stock has spiked 20% in August alone. Amid a new wave of optimism, bears might be playing with fire. How long will they withstand the upward pressures? Apes’ bet: not very long.</p><p><blockquote>现在卖空者的损失可能会更高，因为AMC股票仅在8月份就飙升了20%。在新一波乐观情绪中，空头可能在玩火。他们能承受多长时间的上行压力？猿类的赌注：不会很久。</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>AMC Stock: Running Of The Bulls Knocks Short Sellers Down<blockquote>AMC股票：多头的奔跑击倒了卖空者</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\">\nAMC Stock: Running Of The Bulls Knocks Short Sellers Down<blockquote>AMC股票：多头的奔跑击倒了卖空者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-26 11:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The August 24 trading session provided AMC stock&nbsp;(<b>AMC</b>) -Get Report&nbsp;owners with reasons to be optimistic about a run towards new peaks. Possibly motivated by broad market movements that were also positive, AMC surged 20% and finally broke into the $40 levels once again.</p><p><blockquote>8月24日交易时段提供了AMC股票(<b>AMC</b>)-让报告所有者有理由对迈向新高峰持乐观态度。可能是受到同样积极的市场走势的推动，AMC飙升20%，最终再次突破40美元的水平。</blockquote></p><p> Not yet satisfied, ambitious apes still believe that the recent move in AMC is just the tip of the iceberg, and that the path to the moon is gradually being paved. Wall Street Memes reviews AMC stock’s recent performance.</p><p><blockquote>尚未满足，野心勃勃的猿类仍然认为，AMC最近的举动只是冰山一角，通往月球的道路正在逐步铺就。华尔街模因回顾了AMC股票近期的表现。</blockquote></p><p> <h3>Broad market strength</h3> The US stock market had a record-breaking dayon August 24. In a week marked by chatter around monetary policy and the Jackson Hole symposium, vaccine approval news and the Chinese market’s retraction helped to fuel the market’s euphoria in the US.</p><p><blockquote><h3>广泛的市场实力</h3>8月24日，美国股市创下历史新高。在围绕货币政策和杰克逊霍尔研讨会的讨论中，疫苗批准的消息和中国市场的回调帮助刺激了美国市场的兴奋情绪。</blockquote></p><p> AMC trading volume reached about 220 million shares on August 24, more than double the average 10-day metric.</p><p><blockquote>8月24日，AMC交易量达到约2.2亿股，是10天平均水平的两倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1cc490ca24ca006f0cad2c9b785eb27\" tg-width=\"1200\" tg-height=\"595\" width=\"100%\" height=\"auto\"><span>Figure 1: AMC historical data and trading volume.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMC历史数据和交易量。</span></p></blockquote></p><p> <h3>Bullish drivers</h3> AMC’s popularity across the main online discussion boards remains at peak levels. The top meme stock’s performance mirrored WallStreetBets’ commentary volume, although correlation does not necessarily mean causation.</p><p><blockquote><h3>看涨驱动因素</h3>AMC在主要在线讨论板上的受欢迎程度仍处于峰值水平。顶级模因股票的表现反映了WallStreetBets的评论量，尽管相关性并不一定意味着因果关系。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81369ea6c61e3992aad71b0bb2d24e20\" tg-width=\"1200\" tg-height=\"609\" width=\"100%\" height=\"auto\"><span>Figure 2: WSB ticker sentiment - AMC.Swaggy Stocks</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：WSB股票情绪-AMC.Swaggy股票</span></p></blockquote></p><p> Short interest remains elevated and on the rise, at around 18% according to&nbsp;Yahoo Finance.&nbsp;Also, Wall Street analysts' bearishness towards the stock has served as fuel for defying AMC apes in their quest to squeeze short sellers out.</p><p><blockquote>根据雅虎财经的数据，空头兴趣仍然很高，并且还在上升，约为18%。此外，华尔街分析师对该股的看跌情绪也助长了AMC猿类寻求排挤卖空者的行为。</blockquote></p><p> The company’s recent financial performance may also be playing a role in stock price action. The&nbsp;above-expectations Q2 earnings report, which pointed at a scenario of post-pandemic recovery for AMC, reinforces the fundamentalist thesis. Keep in mind, however, that meme mania has much more to do with momentum and market dynamics than with business fundamentals.</p><p><blockquote>该公司最近的财务业绩也可能在股价走势中发挥作用。高于预期的第二季度收益报告指出了AMC大流行后复苏的情景，强化了原教旨主义论点。然而，请记住，模因狂热更多地与势头和市场动态有关，而不是与商业基本面有关。</blockquote></p><p> <h3>SEC looking closely at dark pools</h3> One of the biggest complaints and concerns of AMC shareholders is the lack of transparency in the market. There seems to be a consensus among the ape community that dark pool activities and naked short selling could be hampering AMC's ride to new highs.</p><p><blockquote><h3>SEC密切关注暗池</h3>AMC股东最大的抱怨和担忧之一是市场缺乏透明度。ape社区似乎达成了一个共识，即暗池活动和裸卖空可能会阻碍AMC创下新高。</blockquote></p><p> Recently, SEC Chair Gay Genslerspoke directly on the matter, stating that the agency is looking closely at dark pool activities&nbsp;to protect investors. While no firm action has been taken yet, the SEC’s willingness to address the issue can be seen as positive news.</p><p><blockquote>最近，SEC主席Gay Gensler直接就此事发表讲话，表示该机构正在密切关注暗池活动以保护投资者。虽然尚未采取坚定行动，但SEC解决这一问题的意愿可以被视为积极消息。</blockquote></p><p> <h3>Short sellers get slapped</h3> With over 92 million AMC shares currently shorted, sellers have racked up billions of dollars in losses since meme mania emerged. The latest data&nbsp;provided&nbsp;by third-party research reveals that, as of July 20, shorts had incurred year-to-date losses of $3.8 billion.</p><p><blockquote><h3>卖空者被扇耳光</h3>目前有超过9200万股AMC股票被做空，自模因狂热出现以来，卖家已经损失了数十亿美元。第三方研究提供的最新数据显示，截至7月20日，空头年初至今已损失38亿美元。</blockquote></p><p> Short seller losses are probably even higher now, since AMC stock has spiked 20% in August alone. Amid a new wave of optimism, bears might be playing with fire. How long will they withstand the upward pressures? Apes’ bet: not very long.</p><p><blockquote>现在卖空者的损失可能会更高，因为AMC股票仅在8月份就飙升了20%。在新一波乐观情绪中，空头可能在玩火。他们能承受多长时间的上行压力？猿类的赌注：不会很久。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/amc/amc-stock-running-of-the-bulls-knocks-short-sellers-down\">Thestreet</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":{"AMC":"AMC院线"},"source_url":"https://www.thestreet.com/memestocks/amc/amc-stock-running-of-the-bulls-knocks-short-sellers-down","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197918153","content_text":"The August 24 trading session provided AMC stock (AMC) -Get Report owners with reasons to be optimistic about a run towards new peaks. Possibly motivated by broad market movements that were also positive, AMC surged 20% and finally broke into the $40 levels once again.\nNot yet satisfied, ambitious apes still believe that the recent move in AMC is just the tip of the iceberg, and that the path to the moon is gradually being paved. Wall Street Memes reviews AMC stock’s recent performance.\nBroad market strength\nThe US stock market had a record-breaking dayon August 24. In a week marked by chatter around monetary policy and the Jackson Hole symposium, vaccine approval news and the Chinese market’s retraction helped to fuel the market’s euphoria in the US.\nAMC trading volume reached about 220 million shares on August 24, more than double the average 10-day metric.\nFigure 1: AMC historical data and trading volume.\nBullish drivers\nAMC’s popularity across the main online discussion boards remains at peak levels. The top meme stock’s performance mirrored WallStreetBets’ commentary volume, although correlation does not necessarily mean causation.\nFigure 2: WSB ticker sentiment - AMC.Swaggy Stocks\nShort interest remains elevated and on the rise, at around 18% according to Yahoo Finance. Also, Wall Street analysts' bearishness towards the stock has served as fuel for defying AMC apes in their quest to squeeze short sellers out.\nThe company’s recent financial performance may also be playing a role in stock price action. The above-expectations Q2 earnings report, which pointed at a scenario of post-pandemic recovery for AMC, reinforces the fundamentalist thesis. Keep in mind, however, that meme mania has much more to do with momentum and market dynamics than with business fundamentals.\nSEC looking closely at dark pools\nOne of the biggest complaints and concerns of AMC shareholders is the lack of transparency in the market. There seems to be a consensus among the ape community that dark pool activities and naked short selling could be hampering AMC's ride to new highs.\nRecently, SEC Chair Gay Genslerspoke directly on the matter, stating that the agency is looking closely at dark pool activities to protect investors. While no firm action has been taken yet, the SEC’s willingness to address the issue can be seen as positive news.\nShort sellers get slapped\nWith over 92 million AMC shares currently shorted, sellers have racked up billions of dollars in losses since meme mania emerged. The latest data provided by third-party research reveals that, as of July 20, shorts had incurred year-to-date losses of $3.8 billion.\nShort seller losses are probably even higher now, since AMC stock has spiked 20% in August alone. Amid a new wave of optimism, bears might be playing with fire. How long will they withstand the upward pressures? Apes’ bet: not very long.