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2021-06-25

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2021-06-24

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Is The Worst Finally Over: Automotive Chip Supply Expected To Ramp Up In Second Half Of 2021<blockquote>最糟糕的时期终于过去了：预计2021年下半年汽车芯片供应将增加</blockquote>

2021-06-23

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2021-06-22

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2021-06-21

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2021-06-20

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2021-06-19

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2021-06-19

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2021-06-18

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NIO Is Winning<blockquote>蔚来赢了</blockquote>

2021-06-18

Oh wah good to know!

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2021-06-17

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2021-06-16

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2021-06-15

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2021-06-15

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2021-06-14

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2021-06-13

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2021-06-12

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2021-06-11

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2021-06-10

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2021-06-09

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@财报研究社pro:阿里妈妈618期间为店铺引导新增购买用户数增长超140%

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and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/126723834","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":2333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128269216,"gmtCreate":1624518977035,"gmtModify":1634004942910,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Wah that's good","listText":"Wah that's good","text":"Wah that's good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128269216","repostId":"1173135557","repostType":4,"repost":{"id":"1173135557","kind":"news","pubTimestamp":1624516998,"share":"https://www.laohunote.com/m/news/1173135557?lang=zh_CN&edition=full","pubTime":"2021-06-24 14:43","market":"us","language":"en","title":"Is The Worst Finally Over: Automotive Chip Supply Expected To Ramp Up In Second Half Of 2021<blockquote>最糟糕的时期终于过去了：预计2021年下半年汽车芯片供应将增加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173135557","media":"zerohedge","summary":"It looks like the ongoing semiconductor pain for the auto industry could finally be on the track to ","content":"<p>It looks like the ongoing semiconductor pain for the auto industry could finally be on the&nbsp;track to subsiding.</p><p><blockquote>看起来汽车行业持续存在的半导体痛苦最终可能会消退。</blockquote></p><p> That's because car chip vendors are now able to \"ramp up output\" thanks to more foundry house support coming online,Digitimes Asia reportedovernight.</p><p><blockquote>据 Digitimes Asia 昨晚报道，这是因为由于更多代工厂的支持上线，汽车芯片供应商现在能够“提高产量”。</blockquote></p><p> The report notes that some international automotive IC vendors have \"notified their clients that they can expect more supplies in second-half 2021\" as foundries expand production capacity.</p><p><blockquote>报告指出，随着代工厂扩大产能，一些国际汽车集成电路供应商“通知他们的客户，他们可以期待2021年下半年的更多供应”。</blockquote></p><p> For example, the report notes that \"Globalfoundries has just broken ground for a 12-inch fab construction project in Singapore\".</p><p><blockquote>例如，报告指出，“Globalfoundries 刚刚在新加坡破土动工了一个 12 英寸晶圆厂建设项目”。</blockquote></p><p> Additionally, industry sources in Taiwantold Digitimesthat&nbsp;delivery lead times are set to be shortened substantially from the over 50 weeks they were previously at.</p><p><blockquote>此外，台湾行业消息人士告诉 Digitimes，交付周期将比之前的 50 多周大幅缩短。</blockquote></p><p> It's the first sliver of good news for the automotive industry since the semi shortage began as a result of the pandemic. Up until this report, projections for \"returns to normal\" looked pessimistic and gloomy not only from the automotive industry, but also from consumer electronics companies.</p><p><blockquote>这是自疫情导致半短缺以来汽车行业的第一条好消息。在这份报告发布之前，不仅汽车行业，消费电子公司对“恢复正常”的预测看起来都很悲观和悲观。</blockquote></p><p> Recall, just two weeks ago,we notedthat&nbsp;Flex, the world’s third-biggest electronics contract manufacturer, offered up the \"gloomiest\" forecast for the crisis yet. The company has more than 100 sites in 30 countries and works with major names like Dyson and HP.</p><p><blockquote>回想一下，就在两周前，我们注意到全球第三大电子产品合同制造商 Flex 对这场危机做出了迄今为止 “最悲观 ”的预测。该公司在30个国家拥有100多个站点，并与戴森和惠普等大公司合作。</blockquote></p><p> Lynn Torrel, Flex’s chief procurement and supply chain officer, told FT:&nbsp;“With such strong demand, the expectation is mid to late-2022 depending on the commodity. Some are expecting [shortages to continue] into 2023.”</p><p><blockquote>Flex 首席采购和供应链官林恩-托雷尔（Lynn Torrel）告诉英国《金融时报》： “由于需求如此强劲，预计将持续到 2022 年中后期，具体取决于商品情况。一些人预计[短缺情况将持续到 2023 年”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/262e8c8c3e67f65c25f24944c4e0e241\" tg-width=\"500\" tg-height=\"289\" referrerpolicy=\"no-referrer\">Revathi Advaithi, chief executive of Flex added that the shortage has prompted the company's multinational customers to \"take a far more serious look at restructuring their supply chains than the trade war between the US and China ever did\".</p><p><blockquote>Flex 首席执行官 Revathi Advaithi 补充说，短缺促使该公司的跨国客户“比中美贸易战更加认真地重组供应链”。</blockquote></p><p> Adavaithi commented:&nbsp;“Most companies won’t make a decision to regionalize just on tariffs. They know it could be a short-term thing but things like the pandemic and escalation of shipping costs that impact the total cost of ownership drives regionalization.”</p><p><blockquote>Adavaithi 评论道： “大多数公司不会仅仅因为关税就做出区域化的决定。他们知道这可能是一个短期的问题，但大流行病和运输成本的上升等影响总拥有成本的因素推动了区域化”。</blockquote></p><p> Flex's pessimistic forecast&nbsp;follows that of Intel CEO Pat Gelsinger weeks ago, who we pointed out said that the shortage could last \"a couple years\".</p><p><blockquote>Flex 的悲观预测是在英特尔首席执行官帕特·基辛格 (Pat Gelsinger) 几周前做出的，我们指出他表示短缺可能会持续“几年”。</blockquote></p><p> We&nbsp;noted in mid-May&nbsp;that Taiwan Semiconductor had plans of \"doubling down\" and vastly increasing its investment for production in Arizona.&nbsp;The chipmaking giant said at the time it was \"weighing plans to pump tens of billions of dollars more into cutting-edge chip factories in the U.S. state of Arizona than it had previously disclosed\".</p><p><blockquote>我们在5月中旬注意到，台积电计划“加倍”并大幅增加对亚利桑那州生产的投资。这家芯片制造巨头当时表示，它正在“权衡向美国亚利桑那州尖端芯片工厂注入比之前披露的更多数百亿美元的计划”。