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2021-08-16

Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍

Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>

2021-08-15

My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.

AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>

2021-08-12

Despite all the negative news, Tesla is holding strong 💪💪

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2021-08-04

😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us. Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note! it might just be a good time to enter.

3 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</blockquote>

2021-07-22

At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage to buy the dip and average down positions.

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2021-07-27

If you wait till a company is mature to invest into it...it most probably is too late.

Tesla Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</blockquote>

2021-06-29

Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon? [惊讶] [惊讶]

This E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</blockquote>

2021-12-20

Covid hit them hard...

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2021-07-20

Good to have some spare funds now, then ready to buy good opportunities when stocks dip.

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2021-07-13

Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁

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 hit them hard...","listText":"Covid hit them hard...","text":"Covid hit them hard...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693684662","repostId":"2192004187","repostType":4,"isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699209841,"gmtCreate":1639800045223,"gmtModify":1639800167538,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Feels like it is not just Omicron fears, but inflation fears added on top of it. So far can see that people are hopeful on Omicron being mild, but still 2totally different groups on the inflation views. However, it certainly feels like this is the bottom for many stocks, bouncing off their support quite a few times. Those that are having red P/L, don't lose heart and sell at a loss. Hold on...market should recover soon.&nbsp;","listText":"Feels like it is not just Omicron fears, but inflation fears added on top of it. So far can see that people are hopeful on Omicron being mild, but still 2totally different groups on the inflation views. However, it certainly feels like this is the bottom for many stocks, bouncing off their support quite a few times. Those that are having red P/L, don't lose heart and sell at a loss. Hold on...market should recover soon.&nbsp;","text":"Feels like it is not just Omicron fears, but inflation fears added on top of it. 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Hold on...market should recover soon.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699209841","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohu8.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</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>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</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; 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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\">\nWall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-18 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社）-华尔街周五收低，受大型科技股拖累，投资者担心奥密克戎冠状病毒变种，并更快消化美联储结束大流行时期刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示在2022年底前加息三次0.25个百分点以应对飙升的通胀后，美国三大主要股指本周均收跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌2.1%，Alphabet下跌1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11大板块指数悉数下跌，金融股跌幅2.3%领跌。能源下跌2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞周五表示，疫情可能会延续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，迅速传播的奥密克戎冠状病毒变种重新感染人类的可能性是其前身达美航空的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期——被称为三重巫术——是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>新泽西州查塔姆Themis Trading交易联席经理Joe Saluzzi表示：“这是一个重要的期权到期日。”“现在你在此基础上利用一些奥密克戎，就会出现波动，我认为这给投资者带来了很多不确定性。今年年底你打算在哪里定位？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>包括英伟达和微软在内的权重成长股在2021年的表现优于大盘，而费城SE半导体指数则飙升了约35%。基准标普500指数同期上涨约23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>周五交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，标普500下跌1.03%，收于4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌0.07%，至15,169.68点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>积极的一面是，小盘股罗素2000指数在从11月初的历史高点下跌超过10%后，上涨了1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至166亿股，远高于过去20个交易日119亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500下跌1.9%，道琼斯指数下跌1.7%，纳斯达克下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>周五交易中，甲骨文股价下跌6.4%，此前《华尔街日报》报道称，这家企业软件制造商正在就收购电子医疗记录公司Cerner进行谈判，交易价值可能达到300亿美元。Cerner股价飙升12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>尽管持续的劳工困境削弱了利润，但联邦快递公司周四恢复了最初的2022财年预测，该公司股价上涨近5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.50比1；在纳斯达克，1.16比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下22个52周新高和7个新低；纳斯达克综合指数录得28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</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"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810854071,"gmtCreate":1629966058993,"gmtModify":1631886289383,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Visa non stop venturing into opportunities and kept growing. Amazing company, amazing stock.","listText":"Visa non stop venturing into opportunities and kept growing. Amazing company, amazing stock.","text":"Visa non stop venturing into opportunities and kept growing. Amazing company, amazing stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810854071","repostId":"1172523692","repostType":4,"isVote":1,"tweetType":1,"viewCount":1995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830462416,"gmtCreate":1629090750235,"gmtModify":1631892988384,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍","listText":"Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍","text":"Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830462416","repostId":"1129589874","repostType":4,"repost":{"id":"1129589874","kind":"news","pubTimestamp":1629067868,"share":"https://www.laohu8.com/m/news/1129589874?lang=zh_CN&edition=full","pubTime":"2021-08-16 06:51","market":"us","language":"en","title":"Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129589874","media":"Barrons","summary":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.","content":"<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商已准备好采取行动。沃尔玛和家得宝周二发布报告，劳氏、塔吉特和TJX周三紧随其后。美国柯尔百货公司、梅西百货、BJ批发和L品牌是周四的零售亮点，然后Foot Locker将于周五结束本周。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局7月份零售销售数据也将于本周周二公布。经济学家平均预测，上个月经季节性调整后的增长率为0。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的Pandora和Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股控股公司、思科系统公司、Analog Devices和Lumentum Holdings均发布业绩。应用材料公司周四公布业绩，Deere公司本周收盘周五。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项房地产市场指标：周二公布的全国住宅建筑商协会8月份NAHB/富国银行住房市场指数，以及周三公布的人口普查局7月份新住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会公布了7月底上次会议的纪要。然后，世界大型企业联合会将于周四公布7月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>星期一8/16</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、Tokyo Electron和Clear Secure等公司在评级举行财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布八月份帝国州制造业调查。普遍估计读数为26.5。相比之下，7月份的历史新高为43.0，当时总体商业状况指数上涨了26点。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora和Krispy Kreme等公司在评级举办财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry&amp;Associates和La-Z-Boy在收盘后报告财务业绩，并将于第二天（8月18日）上午举行收益评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月工业部门产能利用率。评级共识为75.7%，与6月份的75.4%几乎没有变化。工业生产预计将比6月份经季节调整后的0.4%增长0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了8月份NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份相同。该指数较11月份创下的历史高点90有所回落。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月零售销售数据。继6月份上涨0.6%后，预计经季节调整后环比下降0.3%。不包括汽车在内，支出预计将增长0.2%，而上个月为增长1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会公布了7月底货币政策会议的纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统、劳氏、塔吉特、TJX、腾讯控股控股、Brinker International、Analog Devices、Synopsys、Lumentum Holdings和Nvidia在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局的</b>7月份新住宅建设报告预计显示，经季节调整后的新屋开工年率为161.0万套，低于6月份的164.3万套。3月份新屋开工量达到173万套的疫情后峰值。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ的批发，<b>L品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、Kohl's、Macy's、Performance Food Group、Petco Health and Wellness和Farfetch将在评级举办财报会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>世界大型企业联合会</b>发布7月份领先经济指数。继6月份上涨0.7%后，LEI预计将环比上涨0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>星期五8/20</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker在评级主办会议讨论财务业绩。</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>Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</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\">\nNvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-16 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商已准备好采取行动。沃尔玛和家得宝周二发布报告，劳氏、塔吉特和TJX周三紧随其后。美国柯尔百货公司、梅西百货、BJ批发和L品牌是周四的零售亮点，然后Foot Locker将于周五结束本周。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局7月份零售销售数据也将于本周周二公布。经济学家平均预测，上个月经季节性调整后的增长率为0。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的Pandora和Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股控股公司、思科系统公司、Analog Devices和Lumentum Holdings均发布业绩。应用材料公司周四公布业绩，Deere公司本周收盘周五。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项房地产市场指标：周二公布的全国住宅建筑商协会8月份NAHB/富国银行住房市场指数，以及周三公布的人口普查局7月份新住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会公布了7月底上次会议的纪要。然后，世界大型企业联合会将于周四公布7月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>星期一8/16</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、Tokyo Electron和Clear Secure等公司在评级举行财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布八月份帝国州制造业调查。普遍估计读数为26.5。相比之下，7月份的历史新高为43.0，当时总体商业状况指数上涨了26点。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora和Krispy Kreme等公司在评级举办财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry&amp;Associates和La-Z-Boy在收盘后报告财务业绩，并将于第二天（8月18日）上午举行收益评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月工业部门产能利用率。评级共识为75.7%，与6月份的75.4%几乎没有变化。工业生产预计将比6月份经季节调整后的0.4%增长0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了8月份NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份相同。该指数较11月份创下的历史高点90有所回落。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月零售销售数据。继6月份上涨0.6%后，预计经季节调整后环比下降0.3%。不包括汽车在内，支出预计将增长0.2%，而上个月为增长1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会公布了7月底货币政策会议的纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统、劳氏、塔吉特、TJX、腾讯控股控股、Brinker International、Analog Devices、Synopsys、Lumentum Holdings和Nvidia在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局的</b>7月份新住宅建设报告预计显示，经季节调整后的新屋开工年率为161.0万套，低于6月份的164.3万套。3月份新屋开工量达到173万套的疫情后峰值。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ的批发，<b>L品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、Kohl's、Macy's、Performance Food Group、Petco Health and Wellness和Farfetch将在评级举办财报会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>世界大型企业联合会</b>发布7月份领先经济指数。继6月份上涨0.7%后，LEI预计将环比上涨0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>星期五8/20</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?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":{".SPX":"S&P 500 Index","WMT":"沃尔玛","NVDA":"英伟达",".DJI":"道琼斯","TME":"腾讯音乐",".IXIC":"NASDAQ Composite","TGT":"塔吉特"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129589874","content_text":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.\nThe Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.6% rise in June.\nMajor non-retail companies releasing results this week include Pandora and Krispy Kreme on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and Lumentum Holdings all report.Applied Materials goes on Thursday and Deere closes the week on Friday.\nEconomic data out this week include several housing-market metrics: The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.\nAlso on Wednesday, the Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the Conference Board publishes its Leading Economic Index for July on Thursday.\nMonday 8/16\nTencent Music Entertainment Group,Tokyo Electron,and Clear Secure are among the companies holding earnings conference calls.\nThe Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.\nTuesday 8/17\nBHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.\nAmerica’s Car-Mart,Jack Henry & Associates,and La-Z-Boy report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.\nThe Federal Reserve releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.\nFederal Reserve Board Chairman Jay Powell will host a virtual town hall with educators and students.\nThe Census Bureau reports retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.\nWednesday 8/18\nThe Federal Open Market Committee releases the minutes from its late-July monetary-policy meeting.\nCisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.\nThe Census Bureau’snew residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.\nThursday 8/19\nBJ’s Wholesale,L Brands, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.\nThe Conference Boardreleases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.\nFriday 8/20\nDeere and Foot Locker host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{".SPX":0.9,"WMT":0.9,"TGT":0.9,".DJI":0.9,"NVDA":0.9,"TME":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830162152,"gmtCreate":1629031573976,"gmtModify":1631892988389,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.","listText":"My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.","text":"My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830162152","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><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> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正与CPU结合使用，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><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> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正与CPU结合使用，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">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":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"NVDA":0.9,"INTC":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":3353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895550861,"gmtCreate":1628758550153,"gmtModify":1631892988392,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Despite all the negative news, Tesla is holding strong 💪💪","listText":"Despite all the negative news, Tesla is holding strong 💪💪","text":"Despite all the negative news, Tesla is holding strong 💪💪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895550861","repostId":"2158530942","repostType":4,"isVote":1,"tweetType":1,"viewCount":2656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891207078,"gmtCreate":1628389608194,"gmtModify":1631892988394,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Many investors think that Tesla's growth is very very far in the future, but Tesla has already started to prove them wrong with great growth past 2 earnings call. If you are holding long term, I think now is still a good price to DCA. $1200 target not applicable to day/swing trade.","listText":"Many investors think that Tesla's growth is very very far in the future, but Tesla has already started to prove them wrong with great growth past 2 earnings call. If you are holding long term, I think now is still a good price to DCA. $1200 target not applicable to day/swing trade.","text":"Many investors think that Tesla's growth is very very far in the future, but Tesla has already started to prove them wrong with great growth past 2 earnings call. If you are holding long term, I think now is still a good price to DCA. $1200 target not applicable to day/swing trade.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891207078","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807759198,"gmtCreate":1628061002314,"gmtModify":1631892988397,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us.&nbsp;Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note!&nbsp;it might just be a good time to enter.","listText":"😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us.&nbsp;Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note!&nbsp;it might just be a good time to enter.","text":"😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us. Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note! it might just be a good time to enter.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/807759198","repostId":"1195860961","repostType":4,"repost":{"id":"1195860961","kind":"news","pubTimestamp":1628060045,"share":"https://www.laohu8.com/m/news/1195860961?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:54","market":"us","language":"en","title":"3 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195860961","media":"Investing.com","summary":"Summary:\n\nAfter a remarkable rally last year, Tesla stock has lost its momentum.\nThe stock’s tepid r","content":"<p><b>Summary:</b></p><p><blockquote><b>摘要：</b></blockquote></p><p> <ul>  <li>After a remarkable rally last year, Tesla stock has lost its momentum.</li>  <li>The stock’s tepid reaction to impressive Q2 earnings shows that the bull case is weakening.</li>  <li>Chip shortages, rising competition could keep Tesla under pressure this year.</li> </ul> Lately, Tesla (NASDAQ:TSLA) shares seem to have lost their magic. The stock no longer reacts wildly to every positive development, disappointing investors who made fortunes while staying faithful to the world’s largest electric car-maker.</p><p><blockquote><ul><li>经过去年的显着上涨后，特斯拉股价已经失去了动力。</li><li>该股对令人印象深刻的第二季度盈利反应不温不火，表明牛市正在减弱。</li><li>芯片短缺、竞争加剧可能会让特斯拉今年面临压力。</li></ul>最近，特斯拉（纳斯达克：TSLA）的股票似乎失去了魔力。该股不再对每一个积极的发展做出疯狂的反应，这让那些在忠于这家全球最大电动汽车制造商的同时发财的投资者感到失望。</blockquote></p><p> The latest example of this dampening optimism came when Tesla announced itsquarterly earningson July 26. The company’s shares fell more than 4% after the earnings report, which handedly beat analysts’ consensus estimates.</p><p><blockquote>这种令人沮丧的乐观情绪的最新例子是特斯拉7月26日公布的季度收益。财报发布后，该公司股价下跌超过4%，大幅超出分析师的普遍预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae1d0e8a03c4269ff0c91bcaaf57e87d\" tg-width=\"1412\" tg-height=\"1172\" width=\"100%\" height=\"auto\"><span>Tesla Weekly Chart.</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉周线图。</span></p></blockquote></p><p> During the quarter, in which the California-based car-maker produced a record 201,250 vehicles, its profit more than tripled to $1.45 a share on an adjusted basis, beating the $0.97 average analysts had estimated. It was also the company’s eighth straight profitable quarter.</p><p><blockquote>本季度，这家总部位于加州的汽车制造商生产了创纪录的201,250辆汽车，调整后的利润增长了两倍多，达到每股1.45美元，超过了分析师平均预期的0.97美元。这也是该公司连续第八个季度盈利。</blockquote></p><p> Tesla's net income in the second quarter was roughly equal to the prior four quarters combined. The company reported revenue of roughly $12 billion for the period that ended June 30, nearly double the amount in the corresponding period a year earlier.</p><p><blockquote>特斯拉第二季度的净利润大致相当于前四个季度的总和。该公司报告截至6月30日的期间收入约为120亿美元，几乎是去年同期的两倍。</blockquote></p><p> Despite this strong earnings momentum, the stock didn’t jump the way it once did on every shred of positive news. TSLA is up less than 6% during the past five days as of yesterday's close. From its record high in January, Tesla shares are down almost 23%.</p><p><blockquote>尽管盈利势头强劲，但该股并没有像以前那样因每一个利好消息而上涨。截至昨天收盘，特斯拉在过去五天内上涨了不到6%。特斯拉股价较1月份的历史高点下跌了近23%。</blockquote></p><p> So, what’s prompting investors to shun this market tech darling, even when its financials have shown a great turnaround?</p><p><blockquote>那么，是什么促使投资者回避这个市场科技宠儿，即使它的财务状况已经显示出巨大的好转呢？</blockquote></p><p> As we see it, there are both short- and long-term factors at play, causing Tesla enthusiasts to move to the sidelines. Here are three key catalysts that make this EV stalwart a risky bet right now, supporting our view that Tesla is not a buy in this environment:</p><p><blockquote>正如我们所看到的，有短期和长期因素在起作用，导致特斯拉爱好者转向观望。以下三个关键催化剂使这家电动汽车巨头目前成为一个冒险的赌注，支持我们的观点，即特斯拉在这种环境下不值得买入：</blockquote></p><p> <b>1. Chip Shortages</b></p><p><blockquote><b>一、芯片短缺</b></blockquote></p><p> The global chip shortages that have hurt production for many car-makers is beginning to pinch Tesla as well. During its earnings call, Tesla told investors that the company's future pace of growth won't be able to escape the ongoing supply-chain challenges.</p><p><blockquote>全球芯片短缺损害了许多汽车制造商的生产，也开始挤压特斯拉。在财报看涨期权上，特斯拉告诉投资者，公司未来的增长速度将无法逃脱持续的供应链挑战。</blockquote></p><p> The company, for example, is struggling to introduce new models and secure parts for all its vehicles. Tesla again delayed its semi-trailer truck—already two years late—with first deliveries now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as trying to focus on getting new factories online.</p><p><blockquote>例如，该公司正在努力推出新车型并确保所有车辆的零部件。特斯拉再次推迟了其半挂卡车的发布——已经晚了两年——首批交付预计于2022年进行。该公司将延迟归因于供应链问题和电池供应有限，以及试图专注于让新工厂上线。</blockquote></p><p> The company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues, said Chief Executive Elon Musk on an earnings call, without giving a revised first delivery date.</p><p><blockquote>该公司首席执行官Elon Musk在财报看涨期权上表示，该公司首款皮卡的计划曾预计最早将于今年交付给客户，但也受到零部件问题的影响，但没有给出修改后的首次交付日期。</blockquote></p><p> How long chip-supply issues will persist is anybody’s guess right now. Chip-makers are trying to eke out more supply through changes to manufacturing processes and by opening up spare capacity to rivals, auditing customer orders to prevent hoarding and swapping over production lines, according to a recent report by theWall Street Journal. The bad news: there are no quick fixes, as building new production capacity usually takes years.</p><p><blockquote>现在谁也说不准芯片供应问题会持续多久。据《华尔街日报》最近的一篇报道，芯片制造商正试图通过改变制造工艺、向竞争对手开放闲置产能、审核客户订单以防止囤积和更换生产线来维持更多供应。坏消息是：没有快速解决方案，因为建设新产能通常需要数年时间。</blockquote></p><p> <b>2. Competition Heating Up</b></p><p><blockquote><b>2.竞争升温</b></blockquote></p><p> Another threat challenging Tesla’s dominance in the EV market is coming from new sources of competition. Overall, five of the biggest automakers—Daimler(OTC:DDAIF), Ford (NYSE:F),General Motors(NYSE:GM), Stellantis (NYSE:STLA) and Volkswagen (OTC:VWAGY)—have each laid out plans to spend an average $6.5 billion annually on electrification efforts over the next five to 10 years, according toBloomberg.</p><p><blockquote>挑战特斯拉在电动汽车市场主导地位的另一个威胁来自新的竞争来源。总体而言，五家最大的汽车制造商——戴姆勒(OTC：DDAIF)、福特(NYSE：F)、通用汽车(NYSE：GM)、Stellantis(NYSE：STLA)和大众汽车(OTC：VWAGY)——都制定了计划据彭博社报道，未来5到10年，平均每年在电气化方面花费65亿美元。