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2021-09-13

Hehe

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2021-09-11

Hehehe

One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>

2021-09-10

K

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2021-09-10

Hehe

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2021-09-08

Hehe

El Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</blockquote>

2021-09-07

Hehe

SoftBank Soars After Striking Deal With Deutsche Telekom For Badly Needed Cash, Shares In Exchange For T-Mobile Stake<blockquote>软银与德国电信达成协议，以急需的现金和股票换取T-Mobile股份后股价飙升</blockquote>

2021-09-06

Ok

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2021-09-03

Wah

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2021-09-02

Hehe

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2021-09-01

Hehe

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2021-09-01

Fomo!!!

2021-08-31

Hehe

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2021-08-30

Gg

Astra stock tumbled after company's weekend rocket launch failure<blockquote>阿斯特拉周末火箭发射失败后股价暴跌</blockquote>

2021-08-27

Ok

3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>

2021-08-26

Hehehe

Why Snowflake Shares Are Trading Higher Today<blockquote>为什么雪花股价今天走高</blockquote>

2021-08-25

Kk

GameStop Stock Gained 27% on Tuesday. How Much Higher Can It Go?<blockquote>游戏驿站股价周二上涨27%。还能涨到多高？</blockquote>

2021-08-24

Ok

Tesla’s Musk Says FSD Actually Not That Great. Why He’s Actually Wrong.<blockquote>特斯拉的Musk表示FSD实际上并没有那么好。为什么他实际上是错的。</blockquote>