</blockquote></p><p> The company had already said it was going to invest $10 billion to $12 billion in Arizona.&nbsp;It now appears to be mulling a more advanced 3 nanometer plant that could cost between $23 billion and $25 billion. The changes would come over the next 10 to 15 years, as the company builds out its Phoenix campus.</p><p><blockquote>该公司已经表示将在亚利桑那州投资 100 亿至 120 亿美元。现在，该公司似乎正在考虑建造一座更先进的 3 纳米工厂，耗资可能在 230 亿至 250 亿美元之间。随着该公司建设凤凰城园区，这些变化将在未来 10 到 15 年内发生。</blockquote></p><p> In May&nbsp;we noted&nbsp;how automakers were being forced to leave some high tech features out of new vehicles as a result of the semi shortage.&nbsp;Days before that,&nbsp;we pointed out&nbsp;\"thousands\" of Ford trucks sitting along the highway in Kentucky, awaiting semi chips for completion of assembly.</p><p><blockquote>今年 5 月，我们注意到，由于 semi 短缺，汽车制造商被迫放弃新车的一些高科技功能。几天前，我们指出 “数千辆 ”福特卡车停在肯塔基州的高速公路上，等待半芯片完成组装。</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>Is The Worst Finally Over: Automotive Chip Supply Expected To Ramp Up In Second Half Of 2021<blockquote>最糟糕的时期终于过去了：预计2021年下半年汽车芯片供应将增加</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\">\nIs The Worst Finally Over: Automotive Chip Supply Expected To Ramp Up In Second Half Of 2021<blockquote>最糟糕的时期终于过去了：预计2021年下半年汽车芯片供应将增加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-24 14:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It looks like the ongoing semiconductor pain for the auto industry could finally be on the&nbsp;track to subsiding.</p><p><blockquote>看起来汽车行业持续存在的半导体痛苦最终可能会消退。</blockquote></p><p> That's because car chip vendors are now able to \"ramp up output\" thanks to more foundry house support coming online,Digitimes Asia reportedovernight.</p><p><blockquote>据 Digitimes Asia 昨晚报道，这是因为由于更多代工厂的支持上线，汽车芯片供应商现在能够“提高产量”。</blockquote></p><p> The report notes that some international automotive IC vendors have \"notified their clients that they can expect more supplies in second-half 2021\" as foundries expand production capacity.</p><p><blockquote>报告指出，随着代工厂扩大产能，一些国际汽车集成电路供应商“通知他们的客户，他们可以期待2021年下半年的更多供应”。</blockquote></p><p> For example, the report notes that \"Globalfoundries has just broken ground for a 12-inch fab construction project in Singapore\".</p><p><blockquote>例如，报告指出，“Globalfoundries 刚刚在新加坡破土动工了一个 12 英寸晶圆厂建设项目”。</blockquote></p><p> Additionally, industry sources in Taiwantold Digitimesthat&nbsp;delivery lead times are set to be shortened substantially from the over 50 weeks they were previously at.</p><p><blockquote>此外，台湾行业消息人士告诉 Digitimes，交付周期将比之前的 50 多周大幅缩短。</blockquote></p><p> It's the first sliver of good news for the automotive industry since the semi shortage began as a result of the pandemic. Up until this report, projections for \"returns to normal\" looked pessimistic and gloomy not only from the automotive industry, but also from consumer electronics companies.</p><p><blockquote>这是自疫情导致半短缺以来汽车行业的第一条好消息。在这份报告发布之前，不仅汽车行业，消费电子公司对“恢复正常”的预测看起来都很悲观和悲观。</blockquote></p><p> Recall, just two weeks ago,we notedthat&nbsp;Flex, the world’s third-biggest electronics contract manufacturer, offered up the \"gloomiest\" forecast for the crisis yet. The company has more than 100 sites in 30 countries and works with major names like Dyson and HP.</p><p><blockquote>回想一下，就在两周前，我们注意到全球第三大电子产品合同制造商 Flex 对这场危机做出了迄今为止 “最悲观 ”的预测。该公司在30个国家拥有100多个站点，并与戴森和惠普等大公司合作。</blockquote></p><p> Lynn Torrel, Flex’s chief procurement and supply chain officer, told FT:&nbsp;“With such strong demand, the expectation is mid to late-2022 depending on the commodity. Some are expecting [shortages to continue] into 2023.”</p><p><blockquote>Flex 首席采购和供应链官林恩-托雷尔（Lynn Torrel）告诉英国《金融时报》： “由于需求如此强劲，预计将持续到 2022 年中后期，具体取决于商品情况。一些人预计[短缺情况将持续到 2023 年”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/262e8c8c3e67f65c25f24944c4e0e241\" tg-width=\"500\" tg-height=\"289\" referrerpolicy=\"no-referrer\">Revathi Advaithi, chief executive of Flex added that the shortage has prompted the company's multinational customers to \"take a far more serious look at restructuring their supply chains than the trade war between the US and China ever did\".</p><p><blockquote>Flex 首席执行官 Revathi Advaithi 补充说，短缺促使该公司的跨国客户“比中美贸易战更加认真地重组供应链”。</blockquote></p><p> Adavaithi commented:&nbsp;“Most companies won’t make a decision to regionalize just on tariffs. They know it could be a short-term thing but things like the pandemic and escalation of shipping costs that impact the total cost of ownership drives regionalization.”</p><p><blockquote>Adavaithi 评论道： “大多数公司不会仅仅因为关税就做出区域化的决定。他们知道这可能是一个短期的问题，但大流行病和运输成本的上升等影响总拥有成本的因素推动了区域化”。</blockquote></p><p> Flex's pessimistic forecast&nbsp;follows that of Intel CEO Pat Gelsinger weeks ago, who we pointed out said that the shortage could last \"a couple years\".</p><p><blockquote>Flex 的悲观预测是在英特尔首席执行官帕特·基辛格 (Pat Gelsinger) 几周前做出的，我们指出他表示短缺可能会持续“几年”。</blockquote></p><p> We&nbsp;noted in mid-May&nbsp;that Taiwan Semiconductor had plans of \"doubling down\" and vastly increasing its investment for production in Arizona.&nbsp;The chipmaking giant said at the time it was \"weighing plans to pump tens of billions of dollars more into cutting-edge chip factories in the U.S. state of Arizona than it had previously disclosed\".</p><p><blockquote>我们在5月中旬注意到，台积电计划“加倍”并大幅增加对亚利桑那州生产的投资。这家芯片制造巨头当时表示，它正在“权衡向美国亚利桑那州尖端芯片工厂注入比之前披露的更多数百亿美元的计划”。</blockquote></p><p> The company had already said it was going to invest $10 billion to $12 billion in Arizona.&nbsp;It now appears to be mulling a more advanced 3 nanometer plant that could cost between $23 billion and $25 billion. The changes would come over the next 10 to 15 years, as the company builds out its Phoenix campus.</p><p><blockquote>该公司已经表示将在亚利桑那州投资 100 亿至 120 亿美元。现在，该公司似乎正在考虑建造一座更先进的 3 纳米工厂，耗资可能在 230 亿至 250 亿美元之间。随着该公司建设凤凰城园区，这些变化将在未来 10 到 15 年内发生。</blockquote></p><p> In May&nbsp;we noted&nbsp;how automakers were being forced to leave some high tech features out of new vehicles as a result of the semi shortage.&nbsp;Days before that,&nbsp;we pointed out&nbsp;\"thousands\" of Ford trucks sitting along the highway in Kentucky, awaiting semi chips for completion of assembly.</p><p><blockquote>今年 5 月，我们注意到，由于 semi 短缺，汽车制造商被迫放弃新车的一些高科技功能。几天前，我们指出 “数千辆 ”福特卡车停在肯塔基州的高速公路上，等待半芯片完成组装。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/worst-finally-over-automotive-chip-supply-expected-ramp-second-half-2021\">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":{"SMH":"半导体指数ETF-HOLDRs","SOX":"费城半导体指数"},"source_url":"https://www.zerohedge.com/markets/worst-finally-over-automotive-chip-supply-expected-ramp-second-half-2021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173135557","content_text":"It looks like the ongoing semiconductor pain for the auto industry could finally be on the track to subsiding.