</blockquote></p><p> In April, VW launched its new Audi Q4 e-tron model to compete with Tesla in the fast-growing market of compact crossover SUVs. The Audi’s EV model is among a dozen vehicles the German auto-maker has planned, including VW’s ID.4 and an electric version of the Porsche Macan. VW is aiming to sell roughly 600,000 purely battery-powered cars this year.</p><p><blockquote>4月，大众推出了新款奥迪Q4 e-tron车型，在快速增长的紧凑型跨界SUV市场与特斯拉竞争。奥迪的电动车型是这家德国汽车制造商计划推出的十几款汽车之一，其中包括大众的ID.4和保时捷Macan的电动版。大众汽车的目标是今年销售约60万辆纯电池驱动的汽车。</blockquote></p><p> While traditional auto-makers, like Volkswagen and GM accelerate their EV efforts, smaller Chinese upstarts like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV) are also vying for tech-savvy customers.</p><p><blockquote>虽然大众汽车和通用汽车等传统汽车制造商正在加速电动汽车的发展，但蔚来（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）等规模较小的中国新贵也在争夺精通技术的客户。</blockquote></p><p> According to media reports, GM’s EV plans will accelerate starting later this year as a Hummer pickup truck and Cadillac Lyriq sport utility vehicle begin rolling off the Detroit carmaker's production lines. An electric Chevy Silverado pickup is also on the way.</p><p><blockquote>据媒体报道，随着悍马皮卡和凯迪拉克Lyriq运动型多功能车开始从底特律汽车制造商的生产线下线，通用汽车的电动汽车计划将从今年晚些时候开始加速。一款电动雪佛兰索罗德皮卡也即将上市。</blockquote></p><p></p><p> In China, GM’s lower-priced Hongguang Mini EV, which it’s producing with two state-owned companies, has been a hit. More than a quarter of a million of the models have been sold since the vehicle launched last July, outperforming international rivals like Tesla’s Model 3 and local competitors, including Great Wall's (OTC:GWLLY) Ora Black Cat.</p><p><blockquote>在中国，通用汽车与两家国有企业合作生产的价格较低的宏光迷你电动汽车大受欢迎。自去年7月推出以来，该车型已售出超过25万辆，表现优于特斯拉Model 3等国际竞争对手和长城（场外交易代码：GWLLY）奥拉黑猫等本地竞争对手。</blockquote></p><p> <b>3. Lofty Valuations</b></p><p><blockquote><b>3.高估值</b></blockquote></p><p> Tesla’s valuation has also been a major source of friction among Wall Street’s top analysts. Those who see Tesla as a highly overpriced stock argue that the company has no room to make an error when its stock is priced for perfection.</p><p><blockquote>特斯拉的估值也一直是华尔街顶级分析师之间摩擦的主要来源。那些认为特斯拉股票定价过高的人认为，当其股票定价完美时，该公司没有犯错的余地。</blockquote></p><p> JPMorgan, which has an underweight rating on Tesla with a price target of $160, said in a recent note:</p><p><blockquote>摩根大通对特斯拉给予跑输大盘评级，目标价为160美元，该公司在最近的一份报告中表示：</blockquote></p><p>   “Tesla’s high valuation leaves little room for less-than-perfect execution, as evidenced by a relatively tepid reaction in the aftermarket Monday to what was a fairly sizable EBITA beat, and we did see some less than perfect takeaways, including the official delay of the Tesla Semi into 2022 (albeit likely already almost entirely baked in); the seeming delay of the Cybertruck from late 2021 into 2022 (likely mostly baked in).”  Even after its recent selloff, Tesla has a $680-billion market capitalization, making it worth more than the combined value of GM, Ford, Toyota Motor (NYSE:TM) and Volkswagen.</p><p><blockquote>“特斯拉的高估值几乎没有给不完美的执行留下空间，周一售后市场对相当大的EBITA超出预期的反应相对不温不火就证明了这一点，我们确实看到了一些不太完美的收获，包括官方推迟特斯拉Semi到2022年（尽管可能已经几乎完全成熟）；Cybertruck似乎从2021年底推迟到2022年（可能大部分时间都是内置的）。”即使在最近的抛售之后，特斯拉的市值仍为6800亿美元，超过了通用汽车、福特、丰田汽车(NYSE：TM)和大众汽车的总价值。</blockquote></p><p> Bernstein Research, which has a sell rating on Tesla with a price target of $175, said in its note:</p><p><blockquote>Bernstein Research对特斯拉给予卖出评级，目标价为175美元，该公司在报告中表示：</blockquote></p><p>   “We continue to struggle to justify TSLA’s valuation, which is higher than all other major automakers combined and appears to imply huge volume and industry leading profitability going forward, which is historically unprecedented.”  These bearish views, however, shouldn’t hide the fact that many analysts believe Tesla is more than a car company and its stock has more upside.</p><p><blockquote>“我们继续努力证明特斯拉的估值是合理的，该估值高于所有其他主要汽车制造商的总和，似乎意味着未来巨大的销量和行业领先的盈利能力，这是历史上前所未有的。”然而，这些看跌观点不应掩盖这样一个事实：许多分析师认为特斯拉不仅仅是一家汽车公司，其股票还有更大的上涨空间。</blockquote></p><p> Morgan Stanley’s Adam Jonas says Tesla shouldn’t be valued as a legacy car-maker. As cars become more connected to the internet, that opens up a lot of other addressable markets and Tesla is well-positioned to take advantage of those new opportunities.</p><p><blockquote>Morgan Stanley的Adam Jonas表示，特斯拉不应被视为一家传统汽车制造商。随着汽车与互联网的连接越来越紧密，这开辟了许多其他潜在市场，特斯拉处于有利地位，可以利用这些新机遇。</blockquote></p><p> Said Jonas in a Bloomberg report:</p><p><blockquote>乔纳斯在彭博社的一篇报道中说：</blockquote></p><p>   “In the process, it takes you away from comparing Tesla to car companies and should rather be compared to software-as-a-service companies.”  This divergence is evident from<i>Investing.com</i>poll of analystsregarding Tesla’s share price. Of 35 analysts, 15 have a buy rating on the stock, while 12 have neutral ratings and eight have a sell recommendation, with a 12-month consensus price target of $730.59.</p><p><blockquote>“在这个过程中，它让你不再将特斯拉与汽车公司进行比较，而应该将其与软件即服务公司进行比较。”这种差异从<i>Investing.com</i>分析师对特斯拉股价的民意调查。在35名分析师中，15名分析师对该股给予买入评级，12名分析师给予中性评级，8名分析师给予卖出建议，12个月一致目标价为730.59美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e03552d09d605eee4bcfefd531f11080\" tg-width=\"1332\" tg-height=\"856\" width=\"100%\" height=\"auto\"><span>Chart: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：Investing.com</span></p></blockquote></p><p> For investors, who look to technical signals to help make short-term investment decisions, the most popular indicators—moving averages, oscillators and pivots—are currently providing a buy signal, especially after Tesla’s strong earnings beat.</p><p><blockquote>对于寻求技术信号来帮助做出短期投资决策的投资者来说，最受欢迎的指标——移动平均线、振荡指标和支点——目前正在提供买入信号，尤其是在特斯拉强劲盈利超出预期之后。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Tesla has remained the only credible player in the high-quality EV market in recent years, but that equation is changing quickly after the entry of new players and the massive spending plans being put forward by the legacy car-makers. These dynamics don’t justify the company’s current valuation, which assumes that Tesla will become the biggest seller of cars in the U.S., while competitors won’t be able to succeed.</p><p><blockquote>近年来，特斯拉仍然是高质量电动汽车市场上唯一可靠的参与者，但在新参与者的进入以及传统汽车制造商提出的大规模支出计划之后，这种情况正在迅速发生变化。这些动态并不能证明该公司目前的估值是合理的，该估值假设特斯拉将成为美国最大的汽车销售商，而竞争对手将无法成功。</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 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</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 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investing.com</strong><span class=\"h-time small\">2021-08-04 14:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary:</b></p><p><blockquote><b>摘要：</b></blockquote></p><p> <ul>  <li>After a remarkable rally last year, Tesla stock has lost its momentum.</li>  <li>The stock’s tepid reaction to impressive Q2 earnings shows that the bull case is weakening.</li>  <li>Chip shortages, rising competition could keep Tesla under pressure this year.</li> </ul> Lately, Tesla (NASDAQ:TSLA) shares seem to have lost their magic. The stock no longer reacts wildly to every positive development, disappointing investors who made fortunes while staying faithful to the world’s largest electric car-maker.</p><p><blockquote><ul><li>经过去年的显着上涨后，特斯拉股价已经失去了动力。</li><li>该股对令人印象深刻的第二季度盈利反应不温不火，表明牛市正在减弱。</li><li>芯片短缺、竞争加剧可能会让特斯拉今年面临压力。</li></ul>最近，特斯拉（纳斯达克：TSLA）的股票似乎失去了魔力。该股不再对每一个积极的发展做出疯狂的反应，这让那些在忠于这家全球最大电动汽车制造商的同时发财的投资者感到失望。</blockquote></p><p> The latest example of this dampening optimism came when Tesla announced itsquarterly earningson July 26. The company’s shares fell more than 4% after the earnings report, which handedly beat analysts’ consensus estimates.</p><p><blockquote>这种令人沮丧的乐观情绪的最新例子是特斯拉7月26日公布的季度收益。财报发布后，该公司股价下跌超过4%，大幅超出分析师的普遍预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae1d0e8a03c4269ff0c91bcaaf57e87d\" tg-width=\"1412\" tg-height=\"1172\" width=\"100%\" height=\"auto\"><span>Tesla Weekly Chart.</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉周线图。</span></p></blockquote></p><p> During the quarter, in which the California-based car-maker produced a record 201,250 vehicles, its profit more than tripled to $1.45 a share on an adjusted basis, beating the $0.97 average analysts had estimated. It was also the company’s eighth straight profitable quarter.</p><p><blockquote>本季度，这家总部位于加州的汽车制造商生产了创纪录的201,250辆汽车，调整后的利润增长了两倍多，达到每股1.45美元，超过了分析师平均预期的0.97美元。这也是该公司连续第八个季度盈利。</blockquote></p><p> Tesla's net income in the second quarter was roughly equal to the prior four quarters combined. The company reported revenue of roughly $12 billion for the period that ended June 30, nearly double the amount in the corresponding period a year earlier.</p><p><blockquote>特斯拉第二季度的净利润大致相当于前四个季度的总和。该公司报告截至6月30日的期间收入约为120亿美元，几乎是去年同期的两倍。</blockquote></p><p> Despite this strong earnings momentum, the stock didn’t jump the way it once did on every shred of positive news. TSLA is up less than 6% during the past five days as of yesterday's close. From its record high in January, Tesla shares are down almost 23%.</p><p><blockquote>尽管盈利势头强劲，但该股并没有像以前那样因每一个利好消息而上涨。截至昨天收盘，特斯拉在过去五天内上涨了不到6%。特斯拉股价较1月份的历史高点下跌了近23%。</blockquote></p><p> So, what’s prompting investors to shun this market tech darling, even when its financials have shown a great turnaround?</p><p><blockquote>那么，是什么促使投资者回避这个市场科技宠儿，即使它的财务状况已经显示出巨大的好转呢？</blockquote></p><p> As we see it, there are both short- and long-term factors at play, causing Tesla enthusiasts to move to the sidelines. Here are three key catalysts that make this EV stalwart a risky bet right now, supporting our view that Tesla is not a buy in this environment:</p><p><blockquote>正如我们所看到的，有短期和长期因素在起作用，导致特斯拉爱好者转向观望。以下三个关键催化剂使这家电动汽车巨头目前成为一个冒险的赌注，支持我们的观点，即特斯拉在这种环境下不值得买入：</blockquote></p><p> <b>1. Chip Shortages</b></p><p><blockquote><b>一、芯片短缺</b></blockquote></p><p> The global chip shortages that have hurt production for many car-makers is beginning to pinch Tesla as well. During its earnings call, Tesla told investors that the company's future pace of growth won't be able to escape the ongoing supply-chain challenges.</p><p><blockquote>全球芯片短缺损害了许多汽车制造商的生产，也开始挤压特斯拉。在财报看涨期权上，特斯拉告诉投资者，公司未来的增长速度将无法逃脱持续的供应链挑战。</blockquote></p><p> The company, for example, is struggling to introduce new models and secure parts for all its vehicles. Tesla again delayed its semi-trailer truck—already two years late—with first deliveries now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as trying to focus on getting new factories online.</p><p><blockquote>例如，该公司正在努力推出新车型并确保所有车辆的零部件。特斯拉再次推迟了其半挂卡车的发布——已经晚了两年——首批交付预计于2022年进行。该公司将延迟归因于供应链问题和电池供应有限，以及试图专注于让新工厂上线。</blockquote></p><p> The company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues, said Chief Executive Elon Musk on an earnings call, without giving a revised first delivery date.</p><p><blockquote>该公司首席执行官Elon Musk在财报看涨期权上表示，该公司首款皮卡的计划曾预计最早将于今年交付给客户，但也受到零部件问题的影响，但没有给出修改后的首次交付日期。</blockquote></p><p> How long chip-supply issues will persist is anybody’s guess right now. Chip-makers are trying to eke out more supply through changes to manufacturing processes and by opening up spare capacity to rivals, auditing customer orders to prevent hoarding and swapping over production lines, according to a recent report by theWall Street Journal. The bad news: there are no quick fixes, as building new production capacity usually takes years.</p><p><blockquote>现在谁也说不准芯片供应问题会持续多久。据《华尔街日报》最近的一篇报道，芯片制造商正试图通过改变制造工艺、向竞争对手开放闲置产能、审核客户订单以防止囤积和更换生产线来维持更多供应。坏消息是：没有快速解决方案，因为建设新产能通常需要数年时间。</blockquote></p><p> <b>2. Competition Heating Up</b></p><p><blockquote><b>2.竞争升温</b></blockquote></p><p> Another threat challenging Tesla’s dominance in the EV market is coming from new sources of competition. Overall, five of the biggest automakers—Daimler(OTC:DDAIF), Ford (NYSE:F),General Motors(NYSE:GM), Stellantis (NYSE:STLA) and Volkswagen (OTC:VWAGY)—have each laid out plans to spend an average $6.5 billion annually on electrification efforts over the next five to 10 years, according toBloomberg.</p><p><blockquote>挑战特斯拉在电动汽车市场主导地位的另一个威胁来自新的竞争来源。总体而言，五家最大的汽车制造商——戴姆勒(OTC：DDAIF)、福特(NYSE：F)、通用汽车(NYSE：GM)、Stellantis(NYSE：STLA)和大众汽车(OTC：VWAGY)——都制定了计划据彭博社报道，未来5到10年，平均每年在电气化方面花费65亿美元。</blockquote></p><p> In April, VW launched its new Audi Q4 e-tron model to compete with Tesla in the fast-growing market of compact crossover SUVs. The Audi’s EV model is among a dozen vehicles the German auto-maker has planned, including VW’s ID.4 and an electric version of the Porsche Macan. VW is aiming to sell roughly 600,000 purely battery-powered cars this year.</p><p><blockquote>4月，大众推出了新款奥迪Q4 e-tron车型，在快速增长的紧凑型跨界SUV市场与特斯拉竞争。奥迪的电动车型是这家德国汽车制造商计划推出的十几款汽车之一，其中包括大众的ID.4和保时捷Macan的电动版。大众汽车的目标是今年销售约60万辆纯电池驱动的汽车。</blockquote></p><p> While traditional auto-makers, like Volkswagen and GM accelerate their EV efforts, smaller Chinese upstarts like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV) are also vying for tech-savvy customers.</p><p><blockquote>虽然大众汽车和通用汽车等传统汽车制造商正在加速电动汽车的发展，但蔚来（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）等规模较小的中国新贵也在争夺精通技术的客户。</blockquote></p><p> According to media reports, GM’s EV plans will accelerate starting later this year as a Hummer pickup truck and Cadillac Lyriq sport utility vehicle begin rolling off the Detroit carmaker's production lines. An electric Chevy Silverado pickup is also on the way.</p><p><blockquote>据媒体报道，随着悍马皮卡和凯迪拉克Lyriq运动型多功能车开始从底特律汽车制造商的生产线下线，通用汽车的电动汽车计划将从今年晚些时候开始加速。一款电动雪佛兰索罗德皮卡也即将上市。</blockquote></p><p></p><p> In China, GM’s lower-priced Hongguang Mini EV, which it’s producing with two state-owned companies, has been a hit. More than a quarter of a million of the models have been sold since the vehicle launched last July, outperforming international rivals like Tesla’s Model 3 and local competitors, including Great Wall's (OTC:GWLLY) Ora Black Cat.</p><p><blockquote>在中国，通用汽车与两家国有企业合作生产的价格较低的宏光迷你电动汽车大受欢迎。自去年7月推出以来，该车型已售出超过25万辆，表现优于特斯拉Model 3等国际竞争对手和长城（场外交易代码：GWLLY）奥拉黑猫等本地竞争对手。</blockquote></p><p> <b>3. Lofty Valuations</b></p><p><blockquote><b>3.高估值</b></blockquote></p><p> Tesla’s valuation has also been a major source of friction among Wall Street’s top analysts. Those who see Tesla as a highly overpriced stock argue that the company has no room to make an error when its stock is priced for perfection.</p><p><blockquote>特斯拉的估值也一直是华尔街顶级分析师之间摩擦的主要来源。那些认为特斯拉股票定价过高的人认为，当其股票定价完美时，该公司没有犯错的余地。</blockquote></p><p> JPMorgan, which has an underweight rating on Tesla with a price target of $160, said in a recent note:</p><p><blockquote>摩根大通对特斯拉给予跑输大盘评级，目标价为160美元，该公司在最近的一份报告中表示：</blockquote></p><p>   “Tesla’s high valuation leaves little room for less-than-perfect execution, as evidenced by a relatively tepid reaction in the aftermarket Monday to what was a fairly sizable EBITA beat, and we did see some less than perfect takeaways, including the official delay of the Tesla Semi into 2022 (albeit likely already almost entirely baked in); the seeming delay of the Cybertruck from late 2021 into 2022 (likely mostly baked in).”  Even after its recent selloff, Tesla has a $680-billion market capitalization, making it worth more than the combined value of GM, Ford, Toyota Motor (NYSE:TM) and Volkswagen.</p><p><blockquote>“特斯拉的高估值几乎没有给不完美的执行留下空间，周一售后市场对相当大的EBITA超出预期的反应相对不温不火就证明了这一点，我们确实看到了一些不太完美的收获，包括官方推迟特斯拉Semi到2022年（尽管可能已经几乎完全成熟）；Cybertruck似乎从2021年底推迟到2022年（可能大部分时间都是内置的）。”即使在最近的抛售之后，特斯拉的市值仍为6800亿美元，超过了通用汽车、福特、丰田汽车(NYSE：TM)和大众汽车的总价值。</blockquote></p><p> Bernstein Research, which has a sell rating on Tesla with a price target of $175, said in its note:</p><p><blockquote>Bernstein Research对特斯拉给予卖出评级，目标价为175美元，该公司在报告中表示：</blockquote></p><p>   “We continue to struggle to justify TSLA’s valuation, which is higher than all other major automakers combined and appears to imply huge volume and industry leading profitability going forward, which is historically unprecedented.”  These bearish views, however, shouldn’t hide the fact that many analysts believe Tesla is more than a car company and its stock has more upside.</p><p><blockquote>“我们继续努力证明特斯拉的估值是合理的，该估值高于所有其他主要汽车制造商的总和，似乎意味着未来巨大的销量和行业领先的盈利能力，这是历史上前所未有的。”然而，这些看跌观点不应掩盖这样一个事实：许多分析师认为特斯拉不仅仅是一家汽车公司，其股票还有更大的上涨空间。</blockquote></p><p> Morgan Stanley’s Adam Jonas says Tesla shouldn’t be valued as a legacy car-maker. As cars become more connected to the internet, that opens up a lot of other addressable markets and Tesla is well-positioned to take advantage of those new opportunities.</p><p><blockquote>Morgan Stanley的Adam Jonas表示，特斯拉不应被视为一家传统汽车制造商。随着汽车与互联网的连接越来越紧密，这开辟了许多其他潜在市场，特斯拉处于有利地位，可以利用这些新机遇。</blockquote></p><p> Said Jonas in a Bloomberg report:</p><p><blockquote>乔纳斯在彭博社的一篇报道中说：</blockquote></p><p>   “In the process, it takes you away from comparing Tesla to car companies and should rather be compared to software-as-a-service companies.”  This divergence is evident from<i>Investing.com</i>poll of analystsregarding Tesla’s share price. Of 35 analysts, 15 have a buy rating on the stock, while 12 have neutral ratings and eight have a sell recommendation, with a 12-month consensus price target of $730.59.</p><p><blockquote>“在这个过程中，它让你不再将特斯拉与汽车公司进行比较，而应该将其与软件即服务公司进行比较。”这种差异从<i>Investing.com</i>分析师对特斯拉股价的民意调查。在35名分析师中，15名分析师对该股给予买入评级，12名分析师给予中性评级，8名分析师给予卖出建议，12个月一致目标价为730.59美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e03552d09d605eee4bcfefd531f11080\" tg-width=\"1332\" tg-height=\"856\" width=\"100%\" height=\"auto\"><span>Chart: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：Investing.com</span></p></blockquote></p><p> For investors, who look to technical signals to help make short-term investment decisions, the most popular indicators—moving averages, oscillators and pivots—are currently providing a buy signal, especially after Tesla’s strong earnings beat.</p><p><blockquote>对于寻求技术信号来帮助做出短期投资决策的投资者来说，最受欢迎的指标——移动平均线、振荡指标和支点——目前正在提供买入信号，尤其是在特斯拉强劲盈利超出预期之后。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Tesla has remained the only credible player in the high-quality EV market in recent years, but that equation is changing quickly after the entry of new players and the massive spending plans being put forward by the legacy car-makers. These dynamics don’t justify the company’s current valuation, which assumes that Tesla will become the biggest seller of cars in the U.S., while competitors won’t be able to succeed.</p><p><blockquote>近年来，特斯拉仍然是高质量电动汽车市场上唯一可靠的参与者，但在新参与者的进入以及传统汽车制造商提出的大规模支出计划之后，这种情况正在迅速发生变化。这些动态并不能证明该公司目前的估值是合理的，该估值假设特斯拉将成为美国最大的汽车销售商，而竞争对手将无法成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investing.com/analysis/3-reasons-tesla-stock-is-currently-overvalued-200595598\">Investing.com</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.investing.com/analysis/3-reasons-tesla-stock-is-currently-overvalued-200595598","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195860961","content_text":"Summary:\n\nAfter a remarkable rally last year, Tesla stock has lost its momentum.\nThe stock’s tepid reaction to impressive Q2 earnings shows that the bull case is weakening.\nChip shortages, rising competition could keep Tesla under pressure this year.\n\nLately, Tesla (NASDAQ:TSLA) shares seem to have lost their magic. The stock no longer reacts wildly to every positive development, disappointing investors who made fortunes while staying faithful to the world’s largest electric car-maker.\nThe latest example of this dampening optimism came when Tesla announced itsquarterly earningson July 26. The company’s shares fell more than 4% after the earnings report, which handedly beat analysts’ consensus estimates.\nTesla Weekly Chart.\nDuring the quarter, in which the California-based car-maker produced a record 201,250 vehicles, its profit more than tripled to $1.45 a share on an adjusted basis, beating the $0.97 average analysts had estimated. It was also the company’s eighth straight profitable quarter.\nTesla's net income in the second quarter was roughly equal to the prior four quarters combined. The company reported revenue of roughly $12 billion for the period that ended June 30, nearly double the amount in the corresponding period a year earlier.\nDespite this strong earnings momentum, the stock didn’t jump the way it once did on every shred of positive news. TSLA is up less than 6% during the past five days as of yesterday's close. From its record high in January, Tesla shares are down almost 23%.\nSo, what’s prompting investors to shun this market tech darling, even when its financials have shown a great turnaround?\nAs we see it, there are both short- and long-term factors at play, causing Tesla enthusiasts to move to the sidelines. Here are three key catalysts that make this EV stalwart a risky bet right now, supporting our view that Tesla is not a buy in this environment:\n1. Chip Shortages\nThe global chip shortages that have hurt production for many car-makers is beginning to pinch Tesla as well. During its earnings call, Tesla told investors that the company's future pace of growth won't be able to escape the ongoing supply-chain challenges.\nThe company, for example, is struggling to introduce new models and secure parts for all its vehicles. Tesla again delayed its semi-trailer truck—already two years late—with first deliveries now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as trying to focus on getting new factories online.\nThe company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues, said Chief Executive Elon Musk on an earnings call, without giving a revised first delivery date.\nHow long chip-supply issues will persist is anybody’s guess right now. Chip-makers are trying to eke out more supply through changes to manufacturing processes and by opening up spare capacity to rivals, auditing customer orders to prevent hoarding and swapping over production lines, according to a recent report by theWall Street Journal. The bad news: there are no quick fixes, as building new production capacity usually takes years.\n2. Competition Heating Up\nAnother threat challenging Tesla’s dominance in the EV market is coming from new sources of competition. Overall, five of the biggest automakers—Daimler(OTC:DDAIF), Ford (NYSE:F),General Motors(NYSE:GM), Stellantis (NYSE:STLA) and Volkswagen (OTC:VWAGY)—have each laid out plans to spend an average $6.5 billion annually on electrification efforts over the next five to 10 years, according toBloomberg.\nIn April, VW launched its new Audi Q4 e-tron model to compete with Tesla in the fast-growing market of compact crossover SUVs. The Audi’s EV model is among a dozen vehicles the German auto-maker has planned, including VW’s ID.4 and an electric version of the Porsche Macan. VW is aiming to sell roughly 600,000 purely battery-powered cars this year.