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810128344,"gmtCreate":1629954174288,"gmtModify":1631891460345,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The&nbsp;critical thing is whether these innovation-based businesses can live up to their names and survive over time.","listText":"Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The&nbsp;critical thing is whether these innovation-based businesses can live up to their names and survive over time.","text":"Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The critical thing is whether these innovation-based businesses can live up to their names and survive over time.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810128344","repostId":"1101434650","repostType":4,"isVote":1,"tweetType":1,"viewCount":3441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831172050,"gmtCreate":1629297227570,"gmtModify":1631891460359,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"All the sarcasm in 37 tweets 😂. Jokes aside, it's gonna be a war between fundamental and growth believers.&nbsp;","listText":"All the sarcasm in 37 tweets 😂. Jokes aside, it's gonna be a war between fundamental and growth believers.&nbsp;","text":"All the sarcasm in 37 tweets 😂. Jokes aside, it's gonna be a war between fundamental and growth believers.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831172050","repostId":"1141048523","repostType":4,"isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830449322,"gmtCreate":1629093205966,"gmtModify":1631891460366,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"The catch-up in market share is pretty amazing. Long msft.","listText":"The catch-up in market share is pretty amazing. Long msft.","text":"The catch-up in market share is pretty amazing. Long msft.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830449322","repostId":"1171053600","repostType":4,"isVote":1,"tweetType":1,"viewCount":578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897905760,"gmtCreate":1628866108650,"gmtModify":1631883894725,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of&nbsp;a company, especially during trying period like now. Great CEO.","listText":"Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of&nbsp;a company, especially during trying period like now. Great CEO.","text":"Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of a company, especially during trying period like now. Great CEO.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897905760","repostId":"1100581820","repostType":4,"repost":{"id":"1100581820","kind":"news","pubTimestamp":1628846483,"share":"https://www.laohu8.com/m/news/1100581820?lang=zh_CN&edition=full","pubTime":"2021-08-13 17:21","market":"us","language":"en","title":"AMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100581820","media":"Thestreet","summary":"After AMC (AMC) “crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for t","content":"<p>After AMC&nbsp;(<b>AMC</b>)&nbsp;“crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for the accomplishment. Under his leadership, AMC’s business has been showing early but encouraging signs of recovery.</p><p><blockquote>AMC之后（<b>AMC</b>）第二季度业绩“惨淡”，首席执行官亚当·阿伦(Adam Aron)的这一成就值得相当多的赞扬。在他的领导下，AMC的业务已经显示出早期但令人鼓舞的复苏迹象。</blockquote></p><p> Also, the CEO reinforced his good relationship with the ape community, one of the key pillars of AMC’s recovery this year. Wall Street Memes discusses why Adam Aron might be considered “one of the greatest business people”, a title recentlygivento him by Mad Money’s Jim Cramer.</p><p><blockquote>此外，首席执行官还加强了与ape社区的良好关系，这是AMC今年复苏的关键支柱之一。《华尔街迷因》讨论了为什么亚当·阿伦可能被认为是“最伟大的商人之一”，这是Mad Money的吉姆·克莱默最近给他的称号。</blockquote></p><p> <h3>Adam’s background</h3> As a former CEO of the Philadelphia 76ers (currently co-owner), Norwegian Cruise Line (NCLH) and Vail Resorts (MTN), Adam Aron has been successful in every company that he has led. At the helm of AMC today, the same seems to be true, despite the immense challenges of late.</p><p><blockquote><h3>亚当的背景</h3>作为费城76人（目前是共同所有者）、挪威邮轮公司(NCLH)和韦尔度假村(MTN)的前首席执行官，Adam Aron在他领导的每家公司都取得了成功。尽管最近面临巨大挑战，但如今执掌AMC似乎也是如此。</blockquote></p><p> Since 2015, Adam has been the CEO of AMC Entertainment. He has been consistently praised fortransformingAMC and shaking up the movie theater business.</p><p><blockquote>自2015年以来，Adam一直担任AMC院线首席执行官。他一直因改造AMC和撼动电影院业务而受到称赞。</blockquote></p><p> However, his biggest career challenge began last year, with the COVID-19 pandemic. Due to the lockdowns, AMC was forced to close all of its theaters, which put the company on the edge of bankruptcy.</p><p><blockquote>然而，他职业生涯最大的挑战始于去年的新冠肺炎·疫情。由于封锁，AMC被迫关闭所有影院，这使该公司濒临破产。</blockquote></p><p> <h3>Luck follows the successful</h3> Adam Aron was unknown to the masses until the surge of meme mania. With the help of the ape community, AMC share price rose to stratospheric levels and became one of the most popular stocks in the entire exchange.</p><p><blockquote><h3>幸运跟随成功者</h3>在迷因狂热兴起之前，亚当·阿伦并不为大众所知。在ape社区的帮助下，AMC股价升至极高水平，成为整个交易所最受欢迎的股票之一。</blockquote></p><p> Due to the companybeingthe target of massive short selling, Reddit forums organized by retail investors made a push to buy AMC shares en masse. The efforts resulted in a spike in the company's market cap from $300 million in early 2021 to the current $16 billion.</p><p><blockquote>由于该公司成为大规模卖空的目标，散户投资者组织的Reddit论坛推动集体购买AMC股票。这些努力导致该公司的市值从2021年初的3亿美元飙升至目前的160亿美元。</blockquote></p><p> Following AMC's rally, in June, 11 million new shareswereissued, which enabled AMC to raise hundreds of millions in equity and gave an unexpected boost to the company's liquidity. The impact was felt in last period’s financial results. \"The second quarter of 2021 was transformational for AMC,\" said CEO Adam Aron.</p><p><blockquote>继AMC上涨后，6月份重新发行了1100万股新股，使AMC筹集了数亿美元的股权，并意外增加了公司的流动性。上期财务业绩也感受到了影响。首席执行官Adam Aron表示：“2021年第二季度对AMC来说是变革性的。”</blockquote></p><p> <h3>Apes being valued</h3> Ape commitment has been crucial for the company to raise large quantities of cash. It is not hard, therefore, to understand why Adam Aron values  his individual shareholders so much. Recently, he listened to them anddeclined the issuance of another 25 million shares—which would have brought another pile of cash to AMC's vaults.</p><p><blockquote><h3>猿类受到重视</h3>Ape承诺对于公司筹集大量现金至关重要。因此，不难理解为什么亚当·阿伦如此重视他的个人股东。最近，他听取了他们的意见，拒绝再发行2500万股股票——这将为AMC的金库带来另一大笔现金。</blockquote></p><p> In addition, the CEO has been very active and open to dialogue with the apes. According to him, many ideas suggested by shareholders were considered, including apossiblepartnership with Ryan Cohen from GameStop and theinclusionof bitcoin as payment in movie theaters — the latter having already been executed. Also, in the last earnings call,AMC openedthe floor for direct Q&amp;A with individual shareholders, which is quite unusual among publicly traded companies.</p><p><blockquote>此外，首席执行官一直非常积极和开放地与猿类对话。据他介绍，股东提出的许多想法都得到了考虑，包括可能与游戏驿站的Ryan Cohen合作，以及将比特币作为电影院的付款方式——后者已经执行。此外，在上次财报看涨期权上，AMC开放了与个人股东直接问答的场所，这在上市公司中是很不寻常的。</blockquote></p><p> However, the CEO very carefullyhintedthat he will likely sell some of his shares in the near future to rebalance his personal equity since he has not yet sold any of his 758,747 common AMC shares. We have not seen much pushback from the ape community on his decision.</p><p><blockquote>然而，这位首席执行官非常谨慎地暗示，他可能会在不久的将来出售部分股票以重新平衡他的个人股权，因为他尚未出售任何758,747股AMC普通股。我们没有看到猿类社区对他的决定有太多的反对。</blockquote></p><p> <h3>Best CEO ever?</h3> Overall, CEO Adam Aron seems to enjoy a status of leadership among the apes, which he has earned by putting retail investors at the center of the conversations. Such status and his wiliness to listen, in turn, have benefitted the company (think of the equity issuance), creating a virtuous cycle that seems to please the shareholder base.</p><p><blockquote><h3>史上最佳CEO？</h3>总体而言，首席执行官亚当·阿伦(Adam Aron)似乎在猿类中享有领导地位，这是他通过将散户投资者置于对话中心而赢得的。这样的地位和他倾听的狡猾反过来又使公司受益（想想股票发行），创造了一个似乎取悦股东基础的良性循环。</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>AMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</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\">\nAMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-13 17:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After AMC&nbsp;(<b>AMC</b>)&nbsp;“crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for the accomplishment. Under his leadership, AMC’s business has been showing early but encouraging signs of recovery.</p><p><blockquote>AMC之后（<b>AMC</b>）第二季度业绩“惨淡”，首席执行官亚当·阿伦(Adam Aron)的这一成就值得相当多的赞扬。在他的领导下，AMC的业务已经显示出早期但令人鼓舞的复苏迹象。</blockquote></p><p> Also, the CEO reinforced his good relationship with the ape community, one of the key pillars of AMC’s recovery this year. Wall Street Memes discusses why Adam Aron might be considered “one of the greatest business people”, a title recentlygivento him by Mad Money’s Jim Cramer.