2021-08-22

Ok

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2021-08-21

Kk

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

2021-08-17

Yo

抱歉，原内容已删除

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text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888536349","repostId":"1108703048","repostType":4,"isVote":1,"tweetType":1,"viewCount":2270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881647484,"gmtCreate":1631335622948,"gmtModify":1631888860716,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehehe","listText":"Hehehe","text":"Hehehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881647484","repostId":"1127461097","repostType":4,"repost":{"id":"1127461097","kind":"news","pubTimestamp":1631324868,"share":"https://www.laohu8.com/m/news/1127461097?lang=zh_CN&edition=full","pubTime":"2021-09-11 09:47","market":"us","language":"en","title":"One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127461097","media":"Seeking Alpha","summary":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-11 09:47</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>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar\">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":{"GSAT":"全球星"},"source_url":"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127461097","content_text":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.\nBeing selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.\nEven without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.\nValuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.\n\nmetamorworks/iStock via Getty Images\nGlobalstar's (GSAT) shares soared 40% on August 30 after a report by MacRumors which cited expert Apple (NASDAQ:AAPL) analyst Ming-Chi Kuo of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.\nData by YCharts\nSoon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should allow users to issue crash reports or text messages in areas without cellular coverage.\nNow, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.\nReasons for Apple to choose Globalstar\nFor most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.\nTo have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of 97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.\nTherefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.\nThis blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.\nFor investors, the Snapdragon X65 will be released in the fall of 2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.\nGlobalstar's differentiation\nThus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.\nNow, satellite communications is a huge industry, estimated at $56.01 billion in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&T (T).\nHere, GlobalStar seems to be having some key strengths with respect to peers.\nAccording to the company's website, its strategically placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.\nPursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.\nSource: globalstar.com\nConsequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than five billion mobile subscribers constantly move in and out of wireless coverage, representing a huge TAM.\nBagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).\nThe revenues\nOverall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.\nLooking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.\nSource: Seeking Alpha\nInterestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.\nThinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.\nAs a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.\nA comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.\nSource: Charts built through data from Seeking Alpha.\nTherefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.\nOn the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.\nAs of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional $37.5 million in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had $313.4 million in long-term debt.\nValuations and key takeaways\nAs much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at 10.1% from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.\nThe company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.\nFurthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was -$0.01 for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of 20x. This signifies no buying opportunity based on fundamentals.\nThe only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.\nThis said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in high Price to Sales multiples of over 2000% with respect to the communications sector.\nConsequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.","news_type":1,"symbols_score_info":{"GSAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881992754,"gmtCreate":1631284115778,"gmtModify":1631888860720,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881992754","repostId":"2166373377","repostType":4,"isVote":1,"tweetType":1,"viewCount":2270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883323243,"gmtCreate":1631204135582,"gmtModify":1631888860722,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883323243","repostId":"2166349857","repostType":4,"isVote":1,"tweetType":1,"viewCount":1697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880424843,"gmtCreate":1631074570682,"gmtModify":1631888860725,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880424843","repostId":"1198049367","repostType":4,"repost":{"id":"1198049367","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":1631070960,"share":"https://www.laohu8.com/m/news/1198049367?lang=zh_CN&edition=full","pubTime":"2021-09-08 11:16","market":"us","language":"en","title":"El Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198049367","media":"Tiger Newspress","summary":"Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Sa","content":"<p>Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Salvador. This country with a population of just over 6.4 million today became the first country in the world to eat crabs. Not only declared Bitcoin as the national&nbsp;currency, but also took a series of measures to ensure that Bitcoin began to be used in the&nbsp;country:</p><p><blockquote>世界上有7个国家使用美元作为主权货币，萨尔瓦多就是其中之一。这个今天只有640多万人口的国家，成为世界上第一个吃螃蟹的国家。不仅宣布比特币为国家货币，还采取了一系列措施确保比特币开始在国内使用：</blockquote></p><p> 1. Release Bitcoin App in El Salvador. The app, called Chivo, is recharged with $30 in its wallet to encourage Salvadoran people to use it.</p><p><blockquote>1.在萨发布比特币App。这款名为Chivo的应用程序在钱包中充值30美元，以鼓励萨尔瓦多人使用它。</blockquote></p><p> 2. As a sovereign country, it bought 400 bitcoins, and today, 150 bitcoins were added because of the flash collapse of bitcoin prices. These bitcoins are worth more than $20 million.</p><p><blockquote>2、作为一个主权国家，买了400个比特币，今天因为比特币价格闪崩又加了150个比特币。这些比特币价值超过2000万美元。</blockquote></p><p> 3. More than 200 ATM machines have been deployed, and a series of application scenarios have been started in people's lives, including local McDonald's and Pizza Hut consumption.</p><p><blockquote>3、部署了200多台ATM机，在百姓生活中启动了包括本地麦当劳、必胜客消费在内的一系列应用场景。</blockquote></p><p> There are many inspirations from this incident.</p><p><blockquote>这件事有很多启示。</blockquote></p><p> <b>1. Countries that use the US dollar as their sovereign currency do have the impulse to use Bitcoin, but more precisely, they have the impulse to get rid of the US dollar.</b>Seven countries in the world use the US dollar as legal tender, namely El Salvador, Panama, Ecuador, Zimbabwe, East Timor and so on. Because these sovereign states do not have the power to print money, they can only rely on foreign reserves to meet government expenditure. According to the data of El Salvador's foreign reserves (below), the foreign reserves have almost halved since COVID-19, which is problematic. On the one hand, the United States will print more and more dollars, and the purchasing power of dollars will decline (inflation); On the other hand, El Salvador did not get extra dollars. This leaves countries like El Salvador in a very difficult economic situation under the flood of dollars. In fact, El Salvador doesn't have to launch Bitcoin, but mainly wants to get rid of the dollar. Hint: The internationalization of RMB should focus on these countries that use the US dollar as their sovereign currency but suffer from it.</p><p><blockquote><b>1、以美元为主权货币的国家确实有使用比特币的冲动，但更准确地说，是有摆脱美元的冲动。</b>世界上有7个国家使用美元作为法定货币，分别是萨尔瓦多、巴拿马、厄瓜多尔、津巴布韦、东帝汶等。因为这些主权国家没有印钞的权力，只能依靠外储来满足政府开支。根据萨尔瓦多外储数据（下图），新冠疫情以来外储几乎减半，这是有问题的。一方面，美国会印越来越多的美元，美元购买力下降（通货膨胀）；另一方面，萨尔瓦多没有得到额外的美元。这使得像萨尔瓦多这样的国家在美元洪流下处于非常困难的经济状况。其实，萨尔瓦多并不一定要推出比特币，主要是想摆脱美元。提示：人民币国际化的重点应该放在这些以美元为主权货币却深受其害的国家身上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f8b827ccde8b38d2f4957addc2076aa\" tg-width=\"326\" tg-height=\"160\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>2. Who is behind the development and support of Bitcoin App and ATM in El Salvador?</b>El Salvador is a poor country, but this time it launched an app to send $30 and more than 200 ATM machines. I don't think El Salvador's private technology companies have the ability to make a national wallet App and more than 200 ATM machines, while the government is even less capable. According to the Wall Street Journal, Salvadoran App downloads, which are not in Apple App Store or Google App Store, first appeared in Huawei App Store.</p><p><blockquote><b>2.比特币App和ATM在萨尔瓦多的开发和支持背后是谁？</b>萨尔瓦多是一个贫穷的国家，但这次它推出了一个应用程序，发送30美元和200多台ATM机。我认为萨尔瓦多的私营科技公司没有能力做出一个全国性的钱包App和200多台ATM机，而政府更没有能力。据《华尔街日报》报道，不在苹果应用商店或谷歌应用商店的萨尔瓦多应用下载，首先出现在华为应用商店。</blockquote></p><p> <b>3. Will Bitcoin further show its versatility because of El Salvador? On the contrary, this incident has exposed the shortcomings of Bitcoin.</b>Today, El Salvador announced the use of Bitcoin, which not only did not push up the price of Bitcoin, but caused the price of Bitcoin to collapse by 17%. Whether the good news is exhausted or some people run away with good news, it shows once again that Bitcoin is too speculative. But that's not the point.</p><p><blockquote><b>3.比特币是否会因为萨尔瓦多而进一步展现多才多艺？相反，这一事件暴露了比特币的短板。</b>今天，萨尔瓦多宣布使用比特币，不仅没有推高比特币价格，反而让比特币价格暴跌17%。不管是利好出尽，还是有人拿着利好跑路，都再次说明比特币投机心理太强。但这不是重点。</blockquote></p><p> The key factor is the Bitcoin App in El Salvador. Bitcoin, as the virtual currency with the largest imagination space, is used beyond national boundaries. In fact, the core of Bitcoin launched by El Salvador is App under the control of the national government. In other words, if you want to use Bitcoin in El Salvador, you have to download this app (Chivo). Spending in El Salvador through this wallet App is no different from buying breakfast in China through WeChat wallet. Of course, you have to say that one bottom is Bitcoin and the other bottom is RMB, which is different. But for users, there is no difference. If Bitcoin can't be used beyond App (beyond national boundaries), its status as digital cash still can't be confirmed.</p><p><blockquote>关键因素是萨尔瓦多的比特币应用程序。比特币作为想象空间最大的虚拟货币，其使用超越国界。事实上，萨推出的比特币核心是国家政府掌控下的App。换句话说，如果你想在萨尔瓦多使用比特币，你必须下载这个应用程序（Chivo）。通过这款钱包App在萨尔瓦多消费，和在国内通过微信钱包买早餐没什么区别。当然，你要说一个底是比特币，一个底是人民币，这是不一样的。但对于用户来说，并没有什么区别。如果比特币不能超越App（超越国界）使用，其作为数字现金的地位仍然无法确认。</blockquote></p><p> In a word, bitcoin is more like gold than currency.</p><p><blockquote>一言以蔽之，比特币更像黄金而非货币。</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>El Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</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\">\nEl Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</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\">2021-09-08 11:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Salvador. This country with a population of just over 6.4 million today became the first country in the world to eat crabs. Not only declared Bitcoin as the national&nbsp;currency, but also took a series of measures to ensure that Bitcoin began to be used in the&nbsp;country:</p><p><blockquote>世界上有7个国家使用美元作为主权货币，萨尔瓦多就是其中之一。这个今天只有640多万人口的国家，成为世界上第一个吃螃蟹的国家。不仅宣布比特币为国家货币，还采取了一系列措施确保比特币开始在国内使用：</blockquote></p><p> 1. Release Bitcoin App in El Salvador. The app, called Chivo, is recharged with $30 in its wallet to encourage Salvadoran people to use it.</p><p><blockquote>1.在萨发布比特币App。这款名为Chivo的应用程序在钱包中充值30美元，以鼓励萨尔瓦多人使用它。</blockquote></p><p> 2. As a sovereign country, it bought 400 bitcoins, and today, 150 bitcoins were added because of the flash collapse of bitcoin prices. These bitcoins are worth more than $20 million.</p><p><blockquote>2、作为一个主权国家，买了400个比特币，今天因为比特币价格闪崩又加了150个比特币。这些比特币价值超过2000万美元。</blockquote></p><p> 3. More than 200 ATM machines have been deployed, and a series of application scenarios have been started in people's lives, including local McDonald's and Pizza Hut consumption.</p><p><blockquote>3、部署了200多台ATM机，在百姓生活中启动了包括本地麦当劳、必胜客消费在内的一系列应用场景。</blockquote></p><p> There are many inspirations from this incident.</p><p><blockquote>这件事有很多启示。</blockquote></p><p> <b>1. Countries that use the US dollar as their sovereign currency do have the impulse to use Bitcoin, but more precisely, they have the impulse to get rid of the US dollar.</b>Seven countries in the world use the US dollar as legal tender, namely El Salvador, Panama, Ecuador, Zimbabwe, East Timor and so on. Because these sovereign states do not have the power to print money, they can only rely on foreign reserves to meet government expenditure. According to the data of El Salvador's foreign reserves (below), the foreign reserves have almost halved since COVID-19, which is problematic. On the one hand, the United States will print more and more dollars, and the purchasing power of dollars will decline (inflation); On the other hand, El Salvador did not get extra dollars. This leaves countries like El Salvador in a very difficult economic situation under the flood of dollars. In fact, El Salvador doesn't have to launch Bitcoin, but mainly wants to get rid of the dollar. Hint: The internationalization of RMB should focus on these countries that use the US dollar as their sovereign currency but suffer from it.</p><p><blockquote><b>1、以美元为主权货币的国家确实有使用比特币的冲动，但更准确地说，是有摆脱美元的冲动。</b>世界上有7个国家使用美元作为法定货币，分别是萨尔瓦多、巴拿马、厄瓜多尔、津巴布韦、东帝汶等。因为这些主权国家没有印钞的权力，只能依靠外储来满足政府开支。根据萨尔瓦多外储数据（下图），新冠疫情以来外储几乎减半，这是有问题的。一方面，美国会印越来越多的美元，美元购买力下降（通货膨胀）；另一方面，萨尔瓦多没有得到额外的美元。这使得像萨尔瓦多这样的国家在美元洪流下处于非常困难的经济状况。其实，萨尔瓦多并不一定要推出比特币，主要是想摆脱美元。提示：人民币国际化的重点应该放在这些以美元为主权货币却深受其害的国家身上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f8b827ccde8b38d2f4957addc2076aa\" tg-width=\"326\" tg-height=\"160\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>2. Who is behind the development and support of Bitcoin App and ATM in El Salvador?</b>El Salvador is a poor country, but this time it launched an app to send $30 and more than 200 ATM machines. I don't think El Salvador's private technology companies have the ability to make a national wallet App and more than 200 ATM machines, while the government is even less capable. According to the Wall Street Journal, Salvadoran App downloads, which are not in Apple App Store or Google App Store, first appeared in Huawei App Store.</p><p><blockquote><b>2.比特币App和ATM在萨尔瓦多的开发和支持背后是谁？</b>萨尔瓦多是一个贫穷的国家，但这次它推出了一个应用程序，发送30美元和200多台ATM机。我认为萨尔瓦多的私营科技公司没有能力做出一个全国性的钱包App和200多台ATM机，而政府更没有能力。据《华尔街日报》报道，不在苹果应用商店或谷歌应用商店的萨尔瓦多应用下载，首先出现在华为应用商店。</blockquote></p><p> <b>3. Will Bitcoin further show its versatility because of El Salvador? On the contrary, this incident has exposed the shortcomings of Bitcoin.</b>Today, El Salvador announced the use of Bitcoin, which not only did not push up the price of Bitcoin, but caused the price of Bitcoin to collapse by 17%. Whether the good news is exhausted or some people run away with good news, it shows once again that Bitcoin is too speculative. But that's not the point.</p><p><blockquote><b>3.比特币是否会因为萨尔瓦多而进一步展现多才多艺？相反，这一事件暴露了比特币的短板。</b>今天，萨尔瓦多宣布使用比特币，不仅没有推高比特币价格，反而让比特币价格暴跌17%。不管是利好出尽，还是有人拿着利好跑路，都再次说明比特币投机心理太强。但这不是重点。</blockquote></p><p> The key factor is the Bitcoin App in El Salvador. Bitcoin, as the virtual currency with the largest imagination space, is used beyond national boundaries. In fact, the core of Bitcoin launched by El Salvador is App under the control of the national government. In other words, if you want to use Bitcoin in El Salvador, you have to download this app (Chivo). Spending in El Salvador through this wallet App is no different from buying breakfast in China through WeChat wallet. Of course, you have to say that one bottom is Bitcoin and the other bottom is RMB, which is different. But for users, there is no difference. If Bitcoin can't be used beyond App (beyond national boundaries), its status as digital cash still can't be confirmed.</p><p><blockquote>关键因素是萨尔瓦多的比特币应用程序。比特币作为想象空间最大的虚拟货币，其使用超越国界。事实上，萨推出的比特币核心是国家政府掌控下的App。换句话说，如果你想在萨尔瓦多使用比特币，你必须下载这个应用程序（Chivo）。通过这款钱包App在萨尔瓦多消费，和在国内通过微信钱包买早餐没什么区别。当然，你要说一个底是比特币，一个底是人民币，这是不一样的。但对于用户来说，并没有什么区别。如果比特币不能超越App（超越国界）使用，其作为数字现金的地位仍然无法确认。</blockquote></p><p> In a word, bitcoin is more like gold than currency.</p><p><blockquote>一言以蔽之，比特币更像黄金而非货币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"比特币ETF-Grayscale"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198049367","content_text":"Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Salvador. This country with a population of just over 6.4 million today became the first country in the world to eat crabs. Not only declared Bitcoin as the national currency, but also took a series of measures to ensure that Bitcoin began to be used in the country:\n1. Release Bitcoin App in El Salvador. The app, called Chivo, is recharged with $30 in its wallet to encourage Salvadoran people to use it.\n2. As a sovereign country, it bought 400 bitcoins, and today, 150 bitcoins were added because of the flash collapse of bitcoin prices. These bitcoins are worth more than $20 million.\n3. More than 200 ATM machines have been deployed, and a series of application scenarios have been started in people's lives, including local McDonald's and Pizza Hut consumption.\nThere are many inspirations from this incident.\n1. Countries that use the US dollar as their sovereign currency do have the impulse to use Bitcoin, but more precisely, they have the impulse to get rid of the US dollar.Seven countries in the world use the US dollar as legal tender, namely El Salvador, Panama, Ecuador, Zimbabwe, East Timor and so on. Because these sovereign states do not have the power to print money, they can only rely on foreign reserves to meet government expenditure. According to the data of El Salvador's foreign reserves (below), the foreign reserves have almost halved since COVID-19, which is problematic. On the one hand, the United States will print more and more dollars, and the purchasing power of dollars will decline (inflation); On the other hand, El Salvador did not get extra dollars. This leaves countries like El Salvador in a very difficult economic situation under the flood of dollars. In fact, El Salvador doesn't have to launch Bitcoin, but mainly wants to get rid of the dollar. Hint: The internationalization of RMB should focus on these countries that use the US dollar as their sovereign currency but suffer from it.\n\n2. Who is behind the development and support of Bitcoin App and ATM in El Salvador?El Salvador is a poor country, but this time it launched an app to send $30 and more than 200 ATM machines. I don't think El Salvador's private technology companies have the ability to make a national wallet App and more than 200 ATM machines, while the government is even less capable. According to the Wall Street Journal, Salvadoran App downloads, which are not in Apple App Store or Google App Store, first appeared in Huawei App Store.\n3. Will Bitcoin further show its versatility because of El Salvador? On the contrary, this incident has exposed the shortcomings of Bitcoin.Today, El Salvador announced the use of Bitcoin, which not only did not push up the price of Bitcoin, but caused the price of Bitcoin to collapse by 17%. Whether the good news is exhausted or some people run away with good news, it shows once again that Bitcoin is too speculative. But that's not the point.\nThe key factor is the Bitcoin App in El Salvador. Bitcoin, as the virtual currency with the largest imagination space, is used beyond national boundaries. In fact, the core of Bitcoin launched by El Salvador is App under the control of the national government. In other words, if you want to use Bitcoin in El Salvador, you have to download this app (Chivo). Spending in El Salvador through this wallet App is no different from buying breakfast in China through WeChat wallet. Of course, you have to say that one bottom is Bitcoin and the other bottom is RMB, which is different. But for users, there is no difference. If Bitcoin can't be used beyond App (beyond national boundaries), its status as digital cash still can't be confirmed.\nIn a word, bitcoin is more like gold than currency.","news_type":1,"symbols_score_info":{"GBTC":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880372105,"gmtCreate":1631023003207,"gmtModify":1631888860727,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880372105","repostId":"1147326043","repostType":4,"repost":{"id":"1147326043","kind":"news","pubTimestamp":1631021905,"share":"https://www.laohu8.com/m/news/1147326043?lang=zh_CN&edition=full","pubTime":"2021-09-07 21:38","market":"us","language":"en","title":"SoftBank Soars After Striking Deal With Deutsche Telekom For Badly Needed Cash, Shares In Exchange For T-Mobile Stake<blockquote>软银与德国电信达成协议，以急需的现金和股票换取T-Mobile股份后股价飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147326043","media":"zerohedge","summary":"SoftBank has just been handed a new lifeline by German telecoms giant Deutsche Telekom, which will f","content":"<p><b>SoftBank has just been handed a new lifeline by German telecoms giant Deutsche Telekom,</b>&nbsp;which will fork over billions in cash and a 4.5% stake in DT,<b>a package valued at roughly $7 billion.</b></p><p><blockquote><b>软银刚刚被德国电信巨头德国电信交给了一条新的生命线，</b>该公司将提供数十亿现金和DT 4.5%的股份，<b>价值约70亿美元的一揽子计划。</b></blockquote></p><p> In a separate deal announced Monday, DT sold its Dutch business (named T-Mobile Netherlands) to a consortium of private equity buyers - the latest in a string of major deals in Europe - for $6.1 billion, giving the heavily leveraged German telecoms giant some badly needed cash.</p><p><blockquote>在周一宣布的另一项交易中，DT以61亿美元的价格将其荷兰业务（名为T-Mobile Netherlands）出售给了一个私募股权买家财团，这是欧洲一系列重大交易中的最新一起，为这家杠杆率很高的德国电信巨头提供了一些急需的现金。</blockquote></p><p> For SoftBank, the DT has always been a potential life raft, since CEO Tim Hoettges has made his desire to acquire full control of T-Mobile US - a $170 billion business that would give the German firm control of one of the major US networks - well known. Once completed, Monday's deal will bring DT's ownership of T-Mobile<b>to within a hair's breadth of 50%, increasing it by 5.3% to 48.4%.</b></p><p><blockquote>对于软银来说，DT一直是一个潜在的救生筏，因为首席执行官蒂姆·霍特格斯(Tim Hoettges)表示希望收购T-Mobile US的完全控制权——这项价值1700亿美元的业务将使这家德国公司控制美国主要网络之一——众所周知。一旦完成，周一的交易将使DT拥有T-Mobile<b>到50%的头发宽度内，增加5.3%到48.4%。</b></blockquote></p><p> The complicated transaction involves DT exercising call options granted to it by SoftBank back in June 2020, while also reinvesting the cash from its sale of T-Mobile Netherlands. SoftBank Group will receive 225MM new Deutsche Telekom shares and some cash in exchange for Deutsche Telekom getting a total of 65MM T-Mobile US shares.<b>The options will enable DT to lock in an average price of $109, below last week's closing price of $136.</b>T-Mobile's shares have been the best-performing of the major carriers in the US over the past five years. At the price of $23.70 a share, SoftBank is paying a 12% premium to DT's last closing price for shares it has agreed to hold until at least 2024.</p><p><blockquote>这项复杂的交易涉及DT行使软银早在2020年6月授予其的看涨期权期权，同时还将出售T-Mobile Netherlands所得现金进行再投资。软银集团将获得2.25亿股德国电信新股和部分现金，以换取德国电信获得总计6500万股T-Mobile美国股票。<b>这些期权将使DT锁定109美元的均价，低于上周136美元的收盘价。</b>过去五年，T-Mobile的股价一直是美国主要运营商中表现最好的。软银以每股23.70美元的价格购买其同意至少持有至2024年的股票，较DT最后收盘价溢价12%。</blockquote></p><p> Marcel Claure, SoftBank's lead executive on the deal, explained that dumping practically all of its \"residual\" T-Mobile stake will allow SoftBank to trade an investment whose value was largely capped (by the options it had granted to DT) in exchange for a stake in a fast-growing telecoms giant with a footprint in 12 European countries and a growing footprint in the US.</p><p><blockquote>软银负责该交易的首席执行官马塞尔·克劳尔(Marcel Claure)解释说，抛售几乎所有“剩余”T-Mobile股份将使软银能够交易一项价值在很大程度上受到限制（受到其授予DT的期权的限制）的投资，以换取一家快速增长的电信巨头的股份，该巨头的业务遍及12个欧洲国家，在美国的业务也在不断增长。</blockquote></p><p> Claure will also gain a seat on DT's board after the firm's next annual meeting.</p><p><blockquote>克劳尔还将在公司下一次年会后获得DT董事会的一个席位。</blockquote></p><p>   \"I'm a big believer that Deutsche Telekom stock has material upside,\" Claure told a news briefing. He also highlighted the possibility of a collaboration in the area of digital payments, which SoftBank has a major footprint.  In a statement, DT CEO Hoettges said he was \"welcoming\" SoftBank as a \"strategic partner\".</p><p><blockquote>克劳尔在新闻发布会上表示：“我坚信德国电信的股票有重大上涨空间。”他还强调了软银在数字支付领域开展合作的可能性。DT首席执行官Hoettges在一份声明中表示，他“欢迎”软银成为“战略合作伙伴”。</blockquote></p><p>   \"This is a very attractive transaction for Deutsche Telekom and its shareholders to further benefit from the value creation potential in T-Mobile US and beyond,\" Hoettges said.    \"But we are not just increasing our stake in T-Mobile US – we are welcoming SoftBank as a new key investor and strategic partner for Deutsche Telekom.\"  SoftBank shares surged in more than 9% in premarket trading on Tuesday, while shares of DT edged slightly higher.</p><p><blockquote>Hoettges表示：“对于德国电信及其股东来说，这是一项非常有吸引力的交易，可以进一步从T-Mobile美国及其他地区的价值创造潜力中受益。”“但我们不仅仅是增持T-Mobile US的股份，我们还欢迎软银成为德国电信新的主要投资者和战略合作伙伴。”周二盘前交易中，软银股价飙升逾9%，而DT股价小幅走高。</blockquote></p><p> At least one analyst weighing in on the deal noted that forking over shares was a novel strategy for DT as it seeks to gain control of T-Mobile US.</p><p><blockquote>至少一位参与该交易的分析师指出，分叉股票是DT寻求获得T-Mobile US控制权的一种新颖策略。</blockquote></p><p>   Jefferies analyst Ulrich Rathe said increasing the T-Mobile US stake “had been stated management strategy”, but that “using Deutsche Telekom shares for that purpose comes as a surprise”.  After these last few months, the deal was a badly needed win for SoftBank and its shareholders. The best thing now for the Japanese telco conglomerate with a VC arm attached would be to focus on closing its next big deal: selling chip maker Arm to Nvidia. Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, said<b>\"the best thing for [SoftBank's] stock would be for the planned sale of Arm to Nvidia to make progress\".</b></p><p><blockquote>杰富瑞(Jefferies)分析师乌尔里希·拉特(Ulrich Rathe)表示，增持T-Mobile美国股份“一直是既定的管理战略”，但“为此目的使用德国电信股票令人惊讶”。在过去的几个月里，这笔交易对软银及其股东来说是一次急需的胜利。对于这家拥有风投部门的日本电信集团来说，现在最好的事情就是专注于完成下一笔大交易：将芯片制造商Arm出售给英伟达。东海东京研究所分析师石野正彦表示<b>“对[软银]股票来说，最好的事情就是将Arm出售给英伟达的计划取得进展”。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/12b73df5cdfb1698daa238f55ffa3af1\" tg-width=\"1123\" tg-height=\"592\" 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>SoftBank Soars After Striking Deal With Deutsche Telekom For Badly Needed Cash, Shares In Exchange For T-Mobile Stake<blockquote>软银与德国电信达成协议，以急需的现金和股票换取T-Mobile股份后股价飙升</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoftBank Soars After Striking Deal With Deutsche Telekom For Badly Needed Cash, Shares In Exchange For T-Mobile Stake<blockquote>软银与德国电信达成协议，以急需的现金和股票换取T-Mobile股份后股价飙升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-07 21:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>SoftBank has just been handed a new lifeline by German telecoms giant Deutsche Telekom,</b>&nbsp;which will fork over billions in cash and a 4.5% stake in DT,<b>a package valued at roughly $7 billion.</b></p><p><blockquote><b>软银刚刚被德国电信巨头德国电信交给了一条新的生命线，</b>该公司将提供数十亿现金和DT 4.5%的股份，<b>价值约70亿美元的一揽子计划。</b></blockquote></p><p> In a separate deal announced Monday, DT sold its Dutch business (named T-Mobile Netherlands) to a consortium of private equity buyers - the latest in a string of major deals in Europe - for $6.1 billion, giving the heavily leveraged German telecoms giant some badly needed cash.</p><p><blockquote>在周一宣布的另一项交易中，DT以61亿美元的价格将其荷兰业务（名为T-Mobile Netherlands）出售给了一个私募股权买家财团，这是欧洲一系列重大交易中的最新一起，为这家杠杆率很高的德国电信巨头提供了一些急需的现金。</blockquote></p><p> For SoftBank, the DT has always been a potential life raft, since CEO Tim Hoettges has made his desire to acquire full control of T-Mobile US - a $170 billion business that would give the German firm control of one of the major US networks - well known. Once completed, Monday's deal will bring DT's ownership of T-Mobile<b>to within a hair's breadth of 50%, increasing it by 5.3% to 48.4%.</b></p><p><blockquote>对于软银来说，DT一直是一个潜在的救生筏，因为首席执行官蒂姆·霍特格斯(Tim Hoettges)表示希望收购T-Mobile US的完全控制权——这项价值1700亿美元的业务将使这家德国公司控制美国主要网络之一——众所周知。一旦完成，周一的交易将使DT拥有T-Mobile<b>到50%的头发宽度内，增加5.3%到48.4%。</b></blockquote></p><p> The complicated transaction involves DT exercising call options granted to it by SoftBank back in June 2020, while also reinvesting the cash from its sale of T-Mobile Netherlands. SoftBank Group will receive 225MM new Deutsche Telekom shares and some cash in exchange for Deutsche Telekom getting a total of 65MM T-Mobile US shares.<b>The options will enable DT to lock in an average price of $109, below last week's closing price of $136.</b>T-Mobile's shares have been the best-performing of the major carriers in the US over the past five years. At the price of $23.70 a share, SoftBank is paying a 12% premium to DT's last closing price for shares it has agreed to hold until at least 2024.</p><p><blockquote>这项复杂的交易涉及DT行使软银早在2020年6月授予其的看涨期权期权，同时还将出售T-Mobile Netherlands所得现金进行再投资。