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2021-08-26

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2021-08-23

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2021-08-23

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2021-08-23

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2021-08-23

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Bill Ackman Wants to Liquidate His SPAC. Hello, SPARC.<blockquote>比尔·阿克曼想要清算他的特殊目的收购公司。你好，斯帕克。</blockquote>

2021-08-23

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2021-08-23

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2021-08-22

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

2021-08-22

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

2021-08-21

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2021-08-21

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

2021-08-21

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

2021-08-21

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2021-08-20

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2021-08-20

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Palantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</blockquote>

2021-08-20

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2021-08-19

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2021-08-19

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NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>

2021-08-18

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2021-08-16

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09:04","market":"us","language":"en","title":"Bill Ackman Wants to Liquidate His SPAC. Hello, SPARC.<blockquote>比尔·阿克曼想要清算他的特殊目的收购公司。你好，斯帕克。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103418295","media":"Barrons","summary":"After a scuttled deal, a shareholder lawsuit, and a steep decline in share price, Bill Ackman wants ","content":"<p>After a scuttled deal, a shareholder lawsuit, and a steep decline in share price, Bill Ackman wants to get out of the special purpose acquisition company game.</p><p><blockquote>在交易失败、股东诉讼和股价大幅下跌之后，比尔·阿克曼希望退出特殊目的收购公司的游戏。</blockquote></p><p> Pending regulators’ thumbs-up, the Pershing Square hedge-fund manager is hoping to instead move forward with a different vehicle that will allow him to continue big-game hunting for a company to take public.</p><p><blockquote>在等待监管机构的认可之前，这位潘兴广场对冲基金经理希望采用不同的工具，让他能够继续寻找一家上市公司。</blockquote></p><p> It’s the latest chapter in a convoluted saga that has already seen Ackman pivot several times. The end goal of merging with a “mature unicorn” remains elusive.</p><p><blockquote>这是阿克曼已经多次转向的错综复杂的传奇故事的最新篇章。与“成熟的独角兽”合并的最终目标仍然难以捉摸。</blockquote></p><p> Under his latest plans, Ackman’s SPAC, called Pershing Square Tontine Holdings (ticker: PSTH), would liquidate its $4 billion trust to shareholders at $20 a share. They would also receive one warrant tied to a new entity, called Pershing Square SPARC Holdings—short for special purpose acquisition right company, an Ackman-coined term.</p><p><blockquote>根据阿克曼的最新计划，阿克曼的SPAC名为Pershing Square Tontine Holdings（股票代码：PSTH），将以每股20美元的价格向股东清算其40亿美元的信托。他们还将获得一份与一个名为Pershing Square SPARC Holdings的新实体相关的认股权证，该实体是阿克曼创造的特殊目的收购权公司的缩写。</blockquote></p><p> Pershing Tontine Holdings warrant (PSTH.WT) holders would also get warrants—essentially call options—for the new company’s shares. The SPARC would search for an operating business to merge with and take public in the process, while the SPAC would cease to exist and its “tontine” warrant structure likewise goes away.</p><p><blockquote>Pershing Tontine Holdings认股权证（PSTH.WT）持有人还将获得新公司股票的认股权证（本质上是看涨期权期权）。SPARC将寻找一家运营企业合并并在此过程中上市，而SPAC将不复存在，其“tontine”认股权证结构也将消失。</blockquote></p><p> That is not much comfort for investors who bought Pershing Square Tontine shares after its initial public offering in July 2020, when the SPAC sold $20 units consisting of a common share and one-ninth of a warrant, exercisable at $23 after the SPAC’s merger. Shares peaked around $33 in February, and had consistently traded in the mid-to-high $20 range until just recently.</p><p><blockquote>对于在2020年7月Pershing Square Tontine首次公开募股后购买其股票的投资者来说，这并不是什么安慰，当时SPAC出售了20美元的单位，包括普通股和九分之一的认股权证，在SPAC合并后可以23美元的价格行使。股价在2月份达到33美元左右的峰值，直到最近一直在20美元的中高区间交易。