\nWhile traditional auto-makers, like Volkswagen and GM accelerate their EV efforts, smaller Chinese upstarts like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV) are also vying for tech-savvy customers.\nAccording to media reports, GM’s EV plans will accelerate starting later this year as a Hummer pickup truck and Cadillac Lyriq sport utility vehicle begin rolling off the Detroit carmaker's production lines. An electric Chevy Silverado pickup is also on the way.\nIn China, GM’s lower-priced Hongguang Mini EV, which it’s producing with two state-owned companies, has been a hit. More than a quarter of a million of the models have been sold since the vehicle launched last July, outperforming international rivals like Tesla’s Model 3 and local competitors, including Great Wall's (OTC:GWLLY) Ora Black Cat.\n3. Lofty Valuations\nTesla’s valuation has also been a major source of friction among Wall Street’s top analysts. Those who see Tesla as a highly overpriced stock argue that the company has no room to make an error when its stock is priced for perfection.\nJPMorgan, which has an underweight rating on Tesla with a price target of $160, said in a recent note:\n\n “Tesla’s high valuation leaves little room for less-than-perfect execution, as evidenced by a relatively tepid reaction in the aftermarket Monday to what was a fairly sizable EBITA beat, and we did see some less than perfect takeaways, including the official delay of the Tesla Semi into 2022 (albeit likely already almost entirely baked in); the seeming delay of the Cybertruck from late 2021 into 2022 (likely mostly baked in).”\n\nEven after its recent selloff, Tesla has a $680-billion market capitalization, making it worth more than the combined value of GM, Ford, Toyota Motor (NYSE:TM) and Volkswagen.\nBernstein Research, which has a sell rating on Tesla with a price target of $175, said in its note:\n\n “We continue to struggle to justify TSLA’s valuation, which is higher than all other major automakers combined and appears to imply huge volume and industry leading profitability going forward, which is historically unprecedented.”\n\nThese bearish views, however, shouldn’t hide the fact that many analysts believe Tesla is more than a car company and its stock has more upside.\nMorgan Stanley’s Adam Jonas says Tesla shouldn’t be valued as a legacy car-maker. As cars become more connected to the internet, that opens up a lot of other addressable markets and Tesla is well-positioned to take advantage of those new opportunities.\nSaid Jonas in a Bloomberg report:\n\n “In the process, it takes you away from comparing Tesla to car companies and should rather be compared to software-as-a-service companies.”\n\nThis divergence is evident fromInvesting.compoll of analystsregarding Tesla’s share price. Of 35 analysts, 15 have a buy rating on the stock, while 12 have neutral ratings and eight have a sell recommendation, with a 12-month consensus price target of $730.59.\nChart: Investing.com\nFor investors, who look to technical signals to help make short-term investment decisions, the most popular indicators—moving averages, oscillators and pivots—are currently providing a buy signal, especially after Tesla’s strong earnings beat.\nBottom Line\nTesla has remained the only credible player in the high-quality EV market in recent years, but that equation is changing quickly after the entry of new players and the massive spending plans being put forward by the legacy car-makers. These dynamics don’t justify the company’s current valuation, which assumes that Tesla will become the biggest seller of cars in the U.S., while competitors won’t be able to succeed.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2914,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3479274702625278","authorId":"3479274702625278","name":"老夫追涨杀跌","avatar":"https://static.tigerbbs.com/53d8be38e6bbbfa27d16721be9a4e59b","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3479274702625278","idStr":"3479274702625278"},"content":"所有的新闻都有立场，肯定需要你的二次辨别，兼听则明，片面信息肯定影响判断。","text":"所有的新闻都有立场，肯定需要你的二次辨别，兼听则明，片面信息肯定影响判断。","html":"所有的新闻都有立场，肯定需要你的二次辨别，兼听则明，片面信息肯定影响判断。"},{"author":{"id":"9000000000000221","authorId":"9000000000000221","name":"搞钱树","avatar":"https://static.tigerbbs.com/82edc4968feb7c0c481f5ad38d9a498b","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000221","idStr":"9000000000000221"},"content":"新闻一般都是有滞后性，正常 的。","text":"新闻一般都是有滞后性，正常 的。","html":"新闻一般都是有滞后性，正常 的。"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803049794,"gmtCreate":1627398096318,"gmtModify":1631892988398,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"If you wait till a company is mature to invest into it...it most probably is too late.","listText":"If you wait till a company is mature to invest into it...it most probably is too late.","text":"If you wait till a company is mature to invest into it...it most probably is too late.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803049794","repostId":"1124516451","repostType":4,"repost":{"id":"1124516451","kind":"news","pubTimestamp":1627397263,"share":"https://www.laohu8.com/m/news/1124516451?lang=zh_CN&edition=full","pubTime":"2021-07-27 22:47","market":"us","language":"en","title":"Tesla Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124516451","media":"Barrons","summary":"The electric-vehicle company Tesla reported its best quarterly results ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.Tesla  reported $1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs beca","content":"<p>The electric-vehicle company&nbsp;Tesla&nbsp;reported its&nbsp;best quarterly results&nbsp;ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.</p><p><blockquote>电动汽车公司特斯拉周一晚间公布了有史以来最好的季度业绩，但投资者和分析师对这一消息持谨慎乐观的态度——这表明特斯拉作为一家公司正在走向成熟。</blockquote></p><p> Tesla (ticker: TSLA)&nbsp;reported&nbsp;$1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs because of strong profitability in the automotive division.</p><p><blockquote>特斯拉（股票代码：TSLA）公布第二季度调整后每股收益为1.45美元，远高于分析师预期的约95美分。监管信贷的销售额——一种被认为不如汽车销售可持续的收入来源——下降了，但由于汽车部门的强劲盈利能力，营业利润升至历史新高。</blockquote></p><p> Tesla generates the credits by making more than its fair share of zero- emission cars and sells them to manufacturers that still rely on internal-combustion engines. Pessimists on the stock believe that source of income will dwindle over time.</p><p><blockquote>特斯拉通过生产超过其公平份额的零排放汽车并将其出售给仍然依赖内燃机的制造商来产生积分。该股的悲观主义者认为，随着时间的推移，收入来源将会减少。</blockquote></p><p> The stock, however, was down 1.5% in early trading Tuesday. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average,for comparison, had fallen 0.6% and 0.4%, respectively.</p><p><blockquote>然而，该股周二早盘下跌1.5%。相比之下，标准普尔500指数和道琼斯工业平均指数分别下跌0.6%和0.4%。</blockquote></p><p> It is a muted reaction to a good quarter, typical of the way stocks of mature businesses behave. Tesla stock moved more than 10% in response to three of the four 2019 quarterly reports. But it rose or fell an average of about 2.5% in response to the 2020 earnings reports.</p><p><blockquote>这是对良好季度的温和反应，是成熟企业股票的典型表现。特斯拉股价因2019年四份季度报告中的三份而上涨超过10%。但随着2020年收益报告的发布，该指数平均上涨或下跌约2.5%。</blockquote></p><p> The typical 2020 move was a fall in the price in response to news of better-than-expected results. The same thing happened after the release of results for the first quarter of 2021.</p><p><blockquote>2020年的典型走势是因业绩好于预期的消息而导致价格下跌。同样的事情发生在2021年第一季度业绩发布后。</blockquote></p><p> That is another sign of maturity. A small drop in response to better-than-expected results is the typical outcome for stocks. Investors always expect companies to exceed analyst projections, and when they get that result, they “sell the news.”</p><p><blockquote>这是成熟的另一个标志。由于业绩好于预期而小幅下跌是股市的典型结果。投资者总是期望公司超出分析师的预测，当他们得到这个结果时，他们就会“卖出消息”。</blockquote></p><p> The reaction among Wall Street analysts to the latest results is yet another sign of maturity. Mizuho analyst&nbsp;Vijay Rakesh&nbsp;raised his target for Tesla’s stock price by $5 to $825 following the news, for a bump of less than 1%.</p><p><blockquote>华尔街分析师对最新业绩的反应是成熟的又一个迹象。消息传出后，瑞穗分析师Vijay Rakesh将特斯拉股价目标上调5美元至825美元，涨幅不到1%。</blockquote></p><p> Back in January, RBC analyst&nbsp;Joe Spak&nbsp;raised his target price to $700 a share from $339 after changing how he thought about Tesla’s business. That was a huge target-price change from a large broker.</p><p><blockquote>早在1月份，加拿大皇家银行(RBC)分析师乔·斯帕克(Joe Spak)改变了对特斯拉业务的看法后，将目标价从每股339美元上调至700美元。对于一家大型经纪商来说，这是一个巨大的目标价格变化。</blockquote></p><p> Smaller changes in price targets can indicate a business is becoming more stable, and that analysts believe they have a grip on what is happening. That reduces the need for them to dramatically overhaul their views in response to events.</p><p><blockquote>价格目标的较小变化可能表明企业变得更加稳定，并且分析师相信他们能够控制正在发生的事情。这减少了他们在应对事件时大幅改变观点的必要性。</blockquote></p><p> Overall, the average&nbsp;analyst target price&nbsp;is up about $18, or 3%, in reaction to Monday’s results to about $644 a share. Tesla shares are trading about 1% or 2% above the average analyst target price.</p><p><blockquote>总体而言，针对周一的业绩，分析师平均目标价上涨约18美元，即3%，至每股约644美元。特斯拉股价比分析师平均目标价高出约1%或2%。</blockquote></p><p> Target prices generally reflect where analysts think a stock should trade to earn a fair return out into the future. The average target price on stocks in the S&amp;P 500 implies a gain of 7%.</p><p><blockquote>目标价格通常反映了分析师认为股票应该在哪里交易才能在未来获得公平回报。标普500股票的平均目标价意味着7%的涨幅。</blockquote></p><p> Even the fact that Tesla is trading around its average analyst target price is a sign of maturity. A year ago, the average target price for Tesla stock was about $225, while the price was above $300.</p><p><blockquote>即使特斯拉的交易价格在分析师平均目标价附近，也是成熟的标志。一年前，特斯拉股票的平均目标价约为225美元，而该价格高于300美元。</blockquote></p><p> Shareholders and bulls on the stock might like a bigger response from the stock when earnings come in strong, but the days of 20% moves, up or down, might be gone for Tesla. That is more evidence that Tesla is here to stay as the world’s most valuable car company.</p><p><blockquote>当盈利强劲时，该股的股东和看涨者可能希望该股做出更大的反应，但对于特斯拉来说，上涨或下跌20%的日子可能已经一去不复返了。这进一步证明特斯拉将继续成为世界上最有价值的汽车公司。</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 Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</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 Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-27 22:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The electric-vehicle company&nbsp;Tesla&nbsp;reported its&nbsp;best quarterly results&nbsp;ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.</p><p><blockquote>电动汽车公司特斯拉周一晚间公布了有史以来最好的季度业绩，但投资者和分析师对这一消息持谨慎乐观的态度——这表明特斯拉作为一家公司正在走向成熟。</blockquote></p><p> Tesla (ticker: TSLA)&nbsp;reported&nbsp;$1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs because of strong profitability in the automotive division.</p><p><blockquote>特斯拉（股票代码：TSLA）公布第二季度调整后每股收益为1.45美元，远高于分析师预期的约95美分。监管信贷的销售额——一种被认为不如汽车销售可持续的收入来源——下降了，但由于汽车部门的强劲盈利能力，营业利润升至历史新高。</blockquote></p><p> Tesla generates the credits by making more than its fair share of zero- emission cars and sells them to manufacturers that still rely on internal-combustion engines. Pessimists on the stock believe that source of income will dwindle over time.</p><p><blockquote>特斯拉通过生产超过其公平份额的零排放汽车并将其出售给仍然依赖内燃机的制造商来产生积分。该股的悲观主义者认为，随着时间的推移，收入来源将会减少。</blockquote></p><p> The stock, however, was down 1.5% in early trading Tuesday. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average,for comparison, had fallen 0.6% and 0.4%, respectively.</p><p><blockquote>然而，该股周二早盘下跌1.5%。相比之下，标准普尔500指数和道琼斯工业平均指数分别下跌0.6%和0.4%。</blockquote></p><p> It is a muted reaction to a good quarter, typical of the way stocks of mature businesses behave. Tesla stock moved more than 10% in response to three of the four 2019 quarterly reports. But it rose or fell an average of about 2.5% in response to the 2020 earnings reports.</p><p><blockquote>这是对良好季度的温和反应，是成熟企业股票的典型表现。特斯拉股价因2019年四份季度报告中的三份而上涨超过10%。但随着2020年收益报告的发布，该指数平均上涨或下跌约2.5%。</blockquote></p><p> The typical 2020 move was a fall in the price in response to news of better-than-expected results. The same thing happened after the release of results for the first quarter of 2021.</p><p><blockquote>2020年的典型走势是因业绩好于预期的消息而导致价格下跌。同样的事情发生在2021年第一季度业绩发布后。</blockquote></p><p> That is another sign of maturity. A small drop in response to better-than-expected results is the typical outcome for stocks. Investors always expect companies to exceed analyst projections, and when they get that result, they “sell the news.”</p><p><blockquote>这是成熟的另一个标志。由于业绩好于预期而小幅下跌是股市的典型结果。投资者总是期望公司超出分析师的预测，当他们得到这个结果时，他们就会“卖出消息”。</blockquote></p><p> The reaction among Wall Street analysts to the latest results is yet another sign of maturity. Mizuho analyst&nbsp;Vijay Rakesh&nbsp;raised his target for Tesla’s stock price by $5 to $825 following the news, for a bump of less than 1%.</p><p><blockquote>华尔街分析师对最新业绩的反应是成熟的又一个迹象。消息传出后，瑞穗分析师Vijay Rakesh将特斯拉股价目标上调5美元至825美元，涨幅不到1%。</blockquote></p><p> Back in January, RBC analyst&nbsp;Joe Spak&nbsp;raised his target price to $700 a share from $339 after changing how he thought about Tesla’s business. That was a huge target-price change from a large broker.</p><p><blockquote>早在1月份，加拿大皇家银行(RBC)分析师乔·斯帕克(Joe Spak)改变了对特斯拉业务的看法后，将目标价从每股339美元上调至700美元。对于一家大型经纪商来说，这是一个巨大的目标价格变化。</blockquote></p><p> Smaller changes in price targets can indicate a business is becoming more stable, and that analysts believe they have a grip on what is happening. That reduces the need for them to dramatically overhaul their views in response to events.</p><p><blockquote>价格目标的较小变化可能表明企业变得更加稳定，并且分析师相信他们能够控制正在发生的事情。这减少了他们在应对事件时大幅改变观点的必要性。</blockquote></p><p> Overall, the average&nbsp;analyst target price&nbsp;is up about $18, or 3%, in reaction to Monday’s results to about $644 a share. Tesla shares are trading about 1% or 2% above the average analyst target price.</p><p><blockquote>总体而言，针对周一的业绩，分析师平均目标价上涨约18美元，即3%，至每股约644美元。特斯拉股价比分析师平均目标价高出约1%或2%。</blockquote></p><p> Target prices generally reflect where analysts think a stock should trade to earn a fair return out into the future. The average target price on stocks in the S&amp;P 500 implies a gain of 7%.</p><p><blockquote>目标价格通常反映了分析师认为股票应该在哪里交易才能在未来获得公平回报。标普500股票的平均目标价意味着7%的涨幅。</blockquote></p><p> Even the fact that Tesla is trading around its average analyst target price is a sign of maturity. A year ago, the average target price for Tesla stock was about $225, while the price was above $300.</p><p><blockquote>即使特斯拉的交易价格在分析师平均目标价附近，也是成熟的标志。一年前，特斯拉股票的平均目标价约为225美元，而该价格高于300美元。</blockquote></p><p> Shareholders and bulls on the stock might like a bigger response from the stock when earnings come in strong, but the days of 20% moves, up or down, might be gone for Tesla. That is more evidence that Tesla is here to stay as the world’s most valuable car company.</p><p><blockquote>当盈利强劲时，该股的股东和看涨者可能希望该股做出更大的反应，但对于特斯拉来说，上涨或下跌20%的日子可能已经一去不复返了。这进一步证明特斯拉将继续成为世界上最有价值的汽车公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-mature-business-51627393369?mod=hp_LEADSUPP_1\">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-stock-mature-business-51627393369?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124516451","content_text":"The electric-vehicle company Tesla reported its best quarterly results ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.\nTesla (ticker: TSLA) reported $1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs because of strong profitability in the automotive division.\nTesla generates the credits by making more than its fair share of zero- emission cars and sells them to manufacturers that still rely on internal-combustion engines. Pessimists on the stock believe that source of income will dwindle over time.\nThe stock, however, was down 1.5% in early trading Tuesday. The S&P 500 and Dow Jones Industrial Average,for comparison, had fallen 0.6% and 0.4%, respectively.\nIt is a muted reaction to a good quarter, typical of the way stocks of mature businesses behave. Tesla stock moved more than 10% in response to three of the four 2019 quarterly reports. But it rose or fell an average of about 2.5% in response to the 2020 earnings reports.\nThe typical 2020 move was a fall in the price in response to news of better-than-expected results. The same thing happened after the release of results for the first quarter of 2021.\nThat is another sign of maturity. A small drop in response to better-than-expected results is the typical outcome for stocks. Investors always expect companies to exceed analyst projections, and when they get that result, they “sell the news.”\nThe reaction among Wall Street analysts to the latest results is yet another sign of maturity. Mizuho analyst Vijay Rakesh raised his target for Tesla’s stock price by $5 to $825 following the news, for a bump of less than 1%.\nBack in January, RBC analyst Joe Spak raised his target price to $700 a share from $339 after changing how he thought about Tesla’s business. That was a huge target-price change from a large broker.\nSmaller changes in price targets can indicate a business is becoming more stable, and that analysts believe they have a grip on what is happening. That reduces the need for them to dramatically overhaul their views in response to events.\nOverall, the average analyst target price is up about $18, or 3%, in reaction to Monday’s results to about $644 a share. Tesla shares are trading about 1% or 2% above the average analyst target price.\nTarget prices generally reflect where analysts think a stock should trade to earn a fair return out into the future. The average target price on stocks in the S&P 500 implies a gain of 7%.\nEven the fact that Tesla is trading around its average analyst target price is a sign of maturity. A year ago, the average target price for Tesla stock was about $225, while the price was above $300.\nShareholders and bulls on the stock might like a bigger response from the stock when earnings come in strong, but the days of 20% moves, up or down, might be gone for Tesla. That is more evidence that Tesla is here to stay as the world’s most valuable car company.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175447191,"gmtCreate":1627047941613,"gmtModify":1631892988403,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"FUD on inflation is still very high. Recovered slightly on Wednesday because FED mentioned it's not here yet...but overall everyone still speculating inflation is coming soon...","listText":"FUD on inflation is still very high. Recovered slightly on Wednesday because FED mentioned it's not here yet...but overall everyone still speculating inflation is coming soon...","text":"FUD on inflation is still very high. Recovered slightly on Wednesday because FED mentioned it's not here yet...but overall everyone still speculating inflation is coming soon...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175447191","repostId":"1155094371","repostType":4,"isVote":1,"tweetType":1,"viewCount":2888,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172398382,"gmtCreate":1626933198746,"gmtModify":1631892988408,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage&nbsp;to buy the dip and average down positions.","listText":"At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage&nbsp;to buy the dip and average down positions.","text":"At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage to buy the dip and average down positions.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172398382","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176926301,"gmtCreate":1626855898703,"gmtModify":1631885615435,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Netflix has been trading sideways since mid 2020. If it is able to hit the support of this sideway trend and not break below, will consider to buy in.","listText":"Netflix has been trading sideways since mid 2020. If it is able to hit the support of this sideway trend and not break below, will consider to buy in.","text":"Netflix has been trading sideways since mid 2020. If it is able to hit the support of this sideway trend and not break below, will consider to buy in.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/176926301","repostId":"1183563723","repostType":4,"repost":{"id":"1183563723","kind":"news","pubTimestamp":1626853969,"share":"https://www.laohu8.com/m/news/1183563723?lang=zh_CN&edition=full","pubTime":"2021-07-21 15:52","market":"us","language":"en","title":"Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183563723","media":"zerohedge","summary":"Recent earnings reports from streaming giant $Netflix$ have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo qu","content":"<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>情况好坏参半：三个季度前，当该公司公布第一个完整的“后电晕”季度收益时，该股暴跌，并警告称<i>“增长放缓”，</i>在三个季度前再次暴跌之前，该公司报告每股收益和新潜艇均大幅下滑，为220万辆，并列过去五年来最糟糕的季度，同时还报告了本季度的前景差于预期。两个季度前，这种情况发生了逆转，当时Netflix报告订户数量井喷，并预计很快就会实现正现金流，导致其股价飙升至历史新高——即使只是短暂的，然后再次逆转，然后暴跌。上个季度，Netflix报告订户数量巨大，再次感到失望。错过并给出令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天紧张地想知道的不是该公司是否会超出或低于预期，而是首席执行官里德·黑斯廷斯警告的经济放缓是否是真的，并且由于新冠疫情而吸引了更多的订户？毕竟，Netflix几个月来一直警告称，与去年大流行封锁开始时惊人的注册率相比，2021年的增长将放缓。是的，准备好迎接巨大的基础效应吧：<i>2020年第二季度，该服务新增客户1000万，仅次于创纪录的2020年第一季度新增的1577万。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列时好时坏的情况，但该公司一直在乘着乐观情绪的浪潮，其股价在2021年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直徘徊不前，未能突破新高。尽管毫无疑问，在美国和世界大部分地区的Covid-19封锁期间，收视率激增，但也存在复杂情况：病毒导致电视和电影制作停止，随着时间的推移，这种情况对Netflix来说可能只会变得更加可怕。但最大的问题依然存在<b>covid为现在带来了多少未来的subs，与此相关的是，对Delta菌株的恐慌会导致未来几个季度用户的另一次小爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，市场普遍预计第二季度仅新增112万新用户，略高于该公司自己预测的100万新用户。收入预计为73.2亿美元，高于上季度的71.6亿美元，每股收益为3.36美元，略低于上季度的3.75美元。这是因为自疫情袭击以来，流媒体视频一直保持火爆势头。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博资讯(Bloomberg Intelligence)分析师Geetha Ranganathan和Amine Bensaid在预览季度业绩时警告称，Netflix 2020年的大规模增长将导致今年的订户增长更加疲软：Netflix, Inc.将继续感受到1H20超负荷的后遗症，需求将大幅拉动第二季度新增100万人的预期，这是自2011年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引的不确定性，尽管几部备受瞩目的游戏（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度至2022年订户增长正常化的明显催化剂。”</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners媒体分析师Rich Greenfield发表了他认为Netflix投资者在财报发布后应该向管理层提出的关键问题。其中包括Netflix的用户增长何时会正常化，印度是否可以成为盈利的有意义的驱动力，以及该公司在视频游戏领域看到了哪些机会。格林菲尔德问道：“目标是利用你为电视/电影创作的IP，还是创造可以用于电视/电影制作的原创视频游戏IP？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本陷入停滞，这抑制了随后几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>考虑到这一点，<a href=\"https://laohu8.com/S/QTWO\">Q2</a>这个季度最终会引发Netflix股票的另一次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，订户数量也超出预期，但该公司未能实现每股收益和<i>再一次</i>报告了另一份惨淡的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34 B，<i><b>殴打</b></i>是的。$7.32 B</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12 M</li><li>营业利润率为25.2%，高于预期的25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益2.97美元，未达到共识预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>同样糟糕，<b>该公司报告称，美国/加拿大付费用户首次下降，减少43万至7395万。