软银集团将获得2.25亿股德国电信新股和部分现金，以换取德国电信获得总计6500万股T-Mobile美国股票。<b>这些期权将使DT锁定109美元的均价，低于上周136美元的收盘价。</b>过去五年，T-Mobile的股价一直是美国主要运营商中表现最好的。软银以每股23.70美元的价格购买其同意至少持有至2024年的股票，较DT最后收盘价溢价12%。</blockquote></p><p> Marcel Claure, SoftBank's lead executive on the deal, explained that dumping practically all of its \"residual\" T-Mobile stake will allow SoftBank to trade an investment whose value was largely capped (by the options it had granted to DT) in exchange for a stake in a fast-growing telecoms giant with a footprint in 12 European countries and a growing footprint in the US.</p><p><blockquote>软银负责该交易的首席执行官马塞尔·克劳尔(Marcel Claure)解释说，抛售几乎所有“剩余”T-Mobile股份将使软银能够交易一项价值在很大程度上受到限制（受到其授予DT的期权的限制）的投资，以换取一家快速增长的电信巨头的股份，该巨头的业务遍及12个欧洲国家，在美国的业务也在不断增长。</blockquote></p><p> Claure will also gain a seat on DT's board after the firm's next annual meeting.</p><p><blockquote>克劳尔还将在公司下一次年会后获得DT董事会的一个席位。</blockquote></p><p>   \"I'm a big believer that Deutsche Telekom stock has material upside,\" Claure told a news briefing. He also highlighted the possibility of a collaboration in the area of digital payments, which SoftBank has a major footprint.  In a statement, DT CEO Hoettges said he was \"welcoming\" SoftBank as a \"strategic partner\".</p><p><blockquote>克劳尔在新闻发布会上表示：“我坚信德国电信的股票有重大上涨空间。”他还强调了软银在数字支付领域开展合作的可能性。DT首席执行官Hoettges在一份声明中表示，他“欢迎”软银成为“战略合作伙伴”。</blockquote></p><p>   \"This is a very attractive transaction for Deutsche Telekom and its shareholders to further benefit from the value creation potential in T-Mobile US and beyond,\" Hoettges said.    \"But we are not just increasing our stake in T-Mobile US – we are welcoming SoftBank as a new key investor and strategic partner for Deutsche Telekom.\"  SoftBank shares surged in more than 9% in premarket trading on Tuesday, while shares of DT edged slightly higher.</p><p><blockquote>Hoettges表示：“对于德国电信及其股东来说，这是一项非常有吸引力的交易，可以进一步从T-Mobile美国及其他地区的价值创造潜力中受益。”“但我们不仅仅是增持T-Mobile US的股份，我们还欢迎软银成为德国电信新的主要投资者和战略合作伙伴。”周二盘前交易中，软银股价飙升逾9%，而DT股价小幅走高。</blockquote></p><p> At least one analyst weighing in on the deal noted that forking over shares was a novel strategy for DT as it seeks to gain control of T-Mobile US.</p><p><blockquote>至少一位参与该交易的分析师指出，分叉股票是DT寻求获得T-Mobile US控制权的一种新颖策略。</blockquote></p><p>   Jefferies analyst Ulrich Rathe said increasing the T-Mobile US stake “had been stated management strategy”, but that “using Deutsche Telekom shares for that purpose comes as a surprise”.  After these last few months, the deal was a badly needed win for SoftBank and its shareholders. The best thing now for the Japanese telco conglomerate with a VC arm attached would be to focus on closing its next big deal: selling chip maker Arm to Nvidia. Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, said<b>\"the best thing for [SoftBank's] stock would be for the planned sale of Arm to Nvidia to make progress\".</b></p><p><blockquote>杰富瑞(Jefferies)分析师乌尔里希·拉特(Ulrich Rathe)表示，增持T-Mobile美国股份“一直是既定的管理战略”，但“为此目的使用德国电信股票令人惊讶”。在过去的几个月里，这笔交易对软银及其股东来说是一次急需的胜利。对于这家拥有风投部门的日本电信集团来说，现在最好的事情就是专注于完成下一笔大交易：将芯片制造商Arm出售给英伟达。东海东京研究所分析师石野正彦表示<b>“对[软银]股票来说，最好的事情就是将Arm出售给英伟达的计划取得进展”。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/12b73df5cdfb1698daa238f55ffa3af1\" tg-width=\"1123\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/technology/softbank-soars-after-striking-deal-deutsche-telekom-badly-needed-cash-shares-exchange-t?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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":{"SFTBY":"软银集团"},"source_url":"https://www.zerohedge.com/technology/softbank-soars-after-striking-deal-deutsche-telekom-badly-needed-cash-shares-exchange-t?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147326043","content_text":"SoftBank has just been handed a new lifeline by German telecoms giant Deutsche Telekom, which will fork over billions in cash and a 4.5% stake in DT,a package valued at roughly $7 billion.\nIn a separate deal announced Monday, DT sold its Dutch business (named T-Mobile Netherlands) to a consortium of private equity buyers - the latest in a string of major deals in Europe - for $6.1 billion, giving the heavily leveraged German telecoms giant some badly needed cash.\nFor SoftBank, the DT has always been a potential life raft, since CEO Tim Hoettges has made his desire to acquire full control of T-Mobile US - a $170 billion business that would give the German firm control of one of the major US networks - well known. Once completed, Monday's deal will bring DT's ownership of T-Mobileto within a hair's breadth of 50%, increasing it by 5.3% to 48.4%.\nThe complicated transaction involves DT exercising call options granted to it by SoftBank back in June 2020, while also reinvesting the cash from its sale of T-Mobile Netherlands. SoftBank Group will receive 225MM new Deutsche Telekom shares and some cash in exchange for Deutsche Telekom getting a total of 65MM T-Mobile US shares.The options will enable DT to lock in an average price of $109, below last week's closing price of $136.T-Mobile's shares have been the best-performing of the major carriers in the US over the past five years. At the price of $23.70 a share, SoftBank is paying a 12% premium to DT's last closing price for shares it has agreed to hold until at least 2024.\nMarcel Claure, SoftBank's lead executive on the deal, explained that dumping practically all of its \"residual\" T-Mobile stake will allow SoftBank to trade an investment whose value was largely capped (by the options it had granted to DT) in exchange for a stake in a fast-growing telecoms giant with a footprint in 12 European countries and a growing footprint in the US.\nClaure will also gain a seat on DT's board after the firm's next annual meeting.\n\n \"I'm a big believer that Deutsche Telekom stock has material upside,\" Claure told a news briefing. He also highlighted the possibility of a collaboration in the area of digital payments, which SoftBank has a major footprint.\n\nIn a statement, DT CEO Hoettges said he was \"welcoming\" SoftBank as a \"strategic partner\".\n\n \"This is a very attractive transaction for Deutsche Telekom and its shareholders to further benefit from the value creation potential in T-Mobile US and beyond,\" Hoettges said.\n\n\n \"But we are not just increasing our stake in T-Mobile US – we are welcoming SoftBank as a new key investor and strategic partner for Deutsche Telekom.\"\n\nSoftBank shares surged in more than 9% in premarket trading on Tuesday, while shares of DT edged slightly higher.\nAt least one analyst weighing in on the deal noted that forking over shares was a novel strategy for DT as it seeks to gain control of T-Mobile US.\n\n Jefferies analyst Ulrich Rathe said increasing the T-Mobile US stake “had been stated management strategy”, but that “using Deutsche Telekom shares for that purpose comes as a surprise”.\n\nAfter these last few months, the deal was a badly needed win for SoftBank and its shareholders. The best thing now for the Japanese telco conglomerate with a VC arm attached would be to focus on closing its next big deal: selling chip maker Arm to Nvidia. Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, said\"the best thing for [SoftBank's] stock would be for the planned sale of Arm to Nvidia to make progress\".","news_type":1,"symbols_score_info":{"SFTBY":0.9}},"isVote":1,"tweetType":1,"viewCount":2544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817868229,"gmtCreate":1630932409761,"gmtModify":1631888860740,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817868229","repostId":"1104055488","repostType":4,"isVote":1,"tweetType":1,"viewCount":2445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815268910,"gmtCreate":1630681238930,"gmtModify":1631888860739,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/815268910","repostId":"2164877371","repostType":4,"isVote":1,"tweetType":1,"viewCount":1553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":812562344,"gmtCreate":1630595201988,"gmtModify":1631888860738,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/812562344","repostId":"2164282866","repostType":4,"isVote":1,"tweetType":1,"viewCount":1841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816686354,"gmtCreate":1630496392278,"gmtModify":1631888860745,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/816686354","repostId":"2164949198","repostType":4,"isVote":1,"tweetType":1,"viewCount":1821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816095151,"gmtCreate":1630454065273,"gmtModify":1631892257401,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Fomo!!!","listText":"Fomo!!!","text":"Fomo!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816095151","isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818491118,"gmtCreate":1630423566234,"gmtModify":1631892257406,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/818491118","repostId":"2163868409","repostType":4,"isVote":1,"tweetType":1,"viewCount":781,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811531192,"gmtCreate":1630331337116,"gmtModify":1704958585202,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/811531192","repostId":"1187092561","repostType":4,"repost":{"id":"1187092561","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":1630330753,"share":"https://www.laohu8.com/m/news/1187092561?lang=zh_CN&edition=full","pubTime":"2021-08-30 21:39","market":"us","language":"en","title":"Astra stock tumbled after company's weekend rocket launch failure<blockquote>阿斯特拉周末火箭发射失败后股价暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187092561","media":"Tiger Newspress","summary":"Astra Space Inc. shares slumped after a weekend launch failed to carry a test payload into orbit, th","content":"<p>Astra Space Inc. shares slumped after a weekend launch failed to carry a test payload into orbit, the latest setback for the maker of small rockets used to send satellites into space.</p><p><blockquote>阿斯特拉航天公司(Astra Space Inc.)在周末的发射未能将测试有效载荷送入轨道后，股价暴跌，这是这家用于将卫星送入太空的小型火箭制造商的最新挫折。</blockquote></p><p> The company’s 45-foot tall rocket took off unsteadily Saturday from a pad at the Pacific Spaceport Complex in Alaska, flew for more than 2 minutes and then suffered what Astra described as “technical difficulties.”</p><p><blockquote>该公司45英尺高的火箭周六从阿拉斯加太平洋航天港综合体的发射台起飞不稳定，飞行了2分多钟，然后遇到了阿斯特拉所说的“技术困难”。</blockquote></p><p> Astra shares tumbled as much as 20% in early trading Monday after jumping 21% last week. The Alameda, California-based company, which recently went public via a special purpose acquisition company run by telecommunications billionaire Craig McCaw, said it had gathered valuable data from the flight and has more rockets ready to test again soon.</p><p><blockquote>Astra股价继上周上涨21%后，周一早盘下跌20%。这家总部位于加利福尼亚州阿拉米达的公司最近通过电信亿万富翁克雷格·麦考(Craig McCaw)经营的一家特殊目的收购公司上市，该公司表示，它已经从这次飞行中收集了宝贵的数据，并准备很快再次测试更多火箭。</blockquote></p><p> The machine was carrying a test payload for the U.S. Space Force. Astra had its most successful launch in December, when its rocket reached space and then just missed reaching orbit.</p><p><blockquote>该机器为美国太空军携带测试有效载荷。阿斯特拉在12月进行了最成功的发射，当时它的火箭到达了太空，然后刚刚错过了到达轨道。</blockquote></p><p> Astra competes with industry leader Rocket Lab USA Inc., which has completed almost two dozen flights dating back to 2017 and is now busy working on a larger vehicle. Virgin Orbit, a private Richard Branson venture separate from Virgin Galactic, completed its first commercial mission in June.</p><p><blockquote>Astra与行业领导者Rocket Lab USA Inc.竞争，该公司自2017年以来已完成近24次飞行，目前正忙于开发更大的车辆。维珍轨道是理查德·布兰森(Richard Branson)独立于维珍银河(Virgin Galactic)的私人企业，于6月完成了首次商业任务。</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>Astra stock tumbled after company's weekend rocket launch failure<blockquote>阿斯特拉周末火箭发射失败后股价暴跌</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\">\nAstra stock tumbled after company's weekend rocket launch failure<blockquote>阿斯特拉周末火箭发射失败后股价暴跌</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\">2021-08-30 21:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Astra Space Inc. shares slumped after a weekend launch failed to carry a test payload into orbit, the latest setback for the maker of small rockets used to send satellites into space.</p><p><blockquote>阿斯特拉航天公司(Astra Space Inc.)在周末的发射未能将测试有效载荷送入轨道后，股价暴跌，这是这家用于将卫星送入太空的小型火箭制造商的最新挫折。</blockquote></p><p> The company’s 45-foot tall rocket took off unsteadily Saturday from a pad at the Pacific Spaceport Complex in Alaska, flew for more than 2 minutes and then suffered what Astra described as “technical difficulties.”</p><p><blockquote>该公司45英尺高的火箭周六从阿拉斯加太平洋航天港综合体的发射台起飞不稳定，飞行了2分多钟，然后遇到了阿斯特拉所说的“技术困难”。</blockquote></p><p> Astra shares tumbled as much as 20% in early trading Monday after jumping 21% last week. The Alameda, California-based company, which recently went public via a special purpose acquisition company run by telecommunications billionaire Craig McCaw, said it had gathered valuable data from the flight and has more rockets ready to test again soon.</p><p><blockquote>Astra股价继上周上涨21%后，周一早盘下跌20%。这家总部位于加利福尼亚州阿拉米达的公司最近通过电信亿万富翁克雷格·麦考(Craig McCaw)经营的一家特殊目的收购公司上市，该公司表示，它已经从这次飞行中收集了宝贵的数据，并准备很快再次测试更多火箭。</blockquote></p><p> The machine was carrying a test payload for the U.S. Space Force. Astra had its most successful launch in December, when its rocket reached space and then just missed reaching orbit.</p><p><blockquote>该机器为美国太空军携带测试有效载荷。阿斯特拉在12月进行了最成功的发射，当时它的火箭到达了太空，然后刚刚错过了到达轨道。</blockquote></p><p> Astra competes with industry leader Rocket Lab USA Inc., which has completed almost two dozen flights dating back to 2017 and is now busy working on a larger vehicle. Virgin Orbit, a private Richard Branson venture separate from Virgin Galactic, completed its first commercial mission in June.</p><p><blockquote>Astra与行业领导者Rocket Lab USA Inc.竞争，该公司自2017年以来已完成近24次飞行，目前正忙于开发更大的车辆。维珍轨道是理查德·布兰森(Richard Branson)独立于维珍银河(Virgin Galactic)的私人企业，于6月完成了首次商业任务。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河","ASTR":"Astra Space"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187092561","content_text":"Astra Space Inc. shares slumped after a weekend launch failed to carry a test payload into orbit, the latest setback for the maker of small rockets used to send satellites into space.\nThe company’s 45-foot tall rocket took off unsteadily Saturday from a pad at the Pacific Spaceport Complex in Alaska, flew for more than 2 minutes and then suffered what Astra described as “technical difficulties.”\nAstra shares tumbled as much as 20% in early trading Monday after jumping 21% last week. The Alameda, California-based company, which recently went public via a special purpose acquisition company run by telecommunications billionaire Craig McCaw, said it had gathered valuable data from the flight and has more rockets ready to test again soon.\nThe machine was carrying a test payload for the U.S. Space Force. Astra had its most successful launch in December, when its rocket reached space and then just missed reaching orbit.\nAstra competes with industry leader Rocket Lab USA Inc., which has completed almost two dozen flights dating back to 2017 and is now busy working on a larger vehicle. Virgin Orbit, a private Richard Branson venture separate from Virgin Galactic, completed its first commercial mission in June.","news_type":1,"symbols_score_info":{"SPCE":0.9,"ASTR":0.9}},"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819218857,"gmtCreate":1630072089679,"gmtModify":1704955527398,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819218857","repostId":"1104431102","repostType":4,"repost":{"id":"1104431102","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1630070992,"share":"https://www.laohu8.com/m/news/1104431102?lang=zh_CN&edition=full","pubTime":"2021-08-27 21:29","market":"us","language":"en","title":"3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104431102","media":"Benzinga","summary":"When insiders purchase shares, it indicates their confidence in the company's prospects or that they","content":"<p>When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.</p><p><blockquote>当内部人士购买股票时，表明他们对公司前景充满信心，或者认为该股票很便宜。无论哪种方式，这都标志着做多该股的机会。内幕购买不应被视为做出投资或交易决策的唯一指标。充其量，它可以为购买决定提供信心。</blockquote></p><p> Below is a look at a few recent notable insider purchases. </p><p><blockquote>以下是最近一些值得注意的内幕交易。</blockquote></p><p> <h3><b>Cricut</b></h3> <b>The Trade:</b>&nbsp;<b><a href=\"https://laohu8.com/S/CRCT\">Cricut, Inc.</a></b>&nbsp;owner Abdiel Capital Management Llc, Abdiel Qualified Master Fund Lp, Abdiel Capital Lp, Abdiel Capital Advisors Lp, Colin Moran&nbsp;<i>acquired a total of 88642 shares</i>&nbsp;at an average price of $28.41. The insider spent $2,518,272.12 to acquire those share.</p><p><blockquote><h3><b>克里库特</b></h3><b>交易：</b> <b><a href=\"https://laohu8.com/S/CRCT\">克里特公司。</a></b>所有者Abdiel Capital Management Llc、Abdiel Qualified Master Fund Lp、Abdiel Capital Lp、Abdiel Capital Advisors Lp、Colin Moran<i>共收购88642股</i>平均价格为28.41美元。内部人士花费2,518,272.12美元收购了这些股份。</blockquote></p><p> <b>What’s Happening:</b>&nbsp;Barclays, last week, downgraded Cricut from Overweight to Equal-Weight.</p><p><blockquote><b>发生了什么：</b>上周，巴克莱银行将Cricut的评级从跑赢大盘下调至同等权重。</blockquote></p><p> <b>What Cricut Does:</b>&nbsp;Cricut Inc designs and builds a creativity platform that enables users to turn ideas into professional-looking handmade goods.</p><p><blockquote><b>Cricut的作用：</b>Cricut Inc.设计并构建了一个创意平台，使用户能够将想法转化为专业外观的手工制品。</blockquote></p><p> <h3><b>Myovant Sciences</b></h3> <b>The Trade:</b>&nbsp;<b><a href=\"https://laohu8.com/S/MYOV\">Myovant Sciences Ltd.</a></b> owner Sumitomo Chemical Co Ltd, Dainippon Sumitomo Pharma Co Ltd, Sumitovant Biopharma Ltd&nbsp;<i>acquired a total of 63008 shares</i>&nbsp;at an average price of $22.40. To acquire these shares, it cost $1,411,426.82.</p><p><blockquote><h3><b>Myovant科学</b></h3><b>交易：</b> <b><a href=\"https://laohu8.com/S/MYOV\">Myovant科学有限公司。</a></b>业主住友化学株式会社、大日本住友制药株式会社、住友生物制药株式会社<i>共收购63008股</i>平均价格为22.40美元。收购这些股份的成本为1,411,426.82美元。</blockquote></p><p> <b>What’s Happening:</b>&nbsp;Myovant Sciences recently appointed Uneek Mehra as Chief Financial and Business Officer.</p><p><blockquote><b>发生了什么：</b>Myovant Sciences最近任命Uneek Mehra为首席财务和商务官。</blockquote></p><p> <b>What Myovant Sciences Does:</b>&nbsp;Myovant Sciences is a healthcare company focused on redefining care for women and for men.</p><p><blockquote><b>Myovant Sciences的工作：</b>Myovant Sciences是一家专注于重新定义女性和男性护理的医疗保健公司。</blockquote></p><p> <h3><b>Nautilus Biotechnology</b></h3> <b>The Trade:</b>&nbsp;<b><a href=\"https://laohu8.com/S/NAUT\">Nautilus Biotechnolgy, Inc.</a></b>&nbsp;Director Matt McIlwaina&nbsp;<i>bought a total of 36970 shares</i>&nbsp;at an average price of $7.71. The insider spent $285,040.80 to acquire those shares.</p><p><blockquote><h3><b>鹦鹉螺生物技术</b></h3><b>交易：</b> <b><a href=\"https://laohu8.com/S/NAUT\">鹦鹉螺生物技术公司。</a></b>导演马特·麦克尔韦纳<i>共买入36970股</i>平均价格为7.71美元。内部人士花费285,040.80美元收购了这些股票。</blockquote></p><p> <b>What’s Happening:</b>&nbsp;The company, earlier during the month, reported a wider-than-expected quarterly loss.</p><p><blockquote><b>发生了什么：</b>该公司本月早些时候公布的季度亏损超出预期。</blockquote></p><p> <b>What Nautilus Biotechnology Does:</b>Nautilus Biotechnology Inc is a development stage life sciences company creating a platform technology for quantifying and unlocking the complexity of the human proteome.</p><p><blockquote><b>鹦鹉螺生物技术的作用：</b>Nautilus Biotechnology Inc是一家处于开发阶段的生命科学公司，致力于创建一个用于量化和解开人类蛋白质组复杂性的平台技术。</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>3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</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\">\n3 Stocks Insiders Are Buying<blockquote>内部人士正在买入的3只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-27 21:29</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.</p><p><blockquote>当内部人士购买股票时，表明他们对公司前景充满信心，或者认为该股票很便宜。无论哪种方式，这都标志着做多该股的机会。内幕购买不应被视为做出投资或交易决策的唯一指标。充其量，它可以为购买决定提供信心。</blockquote></p><p> Below is a look at a few recent notable insider purchases. </p><p><blockquote>以下是最近一些值得注意的内幕交易。</blockquote></p><p> <h3><b>Cricut</b></h3> <b>The Trade:</b>&nbsp;<b><a href=\"https://laohu8.com/S/CRCT\">Cricut, Inc.</a></b>&nbsp;owner Abdiel Capital Management Llc, Abdiel Qualified Master Fund Lp, Abdiel Capital Lp, Abdiel Capital Advisors Lp, Colin Moran&nbsp;<i>acquired a total of 88642 shares</i>&nbsp;at an average price of $28.41. The insider spent $2,518,272.12 to acquire those share.</p><p><blockquote><h3><b>克里库特</b></h3><b>交易：</b> <b><a href=\"https://laohu8.com/S/CRCT\">克里特公司。</a></b>所有者Abdiel Capital Management Llc、Abdiel Qualified Master Fund Lp、Abdiel Capital Lp、Abdiel Capital Advisors Lp、Colin Moran<i>共收购88642股</i>平均价格为28.41美元。内部人士花费2,518,272.12美元收购了这些股份。</blockquote></p><p> <b>What’s Happening:</b>&nbsp;Barclays, last week, downgraded Cricut from Overweight to Equal-Weight.</p><p><blockquote><b>发生了什么：</b>上周，巴克莱银行将Cricut的评级从跑赢大盘下调至同等权重。</blockquote></p><p> <b>What Cricut Does:</b>&nbsp;Cricut Inc designs and builds a creativity platform that enables users to turn ideas into professional-looking handmade goods.</p><p><blockquote><b>Cricut的作用：</b>Cricut Inc.设计并构建了一个创意平台，使用户能够将想法转化为专业外观的手工制品。</blockquote></p><p> <h3><b>Myovant Sciences</b></h3> <b>The Trade:</b>&nbsp;<b><a href=\"https://laohu8.com/S/MYOV\">Myovant Sciences Ltd.</a></b> owner Sumitomo Chemical Co Ltd, Dainippon Sumitomo Pharma Co Ltd, Sumitovant Biopharma Ltd&nbsp;<i>acquired a total of 63008 shares</i>&nbsp;at an average price of $22.40. To acquire these shares, it cost $1,411,426.82.</p><p><blockquote><h3><b>Myovant科学</b></h3><b>交易：</b> <b><a href=\"https://laohu8.com/S/MYOV\">Myovant科学有限公司。</a></b>业主住友化学株式会社、大日本住友制药株式会社、住友生物制药株式会社<i>共收购63008股</i>平均价格为22.40美元。收购这些股份的成本为1,411,426.82美元。</blockquote></p><p> <b>What’s Happening:</b>&nbsp;Myovant Sciences recently appointed Uneek Mehra as Chief Financial and Business Officer.</p><p><blockquote><b>发生了什么：</b>Myovant Sciences最近任命Uneek Mehra为首席财务和商务官。</blockquote></p><p> <b>What Myovant Sciences Does:</b>&nbsp;Myovant Sciences is a healthcare company focused on redefining care for women and for men.</p><p><blockquote><b>Myovant Sciences的工作：</b>Myovant Sciences是一家专注于重新定义女性和男性护理的医疗保健公司。</blockquote></p><p> <h3><b>Nautilus Biotechnology</b></h3> <b>The Trade:</b>&nbsp;<b><a href=\"https://laohu8.com/S/NAUT\">Nautilus Biotechnolgy, Inc.</a></b>&nbsp;Director Matt McIlwaina&nbsp;<i>bought a total of 36970 shares</i>&nbsp;at an average price of $7.71. The insider spent $285,040.80 to acquire those shares.</p><p><blockquote><h3><b>鹦鹉螺生物技术</b></h3><b>交易：</b> <b><a href=\"https://laohu8.com/S/NAUT\">鹦鹉螺生物技术公司。</a></b>导演马特·麦克尔韦纳<i>共买入36970股</i>平均价格为7.71美元。内部人士花费285,040.80美元收购了这些股票。</blockquote></p><p> <b>What’s Happening:</b>&nbsp;The company, earlier during the month, reported a wider-than-expected quarterly loss.</p><p><blockquote><b>发生了什么：</b>该公司本月早些时候公布的季度亏损超出预期。</blockquote></p><p> <b>What Nautilus Biotechnology Does:</b>Nautilus Biotechnology Inc is a development stage life sciences company creating a platform technology for quantifying and unlocking the complexity of the human proteome.</p><p><blockquote><b>鹦鹉螺生物技术的作用：</b>Nautilus Biotechnology Inc是一家处于开发阶段的生命科学公司，致力于创建一个用于量化和解开人类蛋白质组复杂性的平台技术。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MYOV":"Myovant Sciences Ltd.","CRCT":"Cricut, Inc.","NAUT":"Nautilus Biotechnolgy, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104431102","content_text":"When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.\nBelow is a look at a few recent notable insider purchases. \nCricut\nThe Trade: Cricut, Inc. owner Abdiel Capital Management Llc, Abdiel Qualified Master Fund Lp, Abdiel Capital Lp, Abdiel Capital Advisors Lp, Colin Moran acquired a total of 88642 shares at an average price of $28.41. The insider spent $2,518,272.12 to acquire those share.\nWhat’s Happening: Barclays, last week, downgraded Cricut from Overweight to Equal-Weight.\nWhat Cricut Does: Cricut Inc designs and builds a creativity platform that enables users to turn ideas into professional-looking handmade goods.\nMyovant Sciences\nThe Trade: Myovant Sciences Ltd. owner Sumitomo Chemical Co Ltd, Dainippon Sumitomo Pharma Co Ltd, Sumitovant Biopharma Ltd acquired a total of 63008 shares at an average price of $22.40. To acquire these shares, it cost $1,411,426.82.\nWhat’s Happening: Myovant Sciences recently appointed Uneek Mehra as Chief Financial and Business Officer.\nWhat Myovant Sciences Does: Myovant Sciences is a healthcare company focused on redefining care for women and for men.\nNautilus Biotechnology\nThe Trade: Nautilus Biotechnolgy, Inc. Director Matt McIlwaina bought a total of 36970 shares at an average price of $7.71. The insider spent $285,040.80 to acquire those shares.\nWhat’s Happening: The company, earlier during the month, reported a wider-than-expected quarterly loss.\nWhat Nautilus Biotechnology Does:Nautilus Biotechnology Inc is a development stage life sciences company creating a platform technology for quantifying and unlocking the complexity of the human proteome.","news_type":1,"symbols_score_info":{"CRCT":0.9,"NAUT":0.9,"MYOV":0.9}},"isVote":1,"tweetType":1,"viewCount":639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810251676,"gmtCreate":1629983115795,"gmtModify":1631892257444,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Hehehe","listText":"Hehehe","text":"Hehehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810251676","repostId":"2162094573","repostType":4,"repost":{"id":"2162094573","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1629982738,"share":"https://www.laohu8.com/m/news/2162094573?lang=zh_CN&edition=full","pubTime":"2021-08-26 20:58","market":"us","language":"en","title":"Why Snowflake Shares Are Trading Higher Today<blockquote>为什么雪花股价今天走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2162094573","media":"Benzinga","summary":"Snowflake Inc (NYSE: SNOW) is trading higher Thursday after the company announced better-than-expected second-quarter fiscal 2022 earnings results.","content":"<p><b><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> Inc</b> (NYSE:SNOW) is trading higher Thursday after the company announced better-than-expected second-quarter fiscal 2022 earnings results.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SNOW\">雪花</a>Inc</b>（纽约证券交易所股票代码：SNOW）周四公布好于预期的2022财年第二季度盈利业绩后，该公司股价走高。</blockquote></p><p> Snowflake reported a&nbsp;quarterly adjusted earnings loss of 4 cents per share, which beat the estimate for a loss of 15 cents per share. The company reported quarterly revenue of $254.6 million, which came in below the estimate of $256.54 million, but represented 103% growth year over year.</p><p><blockquote>Snowflake公布季度调整后每股收益亏损4美分，超出每股亏损15美分的预期。该公司公布的季度收入为2.546亿美元，低于预期的2.5654亿美元，但同比增长103%。</blockquote></p><p> Snowflake expects full-year fiscal 2022 revenue to be in a range of $1.06 billion to $1.07 billion versus the estimate of $1.11 billion.</p><p><blockquote>Snowflake预计2022财年全年收入将在10.6亿美元至10.7亿美元之间，而预期为11.1亿美元。</blockquote></p><p> “Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption,” said <b>Frank Slootman</b>, chairman and CEO of Snowflake.</p><p><blockquote>“Snowflake在第二季度继续保持增长势头，产品收入实现三位数增长，反映出客户消费的强劲，”<b>弗兰克·斯洛特曼</b>，Snowflake董事长兼CEO。</blockquote></p><p> Snowflake is a data lake, warehousing&nbsp;and sharing company with more than&nbsp;3,000 customers.</p><p><blockquote>Snowflake是一家数据湖、仓储和共享公司，拥有3000多家客户。</blockquote></p><p> <b>SNOW Price Action:</b>&nbsp;Snowflake has traded as high as $429 and as&nbsp;low as $184.71 since its IPO in September.</p><p><blockquote><b>雪价走势：</b>自9月份IPO以来，Snowflake的交易价格最高为429美元，最低为184.71美元。</blockquote></p><p> At last check Thursday, the stock was up 4.03% at $295.27.</p><p><blockquote>截至周四最后一次检查，该股上涨4.03%，至295.27美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Snowflake Shares Are Trading Higher Today<blockquote>为什么雪花股价今天走高</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\">\nWhy Snowflake Shares Are Trading Higher Today<blockquote>为什么雪花股价今天走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-26 20:58</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> Inc</b> (NYSE:SNOW) is trading higher Thursday after the company announced better-than-expected second-quarter fiscal 2022 earnings results.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SNOW\">雪花</a>Inc</b>（纽约证券交易所股票代码：SNOW）周四公布好于预期的2022财年第二季度盈利业绩后，该公司股价走高。</blockquote></p><p> Snowflake reported a&nbsp;quarterly adjusted earnings loss of 4 cents per share, which beat the estimate for a loss of 15 cents per share. The company reported quarterly revenue of $254.6 million, which came in below the estimate of $256.54 million, but represented 103% growth year over year.</p><p><blockquote>Snowflake公布季度调整后每股收益亏损4美分，超出每股亏损15美分的预期。该公司公布的季度收入为2.546亿美元，低于预期的2.5654亿美元，但同比增长103%。</blockquote></p><p> Snowflake expects full-year fiscal 2022 revenue to be in a range of $1.06 billion to $1.07 billion versus the estimate of $1.11 billion.</p><p><blockquote>Snowflake预计2022财年全年收入将在10.6亿美元至10.7亿美元之间，而预期为11.1亿美元。</blockquote></p><p> “Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption,” said <b>Frank Slootman</b>, chairman and CEO of Snowflake.</p><p><blockquote>“Snowflake在第二季度继续保持增长势头，产品收入实现三位数增长，反映出客户消费的强劲，”<b>弗兰克·斯洛特曼</b>，Snowflake董事长兼CEO。</blockquote></p><p> Snowflake is a data lake, warehousing&nbsp;and sharing company with more than&nbsp;3,000 customers.</p><p><blockquote>Snowflake是一家数据湖、仓储和共享公司，拥有3000多家客户。</blockquote></p><p> <b>SNOW Price Action:</b>&nbsp;Snowflake has traded as high as $429 and as&nbsp;low as $184.71 since its IPO in September.</p><p><blockquote><b>雪价走势：</b>自9月份IPO以来，Snowflake的交易价格最高为429美元，最低为184.71美元。</blockquote></p><p> At last check Thursday, the stock was up 4.03% at $295.27.