</blockquote></p><p> The SPAC’s stock fell below its trust value per share for the first time on Thursday, closing at $19.99. Investors who paid more than $20 a share will be losing out.</p><p><blockquote>周四，SPAC的股价首次跌破每股信托价值，收于19.99美元。每股支付超过20美元的投资者将遭受损失。</blockquote></p><p> Pershing Square Tontine Holdings stock dropped 0.9% on Friday morning, to $19.80. Pershing Square Tontine warrants tumbled in value, trading down more than 65% in morning trading to around $1.</p><p><blockquote>潘兴广场通廷控股公司股价周五上午下跌0.9%，至19.80美元。潘兴广场通天认股权证价值暴跌，早盘交易下跌超过65%，至1美元左右。</blockquote></p><p> Ackman’s shift in strategy is in response to a recent lawsuit filed against Pershing Square Tontine, contending that a SPAC is in fact an investment company and should be subject to applicable regulations.</p><p><blockquote>阿克曼的战略转变是为了回应最近针对Pershing Square Tontine提起的诉讼，该诉讼认为SPAC实际上是一家投资公司，应遵守适用的法规。</blockquote></p><p> “While the lawsuit is brought on behalf of a purported shareholder of PSTH, this individual is simply an unwitting prop to enable the academics, and the plaintiff law firms with whom they have partnered, to bring the lawsuit,” Ackman wrote in a letter to shareholders published late Thursday night. “The two law professors who concocted the legal theory behind the complaint conceded to the press that their motivation in bringing the lawsuit was ‘to reform’ the entire SPAC industry.”</p><p><blockquote>阿克曼在致股东的一封信中写道：“虽然这起诉讼是代表PSTH的一名所谓股东提起的，但这个人只是一个不知情的道具，使学术界以及与他们合作的原告律师事务所能够提起诉讼。”周四深夜发表的股东。“炮制诉状背后法律理论的两位法学教授向媒体承认，他们提起诉讼的动机是‘改革’整个SPAC行业。”</blockquote></p><p> Ackman wrote that the uncertainty surrounding the lawsuit would scare off potential merger candidates, and that as a result it might not be able to close a deal before its deadline in July 2022. Ackman paraphrased Berkshire Hathaway’s (BRK.A and BRK.B) Warren Buffett in a tweet thread on Thursday night: “If you find yourself in a leaky boat, oftentimes you are better off switching boats than patching leaks to complete the mission.”</p><p><blockquote>阿克曼写道，围绕诉讼的不确定性将吓跑潜在的合并候选人，因此可能无法在2022年7月的最后期限之前完成交易。阿克曼在周四晚上的一条推文中转述了伯克希尔哈撒韦公司（BRK.A和BRK.B）沃伦·巴菲特的话：“如果你发现自己在一艘漏水的船上，通常最好换船，而不是修补漏洞来完成任务。”</blockquote></p><p> (“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks,” Buffett wrote in his 1985 shareholder letter.)</p><p><blockquote>（巴菲特在1985年的股东信中写道：“如果你发现自己在一艘长期漏水的船上，花在更换船只上的精力可能比花在修补漏洞上的精力更有成效。”）</blockquote></p><p> It’s not the first leak that Pershing Square Tontine has sprung. In June, the largest-ever SPAC by IPO proceeds agreed to a complex deal that would have created three public vehicles, with two hoping for more deals in the future. The SPAC agreed to purchase 10% of the Amsterdam-listed shares of Universal Music Group from the French media conglomerate Vivendi (VIVHY), and distribute them to shareholders along with a SPARC warrant. That wouldn’t have used up all of Pershing Square Tontine’s trust cash, however, and the company would have continued hunting for another deal.</p><p><blockquote>这不是潘兴广场通天第一次出现泄漏。今年6月，按IPO收益计算，有史以来最大的SPAC同意了一项复杂的交易，该交易将创建三个公共工具，其中两个希望在未来进行更多交易。SPAC同意从法国媒体集团维旺迪(VIVHY)手中购买环球音乐集团在阿姆斯特丹上市的10%股份，并将其与SPARC认股权证一起分配给股东。然而，这不会用完潘兴广场通廷的所有信托现金，该公司会继续寻找另一笔交易。</blockquote></p><p> Regulators didn’t agree with that last part—SPACs tend to do one merger with one company then disappear, not live on to do deal after deal. Ackman called off that proposed transaction in mid-July, and the Pershing Square hedge fund bought the Universal shares instead.</p><p><blockquote>监管机构不同意最后一部分——SPAC倾向于与一家公司进行一次合并，然后消失，而不是继续进行一笔又一笔的交易。阿克曼于7月中旬取消了该拟议交易，潘兴广场对冲基金转而购买了环球股票。</blockquote></p><p> Now, the SPARC idea from the initial deal is back. Those plans still need to be approved by regulators at the Securities and Exchange Commission and require a rule change at the New York Stock Exchange, a process that could still take months. If approved, the Pershing Square SPARC will have 200 million SPARC warrants—exercisable at $20 at the time of a merger—and 22.22 million additional warrants, exercisable at $23 within five years after the SPARC’s merger. The SPARC’s capital structure will be approximately the same as Pershing Square Tontine’s, just without the cash for a deal already sitting in a trust.</p><p><blockquote>现在，最初交易中的SPARC想法又回来了。这些计划仍需获得美国证券交易委员会监管机构的批准，并需要纽约证券交易所修改规则，这一过程可能仍需要数月时间。