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>也就是说，在q2营收增长19%、营业收入增长36%的同时，<b>第三季度订户预测未达到预期后，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是第二季度美国/加拿大付费潜艇数量下降的潜艇的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN streaming付费净变化-430,000，估计+52,190</b></li><li>EMEA流媒体付费净变化+190,000，预估+429,335</li><li>LATAM streaming付费净变化+760,000，预估+128,719</li><li>亚太地区流媒体付费净变化+102万，预估+524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化+154万，预估+112万（彭博共识）</li></ul>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员数量增长11%和平均每位会员收入(ARM)增长8%推动的。“新冠疫情给我们的会员增长带来了一些波动（2020年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了该公司盈利持续“波动”的原因：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“疫情给我们的增长带来了异常波动，并扭曲了同比比较，因为在新冠疫情爆发的最初几个月，每个成员家庭的收购和参与度激增。在21年第二季度，我们每个成员家庭的参与度正如预期的那样有所下降。这些前所未有的水平，但与更具可比性的2019年第二季度相比仍增长了17%。同样，尽管每位会员的平均收入在这两年期间增长了8%，但保留率仍然强劲，并且好于2019年第二季度新冠疫情爆发前的水平，这表明我们的会员对Netflix的重视程度以及我们改进我们的服务我们可以多收一点钱。”</i>NFLX还表示，第二季度付费会员数量增加了150万，“略高于我们100万的指导预测”<b>亚太地区约占本季度全球付费净增额的三分之二</b>同时，如上所述，<b>UCAN地区第二季度付费会员数量环比下降（付费净增-40万）：</b>\"<i>我们认为，我们在UCAN的庞大会员基础加上季节性较小的季度收购是这种动态的主要原因。这与我们在2019年第二季度经历的情况类似，当时我们的UCAN付费净增额为-0.1 M；从那时起，我们在UCAN中增加了近750万付费净添加量”</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情号推进了如此多的潜艇，以至于2021年将成为至少自2016年以来的第一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司正在与2019年而不是2020年竞争（由于惨淡的基数效应），Netflix敦促投资者将今年与2019年进行比较，而不是与一年前的同一季度（当时大流行促进了用户增长）进行比较。奇怪的是，当数字对其有利时，该公司在比较2020年和2019年时没有问题，但我们跑题了...该公司指出，与2020年“前所未有的水平”相比，第二季度每个成员家庭的用户参与度有所下降，但“与更具可比性的2019年第二季度相比”增长了17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>或许是为了转移人们对（缺乏）用户增长的注意力，Netflix表示，它正在兑现2016年的承诺，稳步提高营业利润率。这家流媒体巨头的目标是2021年营业利润率达到20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现利润率目标，我们的营业利润率将在过去五年中增长五倍，并且领先于年均三个百分点的速度。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅增长（尽管我们一直在大力投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>但是，尽管股东可能会原谅美国潜艇的下降，但他们对公司的整体指导并不满意，<b>目前第三季度新增潜艇数量仅为350万艘，远低于预期的586万艘。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix表示，由于新冠疫情，上半年的内容将会清淡。该公司现在正在迎头赶上，上半年在新电视节目和电影上的支出增长了41%，达到80亿美元。该公司今年的内容支出目标为120亿美元，增长12%，即：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至2021年上半年，我们已在内容上花费了80亿美元现金（同比增长41%，内容摊销是1.4倍）</b></i><i>我们预计全年内容摊销约为120亿美元（同比增长12%）。我们的第三季度名单将包括粉丝最爱的《La Casa de Papel》（又名《金钱大劫案》）、《性教育》、《处女河》和《从未有过我》的新一季，以及真人电影，包括《甜蜜的女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画故事片《Vivo》，其中收录了林·曼努尔·米兰达的全新歌曲。</i>Netflix offers分享了有关其即将进入游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“我们还处于进一步向游戏领域扩张的早期阶段，建立在我们早期围绕交互性（例如Black Mirror Bandersnatch）和Stranger Things游戏的基础上。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。</i><i><b>游戏将免费包含在会员的Netflix订阅中，类似于电影和连续剧</b></i><i>最初，我们将主要关注移动设备上的游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们所有现有内容类别的投资和增长将会有很长的路要走，但由于我们进军原创节目已近十年，我们认为是时候了解更多有关我们的会员如何重视游戏的信息了。”</i>在对竞争格局的粗略概述中，Netflix指出了像华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>，表示他们“不认为这次整合对我们的增长有太大影响，如果有的话。”该公司还指出，虽然它一直在评估合并机会：“我们不认为任何资产是‘必须拥有的’，而且我们还没有发现任何足以令人信服地采取行动的大规模资产。”</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX现金流方面有更多坏消息，继上季度激增后再次逆转，下降了1.75亿美元，而一年前现金流为正8.99亿美元。NFLX指出，“仍预计2021年全年自由现金流将接近收支平衡。”该公司还认为，不再需要筹集外部融资来为我们的日常运营提供资金。我们将看看至少这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他消息方面，第二季度，NFLX将其循环信贷额度（仍未提取）从7.5亿美元增加到10亿美元，并将期限从2024年延长至2026年。该公司还根据我们50亿美元的股票授权，以5亿美元（平均每股价格约为500美元）回购了100万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保留战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并不为所动，但情况可能会更糟：在最初短暂跌破500美元后，该股此后稳定下跌2%，约为515美元。在同情下跌的股票中，视频流媒体平台Roku下跌1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix在盘前交易中下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></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>Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</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\">\nNetflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指引未达预期后Netflix股价下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 15:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>情况好坏参半：三个季度前，当该公司公布第一个完整的“后电晕”季度收益时，该股暴跌，并警告称<i>“增长放缓”，</i>在三个季度前再次暴跌之前，该公司报告每股收益和新潜艇均大幅下滑，为220万辆，并列过去五年来最糟糕的季度，同时还报告了本季度的前景差于预期。两个季度前，这种情况发生了逆转，当时Netflix报告订户数量井喷，并预计很快就会实现正现金流，导致其股价飙升至历史新高——即使只是短暂的，然后再次逆转，然后暴跌。上个季度，Netflix报告订户数量巨大，再次感到失望。错过并给出令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天紧张地想知道的不是该公司是否会超出或低于预期，而是首席执行官里德·黑斯廷斯警告的经济放缓是否是真的，并且由于新冠疫情而吸引了更多的订户？毕竟，Netflix几个月来一直警告称，与去年大流行封锁开始时惊人的注册率相比，2021年的增长将放缓。是的，准备好迎接巨大的基础效应吧：<i>2020年第二季度，该服务新增客户1000万，仅次于创纪录的2020年第一季度新增的1577万。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列时好时坏的情况，但该公司一直在乘着乐观情绪的浪潮，其股价在2021年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直徘徊不前，未能突破新高。尽管毫无疑问，在美国和世界大部分地区的Covid-19封锁期间，收视率激增，但也存在复杂情况：病毒导致电视和电影制作停止，随着时间的推移，这种情况对Netflix来说可能只会变得更加可怕。但最大的问题依然存在<b>covid为现在带来了多少未来的subs，与此相关的是，对Delta菌株的恐慌会导致未来几个季度用户的另一次小爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，市场普遍预计第二季度仅新增112万新用户，略高于该公司自己预测的100万新用户。收入预计为73.2亿美元，高于上季度的71.6亿美元，每股收益为3.36美元，略低于上季度的3.75美元。这是因为自疫情袭击以来，流媒体视频一直保持火爆势头。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博资讯(Bloomberg Intelligence)分析师Geetha Ranganathan和Amine Bensaid在预览季度业绩时警告称，Netflix 2020年的大规模增长将导致今年的订户增长更加疲软：Netflix, Inc.将继续感受到1H20超负荷的后遗症，需求将大幅拉动第二季度新增100万人的预期，这是自2011年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引的不确定性，尽管几部备受瞩目的游戏（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度至2022年订户增长正常化的明显催化剂。”</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners媒体分析师Rich Greenfield发表了他认为Netflix投资者在财报发布后应该向管理层提出的关键问题。其中包括Netflix的用户增长何时会正常化，印度是否可以成为盈利的有意义的驱动力，以及该公司在视频游戏领域看到了哪些机会。格林菲尔德问道：“目标是利用你为电视/电影创作的IP，还是创造可以用于电视/电影制作的原创视频游戏IP？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本陷入停滞，这抑制了随后几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>考虑到这一点，<a href=\"https://laohu8.com/S/QTWO\">Q2</a>这个季度最终会引发Netflix股票的另一次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，订户数量也超出预期，但该公司未能实现每股收益和<i>再一次</i>报告了另一份惨淡的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34 B，<i><b>殴打</b></i>是的。$7.32 B</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12 M</li><li>营业利润率为25.2%，高于预期的25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益2.97美元，未达到共识预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>同样糟糕，<b>该公司报告称，美国/加拿大付费用户首次下降，减少43万至7395万。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>也就是说，在q2营收增长19%、营业收入增长36%的同时，<b>第三季度订户预测未达到预期后，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是第二季度美国/加拿大付费潜艇数量下降的潜艇的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN streaming付费净变化-430,000，估计+52,190</b></li><li>EMEA流媒体付费净变化+190,000，预估+429,335</li><li>LATAM streaming付费净变化+760,000，预估+128,719</li><li>亚太地区流媒体付费净变化+102万，预估+524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化+154万，预估+112万（彭博共识）</li></ul>视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员数量增长11%和平均每位会员收入(ARM)增长8%推动的。“新冠疫情给我们的会员增长带来了一些波动（2020年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了该公司盈利持续“波动”的原因：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“疫情给我们的增长带来了异常波动，并扭曲了同比比较，因为在新冠疫情爆发的最初几个月，每个成员家庭的收购和参与度激增。在21年第二季度，我们每个成员家庭的参与度正如预期的那样有所下降。这些前所未有的水平，但与更具可比性的2019年第二季度相比仍增长了17%。同样，尽管每位会员的平均收入在这两年期间增长了8%，但保留率仍然强劲，并且好于2019年第二季度新冠疫情爆发前的水平，这表明我们的会员对Netflix的重视程度以及我们改进我们的服务我们可以多收一点钱。”</i>NFLX还表示，第二季度付费会员数量增加了150万，“略高于我们100万的指导预测”<b>亚太地区约占本季度全球付费净增额的三分之二</b>同时，如上所述，<b>UCAN地区第二季度付费会员数量环比下降（付费净增-40万）：</b>\"<i>我们认为，我们在UCAN的庞大会员基础加上季节性较小的季度收购是这种动态的主要原因。这与我们在2019年第二季度经历的情况类似，当时我们的UCAN付费净增额为-0.1 M；从那时起，我们在UCAN中增加了近750万付费净添加量”</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情号推进了如此多的潜艇，以至于2021年将成为至少自2016年以来的第一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司正在与2019年而不是2020年竞争（由于惨淡的基数效应），Netflix敦促投资者将今年与2019年进行比较，而不是与一年前的同一季度（当时大流行促进了用户增长）进行比较。奇怪的是，当数字对其有利时，该公司在比较2020年和2019年时没有问题，但我们跑题了...该公司指出，与2020年“前所未有的水平”相比，第二季度每个成员家庭的用户参与度有所下降，但“与更具可比性的2019年第二季度相比”增长了17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>或许是为了转移人们对（缺乏）用户增长的注意力，Netflix表示，它正在兑现2016年的承诺，稳步提高营业利润率。这家流媒体巨头的目标是2021年营业利润率达到20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现利润率目标，我们的营业利润率将在过去五年中增长五倍，并且领先于年均三个百分点的速度。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅增长（尽管我们一直在大力投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>但是，尽管股东可能会原谅美国潜艇的下降，但他们对公司的整体指导并不满意，<b>目前第三季度新增潜艇数量仅为350万艘，远低于预期的586万艘。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix表示，由于新冠疫情，上半年的内容将会清淡。该公司现在正在迎头赶上，上半年在新电视节目和电影上的支出增长了41%，达到80亿美元。该公司今年的内容支出目标为120亿美元，增长12%，即：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至2021年上半年，我们已在内容上花费了80亿美元现金（同比增长41%，内容摊销是1.4倍）</b></i><i>我们预计全年内容摊销约为120亿美元（同比增长12%）。我们的第三季度名单将包括粉丝最爱的《La Casa de Papel》（又名《金钱大劫案》）、《性教育》、《处女河》和《从未有过我》的新一季，以及真人电影，包括《甜蜜的女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画故事片《Vivo》，其中收录了林·曼努尔·米兰达的全新歌曲。</i>Netflix offers分享了有关其即将进入游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“我们还处于进一步向游戏领域扩张的早期阶段，建立在我们早期围绕交互性（例如Black Mirror Bandersnatch）和Stranger Things游戏的基础上。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无脚本电视的扩张。</i><i><b>游戏将免费包含在会员的Netflix订阅中，类似于电影和连续剧</b></i><i>最初，我们将主要关注移动设备上的游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们所有现有内容类别的投资和增长将会有很长的路要走，但由于我们进军原创节目已近十年，我们认为是时候了解更多有关我们的会员如何重视游戏的信息了。”</i>在对竞争格局的粗略概述中，Netflix指出了像华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>，表示他们“不认为这次整合对我们的增长有太大影响，如果有的话。”该公司还指出，虽然它一直在评估合并机会：“我们不认为任何资产是‘必须拥有的’，而且我们还没有发现任何足以令人信服地采取行动的大规模资产。”</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX现金流方面有更多坏消息，继上季度激增后再次逆转，下降了1.75亿美元，而一年前现金流为正8.99亿美元。NFLX指出，“仍预计2021年全年自由现金流将接近收支平衡。”该公司还认为，不再需要筹集外部融资来为我们的日常运营提供资金。我们将看看至少这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他消息方面，第二季度，NFLX将其循环信贷额度（仍未提取）从7.5亿美元增加到10亿美元，并将期限从2024年延长至2026年。该公司还根据我们50亿美元的股票授权，以5亿美元（平均每股价格约为500美元）回购了100万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保留战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并不为所动，但情况可能会更糟：在最初短暂跌破500美元后，该股此后稳定下跌2%，约为515美元。在同情下跌的股票中，视频流媒体平台Roku下跌1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix在盘前交易中下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates\">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":{"NFLX":"奈飞","GUID":"Guident","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183563723","content_text":"Recent earnings reports from streaming giant Netflix have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.\nWhich brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.\nTo be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remainshow many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?\nIndicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.\nPreviewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"\nLightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”\nAnother thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.\n* * *\nSo with all that in mind, was Q2 the quarter that would finally unleash another repricing higher for Netflix stock?Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS andagainreported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).\nFirst, the good news:\n\nQ2 revenue $7.34B,beatingEst. $7.32B\nQ2 Streaming Paid Net Change +1.54M,beatingEst. +1.12M\nOperating margin of 25.2% came in on top of estiamtes of 25.2%\n\nAnd then the bad news:\n\nQ2 EPS $2.97 missing consensus Est. $3.14\nCompany sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M\n\nJust as bad,the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.\nIn other words, while q2 revenue rose 19% and operating income rose 36%,shares tumbled after its third-quarter subscriber forecast missed estimates.\nHere is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:\n\nUCAN streaming paid net change -430,000, estimate +52,190\nEMEA streaming paid net change +190,000, estimate +429,335\nLATAM streaming paid net change +760,000, estimate +128,719\nAPAC streaming paid net change +1.02 million, estimate +524,900\nTotal Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)\n\nAnd visually:\nCommenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”\nA more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:\n\n\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"\n\nNFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"with the APAC region representing about two-thirds of global paid net adds in the quarter. Meanwhile, as noted above,Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):\"We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"\nThis means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.\nUnderstandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”\nPerhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.\nSome more details here:\n\n“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..\n.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.\n\nBut while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.\n* * *\nLooking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:\n\nThrough the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)\nand we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.\n\nNetflix offers shared some more details on its upcoming entrance into the gaming arena:\n\n“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.\nGames will be included in members’ Netflix subscription at no additional cost, similar to films and series\n. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”\n\nIn its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/Discovery, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”\nThere was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.\nIn other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"\nAfter all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.\nNetflix Slides in premarket trading.","news_type":1,"symbols_score_info":{"NFLX":0.9,"GUID":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171513790,"gmtCreate":1626749929410,"gmtModify":1631892988412,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Good to have some spare funds now, then ready to buy good opportunities when stocks dip.","listText":"Good to have some spare funds now, then ready to buy good opportunities when stocks dip.","text":"Good to have some spare funds now, then ready to buy good opportunities when stocks dip.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171513790","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144878937,"gmtCreate":1626277043129,"gmtModify":1631892988411,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"This will be a nice product. I would like to have 1 as well.","listText":"This will be a nice product. I would like to have 1 as well.","text":"This will be a nice product. I would like to have 1 as well.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144878937","repostId":"1103407312","repostType":4,"repost":{"id":"1103407312","kind":"news","pubTimestamp":1626275222,"share":"https://www.laohu8.com/m/news/1103407312?lang=zh_CN&edition=full","pubTime":"2021-07-14 23:07","market":"us","language":"en","title":"Microsoft to offer cloud-based version of Windows operating system<blockquote>微软将提供基于云的Windows操作系统版本</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103407312","media":"Reuters","summary":"(Reuters) - Microsoft Corp on Wednesday said it will offer its Windows operating system as a cloud-b","content":"<p>(Reuters) - Microsoft Corp on Wednesday said it will offer its Windows operating system as a cloud-based service, aiming to make it easier to access business apps that need Windows from a broader range of devices.</p><p><blockquote>（路透社）-微软公司周三表示，将提供其Windows操作系统作为基于云的服务，旨在使从更广泛的设备更容易访问需要Windows的商业应用程序。</blockquote></p><p> Windows 365, as the service will be called, will roll out on Aug. 2 and will work somewhat like buying a new Windows PC: A business or school will pick how much computing power, memory and storage they would like for an the new machine.</p><p><blockquote>这项服务将被称为Windows 365，将于8月2日推出，其工作方式有点像购买一台新的Windows PC：企业或学校将选择他们希望为新机器提供多少计算能力、内存和存储空间。</blockquote></p><p> But instead of waiting for a physical machine to arrive in the mail, the employee or student will access the operating system in the cloud via an existing PC, a Mac, iPhone, Android phone or Chromebook, as long as it has a web browser compatible with HTML 5, a widely used internet standard.</p><p><blockquote>但是，员工或学生将通过现有的PC、Mac、iPhone、Android手机或Chromebook访问云中的操作系统，而不是等待物理机器到达邮件，只要它有一个与广泛使用的互联网标准HTML 5兼容的网络浏览器。</blockquote></p><p> The cloud-based version was created in response to feedback from clients who wanted employees and students to have quicker and easier PC access regardless of physical location.</p><p><blockquote>基于云的版本是为了响应客户的反馈而创建的，这些客户希望员工和学生无论身在何处都能更快、更轻松地访问PC。</blockquote></p><p> \"We define that shift to hybrid work as really being flexibility in how, when and where you work. That's really the pattern that we're seeing develop all across the world as people are starting to experiment,\" said Jared Spataro, corporate vice president for Microsoft 365 software.</p><p><blockquote>公司副总裁Jared Spataro表示：“我们将向混合工作的转变定义为工作方式、时间和地点的真正灵活性。随着人们开始尝试，这确实是我们在世界各地看到的发展模式。”微软365软件总裁。</blockquote></p><p> The service is akin to so-called \"virtual\" and \"remote\" desktops that have been around for decades but which require a sophisticated IT department to set up and manage. Those costs can also be unpredictable because they are based on how much the desktops are used.</p><p><blockquote>这项服务类似于所谓的“虚拟”和“远程”桌面，这些桌面已经存在了几十年，但需要复杂的IT部门来设置和管理。这些成本也可能是不可预测的，因为它们是基于桌面的使用量。</blockquote></p><p> Microsoft hopes the Windows 365 technology will be easy enough for small-business owners or smaller schools to introduce without a large IT department, with a predictable monthly bill based on the size of each virtual computer.</p><p><blockquote>微软希望Windows 365技术对于小企业主或小型学校来说足够容易引入，而无需大型IT部门，并根据每台虚拟计算机的大小提供可预测的每月账单。</blockquote></p><p> Andrew Hewitt, an analyst at Forrester Research, said the move would help Microsoft defend its dominant market share in the face of strong competition from operating systems from Apple Inc and Alphabet's Google that are easier for schools and businesses to manage.</p><p><blockquote>Forrester Research分析师Andrew Hewitt表示，面对来自苹果公司和Alphabet谷歌操作系统的激烈竞争，此举将有助于微软捍卫其主导市场份额，这些操作系统更易于学校和企业管理。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft to offer cloud-based version of Windows operating system<blockquote>微软将提供基于云的Windows操作系统版本</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\">\nMicrosoft to offer cloud-based version of Windows operating system<blockquote>微软将提供基于云的Windows操作系统版本</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-14 23:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Microsoft Corp on Wednesday said it will offer its Windows operating system as a cloud-based service, aiming to make it easier to access business apps that need Windows from a broader range of devices.</p><p><blockquote>（路透社）-微软公司周三表示，将提供其Windows操作系统作为基于云的服务，旨在使从更广泛的设备更容易访问需要Windows的商业应用程序。</blockquote></p><p> Windows 365, as the service will be called, will roll out on Aug. 2 and will work somewhat like buying a new Windows PC: A business or school will pick how much computing power, memory and storage they would like for an the new machine.</p><p><blockquote>这项服务将被称为Windows 365，将于8月2日推出，其工作方式有点像购买一台新的Windows PC：企业或学校将选择他们希望为新机器提供多少计算能力、内存和存储空间。</blockquote></p><p> But instead of waiting for a physical machine to arrive in the mail, the employee or student will access the operating system in the cloud via an existing PC, a Mac, iPhone, Android phone or Chromebook, as long as it has a web browser compatible with HTML 5, a widely used internet standard.</p><p><blockquote>但是，员工或学生将通过现有的PC、Mac、iPhone、Android手机或Chromebook访问云中的操作系统，而不是等待物理机器到达邮件，只要它有一个与广泛使用的互联网标准HTML 5兼容的网络浏览器。</blockquote></p><p> The cloud-based version was created in response to feedback from clients who wanted employees and students to have quicker and easier PC access regardless of physical location.</p><p><blockquote>基于云的版本是为了响应客户的反馈而创建的，这些客户希望员工和学生无论身在何处都能更快、更轻松地访问PC。</blockquote></p><p> \"We define that shift to hybrid work as really being flexibility in how, when and where you work. That's really the pattern that we're seeing develop all across the world as people are starting to experiment,\" said Jared Spataro, corporate vice president for Microsoft 365 software.</p><p><blockquote>公司副总裁Jared Spataro表示：“我们将向混合工作的转变定义为工作方式、时间和地点的真正灵活性。随着人们开始尝试，这确实是我们在世界各地看到的发展模式。”微软365软件总裁。</blockquote></p><p> The service is akin to so-called \"virtual\" and \"remote\" desktops that have been around for decades but which require a sophisticated IT department to set up and manage. Those costs can also be unpredictable because they are based on how much the desktops are used.</p><p><blockquote>这项服务类似于所谓的“虚拟”和“远程”桌面，这些桌面已经存在了几十年，但需要复杂的IT部门来设置和管理。这些成本也可能是不可预测的，因为它们是基于桌面的使用量。</blockquote></p><p> Microsoft hopes the Windows 365 technology will be easy enough for small-business owners or smaller schools to introduce without a large IT department, with a predictable monthly bill based on the size of each virtual computer.</p><p><blockquote>微软希望Windows 365技术对于小企业主或小型学校来说足够容易引入，而无需大型IT部门，并根据每台虚拟计算机的大小提供可预测的每月账单。</blockquote></p><p> Andrew Hewitt, an analyst at Forrester Research, said the move would help Microsoft defend its dominant market share in the face of strong competition from operating systems from Apple Inc and Alphabet's Google that are easier for schools and businesses to manage.</p><p><blockquote>Forrester Research分析师Andrew Hewitt表示，面对来自苹果公司和Alphabet谷歌操作系统的激烈竞争，此举将有助于微软捍卫其主导市场份额，这些操作系统更易于学校和企业管理。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/microsoft-offer-cloud-based-version-150308733.html\">Reuters</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://finance.yahoo.com/news/microsoft-offer-cloud-based-version-150308733.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103407312","content_text":"(Reuters) - Microsoft Corp on Wednesday said it will offer its Windows operating system as a cloud-based service, aiming to make it easier to access business apps that need Windows from a broader range of devices.\nWindows 365, as the service will be called, will roll out on Aug. 2 and will work somewhat like buying a new Windows PC: A business or school will pick how much computing power, memory and storage they would like for an the new machine.\nBut instead of waiting for a physical machine to arrive in the mail, the employee or student will access the operating system in the cloud via an existing PC, a Mac, iPhone, Android phone or Chromebook, as long as it has a web browser compatible with HTML 5, a widely used internet standard.\nThe cloud-based version was created in response to feedback from clients who wanted employees and students to have quicker and easier PC access regardless of physical location.