</p><p><blockquote>此外，首席执行官还加强了与ape社区的良好关系，这是AMC今年复苏的关键支柱之一。《华尔街迷因》讨论了为什么亚当·阿伦可能被认为是“最伟大的商人之一”，这是Mad Money的吉姆·克莱默最近给他的称号。</blockquote></p><p> <h3>Adam’s background</h3> As a former CEO of the Philadelphia 76ers (currently co-owner), Norwegian Cruise Line (NCLH) and Vail Resorts (MTN), Adam Aron has been successful in every company that he has led. At the helm of AMC today, the same seems to be true, despite the immense challenges of late.</p><p><blockquote><h3>亚当的背景</h3>作为费城76人（目前是共同所有者）、挪威邮轮公司(NCLH)和韦尔度假村(MTN)的前首席执行官，Adam Aron在他领导的每家公司都取得了成功。尽管最近面临巨大挑战，但如今执掌AMC似乎也是如此。</blockquote></p><p> Since 2015, Adam has been the CEO of AMC Entertainment. He has been consistently praised fortransformingAMC and shaking up the movie theater business.</p><p><blockquote>自2015年以来，Adam一直担任AMC院线首席执行官。他一直因改造AMC和撼动电影院业务而受到称赞。</blockquote></p><p> However, his biggest career challenge began last year, with the COVID-19 pandemic. Due to the lockdowns, AMC was forced to close all of its theaters, which put the company on the edge of bankruptcy.</p><p><blockquote>然而，他职业生涯最大的挑战始于去年的新冠肺炎·疫情。由于封锁，AMC被迫关闭所有影院，这使该公司濒临破产。</blockquote></p><p> <h3>Luck follows the successful</h3> Adam Aron was unknown to the masses until the surge of meme mania. With the help of the ape community, AMC share price rose to stratospheric levels and became one of the most popular stocks in the entire exchange.</p><p><blockquote><h3>幸运跟随成功者</h3>在迷因狂热兴起之前，亚当·阿伦并不为大众所知。在ape社区的帮助下，AMC股价升至极高水平，成为整个交易所最受欢迎的股票之一。</blockquote></p><p> Due to the companybeingthe target of massive short selling, Reddit forums organized by retail investors made a push to buy AMC shares en masse. The efforts resulted in a spike in the company's market cap from $300 million in early 2021 to the current $16 billion.</p><p><blockquote>由于该公司成为大规模卖空的目标，散户投资者组织的Reddit论坛推动集体购买AMC股票。这些努力导致该公司的市值从2021年初的3亿美元飙升至目前的160亿美元。</blockquote></p><p> Following AMC's rally, in June, 11 million new shareswereissued, which enabled AMC to raise hundreds of millions in equity and gave an unexpected boost to the company's liquidity. The impact was felt in last period’s financial results. \"The second quarter of 2021 was transformational for AMC,\" said CEO Adam Aron.</p><p><blockquote>继AMC上涨后，6月份重新发行了1100万股新股，使AMC筹集了数亿美元的股权，并意外增加了公司的流动性。上期财务业绩也感受到了影响。首席执行官Adam Aron表示：“2021年第二季度对AMC来说是变革性的。”</blockquote></p><p> <h3>Apes being valued</h3> Ape commitment has been crucial for the company to raise large quantities of cash. It is not hard, therefore, to understand why Adam Aron values  his individual shareholders so much. Recently, he listened to them anddeclined the issuance of another 25 million shares—which would have brought another pile of cash to AMC's vaults.</p><p><blockquote><h3>猿类受到重视</h3>Ape承诺对于公司筹集大量现金至关重要。因此，不难理解为什么亚当·阿伦如此重视他的个人股东。最近，他听取了他们的意见，拒绝再发行2500万股股票——这将为AMC的金库带来另一大笔现金。</blockquote></p><p> In addition, the CEO has been very active and open to dialogue with the apes. According to him, many ideas suggested by shareholders were considered, including apossiblepartnership with Ryan Cohen from GameStop and theinclusionof bitcoin as payment in movie theaters — the latter having already been executed. Also, in the last earnings call,AMC openedthe floor for direct Q&amp;A with individual shareholders, which is quite unusual among publicly traded companies.</p><p><blockquote>此外，首席执行官一直非常积极和开放地与猿类对话。据他介绍，股东提出的许多想法都得到了考虑，包括可能与游戏驿站的Ryan Cohen合作，以及将比特币作为电影院的付款方式——后者已经执行。此外，在上次财报看涨期权上，AMC开放了与个人股东直接问答的场所，这在上市公司中是很不寻常的。</blockquote></p><p> However, the CEO very carefullyhintedthat he will likely sell some of his shares in the near future to rebalance his personal equity since he has not yet sold any of his 758,747 common AMC shares. We have not seen much pushback from the ape community on his decision.</p><p><blockquote>然而，这位首席执行官非常谨慎地暗示，他可能会在不久的将来出售部分股票以重新平衡他的个人股权，因为他尚未出售任何758,747股AMC普通股。我们没有看到猿类社区对他的决定有太多的反对。</blockquote></p><p> <h3>Best CEO ever?</h3> Overall, CEO Adam Aron seems to enjoy a status of leadership among the apes, which he has earned by putting retail investors at the center of the conversations. Such status and his wiliness to listen, in turn, have benefitted the company (think of the equity issuance), creating a virtuous cycle that seems to please the shareholder base.</p><p><blockquote><h3>史上最佳CEO？</h3>总体而言，首席执行官亚当·阿伦(Adam Aron)似乎在猿类中享有领导地位，这是他通过将散户投资者置于对话中心而赢得的。这样的地位和他倾听的狡猾反过来又使公司受益（想想股票发行），创造了一个似乎取悦股东基础的良性循环。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/amc/amc-stock-is-adam-aron-the-best-ceo-ever\">Thestreet</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":{"AMC":"AMC院线"},"source_url":"https://www.thestreet.com/memestocks/amc/amc-stock-is-adam-aron-the-best-ceo-ever","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100581820","content_text":"After AMC (AMC) “crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for the accomplishment. Under his leadership, AMC’s business has been showing early but encouraging signs of recovery.\nAlso, the CEO reinforced his good relationship with the ape community, one of the key pillars of AMC’s recovery this year. Wall Street Memes discusses why Adam Aron might be considered “one of the greatest business people”, a title recentlygivento him by Mad Money’s Jim Cramer.\nAdam’s background\nAs a former CEO of the Philadelphia 76ers (currently co-owner), Norwegian Cruise Line (NCLH) and Vail Resorts (MTN), Adam Aron has been successful in every company that he has led. At the helm of AMC today, the same seems to be true, despite the immense challenges of late.\nSince 2015, Adam has been the CEO of AMC Entertainment. He has been consistently praised fortransformingAMC and shaking up the movie theater business.\nHowever, his biggest career challenge began last year, with the COVID-19 pandemic. Due to the lockdowns, AMC was forced to close all of its theaters, which put the company on the edge of bankruptcy.\nLuck follows the successful\nAdam Aron was unknown to the masses until the surge of meme mania. With the help of the ape community, AMC share price rose to stratospheric levels and became one of the most popular stocks in the entire exchange.\nDue to the companybeingthe target of massive short selling, Reddit forums organized by retail investors made a push to buy AMC shares en masse. The efforts resulted in a spike in the company's market cap from $300 million in early 2021 to the current $16 billion.\nFollowing AMC's rally, in June, 11 million new shareswereissued, which enabled AMC to raise hundreds of millions in equity and gave an unexpected boost to the company's liquidity. The impact was felt in last period’s financial results. \"The second quarter of 2021 was transformational for AMC,\" said CEO Adam Aron.\nApes being valued\nApe commitment has been crucial for the company to raise large quantities of cash. It is not hard, therefore, to understand why Adam Aron values  his individual shareholders so much. Recently, he listened to them anddeclined the issuance of another 25 million shares—which would have brought another pile of cash to AMC's vaults.\nIn addition, the CEO has been very active and open to dialogue with the apes. According to him, many ideas suggested by shareholders were considered, including apossiblepartnership with Ryan Cohen from GameStop and theinclusionof bitcoin as payment in movie theaters — the latter having already been executed. Also, in the last earnings call,AMC openedthe floor for direct Q&A with individual shareholders, which is quite unusual among publicly traded companies.\nHowever, the CEO very carefullyhintedthat he will likely sell some of his shares in the near future to rebalance his personal equity since he has not yet sold any of his 758,747 common AMC shares. We have not seen much pushback from the ape community on his decision.\nBest CEO ever?\nOverall, CEO Adam Aron seems to enjoy a status of leadership among the apes, which he has earned by putting retail investors at the center of the conversations. Such status and his wiliness to listen, in turn, have benefitted the company (think of the equity issuance), creating a virtuous cycle that seems to please the shareholder base.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894221891,"gmtCreate":1628831246113,"gmtModify":1631891460380,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Good read for comparison","listText":"Good read for comparison","text":"Good read for comparison","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894221891","repostId":"1109220984","repostType":4,"repost":{"id":"1109220984","kind":"news","pubTimestamp":1628821219,"share":"https://www.laohu8.com/m/news/1109220984?lang=zh_CN&edition=full","pubTime":"2021-08-13 10:20","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109220984","media":"Seeking Alpha","summary":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's produ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li>  <li>Looking for a helping hand in the market? Members of High Dividend Opportunities get exclusive ideas and guidance to navigate any climate.