\nThat's because car chip vendors are now able to \"ramp up output\" thanks to more foundry house support coming online,Digitimes Asia reportedovernight.\nThe report notes that some international automotive IC vendors have \"notified their clients that they can expect more supplies in second-half 2021\" as foundries expand production capacity.\nFor example, the report notes that \"Globalfoundries has just broken ground for a 12-inch fab construction project in Singapore\".\nAdditionally, industry sources in Taiwantold Digitimesthat delivery lead times are set to be shortened substantially from the over 50 weeks they were previously at.\nIt's the first sliver of good news for the automotive industry since the semi shortage began as a result of the pandemic. Up until this report, projections for \"returns to normal\" looked pessimistic and gloomy not only from the automotive industry, but also from consumer electronics companies.\nRecall, just two weeks ago,we notedthat Flex, the world’s third-biggest electronics contract manufacturer, offered up the \"gloomiest\" forecast for the crisis yet. The company has more than 100 sites in 30 countries and works with major names like Dyson and HP.\nLynn Torrel, Flex’s chief procurement and supply chain officer, told FT: “With such strong demand, the expectation is mid to late-2022 depending on the commodity. Some are expecting [shortages to continue] into 2023.”\nRevathi Advaithi, chief executive of Flex added that the shortage has prompted the company's multinational customers to \"take a far more serious look at restructuring their supply chains than the trade war between the US and China ever did\".\nAdavaithi commented: “Most companies won’t make a decision to regionalize just on tariffs. They know it could be a short-term thing but things like the pandemic and escalation of shipping costs that impact the total cost of ownership drives regionalization.”\nFlex's pessimistic forecast follows that of Intel CEO Pat Gelsinger weeks ago, who we pointed out said that the shortage could last \"a couple years\".\nWe noted in mid-May that Taiwan Semiconductor had plans of \"doubling down\" and vastly increasing its investment for production in Arizona. The chipmaking giant said at the time it was \"weighing plans to pump tens of billions of dollars more into cutting-edge chip factories in the U.S. state of Arizona than it had previously disclosed\".\nThe company had already said it was going to invest $10 billion to $12 billion in Arizona. It now appears to be mulling a more advanced 3 nanometer plant that could cost between $23 billion and $25 billion. The changes would come over the next 10 to 15 years, as the company builds out its Phoenix campus.\nIn May we noted how automakers were being forced to leave some high tech features out of new vehicles as a result of the semi shortage. Days before that, we pointed out \"thousands\" of Ford trucks sitting along the highway in Kentucky, awaiting semi chips for completion of assembly.","news_type":1,"symbols_score_info":{"SOX":0.9,"SMH":0.9}},"isVote":1,"tweetType":1,"viewCount":2298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123010956,"gmtCreate":1624403189075,"gmtModify":1634006790376,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/123010956","repostId":"1118580429","repostType":4,"isVote":1,"tweetType":1,"viewCount":2355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120505958,"gmtCreate":1624326626574,"gmtModify":1634007752580,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120505958","repostId":"1191349655","repostType":4,"isVote":1,"tweetType":1,"viewCount":2351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167077183,"gmtCreate":1624241086842,"gmtModify":1634009046135,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167077183","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":2335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165206709,"gmtCreate":1624144032101,"gmtModify":1634010416239,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165206709","repostId":"2144745297","repostType":4,"isVote":1,"tweetType":1,"viewCount":2197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162432350,"gmtCreate":1624070799870,"gmtModify":1634011102756,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Ohhh wah&nbsp;","listText":"Ohhh wah&nbsp;","text":"Ohhh wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162432350","repostId":"2144086770","repostType":4,"isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162436311,"gmtCreate":1624070755333,"gmtModify":1634011103931,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162436311","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":2129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168481938,"gmtCreate":1623980863024,"gmtModify":1634024801340,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like and comment pls thanks&nbsp;","listText":"Like and comment pls thanks&nbsp;","text":"Like and comment pls thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168481938","repostId":"1148576248","repostType":4,"repost":{"id":"1148576248","kind":"news","pubTimestamp":1623979883,"share":"https://www.laohunote.com/m/news/1148576248?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:31","market":"us","language":"en","title":"NIO Is Winning<blockquote>蔚来赢了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576248","media":"seekingalpha","summary":"NIO is #1 in China's electric SUV market for good reason.The company's success is driven by its brilliant innovations and marketing strategy.NIO is growing faster than Tesla, and yet, it is trading at a discount.NIO Inc.  stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla .In ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO is #1 in China's electric SUV market for good reason.</li>  <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>  <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p><p><blockquote><ul><li>蔚来在中国电动SUV市场排名第一是有充分理由的。</li><li>该公司的成功是由其出色的创新和营销策略推动的。</li><li>蔚来的增长速度比特斯拉快，然而，它的交易价格却打折了。</li></ul><p class=\"t-img-caption\"><span>PonyWang/E+ 来自 Getty Images</span></p></blockquote></p><p> NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p><p><blockquote>蔚来（纽约证券交易所股票代码：NIO）以其强大的市场地位——中国电动SUV市场份额第一——以及在快速增长且竞争激烈的电动汽车行业中的创新而脱颖而出。本文将讨论为什么蔚来能够战胜一些激烈的竞争，包括特斯拉（TSLA）。</blockquote></p><p> In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p><p><blockquote>此外，我们还将讨论蔚来汽车的业务、财务、交易、估值和风险，以便读者能够做出自己的明智决定。