\n\"We define that shift to hybrid work as really being flexibility in how, when and where you work. That's really the pattern that we're seeing develop all across the world as people are starting to experiment,\" said Jared Spataro, corporate vice president for Microsoft 365 software.\nThe service is akin to so-called \"virtual\" and \"remote\" desktops that have been around for decades but which require a sophisticated IT department to set up and manage. Those costs can also be unpredictable because they are based on how much the desktops are used.\nMicrosoft hopes the Windows 365 technology will be easy enough for small-business owners or smaller schools to introduce without a large IT department, with a predictable monthly bill based on the size of each virtual computer.\nAndrew Hewitt, an analyst at Forrester Research, said the move would help Microsoft defend its dominant market share in the face of strong competition from operating systems from Apple Inc and Alphabet's Google that are easier for schools and businesses to manage.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142719942,"gmtCreate":1626175889686,"gmtModify":1631892988416,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁","listText":"Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁","text":"Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/142719942","repostId":"1132843330","repostType":4,"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159689987,"gmtCreate":1624962359149,"gmtModify":1631892988420,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon?&nbsp;[惊讶]&nbsp;[惊讶]&nbsp;&nbsp;","listText":"Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon?&nbsp;[惊讶]&nbsp;[惊讶]&nbsp;&nbsp;","text":"Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon? [惊讶] [惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/159689987","repostId":"1133242119","repostType":4,"repost":{"id":"1133242119","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":1624960684,"share":"https://www.laohu8.com/m/news/1133242119?lang=zh_CN&edition=full","pubTime":"2021-06-29 17:58","market":"us","language":"en","title":"This E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133242119","media":"Benzinga","summary":"Shopify Inc(NYSE:SHOP) hasn’t only been a leading platform for businesses to host their online store","content":"<p><b>Shopify Inc</b>(NYSE:SHOP)&nbsp;hasn’t only been a leading&nbsp;platform for businesses to host their&nbsp;online stores over the past several years, the Ottawa, Ontario-based e-commerce company has been a beast of an investment over the last five.</p><p><blockquote><b>Shopify公司</b>（纽约证券交易所股票代码：SHOP）不仅在过去几年中成为企业托管在线商店的领先平台，这家总部位于安大略省渥太华的电子商务公司在过去五年中也是一项巨大的投资。</blockquote></p><p> Since 2016, Shopify stock's five-year return has managed to beat some of the world’s largest tech and e-commerce giants:<b>Tesla Inc</b>(NASDAQ:TSLA),<b>Apple Inc</b>(NASDAQ:AAPL),<b>Microsoft Corporation</b>(NASDAQ:MSFT),<b>Alibaba Group Holding Ltd – ADR</b>(NYSE:BABA)&nbsp;and&nbsp;<b>Amazon.com, Inc.</b>(NASDAQ:AMZN).</p><p><blockquote>自2016年以来，Shopify股票的五年回报率成功击败了一些全球最大的科技和电子商务巨头：<b>特斯拉公司</b>（纳斯达克：TSLA），<b>苹果公司</b>（纳斯达克：AAPL），<b>微软公司</b>（纳斯达克：MSFT），<b>阿里巴巴-SW集团控股有限公司-ADR</b>（纽约证券交易所代码：BABA）和<b>亚马逊公司。</b>（纳斯达克：AMZN）。</blockquote></p><p> Shopify provides an e-commerce platform and services in Canada, U.S., the UK, Australia, Latin America, and other countries.</p><p><blockquote>Shopify在加拿大、美国、英国、澳大利亚、拉丁美洲和其他国家/地区提供电子商务平台和服务。</blockquote></p><p> Shopify’s platform allows merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.</p><p><blockquote>Shopify的平台允许商家在各种销售渠道中开展业务，包括网络和移动店面、实体零售点、弹出式商店、社交媒体店面、原生移动应用程序、购买按钮和市场。</blockquote></p><p> <b>Here's how the returns break down from June 2016 to the present:</b></p><p><blockquote><b>以下是2016年6月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Tesla is up from $43.30 a share to $690.75 for a return of 1,495.27%</p><p><blockquote><ul><li>特斯拉股价从每股43.30美元上涨至690.75美元，回报率为1,495.27%</li></ul></blockquote></p><p></li>  <li>Apple is up from $23.97 a share to $135.05 for a return of 463.41%</p><p><blockquote><li>苹果股价从每股23.97美元上涨至135.05美元，回报率为463.41%</li></blockquote></p><p></li>  <li>Microsoft is up from $50.41 a share to $267.81 for a return of 22.84%</p><p><blockquote><li>微软股价从每股50.41美元上涨至267.81美元，回报率为22.84%</li></blockquote></p><p></li>  <li>Alibaba is up from $78.45 a share to $227.27 for a return of 387.40%</p><p><blockquote><li>阿里巴巴-SW股价从每股78.45美元上涨至227.27美元，回报率为387.40%</li></blockquote></p><p></li>  <li>Amazon is up from $725.68&nbsp;a share to $3,423.07&nbsp;for a return of 371.71%</p><p><blockquote><li>亚马逊股价从每股725.68美元上涨至3,423.07美元，回报率为371.71%</li></blockquote></p><p></li> </ul> And finally, Shopify is up from $30.83 a share to $1,499.58 for a return of 4,764.03%</p><p><blockquote>最后，Shopify从每股30.83美元上涨至1,499.58美元，回报率为4,764.03%</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</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\">2021-06-29 17:58</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Shopify Inc</b>(NYSE:SHOP)&nbsp;hasn’t only been a leading&nbsp;platform for businesses to host their&nbsp;online stores over the past several years, the Ottawa, Ontario-based e-commerce company has been a beast of an investment over the last five.</p><p><blockquote><b>Shopify公司</b>（纽约证券交易所股票代码：SHOP）不仅在过去几年中成为企业托管在线商店的领先平台，这家总部位于安大略省渥太华的电子商务公司在过去五年中也是一项巨大的投资。</blockquote></p><p> Since 2016, Shopify stock's five-year return has managed to beat some of the world’s largest tech and e-commerce giants:<b>Tesla Inc</b>(NASDAQ:TSLA),<b>Apple Inc</b>(NASDAQ:AAPL),<b>Microsoft Corporation</b>(NASDAQ:MSFT),<b>Alibaba Group Holding Ltd – ADR</b>(NYSE:BABA)&nbsp;and&nbsp;<b>Amazon.com, Inc.</b>(NASDAQ:AMZN).</p><p><blockquote>自2016年以来，Shopify股票的五年回报率成功击败了一些全球最大的科技和电子商务巨头：<b>特斯拉公司</b>（纳斯达克：TSLA），<b>苹果公司</b>（纳斯达克：AAPL），<b>微软公司</b>（纳斯达克：MSFT），<b>阿里巴巴-SW集团控股有限公司-ADR</b>（纽约证券交易所代码：BABA）和<b>亚马逊公司。</b>（纳斯达克：AMZN）。</blockquote></p><p> Shopify provides an e-commerce platform and services in Canada, U.S., the UK, Australia, Latin America, and other countries.</p><p><blockquote>Shopify在加拿大、美国、英国、澳大利亚、拉丁美洲和其他国家/地区提供电子商务平台和服务。</blockquote></p><p> Shopify’s platform allows merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.</p><p><blockquote>Shopify的平台允许商家在各种销售渠道中开展业务，包括网络和移动店面、实体零售点、弹出式商店、社交媒体店面、原生移动应用程序、购买按钮和市场。</blockquote></p><p> <b>Here's how the returns break down from June 2016 to the present:</b></p><p><blockquote><b>以下是2016年6月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Tesla is up from $43.30 a share to $690.75 for a return of 1,495.27%</p><p><blockquote><ul><li>特斯拉股价从每股43.30美元上涨至690.75美元，回报率为1,495.27%</li></ul></blockquote></p><p></li>  <li>Apple is up from $23.97 a share to $135.05 for a return of 463.41%</p><p><blockquote><li>苹果股价从每股23.97美元上涨至135.05美元，回报率为463.41%</li></blockquote></p><p></li>  <li>Microsoft is up from $50.41 a share to $267.81 for a return of 22.84%</p><p><blockquote><li>微软股价从每股50.41美元上涨至267.81美元，回报率为22.84%</li></blockquote></p><p></li>  <li>Alibaba is up from $78.45 a share to $227.27 for a return of 387.40%</p><p><blockquote><li>阿里巴巴-SW股价从每股78.45美元上涨至227.27美元，回报率为387.40%</li></blockquote></p><p></li>  <li>Amazon is up from $725.68&nbsp;a share to $3,423.07&nbsp;for a return of 371.71%</p><p><blockquote><li>亚马逊股价从每股725.68美元上涨至3,423.07美元，回报率为371.71%</li></blockquote></p><p></li> </ul> And finally, Shopify is up from $30.83 a share to $1,499.58 for a return of 4,764.03%</p><p><blockquote>最后，Shopify从每股30.83美元上涨至1,499.58美元，回报率为4,764.03%</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133242119","content_text":"Shopify Inc(NYSE:SHOP) hasn’t only been a leading platform for businesses to host their online stores over the past several years, the Ottawa, Ontario-based e-commerce company has been a beast of an investment over the last five.\nSince 2016, Shopify stock's five-year return has managed to beat some of the world’s largest tech and e-commerce giants:Tesla Inc(NASDAQ:TSLA),Apple Inc(NASDAQ:AAPL),Microsoft Corporation(NASDAQ:MSFT),Alibaba Group Holding Ltd – ADR(NYSE:BABA) and Amazon.com, Inc.(NASDAQ:AMZN).\nShopify provides an e-commerce platform and services in Canada, U.S., the UK, Australia, Latin America, and other countries.\nShopify’s platform allows merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.\nHere's how the returns break down from June 2016 to the present:\n\nTesla is up from $43.30 a share to $690.75 for a return of 1,495.27%\nApple is up from $23.97 a share to $135.05 for a return of 463.41%\nMicrosoft is up from $50.41 a share to $267.81 for a return of 22.84%\nAlibaba is up from $78.45 a share to $227.27 for a return of 387.40%\nAmazon is up from $725.68 a share to $3,423.07 for a return of 371.71%\n\nAnd finally, Shopify is up from $30.83 a share to $1,499.58 for a return of 4,764.03%","news_type":1,"symbols_score_info":{"SHOP":0.9}},"isVote":1,"tweetType":1,"viewCount":1094,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":125886294,"gmtCreate":1624667858018,"gmtModify":1631892988422,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Can't wait for starlink stock to be available&nbsp;[哇塞]&nbsp;","listText":"Can't wait for starlink stock to be available&nbsp;[哇塞]&nbsp;","text":"Can't wait for starlink stock to be available [哇塞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125886294","repostId":"1198693501","repostType":4,"isVote":1,"tweetType":1,"viewCount":1080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":162677455,"gmtCreate":1624063536977,"gmtModify":1631892988424,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"So far all good news, great management, and steady growth. Good job PLTR!","listText":"So far all good news, great management, and steady growth. Good job PLTR!","text":"So far all good news, great management, and steady growth. Good job PLTR!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162677455","repostId":"1192473918","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113271781,"gmtCreate":1622622955443,"gmtModify":1631892988431,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"That's Elon's attitude. That's why I trust him and his company.&nbsp;","listText":"That's Elon's attitude. That's why I trust him and his company.&nbsp;","text":"That's Elon's attitude. That's why I trust him and his company.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113271781","repostId":"1191078499","repostType":4,"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136147117,"gmtCreate":1622002036739,"gmtModify":1631892988435,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Fluctuates with crypto prices, so means it is now at discounted&nbsp;price?","listText":"Fluctuates with crypto prices, so means it is now at discounted&nbsp;price?","text":"Fluctuates with crypto prices, so means it is now at discounted price?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136147117","repostId":"1130362459","repostType":4,"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":830462416,"gmtCreate":1629090750235,"gmtModify":1631892988384,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍","listText":"Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍","text":"Please trade safely. Many companies stock price drop despite good earnings report during this period. With that said, good earnings and stock price drop became an opportunity for my favourite stocks 👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830462416","repostId":"1129589874","repostType":4,"repost":{"id":"1129589874","kind":"news","pubTimestamp":1629067868,"share":"https://www.laohu8.com/m/news/1129589874?lang=zh_CN&edition=full","pubTime":"2021-08-16 06:51","market":"us","language":"en","title":"Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129589874","media":"Barrons","summary":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.","content":"<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商已准备好采取行动。沃尔玛和家得宝周二发布报告，劳氏、塔吉特和TJX周三紧随其后。美国柯尔百货公司、梅西百货、BJ批发和L品牌是周四的零售亮点，然后Foot Locker将于周五结束本周。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局7月份零售销售数据也将于本周周二公布。经济学家平均预测，上个月经季节性调整后的增长率为0。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的Pandora和Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股控股公司、思科系统公司、Analog Devices和Lumentum Holdings均发布业绩。应用材料公司周四公布业绩，Deere公司本周收盘周五。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项房地产市场指标：周二公布的全国住宅建筑商协会8月份NAHB/富国银行住房市场指数，以及周三公布的人口普查局7月份新住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会公布了7月底上次会议的纪要。然后，世界大型企业联合会将于周四公布7月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>星期一8/16</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、Tokyo Electron和Clear Secure等公司在评级举行财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布八月份帝国州制造业调查。普遍估计读数为26.5。相比之下，7月份的历史新高为43.0，当时总体商业状况指数上涨了26点。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora和Krispy Kreme等公司在评级举办财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry&amp;Associates和La-Z-Boy在收盘后报告财务业绩，并将于第二天（8月18日）上午举行收益评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月工业部门产能利用率。评级共识为75.7%，与6月份的75.4%几乎没有变化。工业生产预计将比6月份经季节调整后的0.4%增长0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了8月份NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份相同。该指数较11月份创下的历史高点90有所回落。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月零售销售数据。继6月份上涨0.6%后，预计经季节调整后环比下降0.3%。不包括汽车在内，支出预计将增长0.2%，而上个月为增长1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会公布了7月底货币政策会议的纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统、劳氏、塔吉特、TJX、腾讯控股控股、Brinker International、Analog Devices、Synopsys、Lumentum Holdings和Nvidia在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局的</b>7月份新住宅建设报告预计显示，经季节调整后的新屋开工年率为161.0万套，低于6月份的164.3万套。3月份新屋开工量达到173万套的疫情后峰值。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ的批发，<b>L品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、Kohl's、Macy's、Performance Food Group、Petco Health and Wellness和Farfetch将在评级举办财报会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>世界大型企业联合会</b>发布7月份领先经济指数。继6月份上涨0.7%后，LEI预计将环比上涨0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>星期五8/20</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker在评级主办会议讨论财务业绩。</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>Nvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</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\">\nNvidia, Tencent,Walmart, Target and Other Stocks to Watch This Week<blockquote>英伟达、腾讯控股、沃尔玛、塔吉特等本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-16 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday.&nbsp;Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.</p><p><blockquote>现在是第二季度财报季的最后几局，零售商已准备好采取行动。沃尔玛和家得宝周二发布报告，劳氏、塔吉特和TJX周三紧随其后。美国柯尔百货公司、梅西百货、BJ批发和L品牌是周四的零售亮点，然后Foot Locker将于周五结束本周。</blockquote></p><p> The Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a&nbsp;0.2% seasonally adjusted increase last month, after a 0.6% rise in June.</p><p><blockquote>人口普查局7月份零售销售数据也将于本周周二公布。经济学家平均预测，上个月经季节性调整后的增长率为0。</blockquote></p><p> Major non-retail companies releasing results this week include Pandora and&nbsp;Krispy Kreme&nbsp;on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and&nbsp;Lumentum Holdings&nbsp;all report.Applied Materials&nbsp;goes on Thursday and Deere closes the week on Friday.</p><p><blockquote>本周发布业绩的主要非零售公司包括周二发布业绩的Pandora和Krispy Kreme，随后是繁忙的周三：Nvidia、腾讯控股控股公司、思科系统公司、Analog Devices和Lumentum Holdings均发布业绩。应用材料公司周四公布业绩，Deere公司本周收盘周五。</blockquote></p><p> Economic data out this week include several housing-market metrics:&nbsp;The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.</p><p><blockquote>本周公布的经济数据包括几项房地产市场指标：周二公布的全国住宅建筑商协会8月份NAHB/富国银行住房市场指数，以及周三公布的人口普查局7月份新住宅建设报告。</blockquote></p><p> Also on Wednesday, the&nbsp;Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the&nbsp;Conference Board publishes its Leading Economic Index for July on Thursday.</p><p><blockquote>同样在周三，美联储货币政策委员会公布了7月底上次会议的纪要。然后，世界大型企业联合会将于周四公布7月份领先经济指数。</blockquote></p><p> <b>Monday 8/16</b></p><p><blockquote><b>星期一8/16</b></blockquote></p><p> Tencent Music Entertainment Group,Tokyo Electron,and&nbsp;Clear Secure&nbsp;are among the companies holding earnings conference calls.</p><p><blockquote>腾讯控股音乐娱乐集团、Tokyo Electron和Clear Secure等公司在评级举行财报会议。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.</p><p><blockquote><b>美联储</b>纽约银行发布八月份帝国州制造业调查。普遍估计读数为26.5。相比之下，7月份的历史新高为43.0，当时总体商业状况指数上涨了26点。</blockquote></p><p> <b>Tuesday 8/17</b></p><p><blockquote><b>星期二8/17</b></blockquote></p><p> BHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.</p><p><blockquote>必和必拓、沃尔玛、家得宝、安捷伦科技、Pandora和Krispy Kreme等公司在评级举办财报会议。</blockquote></p><p> America’s Car-Mart,Jack Henry &amp; Associates,and&nbsp;La-Z-Boy&nbsp;report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.</p><p><blockquote>America's Car-Mart、Jack Henry&amp;Associates和La-Z-Boy在收盘后报告财务业绩，并将于第二天（8月18日）上午举行收益评级。</blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.</p><p><blockquote><b>美联储</b>发布7月工业部门产能利用率。评级共识为75.7%，与6月份的75.4%几乎没有变化。工业生产预计将比6月份经季节调整后的0.4%增长0.5%。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了8月份NAHB/富国银行住房市场指数。经济学家预测读数为80，与7月份相同。该指数较11月份创下的历史高点90有所回落。</blockquote></p><p> <b>Federal Reserve Board</b>&nbsp;Chairman Jay Powell will host a virtual town hall with educators and students.</p><p><blockquote><b>联邦储备委员会</b>主席杰伊·鲍威尔将与教育工作者和学生一起主持一个虚拟市政厅。</blockquote></p><p> <b>The Census Bureau reports</b>&nbsp;retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.</p><p><blockquote><b>人口普查局报告</b>7月零售销售数据。继6月份上涨0.6%后，预计经季节调整后环比下降0.3%。不包括汽车在内，支出预计将增长0.2%，而上个月为增长1.3%。</blockquote></p><p> <b>Wednesday 8/18</b></p><p><blockquote><b>星期三8/18</b></blockquote></p><p> <b>The Federal Open Market</b>&nbsp;Committee releases the minutes from its late-July monetary-policy meeting.</p><p><blockquote><b>联邦公开市场</b>委员会公布了7月底货币政策会议的纪要。</blockquote></p><p> Cisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.</p><p><blockquote>思科系统、劳氏、塔吉特、TJX、腾讯控股控股、Brinker International、Analog Devices、Synopsys、Lumentum Holdings和Nvidia在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau’s</b>new residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.</p><p><blockquote><b>人口普查局的</b>7月份新住宅建设报告预计显示，经季节调整后的新屋开工年率为161.0万套，低于6月份的164.3万套。3月份新屋开工量达到173万套的疫情后峰值。</blockquote></p><p> <b>Thursday 8/19</b></p><p><blockquote><b>星期四8/19</b></blockquote></p><p> BJ’s Wholesale,<b>L Brands</b>, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.</p><p><blockquote>BJ的批发，<b>L品牌</b>、Applied Materials、Ross Stores、雅诗兰黛、Kohl's、Macy's、Performance Food Group、Petco Health and Wellness和Farfetch将在评级举办财报会议。</blockquote></p><p> <b>The Conference Board</b>releases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.</p><p><blockquote><b>世界大型企业联合会</b>发布7月份领先经济指数。继6月份上涨0.7%后，LEI预计将环比上涨0.7%。</blockquote></p><p> <b>Friday 8/20</b></p><p><blockquote><b>星期五8/20</b></blockquote></p><p> Deere and Foot Locker host conference calls to discuss financial results.</p><p><blockquote>Deere和Foot Locker在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?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":{".SPX":"S&P 500 Index","WMT":"沃尔玛","NVDA":"英伟达",".DJI":"道琼斯","TME":"腾讯音乐",".IXIC":"NASDAQ Composite","TGT":"塔吉特"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-51629054047?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129589874","content_text":"It’s the late innings of second-quarter earnings season, with retailers ready to step up to the plate. Walmart and Home Depot report on Tuesday, followed by Lowe’s, Target, and TJX on Wednesday. Kohl’s, Macy’s, BJ’s Wholesale, and L Brands are Thursday’s retail highlights, then Foot Locker closes the week on Friday.\nThe Census Bureau’s July retail sales data for July is also out this week, on Tuesday. Economists on average are forecasting a 0.2% seasonally adjusted increase last month, after a 0.6% rise in June.\nMajor non-retail companies releasing results this week include Pandora and Krispy Kreme on Tuesday, followed by a busy Wednesday:Nvidia,Tencent Holdings,CiscoSystems,Analog Devices,and Lumentum Holdings all report.Applied Materials goes on Thursday and Deere closes the week on Friday.\nEconomic data out this week include several housing-market metrics: The National Association of Home Builders’ NAHB/Wells Fargo Housing Market Index for August on Tuesday and the Census Bureau’s new residential construction report for July on Wednesday.\nAlso on Wednesday, the Federal Reserve’s monetary policy committee releases the minutes from its last meeting in late July. Then, the Conference Board publishes its Leading Economic Index for July on Thursday.\nMonday 8/16\nTencent Music Entertainment Group,Tokyo Electron,and Clear Secure are among the companies holding earnings conference calls.\nThe Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for August. The consensus estimate is for a 26.5 reading. That compares with a record high of 43.0 in July, when the general business conditions index rose 26 points.\nTuesday 8/17\nBHP, Walmart, Home Depot,Agilent Technologies,Pandora, and Krispy Kreme are among the companies hosting earnings conference calls.\nAmerica’s Car-Mart,Jack Henry & Associates,and La-Z-Boy report financial results after the market closes and will hold earnings calls the following morning, Aug. 18.\nThe Federal Reserve releases capacity utilization in the industrial sector for July. Consensus calls for a 75.7% reading, little changed from June’s 75.4% reading. Industrial production is seen rising 0.5% from June’s 0.4% seasonally adjusted increase.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for August. Economists forecast an 80 reading, the same as in July. The index is down from its all-time high of 90 set in November.\nFederal Reserve Board Chairman Jay Powell will host a virtual town hall with educators and students.\nThe Census Bureau reports retail sales data for July. Expectations are for a 0.3% seasonally adjusted month-over-month decrease, following a 0.6% rise in June. Excluding autos, spending is seen rising 0.2%, compared with a 1.3% rise in the previous month.\nWednesday 8/18\nThe Federal Open Market Committee releases the minutes from its late-July monetary-policy meeting.\nCisco Systems, Lowe’s, Target, TJX, Tencent Holdings,Brinker International,Analog Devices,Synopsys,Lumentum Holdings, and Nvidia host earnings conference calls.\nThe Census Bureau’snew residential construction report for July is expected to show the seasonally adjusted annual rate of housing starts at 1.610 million, down from June’s 1.643 million. Housing starts hit a postpandemic peak of 1.73 million in March.\nThursday 8/19\nBJ’s Wholesale,L Brands, Applied Materials,Ross Stores,Estée Lauder,Kohl’s, Macy’s,Performance Food Group,Petco Health and Wellness,and Farfetch host earnings conference calls.\nThe Conference Boardreleases its Leading Economic Index for July. The LEI is expected to increase 0.7% month over month, after gaining 0.7% in June.