</p><p><blockquote>截至周四最后一次检查，该股上涨4.03%，至295.27美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNOW":"Snowflake"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162094573","content_text":"Snowflake Inc (NYSE:SNOW) is trading higher Thursday after the company announced better-than-expected second-quarter fiscal 2022 earnings results.\nSnowflake reported a quarterly adjusted earnings loss of 4 cents per share, which beat the estimate for a loss of 15 cents per share. The company reported quarterly revenue of $254.6 million, which came in below the estimate of $256.54 million, but represented 103% growth year over year.\nSnowflake expects full-year fiscal 2022 revenue to be in a range of $1.06 billion to $1.07 billion versus the estimate of $1.11 billion.\n“Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption,” said Frank Slootman, chairman and CEO of Snowflake.\nSnowflake is a data lake, warehousing and sharing company with more than 3,000 customers.\nSNOW Price Action: Snowflake has traded as high as $429 and as low as $184.71 since its IPO in September.\nAt last check Thursday, the stock was up 4.03% at $295.27.","news_type":1,"symbols_score_info":{"SNOW":0.9}},"isVote":1,"tweetType":1,"viewCount":915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837598395,"gmtCreate":1629898686617,"gmtModify":1631892257461,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Kk","listText":"Kk","text":"Kk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837598395","repostId":"1179960613","repostType":4,"repost":{"id":"1179960613","kind":"news","pubTimestamp":1629898082,"share":"https://www.laohu8.com/m/news/1179960613?lang=zh_CN&edition=full","pubTime":"2021-08-25 21:28","market":"us","language":"en","title":"GameStop Stock Gained 27% on Tuesday. How Much Higher Can It Go?<blockquote>游戏驿站股价周二上涨27%。还能涨到多高？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179960613","media":"Barrons","summary":"GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade co","content":"<p>GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.</p><p><blockquote>游戏驿站股价在周二上涨28%后正在下跌。但模因股票交易的复苏对于小盘股来说可能是个好消息。</blockquote></p><p> Shares of GameStop have declined 1.4% to $207.5 in premarket trading Wednesday. It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.</p><p><blockquote>周三盘前交易中，游戏驿站股价下跌1.4%，至207.5美元。与周二的飙升相比，这并不算太大，但对于模因股票来说，人们永远无法判断。</blockquote></p><p> GameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.</p><p><blockquote>自6月初见顶以来，游戏驿站股价已下跌近50%，但一天之内就抹去了40%的跌幅。它看起来也已经清除了200美元左右的阻力，这意味着未来可能还有更多上涨空间。如果200美元成为支撑，不要感到惊讶。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1ca853dd891fce6c2ec9d0ecf67497eb\" tg-width=\"952\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> GameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC)&nbsp;gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly. AMC stock is up 2.6% at $45.39 in premarket trading.</p><p><blockquote>游戏驿站并不是周二唯一一只上涨的模因股票。AMC Entertainment(AMC)上涨了20%，与游戏驿站一样，它似乎清除了阻力，尽管没有那么干净。AMC股价在盘前交易中上涨2.6%，至45.39美元。</blockquote></p><p> For those wondering why we care about these stocks, consider this: AMC is the largest position in the&nbsp;iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have&nbsp;gone nowhere since February.</p><p><blockquote>对于那些想知道我们为什么关心这些股票的人，请考虑一下：AMC是iShares Russell 2000 ETF(IWM)中最大的头寸，即使这意味着它仅占该指数的0.5%。如果模因股票继续上涨，这对小盘股来说可能是个好消息，因为自二月份以来，小盘股就毫无进展。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d97157fe74c2c1baef4735a0dbbc9d67\" tg-width=\"960\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”</p><p><blockquote>“反弹不错……但仍有很多需要证明，”Bay Crest Partners的乔纳森·克林斯基(Jonathan Krinsky)写道。“IWM收盘价高于225美元将向小盘股发出强烈的看涨信息，并表明目前七个月的盘整实际上正在走高。”</blockquote></p><p> Stay tuned.</p><p><blockquote>敬请期待。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop Stock Gained 27% on Tuesday. How Much Higher Can It Go?<blockquote>游戏驿站股价周二上涨27%。还能涨到多高？</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\">\nGameStop Stock Gained 27% on Tuesday. How Much Higher Can It Go?<blockquote>游戏驿站股价周二上涨27%。还能涨到多高？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-25 21:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.</p><p><blockquote>游戏驿站股价在周二上涨28%后正在下跌。但模因股票交易的复苏对于小盘股来说可能是个好消息。</blockquote></p><p> Shares of GameStop have declined 1.4% to $207.5 in premarket trading Wednesday. It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.</p><p><blockquote>周三盘前交易中，游戏驿站股价下跌1.4%，至207.5美元。与周二的飙升相比，这并不算太大，但对于模因股票来说，人们永远无法判断。</blockquote></p><p> GameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.</p><p><blockquote>自6月初见顶以来，游戏驿站股价已下跌近50%，但一天之内就抹去了40%的跌幅。它看起来也已经清除了200美元左右的阻力，这意味着未来可能还有更多上涨空间。如果200美元成为支撑，不要感到惊讶。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1ca853dd891fce6c2ec9d0ecf67497eb\" tg-width=\"952\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> GameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC)&nbsp;gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly. AMC stock is up 2.6% at $45.39 in premarket trading.</p><p><blockquote>游戏驿站并不是周二唯一一只上涨的模因股票。AMC Entertainment(AMC)上涨了20%，与游戏驿站一样，它似乎清除了阻力，尽管没有那么干净。AMC股价在盘前交易中上涨2.6%，至45.39美元。</blockquote></p><p> For those wondering why we care about these stocks, consider this: AMC is the largest position in the&nbsp;iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have&nbsp;gone nowhere since February.</p><p><blockquote>对于那些想知道我们为什么关心这些股票的人，请考虑一下：AMC是iShares Russell 2000 ETF(IWM)中最大的头寸，即使这意味着它仅占该指数的0.5%。如果模因股票继续上涨，这对小盘股来说可能是个好消息，因为自二月份以来，小盘股就毫无进展。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d97157fe74c2c1baef4735a0dbbc9d67\" tg-width=\"960\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> “Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”</p><p><blockquote>“反弹不错……但仍有很多需要证明，”Bay Crest Partners的乔纳森·克林斯基(Jonathan Krinsky)写道。“IWM收盘价高于225美元将向小盘股发出强烈的看涨信息，并表明目前七个月的盘整实际上正在走高。”</blockquote></p><p> Stay tuned.</p><p><blockquote>敬请期待。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/gamestop-amc-stock-price-meme-rally-51629888258?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/gamestop-amc-stock-price-meme-rally-51629888258?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179960613","content_text":"GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.\nShares of GameStop have declined 1.4% to $207.5 in premarket trading Wednesday. It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.\nGameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.\n\nGameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC) gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly. AMC stock is up 2.6% at $45.39 in premarket trading.\nFor those wondering why we care about these stocks, consider this: AMC is the largest position in the iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have gone nowhere since February.\n\n“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”\nStay tuned.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834505412,"gmtCreate":1629811947936,"gmtModify":1631892257472,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/834505412","repostId":"1162867085","repostType":4,"repost":{"id":"1162867085","kind":"news","pubTimestamp":1629809990,"share":"https://www.laohu8.com/m/news/1162867085?lang=zh_CN&edition=full","pubTime":"2021-08-24 20:59","market":"us","language":"en","title":"Tesla’s Musk Says FSD Actually Not That Great. Why He’s Actually Wrong.<blockquote>特斯拉的Musk表示FSD实际上并没有那么好。为什么他实际上是错的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162867085","media":"Barrons","summary":"Evaluating car companies’ claims about self-driving cars is getting harder, rather than easier. Now ","content":"<p>Evaluating car companies’ claims about self-driving cars is getting harder, rather than easier. Now Tesla CEO Elon Musk is casting doubt on his own company’s progress.</p><p><blockquote>评估汽车公司关于自动驾驶汽车的说法变得越来越困难，而不是更容易。现在，特斯拉首席执行官Elon Musk对自己公司的进展表示怀疑。</blockquote></p><p> Musk tweeted out Monday the latest versions of Tesla’s (ticker: TSLA) full self driving software–the best version of his company’s driver assistance features–is “actually not great.”</p><p><blockquote>马斯克周一在推特上表示，特斯拉（股票代码：TSLA）全自动驾驶软件的最新版本——马斯克公司驾驶员辅助功能的最佳版本——“实际上并不好”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95ec0454d5d748a9de0735945ee972cb\" tg-width=\"624\" tg-height=\"871\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It’s a surprising–and possibly odd–revelation. Manufacturers are racing to build the best autonomous vehicles, but for people without advanced engineering degrees, judging who has the best systems has become nearly impossible. Autonomous-driving features are just too new and the systems are changing too rapidly.</p><p><blockquote>这是一个令人惊讶的——也可能是奇怪的——发现。制造商正在竞相制造最好的自动驾驶汽车，但对于没有高级工程学位的人来说，判断谁拥有最好的系统几乎变得不可能。自动驾驶功能太新，系统变化太快。</blockquote></p><p> The job for investors, right now, isn’t to dissect tweets. It is to understand exactly who is saying what about car makers’ competing autonomous-driving systems. Learning the bull and bear arguments is enough for now. Figuring out who is leading and what it means for the stocks of the car makers can come later.</p><p><blockquote>投资者现在的工作不是剖析推文。这是为了准确了解谁在谈论汽车制造商竞争的自动驾驶系统。现在学习牛市和熊市的论点就足够了。弄清楚谁是领导者以及这对汽车制造商的股票意味着什么可以稍后再做。</blockquote></p><p> The highly anticipated&nbsp;Tesla(ticker: TSLA)&nbsp;A.I. Day&nbsp;was supposed to shed light on the topic of autonomous driving. Instead, it opened a Pandora’s box of questions that need answering.</p><p><blockquote>备受期待的特斯拉（股票代码：TSLA）A.I.这一天本应阐明自动驾驶的话题。相反，它打开了一个需要回答的潘多拉魔盒。</blockquote></p><p> What investors really wanted to know was when drivers will be able to text and drive safely on highways without fear of getting a traffic ticket. That answer wasn’t forthcoming. Instead, investors were asked to digest the importance of computer- designed self-driving simulations, machine learning, and cloud-based A.I. training technology. The detail was arcane.</p><p><blockquote>投资者真正想知道的是，司机何时能够在高速公路上安全地发短信和驾驶，而不用担心收到交通罚单。这个答案并没有出现。相反，投资者被要求消化计算机设计的自动驾驶模拟、机器学习和基于云的人工智能的重要性。培训技术。细节很神秘。</blockquote></p><p> Tesla bulls, however, came away from the event blown away by Tesla’s A.I. prowess and the improvements to its autonomous-driving features. New Street Research analyst&nbsp;Pierre Ferragu&nbsp;wrote Monday that Tesla is 10 years ahead of the competition in “real-world” artificial intelligence. He believes Tesla’s autonomous- driving subscription sales can generate about $23,000 in gross profit per vehicle over a 10-year span. That is significantly more than the roughly $7,000 in gross profit Tesla makes from selling a car.</p><p><blockquote>然而，特斯拉公牛队在这场比赛中被特斯拉的人工智能所震撼。实力及其自动驾驶功能的改进。New Street Research分析师Pierre Ferragu周一写道，特斯拉在“现实世界”人工智能的竞争中领先10年。他认为，特斯拉的自动驾驶订阅销售可以在10年内为每辆车带来约23,000美元的毛利润。这远远高于特斯拉销售汽车所获得的约7,000美元的毛利润。</blockquote></p><p> He rates Tesla stock at Buy and has a target of $900 for the stock price. Shares closed Monday at $706.30, up 3.8%.</p><p><blockquote>他对特斯拉股票的评级为买入，股价目标为900美元。周一股价收于706.30美元，上涨3.8%。</blockquote></p><p> Tesla bears, on the other hand, are convinced that Tesla’s claims about self- driving cars are overstated and that other companies are doing a better job developing self-driving technology.</p><p><blockquote>另一方面，看空特斯拉的人确信，特斯拉关于自动驾驶汽车的说法被夸大了，其他公司在开发自动驾驶技术方面做得更好。</blockquote></p><p> The bears’ belief is partly rooted in two reports from the research firmGuidehouse, which publishes automated-driving “leaderboards.” Tesla ranked dead last in the 2020 and 2021 reports.</p><p><blockquote>看空者的信念部分源于研究公司Guidehouse的两份报告，该公司发布自动驾驶“排行榜”。特斯拉在2020年和2021年的报告中排名垫底。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/75c32dac9eacc1a076597ae098e1ea33\" tg-width=\"553\" tg-height=\"889\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That might feel odd, given that Tesla CEO Elon Musk often talks about how advanced Tesla’s self-driving offerings are. But the Guidehouse rankings are partly based on vision systems and partnerships, two areas where Tesla doesn’t score well. The company doesn’t use laser-based radar, while other makers of self-driving cars do. And it doesn’t enter partnerships, doing everything in house.</p><p><blockquote>考虑到特斯拉首席执行官Elon Musk经常谈论特斯拉的自动驾驶产品有多先进，这可能会让人感到奇怪。但Guidehouse的排名部分基于视觉系统和合作伙伴关系，这两个领域特斯拉得分不高。该公司不使用基于激光的雷达，而其他自动驾驶汽车制造商则使用。它不加入合作伙伴关系，在内部做所有事情。</blockquote></p><p> It is possible that bulls and bears are both right and are talking past each other. Waymo, for instance, leads in the Guidehouse rankings. It has deployed fully autonomous robotaxis in Arizona. That is quite a feat.</p><p><blockquote>多头和空头有可能都是对的，并且正在互相谈论。例如，Waymo在Guidehouse排名中领先。它已经在亚利桑那州部署了全自动机器人出租车。这是一个相当大的壮举。</blockquote></p><p> Tesla’s systems aren’t good enough to be robotaxis. They qualify as level 2 autonomy, which means drivers must be engaged at all times. But the systems enabling the Waymo robotaxi can cost upwards of $100,000 per vehicle. That is too pricey for consumer vehicles.</p><p><blockquote>特斯拉的系统还不足以成为机器人出租车。它们符合2级自动驾驶资格，这意味着驾驶员必须始终参与其中。但支持Waymo robotaxi的系统每辆车的成本可能高达10万美元。这对于消费汽车来说太贵了。</blockquote></p><p> In October 2020,<i>Consumer Reports</i>&nbsp;ranked the automated-driving systems available to, well, consumers. Overall, Tesla’s automated driver system ranked second to&nbsp;General Motors(GM). Tesla scored highest on capability and ease of use, but ranked poorly on keeping the driver engaged.</p><p><blockquote>2020年10月，<i>消费者报告</i>对消费者可用的自动驾驶系统进行了排名。总体而言，特斯拉的自动驾驶系统排名第二，仅次于通用汽车（GM）。特斯拉在功能和易用性方面得分最高，但在保持驾驶员参与度方面排名较差。</blockquote></p><p> One reason for that low score might be that Tesla’s automated-driving systems aren’t “hands free” solutions. Drivers need to keep their hands on, or touching, the steering wheel to keep the system on. There are “hands free” systems that use interior cameras to make sure a driver’s eyes are on the road at all times.</p><p><blockquote>得分较低的原因之一可能是特斯拉的自动驾驶系统不是“免提”解决方案。驾驶员需要将手放在或触摸方向盘上以保持系统打开。有“免提”系统使用内部摄像头来确保驾驶员的眼睛始终在路上。</blockquote></p><p> Camera monitoring might be better than haptic steering-wheel feedback. That is a debate for car companies and regulators.</p><p><blockquote>摄像头监控可能比触觉方向盘反馈更好。这是汽车公司和监管机构的争论。</blockquote></p><p> Practically speaking, hands free and hands required isn’t the basis for competitive differentiation. All the systems on offer today, hands free or not, require drivers to be engaged 100% of the time.</p><p><blockquote>实际上，解放双手和需要双手并不是竞争差异化的基础。如今提供的所有系统，无论是否免提，都要求驾驶员100%的时间投入。</blockquote></p><p></p><p> Autonomous driving studies and reports will proliferate in coming years. Each will have different criteria for judging what is best. Eventually, investors will probably have to test out autonomous-driving systems for themselves. That way they won’t fall victim to ratings criteria that aren’t explicitly defined.</p><p><blockquote>自动驾驶研究和报告将在未来几年激增。每个人都有不同的标准来判断什么是最好的。最终，投资者可能不得不亲自测试自动驾驶系统。这样他们就不会成为没有明确定义的评级标准的受害者。</blockquote></p><p> Tesla stock is about flat so far in 2021. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are up 19% and 15%, respectively.</p><p><blockquote>2021年迄今为止，特斯拉股价基本持平。标准普尔500指数和道琼斯工业平均指数分别上涨19%和15%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla’s Musk Says FSD Actually Not That Great. Why He’s Actually Wrong.<blockquote>特斯拉的Musk表示FSD实际上并没有那么好。为什么他实际上是错的。</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\">\nTesla’s Musk Says FSD Actually Not That Great. Why He’s Actually Wrong.<blockquote>特斯拉的Musk表示FSD实际上并没有那么好。为什么他实际上是错的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-24 20:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Evaluating car companies’ claims about self-driving cars is getting harder, rather than easier. Now Tesla CEO Elon Musk is casting doubt on his own company’s progress.</p><p><blockquote>评估汽车公司关于自动驾驶汽车的说法变得越来越困难，而不是更容易。现在，特斯拉首席执行官Elon Musk对自己公司的进展表示怀疑。</blockquote></p><p> Musk tweeted out Monday the latest versions of Tesla’s (ticker: TSLA) full self driving software–the best version of his company’s driver assistance features–is “actually not great.”</p><p><blockquote>马斯克周一在推特上表示，特斯拉（股票代码：TSLA）全自动驾驶软件的最新版本——马斯克公司驾驶员辅助功能的最佳版本——“实际上并不好”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95ec0454d5d748a9de0735945ee972cb\" tg-width=\"624\" tg-height=\"871\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It’s a surprising–and possibly odd–revelation. Manufacturers are racing to build the best autonomous vehicles, but for people without advanced engineering degrees, judging who has the best systems has become nearly impossible. Autonomous-driving features are just too new and the systems are changing too rapidly.</p><p><blockquote>这是一个令人惊讶的——也可能是奇怪的——发现。制造商正在竞相制造最好的自动驾驶汽车，但对于没有高级工程学位的人来说，判断谁拥有最好的系统几乎变得不可能。自动驾驶功能太新，系统变化太快。</blockquote></p><p> The job for investors, right now, isn’t to dissect tweets. It is to understand exactly who is saying what about car makers’ competing autonomous-driving systems. Learning the bull and bear arguments is enough for now. Figuring out who is leading and what it means for the stocks of the car makers can come later.</p><p><blockquote>投资者现在的工作不是剖析推文。这是为了准确了解谁在谈论汽车制造商竞争的自动驾驶系统。现在学习牛市和熊市的论点就足够了。弄清楚谁是领导者以及这对汽车制造商的股票意味着什么可以稍后再做。</blockquote></p><p> The highly anticipated&nbsp;Tesla(ticker: TSLA)&nbsp;A.I. Day&nbsp;was supposed to shed light on the topic of autonomous driving. Instead, it opened a Pandora’s box of questions that need answering.</p><p><blockquote>备受期待的特斯拉（股票代码：TSLA）A.I.这一天本应阐明自动驾驶的话题。相反，它打开了一个需要回答的潘多拉魔盒。</blockquote></p><p> What investors really wanted to know was when drivers will be able to text and drive safely on highways without fear of getting a traffic ticket. That answer wasn’t forthcoming. Instead, investors were asked to digest the importance of computer- designed self-driving simulations, machine learning, and cloud-based A.I. training technology. The detail was arcane.</p><p><blockquote>投资者真正想知道的是，司机何时能够在高速公路上安全地发短信和驾驶，而不用担心收到交通罚单。这个答案并没有出现。相反，投资者被要求消化计算机设计的自动驾驶模拟、机器学习和基于云的人工智能的重要性。培训技术。细节很神秘。</blockquote></p><p> Tesla bulls, however, came away from the event blown away by Tesla’s A.I. prowess and the improvements to its autonomous-driving features. New Street Research analyst&nbsp;Pierre Ferragu&nbsp;wrote Monday that Tesla is 10 years ahead of the competition in “real-world” artificial intelligence. He believes Tesla’s autonomous- driving subscription sales can generate about $23,000 in gross profit per vehicle over a 10-year span. That is significantly more than the roughly $7,000 in gross profit Tesla makes from selling a car.</p><p><blockquote>然而，特斯拉公牛队在这场比赛中被特斯拉的人工智能所震撼。实力及其自动驾驶功能的改进。New Street Research分析师Pierre Ferragu周一写道，特斯拉在“现实世界”人工智能的竞争中领先10年。他认为，特斯拉的自动驾驶订阅销售可以在10年内为每辆车带来约23,000美元的毛利润。这远远高于特斯拉销售汽车所获得的约7,000美元的毛利润。</blockquote></p><p> He rates Tesla stock at Buy and has a target of $900 for the stock price. Shares closed Monday at $706.30, up 3.8%.</p><p><blockquote>他对特斯拉股票的评级为买入，股价目标为900美元。周一股价收于706.30美元，上涨3.8%。</blockquote></p><p> Tesla bears, on the other hand, are convinced that Tesla’s claims about self- driving cars are overstated and that other companies are doing a better job developing self-driving technology.</p><p><blockquote>另一方面，看空特斯拉的人确信，特斯拉关于自动驾驶汽车的说法被夸大了，其他公司在开发自动驾驶技术方面做得更好。</blockquote></p><p> The bears’ belief is partly rooted in two reports from the research firmGuidehouse, which publishes automated-driving “leaderboards.” Tesla ranked dead last in the 2020 and 2021 reports.</p><p><blockquote>看空者的信念部分源于研究公司Guidehouse的两份报告，该公司发布自动驾驶“排行榜”。特斯拉在2020年和2021年的报告中排名垫底。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/75c32dac9eacc1a076597ae098e1ea33\" tg-width=\"553\" tg-height=\"889\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> That might feel odd, given that Tesla CEO Elon Musk often talks about how advanced Tesla’s self-driving offerings are. But the Guidehouse rankings are partly based on vision systems and partnerships, two areas where Tesla doesn’t score well. The company doesn’t use laser-based radar, while other makers of self-driving cars do. And it doesn’t enter partnerships, doing everything in house.</p><p><blockquote>考虑到特斯拉首席执行官Elon Musk经常谈论特斯拉的自动驾驶产品有多先进，这可能会让人感到奇怪。但Guidehouse的排名部分基于视觉系统和合作伙伴关系，这两个领域特斯拉得分不高。该公司不使用基于激光的雷达，而其他自动驾驶汽车制造商则使用。它不加入合作伙伴关系，在内部做所有事情。</blockquote></p><p> It is possible that bulls and bears are both right and are talking past each other. Waymo, for instance, leads in the Guidehouse rankings. It has deployed fully autonomous robotaxis in Arizona. That is quite a feat.</p><p><blockquote>多头和空头有可能都是对的，并且正在互相谈论。例如，Waymo在Guidehouse排名中领先。它已经在亚利桑那州部署了全自动机器人出租车。这是一个相当大的壮举。</blockquote></p><p> Tesla’s systems aren’t good enough to be robotaxis. They qualify as level 2 autonomy, which means drivers must be engaged at all times. But the systems enabling the Waymo robotaxi can cost upwards of $100,000 per vehicle. That is too pricey for consumer vehicles.</p><p><blockquote>特斯拉的系统还不足以成为机器人出租车。它们符合2级自动驾驶资格，这意味着驾驶员必须始终参与其中。但支持Waymo robotaxi的系统每辆车的成本可能高达10万美元。这对于消费汽车来说太贵了。</blockquote></p><p> In October 2020,<i>Consumer Reports</i>&nbsp;ranked the automated-driving systems available to, well, consumers. Overall, Tesla’s automated driver system ranked second to&nbsp;General Motors(GM). Tesla scored highest on capability and ease of use, but ranked poorly on keeping the driver engaged.</p><p><blockquote>2020年10月，<i>消费者报告</i>对消费者可用的自动驾驶系统进行了排名。总体而言，特斯拉的自动驾驶系统排名第二，仅次于通用汽车（GM）。特斯拉在功能和易用性方面得分最高，但在保持驾驶员参与度方面排名较差。</blockquote></p><p> One reason for that low score might be that Tesla’s automated-driving systems aren’t “hands free” solutions. Drivers need to keep their hands on, or touching, the steering wheel to keep the system on. There are “hands free” systems that use interior cameras to make sure a driver’s eyes are on the road at all times.</p><p><blockquote>得分较低的原因之一可能是特斯拉的自动驾驶系统不是“免提”解决方案。驾驶员需要将手放在或触摸方向盘上以保持系统打开。有“免提”系统使用内部摄像头来确保驾驶员的眼睛始终在路上。</blockquote></p><p> Camera monitoring might be better than haptic steering-wheel feedback. That is a debate for car companies and regulators.</p><p><blockquote>摄像头监控可能比触觉方向盘反馈更好。这是汽车公司和监管机构的争论。</blockquote></p><p> Practically speaking, hands free and hands required isn’t the basis for competitive differentiation. All the systems on offer today, hands free or not, require drivers to be engaged 100% of the time.</p><p><blockquote>实际上，解放双手和需要双手并不是竞争差异化的基础。如今提供的所有系统，无论是否免提，都要求驾驶员100%的时间投入。</blockquote></p><p></p><p> Autonomous driving studies and reports will proliferate in coming years. Each will have different criteria for judging what is best. Eventually, investors will probably have to test out autonomous-driving systems for themselves. That way they won’t fall victim to ratings criteria that aren’t explicitly defined.</p><p><blockquote>自动驾驶研究和报告将在未来几年激增。每个人都有不同的标准来判断什么是最好的。最终，投资者可能不得不亲自测试自动驾驶系统。这样他们就不会成为没有明确定义的评级标准的受害者。</blockquote></p><p> Tesla stock is about flat so far in 2021. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;are up 19% and 15%, respectively.</p><p><blockquote>2021年迄今为止，特斯拉股价基本持平。标准普尔500指数和道琼斯工业平均指数分别上涨19%和15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-ai-autonomous-vehicle-technology-51629756011?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-ai-autonomous-vehicle-technology-51629756011?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162867085","content_text":"Evaluating car companies’ claims about self-driving cars is getting harder, rather than easier. Now Tesla CEO Elon Musk is casting doubt on his own company’s progress.\nMusk tweeted out Monday the latest versions of Tesla’s (ticker: TSLA) full self driving software–the best version of his company’s driver assistance features–is “actually not great.”\n\nIt’s a surprising–and possibly odd–revelation. Manufacturers are racing to build the best autonomous vehicles, but for people without advanced engineering degrees, judging who has the best systems has become nearly impossible. Autonomous-driving features are just too new and the systems are changing too rapidly.\nThe job for investors, right now, isn’t to dissect tweets. It is to understand exactly who is saying what about car makers’ competing autonomous-driving systems. Learning the bull and bear arguments is enough for now. Figuring out who is leading and what it means for the stocks of the car makers can come later.\nThe highly anticipated Tesla(ticker: TSLA) A.I. Day was supposed to shed light on the topic of autonomous driving. Instead, it opened a Pandora’s box of questions that need answering.\nWhat investors really wanted to know was when drivers will be able to text and drive safely on highways without fear of getting a traffic ticket. That answer wasn’t forthcoming. Instead, investors were asked to digest the importance of computer- designed self-driving simulations, machine learning, and cloud-based A.I. training technology. The detail was arcane.\nTesla bulls, however, came away from the event blown away by Tesla’s A.I. prowess and the improvements to its autonomous-driving features. New Street Research analyst Pierre Ferragu wrote Monday that Tesla is 10 years ahead of the competition in “real-world” artificial intelligence. He believes Tesla’s autonomous- driving subscription sales can generate about $23,000 in gross profit per vehicle over a 10-year span. That is significantly more than the roughly $7,000 in gross profit Tesla makes from selling a car.\nHe rates Tesla stock at Buy and has a target of $900 for the stock price. Shares closed Monday at $706.30, up 3.8%.\nTesla bears, on the other hand, are convinced that Tesla’s claims about self- driving cars are overstated and that other companies are doing a better job developing self-driving technology.\nThe bears’ belief is partly rooted in two reports from the research firmGuidehouse, which publishes automated-driving “leaderboards.” Tesla ranked dead last in the 2020 and 2021 reports.\n\nThat might feel odd, given that Tesla CEO Elon Musk often talks about how advanced Tesla’s self-driving offerings are. But the Guidehouse rankings are partly based on vision systems and partnerships, two areas where Tesla doesn’t score well. The company doesn’t use laser-based radar, while other makers of self-driving cars do. And it doesn’t enter partnerships, doing everything in house.\nIt is possible that bulls and bears are both right and are talking past each other. Waymo, for instance, leads in the Guidehouse rankings. It has deployed fully autonomous robotaxis in Arizona. That is quite a feat.\nTesla’s systems aren’t good enough to be robotaxis. They qualify as level 2 autonomy, which means drivers must be engaged at all times. But the systems enabling the Waymo robotaxi can cost upwards of $100,000 per vehicle. That is too pricey for consumer vehicles.\nIn October 2020,Consumer Reports ranked the automated-driving systems available to, well, consumers. Overall, Tesla’s automated driver system ranked second to General Motors(GM). Tesla scored highest on capability and ease of use, but ranked poorly on keeping the driver engaged.\nOne reason for that low score might be that Tesla’s automated-driving systems aren’t “hands free” solutions. Drivers need to keep their hands on, or touching, the steering wheel to keep the system on. There are “hands free” systems that use interior cameras to make sure a driver’s eyes are on the road at all times.\nCamera monitoring might be better than haptic steering-wheel feedback. That is a debate for car companies and regulators.\nPractically speaking, hands free and hands required isn’t the basis for competitive differentiation. All the systems on offer today, hands free or not, require drivers to be engaged 100% of the time.\nAutonomous driving studies and reports will proliferate in coming years. Each will have different criteria for judging what is best. Eventually, investors will probably have to test out autonomous-driving systems for themselves. That way they won’t fall victim to ratings criteria that aren’t explicitly defined.\nTesla stock is about flat so far in 2021. The S&P 500 and Dow Jones Industrial Average are up 19% and 15%, respectively.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832871180,"gmtCreate":1629612342540,"gmtModify":1631892257483,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832871180","repostId":"2161374148","repostType":4,"isVote":1,"tweetType":1,"viewCount":338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832028731,"gmtCreate":1629545539823,"gmtModify":1631892257502,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Kk","listText":"Kk","text":"Kk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832028731","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","AMZN":"亚马逊","NVDA":"英伟达","ON":"安森美半导体","AAPL":"苹果","GOOGL":"谷歌A","SOXX":"iShares费城交易所半导体ETF","ASML":"阿斯麦","SNPS":"新思科技","SSNLF":"三星电子","CDNS":"铿腾电子","GOOG":"谷歌","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"TSM":0.9,"CDNS":0.9,"GOOG":0.9,"SNPS":0.9,"AMZN":0.9,"GOOGL":0.9,"SOXX":0.9,"SSNLF":0.9,"ON":0.9,"ASML":0.9,"QCOM":0.9,"AAPL":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833152425,"gmtCreate":1629211925467,"gmtModify":1631892257510,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562802954762393","authorIdStr":"3562802954762393"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833152425","repostId":"1115558959","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":833152425,"gmtCreate":1629211925467,"gmtModify":1631892257510,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833152425","repostId":"1115558959","repostType":4,"isVote":1,"tweetType":1,"viewCount":510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802383265,"gmtCreate":1627718635857,"gmtModify":1633756826973,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/802383265","repostId":"1154216466","repostType":4,"repost":{"id":"1154216466","kind":"news","pubTimestamp":1627713678,"share":"https://www.laohu8.com/m/news/1154216466?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:41","market":"us","language":"en","title":"Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154216466","media":"Barron's","summary":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson Unive","content":"<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>作者简介：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，此前曾担任联邦通信委员会首席经济学家，其最新著作是</i>政治光谱：从赫伯特·胡佛到智能手机，无线技术的混乱解放。