</blockquote></p><p> <b>Business: Why NIO Wins</b></p><p><blockquote><b>商业：蔚来为何获胜</b></blockquote></p><p> NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p><p><blockquote>蔚来将自己定位在高端SUV细分市场，专注于具有差异化电池战略的智能电动汽车。</blockquote></p><p> Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p><p><blockquote>该公司的首款车型ES8于2019年3月交付，是一款豪华7座SUV，至今仍是该公司的旗舰产品。ES8配备ADAS和AI系统【NOMI】，与比亚迪宋、特斯拉Model X、奥迪Q7 45 e-Tron等不相上下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p><p><blockquote>凭借 ES8 的巨大成功所带来的安装基础和客户好感，蔚来成功推出了 ES6 和 EC6。最近，该公司推出了其首款轿车ET7。</blockquote></p><p> Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p><p><blockquote>如今，蔚来是4月份中国全电动SUV市场最畅销的品牌，市场份额为23%，高于特斯拉的17%、威马汽车和小鹏汽车（纽约证券交易所股票代码：XPEV）的7%。中国汽车技术研究中心数据。</blockquote></p><p> One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p><p><blockquote>最大的竞争优势之一是蔚来的电池战略，它几乎消除了里程焦虑，这是大规模电动汽车采用的最大障碍之一。蔚来汽车不仅可以在任何电动汽车充电站充电，该公司还在国内主要城市建设了数百个换电站，并计划扩展到欧洲。</blockquote></p><p> NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p><p><blockquote>蔚来的电池更换策略还使该公司能够提供电池即服务 [BaaS] 解决方案，从而将购买蔚来汽车的前期成本降低约 11,000 美元。由于成本是大规模电动汽车采用的另一个主要障碍，蔚来汽车的电池战略似乎非常出色，因为它解决了续航里程和成本问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p><p><blockquote>另一个差异化因素是蔚来品牌，管理层通过在2016年推出EP9出色地打造了这一品牌。六辆 EP9 已以 250 万英镑的价格出售给蔚来投资者，为该品牌营造了一种独特性和品质的氛围。接下来，蔚来通过ES8瞄准大众市场豪华SUV细分市场，牢牢确立了该公司作为豪华车OEM的地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p><p><blockquote>中国企业必须与人们普遍认为它们生产低质量产品的看法作斗争。这与二战后日本企业战败后面临的认知问题相同。随着经济的成熟，日本通过向价值链上游移动并创建索尼（纽约证券交易所代码：SONY）等高质量品牌来解决这个问题。今天，日本以其工艺而闻名。</blockquote></p><p> China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p><p><blockquote>中国也在遵循同样的轨迹，蔚来是打破“中国制造”等同于低质量观念的新兴品牌之一。我坚信，顽固地坚持这种旧观念的投资者将会错过投资世界上有史以来最伟大的品牌的机会。</blockquote></p><p> Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p><p><blockquote>购买蔚来汽车不仅仅意味着得到一辆车；这意味着进入一个服务和便利的专属俱乐部。好处包括使用数百个交换站、终身免费路边救援（包括收费货车）、终身免费蜂窝连接、终身免费保修和卓越的客户服务。这是蔚来的一个强大卖点，使其有别于特斯拉，后者最近在中国大陆的客户服务方面声誉不佳。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p></p><p> The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p><p><blockquote>该公司正在通过蔚来之家（一个真正的顾客俱乐部会所）和蔚来人寿（包括蔚来品牌的生活方式产品）进一步突破界限。蔚来围绕汽车构建生活方式的努力似乎正在奏效。这对投资者来说是个好消息，因为要想逃离汽车代工厂的竞争战场，唯一的办法就是向客户推销服务和生活方式。这就是为什么法拉利（赛车）营业利润率远高于 20%，而福特 (F) 和通用汽车 (GM) 则为个位数。</blockquote></p><p> <b>Financials &amp; Valuation</b></p><p><blockquote><b>财务与估值</b></blockquote></p><p> NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p><p><blockquote>蔚来正处于高速增长模式。2020年，该公司实现收入25亿美元，同比增长126%。2021年，该公司预计将同比增长117%，达到54亿美元。</blockquote></p><p> The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p><p><blockquote>该公司尚未盈利，但预计到2022年将实现盈利。毛利率仅在2020年转正，预计2021年为19.3%。预计 2021 年 EBITDA 为负 2.58 亿美元，2022 年为正 2.06 亿美元。自由现金流预计在2021年为负4200万美元，然后在2022年转为正3.54亿美元。</blockquote></p><p> However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p><p><blockquote>然而，尽管预计 2021 年将出现现金消耗，但投资者应该感到安心，因为该公司在 2020 年退出时拥有 59 亿美元的现金和现金等价物。包括 6 亿美元的短期投资，减去约 21 亿美元的债务和经营租赁以及 2021 年预期的负自由现金流，蔚来在 2021 年退出时应该拥有超过 40 亿美元的净现金和投资。这是充足的缓冲，因为蔚来预计将在 2022 年产生正自由现金流。</blockquote></p><p> Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p><p><blockquote>由于蔚来尚未盈利，我们将关注未来的电动汽车/销售倍数，这是尚未盈利的高速增长公司的典型情况。该公司于2018年9月上市，交易价格约为电动汽车/销售额的7至8倍，然后在2019年5月触底，约为销售额的0.7倍。然而，市场在2020年4月掀起了电动汽车热潮，蔚来汽车的估值在2021年1月飙升至14.6倍的峰值。在我们最近经历的增长抛售之后，蔚来目前的远期销售额要合理得多。尽管增长速度是 TSLA 10.2 倍，但这比 TSLA 10.2 倍的电动汽车/销量大幅折扣（TSLA 预计 2021 年收入将增长 57%，而蔚来汽车为 117%）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> There are many risks associated with owning NIO.</p><p><blockquote>拥有蔚来存在许多风险。</blockquote></p><p> Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p><p><blockquote>尽管其电池更换战略高度差异化，并且似乎正在快速增长，但电池更换或快速充电基础设施的最终市场份额仍然没有定论。如果快速充电技术继续大幅进步，很可能会侵蚀电池更换的一个关键优势：速度。</blockquote></p><p> NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p><p><blockquote>蔚来的商业模式具有创新性和新颖性。不幸的是，另一方面是它未经测试，蔚来仍然无利可图。对于许多投资者来说，在其商业模式的盈利能力提高之前，蔚来仍将是一个“给我看”的故事。</blockquote></p><p> NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p><p><blockquote>蔚来汽车的全球扩张能力可能会受到中美地缘政治紧张局势的限制，以及在较小程度上与日本和欧洲的地缘政治紧张局势的限制。地缘政治局势仍然高度不透明和不确定，是所有汽车原始设备制造商的风险因素。</blockquote></p><p> Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p><p><blockquote>汽车主机厂目前正面临着严重的芯片短缺。此外，汽车中的芯片密度不断增加，使得原始设备制造商越来越依赖半导体供应商和代工厂。</blockquote></p><p> NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p><p><blockquote>蔚来的竞争优势可能无法克服ICE原始设备制造商以及特斯拉和中国比亚迪等更大的电动汽车制造商的巨大规模优势。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</p><p><blockquote>蔚来的技术和商业模式创新使其在令人兴奋且快速增长的电动汽车市场中成为一家高度差异化的公司。该公司正在获胜，随着其汽车和服务生态系统的发展，其竞争护城河也在变得越来越大。相对于行业领导者特斯拉，鉴于蔚来汽车更快的增长率和较低的市盈率，其股价似乎很便宜。</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>NIO Is Winning<blockquote>蔚来赢了</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\">\nNIO Is Winning<blockquote>蔚来赢了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:31</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>NIO is #1 in China's electric SUV market for good reason.</li>  <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>  <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p><p><blockquote><ul><li>蔚来在中国电动SUV市场排名第一是有充分理由的。</li><li>该公司的成功是由其出色的创新和营销策略推动的。</li><li>蔚来的增长速度比特斯拉快，然而，它的交易价格却打折了。</li></ul><p class=\"t-img-caption\"><span>PonyWang/E+ 来自 Getty Images</span></p></blockquote></p><p> NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p><p><blockquote>蔚来（纽约证券交易所股票代码：NIO）以其强大的市场地位——中国电动SUV市场份额第一——以及在快速增长且竞争激烈的电动汽车行业中的创新而脱颖而出。本文将讨论为什么蔚来能够战胜一些激烈的竞争，包括特斯拉（TSLA）。</blockquote></p><p> In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p><p><blockquote>此外，我们还将讨论蔚来汽车的业务、财务、交易、估值和风险，以便读者能够做出自己的明智决定。</blockquote></p><p> <b>Business: Why NIO Wins</b></p><p><blockquote><b>商业：蔚来为何获胜</b></blockquote></p><p> NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p><p><blockquote>蔚来将自己定位在高端SUV细分市场，专注于具有差异化电池战略的智能电动汽车。</blockquote></p><p> Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p><p><blockquote>该公司的首款车型ES8于2019年3月交付，是一款豪华7座SUV，至今仍是该公司的旗舰产品。ES8配备ADAS和AI系统【NOMI】，与比亚迪宋、特斯拉Model X、奥迪Q7 45 e-Tron等不相上下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p><p><blockquote>凭借 ES8 的巨大成功所带来的安装基础和客户好感，蔚来成功推出了 ES6 和 EC6。最近，该公司推出了其首款轿车ET7。</blockquote></p><p> Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p><p><blockquote>如今，蔚来是4月份中国全电动SUV市场最畅销的品牌，市场份额为23%，高于特斯拉的17%、威马汽车和小鹏汽车（纽约证券交易所股票代码：XPEV）的7%。中国汽车技术研究中心数据。</blockquote></p><p> One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p><p><blockquote>最大的竞争优势之一是蔚来的电池战略，它几乎消除了里程焦虑，这是大规模电动汽车采用的最大障碍之一。蔚来汽车不仅可以在任何电动汽车充电站充电，该公司还在国内主要城市建设了数百个换电站，并计划扩展到欧洲。</blockquote></p><p> NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p><p><blockquote>蔚来的电池更换策略还使该公司能够提供电池即服务 [BaaS] 解决方案，从而将购买蔚来汽车的前期成本降低约 11,000 美元。由于成本是大规模电动汽车采用的另一个主要障碍，蔚来汽车的电池战略似乎非常出色，因为它解决了续航里程和成本问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p><p><blockquote>另一个差异化因素是蔚来品牌，管理层通过在2016年推出EP9出色地打造了这一品牌。