如果获得批准，潘兴广场SPARC将拥有2亿份SPARC认股权证（合并时可以20美元的价格行使）以及2222万份额外认股权证，可在SPARC合并后五年内以23美元的价格行使。SPARC的资本结构将与Pershing Square Tontine大致相同，只是没有信托中已有的交易现金。</blockquote></p><p></p><p> A SPARC is more of a blank IOU than a blank check. Each SPARC warrant represents a right to invest $20 in an eventual deal that the hedge-fund manager negotiates, without a deadline. That differs from a SPAC, in which money is raised upfront in an initial public offering, with backers then going out to secure a merger usually within the next two years. SPAC shareholders get to vote on an eventual deal and have a redemption option that they can elect to receive a proportionate share of the SPAC’s trust in cash, rather than participating in its merger.</p><p><blockquote>SPARC与其说是空白支票，不如说是空白借据。每份SPARC认股权证代表着在对冲基金经理谈判的最终交易中投资20美元的权利，没有截止日期。这与特殊目的收购公司不同，特殊目的收购公司在首次公开募股中预先筹集资金，然后支持者通常在未来两年内出去确保合并。SPAC股东可以对最终交易进行投票，并拥有赎回选择权，他们可以选择以现金形式获得SPAC信托的一定比例份额，而不是参与其合并。</blockquote></p><p> In a SPARC, those two decisions are essentially one and the same. Warrant-holders who support or oppose an eventual deal that Ackman brings to the table will vote with their dollars. And they don’t have to endure the opportunity cost of locking up their $20 per share in a SPAC’s trust for years as Ackman searches for a deal, he argues. The SPARC offers more of an opt-in choice, rather than a SPAC’s opt out.</p><p><blockquote>在SPARC中，这两个决定本质上是相同的。支持或反对阿克曼提出的最终协议的认股权证持有人将用他们的美元投票。他认为，在阿克曼寻求交易时，他们不必忍受多年来将每股20美元锁定在SPAC信托中的机会成本。SPARC提供了更多的选择加入选择，而不是SPAC的选择退出。</blockquote></p><p> “The principal benefit of SPARC is that it would not hold investors’ money while we are looking for a target…” Ackman wrote. “The SPARC warrants will also remove the two-year ‘shot clock’ for a sponsor to consummate a transaction. This reduces the time pressure faced by the sponsor, which provides an incentive for SPAC sponsors to complete transactions before the clock runs out.”</p><p><blockquote>“SPARC的主要好处是，在我们寻找目标时，它不会持有投资者的资金……”阿克曼写道。“SPARC认股权证还将取消保荐人完成交易的两年‘拍摄时钟’。这减少了保荐人面临的时间压力，从而激励SPAC保荐人在时钟用完之前完成交易。”</blockquote></p><p> It’s an innovative but untested structure. In the past few months, Ackman has proven to investors that he’s capable of thinking up serious feats of financial engineering—if sometimes too creative for regulators. So far, however, finding a top-tier company to merge with his entities has been more of a challenge. That will be doubly true for his SPARC, which may need another large commitment from Pershing Square funds to ensure there’s enough cash to seal a deal even if SPARC holders don’t participate.</p><p><blockquote>这是一个创新但未经测试的结构。在过去的几个月里，阿克曼向投资者证明了他有能力提出严肃的金融工程壮举——尽管有时对监管机构来说太有创意了。然而，到目前为止，寻找一家顶级公司与他的实体合并更具挑战性。对于他的SPARC来说更是如此，它可能需要潘兴广场基金的另一笔巨额承诺，以确保即使SPARC持有人不参与，也有足够的现金来达成交易。</blockquote></p><p> “We have got your six,” Ackman signed off his letter to shareholders on Thursday night, military-speak for “We’ve got your back.'” So far, Pershing Square Tontine investors might not feel that way.</p><p><blockquote>“我们支持你，”阿克曼在周四晚上致股东的信中签名，用军方的话说，“我们支持你。”到目前为止，潘兴广场通天的投资者可能不会有这种感觉。</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>Bill Ackman Wants to Liquidate His SPAC. Hello, SPARC.<blockquote>比尔·阿克曼想要清算他的特殊目的收购公司。你好，斯帕克。</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\">\nBill Ackman Wants to Liquidate His SPAC. Hello, SPARC.<blockquote>比尔·阿克曼想要清算他的特殊目的收购公司。你好，斯帕克。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-23 09:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a scuttled deal, a shareholder lawsuit, and a steep decline in share price, Bill Ackman wants to get out of the special purpose acquisition company game.</p><p><blockquote>在交易失败、股东诉讼和股价大幅下跌之后，比尔·阿克曼希望退出特殊目的收购公司的游戏。</blockquote></p><p> Pending regulators’ thumbs-up, the Pershing Square hedge-fund manager is hoping to instead move forward with a different vehicle that will allow him to continue big-game hunting for a company to take public.</p><p><blockquote>在等待监管机构的认可之前，这位潘兴广场对冲基金经理希望采用不同的工具，让他能够继续寻找一家上市公司。</blockquote></p><p> It’s the latest chapter in a convoluted saga that has already seen Ackman pivot several times. The end goal of merging with a “mature unicorn” remains elusive.</p><p><blockquote>这是阿克曼已经多次转向的错综复杂的传奇故事的最新篇章。与“成熟的独角兽”合并的最终目标仍然难以捉摸。