\nFriday 8/20\nDeere and Foot Locker host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{".SPX":0.9,"WMT":0.9,"TGT":0.9,".DJI":0.9,"NVDA":0.9,"TME":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830162152,"gmtCreate":1629031573976,"gmtModify":1631892988389,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.","listText":"My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.","text":"My pick would be AMD and Nvidia. Both has better growth potential compared to Intel.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830162152","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohu8.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><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> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正与CPU结合使用，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪个是最好的芯片股？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD最近的CPU和GPU产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD的EPYC服务器芯片可以与某些英特尔芯片相媲美，甚至优于某些英特尔芯片，并使AMD获得了服务器CPU市场份额。</li><li>即便如此，英特尔仍是处理器市场的领导者，在研发、营销和定价方面相对于AMD拥有长期优势。</li><li>英伟达在GPU技术上领先于AMD，并正在利用其GPU进入人工智能等邻近的终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的巨人罗德斯岛，是摩尔定律力量的纪念碑。然而，该公司在10纳米工艺上遇到了麻烦，最近宣布其7纳米工艺将推迟到2023年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为Advanced Micro Devices Inc.(AMD)敞开了大门，该公司充分利用了这个机会。AMD已经占据了CPU市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD目前已连续七个季度实现两位数的收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长60%，高于上一季度提供的50%的预测。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD也与英伟达公司（NVDA）竞争，后者公司的GPU技术正在窃取市场份额。NVDA还凭借其GPU成功进入了邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>对英特尔的了解也提供了对AMD的洞察。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM要求英特尔不是芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场处于双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是两者都拥有与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>特别是游戏控制台基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像PC一样，游戏机运行使用基于x86的软件的游戏。这再次扼杀了来自基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，AMD在x86芯片供应商方面还远远落后于INTC。然而，AMD与台积电（NYSE：TSM）合作，使用该制造商的7纳米工艺，在工艺技术上超越了INTC。再加上AMD正在开发新的创新芯片设计，这种组合拳导致INTC失去了大量的市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>截至第一季度末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一个垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司在服务器市场占据主导地位，并且仍然占据全球x86 CPU市场的60%。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有庞大的研发预算，并正在通过收购Habana Labs、Altera、Movidius和Mobileye扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应该仅仅因为7优于10而被英特尔新的10纳米芯片不如7纳米的说法所左右。虽然曾经用来表示芯片设计的技术水平，但它已经被误用到了无用的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，有一些问题必须承认。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的阻力。另一方面，应该承认，INTC的服务器处理器业务随着移动设备和云计算的激增而增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔还面临着来自AMD在数据中心领域日益激烈的竞争，以及客户为CPU开发自己的基于ARM的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>过去几年，INTC占据了x86市场的最大份额。这部分归功于英特尔领先的制造以及AMD与不太出色的GlobalFoundries签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素，发生了翻天覆地的转变：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电生产，英特尔面临一再的制造延迟。下面两张图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益报告</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD的主要产品是CPU和GPU。AMD的芯片专为PC、游戏机、服务器和区块链应用而设计。与INTC一样，由于为x86架构设计的PC和服务器软件占主导地位，AMD的产品在很大程度上免受竞争。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD的强劲增长很大程度上是以牺牲英特尔为代价的，因为AMD稳步蚕食了英特尔的CPU市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><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> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD对CPU和GPU半定制处理器应用的关注导致了它们在微软Xbox和Sony PlayStation游戏机中的使用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在PC集成GPU方面，AMD与NVIDIA大致相当，而INTC以大约68%的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：汤姆五金</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，NVIDIA以80%以上的市场份额主导着独立GPU领域，AMD席卷了剩下的市场份额。NVIDIA的独立GPU可以说优于AMD的（稍后会详细介绍）；因此，投资者不应该在这里寻找增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>尽管AMD的EPYC服务器CPU产品与竞争对手相比具有竞争力，但最初该公司依靠激进的定价来推广其第一代EPYC产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器CPU比该公司的其他产品提供了更好的利润率，因此向该领域的扩张应该有助于增加收入。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD达成协议收购现场可编程门阵列(FPGA)芯片领域的领导者Xilinx(XLNX)。FPGA可用于多种应用。由于转向竞争对手的FPGA提供商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争对手的供应商。因此，如果Xilinx交易成功，AMD将获得一条宽阔的护城河业务。交易完成后18个月内运营效率约3亿美元的管理指南。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购Xilinx应该会增强AMD的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD同意以350亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA对图形处理单元市场的关注使该公司在独立GPU领域占据了主导地位。该公司是计算平台（尤其是游戏机）独立GPU领域的领导者。英特尔从英伟达获得知识产权许可，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，通过Turing发展到Ampere。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者介绍</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也存在于许多高端PC中，NVDA在新兴的人工智能和自动驾驶汽车市场尤其具有优势。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正与CPU结合使用，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达的发展优势。该公司崭露头角的另一个领域是云领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是NVDA最有可能的增长途径。为了加强其在这两项业务中的地位，该公司去年以400亿美元从母公司软银手中收购了ARM Holdings(ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM是全球最大的芯片设计许可方。它的芯片无处不在，手机、智能电视、平板电脑都能找到。使用ARM设计制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，有1300万开发人员使用ARM设备。从背景来看，NVDA有200万开发人员在开发其设备系列。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和英国都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有前瞻性的数据都是分析师对下一财年的一致预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用图表来提供这三家公司的PEG比率。由于分析师的输入可能会导致PEG比率存在相当大的差异，因此当我发现比率存在较大差异时，我希望读者能够访问多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的PEG，嘉信理财只是将其指标列为PEG比率，而雅虎！财务计算五年比率。这可以解释所提供数字中的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显NVDA是最被高估的。还值得注意的是，当前市盈率和远期价格/现金流估计显示AMD的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>我是一个非常重视股票PEG比率的投资者。查看第二张图表，AMD的PEG是三家公司中最好的。我还注意到，各来源的分析师计算出AMD的PEG比率均优于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要误解我的发现。虽然INTC在很多方面的估值较低，但考虑到其他因素，我对AMD的整体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方式来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的价格目标</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>NVIDIA股价目前交易价格为202.95美元。33位分析师的平均12个月目标价为186.49美元。在最新财报发布后对该股进行评级的17名分析师的平均目标价为210.53美元，比该股当前价格高出约3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD股价目前交易价格为107.58美元。28位分析师的平均12个月目标价为108.56美元。在最新财报发布后对该股进行评级的11位分析师的平均目标价为117.27美元，比当前股价高出约9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为54.05美元。34位分析师的平均12个月目标价为59.86美元。在最新财报发布后对该股进行评级的16位分析师的平均目标价为58.97美元，较当前股价溢价9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该知道，自NVDA公布季度收益而INTC和AMD最近公布季度收益以来，已经过去了近三个月。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=Tie AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下一张图表提供了增长率数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计INTC在增长方面的表现不如NVDA和AMD，但在某些情况下，英特尔预计将出现负增长率。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices的预计增长在每个类别中都领先于NVIDIA，有时甚至大幅领先。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，只要说每一个都是高利润就足够了，三者并置会导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供分解股息指标的比较，但AMD不支付股息，而NVDA的收益率也很低。INTC目前的收益率约为2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达拥有126.7亿美元现金，上季度末为59.6亿美元。如果ARM收购获得批准，该交易的结构将使400亿美元收购价格中的210亿美元将是股票。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD重组了债务，从而降低了利息成本。截至最近一个季度末，AMD拥有约38亿美元现金和3.13亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有强劲的财务状况。考虑到NVDA和AMD可能因潜在收购而增加债务的可能性，我对这三家公司的评级相同。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次比较企业的研发预算进行正面对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔在研发上投入了超过135亿美元，NVDA花费了近28.3亿美元，AMD的研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，而且这种劣势被放大了，因为它经常在不同的领域与INTC和NVDA竞争。应该指出的是，英特尔的部分研发资金流向了其代工业务。尽管如此，它是这里明显的赢家，AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我应该补充一点，NVDA正在蚕食AMD在独立GPU市场的份额，我相信这种趋势将继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：最好的芯片股是哪只？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于ARM处理器比x86芯片更强大、更具成本效益，NVDA可以在数据中心领域获得市场份额。由于英特尔大约三分之一的收入来自数据中心，这可能对INTC来说是一个阻力，对NVDA来说是一个积极的因素。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划的代工厂上线后取得的成功程度是另一个应该权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场上与INTC持平。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将持续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD正在将独立GPU市场的份额输给NVDA。NVDA在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然AMD和NVDA被视为增长机器，但人们不应忽视英特尔的物联网业务在上个季度增长了47%。Mobileye也出现了大幅增长，收入增长了124%。尽管这些业务的总收入只有13亿美元，与英特尔185亿美元的总收入相比只是一小部分，但它们仍然代表着高增长领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但是，请注意标题指的是“芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和预期增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于目前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级基于该股票的当前估值。我承认该公司堪称典范的领导力，并相信该股票的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我也将INTC评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将很好地为长期投资者服务，但我现在相信它的复苏将在很长一段时间内展开，并且会有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将AMD评级为买入。这是基于本文概述的当前估值和增长率。我要补充的是，这些指标得到了我的看法的支持，即随着英特尔努力复苏，AMD可能会蚕食市场份额。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>为了更多地了解投资AMD和INTC的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">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":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"NVDA":0.9,"INTC":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":3353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895550861,"gmtCreate":1628758550153,"gmtModify":1631892988392,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Despite all the negative news, Tesla is holding strong 💪💪","listText":"Despite all the negative news, Tesla is holding strong 💪💪","text":"Despite all the negative news, Tesla is holding strong 💪💪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895550861","repostId":"2158530942","repostType":4,"isVote":1,"tweetType":1,"viewCount":2656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807759198,"gmtCreate":1628061002314,"gmtModify":1631892988397,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us.&nbsp;Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note!&nbsp;it might just be a good time to enter.","listText":"😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us.&nbsp;Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note!&nbsp;it might just be a good time to enter.","text":"😨😨 why does news and articles keep trying to twist the news and information? So many stocks are trading sideways, lower from previous highs, because of economic reasons, even with good news and strong earnings. These twisted news will just trick retail investors like us. Once again, when articles come out with good news, it is normally too late for us to enter as it might already be at the peak. If bad news on article, take note! it might just be a good time to enter.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/807759198","repostId":"1195860961","repostType":4,"repost":{"id":"1195860961","kind":"news","pubTimestamp":1628060045,"share":"https://www.laohu8.com/m/news/1195860961?lang=zh_CN&edition=full","pubTime":"2021-08-04 14:54","market":"us","language":"en","title":"3 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195860961","media":"Investing.com","summary":"Summary:\n\nAfter a remarkable rally last year, Tesla stock has lost its momentum.\nThe stock’s tepid r","content":"<p><b>Summary:</b></p><p><blockquote><b>摘要：</b></blockquote></p><p> <ul>  <li>After a remarkable rally last year, Tesla stock has lost its momentum.</li>  <li>The stock’s tepid reaction to impressive Q2 earnings shows that the bull case is weakening.</li>  <li>Chip shortages, rising competition could keep Tesla under pressure this year.</li> </ul> Lately, Tesla (NASDAQ:TSLA) shares seem to have lost their magic. The stock no longer reacts wildly to every positive development, disappointing investors who made fortunes while staying faithful to the world’s largest electric car-maker.</p><p><blockquote><ul><li>经过去年的显着上涨后，特斯拉股价已经失去了动力。</li><li>该股对令人印象深刻的第二季度盈利反应不温不火，表明牛市正在减弱。</li><li>芯片短缺、竞争加剧可能会让特斯拉今年面临压力。</li></ul>最近，特斯拉（纳斯达克：TSLA）的股票似乎失去了魔力。该股不再对每一个积极的发展做出疯狂的反应，这让那些在忠于这家全球最大电动汽车制造商的同时发财的投资者感到失望。</blockquote></p><p> The latest example of this dampening optimism came when Tesla announced itsquarterly earningson July 26. The company’s shares fell more than 4% after the earnings report, which handedly beat analysts’ consensus estimates.</p><p><blockquote>这种令人沮丧的乐观情绪的最新例子是特斯拉7月26日公布的季度收益。财报发布后，该公司股价下跌超过4%，大幅超出分析师的普遍预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae1d0e8a03c4269ff0c91bcaaf57e87d\" tg-width=\"1412\" tg-height=\"1172\" width=\"100%\" height=\"auto\"><span>Tesla Weekly Chart.</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉周线图。</span></p></blockquote></p><p> During the quarter, in which the California-based car-maker produced a record 201,250 vehicles, its profit more than tripled to $1.45 a share on an adjusted basis, beating the $0.97 average analysts had estimated. It was also the company’s eighth straight profitable quarter.</p><p><blockquote>本季度，这家总部位于加州的汽车制造商生产了创纪录的201,250辆汽车，调整后的利润增长了两倍多，达到每股1.45美元，超过了分析师平均预期的0.97美元。这也是该公司连续第八个季度盈利。</blockquote></p><p> Tesla's net income in the second quarter was roughly equal to the prior four quarters combined. The company reported revenue of roughly $12 billion for the period that ended June 30, nearly double the amount in the corresponding period a year earlier.</p><p><blockquote>特斯拉第二季度的净利润大致相当于前四个季度的总和。该公司报告截至6月30日的期间收入约为120亿美元，几乎是去年同期的两倍。</blockquote></p><p> Despite this strong earnings momentum, the stock didn’t jump the way it once did on every shred of positive news. TSLA is up less than 6% during the past five days as of yesterday's close. From its record high in January, Tesla shares are down almost 23%.</p><p><blockquote>尽管盈利势头强劲，但该股并没有像以前那样因每一个利好消息而上涨。截至昨天收盘，特斯拉在过去五天内上涨了不到6%。特斯拉股价较1月份的历史高点下跌了近23%。</blockquote></p><p> So, what’s prompting investors to shun this market tech darling, even when its financials have shown a great turnaround?</p><p><blockquote>那么，是什么促使投资者回避这个市场科技宠儿，即使它的财务状况已经显示出巨大的好转呢？</blockquote></p><p> As we see it, there are both short- and long-term factors at play, causing Tesla enthusiasts to move to the sidelines. Here are three key catalysts that make this EV stalwart a risky bet right now, supporting our view that Tesla is not a buy in this environment:</p><p><blockquote>正如我们所看到的，有短期和长期因素在起作用，导致特斯拉爱好者转向观望。以下三个关键催化剂使这家电动汽车巨头目前成为一个冒险的赌注，支持我们的观点，即特斯拉在这种环境下不值得买入：</blockquote></p><p> <b>1. Chip Shortages</b></p><p><blockquote><b>一、芯片短缺</b></blockquote></p><p> The global chip shortages that have hurt production for many car-makers is beginning to pinch Tesla as well. During its earnings call, Tesla told investors that the company's future pace of growth won't be able to escape the ongoing supply-chain challenges.</p><p><blockquote>全球芯片短缺损害了许多汽车制造商的生产，也开始挤压特斯拉。在财报看涨期权上，特斯拉告诉投资者，公司未来的增长速度将无法逃脱持续的供应链挑战。</blockquote></p><p> The company, for example, is struggling to introduce new models and secure parts for all its vehicles. Tesla again delayed its semi-trailer truck—already two years late—with first deliveries now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as trying to focus on getting new factories online.</p><p><blockquote>例如，该公司正在努力推出新车型并确保所有车辆的零部件。特斯拉再次推迟了其半挂卡车的发布——已经晚了两年——首批交付预计于2022年进行。该公司将延迟归因于供应链问题和电池供应有限，以及试图专注于让新工厂上线。</blockquote></p><p> The company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues, said Chief Executive Elon Musk on an earnings call, without giving a revised first delivery date.</p><p><blockquote>该公司首席执行官Elon Musk在财报看涨期权上表示，该公司首款皮卡的计划曾预计最早将于今年交付给客户，但也受到零部件问题的影响，但没有给出修改后的首次交付日期。</blockquote></p><p> How long chip-supply issues will persist is anybody’s guess right now. Chip-makers are trying to eke out more supply through changes to manufacturing processes and by opening up spare capacity to rivals, auditing customer orders to prevent hoarding and swapping over production lines, according to a recent report by theWall Street Journal. The bad news: there are no quick fixes, as building new production capacity usually takes years.</p><p><blockquote>现在谁也说不准芯片供应问题会持续多久。据《华尔街日报》最近的一篇报道，芯片制造商正试图通过改变制造工艺、向竞争对手开放闲置产能、审核客户订单以防止囤积和更换生产线来维持更多供应。坏消息是：没有快速解决方案，因为建设新产能通常需要数年时间。</blockquote></p><p> <b>2. Competition Heating Up</b></p><p><blockquote><b>2.竞争升温</b></blockquote></p><p> Another threat challenging Tesla’s dominance in the EV market is coming from new sources of competition. Overall, five of the biggest automakers—Daimler(OTC:DDAIF), Ford (NYSE:F),General Motors(NYSE:GM), Stellantis (NYSE:STLA) and Volkswagen (OTC:VWAGY)—have each laid out plans to spend an average $6.5 billion annually on electrification efforts over the next five to 10 years, according toBloomberg.</p><p><blockquote>挑战特斯拉在电动汽车市场主导地位的另一个威胁来自新的竞争来源。总体而言，五家最大的汽车制造商——戴姆勒(OTC：DDAIF)、福特(NYSE：F)、通用汽车(NYSE：GM)、Stellantis(NYSE：STLA)和大众汽车(OTC：VWAGY)——都制定了计划据彭博社报道，未来5到10年，平均每年在电气化方面花费65亿美元。</blockquote></p><p> In April, VW launched its new Audi Q4 e-tron model to compete with Tesla in the fast-growing market of compact crossover SUVs. The Audi’s EV model is among a dozen vehicles the German auto-maker has planned, including VW’s ID.4 and an electric version of the Porsche Macan. VW is aiming to sell roughly 600,000 purely battery-powered cars this year.</p><p><blockquote>4月，大众推出了新款奥迪Q4 e-tron车型，在快速增长的紧凑型跨界SUV市场与特斯拉竞争。奥迪的电动车型是这家德国汽车制造商计划推出的十几款汽车之一，其中包括大众的ID.4和保时捷Macan的电动版。大众汽车的目标是今年销售约60万辆纯电池驱动的汽车。</blockquote></p><p> While traditional auto-makers, like Volkswagen and GM accelerate their EV efforts, smaller Chinese upstarts like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV) are also vying for tech-savvy customers.</p><p><blockquote>虽然大众汽车和通用汽车等传统汽车制造商正在加速电动汽车的发展，但蔚来（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）等规模较小的中国新贵也在争夺精通技术的客户。</blockquote></p><p> According to media reports, GM’s EV plans will accelerate starting later this year as a Hummer pickup truck and Cadillac Lyriq sport utility vehicle begin rolling off the Detroit carmaker's production lines. An electric Chevy Silverado pickup is also on the way.</p><p><blockquote>据媒体报道，随着悍马皮卡和凯迪拉克Lyriq运动型多功能车开始从底特律汽车制造商的生产线下线，通用汽车的电动汽车计划将从今年晚些时候开始加速。一款电动雪佛兰索罗德皮卡也即将上市。</blockquote></p><p></p><p> In China, GM’s lower-priced Hongguang Mini EV, which it’s producing with two state-owned companies, has been a hit. More than a quarter of a million of the models have been sold since the vehicle launched last July, outperforming international rivals like Tesla’s Model 3 and local competitors, including Great Wall's (OTC:GWLLY) Ora Black Cat.</p><p><blockquote>在中国，通用汽车与两家国有企业合作生产的价格较低的宏光迷你电动汽车大受欢迎。自去年7月推出以来，该车型已售出超过25万辆，表现优于特斯拉Model 3等国际竞争对手和长城（场外交易代码：GWLLY）奥拉黑猫等本地竞争对手。</blockquote></p><p> <b>3. Lofty Valuations</b></p><p><blockquote><b>3.高估值</b></blockquote></p><p> Tesla’s valuation has also been a major source of friction among Wall Street’s top analysts. Those who see Tesla as a highly overpriced stock argue that the company has no room to make an error when its stock is priced for perfection.</p><p><blockquote>特斯拉的估值也一直是华尔街顶级分析师之间摩擦的主要来源。那些认为特斯拉股票定价过高的人认为，当其股票定价完美时，该公司没有犯错的余地。</blockquote></p><p> JPMorgan, which has an underweight rating on Tesla with a price target of $160, said in a recent note:</p><p><blockquote>摩根大通对特斯拉给予跑输大盘评级，目标价为160美元，该公司在最近的一份报告中表示：</blockquote></p><p>   “Tesla’s high valuation leaves little room for less-than-perfect execution, as evidenced by a relatively tepid reaction in the aftermarket Monday to what was a fairly sizable EBITA beat, and we did see some less than perfect takeaways, including the official delay of the Tesla Semi into 2022 (albeit likely already almost entirely baked in); the seeming delay of the Cybertruck from late 2021 into 2022 (likely mostly baked in).”  Even after its recent selloff, Tesla has a $680-billion market capitalization, making it worth more than the combined value of GM, Ford, Toyota Motor (NYSE:TM) and Volkswagen.</p><p><blockquote>“特斯拉的高估值几乎没有给不完美的执行留下空间，周一售后市场对相当大的EBITA超出预期的反应相对不温不火就证明了这一点，我们确实看到了一些不太完美的收获，包括官方推迟特斯拉Semi到2022年（尽管可能已经几乎完全成熟）；Cybertruck似乎从2021年底推迟到2022年（可能大部分时间都是内置的）。”即使在最近的抛售之后，特斯拉的市值仍为6800亿美元，超过了通用汽车、福特、丰田汽车(NYSE：TM)和大众汽车的总价值。</blockquote></p><p> Bernstein Research, which has a sell rating on Tesla with a price target of $175, said in its note:</p><p><blockquote>Bernstein Research对特斯拉给予卖出评级，目标价为175美元，该公司在报告中表示：</blockquote></p><p>   “We continue to struggle to justify TSLA’s valuation, which is higher than all other major automakers combined and appears to imply huge volume and industry leading profitability going forward, which is historically unprecedented.”  These bearish views, however, shouldn’t hide the fact that many analysts believe Tesla is more than a car company and its stock has more upside.</p><p><blockquote>“我们继续努力证明特斯拉的估值是合理的，该估值高于所有其他主要汽车制造商的总和，似乎意味着未来巨大的销量和行业领先的盈利能力，这是历史上前所未有的。”然而，这些看跌观点不应掩盖这样一个事实：许多分析师认为特斯拉不仅仅是一家汽车公司，其股票还有更大的上涨空间。</blockquote></p><p> Morgan Stanley’s Adam Jonas says Tesla shouldn’t be valued as a legacy car-maker. As cars become more connected to the internet, that opens up a lot of other addressable markets and Tesla is well-positioned to take advantage of those new opportunities.</p><p><blockquote>Morgan Stanley的Adam Jonas表示，特斯拉不应被视为一家传统汽车制造商。随着汽车与互联网的连接越来越紧密，这开辟了许多其他潜在市场，特斯拉处于有利地位，可以利用这些新机遇。</blockquote></p><p> Said Jonas in a Bloomberg report:</p><p><blockquote>乔纳斯在彭博社的一篇报道中说：</blockquote></p><p>   “In the process, it takes you away from comparing Tesla to car companies and should rather be compared to software-as-a-service companies.”  This divergence is evident from<i>Investing.com</i>poll of analystsregarding Tesla’s share price. Of 35 analysts, 15 have a buy rating on the stock, while 12 have neutral ratings and eight have a sell recommendation, with a 12-month consensus price target of $730.59.</p><p><blockquote>“在这个过程中，它让你不再将特斯拉与汽车公司进行比较，而应该将其与软件即服务公司进行比较。”这种差异从<i>Investing.com</i>分析师对特斯拉股价的民意调查。在35名分析师中，15名分析师对该股给予买入评级，12名分析师给予中性评级，8名分析师给予卖出建议，12个月一致目标价为730.59美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e03552d09d605eee4bcfefd531f11080\" tg-width=\"1332\" tg-height=\"856\" width=\"100%\" height=\"auto\"><span>Chart: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：Investing.com</span></p></blockquote></p><p> For investors, who look to technical signals to help make short-term investment decisions, the most popular indicators—moving averages, oscillators and pivots—are currently providing a buy signal, especially after Tesla’s strong earnings beat.</p><p><blockquote>对于寻求技术信号来帮助做出短期投资决策的投资者来说，最受欢迎的指标——移动平均线、振荡指标和支点——目前正在提供买入信号，尤其是在特斯拉强劲盈利超出预期之后。