六辆 EP9 已以 250 万英镑的价格出售给蔚来投资者，为该品牌营造了一种独特性和品质的氛围。接下来，蔚来通过ES8瞄准大众市场豪华SUV细分市场，牢牢确立了该公司作为豪华车OEM的地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p> Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p><p><blockquote>中国企业必须与人们普遍认为它们生产低质量产品的看法作斗争。这与二战后日本企业战败后面临的认知问题相同。随着经济的成熟，日本通过向价值链上游移动并创建索尼（纽约证券交易所代码：SONY）等高质量品牌来解决这个问题。今天，日本以其工艺而闻名。</blockquote></p><p> China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p><p><blockquote>中国也在遵循同样的轨迹，蔚来是打破“中国制造”等同于低质量观念的新兴品牌之一。我坚信，顽固地坚持这种旧观念的投资者将会错过投资世界上有史以来最伟大的品牌的机会。</blockquote></p><p> Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p><p><blockquote>购买蔚来汽车不仅仅意味着得到一辆车；这意味着进入一个服务和便利的专属俱乐部。好处包括使用数百个交换站、终身免费路边救援（包括收费货车）、终身免费蜂窝连接、终身免费保修和卓越的客户服务。这是蔚来的一个强大卖点，使其有别于特斯拉，后者最近在中国大陆的客户服务方面声誉不佳。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司</span></p></blockquote></p><p></p><p> The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p><p><blockquote>该公司正在通过蔚来之家（一个真正的顾客俱乐部会所）和蔚来人寿（包括蔚来品牌的生活方式产品）进一步突破界限。蔚来围绕汽车构建生活方式的努力似乎正在奏效。这对投资者来说是个好消息，因为要想逃离汽车代工厂的竞争战场，唯一的办法就是向客户推销服务和生活方式。这就是为什么法拉利（赛车）营业利润率远高于 20%，而福特 (F) 和通用汽车 (GM) 则为个位数。</blockquote></p><p> <b>Financials &amp; Valuation</b></p><p><blockquote><b>财务与估值</b></blockquote></p><p> NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p><p><blockquote>蔚来正处于高速增长模式。2020年，该公司实现收入25亿美元，同比增长126%。2021年，该公司预计将同比增长117%，达到54亿美元。</blockquote></p><p> The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p><p><blockquote>该公司尚未盈利，但预计到2022年将实现盈利。毛利率仅在2020年转正，预计2021年为19.3%。预计 2021 年 EBITDA 为负 2.58 亿美元，2022 年为正 2.06 亿美元。自由现金流预计在2021年为负4200万美元，然后在2022年转为正3.54亿美元。</blockquote></p><p> However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p><p><blockquote>然而，尽管预计 2021 年将出现现金消耗，但投资者应该感到安心，因为该公司在 2020 年退出时拥有 59 亿美元的现金和现金等价物。包括 6 亿美元的短期投资，减去约 21 亿美元的债务和经营租赁以及 2021 年预期的负自由现金流，蔚来在 2021 年退出时应该拥有超过 40 亿美元的净现金和投资。这是充足的缓冲，因为蔚来预计将在 2022 年产生正自由现金流。</blockquote></p><p> Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p><p><blockquote>由于蔚来尚未盈利，我们将关注未来的电动汽车/销售倍数，这是尚未盈利的高速增长公司的典型情况。该公司于2018年9月上市，交易价格约为电动汽车/销售额的7至8倍，然后在2019年5月触底，约为销售额的0.7倍。然而，市场在2020年4月掀起了电动汽车热潮，蔚来汽车的估值在2021年1月飙升至14.6倍的峰值。在我们最近经历的增长抛售之后，蔚来目前的远期销售额要合理得多。尽管增长速度是 TSLA 10.2 倍，但这比 TSLA 10.2 倍的电动汽车/销量大幅折扣（TSLA 预计 2021 年收入将增长 57%，而蔚来汽车为 117%）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> There are many risks associated with owning NIO.</p><p><blockquote>拥有蔚来存在许多风险。</blockquote></p><p> Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p><p><blockquote>尽管其电池更换战略高度差异化，并且似乎正在快速增长，但电池更换或快速充电基础设施的最终市场份额仍然没有定论。如果快速充电技术继续大幅进步，很可能会侵蚀电池更换的一个关键优势：速度。</blockquote></p><p> NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p><p><blockquote>蔚来的商业模式具有创新性和新颖性。不幸的是，另一方面是它未经测试，蔚来仍然无利可图。对于许多投资者来说，在其商业模式的盈利能力提高之前，蔚来仍将是一个“给我看”的故事。</blockquote></p><p> NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p><p><blockquote>蔚来汽车的全球扩张能力可能会受到中美地缘政治紧张局势的限制，以及在较小程度上与日本和欧洲的地缘政治紧张局势的限制。地缘政治局势仍然高度不透明和不确定，是所有汽车原始设备制造商的风险因素。</blockquote></p><p> Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p><p><blockquote>汽车主机厂目前正面临着严重的芯片短缺。此外，汽车中的芯片密度不断增加，使得原始设备制造商越来越依赖半导体供应商和代工厂。</blockquote></p><p> NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p><p><blockquote>蔚来的竞争优势可能无法克服ICE原始设备制造商以及特斯拉和中国比亚迪等更大的电动汽车制造商的巨大规模优势。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</p><p><blockquote>蔚来的技术和商业模式创新使其在令人兴奋且快速增长的电动汽车市场中成为一家高度差异化的公司。该公司正在获胜，随着其汽车和服务生态系统的发展，其竞争护城河也在变得越来越大。相对于行业领导者特斯拉，鉴于蔚来汽车更快的增长率和较低的市盈率，其股价似乎很便宜。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435341-nio-is-winning\">seekingalpha</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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4435341-nio-is-winning","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576248","content_text":"Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is trading at a discount.\n\nPonyWang/E+ via Getty Images\nNIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).\nIn addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.\nBusiness: Why NIO Wins\nNIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.\nDelivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.\nSource: Company\nLeveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.\nToday, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.\nOne of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.\nNIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.\nSource: Company\nAnother differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.\nSource: Company\nChinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.\nChina is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.\nBuying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.\nSource: Company\nThe company is pushing the envelope even further with NIO House, a literal clubhouse for customers, and NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.\nFinancials & Valuation\nNIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.\nThe company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.\nHowever, despite the cash burn expected in 2021, investors should feel at ease since the company exited 2020 with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.\nSince NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).\nRisks\nThere are many risks associated with owning NIO.\nAlthough its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.\nNIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.\nNIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.\nAuto OEMs are currently facing a severe chip shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.\nNIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.\nTakeaway\nNIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168480522,"gmtCreate":1623980796866,"gmtModify":1634024803247,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Oh wah good to know!&nbsp;","listText":"Oh wah good to know!&nbsp;","text":"Oh wah good to 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本文来源：美股研究社，转载请注明版权","images":[{"img":"https://static.tigerbbs.com/739353c2e26a4efa23a841c8755d8b94","width":"500","height":"334"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180422002","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":123010956,"gmtCreate":1624403189075,"gmtModify":1634006790376,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like please&nbsp;","listText":"Like please&nbsp;","text":"Like 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14:39","market":"us","language":"en","title":"Top 4 Mutual Fund Holders of Microsoft (MSFT)<blockquote>微软 (MSFT) 前 4 名共同基金持有人</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148834335","media":"Investopedia","summary":"Microsoft Corporation (NYSE:MSFT) was formed in 1975 by Bill Gates and Paul Allen, as they rushed to","content":"<p>Microsoft Corporation (NYSE:MSFT) was formed in 1975 by Bill Gates and Paul Allen, as they rushed to create an operating system for the Altair 8800 microcomputer.