</blockquote></p><p> Under his latest plans, Ackman’s SPAC, called Pershing Square Tontine Holdings (ticker: PSTH), would liquidate its $4 billion trust to shareholders at $20 a share. They would also receive one warrant tied to a new entity, called Pershing Square SPARC Holdings—short for special purpose acquisition right company, an Ackman-coined term.</p><p><blockquote>根据阿克曼的最新计划，阿克曼的SPAC名为Pershing Square Tontine Holdings（股票代码：PSTH），将以每股20美元的价格向股东清算其40亿美元的信托。他们还将获得一份与一个名为Pershing Square SPARC Holdings的新实体相关的认股权证，该实体是阿克曼创造的特殊目的收购权公司的缩写。</blockquote></p><p> Pershing Tontine Holdings warrant (PSTH.WT) holders would also get warrants—essentially call options—for the new company’s shares. The SPARC would search for an operating business to merge with and take public in the process, while the SPAC would cease to exist and its “tontine” warrant structure likewise goes away.</p><p><blockquote>Pershing Tontine Holdings认股权证（PSTH.WT）持有人还将获得新公司股票的认股权证（本质上是看涨期权期权）。SPARC将寻找一家运营企业合并并在此过程中上市，而SPAC将不复存在，其“tontine”认股权证结构也将消失。</blockquote></p><p> That is not much comfort for investors who bought Pershing Square Tontine shares after its initial public offering in July 2020, when the SPAC sold $20 units consisting of a common share and one-ninth of a warrant, exercisable at $23 after the SPAC’s merger. Shares peaked around $33 in February, and had consistently traded in the mid-to-high $20 range until just recently.</p><p><blockquote>对于在2020年7月Pershing Square Tontine首次公开募股后购买其股票的投资者来说，这并不是什么安慰，当时SPAC出售了20美元的单位，包括普通股和九分之一的认股权证，在SPAC合并后可以23美元的价格行使。股价在2月份达到33美元左右的峰值，直到最近一直在20美元的中高区间交易。</blockquote></p><p> The SPAC’s stock fell below its trust value per share for the first time on Thursday, closing at $19.99. Investors who paid more than $20 a share will be losing out.</p><p><blockquote>周四，SPAC的股价首次跌破每股信托价值，收于19.99美元。每股支付超过20美元的投资者将遭受损失。</blockquote></p><p> Pershing Square Tontine Holdings stock dropped 0.9% on Friday morning, to $19.80. Pershing Square Tontine warrants tumbled in value, trading down more than 65% in morning trading to around $1.</p><p><blockquote>潘兴广场通廷控股公司股价周五上午下跌0.9%，至19.80美元。潘兴广场通天认股权证价值暴跌，早盘交易下跌超过65%，至1美元左右。</blockquote></p><p> Ackman’s shift in strategy is in response to a recent lawsuit filed against Pershing Square Tontine, contending that a SPAC is in fact an investment company and should be subject to applicable regulations.</p><p><blockquote>阿克曼的战略转变是为了回应最近针对Pershing Square Tontine提起的诉讼，该诉讼认为SPAC实际上是一家投资公司，应遵守适用的法规。</blockquote></p><p> “While the lawsuit is brought on behalf of a purported shareholder of PSTH, this individual is simply an unwitting prop to enable the academics, and the plaintiff law firms with whom they have partnered, to bring the lawsuit,” Ackman wrote in a letter to shareholders published late Thursday night. “The two law professors who concocted the legal theory behind the complaint conceded to the press that their motivation in bringing the lawsuit was ‘to reform’ the entire SPAC industry.”</p><p><blockquote>阿克曼在致股东的一封信中写道：“虽然这起诉讼是代表PSTH的一名所谓股东提起的，但这个人只是一个不知情的道具，使学术界以及与他们合作的原告律师事务所能够提起诉讼。”周四深夜发表的股东。“炮制诉状背后法律理论的两位法学教授向媒体承认，他们提起诉讼的动机是‘改革’整个SPAC行业。”</blockquote></p><p> Ackman wrote that the uncertainty surrounding the lawsuit would scare off potential merger candidates, and that as a result it might not be able to close a deal before its deadline in July 2022. Ackman paraphrased Berkshire Hathaway’s (BRK.A and BRK.B) Warren Buffett in a tweet thread on Thursday night: “If you find yourself in a leaky boat, oftentimes you are better off switching boats than patching leaks to complete the mission.”</p><p><blockquote>阿克曼写道，围绕诉讼的不确定性将吓跑潜在的合并候选人，因此可能无法在2022年7月的最后期限之前完成交易。阿克曼在周四晚上的一条推文中转述了伯克希尔哈撒韦公司（BRK.A和BRK.B）沃伦·巴菲特的话：“如果你发现自己在一艘漏水的船上，通常最好换船，而不是修补漏洞来完成任务。”</blockquote></p><p> (“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks,” Buffett wrote in his 1985 shareholder letter.)</p><p><blockquote>（巴菲特在1985年的股东信中写道：“如果你发现自己在一艘长期漏水的船上，花在更换船只上的精力可能比花在修补漏洞上的精力更有成效。”）</blockquote></p><p> It’s not the first leak that Pershing Square Tontine has sprung. In June, the largest-ever SPAC by IPO proceeds agreed to a complex deal that would have created three public vehicles, with two hoping for more deals in the future. The SPAC agreed to purchase 10% of the Amsterdam-listed shares of Universal Music Group from the French media conglomerate Vivendi (VIVHY), and distribute them to shareholders along with a SPARC warrant. That wouldn’t have used up all of Pershing Square Tontine’s trust cash, however, and the company would have continued hunting for another deal.