</li> </ul> <a href=\"https://laohu8.com/S/INTC\">Intel</a> was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li><li>在市场上寻找援助之手？High Dividend Opportunities的成员可以获得应对任何环境的独家想法和指导。</li></ul><a href=\"https://laohu8.com/S/INTC\">英特尔</a>曾经是微芯片行业的庞然大物，是摩尔定律力量的丰碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to <a href=\"https://laohu8.com/S/AMD\">AMD</a>, and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这就为<a href=\"https://laohu8.com/S/AMD\">AMD</a>该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a>, and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD还与<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>，而后者公司的GPU技术正在抢夺市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <h3><b>The Ins And Outs of Intel</b></h3> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, <a href=\"https://laohu8.com/S/INTC\">Intel</a> provided x86 instruction set architecture licensing to AMD.</p><p><blockquote><h3><b>英特尔的来龙去脉</b></h3>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>向AMD提供x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a> to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与<a href=\"https://laohu8.com/S/TSM\">台积电</a>使用该制造商的7纳米工艺在工艺技术上超越INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <h3><b>An Overview of AMD</b></h3> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote><h3><b>AMD概述</b></h3>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.<img src=\"https://static.tigerbbs.com/4b28bd5a29c4d6e04d8572204ac076c3\" tg-width=\"1280\" tg-height=\"989\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Q2 Earnings Presentation</i></p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。<i>资料来源：</i> <i>第二季度收益演示</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9e10707bb654699caa86134f9e42a1ed\" tg-width=\"1280\" tg-height=\"989\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Q2 Earnings Presentation</i></p><p><blockquote><i>资料来源：</i> <i>第二季度收益演示</i></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6063d2ec5150116df105ece17f084c57\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Seeking Alpha</i></p><p><blockquote><i>资料来源：</i> <i>寻求阿尔法</i></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/81d252a63cae489770f58f875955533b\" tg-width=\"544\" tg-height=\"394\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>tom'sHARDWARE</i></p><p><blockquote><i>资料来源：</i> <i>汤姆的硬件</i></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,&nbsp;AMD entered into&nbsp;a deal&nbsp;to acquire&nbsp;<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>, a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成了一项收购<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>，现场可编程门阵列（FPGA）芯片的领导者。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <h3><b>A Survey of NVIDIA</b></h3> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote><h3><b>英伟达调查</b></h3>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea9d8aa80e3acf2fbc6571673e2ae1d5\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>AMD Investor Presentation</i></p><p><blockquote><i>资料来源：</i> <i>AMD投资者介绍</i></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正与CPU结合使用，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire <a href=\"https://laohu8.com/S/ARMH\">ARM Holdings PLC</a> from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年收购了<a href=\"https://laohu8.com/S/ARMH\">ARM控股有限公司</a>来自母公司软银400亿美元。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, both&nbsp;China&nbsp;and the&nbsp;U.K.&nbsp;are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <h3><b>Head-To-Head Comparisons&nbsp;</b></h3> <h4><b><b>Valuation Metrics</b></b></h4> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote><h3><b>头对头比较</b></h3><h4><b><b>估值指标</b></b></h4>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1483e1125a8ae12c28486f03ecba37f5\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Seeking Alpha Premium/ chart by author</i></p><p><blockquote><i>资料来源：</i> <i>寻求Alpha Premium/作者图表</i></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/796e9f5f93b9c2e1084b517ad818fe49\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><i>Chart by author</i></p><p><blockquote><i>作者图表</i></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <h4><b>=Advantage AMD</b></h4> <h4><b>Analysts’ Price Targets</b></h4> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote><h4><b>=优势AMD</b></h4><h4><b>分析师的价格目标</b></h4>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <h4><b>=Tie AMD/INTC</b></h4> <h4><b>Growth Rates</b></h4> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote><h4><b>=Tie AMD/INTC</b></h4><h4><b>增长率</b></h4>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1c8f71846f58df29bde7aad99bd6ecb\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Seeking Alpha Premium/ Chart by author</i></p><p><blockquote><i>资料来源：</i> <i>寻求Alpha Premium/作者图表</i></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <h4><b>=Advantage AMD</b></h4> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote><h4><b>=优势AMD</b></h4>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <h4><b>Debt Metrics</b></h4> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote><h4><b>债务指标</b></h4>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. If AMD acquires Xilinx, the company would add up to $34 billion in debt. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。如果AMD收购Xilinx，该公司将增加340亿美元的债务。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <h4><b>R&amp;D Budgets</b></h4> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote><h4><b>研发预算</b></h4>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <h3><b>Bottom Line: Which Is The Best Chip Stock?</b></h3> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote><h3><b>一句话：最好的芯片股是哪只？</b></h3>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as itsplannedfoundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</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, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</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\">2021-08-13 10:20</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>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li>  <li>Looking for a helping hand in the market? Members of High Dividend Opportunities get exclusive ideas and guidance to navigate any climate.</li> </ul> <a href=\"https://laohu8.com/S/INTC\">Intel</a> was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li><li>在市场上寻找援助之手？High Dividend Opportunities的成员可以获得应对任何环境的独家想法和指导。</li></ul><a href=\"https://laohu8.com/S/INTC\">英特尔</a>曾经是微芯片行业的庞然大物，是摩尔定律力量的丰碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to <a href=\"https://laohu8.com/S/AMD\">AMD</a>, and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这就为<a href=\"https://laohu8.com/S/AMD\">AMD</a>该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a>, and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD还与<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>，而后者公司的GPU技术正在抢夺市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <h3><b>The Ins And Outs of Intel</b></h3> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, <a href=\"https://laohu8.com/S/INTC\">Intel</a> provided x86 instruction set architecture licensing to AMD.</p><p><blockquote><h3><b>英特尔的来龙去脉</b></h3>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>向AMD提供x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a> to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与<a href=\"https://laohu8.com/S/TSM\">台积电</a>使用该制造商的7纳米工艺在工艺技术上超越INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <h3><b>An Overview of AMD</b></h3> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote><h3><b>AMD概述</b></h3>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.<img src=\"https://static.tigerbbs.com/4b28bd5a29c4d6e04d8572204ac076c3\" tg-width=\"1280\" tg-height=\"989\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Q2 Earnings Presentation</i></p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。