&nbsp;The Altair 8800 was arguably the first microcomputer that kicked off the computer revolution, and with it came Altair Basic, a licensed version of Microsoft Basic. Microsoft Basic was the company's first licensed commercial product, as it licensed various versions to Apple Computers (NASDAQ:AAPL), Commodore, and IBM (NYSE:IBM). Revenues for the company totaled just$16,005 in 1976.</p><p><blockquote>微软公司（纽约证券交易所代码：MSFT）由Bill Gates和Paul Allen于1975年成立，当时他们急于为Altair 8800微型计算机创建操作系统。Altair 8800可以说是第一台开启计算机革命的微型计算机，随之而来的是Altair Basic，微软Basic的授权版本。微软基础是该公司的第一个授权商业产品，因为它向苹果计算机公司（纳斯达克股票代码：AAPL）、Commodore和IBM（纽约证券交易所股票代码：IBM）授权了各种版本。1976 年，该公司的总收入仅为 16,005 美元。</blockquote></p><p> The iconic tipping point came when IBM was planning to launch a personal computer but lacked an operating system. While Microsoft did not have an operating system, Bill Gates successfully bluffed IBM to win the contract on Aug. 12, 1981. Rather than program one from scratch, Gates negotiated a deal to purchase the 86-DOS product from Seattle Computer Products for less than $100,000 and licensed it to IBM for a royalty fee on every PC it would produce. The IBM PC launch turned out to be an unprecedented success, catapulting Microsoft's gross sales to $55 million in 1983.Microsoft launched the first iteration of its Windows franchise in 1985.</p><p><blockquote>标志性的转折点出现在IBM计划推出个人电脑但缺乏操作系统的时候。虽然微软没有操作系统，但比尔盖茨在1981年8月12日成功地欺骗了IBM，赢得了合同。盖茨没有从头开始编程，而是通过谈判达成了一项协议，以不到10万美元的价格从西雅图计算机产品公司购买了86-DOS产品，并将其授权给IBM，对其生产的每台PC收取特许权使用费。IBM PC 的推出取得了前所未有的成功，使微软的总销售额在 1985 年达到 5500 万美元。微软于 1985 年推出了其 Windows 系列的第一次迭代。</blockquote></p><p> The company went public in 1986 at $21 per share.&nbsp;Since then, Microsoft has grown into a consistently strong revenue performer with$143 billionin revenue as of the fiscal year ending June 30, 2020.</p><p><blockquote>该公司于1986年以每股21美元的价格上市。从那时起，微软已经成长为一个持续强劲的收入表现者，截至2020年6月30日的财年，收入为1430亿美元。</blockquote></p><p> Microsoft's most popular brands include Windows, Office 365, Bing, MSN, Skype, Exchange, and cloud applications Azure, SQL Server, and .NET. Microsoft is a component in the big three benchmark indexes:Dow Jones Industrial Average (DJIA),Standard and Poor's 500 (S&amp;P 500), and theNasdaq-100 index.</p><p><blockquote>微软最受欢迎的品牌包括Windows、Office 365、Bing、MSN、Skype、Exchange以及云应用程序Azure、SQL Server和.NET。微软是三大基准指数的组成部分：道琼斯工业平均指数（道琼斯）、标准普尔 500 指数（标普500）和纳斯达克 100 指数。</blockquote></p><p> Here are the four largestmutual fundsinvested in&nbsp;Microsoft stock.</p><p><blockquote>以下是投资于微软股票的四大共同基金。</blockquote></p><p> <b>Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX)</b></p><p><blockquote><b>Vanguard Total 股票市场指数基金 Admiral Shares (VTSAX)</b></blockquote></p><p> Microsoft's top mutual fund holder is the Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). The fund holds more than 212 million shares with a market value of more than $53.70 billion as of April 30, 2021.</p><p><blockquote>微软最大的共同基金持有人是先锋总股票市场指数基金 Admiral Shares (VTSAX)。截至2021年4月30日，该基金持有超过2.12亿股股票，市值超过537亿美元。</blockquote></p><p> The VTSAX provides broad exposure to the U.S. stock market with $1.2 trillion in assets under management (AUM). The VTSAX has a five-year annualized return of 17.67%, and the fund's expense ratio is 0.04% as of April 30, 2021.</p><p><blockquote>VTSAX 拥有 1.2 万亿美元的管理资产 (AUM)，为美国股市提供了广泛的投资机会。截至2021年4月30日，VTSAX的五年年化回报率为17.67%，该基金的费用率为0.04%。</blockquote></p><p> The VTSAX has a minimum initial investment amount of $3,000, but Vanguard also offers anexchange traded fund (ETF)called the Vanguard Total Stock Market ETF (VTI). The VTI is similar to the total market fund but only costs the price of one share as an initial investment.</p><p><blockquote>VTSAX 的最低初始投资额为 3,000 美元，但 Vanguard 还提供名为 Vanguard Total Stock Market ETF (VTI) 的交易所交易基金 (ETF)。VTI 类似于 total market fund，但仅收取一股股票的价格作为初始投资。</blockquote></p><p> <b>Vanguard 500 Index Fund Admiral Shares (VFIAX)</b></p><p><blockquote><b>Vanguard 500 指数基金 Admiral Shares (VFIAX)</b></blockquote></p><p> Microsoft's second-largest mutual fund holder is the Vanguard 500 Index Fund Admiral Shares (VFIAX), which holds more than 155 million shares for a market value of $39.10 billion as of April 30, 2021.</p><p><blockquote>微软第二大共同基金持有人是先锋 500 指数基金 Admiral Shares (VFIAX)，截至 2021 年 4 月 30 日，该基金持有超过 1.55 亿股股票，市值为 391 亿美元。</blockquote></p><p> The Vanguard 500 tracks theStandard and Poor's 500 Index (S&amp;P 500)by investing in 500 of the largest U.S. companies across various sectors. With nearly $732 billion in assets under management, the VFIAX has earned a five-year annualized return of 17.38%. The fund has an expense ratio of 0.04% as of April 30, 2021.</p><p><blockquote>Vanguard 500 通过投资各个行业的 500 家美国最大公司来跟踪标准普尔 500 指数 (标普500)。VFIAX 管理着近 7,320 亿美元的资产，五年年化回报率为 17.38%。截至2021年4月30日，该基金的费用率为0.04%。</blockquote></p><p> The minimum investment requirement for Vanguard's VFIAX is $3,000, but an ETF version is available called the Vanguard S&amp;P 500 ETF (VOO). Although the holdings within the VOO ETF are similar to the VFIAX, it has a lower initial investment requirement, which is the cost of one share</p><p><blockquote>先锋 VFIAX 的最低投资要求为 3,000 美元，但有一个 ETF 版本，称为先锋标普500 ETF (VOO)。尽管 VOO ETF 的持有量与 VFIAX 类似，但其初始投资要求较低，即一股的成本</blockquote></p><p> <b>SPDR S&amp;P 500 ETF&nbsp;(SPY)</b></p><p><blockquote><b>SPDR 标普500 ETF（SPDR标普500指数ETF）</b></blockquote></p><p> TheSPDR S&amp;P 500 ETFTrust (SPY) is Microsoft's third-largest mutual fund holder of the company's stock. Managed by State Street Global Advisors, the SPY tracks the S&amp;P 500 Index. The SPY ETF owns nearly 76 million shares for a market value of approximately $18.70 billion as of May 20, 2021.</p><p><blockquote>PDR Microsoft ETFTrust（SPDR标普500指数ETF）是标普500第三大公司股票共同基金持有人。该SPDR标普500指数ETF由道富环球顾问公司管理，跟踪标普500指数。截至2021年5月20日，SPDR标普500指数ETF ETF拥有近7600万股股票，市值约为187亿美元。</blockquote></p><p> The SPY has $353.3 billion in assets under management and an expense ratio of .0945% as of May 20, 2021. The fund's five-year annualized return is 17.25% as of April 30, 2021.</p><p><blockquote>截至2021年5月20日，SPDR标普500指数ETF管理资产3533亿美元，费用率为0.0945%。截至2021年4月30日，该基金的五年年化回报率为17.25%。</blockquote></p><p> <b>The Fidelity 500 Index Fund (FXAIX)</b></p><p><blockquote><b>富达500指数基金（FXAIX）</b></blockquote></p><p> The Fidelity 500 Index Fund (FXAIX) is Microsoft's fourth-largest mutual fund holder. The Fidelity 500 tracks the S&amp;P 500 Index with $328 billion in assets under management. The FXAIX owns more than 69 million shares of Microsoft, representing nearly $16.30 billion in market value as of March 31, 2021. Fidelity's FXAIX has no investment minimum, an expense ratio of .015%, and its five-year annualized return is 17.41% as of April 30, 2021.