</p><p><blockquote>这不是潘兴广场通天第一次出现泄漏。今年6月，按IPO收益计算，有史以来最大的SPAC同意了一项复杂的交易，该交易将创建三个公共工具，其中两个希望在未来进行更多交易。SPAC同意从法国媒体集团维旺迪(VIVHY)手中购买环球音乐集团在阿姆斯特丹上市的10%股份，并将其与SPARC认股权证一起分配给股东。然而，这不会用完潘兴广场通廷的所有信托现金，该公司会继续寻找另一笔交易。</blockquote></p><p> Regulators didn’t agree with that last part—SPACs tend to do one merger with one company then disappear, not live on to do deal after deal. Ackman called off that proposed transaction in mid-July, and the Pershing Square hedge fund bought the Universal shares instead.</p><p><blockquote>监管机构不同意最后一部分——SPAC倾向于与一家公司进行一次合并，然后消失，而不是继续进行一笔又一笔的交易。阿克曼于7月中旬取消了该拟议交易，潘兴广场对冲基金转而购买了环球股票。</blockquote></p><p> Now, the SPARC idea from the initial deal is back. Those plans still need to be approved by regulators at the Securities and Exchange Commission and require a rule change at the New York Stock Exchange, a process that could still take months. If approved, the Pershing Square SPARC will have 200 million SPARC warrants—exercisable at $20 at the time of a merger—and 22.22 million additional warrants, exercisable at $23 within five years after the SPARC’s merger. The SPARC’s capital structure will be approximately the same as Pershing Square Tontine’s, just without the cash for a deal already sitting in a trust.</p><p><blockquote>现在，最初交易中的SPARC想法又回来了。这些计划仍需获得美国证券交易委员会监管机构的批准，并需要纽约证券交易所修改规则，这一过程可能仍需要数月时间。如果获得批准，潘兴广场SPARC将拥有2亿份SPARC认股权证（合并时可以20美元的价格行使）以及2222万份额外认股权证，可在SPARC合并后五年内以23美元的价格行使。SPARC的资本结构将与Pershing Square Tontine大致相同，只是没有信托中已有的交易现金。</blockquote></p><p></p><p> A SPARC is more of a blank IOU than a blank check. Each SPARC warrant represents a right to invest $20 in an eventual deal that the hedge-fund manager negotiates, without a deadline. That differs from a SPAC, in which money is raised upfront in an initial public offering, with backers then going out to secure a merger usually within the next two years. SPAC shareholders get to vote on an eventual deal and have a redemption option that they can elect to receive a proportionate share of the SPAC’s trust in cash, rather than participating in its merger.</p><p><blockquote>SPARC与其说是空白支票，不如说是空白借据。每份SPARC认股权证代表着在对冲基金经理谈判的最终交易中投资20美元的权利，没有截止日期。这与特殊目的收购公司不同，特殊目的收购公司在首次公开募股中预先筹集资金，然后支持者通常在未来两年内出去确保合并。SPAC股东可以对最终交易进行投票，并拥有赎回选择权，他们可以选择以现金形式获得SPAC信托的一定比例份额，而不是参与其合并。</blockquote></p><p> In a SPARC, those two decisions are essentially one and the same. Warrant-holders who support or oppose an eventual deal that Ackman brings to the table will vote with their dollars. And they don’t have to endure the opportunity cost of locking up their $20 per share in a SPAC’s trust for years as Ackman searches for a deal, he argues. The SPARC offers more of an opt-in choice, rather than a SPAC’s opt out.</p><p><blockquote>在SPARC中，这两个决定本质上是相同的。支持或反对阿克曼提出的最终协议的认股权证持有人将用他们的美元投票。他认为，在阿克曼寻求交易时，他们不必忍受多年来将每股20美元锁定在SPAC信托中的机会成本。SPARC提供了更多的选择加入选择，而不是SPAC的选择退出。</blockquote></p><p> “The principal benefit of SPARC is that it would not hold investors’ money while we are looking for a target…” Ackman wrote. “The SPARC warrants will also remove the two-year ‘shot clock’ for a sponsor to consummate a transaction. This reduces the time pressure faced by the sponsor, which provides an incentive for SPAC sponsors to complete transactions before the clock runs out.”</p><p><blockquote>“SPARC的主要好处是，在我们寻找目标时，它不会持有投资者的资金……”阿克曼写道。“SPARC认股权证还将取消保荐人完成交易的两年‘拍摄时钟’。这减少了保荐人面临的时间压力，从而激励SPAC保荐人在时钟用完之前完成交易。”</blockquote></p><p> It’s an innovative but untested structure. In the past few months, Ackman has proven to investors that he’s capable of thinking up serious feats of financial engineering—if sometimes too creative for regulators. So far, however, finding a top-tier company to merge with his entities has been more of a challenge. That will be doubly true for his SPARC, which may need another large commitment from Pershing Square funds to ensure there’s enough cash to seal a deal even if SPARC holders don’t participate.</p><p><blockquote>这是一个创新但未经测试的结构。在过去的几个月里，阿克曼向投资者证明了他有能力提出严肃的金融工程壮举——尽管有时对监管机构来说太有创意了。然而，到目前为止，寻找一家顶级公司与他的实体合并更具挑战性。对于他的SPARC来说更是如此，它可能需要潘兴广场基金的另一笔巨额承诺，以确保即使SPARC持有人不参与，也有足够的现金来达成交易。</blockquote></p><p> “We have got your six,” Ackman signed off his letter to shareholders on Thursday night, military-speak for “We’ve got your back.'” So far, Pershing Square Tontine investors might not feel that way.