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司陷入反垄断困境。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下美国电话电报公司与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>DOJ花费了大量时间和资源来阻止美国电话电报公司收购时代华纳，这标志着该部门40多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院上诉，但还是没有成功，《时代》杂志揭示了它的担忧显然一直都是错误的。合并并没有导致更高的价格、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016年10月，美国电话电报公司宣布了收购时代华纳的计划。唐纳德·特朗普的总统竞选团队在一份声明中抨击了此次合并：“美国电话电报公司……现在正试图收购时代华纳，从而收购疯狂反特朗普的CNN。唐纳德·特朗普永远不会批准这样的交易。”随着特朗普的上任，DOJ采取行动阻止了它。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017年，美国司法部向法院投诉称，此次合并将“大大减少视频领域的竞争”，允许美国电话电报公司“使用时代华纳的‘必备’网络，如CNN、TNT、TBS和HBO，提高向竞争对手有线电视收取的费用。康卡斯特或DISH等分销商。收购了国家卫星运营商DirecTV的美国电话电报公司可能会威胁“停电”，剥夺竞争对手分销商的关键节目——他们的订户会退出，涌向DirecTV（美国电话电报公司），以便继续在TNT上观看CNN或NBA季后赛。不仅主要的电视和有线电视系统会受到伤害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在“垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在单个市场竞争。在这里，美国电话电报公司将视频内容创作与视频节目分发相结合；指控是，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直整合公司的研究中广泛发现的那样，联合运营会提高消费者的幸福感，这是显而易见的。如果Costco供应的Kirkland产品提高了价格或质量，Costco的买家就会急切地snap这些产品——零售商用这些产品代替了一些独立生产商的产品。因此，需要的是事实，而不仅仅是一个故事。地区法院法官Richard J.Leon发现，司法部的案件“远远没有证明其……理论的有效性。”</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治含义，有充分的历史理由怀疑官方的投诉。一家有线电视节目制作商近年来数次与一家视频分销商合并（或分拆）。垂直整合并没有引起更高的价格，如计量经济学分析所示。正如司法部承认的那样，垂直整合也没有导致“停电”。华盛顿巡回法院的三名法官小组证实了莱昂法官的观点，发现“近年来，随着Netflix和Hulu等公司的出现，该行业变得充满活力。”</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，同时拥有DirecTV和时代华纳并没有多大优势，更不用说垄断了。尽管疫情对视频内容的需求大幅增长，但竞争对手很快就享用了AT&amp;T-时代华纳的午餐。当美国电话电报公司在2015年收购DirecTV时，它支付了670亿美元。2021年2月，随着DirecTV的卫星用户群崩溃，分拆业务的价值为163亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>AT&amp;T当时出售了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在剥离并与探索频道（探索频道、动物星球、TLC、HGTV、美食网等）合并。这家只提供内容的公司自愿切断了司法部批评为轻松垄断资金的链接。由于反竞争捆绑的指控，它被认为不值得麻烦。AT&amp;T股东获得了430亿美元，不到三年前AT&amp;T为时代华纳花费的1000亿美元（债务和股权）的一半。事实证明，政府反竞争纵向一体化的设想是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>美国电话电报公司的策略值得数十亿股东损失所能买到的任何蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类企业错误，而忽视了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者正在全力以赴制定法规，加强科技领域的反垄断起诉，这正是美国电话电报公司在视频领域未能做到的。众议员普拉米拉·贾亚帕尔（D-Wash。）和众议员兰斯·古登（R-Texas）提出了“结束垄断平台法案”，例如，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还可能阻碍为客户带来令人兴奋的新选择的创新。在推出Roku后，Netflix已从流媒体融入电影制作。Hulu是由新闻集团（Fox）和NBC-Universal（Comcast）创建的。Amazon Prime Video、Sling、YouTube TV、苹果TV、Disney Plus、HBO Max和Paramount Plus——每个都扩展了一个大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将企业家精神视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>","source":"lsy1610680873436","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>Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</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\">\nAntitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动人士希望全力以赴。这是他们应该首先考虑的一个教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>作者简介：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，此前曾担任联邦通信委员会首席经济学家，其最新著作是</i>政治光谱：从赫伯特·胡佛到智能手机，无线技术的混乱解放。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司陷入反垄断困境。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下美国电话电报公司与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>DOJ花费了大量时间和资源来阻止美国电话电报公司收购时代华纳，这标志着该部门40多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院上诉，但还是没有成功，《时代》杂志揭示了它的担忧显然一直都是错误的。合并并没有导致更高的价格、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016年10月，美国电话电报公司宣布了收购时代华纳的计划。唐纳德·特朗普的总统竞选团队在一份声明中抨击了此次合并：“美国电话电报公司……现在正试图收购时代华纳，从而收购疯狂反特朗普的CNN。唐纳德·特朗普永远不会批准这样的交易。”随着特朗普的上任，DOJ采取行动阻止了它。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017年，美国司法部向法院投诉称，此次合并将“大大减少视频领域的竞争”，允许美国电话电报公司“使用时代华纳的‘必备’网络，如CNN、TNT、TBS和HBO，提高向竞争对手有线电视收取的费用。康卡斯特或DISH等分销商。收购了国家卫星运营商DirecTV的美国电话电报公司可能会威胁“停电”，剥夺竞争对手分销商的关键节目——他们的订户会退出，涌向DirecTV（美国电话电报公司），以便继续在TNT上观看CNN或NBA季后赛。不仅主要的电视和有线电视系统会受到伤害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在“垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在单个市场竞争。在这里，美国电话电报公司将视频内容创作与视频节目分发相结合；指控是，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直整合公司的研究中广泛发现的那样，联合运营会提高消费者的幸福感，这是显而易见的。如果Costco供应的Kirkland产品提高了价格或质量，Costco的买家就会急切地snap这些产品——零售商用这些产品代替了一些独立生产商的产品。因此，需要的是事实，而不仅仅是一个故事。地区法院法官Richard J.Leon发现，司法部的案件“远远没有证明其……理论的有效性。”</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治含义，有充分的历史理由怀疑官方的投诉。一家有线电视节目制作商近年来数次与一家视频分销商合并（或分拆）。垂直整合并没有引起更高的价格，如计量经济学分析所示。正如司法部承认的那样，垂直整合也没有导致“停电”。华盛顿巡回法院的三名法官小组证实了莱昂法官的观点，发现“近年来，随着Netflix和Hulu等公司的出现，该行业变得充满活力。”</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，同时拥有DirecTV和时代华纳并没有多大优势，更不用说垄断了。尽管疫情对视频内容的需求大幅增长，但竞争对手很快就享用了AT&amp;T-时代华纳的午餐。当美国电话电报公司在2015年收购DirecTV时，它支付了670亿美元。2021年2月，随着DirecTV的卫星用户群崩溃，分拆业务的价值为163亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>AT&amp;T当时出售了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在剥离并与探索频道（探索频道、动物星球、TLC、HGTV、美食网等）合并。这家只提供内容的公司自愿切断了司法部批评为轻松垄断资金的链接。由于反竞争捆绑的指控，它被认为不值得麻烦。AT&amp;T股东获得了430亿美元，不到三年前AT&amp;T为时代华纳花费的1000亿美元（债务和股权）的一半。事实证明，政府反竞争纵向一体化的设想是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>美国电话电报公司的策略值得数十亿股东损失所能买到的任何蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类企业错误，而忽视了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者正在全力以赴制定法规，加强科技领域的反垄断起诉，这正是美国电话电报公司在视频领域未能做到的。众议员普拉米拉·贾亚帕尔（D-Wash。）和众议员兰斯·古登（R-Texas）提出了“结束垄断平台法案”，例如，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还可能阻碍为客户带来令人兴奋的新选择的创新。在推出Roku后，Netflix已从流媒体融入电影制作。Hulu是由新闻集团（Fox）和NBC-Universal（Comcast）创建的。Amazon Prime Video、Sling、YouTube TV、苹果TV、Disney Plus、HBO Max和Paramount Plus——每个都扩展了一个大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将企业家精神视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154216466","content_text":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission. His latest book isThe Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.\nBig Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&T-Time Warner merger.\nThe DOJ expended extensive time and resources to stop AT&T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.\nIn October 2016 AT&Tannouncedits plan to buy Time Warner.  Donald Trump’s presidential campaign trashed the merger in a statement:  “AT&T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”  With Trump in office, the DOJ moved to block it.\nIn 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.\nThe government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets. Here, AT&T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt. Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality. So facts, not just a story, are needed.  District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”\nAside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years. Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”\nOwning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&T-Time Warner’s lunch. When AT&T bought DirecTV in 2015, it paid $67 billion. In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.\nAnd AT&Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&T shareholders receive $43 billion, less than half the $100 billion AT&T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.\nAT&T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&T so spectacularly failed to do in video.  Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.\nNot only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast). Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&T learned the hard way that owning complementary products is no guarantee of success.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807301048,"gmtCreate":1627999074584,"gmtModify":1633754520414,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Zzz","listText":"Zzz","text":"Zzz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807301048","repostId":"1168499499","repostType":4,"isVote":1,"tweetType":1,"viewCount":499,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808691019,"gmtCreate":1627571869731,"gmtModify":1633758157070,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Yoo","listText":"Yoo","text":"Yoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/808691019","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114066889,"gmtCreate":1623036763841,"gmtModify":1634095988259,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Gamestop to the moonnnn","listText":"Gamestop to the moonnnn","text":"Gamestop to the moonnnn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/114066889","repostId":"2141926289","repostType":4,"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897587907,"gmtCreate":1628943722109,"gmtModify":1633688369455,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897587907","repostId":"2159521376","repostType":4,"repost":{"id":"2159521376","kind":"highlight","pubTimestamp":1628906786,"share":"https://www.laohu8.com/m/news/2159521376?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:06","market":"us","language":"en","title":"Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159521376","media":"MarketWatch","summary":"At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles ","content":"<p>At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.</p><p><blockquote>在总统乔·拜登的敦促下，汽车行业承诺到2030年将电动汽车产量提高到约占美国总销量的一半，这一计划让人们燃起了电动汽车从小众转向主流的希望。</blockquote></p><p> EVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.</p><p><blockquote>根据彭博新能源财经的数据，2020年电动汽车占美国汽车销量的2.4%，高于五年前的0.7%。该研究提供商预计，到2025年，这一份额将增至11%；预计到2030年，美国销售的汽车中有三分之一以上将是电动汽车。</blockquote></p><p> Several auto makers had already announced bigger EV ambitions even before the White House call.</p><p><blockquote>甚至在白宫看涨期权之前，几家汽车制造商就已经宣布了更大的电动汽车雄心。</blockquote></p><p> Here are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.</p><p><blockquote>以下是各主要汽车制造商对电动汽车的既定计划，包括（如果有）投资金额以及他们希望推向市场的车型范围。</blockquote></p><p> This information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.</p><p><blockquote>这些信息是根据公司网站、之前的报告和彭博新能源财经的预测整理而成，并将定期更新。</blockquote></p><p> <b>Audi</b></p><p><blockquote><b>奥迪</b></blockquote></p><p> Audi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.</p><p><blockquote>德国大众汽车公司旗下以豪华汽车闻名的奥迪品牌承诺，到2025年，纯电动汽车将占其销量的35%。届时，奥迪买家将有约20款电动车型可供选择。</blockquote></p><p> <b>BMW</b></p><p><blockquote><b>宝马</b></blockquote></p><p> BMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.</p><p><blockquote>德国豪华汽车制造商宝马公司是最早的电动汽车创新者之一。八年前，该公司推出了i3紧凑型电动汽车，当时是特斯拉汽车为数不多的有力竞争对手之一。</blockquote></p><p> BMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.</p><p><blockquote>宝马的电动汽车产品线已经放缓，但该汽车制造商承诺，今年其欧洲销量的25%将是全电动和混合动力汽车，到2030年，其Mini品牌的所有销量都将是纯电动汽车。预计未来几年将推出10多种电池电动汽车车型。</blockquote></p><p> <b>Daimler/Mercedes-Benz</b></p><p><blockquote><b>戴姆勒/奔驰</b></blockquote></p><p> Mercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.</p><p><blockquote>戴姆勒股份公司旗下的梅赛德斯-奔驰预计，到2025年，其销量的15%至25%将来自电动汽车销量；到2030年，这一比例预计将增长至50%。梅赛德斯-奔驰计划在2021年底推出三款新的电动乘用车车型，并在2022年推出更多车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec4b2abd59e5b19c9eec0034342af25e\" tg-width=\"700\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>SOURCE: MERCEDES</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：梅赛德斯</span></p></blockquote></p><p> <b>Ford</b></p><p><blockquote><b>福特</b></blockquote></p><p> Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a> has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.</p><p><blockquote>福特汽车公司。<a href=\"https://laohu8.com/S/F\">$(F)$</a>曾表示，到2030年，其全球销量的40%将是电动汽车。福特的目标是到2022年推出数十款电动车型，这一年也将标志着其备受期待的全电动F-150 Lightning皮卡的首次亮相。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a44fec36dac046911679a2ba769cb2b\" tg-width=\"700\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>The Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特F-150 Lightning作者：杰夫·科瓦尔斯基/法新社/盖蒂图片社</span></p></blockquote></p><p> Ford has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.</p><p><blockquote>福特称Lightning是其超过220亿美元电动汽车押注的“支柱”，其中包括野马及其全顺货车等其他畅销汽车的电动汽车车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87df52ddef1af1d1342d685897e83652\" tg-width=\"700\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>SOURCE: FORD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福特</span></p></blockquote></p><p> <b>GM</b></p><p><blockquote><b>GM</b></blockquote></p><p> General Motors Co. <a href=\"https://laohu8.com/S/GM\">$(GM)$</a> surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.</p><p><blockquote>通用汽车公司。<a href=\"https://laohu8.com/S/GM\">$(GM)$</a>一月份，该公司表示计划到2035年逐步淘汰所有内燃机汽车，届时只销售零排放汽车，令华尔街感到惊讶。该汽车制造商还承诺到2040年实现碳中和。</blockquote></p><p> GM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.</p><p><blockquote>通用汽车表示，到本世纪中期，将在全球范围内提供30款全电动车型，到2025年底，该公司40%的美国车型将是纯电动汽车。其悍马电动车预计将于明年上市，并于今年秋季开始生产。</blockquote></p><p> <b>Honda</b></p><p><blockquote><b>本田</b></blockquote></p><p> The Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.</p><p><blockquote>这家日本制造商(7267.TO)拥有同名本田品牌和豪华汽车品牌讴歌，预计到2030年其销售额的40%将来自电动汽车和燃料电池电动汽车。2020年4月，本田和通用汽车宣布合作开发使用通用汽车Ultium电池的本田电动汽车。</blockquote></p><p> <b>Hyundai</b></p><p><blockquote><b>现代</b></blockquote></p><p> The Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.</p><p><blockquote>这家还拥有起亚的韩国汽车制造商的目标是到2025年，其起亚和现代品牌销量的40%来自电动汽车和燃料电池电动汽车。其现代品牌计划届时推出30多款电动乘用车。</blockquote></p><p> <b>Mazda</b></p><p><blockquote><b>马自达</b></blockquote></p><p> Mazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.</p><p><blockquote>马自达计划到2030年提供5%的汽车为纯电动汽车，但电动汽车销量占总销量的百分比目标目前尚不清楚。马自达不在美国提供电动汽车，但在其他地方销售一些电动汽车和混合动力车型。</blockquote></p><p> <b>Nissan</b></p><p><blockquote><b>日产</b></blockquote></p><p> Nissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> Model S.</p><p><blockquote>日产汽车有限公司是最早提供全电动汽车的汽车制造商之一，多年来，对于那些没有足够财力购买特斯拉公司的人来说，日产聆风是为数不多的选择之一。<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>S型。</blockquote></p><p></p><p> Nissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.</p><p><blockquote>日产计划明年在中国推出20款电动汽车车型，而在美国，该公司最近表示，计划到2030年，其美国汽车销量的40%以上将是全电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbdfabce43725b3d966cf5db5b820f6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>The Nissan Leaf NISSAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>日产聆风日产</span></p></blockquote></p><p> <b>Porsche</b></p><p><blockquote><b>保时捷</b></blockquote></p><p> The car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.</p><p><blockquote>这家汽车制造商几乎是跑车的代名词，其目标是到2025年让电动汽车占其销量的一半。</blockquote></p><p> <b>Stellantis</b></p><p><blockquote><b>Stellantis</b></blockquote></p><p> <a href=\"https://laohu8.com/S/STLA\">Stellantis NV</a> (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.</p><p><blockquote><a href=\"https://laohu8.com/S/STLA\">斯特兰蒂斯公司</a>(STLA.MI)是今年早些时候由菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles NV)和法国PSA集团合并而成的全球汽车制造商，该公司7月份表示，到2025年，将在电动汽车和相关技术上投资350亿美元。</blockquote></p><p> By that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.</p><p><blockquote>到那一年，Stellantis预计其美国销售额的31%和欧洲销售额的38%将来自电动汽车，预计到2030年，这一比例将增长到美国销售额的35%和欧洲销售额的70%。</blockquote></p><p> <b>Subaru</b></p><p><blockquote><b>斯巴鲁</b></blockquote></p><p> The Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.</p><p><blockquote>预计到2030年，这家日本制造商40%的销售额将来自电动汽车和混合动力电动汽车。</blockquote></p><p> <b>Toyota</b></p><p><blockquote><b>丰田</b></blockquote></p><p> Some 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.</p><p><blockquote>预计到2030年，这家全球第一汽车制造商(7203.TO)约70%的销售额将来自电动汽车和燃料电池电动汽车。丰田计划到2025年提供15款纯电动汽车车型。当然，这家汽车制造商在二十年前就推出了混合动力丰田普锐斯。</blockquote></p><p> <b>Volkswagen</b></p><p><blockquote><b>大众汽车</b></blockquote></p><p> The car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.</p><p><blockquote>预计到2030年，该汽车制造商70%的欧洲销量来自电动汽车，50%的美国销量来自电动汽车。大众汽车承诺到2025年在电动汽车上花费约400亿美元。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChasing Tesla: Here are the current electric vehicle plans of every major car maker<blockquote>追逐特斯拉：以下是各大车厂目前的电动汽车计划</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 10:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.</p><p><blockquote>在总统乔·拜登的敦促下，汽车行业承诺到2030年将电动汽车产量提高到约占美国总销量的一半，这一计划让人们燃起了电动汽车从小众转向主流的希望。</blockquote></p><p> EVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.</p><p><blockquote>根据彭博新能源财经的数据，2020年电动汽车占美国汽车销量的2.4%，高于五年前的0.7%。该研究提供商预计，到2025年，这一份额将增至11%；预计到2030年，美国销售的汽车中有三分之一以上将是电动汽车。</blockquote></p><p> Several auto makers had already announced bigger EV ambitions even before the White House call.</p><p><blockquote>甚至在白宫看涨期权之前，几家汽车制造商就已经宣布了更大的电动汽车雄心。</blockquote></p><p> Here are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.</p><p><blockquote>以下是各主要汽车制造商对电动汽车的既定计划，包括（如果有）投资金额以及他们希望推向市场的车型范围。</blockquote></p><p> This information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.</p><p><blockquote>这些信息是根据公司网站、之前的报告和彭博新能源财经的预测整理而成，并将定期更新。</blockquote></p><p> <b>Audi</b></p><p><blockquote><b>奥迪</b></blockquote></p><p> Audi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.</p><p><blockquote>德国大众汽车公司旗下以豪华汽车闻名的奥迪品牌承诺，到2025年，纯电动汽车将占其销量的35%。届时，奥迪买家将有约20款电动车型可供选择。</blockquote></p><p> <b>BMW</b></p><p><blockquote><b>宝马</b></blockquote></p><p> BMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.</p><p><blockquote>德国豪华汽车制造商宝马公司是最早的电动汽车创新者之一。八年前，该公司推出了i3紧凑型电动汽车，当时是特斯拉汽车为数不多的有力竞争对手之一。</blockquote></p><p> BMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.</p><p><blockquote>宝马的电动汽车产品线已经放缓，但该汽车制造商承诺，今年其欧洲销量的25%将是全电动和混合动力汽车，到2030年，其Mini品牌的所有销量都将是纯电动汽车。预计未来几年将推出10多种电池电动汽车车型。</blockquote></p><p> <b>Daimler/Mercedes-Benz</b></p><p><blockquote><b>戴姆勒/奔驰</b></blockquote></p><p> Mercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.</p><p><blockquote>戴姆勒股份公司旗下的梅赛德斯-奔驰预计，到2025年，其销量的15%至25%将来自电动汽车销量；到2030年，这一比例预计将增长至50%。梅赛德斯-奔驰计划在2021年底推出三款新的电动乘用车车型，并在2022年推出更多车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec4b2abd59e5b19c9eec0034342af25e\" tg-width=\"700\" tg-height=\"413\" width=\"100%\" height=\"auto\"><span>SOURCE: MERCEDES</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：梅赛德斯</span></p></blockquote></p><p> <b>Ford</b></p><p><blockquote><b>福特</b></blockquote></p><p> Ford Motor Co. <a href=\"https://laohu8.com/S/F\">$(F)$</a> has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.</p><p><blockquote>福特汽车公司。<a href=\"https://laohu8.com/S/F\">$(F)$</a>曾表示，到2030年，其全球销量的40%将是电动汽车。福特的目标是到2022年推出数十款电动车型，这一年也将标志着其备受期待的全电动F-150 Lightning皮卡的首次亮相。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a44fec36dac046911679a2ba769cb2b\" tg-width=\"700\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>The Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES</span></p><p><blockquote><p class=\"t-img-caption\"><span>福特F-150 Lightning作者：杰夫·科瓦尔斯基/法新社/盖蒂图片社</span></p></blockquote></p><p> Ford has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.</p><p><blockquote>福特称Lightning是其超过220亿美元电动汽车押注的“支柱”，其中包括野马及其全顺货车等其他畅销汽车的电动汽车车型。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87df52ddef1af1d1342d685897e83652\" tg-width=\"700\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>SOURCE: FORD</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福特</span></p></blockquote></p><p> <b>GM</b></p><p><blockquote><b>GM</b></blockquote></p><p> General Motors Co. <a href=\"https://laohu8.com/S/GM\">$(GM)$</a> surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.</p><p><blockquote>通用汽车公司。<a href=\"https://laohu8.com/S/GM\">$(GM)$</a>一月份，该公司表示计划到2035年逐步淘汰所有内燃机汽车，届时只销售零排放汽车，令华尔街感到惊讶。该汽车制造商还承诺到2040年实现碳中和。</blockquote></p><p> GM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.</p><p><blockquote>通用汽车表示，到本世纪中期，将在全球范围内提供30款全电动车型，到2025年底，该公司40%的美国车型将是纯电动汽车。其悍马电动车预计将于明年上市，并于今年秋季开始生产。</blockquote></p><p> <b>Honda</b></p><p><blockquote><b>本田</b></blockquote></p><p> The Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.</p><p><blockquote>这家日本制造商(7267.TO)拥有同名本田品牌和豪华汽车品牌讴歌，预计到2030年其销售额的40%将来自电动汽车和燃料电池电动汽车。2020年4月，本田和通用汽车宣布合作开发使用通用汽车Ultium电池的本田电动汽车。</blockquote></p><p> <b>Hyundai</b></p><p><blockquote><b>现代</b></blockquote></p><p> The Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.</p><p><blockquote>这家还拥有起亚的韩国汽车制造商的目标是到2025年，其起亚和现代品牌销量的40%来自电动汽车和燃料电池电动汽车。其现代品牌计划届时推出30多款电动乘用车。</blockquote></p><p> <b>Mazda</b></p><p><blockquote><b>马自达</b></blockquote></p><p> Mazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.</p><p><blockquote>马自达计划到2030年提供5%的汽车为纯电动汽车，但电动汽车销量占总销量的百分比目标目前尚不清楚。马自达不在美国提供电动汽车，但在其他地方销售一些电动汽车和混合动力车型。</blockquote></p><p> <b>Nissan</b></p><p><blockquote><b>日产</b></blockquote></p><p> Nissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> Model S.</p><p><blockquote>日产汽车有限公司是最早提供全电动汽车的汽车制造商之一，多年来，对于那些没有足够财力购买特斯拉公司的人来说，日产聆风是为数不多的选择之一。<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>S型。</blockquote></p><p></p><p> Nissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.</p><p><blockquote>日产计划明年在中国推出20款电动汽车车型，而在美国，该公司最近表示，计划到2030年，其美国汽车销量的40%以上将是全电动汽车。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5cbdfabce43725b3d966cf5db5b820f6\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>The Nissan Leaf NISSAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>日产聆风日产</span></p></blockquote></p><p> <b>Porsche</b></p><p><blockquote><b>保时捷</b></blockquote></p><p> The car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.</p><p><blockquote>这家汽车制造商几乎是跑车的代名词，其目标是到2025年让电动汽车占其销量的一半。</blockquote></p><p> <b>Stellantis</b></p><p><blockquote><b>Stellantis</b></blockquote></p><p> <a href=\"https://laohu8.com/S/STLA\">Stellantis NV</a> (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.</p><p><blockquote><a href=\"https://laohu8.com/S/STLA\">斯特兰蒂斯公司</a>(STLA.MI)是今年早些时候由菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobiles NV)和法国PSA集团合并而成的全球汽车制造商，该公司7月份表示，到2025年，将在电动汽车和相关技术上投资350亿美元。</blockquote></p><p> By that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.</p><p><blockquote>到那一年，Stellantis预计其美国销售额的31%和欧洲销售额的38%将来自电动汽车，预计到2030年，这一比例将增长到美国销售额的35%和欧洲销售额的70%。</blockquote></p><p> <b>Subaru</b></p><p><blockquote><b>斯巴鲁</b></blockquote></p><p> The Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.</p><p><blockquote>预计到2030年，这家日本制造商40%的销售额将来自电动汽车和混合动力电动汽车。</blockquote></p><p> <b>Toyota</b></p><p><blockquote><b>丰田</b></blockquote></p><p> Some 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.</p><p><blockquote>预计到2030年，这家全球第一汽车制造商(7203.TO)约70%的销售额将来自电动汽车和燃料电池电动汽车。丰田计划到2025年提供15款纯电动汽车车型。当然，这家汽车制造商在二十年前就推出了混合动力丰田普锐斯。</blockquote></p><p> <b>Volkswagen</b></p><p><blockquote><b>大众汽车</b></blockquote></p><p> The car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.</p><p><blockquote>预计到2030年，该汽车制造商70%的欧洲销量来自电动汽车，50%的美国销量来自电动汽车。大众汽车承诺到2025年在电动汽车上花费约400亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/chasing-tesla-here-are-the-current-electric-vehicle-plans-of-every-major-car-maker-11628876816?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DDAIF":"戴姆勒汽车","F":"福特汽车","HMC":"本田汽车","GM":"通用汽车","VLKAF":"Volkswagen AG","STLA":"Stellantis NV","FUJHF":"Subaru Corporation ","HYEVF":"Hyundai Elevator Co Ltd.","NSANY":"日产汽车","TM":"丰田汽车"},"source_url":"https://www.marketwatch.com/story/chasing-tesla-here-are-the-current-electric-vehicle-plans-of-every-major-car-maker-11628876816?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159521376","content_text":"At President Joe Biden's urging, the auto industry pledged to boost production of electric vehicles to the point that they account for about half of total U.S. sales by 2030, a plan that raises hopes that EVs can shift from niche to normal.\nEVs accounted for 2.4% of U.S. cars sold in 2020, up from 0.7% five years ago, according to BloombergNEF. The research provider expects that share to increase to 11% in 2025; by 2030, it expects that slightly over a third of vehicles sold in the U.S. will be electric.\nSeveral auto makers had already announced bigger EV ambitions even before the White House call.\nHere are each major car maker's stated plans for EVs, including, when available, investment amounts and the range of models they hope to bring to market.\nThis information was collated from company sites, previous reports, and BloombergNEF projections, and will be updated regularly.\nAudi\nAudi, a brand known for its luxury cars and owned by Germany's Volkswagen AG , has promised to have battery-electric vehicles comprise 35% of its sales by 2025. By that time, Audi buyers will choose from about 20 EV models.\nBMW\nBMW AG , a luxury-car maker from Germany, was among the first EV innovators. It launched its i3 compact EV eight years ago, then as $one of the few serious competitors to Tesla Inc.'s vehicles.\nBMW's EV pipeline has slowed, but the auto maker has promised that 25% of its European sales will be all-electric and hybrid vehicles this year, and that all sales of its Mini brand will be battery electric by 2030. It expects to launch more than 10 battery EVs models in the next couple of years.\nDaimler/Mercedes-Benz\nMercedes-Benz, owned by Daimler AG , expects that between 15% and 25% of its sales will be comprised of EV sales by 2025; by 2030, that percentage is expected to grow to 50%. Mercedes-Benz is slated to end 2021 offering three new electric passenger car models and more to come in 2022.\nSOURCE: MERCEDES\nFord\nFord Motor Co. $(F)$ has said that 40% of its global sales by 2030 will be sales of EVs . Ford is aiming to have dozens of electrified models by 2022, the year that will also mark the debut of its much-awaited all-electric F-150 Lightning pickup truck.\nThe Ford F-150 Lightning o JEFF KOWALSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES\nFord has called the Lightning the \"pillar\" of its more than $22 billion bet on EVs, which includes EV models for other best-selling vehicles such as the Mustang and its Transit van.\nSOURCE: FORD\nGM\nGeneral Motors Co. $(GM)$ surprised Wall Street in January by saying it aims to phase out all of its internal combustion engine vehicles by 2035 and only sell zero-emission vehicles by then. The auto maker also promises to be carbon-neutral by 2040.\nGM has said that it will offer 30 all-electric models globally by mid-decade, and that 40% percent of the company's U.S. models will be battery electric vehicles by the end of 2025. Its Hummer electric is expected for next year, with production starting this fall.\nHonda\nThe Japanese maker (7267.TO), which owns the namesake Honda brand and also the luxury-car brand Acura, is projected to derive 40% of its sales from EVs and fuel-cell electric cars by 2030. In April 2020, Honda and GM announced a partnership to develop Honda electric cars using GM's Ultium batteries.\nHyundai\nThe Korean car maker , which also owns Kia, is aiming to have 40% of its Kia and Hyundai brands sales to be of EVs and fuel-cell electric vehicles by 2025. Its Hyundai brand plans on more than 30 electric passenger vehicles by then.\nMazda\nMazda plans to offer 5% of its vehicles as battery electric by 2030, but EV sales targets as a percentage of total sales are unknown at the moment. Mazda does not offer EVs in the U.S., but sells a few EV and hybrid models elsewhere.\nNissan\nNissan Motor Co. Ltd. was among the first auto makers to offer an all-electric vehicle, and its the Nissan Leaf for years was one of the few options available for those without the deep pockets needed for a Tesla Inc. $(TSLA)$ Model S.\nNissan plans to offer 20 EV models in China by next year, and for the U.S. the company recently said it plans that more than 40% of its U.S. vehicle sales by 2030 will be fully electric.\nThe Nissan Leaf NISSAN\nPorsche\nThe car maker and almost synonym of sports cars is aiming to have half of its sales be of EV vehicles by 2025.\nStellantis\nStellantis NV (STLA.MI), the global auto maker formed earlier this year through the merger of Fiat Chrysler Automobiles NV and France's PSA Group, said in July it was investing $35 billion in EVs and adjacent technologies through 2025.\nBy that year, Stellantis is expected to derive 31% of its U.S. sales and 38% of its European sales from EVs, percentages that are seen growing to 35% of U.S. sales and 70% of European sales by 2030.\nSubaru\nThe Japanese maker is expected to derive 40% of its sales from EVs and hybrid electric vehicles by 2030.\nToyota\nSome 70% of sales for the world's No. 1 car maker (7203.TO) are expected to come from EVs and fuel-cell electric vehicles by 2030. Toyota plans to offer 15 battery EV models by 2025. The car maker, of course, broke ground with its hybrid Toyota Prius two decades ago.\nVolkswagen\nThe car maker is expected to derive 70% of its European sales from EVs and 50% of its U.S. sales from EVs by 2030. Volkswagen has pledged to spend about $40 billion through 2025 on EVs.","news_type":1,"symbols_score_info":{"F":0.9,"NSANY":0.9,"FUJHF":0.9,"GM":0.9,"TSLA":0.9,"AUDVF":0.9,"VLKAF":0.9,"DDAIF":0.9,"HYEVF":0.9,"TM":0.9,"HMC":0.9,"STLA":0.9}},"isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107010151,"gmtCreate":1620432852273,"gmtModify":1634198869032,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Like my comment plsssss","listText":"Like my comment plsssss","text":"Like my comment plsssss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/107010151","repostId":"1125440288","repostType":4,"repost":{"id":"1125440288","kind":"news","pubTimestamp":1620401504,"share":"https://www.laohu8.com/m/news/1125440288?lang=zh_CN&edition=full","pubTime":"2021-05-07 23:31","market":"us","language":"en","title":"Walmart Health Acquires Telehealth Provider MeMD<blockquote>沃尔玛健康收购远程医疗提供商MeMD</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125440288","media":"benzinga","summary":"Walmart Health, a subsidiary of Walmart Inc. , has acquired the Phoenix-headquartered telehealth pro","content":"<p><div> Walmart Health, a subsidiary of Walmart Inc. , has acquired the Phoenix-headquartered telehealth provider MeMD for an undisclosed sum. What Happened:Founded in 2010 by Dr. John Shufeldt, MeMD’s ...</p><p><blockquote><div>沃尔玛公司（Walmart Inc.）的子公司沃尔玛健康（Walmart Health）收购了总部位于凤凰城的远程医疗提供商MeMD，收购金额未披露。发生了什么：由MeMD的约翰·舒菲尔德博士于2010年创立...