</p><p><blockquote>富达 500 指数基金 (FXAIX) 是微软第四大共同基金持有人。富达 500 指数跟踪标普500指数，管理着 3280 亿美元的资产。截至2021年3月31日，FXAIX拥有超过6900万股微软股票，市值近163亿美元。富达的FXAIX没有最低投资要求，费用率为0.015%，截至2021年4月30日，其五年年化回报率为17.41%。</blockquote></p><p></p>","source":"lsy1606203311635","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>Top 4 Mutual Fund Holders of Microsoft (MSFT)<blockquote>微软 (MSFT) 前 4 名共同基金持有人</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\">\nTop 4 Mutual Fund Holders of Microsoft (MSFT)<blockquote>微软 (MSFT) 前 4 名共同基金持有人</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investopedia</strong><span class=\"h-time small\">2021-05-24 14:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Microsoft Corporation (NYSE:MSFT) was formed in 1975 by Bill Gates and Paul Allen, as they rushed to create an operating system for the Altair 8800 microcomputer.&nbsp;The Altair 8800 was arguably the first microcomputer that kicked off the computer revolution, and with it came Altair Basic, a licensed version of Microsoft Basic. Microsoft Basic was the company's first licensed commercial product, as it licensed various versions to Apple Computers (NASDAQ:AAPL), Commodore, and IBM (NYSE:IBM). Revenues for the company totaled just$16,005 in 1976.</p><p><blockquote>微软公司（纽约证券交易所代码：MSFT）由Bill Gates和Paul Allen于1975年成立，当时他们急于为Altair 8800微型计算机创建操作系统。Altair 8800可以说是第一台开启计算机革命的微型计算机，随之而来的是Altair Basic，微软Basic的授权版本。微软基础是该公司的第一个授权商业产品，因为它向苹果计算机公司（纳斯达克股票代码：AAPL）、Commodore和IBM（纽约证券交易所股票代码：IBM）授权了各种版本。1976 年，该公司的总收入仅为 16,005 美元。</blockquote></p><p> The iconic tipping point came when IBM was planning to launch a personal computer but lacked an operating system. While Microsoft did not have an operating system, Bill Gates successfully bluffed IBM to win the contract on Aug. 12, 1981. Rather than program one from scratch, Gates negotiated a deal to purchase the 86-DOS product from Seattle Computer Products for less than $100,000 and licensed it to IBM for a royalty fee on every PC it would produce. The IBM PC launch turned out to be an unprecedented success, catapulting Microsoft's gross sales to $55 million in 1983.Microsoft launched the first iteration of its Windows franchise in 1985.</p><p><blockquote>标志性的转折点出现在IBM计划推出个人电脑但缺乏操作系统的时候。虽然微软没有操作系统，但比尔盖茨在1981年8月12日成功地欺骗了IBM，赢得了合同。盖茨没有从头开始编程，而是通过谈判达成了一项协议，以不到10万美元的价格从西雅图计算机产品公司购买了86-DOS产品，并将其授权给IBM，对其生产的每台PC收取特许权使用费。IBM PC 的推出取得了前所未有的成功，使微软的总销售额在 1985 年达到 5500 万美元。微软于 1985 年推出了其 Windows 系列的第一次迭代。</blockquote></p><p> The company went public in 1986 at $21 per share.&nbsp;Since then, Microsoft has grown into a consistently strong revenue performer with$143 billionin revenue as of the fiscal year ending June 30, 2020.</p><p><blockquote>该公司于1986年以每股21美元的价格上市。从那时起，微软已经成长为一个持续强劲的收入表现者，截至2020年6月30日的财年，收入为1430亿美元。</blockquote></p><p> Microsoft's most popular brands include Windows, Office 365, Bing, MSN, Skype, Exchange, and cloud applications Azure, SQL Server, and .NET. Microsoft is a component in the big three benchmark indexes:Dow Jones Industrial Average (DJIA),Standard and Poor's 500 (S&amp;P 500), and theNasdaq-100 index.</p><p><blockquote>微软最受欢迎的品牌包括Windows、Office 365、Bing、MSN、Skype、Exchange以及云应用程序Azure、SQL Server和.NET。微软是三大基准指数的组成部分：道琼斯工业平均指数（道琼斯）、标准普尔 500 指数（标普500）和纳斯达克 100 指数。</blockquote></p><p> Here are the four largestmutual fundsinvested in&nbsp;Microsoft stock.</p><p><blockquote>以下是投资于微软股票的四大共同基金。</blockquote></p><p> <b>Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX)</b></p><p><blockquote><b>Vanguard Total 股票市场指数基金 Admiral Shares (VTSAX)</b></blockquote></p><p> Microsoft's top mutual fund holder is the Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). The fund holds more than 212 million shares with a market value of more than $53.70 billion as of April 30, 2021.</p><p><blockquote>微软最大的共同基金持有人是先锋总股票市场指数基金 Admiral Shares (VTSAX)。截至2021年4月30日，该基金持有超过2.12亿股股票，市值超过537亿美元。</blockquote></p><p> The VTSAX provides broad exposure to the U.S. stock market with $1.2 trillion in assets under management (AUM). The VTSAX has a five-year annualized return of 17.67%, and the fund's expense ratio is 0.04% as of April 30, 2021.</p><p><blockquote>VTSAX 拥有 1.2 万亿美元的管理资产 (AUM)，为美国股市提供了广泛的投资机会。截至2021年4月30日，VTSAX的五年年化回报率为17.67%，该基金的费用率为0.04%。</blockquote></p><p> The VTSAX has a minimum initial investment amount of $3,000, but Vanguard also offers anexchange traded fund (ETF)called the Vanguard Total Stock Market ETF (VTI). The VTI is similar to the total market fund but only costs the price of one share as an initial investment.</p><p><blockquote>VTSAX 的最低初始投资额为 3,000 美元，但 Vanguard 还提供名为 Vanguard Total Stock Market ETF (VTI) 的交易所交易基金 (ETF)。VTI 类似于 total market fund，但仅收取一股股票的价格作为初始投资。</blockquote></p><p> <b>Vanguard 500 Index Fund Admiral Shares (VFIAX)</b></p><p><blockquote><b>Vanguard 500 指数基金 Admiral Shares (VFIAX)</b></blockquote></p><p> Microsoft's second-largest mutual fund holder is the Vanguard 500 Index Fund Admiral Shares (VFIAX), which holds more than 155 million shares for a market value of $39.10 billion as of April 30, 2021.</p><p><blockquote>微软第二大共同基金持有人是先锋 500 指数基金 Admiral Shares (VFIAX)，截至 2021 年 4 月 30 日，该基金持有超过 1.55 亿股股票，市值为 391 亿美元。</blockquote></p><p> The Vanguard 500 tracks theStandard and Poor's 500 Index (S&amp;P 500)by investing in 500 of the largest U.S. companies across various sectors. With nearly $732 billion in assets under management, the VFIAX has earned a five-year annualized return of 17.38%. The fund has an expense ratio of 0.04% as of April 30, 2021.</p><p><blockquote>Vanguard 500 通过投资各个行业的 500 家美国最大公司来跟踪标准普尔 500 指数 (标普500)。VFIAX 管理着近 7,320 亿美元的资产，五年年化回报率为 17.38%。截至2021年4月30日，该基金的费用率为0.04%。</blockquote></p><p> The minimum investment requirement for Vanguard's VFIAX is $3,000, but an ETF version is available called the Vanguard S&amp;P 500 ETF (VOO). Although the holdings within the VOO ETF are similar to the VFIAX, it has a lower initial investment requirement, which is the cost of one share</p><p><blockquote>先锋 VFIAX 的最低投资要求为 3,000 美元，但有一个 ETF 版本，称为先锋标普500 ETF (VOO)。尽管 VOO ETF 的持有量与 VFIAX 类似，但其初始投资要求较低，即一股的成本</blockquote></p><p> <b>SPDR S&amp;P 500 ETF&nbsp;(SPY)</b></p><p><blockquote><b>SPDR 标普500 ETF（SPDR标普500指数ETF）</b></blockquote></p><p> TheSPDR S&amp;P 500 ETFTrust (SPY) is Microsoft's third-largest mutual fund holder of the company's stock. Managed by State Street Global Advisors, the SPY tracks the S&amp;P 500 Index. The SPY ETF owns nearly 76 million shares for a market value of approximately $18.70 billion as of May 20, 2021.