</p><p><blockquote>“我们支持你，”阿克曼在周四晚上致股东的信中签名，用军方的话说，“我们支持你。”到目前为止，潘兴广场通天的投资者可能不会有这种感觉。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bill-ackman-spac-51629477062?siteid=yhoof2\">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":{"PSTH":"Pershing Square Tontine Holdings"},"source_url":"https://www.barrons.com/articles/bill-ackman-spac-51629477062?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103418295","content_text":"After a scuttled deal, a shareholder lawsuit, and a steep decline in share price, Bill Ackman wants to get out of the special purpose acquisition company game.\nPending regulators’ thumbs-up, the Pershing Square hedge-fund manager is hoping to instead move forward with a different vehicle that will allow him to continue big-game hunting for a company to take public.\nIt’s the latest chapter in a convoluted saga that has already seen Ackman pivot several times. The end goal of merging with a “mature unicorn” remains elusive.\nUnder his latest plans, Ackman’s SPAC, called Pershing Square Tontine Holdings (ticker: PSTH), would liquidate its $4 billion trust to shareholders at $20 a share. They would also receive one warrant tied to a new entity, called Pershing Square SPARC Holdings—short for special purpose acquisition right company, an Ackman-coined term.\nPershing Tontine Holdings warrant (PSTH.WT) holders would also get warrants—essentially call options—for the new company’s shares. The SPARC would search for an operating business to merge with and take public in the process, while the SPAC would cease to exist and its “tontine” warrant structure likewise goes away.\nThat is not much comfort for investors who bought Pershing Square Tontine shares after its initial public offering in July 2020, when the SPAC sold $20 units consisting of a common share and one-ninth of a warrant, exercisable at $23 after the SPAC’s merger. Shares peaked around $33 in February, and had consistently traded in the mid-to-high $20 range until just recently.\nThe SPAC’s stock fell below its trust value per share for the first time on Thursday, closing at $19.99. Investors who paid more than $20 a share will be losing out.\nPershing Square Tontine Holdings stock dropped 0.9% on Friday morning, to $19.80. Pershing Square Tontine warrants tumbled in value, trading down more than 65% in morning trading to around $1.\nAckman’s shift in strategy is in response to a recent lawsuit filed against Pershing Square Tontine, contending that a SPAC is in fact an investment company and should be subject to applicable regulations.\n“While the lawsuit is brought on behalf of a purported shareholder of PSTH, this individual is simply an unwitting prop to enable the academics, and the plaintiff law firms with whom they have partnered, to bring the lawsuit,” Ackman wrote in a letter to shareholders published late Thursday night. “The two law professors who concocted the legal theory behind the complaint conceded to the press that their motivation in bringing the lawsuit was ‘to reform’ the entire SPAC industry.”\nAckman wrote that the uncertainty surrounding the lawsuit would scare off potential merger candidates, and that as a result it might not be able to close a deal before its deadline in July 2022. Ackman paraphrased Berkshire Hathaway’s (BRK.A and BRK.B) Warren Buffett in a tweet thread on Thursday night: “If you find yourself in a leaky boat, oftentimes you are better off switching boats than patching leaks to complete the mission.”\n(“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks,” Buffett wrote in his 1985 shareholder letter.)\nIt’s not the first leak that Pershing Square Tontine has sprung. In June, the largest-ever SPAC by IPO proceeds agreed to a complex deal that would have created three public vehicles, with two hoping for more deals in the future. The SPAC agreed to purchase 10% of the Amsterdam-listed shares of Universal Music Group from the French media conglomerate Vivendi (VIVHY), and distribute them to shareholders along with a SPARC warrant. That wouldn’t have used up all of Pershing Square Tontine’s trust cash, however, and the company would have continued hunting for another deal.