<i>资料来源：</i> <i>第二季度收益演示</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9e10707bb654699caa86134f9e42a1ed\" tg-width=\"1280\" tg-height=\"989\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Q2 Earnings Presentation</i></p><p><blockquote><i>资料来源：</i> <i>第二季度收益演示</i></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6063d2ec5150116df105ece17f084c57\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Seeking Alpha</i></p><p><blockquote><i>资料来源：</i> <i>寻求阿尔法</i></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/81d252a63cae489770f58f875955533b\" tg-width=\"544\" tg-height=\"394\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>tom'sHARDWARE</i></p><p><blockquote><i>资料来源：</i> <i>汤姆的硬件</i></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,&nbsp;AMD entered into&nbsp;a deal&nbsp;to acquire&nbsp;<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>, a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成了一项收购<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>，现场可编程门阵列（FPGA）芯片的领导者。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <h3><b>A Survey of NVIDIA</b></h3> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote><h3><b>英伟达调查</b></h3>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea9d8aa80e3acf2fbc6571673e2ae1d5\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>AMD Investor Presentation</i></p><p><blockquote><i>资料来源：</i> <i>AMD投资者介绍</i></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正与CPU结合使用，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire <a href=\"https://laohu8.com/S/ARMH\">ARM Holdings PLC</a> from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年收购了<a href=\"https://laohu8.com/S/ARMH\">ARM控股有限公司</a>来自母公司软银400亿美元。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, both&nbsp;China&nbsp;and the&nbsp;U.K.&nbsp;are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <h3><b>Head-To-Head Comparisons&nbsp;</b></h3> <h4><b><b>Valuation Metrics</b></b></h4> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote><h3><b>头对头比较</b></h3><h4><b><b>估值指标</b></b></h4>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1483e1125a8ae12c28486f03ecba37f5\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Seeking Alpha Premium/ chart by author</i></p><p><blockquote><i>资料来源：</i> <i>寻求Alpha Premium/作者图表</i></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/796e9f5f93b9c2e1084b517ad818fe49\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><i>Chart by author</i></p><p><blockquote><i>作者图表</i></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <h4><b>=Advantage AMD</b></h4> <h4><b>Analysts’ Price Targets</b></h4> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote><h4><b>=优势AMD</b></h4><h4><b>分析师的价格目标</b></h4>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <h4><b>=Tie AMD/INTC</b></h4> <h4><b>Growth Rates</b></h4> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote><h4><b>=Tie AMD/INTC</b></h4><h4><b>增长率</b></h4>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1c8f71846f58df29bde7aad99bd6ecb\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><i>Source:</i>&nbsp;<i>Seeking Alpha Premium/ Chart by author</i></p><p><blockquote><i>资料来源：</i> <i>寻求Alpha Premium/作者图表</i></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <h4><b>=Advantage AMD</b></h4> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote><h4><b>=优势AMD</b></h4>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <h4><b>Debt Metrics</b></h4> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote><h4><b>债务指标</b></h4>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. If AMD acquires Xilinx, the company would add up to $34 billion in debt. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。如果AMD收购Xilinx，该公司将增加340亿美元的债务。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <h4><b>R&amp;D Budgets</b></h4> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote><h4><b>研发预算</b></h4>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <h3><b>Bottom Line: Which Is The Best Chip Stock?</b></h3> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote><h3><b>一句话：最好的芯片股是哪只？</b></h3>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as itsplannedfoundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">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":{"INTC":"英特尔","NVDA":"英伟达","AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109220984","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\nLooking for a helping hand in the market? Members of High Dividend Opportunities get exclusive ideas and guidance to navigate any climate.\n\nIntel was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to AMD, and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corp, and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, Intel provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor Manufacturing to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.Source: Q2 Earnings Presentation\nSource: Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource: Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource: tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year, AMD entered into a deal to acquire Xilinx, a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource: AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings PLC from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, both China and the U.K. are reportedly balking at approving the deal.\nHead-To-Head Comparisons \nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource: Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource: Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. If AMD acquires Xilinx, the company would add up to $34 billion in debt. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as itsplannedfoundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.","news_type":1,"symbols_score_info":{"INTC":0.9,"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":888,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895767086,"gmtCreate":1628774674745,"gmtModify":1631891460395,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Long Chiliz and other NFT plays","listText":"Long Chiliz and other NFT plays","text":"Long Chiliz and other NFT plays","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895767086","repostId":"1124285877","repostType":4,"isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896182050,"gmtCreate":1628561761670,"gmtModify":1631891460407,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"And that's the bubble that made him what he is today.","listText":"And that's the bubble that made him what he is today.","text":"And that's the bubble that made him what he is today.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896182050","repostId":"1135437633","repostType":4,"isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891512553,"gmtCreate":1628399247072,"gmtModify":1631893922985,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"It is difficult to evaluate Tesla.","listText":"It is difficult to evaluate Tesla.","text":"It is difficult to evaluate Tesla.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891512553","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</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>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</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\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</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\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">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":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893073202,"gmtCreate":1628224967106,"gmtModify":1631893922997,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Happy with the results but I am not sure if it is the right time to be in a spotlight now : |","listText":"Happy with the results but I am not sure if it is the right time to be in a spotlight now : |","text":"Happy with the results but I am not sure if it is the right time to be in a spotlight now : |","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893073202","repostId":"1146568691","repostType":4,"isVote":1,"tweetType":1,"viewCount":511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890860579,"gmtCreate":1628092207291,"gmtModify":1631893923010,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"The gain is pretty insane but I think this stock will continue to grow due to demand for chips.","listText":"The gain is pretty insane but I think this stock will continue to grow due to demand for chips.","text":"The gain is pretty insane but I think this stock will continue to grow due to demand for chips.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890860579","repostId":"1108635314","repostType":4,"repost":{"id":"1108635314","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":1628084737,"share":"https://www.laohu8.com/m/news/1108635314?lang=zh_CN&edition=full","pubTime":"2021-08-04 21:45","market":"us","language":"en","title":"AMD gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108635314","media":"Tiger Newspress","summary":"(August 4) AMD gained over 5% and reached record high.","content":"<p>(August 4)&nbsp;<a href=\"https://laohu8.com/S/AMD\">AMD</a> gained over 5% and reached record high.