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Tesla has remained the only credible player in the high-quality EV market in recent years, but that equation is changing quickly after the entry of new players and the massive spending plans being put forward by the legacy car-makers. These dynamics don’t justify the company’s current valuation, which assumes that Tesla will become the biggest seller of cars in the U.S., while competitors won’t be able to succeed.</p><p><blockquote>近年来，特斯拉仍然是高质量电动汽车市场上唯一可靠的参与者，但在新参与者的进入以及传统汽车制造商提出的大规模支出计划之后，这种情况正在迅速发生变化。这些动态并不能证明该公司目前的估值是合理的，该估值假设特斯拉将成为美国最大的汽车销售商，而竞争对手将无法成功。</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 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</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 Reasons Tesla Stock Is Currently Overvalued<blockquote>特斯拉股票目前被高估的3个原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investing.com</strong><span class=\"h-time small\">2021-08-04 14:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary:</b></p><p><blockquote><b>摘要：</b></blockquote></p><p> <ul>  <li>After a remarkable rally last year, Tesla stock has lost its momentum.</li>  <li>The stock’s tepid reaction to impressive Q2 earnings shows that the bull case is weakening.</li>  <li>Chip shortages, rising competition could keep Tesla under pressure this year.</li> </ul> Lately, Tesla (NASDAQ:TSLA) shares seem to have lost their magic. The stock no longer reacts wildly to every positive development, disappointing investors who made fortunes while staying faithful to the world’s largest electric car-maker.</p><p><blockquote><ul><li>经过去年的显着上涨后，特斯拉股价已经失去了动力。</li><li>该股对令人印象深刻的第二季度盈利反应不温不火，表明牛市正在减弱。</li><li>芯片短缺、竞争加剧可能会让特斯拉今年面临压力。</li></ul>最近，特斯拉（纳斯达克：TSLA）的股票似乎失去了魔力。该股不再对每一个积极的发展做出疯狂的反应，这让那些在忠于这家全球最大电动汽车制造商的同时发财的投资者感到失望。</blockquote></p><p> The latest example of this dampening optimism came when Tesla announced itsquarterly earningson July 26. The company’s shares fell more than 4% after the earnings report, which handedly beat analysts’ consensus estimates.</p><p><blockquote>这种令人沮丧的乐观情绪的最新例子是特斯拉7月26日公布的季度收益。财报发布后，该公司股价下跌超过4%，大幅超出分析师的普遍预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae1d0e8a03c4269ff0c91bcaaf57e87d\" tg-width=\"1412\" tg-height=\"1172\" width=\"100%\" height=\"auto\"><span>Tesla Weekly Chart.</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉周线图。</span></p></blockquote></p><p> During the quarter, in which the California-based car-maker produced a record 201,250 vehicles, its profit more than tripled to $1.45 a share on an adjusted basis, beating the $0.97 average analysts had estimated. It was also the company’s eighth straight profitable quarter.</p><p><blockquote>本季度，这家总部位于加州的汽车制造商生产了创纪录的201,250辆汽车，调整后的利润增长了两倍多，达到每股1.45美元，超过了分析师平均预期的0.97美元。这也是该公司连续第八个季度盈利。</blockquote></p><p> Tesla's net income in the second quarter was roughly equal to the prior four quarters combined. The company reported revenue of roughly $12 billion for the period that ended June 30, nearly double the amount in the corresponding period a year earlier.</p><p><blockquote>特斯拉第二季度的净利润大致相当于前四个季度的总和。该公司报告截至6月30日的期间收入约为120亿美元，几乎是去年同期的两倍。</blockquote></p><p> Despite this strong earnings momentum, the stock didn’t jump the way it once did on every shred of positive news. TSLA is up less than 6% during the past five days as of yesterday's close. From its record high in January, Tesla shares are down almost 23%.</p><p><blockquote>尽管盈利势头强劲，但该股并没有像以前那样因每一个利好消息而上涨。截至昨天收盘，特斯拉在过去五天内上涨了不到6%。特斯拉股价较1月份的历史高点下跌了近23%。</blockquote></p><p> So, what’s prompting investors to shun this market tech darling, even when its financials have shown a great turnaround?</p><p><blockquote>那么，是什么促使投资者回避这个市场科技宠儿，即使它的财务状况已经显示出巨大的好转呢？</blockquote></p><p> As we see it, there are both short- and long-term factors at play, causing Tesla enthusiasts to move to the sidelines. Here are three key catalysts that make this EV stalwart a risky bet right now, supporting our view that Tesla is not a buy in this environment:</p><p><blockquote>正如我们所看到的，有短期和长期因素在起作用，导致特斯拉爱好者转向观望。以下三个关键催化剂使这家电动汽车巨头目前成为一个冒险的赌注，支持我们的观点，即特斯拉在这种环境下不值得买入：</blockquote></p><p> <b>1. Chip Shortages</b></p><p><blockquote><b>一、芯片短缺</b></blockquote></p><p> The global chip shortages that have hurt production for many car-makers is beginning to pinch Tesla as well. During its earnings call, Tesla told investors that the company's future pace of growth won't be able to escape the ongoing supply-chain challenges.</p><p><blockquote>全球芯片短缺损害了许多汽车制造商的生产，也开始挤压特斯拉。在财报看涨期权上，特斯拉告诉投资者，公司未来的增长速度将无法逃脱持续的供应链挑战。</blockquote></p><p> The company, for example, is struggling to introduce new models and secure parts for all its vehicles. Tesla again delayed its semi-trailer truck—already two years late—with first deliveries now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as trying to focus on getting new factories online.</p><p><blockquote>例如，该公司正在努力推出新车型并确保所有车辆的零部件。特斯拉再次推迟了其半挂卡车的发布——已经晚了两年——首批交付预计于2022年进行。该公司将延迟归因于供应链问题和电池供应有限，以及试图专注于让新工厂上线。</blockquote></p><p> The company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues, said Chief Executive Elon Musk on an earnings call, without giving a revised first delivery date.</p><p><blockquote>该公司首席执行官Elon Musk在财报看涨期权上表示，该公司首款皮卡的计划曾预计最早将于今年交付给客户，但也受到零部件问题的影响，但没有给出修改后的首次交付日期。</blockquote></p><p> How long chip-supply issues will persist is anybody’s guess right now. Chip-makers are trying to eke out more supply through changes to manufacturing processes and by opening up spare capacity to rivals, auditing customer orders to prevent hoarding and swapping over production lines, according to a recent report by theWall Street Journal. The bad news: there are no quick fixes, as building new production capacity usually takes years.</p><p><blockquote>现在谁也说不准芯片供应问题会持续多久。据《华尔街日报》最近的一篇报道，芯片制造商正试图通过改变制造工艺、向竞争对手开放闲置产能、审核客户订单以防止囤积和更换生产线来维持更多供应。坏消息是：没有快速解决方案，因为建设新产能通常需要数年时间。</blockquote></p><p> <b>2. Competition Heating Up</b></p><p><blockquote><b>2.竞争升温</b></blockquote></p><p> Another threat challenging Tesla’s dominance in the EV market is coming from new sources of competition. Overall, five of the biggest automakers—Daimler(OTC:DDAIF), Ford (NYSE:F),General Motors(NYSE:GM), Stellantis (NYSE:STLA) and Volkswagen (OTC:VWAGY)—have each laid out plans to spend an average $6.5 billion annually on electrification efforts over the next five to 10 years, according toBloomberg.</p><p><blockquote>挑战特斯拉在电动汽车市场主导地位的另一个威胁来自新的竞争来源。总体而言，五家最大的汽车制造商——戴姆勒(OTC：DDAIF)、福特(NYSE：F)、通用汽车(NYSE：GM)、Stellantis(NYSE：STLA)和大众汽车(OTC：VWAGY)——都制定了计划据彭博社报道，未来5到10年，平均每年在电气化方面花费65亿美元。</blockquote></p><p> In April, VW launched its new Audi Q4 e-tron model to compete with Tesla in the fast-growing market of compact crossover SUVs. The Audi’s EV model is among a dozen vehicles the German auto-maker has planned, including VW’s ID.4 and an electric version of the Porsche Macan. VW is aiming to sell roughly 600,000 purely battery-powered cars this year.</p><p><blockquote>4月，大众推出了新款奥迪Q4 e-tron车型，在快速增长的紧凑型跨界SUV市场与特斯拉竞争。奥迪的电动车型是这家德国汽车制造商计划推出的十几款汽车之一，其中包括大众的ID.4和保时捷Macan的电动版。大众汽车的目标是今年销售约60万辆纯电池驱动的汽车。</blockquote></p><p> While traditional auto-makers, like Volkswagen and GM accelerate their EV efforts, smaller Chinese upstarts like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV) are also vying for tech-savvy customers.</p><p><blockquote>虽然大众汽车和通用汽车等传统汽车制造商正在加速电动汽车的发展，但蔚来（纽约证券交易所股票代码：蔚来）和小鹏汽车（纽约证券交易所股票代码：XPEV）等规模较小的中国新贵也在争夺精通技术的客户。</blockquote></p><p> According to media reports, GM’s EV plans will accelerate starting later this year as a Hummer pickup truck and Cadillac Lyriq sport utility vehicle begin rolling off the Detroit carmaker's production lines. An electric Chevy Silverado pickup is also on the way.</p><p><blockquote>据媒体报道，随着悍马皮卡和凯迪拉克Lyriq运动型多功能车开始从底特律汽车制造商的生产线下线，通用汽车的电动汽车计划将从今年晚些时候开始加速。一款电动雪佛兰索罗德皮卡也即将上市。</blockquote></p><p></p><p> In China, GM’s lower-priced Hongguang Mini EV, which it’s producing with two state-owned companies, has been a hit. More than a quarter of a million of the models have been sold since the vehicle launched last July, outperforming international rivals like Tesla’s Model 3 and local competitors, including Great Wall's (OTC:GWLLY) Ora Black Cat.</p><p><blockquote>在中国，通用汽车与两家国有企业合作生产的价格较低的宏光迷你电动汽车大受欢迎。自去年7月推出以来，该车型已售出超过25万辆，表现优于特斯拉Model 3等国际竞争对手和长城（场外交易代码：GWLLY）奥拉黑猫等本地竞争对手。</blockquote></p><p> <b>3. Lofty Valuations</b></p><p><blockquote><b>3.高估值</b></blockquote></p><p> Tesla’s valuation has also been a major source of friction among Wall Street’s top analysts. Those who see Tesla as a highly overpriced stock argue that the company has no room to make an error when its stock is priced for perfection.</p><p><blockquote>特斯拉的估值也一直是华尔街顶级分析师之间摩擦的主要来源。那些认为特斯拉股票定价过高的人认为，当其股票定价完美时，该公司没有犯错的余地。</blockquote></p><p> JPMorgan, which has an underweight rating on Tesla with a price target of $160, said in a recent note:</p><p><blockquote>摩根大通对特斯拉给予跑输大盘评级，目标价为160美元，该公司在最近的一份报告中表示：</blockquote></p><p>   “Tesla’s high valuation leaves little room for less-than-perfect execution, as evidenced by a relatively tepid reaction in the aftermarket Monday to what was a fairly sizable EBITA beat, and we did see some less than perfect takeaways, including the official delay of the Tesla Semi into 2022 (albeit likely already almost entirely baked in); the seeming delay of the Cybertruck from late 2021 into 2022 (likely mostly baked in).”  Even after its recent selloff, Tesla has a $680-billion market capitalization, making it worth more than the combined value of GM, Ford, Toyota Motor (NYSE:TM) and Volkswagen.</p><p><blockquote>“特斯拉的高估值几乎没有给不完美的执行留下空间，周一售后市场对相当大的EBITA超出预期的反应相对不温不火就证明了这一点，我们确实看到了一些不太完美的收获，包括官方推迟特斯拉Semi到2022年（尽管可能已经几乎完全成熟）；Cybertruck似乎从2021年底推迟到2022年（可能大部分时间都是内置的）。”即使在最近的抛售之后，特斯拉的市值仍为6800亿美元，超过了通用汽车、福特、丰田汽车(NYSE：TM)和大众汽车的总价值。</blockquote></p><p> Bernstein Research, which has a sell rating on Tesla with a price target of $175, said in its note:</p><p><blockquote>Bernstein Research对特斯拉给予卖出评级，目标价为175美元，该公司在报告中表示：</blockquote></p><p>   “We continue to struggle to justify TSLA’s valuation, which is higher than all other major automakers combined and appears to imply huge volume and industry leading profitability going forward, which is historically unprecedented.”  These bearish views, however, shouldn’t hide the fact that many analysts believe Tesla is more than a car company and its stock has more upside.</p><p><blockquote>“我们继续努力证明特斯拉的估值是合理的，该估值高于所有其他主要汽车制造商的总和，似乎意味着未来巨大的销量和行业领先的盈利能力，这是历史上前所未有的。”然而，这些看跌观点不应掩盖这样一个事实：许多分析师认为特斯拉不仅仅是一家汽车公司，其股票还有更大的上涨空间。</blockquote></p><p> Morgan Stanley’s Adam Jonas says Tesla shouldn’t be valued as a legacy car-maker. As cars become more connected to the internet, that opens up a lot of other addressable markets and Tesla is well-positioned to take advantage of those new opportunities.</p><p><blockquote>Morgan Stanley的Adam Jonas表示，特斯拉不应被视为一家传统汽车制造商。随着汽车与互联网的连接越来越紧密，这开辟了许多其他潜在市场，特斯拉处于有利地位，可以利用这些新机遇。</blockquote></p><p> Said Jonas in a Bloomberg report:</p><p><blockquote>乔纳斯在彭博社的一篇报道中说：</blockquote></p><p>   “In the process, it takes you away from comparing Tesla to car companies and should rather be compared to software-as-a-service companies.”  This divergence is evident from<i>Investing.com</i>poll of analystsregarding Tesla’s share price. Of 35 analysts, 15 have a buy rating on the stock, while 12 have neutral ratings and eight have a sell recommendation, with a 12-month consensus price target of $730.59.</p><p><blockquote>“在这个过程中，它让你不再将特斯拉与汽车公司进行比较，而应该将其与软件即服务公司进行比较。”这种差异从<i>Investing.com</i>分析师对特斯拉股价的民意调查。在35名分析师中，15名分析师对该股给予买入评级，12名分析师给予中性评级，8名分析师给予卖出建议，12个月一致目标价为730.59美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e03552d09d605eee4bcfefd531f11080\" tg-width=\"1332\" tg-height=\"856\" width=\"100%\" height=\"auto\"><span>Chart: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表：Investing.com</span></p></blockquote></p><p> For investors, who look to technical signals to help make short-term investment decisions, the most popular indicators—moving averages, oscillators and pivots—are currently providing a buy signal, especially after Tesla’s strong earnings beat.</p><p><blockquote>对于寻求技术信号来帮助做出短期投资决策的投资者来说，最受欢迎的指标——移动平均线、振荡指标和支点——目前正在提供买入信号，尤其是在特斯拉强劲盈利超出预期之后。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Tesla has remained the only credible player in the high-quality EV market in recent years, but that equation is changing quickly after the entry of new players and the massive spending plans being put forward by the legacy car-makers. These dynamics don’t justify the company’s current valuation, which assumes that Tesla will become the biggest seller of cars in the U.S., while competitors won’t be able to succeed.</p><p><blockquote>近年来，特斯拉仍然是高质量电动汽车市场上唯一可靠的参与者，但在新参与者的进入以及传统汽车制造商提出的大规模支出计划之后，这种情况正在迅速发生变化。这些动态并不能证明该公司目前的估值是合理的，该估值假设特斯拉将成为美国最大的汽车销售商，而竞争对手将无法成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investing.com/analysis/3-reasons-tesla-stock-is-currently-overvalued-200595598\">Investing.com</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.investing.com/analysis/3-reasons-tesla-stock-is-currently-overvalued-200595598","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195860961","content_text":"Summary:\n\nAfter a remarkable rally last year, Tesla stock has lost its momentum.\nThe stock’s tepid reaction to impressive Q2 earnings shows that the bull case is weakening.\nChip shortages, rising competition could keep Tesla under pressure this year.\n\nLately, Tesla (NASDAQ:TSLA) shares seem to have lost their magic. The stock no longer reacts wildly to every positive development, disappointing investors who made fortunes while staying faithful to the world’s largest electric car-maker.\nThe latest example of this dampening optimism came when Tesla announced itsquarterly earningson July 26. The company’s shares fell more than 4% after the earnings report, which handedly beat analysts’ consensus estimates.\nTesla Weekly Chart.\nDuring the quarter, in which the California-based car-maker produced a record 201,250 vehicles, its profit more than tripled to $1.45 a share on an adjusted basis, beating the $0.97 average analysts had estimated. It was also the company’s eighth straight profitable quarter.\nTesla's net income in the second quarter was roughly equal to the prior four quarters combined. The company reported revenue of roughly $12 billion for the period that ended June 30, nearly double the amount in the corresponding period a year earlier.\nDespite this strong earnings momentum, the stock didn’t jump the way it once did on every shred of positive news. TSLA is up less than 6% during the past five days as of yesterday's close. From its record high in January, Tesla shares are down almost 23%.\nSo, what’s prompting investors to shun this market tech darling, even when its financials have shown a great turnaround?\nAs we see it, there are both short- and long-term factors at play, causing Tesla enthusiasts to move to the sidelines. Here are three key catalysts that make this EV stalwart a risky bet right now, supporting our view that Tesla is not a buy in this environment:\n1. Chip Shortages\nThe global chip shortages that have hurt production for many car-makers is beginning to pinch Tesla as well. During its earnings call, Tesla told investors that the company's future pace of growth won't be able to escape the ongoing supply-chain challenges.\nThe company, for example, is struggling to introduce new models and secure parts for all its vehicles. Tesla again delayed its semi-trailer truck—already two years late—with first deliveries now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as trying to focus on getting new factories online.\nThe company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues, said Chief Executive Elon Musk on an earnings call, without giving a revised first delivery date.\nHow long chip-supply issues will persist is anybody’s guess right now. Chip-makers are trying to eke out more supply through changes to manufacturing processes and by opening up spare capacity to rivals, auditing customer orders to prevent hoarding and swapping over production lines, according to a recent report by theWall Street Journal. The bad news: there are no quick fixes, as building new production capacity usually takes years.\n2. Competition Heating Up\nAnother threat challenging Tesla’s dominance in the EV market is coming from new sources of competition. Overall, five of the biggest automakers—Daimler(OTC:DDAIF), Ford (NYSE:F),General Motors(NYSE:GM), Stellantis (NYSE:STLA) and Volkswagen (OTC:VWAGY)—have each laid out plans to spend an average $6.5 billion annually on electrification efforts over the next five to 10 years, according toBloomberg.\nIn April, VW launched its new Audi Q4 e-tron model to compete with Tesla in the fast-growing market of compact crossover SUVs. The Audi’s EV model is among a dozen vehicles the German auto-maker has planned, including VW’s ID.4 and an electric version of the Porsche Macan. VW is aiming to sell roughly 600,000 purely battery-powered cars this year.\nWhile traditional auto-makers, like Volkswagen and GM accelerate their EV efforts, smaller Chinese upstarts like Nio (NYSE:NIO) and Xpeng (NYSE:XPEV) are also vying for tech-savvy customers.\nAccording to media reports, GM’s EV plans will accelerate starting later this year as a Hummer pickup truck and Cadillac Lyriq sport utility vehicle begin rolling off the Detroit carmaker's production lines. An electric Chevy Silverado pickup is also on the way.\nIn China, GM’s lower-priced Hongguang Mini EV, which it’s producing with two state-owned companies, has been a hit. More than a quarter of a million of the models have been sold since the vehicle launched last July, outperforming international rivals like Tesla’s Model 3 and local competitors, including Great Wall's (OTC:GWLLY) Ora Black Cat.\n3. Lofty Valuations\nTesla’s valuation has also been a major source of friction among Wall Street’s top analysts. Those who see Tesla as a highly overpriced stock argue that the company has no room to make an error when its stock is priced for perfection.\nJPMorgan, which has an underweight rating on Tesla with a price target of $160, said in a recent note:\n\n “Tesla’s high valuation leaves little room for less-than-perfect execution, as evidenced by a relatively tepid reaction in the aftermarket Monday to what was a fairly sizable EBITA beat, and we did see some less than perfect takeaways, including the official delay of the Tesla Semi into 2022 (albeit likely already almost entirely baked in); the seeming delay of the Cybertruck from late 2021 into 2022 (likely mostly baked in).”\n\nEven after its recent selloff, Tesla has a $680-billion market capitalization, making it worth more than the combined value of GM, Ford, Toyota Motor (NYSE:TM) and Volkswagen.\nBernstein Research, which has a sell rating on Tesla with a price target of $175, said in its note:\n\n “We continue to struggle to justify TSLA’s valuation, which is higher than all other major automakers combined and appears to imply huge volume and industry leading profitability going forward, which is historically unprecedented.”\n\nThese bearish views, however, shouldn’t hide the fact that many analysts believe Tesla is more than a car company and its stock has more upside.\nMorgan Stanley’s Adam Jonas says Tesla shouldn’t be valued as a legacy car-maker. As cars become more connected to the internet, that opens up a lot of other addressable markets and Tesla is well-positioned to take advantage of those new opportunities.\nSaid Jonas in a Bloomberg report:\n\n “In the process, it takes you away from comparing Tesla to car companies and should rather be compared to software-as-a-service companies.”\n\nThis divergence is evident fromInvesting.compoll of analystsregarding Tesla’s share price. Of 35 analysts, 15 have a buy rating on the stock, while 12 have neutral ratings and eight have a sell recommendation, with a 12-month consensus price target of $730.59.\nChart: Investing.com\nFor investors, who look to technical signals to help make short-term investment decisions, the most popular indicators—moving averages, oscillators and pivots—are currently providing a buy signal, especially after Tesla’s strong earnings beat.\nBottom Line\nTesla has remained the only credible player in the high-quality EV market in recent years, but that equation is changing quickly after the entry of new players and the massive spending plans being put forward by the legacy car-makers. These dynamics don’t justify the company’s current valuation, which assumes that Tesla will become the biggest seller of cars in the U.S., while competitors won’t be able to succeed.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2914,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3479274702625278","authorId":"3479274702625278","name":"老夫追涨杀跌","avatar":"https://static.tigerbbs.com/53d8be38e6bbbfa27d16721be9a4e59b","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3479274702625278","idStr":"3479274702625278"},"content":"所有的新闻都有立场，肯定需要你的二次辨别，兼听则明，片面信息肯定影响判断。","text":"所有的新闻都有立场，肯定需要你的二次辨别，兼听则明，片面信息肯定影响判断。","html":"所有的新闻都有立场，肯定需要你的二次辨别，兼听则明，片面信息肯定影响判断。"},{"author":{"id":"9000000000000221","authorId":"9000000000000221","name":"搞钱树","avatar":"https://static.tigerbbs.com/82edc4968feb7c0c481f5ad38d9a498b","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000221","idStr":"9000000000000221"},"content":"新闻一般都是有滞后性，正常 的。","text":"新闻一般都是有滞后性，正常 的。","html":"新闻一般都是有滞后性，正常 的。"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172398382,"gmtCreate":1626933198746,"gmtModify":1631892988408,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage&nbsp;to buy the dip and average down positions.","listText":"At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage&nbsp;to buy the dip and average down positions.","text":"At the high of market, try to not use leverage as much as possible. So when the market dip or goes through a correction, you have can use some leverage to buy the dip and average down positions.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172398382","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803049794,"gmtCreate":1627398096318,"gmtModify":1631892988398,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"If you wait till a company is mature to invest into it...it most probably is too late.","listText":"If you wait till a company is mature to invest into it...it most probably is too late.","text":"If you wait till a company is mature to invest into it...it most probably is too late.