\nRegulators didn’t agree with that last part—SPACs tend to do one merger with one company then disappear, not live on to do deal after deal. Ackman called off that proposed transaction in mid-July, and the Pershing Square hedge fund bought the Universal shares instead.\nNow, the SPARC idea from the initial deal is back. Those plans still need to be approved by regulators at the Securities and Exchange Commission and require a rule change at the New York Stock Exchange, a process that could still take months. If approved, the Pershing Square SPARC will have 200 million SPARC warrants—exercisable at $20 at the time of a merger—and 22.22 million additional warrants, exercisable at $23 within five years after the SPARC’s merger. The SPARC’s capital structure will be approximately the same as Pershing Square Tontine’s, just without the cash for a deal already sitting in a trust.\nA SPARC is more of a blank IOU than a blank check. Each SPARC warrant represents a right to invest $20 in an eventual deal that the hedge-fund manager negotiates, without a deadline. That differs from a SPAC, in which money is raised upfront in an initial public offering, with backers then going out to secure a merger usually within the next two years. SPAC shareholders get to vote on an eventual deal and have a redemption option that they can elect to receive a proportionate share of the SPAC’s trust in cash, rather than participating in its merger.\nIn a SPARC, those two decisions are essentially one and the same. Warrant-holders who support or oppose an eventual deal that Ackman brings to the table will vote with their dollars. And they don’t have to endure the opportunity cost of locking up their $20 per share in a SPAC’s trust for years as Ackman searches for a deal, he argues. The SPARC offers more of an opt-in choice, rather than a SPAC’s opt out.\n“The principal benefit of SPARC is that it would not hold investors’ money while we are looking for a target…” Ackman wrote. “The SPARC warrants will also remove the two-year ‘shot clock’ for a sponsor to consummate a transaction. This reduces the time pressure faced by the sponsor, which provides an incentive for SPAC sponsors to complete transactions before the clock runs out.”\nIt’s an innovative but untested structure. In the past few months, Ackman has proven to investors that he’s capable of thinking up serious feats of financial engineering—if sometimes too creative for regulators. So far, however, finding a top-tier company to merge with his entities has been more of a challenge. That will be doubly true for his SPARC, which may need another large commitment from Pershing Square funds to ensure there’s enough cash to seal a deal even if SPARC holders don’t participate.\n“We have got your six,” Ackman signed off his letter to shareholders on Thursday night, military-speak for “We’ve got your back.'” So far, Pershing Square Tontine investors might not feel that way.","news_type":1,"symbols_score_info":{"PSTH":0.9}},"isVote":1,"tweetType":1,"viewCount":3428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835088059,"gmtCreate":1629681038071,"gmtModify":1633683298309,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835088059","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":1669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835083840,"gmtCreate":1629681008480,"gmtModify":1633683299466,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/7b91894c2f3cc3078254339ed04a0538","width":"1080","height":"2528"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835083840","isVote":1,"tweetType":1,"viewCount":3060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":832129004,"gmtCreate":1629599355408,"gmtModify":1633683853768,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832129004","repostId":"1107075259","repostType":4,"repost":{"id":"1107075259","kind":"news","pubTimestamp":1629509852,"share":"https://www.laohu8.com/m/news/1107075259?lang=zh_CN&edition=full","pubTime":"2021-08-21 09:37","market":"us","language":"en","title":"Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107075259","media":"MarketWatch","summary":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.