</p><p><blockquote>（8月4日）<a href=\"https://laohu8.com/S/AMD\">AMD</a>涨幅超过5%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b23aa43d6e0816bc9aeaa95fc08fcd6\" tg-width=\"837\" tg-height=\"558\" 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>AMD gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</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 gained over 5% and reached record high<blockquote>AMD涨超5%创历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-04 21:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August 4)&nbsp;<a href=\"https://laohu8.com/S/AMD\">AMD</a> gained over 5% and reached record high.</p><p><blockquote>（8月4日）<a href=\"https://laohu8.com/S/AMD\">AMD</a>涨幅超过5%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b23aa43d6e0816bc9aeaa95fc08fcd6\" tg-width=\"837\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108635314","content_text":"(August 4) AMD gained over 5% and reached record high.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802527056,"gmtCreate":1627790135875,"gmtModify":1631893923020,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"So is Tesla a fiction or non-fiction? Only time will tell.","listText":"So is Tesla a fiction or non-fiction? Only time will tell.","text":"So is Tesla a fiction or non-fiction? Only time will tell.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802527056","repostId":"1169518272","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":810128344,"gmtCreate":1629954174288,"gmtModify":1631891460345,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The&nbsp;critical thing is whether these innovation-based businesses can live up to their names and survive over time.","listText":"Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The&nbsp;critical thing is whether these innovation-based businesses can live up to their names and survive over time.","text":"Both have their valid points. Personally would think Burry is right in near term, and Cathie is right in far term. The critical thing is whether these innovation-based businesses can live up to their names and survive over time.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810128344","repostId":"1101434650","repostType":4,"isVote":1,"tweetType":1,"viewCount":3441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809572559,"gmtCreate":1627383438571,"gmtModify":1631893923070,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Apple is in a good position for the 5g rollout.","listText":"Apple is in a good position for the 5g rollout.","text":"Apple is in a good position for the 5g rollout.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/809572559","repostId":"1108884592","repostType":4,"isVote":1,"tweetType":1,"viewCount":498,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125582527,"gmtCreate":1624680406269,"gmtModify":1633949648165,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"NVDA will be a great stock to own down the road","listText":"NVDA will be a great stock to own down the road","text":"NVDA will be a great stock to own down the road","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/125582527","repostId":"1175794606","repostType":4,"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888117879,"gmtCreate":1631456095791,"gmtModify":1631883943392,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Waiting for Amazon to stock split","listText":"Waiting for Amazon to stock split","text":"Waiting for Amazon to stock split","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888117879","repostId":"2166377772","repostType":4,"isVote":1,"tweetType":1,"viewCount":2404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896182050,"gmtCreate":1628561761670,"gmtModify":1631891460407,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"And that's the bubble that made him what he is today.","listText":"And that's the bubble that made him what he is today.","text":"And that's the bubble that made him what he is today.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896182050","repostId":"1135437633","repostType":4,"isVote":1,"tweetType":1,"viewCount":1050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179354673,"gmtCreate":1626488387992,"gmtModify":1633926312189,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"God knows if the price is dropping due to disinterest of the stock by retail investors or institutional manipulation.","listText":"God knows if the price is dropping due to disinterest of the stock by retail investors or institutional manipulation.","text":"God knows if the price is dropping due to disinterest of the stock by retail investors or institutional manipulation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179354673","repostId":"1159574501","repostType":4,"repost":{"id":"1159574501","kind":"news","pubTimestamp":1626484131,"share":"https://www.laohu8.com/m/news/1159574501?lang=zh_CN&edition=full","pubTime":"2021-07-17 09:08","market":"us","language":"en","title":"'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159574501","media":"Benzinga","summary":"Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took ","content":"<p><div> Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in ...</p><p><blockquote><div>社交媒体meme股票游戏驿站公司（纽约证券交易所代码：GME）和AMC院线控股公司（纽约证券交易所代码：AMC）本周遭受重创，游戏驿站本周将下跌9%，AMC将下跌20.9%。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</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\">\n'Bad Omen' For Meme Stocks And The Retail Trading Boom? Here's What The Data Says<blockquote>迷因股票和零售交易繁荣的“坏兆头”？数据是这么说的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-17 09:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in ...</p><p><blockquote><div>社交媒体meme股票游戏驿站公司（纽约证券交易所代码：GME）和AMC院线控股公司（纽约证券交易所代码：AMC）本周遭受重创，游戏驿站本周将下跌9%，AMC将下跌20.9%。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says\">Benzinga</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":{"TLRY":"Tilray Inc.","GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.benzinga.com/analyst-ratings/analyst-color/21/07/22023662/bad-omen-for-meme-stocks-and-the-retail-trading-boom-heres-what-the-data-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159574501","content_text":"Social media meme stocks GameStop Corp.(NYSE:GME) and AMC Entertainment Holdings Inc(NYSE:AMC) took a beating this week, with GameStop on track to finish the week down 9% and AMC set to lose 20.9% in Friday afternoon trading.\nDataTrek Research co-founder Nicholas Colas said this week there is an ominous sign the meme stock phenomenon may be dying a slow death.\nRetail Trading Boom:DataTrek has been periodically tracking the boom in retail traders triggered during the pandemic in 2020 and 2021 by monitoring U.S. Google search volume for the keywords “invest” and “buy stock.” Colas said these basic search terms are a broad way to gauge marginal retail investor interest in the stock market.\nThe image below shows how search volume for those key phrases has changed since the beginning of 2020.\n\nColas said the search volume data clearly indicates the retail stock trading fad is completely over at this point, a “very bad omen” for AMC and GameStop. In fact, Google search volume is now back down to where it was before the pandemic started in early 2020.\nIn addition, search volumes are now down 75% from their peak levels during the initial short squeezes in AMC and GameStop back in January 2021.\nColas said meme stocks like AMC need new retail stock traders to join in the buying to support their stock prices else they could be headed for more volatility like they have experienced this week.\n“Bubbles need fresh money, or they deflate. Quickly,” Colas wrote. “Every craze needs new adherents (i.e., not just the same crowd) to keep it relevant, and the Google chart shows those are in increasingly short supply.”\nPMP Weighs In:Benzinga PreMarket Prep co-host Dennis Dick said a good story can carry a stock a long way, and some stocks can even become so hot that they become temporarily disconnected from the company’s underlying fundamentals.\n“We have seen that in a number of meme stocks this year. Story can drive price in the short run but stocks almost always return back to their fundamental value in the long run,” Dick said.\nThe type of disconnect between share price and underlying value that AMC and GameStop have experienced in 2021 is certainly nothing new. Canadian cannabis stock Tilray Inc(NASDAQ:TLRY) experienced a similar disconnect back in 2018 when a retail stock mania sent the stock skyrocketing up to $300. Today, Tilray is trading back down at around $13.90.\n“As the stock price begins to fall, momentum traders who have been chasing the hot story will begin to exit. But if the stock trades at an extreme valuation, there may be very few traders willing to buy. This is what we are starting to see in many meme stocks today,” Dick said.