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803049794","repostId":"1124516451","repostType":4,"repost":{"id":"1124516451","kind":"news","pubTimestamp":1627397263,"share":"https://www.laohu8.com/m/news/1124516451?lang=zh_CN&edition=full","pubTime":"2021-07-27 22:47","market":"us","language":"en","title":"Tesla Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124516451","media":"Barrons","summary":"The electric-vehicle company Tesla reported its best quarterly results ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.Tesla  reported $1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs beca","content":"<p>The electric-vehicle company&nbsp;Tesla&nbsp;reported its&nbsp;best quarterly results&nbsp;ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.</p><p><blockquote>电动汽车公司特斯拉周一晚间公布了有史以来最好的季度业绩，但投资者和分析师对这一消息持谨慎乐观的态度——这表明特斯拉作为一家公司正在走向成熟。</blockquote></p><p> Tesla (ticker: TSLA)&nbsp;reported&nbsp;$1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs because of strong profitability in the automotive division.</p><p><blockquote>特斯拉（股票代码：TSLA）公布第二季度调整后每股收益为1.45美元，远高于分析师预期的约95美分。监管信贷的销售额——一种被认为不如汽车销售可持续的收入来源——下降了，但由于汽车部门的强劲盈利能力，营业利润升至历史新高。</blockquote></p><p> Tesla generates the credits by making more than its fair share of zero- emission cars and sells them to manufacturers that still rely on internal-combustion engines. Pessimists on the stock believe that source of income will dwindle over time.</p><p><blockquote>特斯拉通过生产超过其公平份额的零排放汽车并将其出售给仍然依赖内燃机的制造商来产生积分。该股的悲观主义者认为，随着时间的推移，收入来源将会减少。</blockquote></p><p> The stock, however, was down 1.5% in early trading Tuesday. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average,for comparison, had fallen 0.6% and 0.4%, respectively.</p><p><blockquote>然而，该股周二早盘下跌1.5%。相比之下，标准普尔500指数和道琼斯工业平均指数分别下跌0.6%和0.4%。</blockquote></p><p> It is a muted reaction to a good quarter, typical of the way stocks of mature businesses behave. Tesla stock moved more than 10% in response to three of the four 2019 quarterly reports. But it rose or fell an average of about 2.5% in response to the 2020 earnings reports.</p><p><blockquote>这是对良好季度的温和反应，是成熟企业股票的典型表现。特斯拉股价因2019年四份季度报告中的三份而上涨超过10%。但随着2020年收益报告的发布，该指数平均上涨或下跌约2.5%。</blockquote></p><p> The typical 2020 move was a fall in the price in response to news of better-than-expected results. The same thing happened after the release of results for the first quarter of 2021.</p><p><blockquote>2020年的典型走势是因业绩好于预期的消息而导致价格下跌。同样的事情发生在2021年第一季度业绩发布后。</blockquote></p><p> That is another sign of maturity. A small drop in response to better-than-expected results is the typical outcome for stocks. Investors always expect companies to exceed analyst projections, and when they get that result, they “sell the news.”</p><p><blockquote>这是成熟的另一个标志。由于业绩好于预期而小幅下跌是股市的典型结果。投资者总是期望公司超出分析师的预测，当他们得到这个结果时，他们就会“卖出消息”。</blockquote></p><p> The reaction among Wall Street analysts to the latest results is yet another sign of maturity. Mizuho analyst&nbsp;Vijay Rakesh&nbsp;raised his target for Tesla’s stock price by $5 to $825 following the news, for a bump of less than 1%.</p><p><blockquote>华尔街分析师对最新业绩的反应是成熟的又一个迹象。消息传出后，瑞穗分析师Vijay Rakesh将特斯拉股价目标上调5美元至825美元，涨幅不到1%。</blockquote></p><p> Back in January, RBC analyst&nbsp;Joe Spak&nbsp;raised his target price to $700 a share from $339 after changing how he thought about Tesla’s business. That was a huge target-price change from a large broker.</p><p><blockquote>早在1月份，加拿大皇家银行(RBC)分析师乔·斯帕克(Joe Spak)改变了对特斯拉业务的看法后，将目标价从每股339美元上调至700美元。对于一家大型经纪商来说，这是一个巨大的目标价格变化。</blockquote></p><p> Smaller changes in price targets can indicate a business is becoming more stable, and that analysts believe they have a grip on what is happening. That reduces the need for them to dramatically overhaul their views in response to events.</p><p><blockquote>价格目标的较小变化可能表明企业变得更加稳定，并且分析师相信他们能够控制正在发生的事情。这减少了他们在应对事件时大幅改变观点的必要性。</blockquote></p><p> Overall, the average&nbsp;analyst target price&nbsp;is up about $18, or 3%, in reaction to Monday’s results to about $644 a share. Tesla shares are trading about 1% or 2% above the average analyst target price.</p><p><blockquote>总体而言，针对周一的业绩，分析师平均目标价上涨约18美元，即3%，至每股约644美元。特斯拉股价比分析师平均目标价高出约1%或2%。</blockquote></p><p> Target prices generally reflect where analysts think a stock should trade to earn a fair return out into the future. The average target price on stocks in the S&amp;P 500 implies a gain of 7%.</p><p><blockquote>目标价格通常反映了分析师认为股票应该在哪里交易才能在未来获得公平回报。标普500股票的平均目标价意味着7%的涨幅。</blockquote></p><p> Even the fact that Tesla is trading around its average analyst target price is a sign of maturity. A year ago, the average target price for Tesla stock was about $225, while the price was above $300.</p><p><blockquote>即使特斯拉的交易价格在分析师平均目标价附近，也是成熟的标志。一年前，特斯拉股票的平均目标价约为225美元，而该价格高于300美元。</blockquote></p><p> Shareholders and bulls on the stock might like a bigger response from the stock when earnings come in strong, but the days of 20% moves, up or down, might be gone for Tesla. That is more evidence that Tesla is here to stay as the world’s most valuable car company.</p><p><blockquote>当盈利强劲时，该股的股东和看涨者可能希望该股做出更大的反应，但对于特斯拉来说，上涨或下跌20%的日子可能已经一去不复返了。这进一步证明特斯拉将继续成为世界上最有价值的汽车公司。</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 Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</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 Is a Mature Business. Don’t Look Now.<blockquote>特斯拉是一项成熟的业务。现在别看。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-27 22:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The electric-vehicle company&nbsp;Tesla&nbsp;reported its&nbsp;best quarterly results&nbsp;ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.</p><p><blockquote>电动汽车公司特斯拉周一晚间公布了有史以来最好的季度业绩，但投资者和分析师对这一消息持谨慎乐观的态度——这表明特斯拉作为一家公司正在走向成熟。</blockquote></p><p> Tesla (ticker: TSLA)&nbsp;reported&nbsp;$1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs because of strong profitability in the automotive division.</p><p><blockquote>特斯拉（股票代码：TSLA）公布第二季度调整后每股收益为1.45美元，远高于分析师预期的约95美分。监管信贷的销售额——一种被认为不如汽车销售可持续的收入来源——下降了，但由于汽车部门的强劲盈利能力，营业利润升至历史新高。</blockquote></p><p> Tesla generates the credits by making more than its fair share of zero- emission cars and sells them to manufacturers that still rely on internal-combustion engines. Pessimists on the stock believe that source of income will dwindle over time.</p><p><blockquote>特斯拉通过生产超过其公平份额的零排放汽车并将其出售给仍然依赖内燃机的制造商来产生积分。该股的悲观主义者认为，随着时间的推移，收入来源将会减少。</blockquote></p><p> The stock, however, was down 1.5% in early trading Tuesday. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average,for comparison, had fallen 0.6% and 0.4%, respectively.</p><p><blockquote>然而，该股周二早盘下跌1.5%。相比之下，标准普尔500指数和道琼斯工业平均指数分别下跌0.6%和0.4%。</blockquote></p><p> It is a muted reaction to a good quarter, typical of the way stocks of mature businesses behave. Tesla stock moved more than 10% in response to three of the four 2019 quarterly reports. But it rose or fell an average of about 2.5% in response to the 2020 earnings reports.</p><p><blockquote>这是对良好季度的温和反应，是成熟企业股票的典型表现。特斯拉股价因2019年四份季度报告中的三份而上涨超过10%。但随着2020年收益报告的发布，该指数平均上涨或下跌约2.5%。</blockquote></p><p> The typical 2020 move was a fall in the price in response to news of better-than-expected results. The same thing happened after the release of results for the first quarter of 2021.</p><p><blockquote>2020年的典型走势是因业绩好于预期的消息而导致价格下跌。同样的事情发生在2021年第一季度业绩发布后。</blockquote></p><p> That is another sign of maturity. A small drop in response to better-than-expected results is the typical outcome for stocks. Investors always expect companies to exceed analyst projections, and when they get that result, they “sell the news.”</p><p><blockquote>这是成熟的另一个标志。由于业绩好于预期而小幅下跌是股市的典型结果。投资者总是期望公司超出分析师的预测，当他们得到这个结果时，他们就会“卖出消息”。</blockquote></p><p> The reaction among Wall Street analysts to the latest results is yet another sign of maturity. Mizuho analyst&nbsp;Vijay Rakesh&nbsp;raised his target for Tesla’s stock price by $5 to $825 following the news, for a bump of less than 1%.</p><p><blockquote>华尔街分析师对最新业绩的反应是成熟的又一个迹象。消息传出后，瑞穗分析师Vijay Rakesh将特斯拉股价目标上调5美元至825美元，涨幅不到1%。</blockquote></p><p> Back in January, RBC analyst&nbsp;Joe Spak&nbsp;raised his target price to $700 a share from $339 after changing how he thought about Tesla’s business. That was a huge target-price change from a large broker.</p><p><blockquote>早在1月份，加拿大皇家银行(RBC)分析师乔·斯帕克(Joe Spak)改变了对特斯拉业务的看法后，将目标价从每股339美元上调至700美元。对于一家大型经纪商来说，这是一个巨大的目标价格变化。</blockquote></p><p> Smaller changes in price targets can indicate a business is becoming more stable, and that analysts believe they have a grip on what is happening. That reduces the need for them to dramatically overhaul their views in response to events.</p><p><blockquote>价格目标的较小变化可能表明企业变得更加稳定，并且分析师相信他们能够控制正在发生的事情。这减少了他们在应对事件时大幅改变观点的必要性。</blockquote></p><p> Overall, the average&nbsp;analyst target price&nbsp;is up about $18, or 3%, in reaction to Monday’s results to about $644 a share. Tesla shares are trading about 1% or 2% above the average analyst target price.</p><p><blockquote>总体而言，针对周一的业绩，分析师平均目标价上涨约18美元，即3%，至每股约644美元。特斯拉股价比分析师平均目标价高出约1%或2%。</blockquote></p><p> Target prices generally reflect where analysts think a stock should trade to earn a fair return out into the future. The average target price on stocks in the S&amp;P 500 implies a gain of 7%.</p><p><blockquote>目标价格通常反映了分析师认为股票应该在哪里交易才能在未来获得公平回报。标普500股票的平均目标价意味着7%的涨幅。</blockquote></p><p> Even the fact that Tesla is trading around its average analyst target price is a sign of maturity. A year ago, the average target price for Tesla stock was about $225, while the price was above $300.</p><p><blockquote>即使特斯拉的交易价格在分析师平均目标价附近，也是成熟的标志。一年前，特斯拉股票的平均目标价约为225美元，而该价格高于300美元。</blockquote></p><p> Shareholders and bulls on the stock might like a bigger response from the stock when earnings come in strong, but the days of 20% moves, up or down, might be gone for Tesla. That is more evidence that Tesla is here to stay as the world’s most valuable car company.</p><p><blockquote>当盈利强劲时，该股的股东和看涨者可能希望该股做出更大的反应，但对于特斯拉来说，上涨或下跌20%的日子可能已经一去不复返了。这进一步证明特斯拉将继续成为世界上最有价值的汽车公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-mature-business-51627393369?mod=hp_LEADSUPP_1\">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-stock-mature-business-51627393369?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124516451","content_text":"The electric-vehicle company Tesla reported its best quarterly results ever Monday evening, but investors and analysts are greeting the news with measured optimism—a sign that Tesla is maturing as a company.\nTesla (ticker: TSLA) reported $1.45 in adjusted per-share earnings for the second quarter, far higher than the roughly 95 cents analysts were looking for. Sales from regulatory credits—a source of revenue seen as less sustainable than sales of vehicles—-fell, but operating profits rose to record highs because of strong profitability in the automotive division.\nTesla generates the credits by making more than its fair share of zero- emission cars and sells them to manufacturers that still rely on internal-combustion engines. Pessimists on the stock believe that source of income will dwindle over time.\nThe stock, however, was down 1.5% in early trading Tuesday. The S&P 500 and Dow Jones Industrial Average,for comparison, had fallen 0.6% and 0.4%, respectively.\nIt is a muted reaction to a good quarter, typical of the way stocks of mature businesses behave. Tesla stock moved more than 10% in response to three of the four 2019 quarterly reports. But it rose or fell an average of about 2.5% in response to the 2020 earnings reports.\nThe typical 2020 move was a fall in the price in response to news of better-than-expected results. The same thing happened after the release of results for the first quarter of 2021.\nThat is another sign of maturity. A small drop in response to better-than-expected results is the typical outcome for stocks. Investors always expect companies to exceed analyst projections, and when they get that result, they “sell the news.”\nThe reaction among Wall Street analysts to the latest results is yet another sign of maturity. Mizuho analyst Vijay Rakesh raised his target for Tesla’s stock price by $5 to $825 following the news, for a bump of less than 1%.\nBack in January, RBC analyst Joe Spak raised his target price to $700 a share from $339 after changing how he thought about Tesla’s business. That was a huge target-price change from a large broker.\nSmaller changes in price targets can indicate a business is becoming more stable, and that analysts believe they have a grip on what is happening. That reduces the need for them to dramatically overhaul their views in response to events.\nOverall, the average analyst target price is up about $18, or 3%, in reaction to Monday’s results to about $644 a share. Tesla shares are trading about 1% or 2% above the average analyst target price.\nTarget prices generally reflect where analysts think a stock should trade to earn a fair return out into the future. The average target price on stocks in the S&P 500 implies a gain of 7%.\nEven the fact that Tesla is trading around its average analyst target price is a sign of maturity. A year ago, the average target price for Tesla stock was about $225, while the price was above $300.\nShareholders and bulls on the stock might like a bigger response from the stock when earnings come in strong, but the days of 20% moves, up or down, might be gone for Tesla. That is more evidence that Tesla is here to stay as the world’s most valuable car company.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159689987,"gmtCreate":1624962359149,"gmtModify":1631892988420,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon?&nbsp;[惊讶]&nbsp;[惊讶]&nbsp;&nbsp;","listText":"Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon?&nbsp;[惊讶]&nbsp;[惊讶]&nbsp;&nbsp;","text":"Really? Shoppify had such a jump is because of a partnership right? Isn't it a bit too late to enter now? Is Shopify able to scale further like Tesla or Amazon? [惊讶] [惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/159689987","repostId":"1133242119","repostType":4,"repost":{"id":"1133242119","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":1624960684,"share":"https://www.laohu8.com/m/news/1133242119?lang=zh_CN&edition=full","pubTime":"2021-06-29 17:58","market":"us","language":"en","title":"This E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133242119","media":"Benzinga","summary":"Shopify Inc(NYSE:SHOP) hasn’t only been a leading platform for businesses to host their online store","content":"<p><b>Shopify Inc</b>(NYSE:SHOP)&nbsp;hasn’t only been a leading&nbsp;platform for businesses to host their&nbsp;online stores over the past several years, the Ottawa, Ontario-based e-commerce company has been a beast of an investment over the last five.</p><p><blockquote><b>Shopify公司</b>（纽约证券交易所股票代码：SHOP）不仅在过去几年中成为企业托管在线商店的领先平台，这家总部位于安大略省渥太华的电子商务公司在过去五年中也是一项巨大的投资。</blockquote></p><p> Since 2016, Shopify stock's five-year return has managed to beat some of the world’s largest tech and e-commerce giants:<b>Tesla Inc</b>(NASDAQ:TSLA),<b>Apple Inc</b>(NASDAQ:AAPL),<b>Microsoft Corporation</b>(NASDAQ:MSFT),<b>Alibaba Group Holding Ltd – ADR</b>(NYSE:BABA)&nbsp;and&nbsp;<b>Amazon.com, Inc.</b>(NASDAQ:AMZN).</p><p><blockquote>自2016年以来，Shopify股票的五年回报率成功击败了一些全球最大的科技和电子商务巨头：<b>特斯拉公司</b>（纳斯达克：TSLA），<b>苹果公司</b>（纳斯达克：AAPL），<b>微软公司</b>（纳斯达克：MSFT），<b>阿里巴巴-SW集团控股有限公司-ADR</b>（纽约证券交易所代码：BABA）和<b>亚马逊公司。</b>（纳斯达克：AMZN）。</blockquote></p><p> Shopify provides an e-commerce platform and services in Canada, U.S., the UK, Australia, Latin America, and other countries.</p><p><blockquote>Shopify在加拿大、美国、英国、澳大利亚、拉丁美洲和其他国家/地区提供电子商务平台和服务。</blockquote></p><p> Shopify’s platform allows merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.</p><p><blockquote>Shopify的平台允许商家在各种销售渠道中开展业务，包括网络和移动店面、实体零售点、弹出式商店、社交媒体店面、原生移动应用程序、购买按钮和市场。</blockquote></p><p> <b>Here's how the returns break down from June 2016 to the present:</b></p><p><blockquote><b>以下是2016年6月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Tesla is up from $43.30 a share to $690.75 for a return of 1,495.27%</p><p><blockquote><ul><li>特斯拉股价从每股43.30美元上涨至690.75美元，回报率为1,495.27%</li></ul></blockquote></p><p></li>  <li>Apple is up from $23.97 a share to $135.05 for a return of 463.41%</p><p><blockquote><li>苹果股价从每股23.97美元上涨至135.05美元，回报率为463.41%</li></blockquote></p><p></li>  <li>Microsoft is up from $50.41 a share to $267.81 for a return of 22.84%</p><p><blockquote><li>微软股价从每股50.41美元上涨至267.81美元，回报率为22.84%</li></blockquote></p><p></li>  <li>Alibaba is up from $78.45 a share to $227.27 for a return of 387.40%</p><p><blockquote><li>阿里巴巴-SW股价从每股78.45美元上涨至227.27美元，回报率为387.40%</li></blockquote></p><p></li>  <li>Amazon is up from $725.68&nbsp;a share to $3,423.07&nbsp;for a return of 371.71%</p><p><blockquote><li>亚马逊股价从每股725.68美元上涨至3,423.07美元，回报率为371.71%</li></blockquote></p><p></li> </ul> And finally, Shopify is up from $30.83 a share to $1,499.58 for a return of 4,764.03%</p><p><blockquote>最后，Shopify从每股30.83美元上涨至1,499.58美元，回报率为4,764.03%</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis E-Commerce Company Has A Better 5-Year Return Than Tesla, Apple, Microsoft, Alibaba And Amazon<blockquote>这家电商公司的5年回报率优于特斯拉、苹果、微软、阿里巴巴-SW和亚马逊</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\">2021-06-29 17:58</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Shopify Inc</b>(NYSE:SHOP)&nbsp;hasn’t only been a leading&nbsp;platform for businesses to host their&nbsp;online stores over the past several years, the Ottawa, Ontario-based e-commerce company has been a beast of an investment over the last five.</p><p><blockquote><b>Shopify公司</b>（纽约证券交易所股票代码：SHOP）不仅在过去几年中成为企业托管在线商店的领先平台，这家总部位于安大略省渥太华的电子商务公司在过去五年中也是一项巨大的投资。</blockquote></p><p> Since 2016, Shopify stock's five-year return has managed to beat some of the world’s largest tech and e-commerce giants:<b>Tesla Inc</b>(NASDAQ:TSLA),<b>Apple Inc</b>(NASDAQ:AAPL),<b>Microsoft Corporation</b>(NASDAQ:MSFT),<b>Alibaba Group Holding Ltd – ADR</b>(NYSE:BABA)&nbsp;and&nbsp;<b>Amazon.com, Inc.</b>(NASDAQ:AMZN).</p><p><blockquote>自2016年以来，Shopify股票的五年回报率成功击败了一些全球最大的科技和电子商务巨头：<b>特斯拉公司</b>（纳斯达克：TSLA），<b>苹果公司</b>（纳斯达克：AAPL），<b>微软公司</b>（纳斯达克：MSFT），<b>阿里巴巴-SW集团控股有限公司-ADR</b>（纽约证券交易所代码：BABA）和<b>亚马逊公司。</b>（纳斯达克：AMZN）。</blockquote></p><p> Shopify provides an e-commerce platform and services in Canada, U.S., the UK, Australia, Latin America, and other countries.</p><p><blockquote>Shopify在加拿大、美国、英国、澳大利亚、拉丁美洲和其他国家/地区提供电子商务平台和服务。</blockquote></p><p> Shopify’s platform allows merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.</p><p><blockquote>Shopify的平台允许商家在各种销售渠道中开展业务，包括网络和移动店面、实体零售点、弹出式商店、社交媒体店面、原生移动应用程序、购买按钮和市场。</blockquote></p><p> <b>Here's how the returns break down from June 2016 to the present:</b></p><p><blockquote><b>以下是2016年6月至今的回报明细：</b></blockquote></p><p> <ul>  <li>Tesla is up from $43.30 a share to $690.75 for a return of 1,495.27%</p><p><blockquote><ul><li>特斯拉股价从每股43.30美元上涨至690.75美元，回报率为1,495.27%</li></ul></blockquote></p><p></li>  <li>Apple is up from $23.97 a share to $135.05 for a return of 463.41%</p><p><blockquote><li>苹果股价从每股23.97美元上涨至135.05美元，回报率为463.41%</li></blockquote></p><p></li>  <li>Microsoft is up from $50.41 a share to $267.81 for a return of 22.84%</p><p><blockquote><li>微软股价从每股50.41美元上涨至267.81美元，回报率为22.84%</li></blockquote></p><p></li>  <li>Alibaba is up from $78.45 a share to $227.27 for a return of 387.40%</p><p><blockquote><li>阿里巴巴-SW股价从每股78.45美元上涨至227.27美元，回报率为387.40%</li></blockquote></p><p></li>  <li>Amazon is up from $725.68&nbsp;a share to $3,423.07&nbsp;for a return of 371.71%</p><p><blockquote><li>亚马逊股价从每股725.68美元上涨至3,423.07美元，回报率为371.71%</li></blockquote></p><p></li> </ul> And finally, Shopify is up from $30.83 a share to $1,499.58 for a return of 4,764.03%</p><p><blockquote>最后，Shopify从每股30.83美元上涨至1,499.58美元，回报率为4,764.03%</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133242119","content_text":"Shopify Inc(NYSE:SHOP) hasn’t only been a leading platform for businesses to host their online stores over the past several years, the Ottawa, Ontario-based e-commerce company has been a beast of an investment over the last five.\nSince 2016, Shopify stock's five-year return has managed to beat some of the world’s largest tech and e-commerce giants:Tesla Inc(NASDAQ:TSLA),Apple Inc(NASDAQ:AAPL),Microsoft Corporation(NASDAQ:MSFT),Alibaba Group Holding Ltd – ADR(NYSE:BABA) and Amazon.com, Inc.(NASDAQ:AMZN).\nShopify provides an e-commerce platform and services in Canada, U.S., the UK, Australia, Latin America, and other countries.\nShopify’s platform allows merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons and marketplaces.\nHere's how the returns break down from June 2016 to the present:\n\nTesla is up from $43.30 a share to $690.75 for a return of 1,495.27%\nApple is up from $23.97 a share to $135.05 for a return of 463.41%\nMicrosoft is up from $50.41 a share to $267.81 for a return of 22.84%\nAlibaba is up from $78.45 a share to $227.27 for a return of 387.40%\nAmazon is up from $725.68 a share to $3,423.07 for a return of 371.71%\n\nAnd finally, Shopify is up from $30.83 a share to $1,499.58 for a return of 4,764.03%","news_type":1,"symbols_score_info":{"SHOP":0.9}},"isVote":1,"tweetType":1,"viewCount":1094,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693684662,"gmtCreate":1640013695467,"gmtModify":1640013695680,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Covid hit them hard...","listText":"Covid hit them hard...","text":"Covid hit them hard...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693684662","repostId":"2192004187","repostType":4,"isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171513790,"gmtCreate":1626749929410,"gmtModify":1631892988412,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Good to have some spare funds now, then ready to buy good opportunities when stocks dip.","listText":"Good to have some spare funds now, then ready to buy good opportunities when stocks dip.","text":"Good to have some spare funds now, then ready to buy good opportunities when stocks dip.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171513790","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142719942,"gmtCreate":1626175889686,"gmtModify":1631892988416,"author":{"id":"3580016166379606","authorId":"3580016166379606","name":"JLUljs","avatar":"https://static.tigerbbs.com/16b88b4c5c83f1a751fffbd8db4211e2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3580016166379606","idStr":"3580016166379606"},"themes":[],"htmlText":"Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁","listText":"Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁","text":"Yes yes...OPEC please continue with the hanky panky...EV stocks gonna go up up 😁😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/142719942","repostId":"1132843330","repostType":4,"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}