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/m-a/21/05/21011798/walmart-health-acquires-telehealth-provider-memd\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/m-a/21/05/21011798/walmart-health-acquires-telehealth-provider-memd\">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>Walmart Health Acquires Telehealth Provider MeMD<blockquote>沃尔玛健康收购远程医疗提供商MeMD</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\">\nWalmart Health Acquires Telehealth Provider MeMD<blockquote>沃尔玛健康收购远程医疗提供商MeMD</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-05-07 23:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Walmart Health, a subsidiary of Walmart Inc. , has acquired the Phoenix-headquartered telehealth provider MeMD for an undisclosed sum. What Happened:Founded in 2010 by Dr. John Shufeldt, MeMD’s ...</p><p><blockquote><div>沃尔玛公司（Walmart Inc.）的子公司沃尔玛健康（Walmart Health）收购了总部位于凤凰城的远程医疗提供商MeMD，收购金额未披露。发生了什么：由MeMD的约翰·舒菲尔德博士于2010年创立...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/m-a/21/05/21011798/walmart-health-acquires-telehealth-provider-memd\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/m-a/21/05/21011798/walmart-health-acquires-telehealth-provider-memd\">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/m-a/21/05/21011798/walmart-health-acquires-telehealth-provider-memd\">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":{"WMT":"沃尔玛"},"source_url":"https://www.benzinga.com/m-a/21/05/21011798/walmart-health-acquires-telehealth-provider-memd","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125440288","content_text":"Walmart Health, a subsidiary of Walmart Inc. , has acquired the Phoenix-headquartered telehealth provider MeMD for an undisclosed sum.\nWhat Happened:Founded in 2010 by Dr. John Shufeldt, MeMD’s platform enables medical and mental health visits to five million members nationwide via computer, phone and mobile devices. The acquisition will enable Walmart Health to expand its in-person primary care services with access a nationwide network of urgent, behavioral and primary care providers.\n“Telehealth offers a great opportunity to expand access and reach consumers where they are and complements our brick-and-mortar Walmart Health locations,” said Dr. Cheryl Pegus, executive vice president for health and wellness at Walmart. “Today, people expect omnichannel access to care, and adding telehealth to our Walmart Health care strategies allows us to provide in-person and digital care across our multiple assets and solutions.”\nWhat Else Happened:Walmart Health began in September 2019, and offers primary care, dental, optometry, X-ray, counseling and diagnostic lab services. The retailer operates 20 clinics in Arkansas, Georgia and Illinois, and is planning to open 11 more across Florida.\nThe acquisition of MeMD follows the departure of two medical executives who played important roles in establishing Walmart Health.\nAccording to a report in the trade journalMedCityNews, Dr. Tom Van Gilder, Walmart’s first chief medical officer, is leaving the company on May 15. His departure follows the exit of Dr. Roshan Parikh, Walmart’s head of dentistry, who left the company last month.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102114678,"gmtCreate":1620183999394,"gmtModify":1634207144833,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Niceeee","listText":"Niceeee","text":"Niceeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/102114678","repostId":"1194963568","repostType":4,"isVote":1,"tweetType":1,"viewCount":880,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880424843,"gmtCreate":1631074570682,"gmtModify":1631888860725,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880424843","repostId":"1198049367","repostType":4,"repost":{"id":"1198049367","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":1631070960,"share":"https://www.laohu8.com/m/news/1198049367?lang=zh_CN&edition=full","pubTime":"2021-09-08 11:16","market":"us","language":"en","title":"El Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198049367","media":"Tiger Newspress","summary":"Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Sa","content":"<p>Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Salvador. This country with a population of just over 6.4 million today became the first country in the world to eat crabs. Not only declared Bitcoin as the national&nbsp;currency, but also took a series of measures to ensure that Bitcoin began to be used in the&nbsp;country:</p><p><blockquote>世界上有7个国家使用美元作为主权货币，萨尔瓦多就是其中之一。这个今天只有640多万人口的国家，成为世界上第一个吃螃蟹的国家。不仅宣布比特币为国家货币，还采取了一系列措施确保比特币开始在国内使用：</blockquote></p><p> 1. Release Bitcoin App in El Salvador. The app, called Chivo, is recharged with $30 in its wallet to encourage Salvadoran people to use it.</p><p><blockquote>1.在萨发布比特币App。这款名为Chivo的应用程序在钱包中充值30美元，以鼓励萨尔瓦多人使用它。</blockquote></p><p> 2. As a sovereign country, it bought 400 bitcoins, and today, 150 bitcoins were added because of the flash collapse of bitcoin prices. These bitcoins are worth more than $20 million.</p><p><blockquote>2、作为一个主权国家，买了400个比特币，今天因为比特币价格闪崩又加了150个比特币。这些比特币价值超过2000万美元。</blockquote></p><p> 3. More than 200 ATM machines have been deployed, and a series of application scenarios have been started in people's lives, including local McDonald's and Pizza Hut consumption.</p><p><blockquote>3、部署了200多台ATM机，在百姓生活中启动了包括本地麦当劳、必胜客消费在内的一系列应用场景。</blockquote></p><p> There are many inspirations from this incident.</p><p><blockquote>这件事有很多启示。</blockquote></p><p> <b>1. Countries that use the US dollar as their sovereign currency do have the impulse to use Bitcoin, but more precisely, they have the impulse to get rid of the US dollar.</b>Seven countries in the world use the US dollar as legal tender, namely El Salvador, Panama, Ecuador, Zimbabwe, East Timor and so on. Because these sovereign states do not have the power to print money, they can only rely on foreign reserves to meet government expenditure. According to the data of El Salvador's foreign reserves (below), the foreign reserves have almost halved since COVID-19, which is problematic. On the one hand, the United States will print more and more dollars, and the purchasing power of dollars will decline (inflation); On the other hand, El Salvador did not get extra dollars. This leaves countries like El Salvador in a very difficult economic situation under the flood of dollars. In fact, El Salvador doesn't have to launch Bitcoin, but mainly wants to get rid of the dollar. Hint: The internationalization of RMB should focus on these countries that use the US dollar as their sovereign currency but suffer from it.</p><p><blockquote><b>1、以美元为主权货币的国家确实有使用比特币的冲动，但更准确地说，是有摆脱美元的冲动。</b>世界上有7个国家使用美元作为法定货币，分别是萨尔瓦多、巴拿马、厄瓜多尔、津巴布韦、东帝汶等。因为这些主权国家没有印钞的权力，只能依靠外储来满足政府开支。根据萨尔瓦多外储数据（下图），新冠疫情以来外储几乎减半，这是有问题的。一方面，美国会印越来越多的美元，美元购买力下降（通货膨胀）；另一方面，萨尔瓦多没有得到额外的美元。这使得像萨尔瓦多这样的国家在美元洪流下处于非常困难的经济状况。其实，萨尔瓦多并不一定要推出比特币，主要是想摆脱美元。提示：人民币国际化的重点应该放在这些以美元为主权货币却深受其害的国家身上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f8b827ccde8b38d2f4957addc2076aa\" tg-width=\"326\" tg-height=\"160\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>2. Who is behind the development and support of Bitcoin App and ATM in El Salvador?</b>El Salvador is a poor country, but this time it launched an app to send $30 and more than 200 ATM machines. I don't think El Salvador's private technology companies have the ability to make a national wallet App and more than 200 ATM machines, while the government is even less capable. According to the Wall Street Journal, Salvadoran App downloads, which are not in Apple App Store or Google App Store, first appeared in Huawei App Store.</p><p><blockquote><b>2.比特币App和ATM在萨尔瓦多的开发和支持背后是谁？</b>萨尔瓦多是一个贫穷的国家，但这次它推出了一个应用程序，发送30美元和200多台ATM机。我认为萨尔瓦多的私营科技公司没有能力做出一个全国性的钱包App和200多台ATM机，而政府更没有能力。据《华尔街日报》报道，不在苹果应用商店或谷歌应用商店的萨尔瓦多应用下载，首先出现在华为应用商店。</blockquote></p><p> <b>3. Will Bitcoin further show its versatility because of El Salvador? On the contrary, this incident has exposed the shortcomings of Bitcoin.</b>Today, El Salvador announced the use of Bitcoin, which not only did not push up the price of Bitcoin, but caused the price of Bitcoin to collapse by 17%. Whether the good news is exhausted or some people run away with good news, it shows once again that Bitcoin is too speculative. But that's not the point.</p><p><blockquote><b>3.比特币是否会因为萨尔瓦多而进一步展现多才多艺？相反，这一事件暴露了比特币的短板。</b>今天，萨尔瓦多宣布使用比特币，不仅没有推高比特币价格，反而让比特币价格暴跌17%。不管是利好出尽，还是有人拿着利好跑路，都再次说明比特币投机心理太强。但这不是重点。</blockquote></p><p> The key factor is the Bitcoin App in El Salvador. Bitcoin, as the virtual currency with the largest imagination space, is used beyond national boundaries. In fact, the core of Bitcoin launched by El Salvador is App under the control of the national government. In other words, if you want to use Bitcoin in El Salvador, you have to download this app (Chivo). Spending in El Salvador through this wallet App is no different from buying breakfast in China through WeChat wallet. Of course, you have to say that one bottom is Bitcoin and the other bottom is RMB, which is different. But for users, there is no difference. If Bitcoin can't be used beyond App (beyond national boundaries), its status as digital cash still can't be confirmed.</p><p><blockquote>关键因素是萨尔瓦多的比特币应用程序。比特币作为想象空间最大的虚拟货币，其使用超越国界。事实上，萨推出的比特币核心是国家政府掌控下的App。换句话说，如果你想在萨尔瓦多使用比特币，你必须下载这个应用程序（Chivo）。通过这款钱包App在萨尔瓦多消费，和在国内通过微信钱包买早餐没什么区别。当然，你要说一个底是比特币，一个底是人民币，这是不一样的。但对于用户来说，并没有什么区别。如果比特币不能超越App（超越国界）使用，其作为数字现金的地位仍然无法确认。</blockquote></p><p> In a word, bitcoin is more like gold than currency.</p><p><blockquote>一言以蔽之，比特币更像黄金而非货币。</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>El Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</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\">\nEl Salvador Becomes First Country to Adopt Bitcoin as National Currency<blockquote>萨尔瓦多成为第一个采用比特币作为本国货币的国家</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\">2021-09-08 11:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Salvador. This country with a population of just over 6.4 million today became the first country in the world to eat crabs. Not only declared Bitcoin as the national&nbsp;currency, but also took a series of measures to ensure that Bitcoin began to be used in the&nbsp;country:</p><p><blockquote>世界上有7个国家使用美元作为主权货币，萨尔瓦多就是其中之一。这个今天只有640多万人口的国家，成为世界上第一个吃螃蟹的国家。不仅宣布比特币为国家货币，还采取了一系列措施确保比特币开始在国内使用：</blockquote></p><p> 1. Release Bitcoin App in El Salvador. The app, called Chivo, is recharged with $30 in its wallet to encourage Salvadoran people to use it.</p><p><blockquote>1.在萨发布比特币App。这款名为Chivo的应用程序在钱包中充值30美元，以鼓励萨尔瓦多人使用它。</blockquote></p><p> 2. As a sovereign country, it bought 400 bitcoins, and today, 150 bitcoins were added because of the flash collapse of bitcoin prices. These bitcoins are worth more than $20 million.</p><p><blockquote>2、作为一个主权国家，买了400个比特币，今天因为比特币价格闪崩又加了150个比特币。这些比特币价值超过2000万美元。</blockquote></p><p> 3. More than 200 ATM machines have been deployed, and a series of application scenarios have been started in people's lives, including local McDonald's and Pizza Hut consumption.</p><p><blockquote>3、部署了200多台ATM机，在百姓生活中启动了包括本地麦当劳、必胜客消费在内的一系列应用场景。</blockquote></p><p> There are many inspirations from this incident.</p><p><blockquote>这件事有很多启示。</blockquote></p><p> <b>1. Countries that use the US dollar as their sovereign currency do have the impulse to use Bitcoin, but more precisely, they have the impulse to get rid of the US dollar.</b>Seven countries in the world use the US dollar as legal tender, namely El Salvador, Panama, Ecuador, Zimbabwe, East Timor and so on. Because these sovereign states do not have the power to print money, they can only rely on foreign reserves to meet government expenditure. According to the data of El Salvador's foreign reserves (below), the foreign reserves have almost halved since COVID-19, which is problematic. On the one hand, the United States will print more and more dollars, and the purchasing power of dollars will decline (inflation); On the other hand, El Salvador did not get extra dollars. This leaves countries like El Salvador in a very difficult economic situation under the flood of dollars. In fact, El Salvador doesn't have to launch Bitcoin, but mainly wants to get rid of the dollar. Hint: The internationalization of RMB should focus on these countries that use the US dollar as their sovereign currency but suffer from it.</p><p><blockquote><b>1、以美元为主权货币的国家确实有使用比特币的冲动，但更准确地说，是有摆脱美元的冲动。</b>世界上有7个国家使用美元作为法定货币，分别是萨尔瓦多、巴拿马、厄瓜多尔、津巴布韦、东帝汶等。因为这些主权国家没有印钞的权力，只能依靠外储来满足政府开支。根据萨尔瓦多外储数据（下图），新冠疫情以来外储几乎减半，这是有问题的。一方面，美国会印越来越多的美元，美元购买力下降（通货膨胀）；另一方面，萨尔瓦多没有得到额外的美元。这使得像萨尔瓦多这样的国家在美元洪流下处于非常困难的经济状况。其实，萨尔瓦多并不一定要推出比特币，主要是想摆脱美元。提示：人民币国际化的重点应该放在这些以美元为主权货币却深受其害的国家身上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f8b827ccde8b38d2f4957addc2076aa\" tg-width=\"326\" tg-height=\"160\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>2. Who is behind the development and support of Bitcoin App and ATM in El Salvador?</b>El Salvador is a poor country, but this time it launched an app to send $30 and more than 200 ATM machines. I don't think El Salvador's private technology companies have the ability to make a national wallet App and more than 200 ATM machines, while the government is even less capable. According to the Wall Street Journal, Salvadoran App downloads, which are not in Apple App Store or Google App Store, first appeared in Huawei App Store.</p><p><blockquote><b>2.比特币App和ATM在萨尔瓦多的开发和支持背后是谁？</b>萨尔瓦多是一个贫穷的国家，但这次它推出了一个应用程序，发送30美元和200多台ATM机。我认为萨尔瓦多的私营科技公司没有能力做出一个全国性的钱包App和200多台ATM机，而政府更没有能力。据《华尔街日报》报道，不在苹果应用商店或谷歌应用商店的萨尔瓦多应用下载，首先出现在华为应用商店。</blockquote></p><p> <b>3. Will Bitcoin further show its versatility because of El Salvador? On the contrary, this incident has exposed the shortcomings of Bitcoin.</b>Today, El Salvador announced the use of Bitcoin, which not only did not push up the price of Bitcoin, but caused the price of Bitcoin to collapse by 17%. Whether the good news is exhausted or some people run away with good news, it shows once again that Bitcoin is too speculative. But that's not the point.</p><p><blockquote><b>3.比特币是否会因为萨尔瓦多而进一步展现多才多艺？相反，这一事件暴露了比特币的短板。</b>今天，萨尔瓦多宣布使用比特币，不仅没有推高比特币价格，反而让比特币价格暴跌17%。不管是利好出尽，还是有人拿着利好跑路，都再次说明比特币投机心理太强。但这不是重点。</blockquote></p><p> The key factor is the Bitcoin App in El Salvador. Bitcoin, as the virtual currency with the largest imagination space, is used beyond national boundaries. In fact, the core of Bitcoin launched by El Salvador is App under the control of the national government. In other words, if you want to use Bitcoin in El Salvador, you have to download this app (Chivo). Spending in El Salvador through this wallet App is no different from buying breakfast in China through WeChat wallet. Of course, you have to say that one bottom is Bitcoin and the other bottom is RMB, which is different. But for users, there is no difference. If Bitcoin can't be used beyond App (beyond national boundaries), its status as digital cash still can't be confirmed.</p><p><blockquote>关键因素是萨尔瓦多的比特币应用程序。比特币作为想象空间最大的虚拟货币，其使用超越国界。事实上，萨推出的比特币核心是国家政府掌控下的App。换句话说，如果你想在萨尔瓦多使用比特币，你必须下载这个应用程序（Chivo）。通过这款钱包App在萨尔瓦多消费，和在国内通过微信钱包买早餐没什么区别。当然，你要说一个底是比特币，一个底是人民币，这是不一样的。但对于用户来说，并没有什么区别。如果比特币不能超越App（超越国界）使用，其作为数字现金的地位仍然无法确认。</blockquote></p><p> In a word, bitcoin is more like gold than currency.</p><p><blockquote>一言以蔽之，比特币更像黄金而非货币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","GBTC":"比特币ETF-Grayscale"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198049367","content_text":"Seven countries in the world use the US dollar as their sovereign currency, and one of them is El Salvador. This country with a population of just over 6.4 million today became the first country in the world to eat crabs. Not only declared Bitcoin as the national currency, but also took a series of measures to ensure that Bitcoin began to be used in the country:\n1. Release Bitcoin App in El Salvador. The app, called Chivo, is recharged with $30 in its wallet to encourage Salvadoran people to use it.\n2. As a sovereign country, it bought 400 bitcoins, and today, 150 bitcoins were added because of the flash collapse of bitcoin prices. These bitcoins are worth more than $20 million.\n3. More than 200 ATM machines have been deployed, and a series of application scenarios have been started in people's lives, including local McDonald's and Pizza Hut consumption.\nThere are many inspirations from this incident.\n1. Countries that use the US dollar as their sovereign currency do have the impulse to use Bitcoin, but more precisely, they have the impulse to get rid of the US dollar.Seven countries in the world use the US dollar as legal tender, namely El Salvador, Panama, Ecuador, Zimbabwe, East Timor and so on. Because these sovereign states do not have the power to print money, they can only rely on foreign reserves to meet government expenditure. According to the data of El Salvador's foreign reserves (below), the foreign reserves have almost halved since COVID-19, which is problematic. On the one hand, the United States will print more and more dollars, and the purchasing power of dollars will decline (inflation); On the other hand, El Salvador did not get extra dollars. This leaves countries like El Salvador in a very difficult economic situation under the flood of dollars. In fact, El Salvador doesn't have to launch Bitcoin, but mainly wants to get rid of the dollar. Hint: The internationalization of RMB should focus on these countries that use the US dollar as their sovereign currency but suffer from it.\n\n2. Who is behind the development and support of Bitcoin App and ATM in El Salvador?El Salvador is a poor country, but this time it launched an app to send $30 and more than 200 ATM machines. I don't think El Salvador's private technology companies have the ability to make a national wallet App and more than 200 ATM machines, while the government is even less capable. According to the Wall Street Journal, Salvadoran App downloads, which are not in Apple App Store or Google App Store, first appeared in Huawei App Store.\n3. Will Bitcoin further show its versatility because of El Salvador? On the contrary, this incident has exposed the shortcomings of Bitcoin.Today, El Salvador announced the use of Bitcoin, which not only did not push up the price of Bitcoin, but caused the price of Bitcoin to collapse by 17%. Whether the good news is exhausted or some people run away with good news, it shows once again that Bitcoin is too speculative. But that's not the point.\nThe key factor is the Bitcoin App in El Salvador. Bitcoin, as the virtual currency with the largest imagination space, is used beyond national boundaries. In fact, the core of Bitcoin launched by El Salvador is App under the control of the national government. In other words, if you want to use Bitcoin in El Salvador, you have to download this app (Chivo). Spending in El Salvador through this wallet App is no different from buying breakfast in China through WeChat wallet. Of course, you have to say that one bottom is Bitcoin and the other bottom is RMB, which is different. But for users, there is no difference. If Bitcoin can't be used beyond App (beyond national boundaries), its status as digital cash still can't be confirmed.\nIn a word, bitcoin is more like gold than currency.","news_type":1,"symbols_score_info":{"GBTC":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832028731,"gmtCreate":1629545539823,"gmtModify":1631892257502,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Kk","listText":"Kk","text":"Kk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832028731","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更加可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电","AMZN":"亚马逊","NVDA":"英伟达","ON":"安森美半导体","AAPL":"苹果","GOOGL":"谷歌A","SOXX":"iShares费城交易所半导体ETF","ASML":"阿斯麦","SNPS":"新思科技","SSNLF":"三星电子","CDNS":"铿腾电子","GOOG":"谷歌","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"TSM":0.9,"CDNS":0.9,"GOOG":0.9,"SNPS":0.9,"AMZN":0.9,"GOOGL":0.9,"SOXX":0.9,"SSNLF":0.9,"ON":0.9,"ASML":0.9,"QCOM":0.9,"AAPL":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830350380,"gmtCreate":1629016145940,"gmtModify":1633687938557,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830350380","repostId":"2159321288","repostType":4,"repost":{"id":"2159321288","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628990553,"share":"https://www.laohu8.com/m/news/2159321288?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:22","market":"us","language":"en","title":"Why Regulatory Risk Is A Silver Lining For Apple And Google<blockquote>为什么监管风险对苹果和谷歌来说是一线希望</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159321288","media":"Benzinga","summary":"The threat of regulation has been looming over big tech giants such as Apple Inc. (NASDAQ: AAPL) and","content":"<p>The threat of regulation has been looming over big tech giants such as <b>Apple Inc. </b>(NASDAQ: AAPL) and <b>Alphabet Inc. </b>(NASDAQ: GOOGL) (NASDAQ: GOOG) over the past three years.</p><p><blockquote>监管的威胁一直笼罩着大型科技巨头，例如<b>苹果公司。</b>（纳斯达克：AAPL）和<b>Alphabet公司。</b>（纳斯达克：GOOGL）（纳斯达克：GOOG）过去三年。</blockquote></p><p> With a bill seeking broader changes in the way Apple and Google operate their respective app stores introduced this week, Loup Funds Managing Partner Gene Munster offered his take on what is in store for these companies.</p><p><blockquote>随着本周推出的一项法案寻求对苹果和谷歌运营各自应用商店的方式进行更广泛的改变，Loup Funds管理合伙人吉恩·蒙斯特(Gene Munster)提出了他对这些公司未来的看法。</blockquote></p><p> <b>What the New Legislation Is All About: </b> The changes proposed by the legislation calls for allowing third-party app stores with the App Store and Google Play store, Munster noted. Both companies are also called to allow app developers to explicitly advertise within apps, so that consumers can subscribe and make purchases outside of the App Store or the Google Play Store, he added.</p><p><blockquote><b>新立法的内容是：</b>蒙斯特指出，评级立法提出的允许第三方应用商店与App Store和谷歌Play商店合作的变化。他补充说，两家公司还被要求允许应用程序开发者在应用程序内明确做广告，以便消费者可以在App Store或Google Play商店之外订阅和购买。</blockquote></p><p> This will help avoiding the 30% take rate on in-app purchases, the analyst said.</p><p><blockquote>分析师表示，这将有助于避免应用内购买30%的采用率。</blockquote></p><p> The proposed bill will have to be approved by the House and Senate before becoming law, Munster said.</p><p><blockquote>明斯特说，拟议的法案在成为法律之前必须得到众议院和参议院的批准。</blockquote></p><p> <b>Regulation Not Automatically Negative: </b> The end result of regulation is not automatically negative for big tech, given unintended consequences often occur when incentives change, Munster said.</p><p><blockquote><b>调节不自动为负：</b>蒙斯特表示，监管的最终结果不会自动对大型科技公司产生负面影响，因为当激励措施发生变化时，往往会出现意想不到的后果。</blockquote></p><p> Even if Apple buckles under pressure and reduces its take rate from 30% to 10% - a possibility which is unlikely – it could still make more money ultimately, the analyst said. A reduction in fees will likely spur greater growth in the app development ecosystem, he added.</p><p><blockquote>分析师表示，即使苹果在压力下屈服，将接受率从30%降至10%（这种可能性不太可能），它最终仍可能赚更多钱。他补充说，费用的降低可能会刺激应用程序开发生态系统的更大增长。</blockquote></p><p> Apple and Google, according to the analyst, have the stronger case, given they created their mobile app stores and are responsible for maintaining them, the analyst said. They, therefore, should have control over how things are curated and distributed within the stores, he added.</p><p><blockquote>分析师表示，苹果和谷歌拥有更强的理由，因为它们创建了自己的移动应用商店并负责维护这些商店。他补充说，因此，他们应该控制商店内商品的策划和分销方式。</blockquote></p><p> Additionally, opening the iPhone to third-party app stores, the analyst said, will weaken security and privacy, thereby harming consumers.</p><p><blockquote>此外，该分析师表示，向第三方应用商店开放iPhone将削弱安全性和隐私，从而损害消费者。</blockquote></p><p> <b>Munster's Take On Potential Regulation: </b> The likelihood of radical regulation as low, Munster said. If any regulations do&nbsp;materialize, the most likely outcome is that Apple and Google will be forced to remove their anti-steering clauses, thereby allowing publishers to advertise payment options outside of the default in-app payment systems, the analyst said.</p><p><blockquote><b>明斯特对潜在监管的看法：</b>明斯特说，激进监管的可能性很低。该分析师表示，如果任何法规真的成为现实，最有可能的结果是苹果和谷歌将被迫删除其反转向条款，从而允许出版商在默认的应用内支付系统之外宣传支付选项。</blockquote></p><p> \"This would have limited impact on consumer app store engagement given the easiest way to manage app spending will be to remain inside the respective walled gardens,\" the analyst concluded.</p><p><blockquote>这位分析师总结道：“这对消费者应用商店参与度的影响有限，因为管理应用支出最简单的方法是留在各自的围墙花园里。”</blockquote></p><p> Apple closed Friday's session down 0.14% at $149.10 and Google ended nearly flat at $2,768.12.</p><p><blockquote>苹果周五收盘下跌0.14%，至149.10美元，谷歌收盘几乎持平，至2,768.12美元。</blockquote></p><p> Latest Ratings for AAPL</p><p><blockquote>AAPL的最新评级</blockquote></p><p> <table>  <tbody>   <tr>    <th>Date</th>    <th>Firm</th>    <th>Action</th>    <th>From</th>    <th>To</th>   </tr>  </tbody>  <tbody>   <tr>    <td>Jul 2021</td>    <td>Loop Capital</td>    <td>Maintains</td>    <td></td>    <td>Buy</td>   </tr>   <tr>    <td>Jul 2021</td>    <td>Deutsche Bank</td>    <td>Maintains</td>    <td></td>    <td>Buy</td>   </tr>   <tr>    <td>Jul 2021</td>    <td>Piper Sandler</td>    <td>Maintains</td>    <td></td>    <td>Overweight</td>   </tr>  </tbody> </table></p><p><blockquote><table><tbody><tr><th>日期</th><th>公司</th><th>行动</th><th>来自</th><th>到</th></tr></tbody><tbody><tr><td>2021年7月</td><td>循环资本</td><td>维护</td><td></td><td>购买</td></tr><tr><td>2021年7月</td><td>德意志银行</td><td>维护</td><td></td><td>购买</td></tr><tr><td>2021年7月</td><td>派珀·桑德勒</td><td>维护</td><td></td><td>跑赢大盘</td></tr></tbody></table></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Regulatory Risk Is A Silver Lining For Apple And Google<blockquote>为什么监管风险对苹果和谷歌来说是一线希望</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Regulatory Risk Is A Silver Lining For Apple And Google<blockquote>为什么监管风险对苹果和谷歌来说是一线希望</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-15 09:22</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>The threat of regulation has been looming over big tech giants such as <b>Apple Inc. </b>(NASDAQ: AAPL) and <b>Alphabet Inc. </b>(NASDAQ: GOOGL) (NASDAQ: GOOG) over the past three years.</p><p><blockquote>监管的威胁一直笼罩着大型科技巨头，例如<b>苹果公司。</b>（纳斯达克：AAPL）和<b>Alphabet公司。</b>（纳斯达克：GOOGL）（纳斯达克：GOOG）过去三年。</blockquote></p><p> With a bill seeking broader changes in the way Apple and Google operate their respective app stores introduced this week, Loup Funds Managing Partner Gene Munster offered his take on what is in store for these companies.</p><p><blockquote>随着本周推出的一项法案寻求对苹果和谷歌运营各自应用商店的方式进行更广泛的改变，Loup Funds管理合伙人吉恩·蒙斯特(Gene Munster)提出了他对这些公司未来的看法。</blockquote></p><p> <b>What the New Legislation Is All About: </b> The changes proposed by the legislation calls for allowing third-party app stores with the App Store and Google Play store, Munster noted. Both companies are also called to allow app developers to explicitly advertise within apps, so that consumers can subscribe and make purchases outside of the App Store or the Google Play Store, he added.</p><p><blockquote><b>新立法的内容是：</b>蒙斯特指出，评级立法提出的允许第三方应用商店与App Store和谷歌Play商店合作的变化。他补充说，两家公司还被要求允许应用程序开发者在应用程序内明确做广告，以便消费者可以在App Store或Google Play商店之外订阅和购买。</blockquote></p><p> This will help avoiding the 30% take rate on in-app purchases, the analyst said.</p><p><blockquote>分析师表示，这将有助于避免应用内购买30%的采用率。</blockquote></p><p> The proposed bill will have to be approved by the House and Senate before becoming law, Munster said.</p><p><blockquote>明斯特说，拟议的法案在成为法律之前必须得到众议院和参议院的批准。</blockquote></p><p> <b>Regulation Not Automatically Negative: </b> The end result of regulation is not automatically negative for big tech, given unintended consequences often occur when incentives change, Munster said.</p><p><blockquote><b>调节不自动为负：</b>蒙斯特表示，监管的最终结果不会自动对大型科技公司产生负面影响，因为当激励措施发生变化时，往往会出现意想不到的后果。</blockquote></p><p> Even if Apple buckles under pressure and reduces its take rate from 30% to 10% - a possibility which is unlikely – it could still make more money ultimately, the analyst said. A reduction in fees will likely spur greater growth in the app development ecosystem, he added.</p><p><blockquote>分析师表示，即使苹果在压力下屈服，将接受率从30%降至10%（这种可能性不太可能），它最终仍可能赚更多钱。他补充说，费用的降低可能会刺激应用程序开发生态系统的更大增长。</blockquote></p><p> Apple and Google, according to the analyst, have the stronger case, given they created their mobile app stores and are responsible for maintaining them, the analyst said. They, therefore, should have control over how things are curated and distributed within the stores, he added.</p><p><blockquote>分析师表示，苹果和谷歌拥有更强的理由，因为它们创建了自己的移动应用商店并负责维护这些商店。他补充说，因此，他们应该控制商店内商品的策划和分销方式。</blockquote></p><p> Additionally, opening the iPhone to third-party app stores, the analyst said, will weaken security and privacy, thereby harming consumers.</p><p><blockquote>此外，该分析师表示，向第三方应用商店开放iPhone将削弱安全性和隐私，从而损害消费者。</blockquote></p><p> <b>Munster's Take On Potential Regulation: </b> The likelihood of radical regulation as low, Munster said. If any regulations do&nbsp;materialize, the most likely outcome is that Apple and Google will be forced to remove their anti-steering clauses, thereby allowing publishers to advertise payment options outside of the default in-app payment systems, the analyst said.</p><p><blockquote><b>明斯特对潜在监管的看法：</b>明斯特说，激进监管的可能性很低。该分析师表示，如果任何法规真的成为现实，最有可能的结果是苹果和谷歌将被迫删除其反转向条款，从而允许出版商在默认的应用内支付系统之外宣传支付选项。</blockquote></p><p> \"This would have limited impact on consumer app store engagement given the easiest way to manage app spending will be to remain inside the respective walled gardens,\" the analyst concluded.</p><p><blockquote>这位分析师总结道：“这对消费者应用商店参与度的影响有限，因为管理应用支出最简单的方法是留在各自的围墙花园里。”</blockquote></p><p> Apple closed Friday's session down 0.14% at $149.10 and Google ended nearly flat at $2,768.12.</p><p><blockquote>苹果周五收盘下跌0.14%，至149.10美元，谷歌收盘几乎持平，至2,768.12美元。