\nBenzinga's Take:If the story begins to get hot again, the stock prices of overvalued story stocks can always recover once again. But without any underlying fundamentals to support the valuation, these types of stocks need a constant stream of new buyers and an increasingly bullish story to generate fresh enthusiasm.","news_type":1,"symbols_score_info":{"GME":0.9,"AMC":0.9,"TLRY":0.9}},"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897905760,"gmtCreate":1628866108650,"gmtModify":1631883894725,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of&nbsp;a company, especially during trying period like now. Great CEO.","listText":"Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of&nbsp;a company, especially during trying period like now. Great CEO.","text":"Engaging with public is one of the smartest move. These positive sentiments could become the strongest support of a company, especially during trying period like now. Great CEO.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897905760","repostId":"1100581820","repostType":4,"repost":{"id":"1100581820","kind":"news","pubTimestamp":1628846483,"share":"https://www.laohu8.com/m/news/1100581820?lang=zh_CN&edition=full","pubTime":"2021-08-13 17:21","market":"us","language":"en","title":"AMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100581820","media":"Thestreet","summary":"After AMC (AMC) “crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for t","content":"<p>After AMC&nbsp;(<b>AMC</b>)&nbsp;“crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for the accomplishment. Under his leadership, AMC’s business has been showing early but encouraging signs of recovery.</p><p><blockquote>AMC之后（<b>AMC</b>）第二季度业绩“惨淡”，首席执行官亚当·阿伦(Adam Aron)的这一成就值得相当多的赞扬。在他的领导下，AMC的业务已经显示出早期但令人鼓舞的复苏迹象。</blockquote></p><p> Also, the CEO reinforced his good relationship with the ape community, one of the key pillars of AMC’s recovery this year. Wall Street Memes discusses why Adam Aron might be considered “one of the greatest business people”, a title recentlygivento him by Mad Money’s Jim Cramer.</p><p><blockquote>此外，首席执行官还加强了与ape社区的良好关系，这是AMC今年复苏的关键支柱之一。《华尔街迷因》讨论了为什么亚当·阿伦可能被认为是“最伟大的商人之一”，这是Mad Money的吉姆·克莱默最近给他的称号。</blockquote></p><p> <h3>Adam’s background</h3> As a former CEO of the Philadelphia 76ers (currently co-owner), Norwegian Cruise Line (NCLH) and Vail Resorts (MTN), Adam Aron has been successful in every company that he has led. At the helm of AMC today, the same seems to be true, despite the immense challenges of late.</p><p><blockquote><h3>亚当的背景</h3>作为费城76人（目前是共同所有者）、挪威邮轮公司(NCLH)和韦尔度假村(MTN)的前首席执行官，Adam Aron在他领导的每家公司都取得了成功。尽管最近面临巨大挑战，但如今执掌AMC似乎也是如此。</blockquote></p><p> Since 2015, Adam has been the CEO of AMC Entertainment. He has been consistently praised fortransformingAMC and shaking up the movie theater business.</p><p><blockquote>自2015年以来，Adam一直担任AMC院线首席执行官。他一直因改造AMC和撼动电影院业务而受到称赞。</blockquote></p><p> However, his biggest career challenge began last year, with the COVID-19 pandemic. Due to the lockdowns, AMC was forced to close all of its theaters, which put the company on the edge of bankruptcy.</p><p><blockquote>然而，他职业生涯最大的挑战始于去年的新冠肺炎·疫情。由于封锁，AMC被迫关闭所有影院，这使该公司濒临破产。</blockquote></p><p> <h3>Luck follows the successful</h3> Adam Aron was unknown to the masses until the surge of meme mania. With the help of the ape community, AMC share price rose to stratospheric levels and became one of the most popular stocks in the entire exchange.</p><p><blockquote><h3>幸运跟随成功者</h3>在迷因狂热兴起之前，亚当·阿伦并不为大众所知。在ape社区的帮助下，AMC股价升至极高水平，成为整个交易所最受欢迎的股票之一。</blockquote></p><p> Due to the companybeingthe target of massive short selling, Reddit forums organized by retail investors made a push to buy AMC shares en masse. The efforts resulted in a spike in the company's market cap from $300 million in early 2021 to the current $16 billion.</p><p><blockquote>由于该公司成为大规模卖空的目标，散户投资者组织的Reddit论坛推动集体购买AMC股票。这些努力导致该公司的市值从2021年初的3亿美元飙升至目前的160亿美元。</blockquote></p><p> Following AMC's rally, in June, 11 million new shareswereissued, which enabled AMC to raise hundreds of millions in equity and gave an unexpected boost to the company's liquidity. The impact was felt in last period’s financial results. \"The second quarter of 2021 was transformational for AMC,\" said CEO Adam Aron.</p><p><blockquote>继AMC上涨后，6月份重新发行了1100万股新股，使AMC筹集了数亿美元的股权，并意外增加了公司的流动性。上期财务业绩也感受到了影响。首席执行官Adam Aron表示：“2021年第二季度对AMC来说是变革性的。”</blockquote></p><p> <h3>Apes being valued</h3> Ape commitment has been crucial for the company to raise large quantities of cash. It is not hard, therefore, to understand why Adam Aron values  his individual shareholders so much. Recently, he listened to them anddeclined the issuance of another 25 million shares—which would have brought another pile of cash to AMC's vaults.</p><p><blockquote><h3>猿类受到重视</h3>Ape承诺对于公司筹集大量现金至关重要。因此，不难理解为什么亚当·阿伦如此重视他的个人股东。最近，他听取了他们的意见，拒绝再发行2500万股股票——这将为AMC的金库带来另一大笔现金。</blockquote></p><p> In addition, the CEO has been very active and open to dialogue with the apes. According to him, many ideas suggested by shareholders were considered, including apossiblepartnership with Ryan Cohen from GameStop and theinclusionof bitcoin as payment in movie theaters — the latter having already been executed. Also, in the last earnings call,AMC openedthe floor for direct Q&amp;A with individual shareholders, which is quite unusual among publicly traded companies.</p><p><blockquote>此外，首席执行官一直非常积极和开放地与猿类对话。据他介绍，股东提出的许多想法都得到了考虑，包括可能与游戏驿站的Ryan Cohen合作，以及将比特币作为电影院的付款方式——后者已经执行。此外，在上次财报看涨期权上，AMC开放了与个人股东直接问答的场所，这在上市公司中是很不寻常的。</blockquote></p><p> However, the CEO very carefullyhintedthat he will likely sell some of his shares in the near future to rebalance his personal equity since he has not yet sold any of his 758,747 common AMC shares. We have not seen much pushback from the ape community on his decision.</p><p><blockquote>然而，这位首席执行官非常谨慎地暗示，他可能会在不久的将来出售部分股票以重新平衡他的个人股权，因为他尚未出售任何758,747股AMC普通股。我们没有看到猿类社区对他的决定有太多的反对。</blockquote></p><p> <h3>Best CEO ever?</h3> Overall, CEO Adam Aron seems to enjoy a status of leadership among the apes, which he has earned by putting retail investors at the center of the conversations. Such status and his wiliness to listen, in turn, have benefitted the company (think of the equity issuance), creating a virtuous cycle that seems to please the shareholder base.</p><p><blockquote><h3>史上最佳CEO？</h3>总体而言，首席执行官亚当·阿伦(Adam Aron)似乎在猿类中享有领导地位，这是他通过将散户投资者置于对话中心而赢得的。这样的地位和他倾听的狡猾反过来又使公司受益（想想股票发行），创造了一个似乎取悦股东基础的良性循环。</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>AMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</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\">\nAMC Stock: Is Adam Aron The Best CEO Ever?<blockquote>AMC股票：亚当·阿伦是有史以来最好的首席执行官吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-13 17:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After AMC&nbsp;(<b>AMC</b>)&nbsp;“crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for the accomplishment. Under his leadership, AMC’s business has been showing early but encouraging signs of recovery.</p><p><blockquote>AMC之后（<b>AMC</b>）第二季度业绩“惨淡”，首席执行官亚当·阿伦(Adam Aron)的这一成就值得相当多的赞扬。在他的领导下，AMC的业务已经显示出早期但令人鼓舞的复苏迹象。</blockquote></p><p> Also, the CEO reinforced his good relationship with the ape community, one of the key pillars of AMC’s recovery this year. Wall Street Memes discusses why Adam Aron might be considered “one of the greatest business people”, a title recentlygivento him by Mad Money’s Jim Cramer.</p><p><blockquote>此外，首席执行官还加强了与ape社区的良好关系，这是AMC今年复苏的关键支柱之一。《华尔街迷因》讨论了为什么亚当·阿伦可能被认为是“最伟大的商人之一”，这是Mad Money的吉姆·克莱默最近给他的称号。</blockquote></p><p> <h3>Adam’s background</h3> As a former CEO of the Philadelphia 76ers (currently co-owner), Norwegian Cruise Line (NCLH) and Vail Resorts (MTN), Adam Aron has been successful in every company that he has led. At the helm of AMC today, the same seems to be true, despite the immense challenges of late.</p><p><blockquote><h3>亚当的背景</h3>作为费城76人（目前是共同所有者）、挪威邮轮公司(NCLH)和韦尔度假村(MTN)的前首席执行官，Adam Aron在他领导的每家公司都取得了成功。尽管最近面临巨大挑战，但如今执掌AMC似乎也是如此。</blockquote></p><p> Since 2015, Adam has been the CEO of AMC Entertainment. He has been consistently praised fortransformingAMC and shaking up the movie theater business.</p><p><blockquote>自2015年以来，Adam一直担任AMC院线首席执行官。他一直因改造AMC和撼动电影院业务而受到称赞。</blockquote></p><p> However, his biggest career challenge began last year, with the COVID-19 pandemic. Due to the lockdowns, AMC was forced to close all of its theaters, which put the company on the edge of bankruptcy.</p><p><blockquote>然而，他职业生涯最大的挑战始于去年的新冠肺炎·疫情。由于封锁，AMC被迫关闭所有影院，这使该公司濒临破产。