</p><p><blockquote>PDR Microsoft ETFTrust（SPDR标普500指数ETF）是标普500第三大公司股票共同基金持有人。该SPDR标普500指数ETF由道富环球顾问公司管理，跟踪标普500指数。截至2021年5月20日，SPDR标普500指数ETF ETF拥有近7600万股股票，市值约为187亿美元。</blockquote></p><p> The SPY has $353.3 billion in assets under management and an expense ratio of .0945% as of May 20, 2021. The fund's five-year annualized return is 17.25% as of April 30, 2021.</p><p><blockquote>截至2021年5月20日，SPDR标普500指数ETF管理资产3533亿美元，费用率为0.0945%。截至2021年4月30日，该基金的五年年化回报率为17.25%。</blockquote></p><p> <b>The Fidelity 500 Index Fund (FXAIX)</b></p><p><blockquote><b>富达500指数基金（FXAIX）</b></blockquote></p><p> The Fidelity 500 Index Fund (FXAIX) is Microsoft's fourth-largest mutual fund holder. The Fidelity 500 tracks the S&amp;P 500 Index with $328 billion in assets under management. The FXAIX owns more than 69 million shares of Microsoft, representing nearly $16.30 billion in market value as of March 31, 2021. Fidelity's FXAIX has no investment minimum, an expense ratio of .015%, and its five-year annualized return is 17.41% as of April 30, 2021.</p><p><blockquote>富达 500 指数基金 (FXAIX) 是微软第四大共同基金持有人。富达 500 指数跟踪标普500指数，管理着 3280 亿美元的资产。截至2021年3月31日，FXAIX拥有超过6900万股微软股票，市值近163亿美元。富达的FXAIX没有最低投资要求，费用率为0.015%，截至2021年4月30日，其五年年化回报率为17.41%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/articles/investing/031816/top-4-mutual-fund-holders-microsoft-msft-vtsmx.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral\">Investopedia</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":{"MSFT":"微软"},"source_url":"https://www.investopedia.com/articles/investing/031816/top-4-mutual-fund-holders-microsoft-msft-vtsmx.asp?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148834335","content_text":"Microsoft Corporation (NYSE:MSFT) was formed in 1975 by Bill Gates and Paul Allen, as they rushed to create an operating system for the Altair 8800 microcomputer. The Altair 8800 was arguably the first microcomputer that kicked off the computer revolution, and with it came Altair Basic, a licensed version of Microsoft Basic. Microsoft Basic was the company's first licensed commercial product, as it licensed various versions to Apple Computers (NASDAQ:AAPL), Commodore, and IBM (NYSE:IBM). Revenues for the company totaled just$16,005 in 1976.\nThe iconic tipping point came when IBM was planning to launch a personal computer but lacked an operating system. While Microsoft did not have an operating system, Bill Gates successfully bluffed IBM to win the contract on Aug. 12, 1981. Rather than program one from scratch, Gates negotiated a deal to purchase the 86-DOS product from Seattle Computer Products for less than $100,000 and licensed it to IBM for a royalty fee on every PC it would produce. The IBM PC launch turned out to be an unprecedented success, catapulting Microsoft's gross sales to $55 million in 1983.Microsoft launched the first iteration of its Windows franchise in 1985.\nThe company went public in 1986 at $21 per share. Since then, Microsoft has grown into a consistently strong revenue performer with$143 billionin revenue as of the fiscal year ending June 30, 2020.\nMicrosoft's most popular brands include Windows, Office 365, Bing, MSN, Skype, Exchange, and cloud applications Azure, SQL Server, and .NET. Microsoft is a component in the big three benchmark indexes:Dow Jones Industrial Average (DJIA),Standard and Poor's 500 (S&P 500), and theNasdaq-100 index.\nHere are the four largestmutual fundsinvested in Microsoft stock.\nVanguard Total Stock Market Index Fund Admiral Shares (VTSAX)\nMicrosoft's top mutual fund holder is the Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). The fund holds more than 212 million shares with a market value of more than $53.70 billion as of April 30, 2021.\nThe VTSAX provides broad exposure to the U.S. stock market with $1.2 trillion in assets under management (AUM). The VTSAX has a five-year annualized return of 17.67%, and the fund's expense ratio is 0.04% as of April 30, 2021.\nThe VTSAX has a minimum initial investment amount of $3,000, but Vanguard also offers anexchange traded fund (ETF)called the Vanguard Total Stock Market ETF (VTI). The VTI is similar to the total market fund but only costs the price of one share as an initial investment.\nVanguard 500 Index Fund Admiral Shares (VFIAX)\nMicrosoft's second-largest mutual fund holder is the Vanguard 500 Index Fund Admiral Shares (VFIAX), which holds more than 155 million shares for a market value of $39.10 billion as of April 30, 2021.\nThe Vanguard 500 tracks theStandard and Poor's 500 Index (S&P 500)by investing in 500 of the largest U.S. companies across various sectors. With nearly $732 billion in assets under management, the VFIAX has earned a five-year annualized return of 17.38%. The fund has an expense ratio of 0.04% as of April 30, 2021.\nThe minimum investment requirement for Vanguard's VFIAX is $3,000, but an ETF version is available called the Vanguard S&P 500 ETF (VOO). Although the holdings within the VOO ETF are similar to the VFIAX, it has a lower initial investment requirement, which is the cost of one share\nSPDR S&P 500 ETF (SPY)\nTheSPDR S&P 500 ETFTrust (SPY) is Microsoft's third-largest mutual fund holder of the company's stock. Managed by State Street Global Advisors, the SPY tracks the S&P 500 Index. The SPY ETF owns nearly 76 million shares for a market value of approximately $18.70 billion as of May 20, 2021.\nThe SPY has $353.3 billion in assets under management and an expense ratio of .0945% as of May 20, 2021. The fund's five-year annualized return is 17.25% as of April 30, 2021.\nThe Fidelity 500 Index Fund (FXAIX)\nThe Fidelity 500 Index Fund (FXAIX) is Microsoft's fourth-largest mutual fund holder. The Fidelity 500 tracks the S&P 500 Index with $328 billion in assets under management. The FXAIX owns more than 69 million shares of Microsoft, representing nearly $16.30 billion in market value as of March 31, 2021. Fidelity's FXAIX has no investment minimum, an expense ratio of .015%, and its five-year annualized return is 17.41% as of April 30, 2021.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187925161,"gmtCreate":1623736125653,"gmtModify":1634029334428,"author":{"id":"3579224382437305","authorId":"3579224382437305","name":"huathuatss","avatar":"https://static.tigerbbs.com/45bd8c44245b78706492a732ed831e17","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579224382437305","idStr":"3579224382437305"},"themes":[],"title":"","htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment 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