</blockquote></p><p> Latest Ratings for AAPL</p><p><blockquote>AAPL的最新评级</blockquote></p><p> <table>  <tbody>   <tr>    <th>Date</th>    <th>Firm</th>    <th>Action</th>    <th>From</th>    <th>To</th>   </tr>  </tbody>  <tbody>   <tr>    <td>Jul 2021</td>    <td>Loop Capital</td>    <td>Maintains</td>    <td></td>    <td>Buy</td>   </tr>   <tr>    <td>Jul 2021</td>    <td>Deutsche Bank</td>    <td>Maintains</td>    <td></td>    <td>Buy</td>   </tr>   <tr>    <td>Jul 2021</td>    <td>Piper Sandler</td>    <td>Maintains</td>    <td></td>    <td>Overweight</td>   </tr>  </tbody> </table></p><p><blockquote><table><tbody><tr><th>日期</th><th>公司</th><th>行动</th><th>来自</th><th>到</th></tr></tbody><tbody><tr><td>2021年7月</td><td>循环资本</td><td>维护</td><td></td><td>购买</td></tr><tr><td>2021年7月</td><td>德意志银行</td><td>维护</td><td></td><td>购买</td></tr><tr><td>2021年7月</td><td>派珀·桑德勒</td><td>维护</td><td></td><td>跑赢大盘</td></tr></tbody></table></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","GOOG":"谷歌","AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159321288","content_text":"The threat of regulation has been looming over big tech giants such as Apple Inc. (NASDAQ: AAPL) and Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) over the past three years.\nWith a bill seeking broader changes in the way Apple and Google operate their respective app stores introduced this week, Loup Funds Managing Partner Gene Munster offered his take on what is in store for these companies.\nWhat the New Legislation Is All About:  The changes proposed by the legislation calls for allowing third-party app stores with the App Store and Google Play store, Munster noted. Both companies are also called to allow app developers to explicitly advertise within apps, so that consumers can subscribe and make purchases outside of the App Store or the Google Play Store, he added.\nThis will help avoiding the 30% take rate on in-app purchases, the analyst said.\nThe proposed bill will have to be approved by the House and Senate before becoming law, Munster said.\nRegulation Not Automatically Negative:  The end result of regulation is not automatically negative for big tech, given unintended consequences often occur when incentives change, Munster said.\nEven if Apple buckles under pressure and reduces its take rate from 30% to 10% - a possibility which is unlikely – it could still make more money ultimately, the analyst said. A reduction in fees will likely spur greater growth in the app development ecosystem, he added.\nApple and Google, according to the analyst, have the stronger case, given they created their mobile app stores and are responsible for maintaining them, the analyst said. They, therefore, should have control over how things are curated and distributed within the stores, he added.\nAdditionally, opening the iPhone to third-party app stores, the analyst said, will weaken security and privacy, thereby harming consumers.\nMunster's Take On Potential Regulation:  The likelihood of radical regulation as low, Munster said. If any regulations do materialize, the most likely outcome is that Apple and Google will be forced to remove their anti-steering clauses, thereby allowing publishers to advertise payment options outside of the default in-app payment systems, the analyst said.\n\"This would have limited impact on consumer app store engagement given the easiest way to manage app spending will be to remain inside the respective walled gardens,\" the analyst concluded.\nApple closed Friday's session down 0.14% at $149.10 and Google ended nearly flat at $2,768.12.\nLatest Ratings for AAPL\n\n\n\nDate\nFirm\nAction\nFrom\nTo\n\n\n\n\nJul 2021\nLoop Capital\nMaintains\n\nBuy\n\n\nJul 2021\nDeutsche Bank\nMaintains\n\nBuy\n\n\nJul 2021\nPiper Sandler\nMaintains\n\nOverweight","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808450349,"gmtCreate":1627607301981,"gmtModify":1631885102552,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Time to buy amzn","listText":"Time to buy amzn","text":"Time to buy amzn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/808450349","repostId":"1105519179","repostType":4,"isVote":1,"tweetType":1,"viewCount":250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145021791,"gmtCreate":1626183912413,"gmtModify":1633929310581,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Like my comment&nbsp;","listText":"Like my comment&nbsp;","text":"Like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/145021791","repostId":"1142482969","repostType":4,"repost":{"id":"1142482969","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":1626183653,"share":"https://www.laohu8.com/m/news/1142482969?lang=zh_CN&edition=full","pubTime":"2021-07-13 21:40","market":"us","language":"en","title":"SOHU shares surges 20% in early trading,as official approval for a Tencent Holdings Ltd. acquisition.<blockquote>随着腾讯控股控股有限公司收购的正式批准，搜狐股价早盘飙升20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142482969","media":"Tiger Newspress","summary":"SOHU shares surges 20% in early trading,as official approval for a Tencent Holdings Ltd. acquisition","content":"<p>SOHU&nbsp;shares&nbsp;surges&nbsp;20%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;official approval for a Tencent Holdings Ltd. acquisition.</p><p><blockquote>随着腾讯控股控股有限公司收购的正式批准，搜狐股价早盘飙升20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c4b85f8ad31933441326d9abac73484b\" tg-width=\"1270\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Tencent’s purchase of search engine developer Sogou was approved by China’s anti-monopoly regulator, according to a statement on the website of the State Administration for Market Regulation.</p><p><blockquote>根据国家市场监督管理总局网站上的一份声明，腾讯控股对搜索引擎开发商搜狗的收购获得了中国反垄断监管机构的批准。</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>SOHU shares surges 20% in early trading,as official approval for a Tencent Holdings Ltd. acquisition.<blockquote>随着腾讯控股控股有限公司收购的正式批准，搜狐股价早盘飙升20%。</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; 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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\">\nSOHU shares surges 20% in early trading,as official approval for a Tencent Holdings Ltd. acquisition.<blockquote>随着腾讯控股控股有限公司收购的正式批准，搜狐股价早盘飙升20%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-13 21:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>SOHU&nbsp;shares&nbsp;surges&nbsp;20%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;official approval for a Tencent Holdings Ltd. acquisition.</p><p><blockquote>随着腾讯控股控股有限公司收购的正式批准，搜狐股价早盘飙升20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c4b85f8ad31933441326d9abac73484b\" tg-width=\"1270\" tg-height=\"600\" referrerpolicy=\"no-referrer\">Tencent’s purchase of search engine developer Sogou was approved by China’s anti-monopoly regulator, according to a statement on the website of the State Administration for Market Regulation.</p><p><blockquote>根据国家市场监督管理总局网站上的一份声明，腾讯控股对搜索引擎开发商搜狗的收购获得了中国反垄断监管机构的批准。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","SOGO":"搜狗","SOHU":"搜狐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142482969","content_text":"SOHU shares surges 20% in early trading,as official approval for a Tencent Holdings Ltd. acquisition.\nTencent’s purchase of search engine developer Sogou was approved by China’s anti-monopoly regulator, according to a statement on the website of the State Administration for Market Regulation.","news_type":1,"symbols_score_info":{"00700":0.9,"SOHU":0.9,"SOGO":0.9}},"isVote":1,"tweetType":1,"viewCount":467,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881647484,"gmtCreate":1631335622948,"gmtModify":1631888860716,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Hehehe","listText":"Hehehe","text":"Hehehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/881647484","repostId":"1127461097","repostType":4,"repost":{"id":"1127461097","kind":"news","pubTimestamp":1631324868,"share":"https://www.laohu8.com/m/news/1127461097?lang=zh_CN&edition=full","pubTime":"2021-09-11 09:47","market":"us","language":"en","title":"One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127461097","media":"Seeking Alpha","summary":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne Small Step From Apple Could Mean A Giant Leap For GlobalStar<blockquote>苹果迈出的一小步可能意味着GlobalStar的一大步</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-11 09:47</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>At first sight, Globalstar is just one more satellite communications play.</li>  <li>Looking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.</li>  <li>Being selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.</li>  <li>Even without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.</li>  <li>Valuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed6c50a6d200b5d8c35f4d14498600c9\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>乍一看，Globalstar只是又一个卫星通信游戏。</li><li>更深入地看，其频段n53可在任何环境下提供安全可靠的连接，现已包含在高通最新的智能手机5G调制解调器中。</li><li>被苹果选中对于Globalstar增加收入和实现收入多元化以及改变目前亏损状况的战略来说意义重大。</li><li>即使没有苹果，该公司也值得关注，但只是作为物联网在激烈竞争和减少债务能力中的长期受益者。</li><li>鉴于市场上的所有消息，估值都非常高，最好在投资之前等待下周苹果活动上的一些具体消息。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> Globalstar's (GSAT) shares soared 40% on August 30 after a report by&nbsp;MacRumors&nbsp;which cited expert Apple (NASDAQ:AAPL) analyst&nbsp;Ming-Chi Kuo&nbsp;of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.</p><p><blockquote>8月30日，MacRumors援引天风国际证券苹果（纳斯达克股票代码：AAPL）分析师郭明錤的一份报告称，iPhone 13使用卫星连接，以便用户可以进行评级，Globalstar(GSAT)股价飙升40%。在没有蜂窝覆盖的区域发送短信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bd859c3544ffd37de25d5bc8dfe3166\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Soon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should&nbsp;allow users to issue crash reports or text messages in areas without cellular coverage.</p><p><blockquote>不久之后，彭博进一步澄清说，这些功能不会很快推出，而是适用于未来的iPhones，应该允许用户在没有手机覆盖的地区发布崩溃报告或短信。</blockquote></p><p> Now, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.</p><p><blockquote>现在，苹果甚至考虑在其全球品牌中添加任何基于卫星的功能对Globalstar来说意义重大，但首先，对于投资者来说，我明白这一切。</blockquote></p><p> <b>Reasons for Apple to choose Globalstar</b></p><p><blockquote><b>苹果选择Globalstar的原因</b></blockquote></p><p> For most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.</p><p><blockquote>对于我们大多数人来说，我们对基于卫星的互联网的体验意味着糟糕或有时不稳定的连接，但这些大多是与位于地球表面上方的地球同步卫星。相反，Globalstar的低地球轨道（“LEO”）卫星提供的机会要好得多，尤其是在没有4G或5G蜂窝覆盖的地区。</blockquote></p><p> To have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of&nbsp;97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.</p><p><blockquote>要了解低地球轨道卫星的潜力，可以看看埃隆·马斯克(Elon Musk)的SpaceX(SPACE)。这些服务已部署在美国和英国，一些客户已经注册了该服务。Speedtest的基准测试显示，下载速度为97.23 Mbps，远远高于其他传统供应商。这一速度低于固定宽带提供商115.22 Mbps的中值速度，但对于电信公司发现铺设额外光纤或扩大蜂窝覆盖不经济的“弱势地区”来说是有意义的。</blockquote></p><p> Therefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.</p><p><blockquote>因此，鉴于iPhone和卫星连接融合的巨大潜力，有关苹果仅出于紧急目的使用Globalstar网络的消息似乎更多的是为了不惊动与其合作数十年的电信合作伙伴。</blockquote></p><p> This blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.</p><p><blockquote>高通（纳斯达克：QCOM）在其新的5G X65调制解调器中包含了Globalstar的n53频段，这使得这种混合成为可能。这也应该会显着扩大卫星运营商的潜在设备生态系统，将智能手机、笔记本电脑和平板电脑包括在内。</blockquote></p><p> For investors, the&nbsp;Snapdragon X65&nbsp;will be released in the fall of&nbsp;2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.</p><p><blockquote>对于投资者来说，骁龙X 65将于2022年秋季发布，很可能会进入明年的iPhone。应该会有更好的峰值性能和其他好处，但有些需要运营商升级他们的网络。另一方面，有了n53频段，人们可以想象未来移动通信的转变，在世界任何地方，通过单一运营商计划，无需漫游，无需购买本地SIM卡。</blockquote></p><p> <b>Globalstar's differentiation</b></p><p><blockquote><b>全球星的差异化</b></blockquote></p><p> Thus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.</p><p><blockquote>因此，这不仅仅是关于紧急评级或消息传递，在某种程度上，显示了Globalstar作为卫星网络运营商相对于电信公司移动网络运营的优势。</blockquote></p><p> Now, satellite communications is a huge industry, estimated at $56.01 billion&nbsp;in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&amp;T (T).</p><p><blockquote>现在，卫星通信是一个巨大的产业，2019年估计为560.1亿美元，预计到2027年将达到995.8亿美元，2020年至2027年的CAGR为9.2%。更深入地说，有几家卫星运营商和服务提供商，包括铱星(IRDM)和Orbcomm(ORBC)。其他公司也涉足太空技术，如DISH Networks(DISH)和AT&amp;T(T)。</blockquote></p><p> Here, GlobalStar seems to be having some key strengths with respect to peers.</p><p><blockquote>在这方面，GlobalStar似乎相对于同行拥有一些关键优势。</blockquote></p><p> According to the company's website, its&nbsp;strategically&nbsp;placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.</p><p><blockquote>根据该公司的网站，其战略性放置的网关提供本地网络接入和国家编号计划，而其他LEO系统需要为所有评级进行昂贵的国际拨号。此外，Globalstar拥有独特的设计，使其能够向客户提供最具吸引力的本地拨号和定价计划。</blockquote></p><p></p><p> Pursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.</p><p><blockquote>此外，Globalstar的24个地面站还充当了低地球轨道卫星和六大洲传统通信基础设施之间的桥梁，覆盖全球120多个国家。此外，第二代地面基础设施基于因特网协议多媒体子系统(“IMS”)协议，其便于使用IP(因特网协议)进行无线或陆线上的分组通信。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ab07af4d39eb03b1776e870748b773f\" tg-width=\"828\" tg-height=\"468\" width=\"100%\" height=\"auto\"><span>Source: globalstar.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：globalstar.com</span></p></blockquote></p><p> Consequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than&nbsp;five billion mobile subscribers&nbsp;constantly move in and out of wireless coverage, representing a huge TAM.</p><p><blockquote>因此，Globalstar为像苹果这样寻求渗透新市场的巨头带来了一些有吸引力的指标。在这方面，根据一个消息来源，超过50亿的移动用户不断地进出无线覆盖，这代表了一个巨大的TAM。</blockquote></p><p> Bagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).</p><p><blockquote>与苹果签订合同，即使是部分合同，或者与另一家同行合作，都会增加新用户数量，这反过来应该足以抵消当前ARPU（每用户平均收入）下降对收入的影响。</blockquote></p><p> <b>The revenues</b></p><p><blockquote><b>收入</b></blockquote></p><p> Overall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.</p><p><blockquote>与去年相比，2021年第二季度的整体销售额有所下降，因为与SPOT（最大的细分市场）相关的用户设备产生的更高收入被服务收入的下降所抵消。对于投资者来说，SPOT是一款GPS跟踪设备，它使用Globalstar的卫星网络提供短信和GPS跟踪。</blockquote></p><p> Looking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.</p><p><blockquote>更深入地看，由于双工用户减少，服务收入也比去年同期下降，随着Globalstar将资源集中在其他收入流（例如支持物联网的设备）上，预计这种下降将持续下去。这是鉴于整个MSS（移动卫星服务）行业的需求转变而完成的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e8b74a670c927d2d84f1751cfd4a148\" tg-width=\"498\" tg-height=\"457\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法</span></p></blockquote></p><p> Interestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.</p><p><blockquote>有趣的是，由于ARPU较上年同期上升，2021年第二季度商业物联网用户产生的服务收入增长了5%。此外，物联网设备销售额较去年同期大幅增长，这是未来服务收入增长的关键指标。</blockquote></p><p> Thinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at&nbsp;satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.</p><p><blockquote>仔细想想，SPOT较低的ARPU也表明了竞争，Globalstar在工业、政府和消费市场上进行了激烈的价格竞争。从卫星电话和通信设备来看，一些竞争对手包括Garmin(GRMN)的InReach、Iridium Go和Thuraya X5-Touch（一款双卡Android智能手机）。</blockquote></p><p> As a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.</p><p><blockquote>因此，该公司不得不降价，其“价格有竞争力的服务计划低于历史费率”。因此，现货收入在短期内应该会继续下降，更高的激活量无法抵消较低的ARPU对销售的影响。</blockquote></p><p> A comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.</p><p><blockquote>与竞争对手铱星的比较显示了截然不同的收入趋势，Globalstar自2019年底以来一直处于波动趋势，同时竞争更加激烈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4be74c4a607fae52a664620ba3cf9d68\" tg-width=\"455\" tg-height=\"310\" width=\"100%\" height=\"auto\"><span>Source: Charts built through data from Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：通过Seeking Alpha的数据构建的图表。</span></p></blockquote></p><p> Therefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.</p><p><blockquote>因此，采取谨慎的态度，面向物联网的创收模式的改变可能需要时间来执行，从而销售数字可能会进一步下降。这反过来可能会导致第三季度业绩未达到预期，导致股价下跌。就此而言，正如我在之前的论文中指出的那样，投资Globalstar的风险之一是其对石油和天然气行业命运的依赖。</blockquote></p><p> On the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.</p><p><blockquote>从积极的一面来看，该公司继续降低杠杆率，截至2021年第二季度末，未偿第一留置权本金净额不到5000万美元。</blockquote></p><p> As of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional&nbsp;$37.5 million&nbsp;in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on&nbsp;June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had&nbsp;$313.4 million&nbsp;in long-term debt.</p><p><blockquote>截至2021年6月30日，该公司分别持有1570万美元和5100万美元的现金和限制性现金。Globalstar已收到客户额外支付的3750万美元预付款。新付款的条款与6月9日收到的类似3750万美元付款“基本相同”。与其他付款一样，Globalstar将使用新的3750万美元收益来偿还其第一留置权信贷安排下的债务。在上一份报告中，该公司的长期债务为3.134亿美元。</blockquote></p><p> <b>Valuations and key takeaways</b></p><p><blockquote><b>估值和主要要点</b></blockquote></p><p></p><p> As much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at&nbsp;10.1%&nbsp;from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.</p><p><blockquote>2021年前六个月，多达16%的收入来自物联网，高于去年同期的14%。现在，在一个从2019年到2025年以10.1%的速度增长的市场中，有很大的空间，但这也将取决于Globalstar有意义地识别、追求和完成大型交易的能力。这应有助于进一步多元化其收入基础，摆脱全双工。</blockquote></p><p> The company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.</p><p><blockquote>该公司还成功地在替代能源行业进行了远程监控的现场测试，预计这将在未来的销售中实现，但没有提及时间表。</blockquote></p><p> Furthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was&nbsp;-$0.01&nbsp;for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of&nbsp;20x. This signifies no buying opportunity based on fundamentals.</p><p><blockquote>此外，这是一家亏损公司，与去年相比，2021年第二季度的运营亏损增加了60万美元。第二季度每股收益为-0.01美元，预计第三季度将持平。相比之下，通信行业的预期市盈率为20倍。这意味着没有基于基本面的买入机会。</blockquote></p><p> The only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.</p><p><blockquote>Globalstar的损失状况能够迅速改变的唯一方法是通过iPhone生态系统在美国和其他国家实现其n53频谱的商业化。与苹果的合作将允许扩大卫星通信业务，更有效地利用网络资产，并使Globalstar能够超越竞争对手。两家公司都与高通合作的事实对Globalstar来说是一个积极的因素。</blockquote></p><p> This said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in&nbsp;high&nbsp;Price to Sales multiples of over 2000% with respect to the communications sector.</p><p><blockquote>尽管如此，在没有公司公告的情况下，Globalstar的股价一直在飙升，因为人们不断猜测其卫星通信技术可能会包含在苹果的新款iPhone中，导致通信行业的市销率超过2000%。</blockquote></p><p> Consequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event&nbsp;on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.</p><p><blockquote>因此，对于理性投资者来说，最好等待9月14日“加州流媒体”活动的更新后再做出决定。与此同时，该股可能会跌至2美元的支撑位。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar\">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":{"GSAT":"全球星"},"source_url":"https://seekingalpha.com/article/4454436-one-small-step-from-apple-could-mean-a-giant-leap-for-globalstar","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127461097","content_text":"Summary\n\nAt first sight, Globalstar is just one more satellite communications play.\nLooking deeper, its Band n53, which offers secure and reliable connectivity in any environment, is now included into Qualcomm's latest 5G modems for smartphones.\nBeing selected by Apple could mean a lot for Globalstar in its strategy to boost and diversify revenues, as well as change the current loss-making status.\nEven without Apple, the company merits interest, but only as a long-term beneficiary of IoT amid fierce competition and ability to reduce debt.\nValuations are sky-high in light of all the news hitting the market and, it is better to wait for some concrete news at Apple's event next week before investing.\n\nmetamorworks/iStock via Getty Images\nGlobalstar's (GSAT) shares soared 40% on August 30 after a report by MacRumors which cited expert Apple (NASDAQ:AAPL) analyst Ming-Chi Kuo of TF International Securities, about iPhone 13 using satellite connectivity so that users can make calls and texts in areas without cellular coverage.\nData by YCharts\nSoon afterwards, there were some further clarification by Bloomberg specifying that those features aren't due soon, but rather for future iPhones and should allow users to issue crash reports or text messages in areas without cellular coverage.\nNow, for Apple to even consider adding any satellite-based feature to its global brand would mean a lot for Globalstar, but first, for investors, I make sense of it all.\nReasons for Apple to choose Globalstar\nFor most of us, our experience with satellite-based internet has meant poor or sometimes erratic connectivity, but these were mostly with the geostationary satellites located far above the earth's surface. Instead, the opportunities offered by Globalstar's Low Earth Orbit (\"LEO\") satellites are much better, especially in areas that don't have 4G or 5G cellular coverage.\nTo have an idea of the potential of LEO satellites, one can take a glance at Elon Musk’s SpaceX's (SPACE). These have been deployed at locations in the U.S and the U.K. with several customers already having signed up to the service. Bench-marking by Speedtest showed download speeds of 97.23 Mbps,or far superior than those for other traditional providers. This speed was lower than the 115.22 Mbps median speed for fixed broadband providers, but makes sense for \"disadvantaged locations\" where telcos find it uneconomical to lay down additional fiber or expand cellular coverage.\nTherefore, given the enormous potential of the blending between the iPhone and satellite connectivity, news about Apple using Globalstar's network only for emergency purposes seems more aimed at not alarming its telco partners with whom it has been working since decades.\nThis blending is made possible by Qualcomm's (NASDAQ:QCOM) inclusion of Globalstar's band n53 in its new 5G X65 modem. This should also expand the satellite operator's potential device ecosystem significantly to include smartphones, laptops and tablets.\nFor investors, the Snapdragon X65 will be released in the fall of 2022, most likely into next year’s iPhone. Better peak performance and other benefits should be there, but some will require carriers to upgrade their networks. On the other hand, with band n53, one can imagine the transformation of future mobility communications with a single operator plan anywhere in the world, without necessitating roaming, with no need to buy local SIM cards.\nGlobalstar's differentiation\nThus, this is not just about emergency calls or messaging and in a way, shows Globalstar's edge as a satellite network operator over telco's mobile network operations.\nNow, satellite communications is a huge industry, estimated at $56.01 billion in 2019 and expected to hit $99.58 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027. Going deeper, there are several satellite operators and service providers, with Iridium (IRDM) and Orbcomm (ORBC). Other companies are involved in space technology like DISH Networks (DISH) and AT&T (T).\nHere, GlobalStar seems to be having some key strengths with respect to peers.\nAccording to the company's website, its strategically placed gateways offer local network access and national numbering plans as opposed to other LEO systems that require expensive international dialing for all calls. Also, Globalstar has a unique design which allows it to offer the most attractive local dialing and pricing plans to customers.\nPursuing further, Globalstar’s 24 ground stations also serve as a bridge between LEO satellites and traditional communications infrastructure on six continents, with coverage spanning across over 120 countries throughout the world. Furthermore, the second generation ground infrastructure is based on the Internet protocol multimedia subsystem (\"IMS\") protocol, which facilitates the use of IP (Internet Protocol) for packet communications over wireless or landline.\nSource: globalstar.com\nConsequently, Globalstar brings some attractive metrics for a behemoth like Apple looking to penetrate new markets. In this respect, according to a source, more than five billion mobile subscribers constantly move in and out of wireless coverage, representing a huge TAM.\nBagging a contract with Apple, even a partial one, or in partnership with another peer would increase the volume of new subscribers, which should in turn more than offset the current revenue impact from lower ARPU (Average Revenue per User).\nThe revenues\nOverall sales have gone down in the second quarter of 2021 compared to last year as higher revenue generated from subscriber equipment related to SPOT (the largest segment) was offset by lower service revenues. For investors, SPOT is a GPS tracking device that uses Globalstar's satellite network to provide text messaging and GPS tracking.\nLooking deeper, service revenue also decreased over the prior year's quarter due to fewer Duplex subscribers, with the decline expected to continue as Globalstar focuses resources on other revenue streams, like IoT-enabled devices. This is done in light of the shift in demand across the MSS (mobile satellite services) industry.\nSource: Seeking Alpha\nInterestingly, service revenues generated from commercial IoT subscribers increased 5% in the second quarter of 2021 driven by higher ARPU compared to the prior year's quarter. Additionally, IoT equipment sales were up significantly from the prior year period, which is a key indication of future service revenue growth.\nThinking aloud, lower ARPU for SPOT also points to competition, with Globalstar competing aggressively on price in the industrial, governmental and consumer markets. Looking at satellite phones and communication gadgets, some of the competitors include Garmin's (GRMN) InReach, Iridium Go and the Thuraya X5-Touch, which is a dual-SIM Android smartphone.\nAs a result, the company has to cut prices with its “competitively-priced service plans being lower than historic rates”. Therefore, SPOT revenues should continue to decline in the near term, with higher volumes of activations not being able to offset the effects of lower ARPU on sales.\nA comparison with rival Iridium shows contrasting revenue trends, with Globalstar being on a fluctuating trend since the end of 2019, coinciding with more competition.\nSource: Charts built through data from Seeking Alpha.\nTherefore, adopting a cautionary posture, a change in the revenue-generating model geared towards IoT may take time to execute, whereby sales figures could drop further. This may in turn lead to missing topline expectations during the third quarter results, causing the share price to dip. For this matter, as I had pointed out in my previousthesis, one of the risks in investing in Globalstar is its dependence on the fortunes of the oil and gas industry.\nOn the positive side, the company continues to reduce leverage, with less than $50 million of net first lien principal outstanding at the end of Q2-2021.\nAs of June 30, 2021, the company held $15.7 million and $51.0 million of cash and restricted cash respectively. Globalstar has received an additional $37.5 million in advance payment from a customer. The new payment is under \"substantially the same terms\" as a similar $37.5 million payment received on June 9. As with the other payment, Globalstar will use the new $37.5 million in proceeds to pay down indebtedness under its first-lien credit facility. In the last report, the company had $313.4 million in long-term debt.\nValuations and key takeaways\nAs much as 16% of revenues were derived from IoT in the first six months of 2021, up from 14% in the same period last year. Now, in a market growing at 10.1% from 2019 to 2025, there is a lot of scope, but it will also depend on Globalstar's ability to meaningfully identify, pursue and close large deals. This should contribute to further diversify its revenue base away from full Duplex.\nThe company has also performed successful field testing for remote monitoring in the alternative energy industry, which it expects to materialize into future sales, but without mentioning a timeline.\nFurthermore, this is a loss-making company with losses from operations having increased by $0.6 million during the second quarter of 2021 compared to last year. Earnings per share which was -$0.01 for the second quarter is expected to be the same in the third one. This compares to positive figures for the communications sector, which boasts forward Price to Earnings multiples of 20x. This signifies no buying opportunity based on fundamentals.\nThe only way Globalstar's loss status could change rapidly is commercialization of its n53 spectrum in the U.S. and other countries through presence in the iPhone ecosystem. A partnership with Apple will permit expansion of the satellite communications business, more effective utilization of network assets and enable Globalstar to leapfrog rivals. The fact that both companies work with Qualcomm is a positive for Globalstar.\nThis said, in absence of corporate announcements, Globalstar's stock has been surging amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models, resulting in high Price to Sales multiples of over 2000% with respect to the communications sector.\nConsequently, for rational investors, it is preferable to wait for an update at the\"California Streaming\" event on September 14 before making a decision. In the meantime, the stock could drop to the $2 support level.","news_type":1,"symbols_score_info":{"GSAT":0.9}},"isVote":1,"tweetType":1,"viewCount":1652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147666482,"gmtCreate":1626356563946,"gmtModify":1633927568014,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/147666482","repostId":"2151524514","repostType":4,"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148588919,"gmtCreate":1625988330931,"gmtModify":1633931055682,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Like me ar !!!!!","listText":"Like me ar !!!!!","text":"Like me ar !!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148588919","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohu8.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是单程旅行。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人亏损了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易还远未结束。投资者需要知道的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达（Blockbuster）的干涸尸体在一月份突然复活时，他们再次崩溃的时间已经在滴答作响。是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经半年了，核心“模因股”的交易水平仍然被研究它们多年的人认为令人发指。Clover Health Investments(CLOV)和Newegg Commerce(NEGG)等新名字最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易者——长期以来被嘲笑为“愚蠢的钱”——的集体努力成功地保持了股票的高位，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型或扭亏为盈的迹象，但情况确实如此。黑莓在最近一个季度烧钱，并警告其关键的网络安全部门将触及收入指引的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>尽管大型经纪商的交易量较2月份的峰值略有下降，但仍是大流行前的两到三倍。散户交易者青睐的股票中发生了数量惊人的此类活动。