</blockquote></p><p> <h3>Luck follows the successful</h3> Adam Aron was unknown to the masses until the surge of meme mania. With the help of the ape community, AMC share price rose to stratospheric levels and became one of the most popular stocks in the entire exchange.</p><p><blockquote><h3>幸运跟随成功者</h3>在迷因狂热兴起之前，亚当·阿伦并不为大众所知。在ape社区的帮助下，AMC股价升至极高水平，成为整个交易所最受欢迎的股票之一。</blockquote></p><p> Due to the companybeingthe target of massive short selling, Reddit forums organized by retail investors made a push to buy AMC shares en masse. The efforts resulted in a spike in the company's market cap from $300 million in early 2021 to the current $16 billion.</p><p><blockquote>由于该公司成为大规模卖空的目标，散户投资者组织的Reddit论坛推动集体购买AMC股票。这些努力导致该公司的市值从2021年初的3亿美元飙升至目前的160亿美元。</blockquote></p><p> Following AMC's rally, in June, 11 million new shareswereissued, which enabled AMC to raise hundreds of millions in equity and gave an unexpected boost to the company's liquidity. The impact was felt in last period’s financial results. \"The second quarter of 2021 was transformational for AMC,\" said CEO Adam Aron.</p><p><blockquote>继AMC上涨后，6月份重新发行了1100万股新股，使AMC筹集了数亿美元的股权，并意外增加了公司的流动性。上期财务业绩也感受到了影响。首席执行官Adam Aron表示：“2021年第二季度对AMC来说是变革性的。”</blockquote></p><p> <h3>Apes being valued</h3> Ape commitment has been crucial for the company to raise large quantities of cash. It is not hard, therefore, to understand why Adam Aron values  his individual shareholders so much. Recently, he listened to them anddeclined the issuance of another 25 million shares—which would have brought another pile of cash to AMC's vaults.</p><p><blockquote><h3>猿类受到重视</h3>Ape承诺对于公司筹集大量现金至关重要。因此，不难理解为什么亚当·阿伦如此重视他的个人股东。最近，他听取了他们的意见，拒绝再发行2500万股股票——这将为AMC的金库带来另一大笔现金。</blockquote></p><p> In addition, the CEO has been very active and open to dialogue with the apes. According to him, many ideas suggested by shareholders were considered, including apossiblepartnership with Ryan Cohen from GameStop and theinclusionof bitcoin as payment in movie theaters — the latter having already been executed. Also, in the last earnings call,AMC openedthe floor for direct Q&amp;A with individual shareholders, which is quite unusual among publicly traded companies.</p><p><blockquote>此外，首席执行官一直非常积极和开放地与猿类对话。据他介绍，股东提出的许多想法都得到了考虑，包括可能与游戏驿站的Ryan Cohen合作，以及将比特币作为电影院的付款方式——后者已经执行。此外，在上次财报看涨期权上，AMC开放了与个人股东直接问答的场所，这在上市公司中是很不寻常的。</blockquote></p><p> However, the CEO very carefullyhintedthat he will likely sell some of his shares in the near future to rebalance his personal equity since he has not yet sold any of his 758,747 common AMC shares. We have not seen much pushback from the ape community on his decision.</p><p><blockquote>然而，这位首席执行官非常谨慎地暗示，他可能会在不久的将来出售部分股票以重新平衡他的个人股权，因为他尚未出售任何758,747股AMC普通股。我们没有看到猿类社区对他的决定有太多的反对。</blockquote></p><p> <h3>Best CEO ever?</h3> Overall, CEO Adam Aron seems to enjoy a status of leadership among the apes, which he has earned by putting retail investors at the center of the conversations. Such status and his wiliness to listen, in turn, have benefitted the company (think of the equity issuance), creating a virtuous cycle that seems to please the shareholder base.</p><p><blockquote><h3>史上最佳CEO？</h3>总体而言，首席执行官亚当·阿伦(Adam Aron)似乎在猿类中享有领导地位，这是他通过将散户投资者置于对话中心而赢得的。这样的地位和他倾听的狡猾反过来又使公司受益（想想股票发行），创造了一个似乎取悦股东基础的良性循环。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/amc/amc-stock-is-adam-aron-the-best-ceo-ever\">Thestreet</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":{"AMC":"AMC院线"},"source_url":"https://www.thestreet.com/memestocks/amc/amc-stock-is-adam-aron-the-best-ceo-ever","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100581820","content_text":"After AMC (AMC) “crushed” second quarter results, CEO Adam Aron deserves quite a bit of credit for the accomplishment. Under his leadership, AMC’s business has been showing early but encouraging signs of recovery.\nAlso, the CEO reinforced his good relationship with the ape community, one of the key pillars of AMC’s recovery this year. Wall Street Memes discusses why Adam Aron might be considered “one of the greatest business people”, a title recentlygivento him by Mad Money’s Jim Cramer.\nAdam’s background\nAs a former CEO of the Philadelphia 76ers (currently co-owner), Norwegian Cruise Line (NCLH) and Vail Resorts (MTN), Adam Aron has been successful in every company that he has led. At the helm of AMC today, the same seems to be true, despite the immense challenges of late.\nSince 2015, Adam has been the CEO of AMC Entertainment. He has been consistently praised fortransformingAMC and shaking up the movie theater business.\nHowever, his biggest career challenge began last year, with the COVID-19 pandemic. Due to the lockdowns, AMC was forced to close all of its theaters, which put the company on the edge of bankruptcy.\nLuck follows the successful\nAdam Aron was unknown to the masses until the surge of meme mania. With the help of the ape community, AMC share price rose to stratospheric levels and became one of the most popular stocks in the entire exchange.\nDue to the companybeingthe target of massive short selling, Reddit forums organized by retail investors made a push to buy AMC shares en masse. The efforts resulted in a spike in the company's market cap from $300 million in early 2021 to the current $16 billion.\nFollowing AMC's rally, in June, 11 million new shareswereissued, which enabled AMC to raise hundreds of millions in equity and gave an unexpected boost to the company's liquidity. The impact was felt in last period’s financial results. \"The second quarter of 2021 was transformational for AMC,\" said CEO Adam Aron.\nApes being valued\nApe commitment has been crucial for the company to raise large quantities of cash. It is not hard, therefore, to understand why Adam Aron values  his individual shareholders so much. Recently, he listened to them anddeclined the issuance of another 25 million shares—which would have brought another pile of cash to AMC's vaults.\nIn addition, the CEO has been very active and open to dialogue with the apes. According to him, many ideas suggested by shareholders were considered, including apossiblepartnership with Ryan Cohen from GameStop and theinclusionof bitcoin as payment in movie theaters — the latter having already been executed. Also, in the last earnings call,AMC openedthe floor for direct Q&A with individual shareholders, which is quite unusual among publicly traded companies.\nHowever, the CEO very carefullyhintedthat he will likely sell some of his shares in the near future to rebalance his personal equity since he has not yet sold any of his 758,747 common AMC shares. We have not seen much pushback from the ape community on his decision.\nBest CEO ever?\nOverall, CEO Adam Aron seems to enjoy a status of leadership among the apes, which he has earned by putting retail investors at the center of the conversations. Such status and his wiliness to listen, in turn, have benefitted the company (think of the equity issuance), creating a virtuous cycle that seems to please the shareholder base.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881588089,"gmtCreate":1631363370841,"gmtModify":1631891460298,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"This is totally very possible.","listText":"This is totally very possible.","text":"This is totally very possible.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881588089","repostId":"1170700790","repostType":4,"isVote":1,"tweetType":1,"viewCount":1771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814374704,"gmtCreate":1630774223808,"gmtModify":1631891460323,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Nice article. Not all hedge funds and shortists are bad actually.&nbsp;","listText":"Nice article. Not all hedge funds and shortists are bad actually.&nbsp;","text":"Nice article. Not all hedge funds and shortists are bad actually.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814374704","repostId":"1189766406","repostType":4,"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171284518,"gmtCreate":1626746465434,"gmtModify":1633771450451,"author":{"id":"3555537259700212","authorId":"3555537259700212","name":"KDL","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555537259700212","idStr":"3555537259700212"},"themes":[],"htmlText":"Sometimes, those fund managers&nbsp;who are bearish about the situations, are the first ones to start buying in.&nbsp;","listText":"Sometimes, those fund managers&nbsp;who are bearish about the situations, are the first ones to start buying in.&nbsp;","text":"Sometimes, those fund managers who are bearish about the situations, are the first ones to start buying in.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171284518","repostId":"1118132702","repostType":4,"isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}