例如，AMC院线控股公司(AMC)6月份股票日均交易价值达到131亿美元，超过苹果(AAPL)的95亿美元和亚马逊(AMZN)的103亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉酸面团面包；交易者只会越来越饥渴。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种胃口，就像互联网泡沫破裂时一样。就目前而言，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“我发现‘逢低买入’的情绪一刻也没有减弱，”与朋友在线交易的美国海军电子技术员布兰登·卢泽克(Brandon Luczek)在给《巴伦周刊》的电子邮件中写道。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>散户投资者交易量的增加推动了模因股票的飙升。2020年，在线经纪商以创纪录的速度签约客户，新开户人数超过1000万人。这一纪录几乎肯定会在2021年被打破。一些顶级公司透露，今年不到一半，经纪商就已经增加了超过1000万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这一现象的马车，也是马。它们的价格突然飙升是由新投资者推动的，然后这种行为会推动更多的新人投资。数百万人在一月底和二月初下载了投资应用程序，只是为了享受乐趣。嘉信理财(SCHW)最近的一项调查发现，15%的当前交易者在2020年之后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>这一激增中最突出的参与者是Robinhood，该公司表示仅在第一季度就增加了550万个受资助账户。但它并不孤单。例如，富达宣布第一季度吸引了160万35岁以下的新客户，比去年同期增长了223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在Robinhood零佣金模式的压力下，所有主要经纪商都在2019年将佣金降至零。这为新的客户群体打开了闸门——他们可能没有那么多闲钱可供交易，但比前辈更加活跃和多样化。经纪人正在兑现。富达希望在投资者拥有驾驶执照之前就吸引他们，允许年仅13岁的儿童开设交易账户。Robinhood正在乘势进行首次公开募股，分析师预计其估值将超过其收入的10倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与老客户不同。E*Trade（现归摩根士丹利(MS)所有）交易主管克里斯·拉金(Chris Larkin)表示，多年来，“ETF的吸引力很大”。但挑选个股显然是“2021年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，股票交易所交易基金仍然表现良好，因为世界各地的投资者都押注于疫情复苏，并避免债券收益率疲软。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但ETF不像股票那样点亮留言板。对于顶级品牌来说，这并不是单程旅行。游戏驿站确实在二月份下跌，华尔街享受了一段幸灾乐祸的时刻。这并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>盈透证券(Interactive Brokers)首席策略师史蒂夫·索斯尼克(Steve Sosnick)写道：“就像蝉一样，模因交易者在看似地下几个月后，又以疯狂的活动回归。”索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种股票转向另一种股票。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>他写道：“我认为，在比特币和其他加密货币大幅调整后，模因股票重新焕发生机，这绝非巧合。”</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为模因股票是一个“独立的行业”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对模因股票革命的反应是孤立市场中专业人士认为非理性的部分。大多数卖空者不会碰这些股票，分析师也放弃了报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样将零售大军赶走，也不能指望它们在未来17年消失。股票交易已经永久转移。今年，零售活动占股本的24%，高于2019年的15%。新信条的追随者并不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>哥伦比亚法学院证券市场教授乔舒亚·米茨（Joshua Mits）说，“这真正反映了我们看到的与个别公司的接触越来越少的趋势的逆转。”“技术正在拉近普通投资者与他或她投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>——Matt Kohrs，26岁，每天在YouTube上播放股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早期进入的人的生活，并且仍然名气更高。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯（Matt Kohrs）为例，他很早就投资了AMC院线。今年2月，他辞去了在纽约的程序员工作，搬到了费城，并开始每天在YouTube上播放7个小时的股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>它在YouTube上拥有35万粉丝，正在支付账单。科尔斯表示，凭借广告和股票的收入，他可以降低与以前大致相同的工资。但他也知道，像这样依赖股票的收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“你得到的挥杆肯定会让你有某种感觉，”他说。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给模因学家来理解新华尔街充满表情符号的语言，这样他们就可以避开他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC甚至在过去一周取消了拟议的股权融资，因为该公司显然不喜欢Reddit人群的氛围。过去一年，AMC的股票数量已经增加了五倍。首席执行官Adam Aron在推特上表示，他看到了对他增发2500万股股票的提议“许多是，许多不是”的反应，因此该提议将被取消，而不是在本月晚些时候的AMC年会上进行投票。该公司没有回应有关如何对股东进行民意调查的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室中确定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者花更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕散户行为进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在“阿尔法”，但可能需要一些激烈的数字运算才能达到这一目标。当然，并非所有留言板上的喋喋不休都会导致价格持续上涨，而且在没有大量数据分析的情况下，零售订单流无法轻易与机构订单流分开。对于拥有工具来确定散户投资者正在买入和卖出哪些股票的投资者，摩根大通建议做多买入兴趣最高的20%的股票，做空卖出兴趣最高的20%的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他们认为这几乎就像一份保险单，以限制他们的下行风险，”他说。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于散户来说，这种方法并不总是科学的。这一行动得到了社区精神的支持。其背后的力量既是经济上的，也是情感上的和道德上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是证明自己和惩罚保守派的愿望，就像利润一样。他们互相了解市场，有时会放大或揭穿有关华尔街的阴谋论。一些人将模因股票走势与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“华尔街让我们的经济陷入瘫痪，没有人因此惹上麻烦，”26岁的科尔斯说。“所以，我认为他们认为这不仅可以让我们赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格(Claire Hirschberg)是一名28岁的工会组织者，她在从朋友那里听说此事后，于1月份在Robinhood上购买了价值约50美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他父亲是一位长期的资金经理。“他对我买下游戏驿站并拒绝出售感到非常生气，”她笑着说。“这让我想永远拥有它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像旧华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，直到你成为合伙人后，你才会戴菲拉格慕领带。在总经理离开之前，你永远不会离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而不是这个顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万零售交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认经济损失是一种勇敢的行为，是内部坚韧和对集团信念的证明。你不把自己当回事，也不监管语言。你是“猿”或“弱智”大军的一员。你坚持住了崩溃，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>群体行动不仅仅是为了道义上的支持。交易策略取决于人们保持购买压力以迫使空头挤压或购买看涨期权，从而触发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔(Keith Gill)二月份几乎出现在众议院金融服务委员会听证会上，成为Reddit零售交易员大军的代言人，推动游戏驿站股价走高。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来为模因运动提供氧气。6月中旬，AMC的空头利息占该股流通量的17%，低于1月份的28%，但幅度不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格的上涨，空头们也身不由己。Wedbush Securities分析师Michael Pachter表示，他们开始“流口水，耳朵里冒出火焰”，多年来一直关注游戏驿站。“让我有点震惊的是精神错乱的定义，即一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头不断回来，”他说。“[游戏驿站公牛]基思·吉尔和他的Reddit攻略不断挤压他们，而且它一直在发挥作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit人群需要团结一致，但社区有时会出现裂痕。拥有最坚定粉丝群的两只模因股票——游戏驿站和AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更多善变的支持者。几只陷入迷因疯狂的股票已经暴跌。Bed Bath&amp;Beyond(BBBY)在1月底和6月初两次飙升，但现在的交易价格仅略高于1月中旬的水平。在上涨期间买入的人亏损了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心wallstreetbets——最初引发游戏驿站狂热的Reddit留言板——发展如此之快，以至于失去了最初的精神，并可能变得容易受到操纵。一些人已经转移到其他留言板，如r/superstonk，希望恢复旧社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司Hype Equity的创始人特拉维斯·雷尔(Travis Rehl)表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常是由代表网上谈论的公司的公关公司雇佣的。现在，他看到越来越多的股票突然出现在留言板上，收到积极的议论，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“这引发了人们对什么是真正的讨论与什么是某人只是想炒作的讨论的质疑，”他说。wallstreetbets的版主禁止在该平台上进行市场操纵，Rehl表示，他们似乎正在努力监管错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>索斯尼克表示：“如果你能制造足够的轰动效应，让股票在短时间内上涨10%、20%甚至50%，那么就有巨大的动力这样做。”</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>证券交易委员会正在留言板上关注有趣的事情。证交会主席盖瑞·根斯勒和一些国会议员讨论改变市场规则，意图增加透明度保护零售商——尽管如果改变交易速度减慢或让交易变得更贵，这些变化也可能激怒零售商群体。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一可能抑制这一趋势的因素。fintech Betterment行为金融和投资副总裁丹·伊根(Dan Egan)认为，这一势头可能会在9月份失去动力。即使是“猿”也有责任。“孩子们开始回到学校；父母可以再次自由地去工作，”他说。“那是下一次从房间里抽出一些氧气的时候。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金激发的暂时疯狂。但那将是一个错误。如果零佣金经纪公司和游戏驿站的乐趣打破了数百万新投资者开户的障碍，这几乎肯定是一件好事，只要大多数人用他们并不立即需要的钱下注。许多新零售交易员表示，他们正在自学如何交易，并已开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>以这样或那样的形式，这就是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授Hendrik Bessembinder在2018年发表了开创性的研究，发现“在随机选择的月份随机选择的股票更有可能亏损而不是赚钱。”简而言之，挑选单一股票并持有集中的投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是受到了新一波交易的鼓舞。“我欢迎零售交易的增加，以及股票市场是一个广泛参与的地方的想法，”贝森宾德说。“经济学家不能告诉人们他们不应该找点乐子。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","GME":"游戏驿站","NEGG":"Newegg Comm Inc.","CLOV":"Clover Health Corp","SCHW":"嘉信理财","BB":"黑莓","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","CARV":"卡弗储蓄"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"BBBY":0.9,"NEGG":0.9,"BB":0.9,"SCHW":0.9,"CARV":0.9,"WKHS":0.9,"MRIN":0.9,"AMC":0.9,"GME":0.9,"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182374282,"gmtCreate":1623556255346,"gmtModify":1634031762504,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/182374282","repostId":"1118102755","repostType":4,"repost":{"id":"1118102755","kind":"news","pubTimestamp":1623469189,"share":"https://www.laohu8.com/m/news/1118102755?lang=zh_CN&edition=full","pubTime":"2021-06-12 11:39","market":"us","language":"en","title":"Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118102755","media":"MarketWatch","summary":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank ","content":"<p>  <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>  Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p><p><blockquote><b>迈克尔·布拉什(Michael Brush)就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。</b>不要被对十多年来最高通胀率的平静反应所迷惑。通胀将保持在足以撼动股市的高位，可能导致高达15%的抛售。你现在需要准备。</blockquote></p><p> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p><p><blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并让美联储在年底前开始缩减刺激措施。两者都会扰乱股市。</blockquote></p><p> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p><p><blockquote>政府6月10日表示，5月份生活成本飙升，推动通胀率升至5%的13年高点。</blockquote></p><p> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p><p><blockquote>你该怎么办？可能和你想的正好相反。在我们讨论这个问题之前，我们先来看看从今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote></p><p> <b>Rising yields</b></p><p><blockquote><b>收益率上升</b></blockquote></p><p> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p><p><blockquote>还记得今年早些时候，当10年期国债收益率TMUBMUSD10Y, 1.452%升至1.7%左右时，股市是如何恐慌的吗？好吧，期待重演。只会更糟。</blockquote></p><p> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p><p><blockquote>凯投宏观(Capital Economics)经济学家弗兰齐斯卡·帕尔马斯(Franziska Palmas)以劳动力市场紧张和工资增长为由表示：“我们怀疑美国的通胀将比投资者目前预期的更加持久。”她的研究小组预计今年年底10年期国债收益率为2.25%，2022年底为2.5%。</blockquote></p><p> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p><p><blockquote>与目前1.5%的水平相比，这将是一个很大的变化。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote></p><p> <b>Fed tapering</b></p><p><blockquote><b>美联储缩减规模</b></blockquote></p><p> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p><p><blockquote>美联储主席鲍威尔淡化了央行缩减购债规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）12名成员中有一半最近表示，他们准备开始讨论缩减规模。FOMC是美联储制定货币政策的分支机构。</blockquote></p><p> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p><p><blockquote>《预测市场》一书的作者兼亚德尼研究主管埃德·亚德尼(Ed Yardeni)表示：“在美联储开始谈论缩减规模之前，鲍威尔越来越难以声称经济需要在实现最大就业方面取得‘实质性的进一步进展’。”鲍威尔多次表示，美联储正在等待经济取得“实质性的进一步进展”，然后再终止刺激措施。</blockquote></p><p> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p><p><blockquote>亚德尼预测：“鉴于经济表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。”</blockquote></p><p> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p><p><blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。Tapering是指美联储缩减购债规模。这收紧了货币供应，抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote></p><p> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p><p><blockquote>众所周知，缩减规模会导致股市出现“缩减恐慌”，这意味着标普500 SPX指数+0.19%、道琼斯工业平均指数道琼斯指数+0.04%和纳斯达克综合指数+0.35%等指数大幅抛售。</blockquote></p><p> <b>How to prepare</b></p><p><blockquote><b>如何准备</b></blockquote></p><p> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p><p><blockquote>在考虑如何为债券收益率上升和美联储紧缩政策可能引发的抛售做好准备时，要记住的关键事情是为什么会发生这些事情，以及历史告诉我们股票的表现。</blockquote></p><p> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p><p><blockquote>人们普遍认为，缩减购债规模和债券收益率上升会扼杀经济增长和股市牛市。但这实际上不是真的。</blockquote></p><p> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p><p><blockquote>是的，最初，紧缩可能会导致股市下跌——或者充其量是横盘震荡。但随着牛市的持续，股市摆脱了这一局面并走高。这是有道理的，因为紧缩的发生是有帮助企业的充分理由的——强劲的经济增长。这大幅推高了盈利，从而将估值重置为较低——回落到投资者感到满意的水平。</blockquote></p><p> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p><p><blockquote>Leuthold市场策略师吉姆·保尔森(Jim Paulsen)表示：“缩减规模是复苏的重要组成部分。”“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，允许市场走高。这是一种健康的发展。”</blockquote></p><p> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p><p><blockquote>纵观未来可能出现的所有市场亮点，保尔森认为潜在的经济增长将推动标普500的盈利在年底前达到220美元。假设标普500处于当前水平或略低，这将使该指数的市盈率(P/E)降至18-19——接近或低于1990年以来的平均水平。“这为牛市的下一阶段奠定了基础，”他说。</blockquote></p><p> <b>Your five-point game plan</b></p><p><blockquote><b>你的五点游戏计划</b></blockquote></p><p> <b>1. Do not go to “defensives”</b></p><p><blockquote><b>1.不要去“防御性”</b></blockquote></p><p></p><p> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p><p><blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的“稳定性”。但那将是一个错误。当经济放缓或收缩时，你想采取防御措施，而不是当经济强劲时。另一个问题是防御性名称需要支付收益。因此，与债券一样，它们也会受到利率上升的打击，利率上升会使股息以及支付股息的股票和债券贬值。</blockquote></p><p> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p><p><blockquote>“保护自己的最佳方式是将您的投资组合与过热的经济挂钩。这是最佳利润增长和利润杠杆的地方，”保尔森说。“防御性药物是不会有这种感觉的。”</blockquote></p><p> <b>2. Go with companies that benefit from growth</b></p><p><blockquote><b>2.与受益于增长的公司同行</b></blockquote></p><p> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p><p><blockquote>由于快速的经济增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着周期性股票，如工业股、基础材料消费股、小盘股和国际股票。保尔森表示：“消费必需品和公用事业增长放缓将无法跟上市场增长领域的步伐。”</blockquote></p><p> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p><p><blockquote>我首先建议Lindblad Expeditions LIND，+0.17%和Cardlytics CDLX，+4.54%，并在我的股票信中，在2020年9月和2019年11月重温股票（我网站的链接在下面的简历中）。尽管它们的股价分别上涨了48%和157%，即标普500的两到四倍，但我仍然喜欢并拥有这两家公司。最近的内部买入证实了他们在当前水平附近买入并持有。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。Lindblad提供专门的异国情调的邮轮冒险。两者都受益于推动更多消费者支出的经济增长。</blockquote></p><p> <b>3. Do not get out of stocks</b></p><p><blockquote><b>3、不脱销库存</b></blockquote></p><p> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p><p><blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购股票可能很诱人。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握好时机。</blockquote></p><p> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p><p><blockquote>“你必须做出两个明智的决定，”亚德尼说。“你必须在修正之前退出，然后你必须决定何时重新加入。我不知道有多少人能始终如一地做到这一点。”</blockquote></p><p> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p><p><blockquote>市场计时器通常会退出，不会再回来，他们会错过下一轮上涨。“试图避免调整可能会给自己带来麻烦，”保尔森说。</blockquote></p><p> <b>4. Do not own bonds</b></p><p><blockquote><b>4.不持有债券</b></blockquote></p><p> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p><p><blockquote>到年底，债券收益率将达到2%或更高。因此，不要持有债券，当收益率上升时，债券的价格就会下跌——除非您只是计划持有至到期以收取收入。</blockquote></p><p> <b>5. Go with financials</b></p><p><blockquote><b>5.选择财务</b></blockquote></p><p> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p><p><blockquote>强劲的经济体通常会使收益率曲线更加向上倾斜，这意味着10年期国债的长期利率上升速度远快于短期利率。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有帮助。</blockquote></p><p> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</p><p><blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年8月在股票信中提出建议以来，摩根大通JPM(-0.07%)和美国银行BAC(+0.41%)的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得持有。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Don’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</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\">\nDon’t be fooled — inflation is a big risk for stock market investors. Here’s how to prepare<blockquote>不要被愚弄了——通货膨胀对股市投资者来说是一个很大的风险。以下是如何准备</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-12 11:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.</b>  Don’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.</p><p><blockquote><b>迈克尔·布拉什(Michael Brush)就如何在债券收益率上升和央行减少刺激措施时避免犯错误提出了建议。</b>不要被对十多年来最高通胀率的平静反应所迷惑。通胀将保持在足以撼动股市的高位，可能导致高达15%的抛售。你现在需要准备。</blockquote></p><p> The reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.</p><p><blockquote>原因是：持续的高通胀将使10年期国债收益率升至2%，并让美联储在年底前开始缩减刺激措施。两者都会扰乱股市。</blockquote></p><p> The government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.</p><p><blockquote>政府6月10日表示，5月份生活成本飙升，推动通胀率升至5%的13年高点。</blockquote></p><p> What should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.</p><p><blockquote>你该怎么办？可能和你想的正好相反。在我们讨论这个问题之前，我们先来看看从今天到年底之间股市的两个关键事件——债券市场和美联储。</blockquote></p><p> <b>Rising yields</b></p><p><blockquote><b>收益率上升</b></blockquote></p><p> Remember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452%&nbsp;moved up to around 1.7%? Well, expect a repeat. Only worse.</p><p><blockquote>还记得今年早些时候，当10年期国债收益率TMUBMUSD10Y, 1.452%升至1.7%左右时，股市是如何恐慌的吗？好吧，期待重演。只会更糟。</blockquote></p><p> “We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.</p><p><blockquote>凯投宏观(Capital Economics)经济学家弗兰齐斯卡·帕尔马斯(Franziska Palmas)以劳动力市场紧张和工资增长为由表示：“我们怀疑美国的通胀将比投资者目前预期的更加持久。”她的研究小组预计今年年底10年期国债收益率为2.25%，2022年底为2.5%。</blockquote></p><p> That’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.</p><p><blockquote>与目前1.5%的水平相比，这将是一个很大的变化。当利率大幅上升时，股票投资者往往会感到恐慌。</blockquote></p><p> <b>Fed tapering</b></p><p><blockquote><b>美联储缩减规模</b></blockquote></p><p> Fed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee&nbsp;(FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.</p><p><blockquote>美联储主席鲍威尔淡化了央行缩减购债规模以保持低收益率的必要性。但联邦公开市场委员会（FOMC）12名成员中有一半最近表示，他们准备开始讨论缩减规模。FOMC是美联储制定货币政策的分支机构。</blockquote></p><p> “It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.</p><p><blockquote>《预测市场》一书的作者兼亚德尼研究主管埃德·亚德尼(Ed Yardeni)表示：“在美联储开始谈论缩减规模之前，鲍威尔越来越难以声称经济需要在实现最大就业方面取得‘实质性的进一步进展’。”鲍威尔多次表示，美联储正在等待经济取得“实质性的进一步进展”，然后再终止刺激措施。</blockquote></p><p> “Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.</p><p><blockquote>亚德尼预测：“鉴于经济表现，有理由预计他们将在年底前开始缩减规模，几个月后他们将开始提高联邦基金利率。”</blockquote></p><p> He thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.</p><p><blockquote>他认为美联储将在7月会议上宣布开始缩减规模的决定。Tapering是指美联储缩减购债规模。这收紧了货币供应，抑制了经济增长。一旦购买量降至零，美联储就会继续降息。</blockquote></p><p> As we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&amp;P 500 SPX,+0.19%,&nbsp;the Dow Jones Industrial Average DJIA,+0.04%&nbsp;and Nasdaq COMP,+0.35%.</p><p><blockquote>众所周知，缩减规模会导致股市出现“缩减恐慌”，这意味着标普500 SPX指数+0.19%、道琼斯工业平均指数道琼斯指数+0.04%和纳斯达克综合指数+0.35%等指数大幅抛售。</blockquote></p><p> <b>How to prepare</b></p><p><blockquote><b>如何准备</b></blockquote></p><p> When considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.</p><p><blockquote>在考虑如何为债券收益率上升和美联储紧缩政策可能引发的抛售做好准备时，要记住的关键事情是为什么会发生这些事情，以及历史告诉我们股票的表现。</blockquote></p><p> The consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.</p><p><blockquote>人们普遍认为，缩减购债规模和债券收益率上升会扼杀经济增长和股市牛市。但这实际上不是真的。</blockquote></p><p> Yes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.</p><p><blockquote>是的，最初，紧缩可能会导致股市下跌——或者充其量是横盘震荡。但随着牛市的持续，股市摆脱了这一局面并走高。这是有道理的，因为紧缩的发生是有帮助企业的充分理由的——强劲的经济增长。这大幅推高了盈利，从而将估值重置为较低——回落到投资者感到满意的水平。</blockquote></p><p> “Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”</p><p><blockquote>Leuthold市场策略师吉姆·保尔森(Jim Paulsen)表示：“缩减规模是复苏的重要组成部分。”“这是对成功政策和经济反弹的回应。这是牛市的自然组成部分，允许市场走高。这是一种健康的发展。”</blockquote></p><p> Looking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&amp;P 500 earnings up to $220 by the end of the year. Assuming the S&amp;P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.</p><p><blockquote>纵观未来可能出现的所有市场亮点，保尔森认为潜在的经济增长将推动标普500的盈利在年底前达到220美元。假设标普500处于当前水平或略低，这将使该指数的市盈率(P/E)降至18-19——接近或低于1990年以来的平均水平。“这为牛市的下一阶段奠定了基础，”他说。</blockquote></p><p> <b>Your five-point game plan</b></p><p><blockquote><b>你的五点游戏计划</b></blockquote></p><p> <b>1. Do not go to “defensives”</b></p><p><blockquote><b>1.不要去“防御性”</b></blockquote></p><p></p><p> When people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.</p><p><blockquote>当人们看到股市动荡时，下意识的反应是追求公用事业和必需消费品等防御性股票的“稳定性”。但那将是一个错误。当经济放缓或收缩时，你想采取防御措施，而不是当经济强劲时。另一个问题是防御性名称需要支付收益。因此，与债券一样，它们也会受到利率上升的打击，利率上升会使股息以及支付股息的股票和债券贬值。</blockquote></p><p> “The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”</p><p><blockquote>“保护自己的最佳方式是将您的投资组合与过热的经济挂钩。这是最佳利润增长和利润杠杆的地方，”保尔森说。“防御性药物是不会有这种感觉的。”</blockquote></p><p> <b>2. Go with companies that benefit from growth</b></p><p><blockquote><b>2.与受益于增长的公司同行</b></blockquote></p><p> Since rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.</p><p><blockquote>由于快速的经济增长正在导致缩减规模——而且增长通常不会被紧缩扼杀——与增长相关的股票通常是最好的选择。这意味着周期性股票，如工业股、基础材料消费股、小盘股和国际股票。保尔森表示：“消费必需品和公用事业增长放缓将无法跟上市场增长领域的步伐。”</blockquote></p><p> I first suggested Lindblad Expeditions LIND,+0.17%&nbsp;and Cardlytics CDLX,+4.54%&nbsp;and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&amp;P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.</p><p><blockquote>我首先建议Lindblad Expeditions LIND，+0.17%和Cardlytics CDLX，+4.54%，并在我的股票信中，在2020年9月和2019年11月重温股票（我网站的链接在下面的简历中）。尽管它们的股价分别上涨了48%和157%，即标普500的两到四倍，但我仍然喜欢并拥有这两家公司。最近的内部买入证实了他们在当前水平附近买入并持有。另外，两者都是循环名称。Cardlytics帮助信用卡公司出于营销目的了解客户购买模式。Lindblad提供专门的异国情调的邮轮冒险。两者都受益于推动更多消费者支出的经济增长。</blockquote></p><p> <b>3. Do not get out of stocks</b></p><p><blockquote><b>3、不脱销库存</b></blockquote></p><p> If you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.</p><p><blockquote>如果您认为抛售即将到来，那么在此之前尝试卖出股票，并在疲软发生后回购股票可能很诱人。但这比你想象的要困难得多。市场资深人士表示，事实上，几乎不可能把握好时机。</blockquote></p><p> “You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”</p><p><blockquote>“你必须做出两个明智的决定，”亚德尼说。“你必须在修正之前退出，然后你必须决定何时重新加入。我不知道有多少人能始终如一地做到这一点。”</blockquote></p><p> Market timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.</p><p><blockquote>市场计时器通常会退出，不会再回来，他们会错过下一轮上涨。“试图避免调整可能会给自己带来麻烦，”保尔森说。</blockquote></p><p> <b>4. Do not own bonds</b></p><p><blockquote><b>4.不持有债券</b></blockquote></p><p> Bond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.</p><p><blockquote>到年底，债券收益率将达到2%或更高。因此，不要持有债券，当收益率上升时，债券的价格就会下跌——除非您只是计划持有至到期以收取收入。</blockquote></p><p> <b>5. Go with financials</b></p><p><blockquote><b>5.选择财务</b></blockquote></p><p> Strong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.</p><p><blockquote>强劲的经济体通常会使收益率曲线更加向上倾斜，这意味着10年期国债的长期利率上升速度远快于短期利率。由于银行在短端借款，在长端放贷，陡峭的收益率曲线对它们有帮助。</blockquote></p><p> The strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07%&nbsp;and Bank of America BAC,+0.41%&nbsp;are up over twice as much as the S&amp;P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.</p><p><blockquote>亚德尼指出，强劲的经济还将帮助银行释放准备金并降低贷款损失准备金，这两者都可以提高收益。自从我去年8月在股票信中提出建议以来，摩根大通JPM(-0.07%)和美国银行BAC(+0.41%)的涨幅都是标普500的两倍多。但它们看起来仍然很有吸引力。小型银行中聪明的内部人士最近的买入模式证实，尽管过去几个季度表现强劲，但该行业仍然值得持有。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/dont-be-fooled-inflation-is-a-big-risk-for-stock-market-investors-heres-how-to-prepare-11623421036?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118102755","content_text":"Michael Brush advises on how you can avoid making mistakes as bond yields rise and the central bank reduces its stimulus.\n\nDon’t be fooled by the placid response to the highest inflation rate in over a decade. Inflation will remain elevated enough to shake up the stock market, possibly causing a selloff as much as 15%. You need to prepare now.\nThe reason: Persistently high inflation will move the 10-year Treasury yield to 2% and get the Federal Reserve to start tapering its stimulus by the end of the year. Both will rattle the stock market.\nThe government said June 10 that the cost of living surged in May and drove the pace of inflation to a 13-year high of 5%.\nWhat should you do? Probably the opposite of what you are thinking. Before we get to that, here is a look at the two key events for stocks — in the bond market and at the Fed — between today and the end of the year.\nRising yields\nRemember how the stock market freaked out earlier this year when the 10-year Treasury yield TMUBMUSD10Y,1.452% moved up to around 1.7%? Well, expect a repeat. Only worse.\n“We suspect that inflation in the U.S. will prove more persistent than investors currently appear to anticipate,” says Capital Economics economist Franziska Palmas, citing the tight labor market and wage growth. Her research group puts the 10-year yield at 2.25% by the end of this year, and 2.5% by the end of 2022.\nThat’ll be a big move from the current level of 1.5%. Stock investors tend to panic when interest rates rise a lot.\nFed tapering\nFed Chairman Jerome Powell has downplayed the need for tapering the central bank’s bond purchases to keep yields low. But half of the 12 members of the Federal Open Market Committee (FOMC) have recently said they’re ready to start talking about tapering. The FOMC is the Fed branch that sets monetary policy.\n“It will be increasingly hard for Powell to claim the economy needs to make ‘substantial further progress’ toward achieving maximum employment before the Fed starts talking about talking about tapering,” says Ed Yardeni, author of Predicting the Markets and head of Yardeni Research. Powell has repeatedly said the Fed is awaiting “substantial further progress” in the economy before terminating its stimulus.\n“Given the performance of the economy, it is reasonable to expect they will start to taper before end of year, and a few months later they will start to raise the federal funds rate,” predicts Yardeni.\nHe thinks the Fed will announce a decision to start tapering in its July meeting. Tapering refers to a reduction in bond purchases by the Fed. This tightens the money supply to put the brakes on growth. Once purchases go to zero, the Fed moves on to cutting rates.\nAs we know, tapering causes a “taper tantrum” in the stock market, meaning a sharp selloff in indices like the S&P 500 SPX,+0.19%, the Dow Jones Industrial Average DJIA,+0.04% and Nasdaq COMP,+0.35%.\nHow to prepare\nWhen considering how to position for the probable selloff caused by rising bond yields and Fed tightening, the key things to remember is why these things are happening in the first place, and what history tells us about how stocks behave.\nThe consensus view is that tapering and rising bond yields kill off economic growth and the bull market in stocks. But this isn’t actually true.\nYes, initially, tightening can make stocks fall — or churn sideways, at best. But then stocks shake it off and move higher as the bull market continues. This makes sense, because the tightening is happening for good reasons that help companies — strong economic growth. This pushes earnings a lot higher, which resets valuations lower — back down to levels investors feel comfortable with.\n“Tapering is part and parcel of a recovery,” says Leuthold market strategist Jim Paulsen. “It is a response to successful policy and a rebound in the economy. It is a natural part of the bull market that allows the market to go higher. It’s a healthy development.”\nLooking through all the market fireworks that may lie ahead, Paulsen thinks underlying economic growth will push S&P 500 earnings up to $220 by the end of the year. Assuming the S&P 500 is at current levels or a little bit lower, that would bring the index’s price-to-earnings (P/E) ratio down to 18-19 — which is near or below the average since 1990. “That sets up the next leg of the bull market,” he says.\nYour five-point game plan\n1. Do not go to “defensives”\nWhen people see stock market turbulence, the knee-jerk reaction is to go for the “stability” of defensive names like utilities and consumer staples. But that would be a mistake. You want to go to defensives when the economy is slowing or contracting, not when it is strong. Another problem is that defensive names pay yield. So, like bonds, they get hit by rising interest rates, which devalue dividends — and dividend-paying stocks and bonds.\n“The best way to protect yourself is to tie your portfolio to the overheated economy. That is where the best profit growth and profit leverage is,” says Paulsen. “You do not get that with defensives.”\n2. Go with companies that benefit from growth\nSince rapid economic growth is causing the tapering — and the growth is usually not killed off by tightening — stocks linked to growth typically are the best place to be. This means cyclicals like industrials, basic materials consumer names, small-caps and international stocks. “Slower growth consumer staples and utilities won’t keep up with growth areas of the market,” says Paulsen.\nI first suggested Lindblad Expeditions LIND,+0.17% and Cardlytics CDLX,+4.54% and in my stock letter, Brush Up on Stocks (the link to my site is in the bio, below) in September 2020 and November 2019. I still like and own both even though they are up 48% and 157% — or two to four times the S&P 500. Recent insider buying confirms they are buys and holds around current levels. Plus, both are cyclical names. Cardlytics helps credit card companies understand customer buying patterns for marketing purposes. Lindblad offers specialized cruise adventures to exotic locales. Both benefit from economic growth that powers more consumer spending.\n3. Do not get out of stocks\nIf you think a selloff is coming, it might be tempting to try to get out of stocks right before that, to buy back after the weakness happens. But this is a lot harder than you think. In fact, it is almost impossible to get the timing right, say market veterans.\n“You have to make two smart decisions,” says Yardeni. “You have to get out just before the correction and then you have to decide when to get back in. I don’t know of too many people that can do that consistently.”\nMarket timers often get out and don’t get back in, and they miss the next leg up. “You can get yourself into trouble trying to avoid the correction,” says Paulsen.\n4. Do not own bonds\nBond yields will be 2% or higher by the end of year. So don’t own bonds, whose prices fall when yields rise — unless you simply plan to hold to maturity to collect the income.\n5. Go with financials\nStrong economies typically make the yield curve more upward sloping, meaning that long-term interest rates on 10-year Treasuries rise a lot faster than short-term interest rates. Since banks borrow at the short end and lend at the long end, steepening yield curves help them.\nThe strong economy will also help banks release reserves and lower provisions for loan losses, both of which can boost earnings, points out Yardeni. Both JPMorgan Chase JPM,-0.07% and Bank of America BAC,+0.41% are up over twice as much as the S&P 500 since I suggested them in my stock letter last August. But they still look attractive. Recent pattern buying by smart insiders among smaller banks confirms the sector is still one to own, despite the strength over the past few quarters.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193073251,"gmtCreate":1620742316173,"gmtModify":1634196664189,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Pls like my comment","listText":"Pls like my comment","text":"Pls like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/193073251","repostId":"1115935783","repostType":4,"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888536349,"gmtCreate":1631505922681,"gmtModify":1631888860712,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/888536349","repostId":"1108703048","repostType":4,"isVote":1,"tweetType":1,"viewCount":2270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883323243,"gmtCreate":1631204135582,"gmtModify":1631888860722,"author":{"id":"3562802954762393","authorId":"3562802954762393","name":"BarleyIce","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3562802954762393","idStr":"3562802954762393"},"themes":[],"htmlText":"Hehe","listText":"Hehe","text":"Hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883323243","repostId":"2166349857","repostType":4,"isVote":1,"tweetType":1,"viewCount":1697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}