$Investors$ should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.At $Tesla Motors$’s AI Day late Thursday, self-named Technoking Musk said th","content":"<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIgnore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-21 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107075259","content_text":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.\n\nInvestors should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.\nAt Tesla Motors’s AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”\nAfter a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.\nAs always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.\n“Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this Tesla Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.\nThe safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.\nJust a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.\n“Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at American University in Washington DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”\n“Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.\nThe week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The National Highway Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with Advanced Driver Assistance Systems (ADAS) and tractor-trailers.\nThe latest outcry on Capitol Hill follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.\n“The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”\nIt is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”\nIf only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.\n“We basically have to solve real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over one million cars on the road that are collecting data… But I am highly confident that we will get this done.”\nBut for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.\nFor example, Alphabet Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.\n“Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of American University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”\nWith FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.\n“They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.\nMusk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832120844,"gmtCreate":1629599340188,"gmtModify":1633683854316,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832120844","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","SSNLF":"三星电子","TSM":"台积电","SNPS":"新思科技","NVDA":"英伟达","SOXX":"iShares费城交易所半导体ETF","ASML":"阿斯麦","CDNS":"铿腾电子","ON":"安森美半导体","AMZN":"亚马逊","GOOG":"谷歌","AAPL":"苹果","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"ON":0.9,"SSNLF":0.9,"AMZN":0.9,"AAPL":0.9,"CDNS":0.9,"GOOG":0.9,"ASML":0.9,"NVDA":0.9,"QCOM":0.9,"SOXX":0.9,"GOOGL":0.9,"TSM":0.9,"SNPS":0.9}},"isVote":1,"tweetType":1,"viewCount":1694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832915840,"gmtCreate":1629558621680,"gmtModify":1633684048282,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832915840","repostId":"1114812009","repostType":4,"isVote":1,"tweetType":1,"viewCount":2017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832915971,"gmtCreate":1629558609293,"gmtModify":1633684048626,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832915971","repostId":"1107075259","repostType":4,"repost":{"id":"1107075259","kind":"news","pubTimestamp":1629509852,"share":"https://www.laohu8.com/m/news/1107075259?lang=zh_CN&edition=full","pubTime":"2021-08-21 09:37","market":"us","language":"en","title":"Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107075259","media":"MarketWatch","summary":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.$Investors$ should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.At $Tesla Motors$’s AI Day late Thursday, self-named Technoking Musk said th","content":"<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ignore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIgnore Elon Musk’s dancing distraction and face the dangers ahead for Tesla<blockquote>忽略Elon Musk跳舞的干扰，面对特斯拉未来的危险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-21 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.</b>  <a href=\"https://laohu8.com/S/ISBC\">Investors</a> should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.</p><p><blockquote><b>对自动驾驶系统的调查以及这家电动汽车公司及其首席执行官就此发表的声明比他们最新的异想天开的技术愿望和时间表更值得关注。</b><a href=\"https://laohu8.com/S/ISBC\">投资者</a>应该忽略Elon Musk的最新舞蹈，而是关注特斯拉因首席执行官夸大其公司技术能力而面临的日益严重的问题。</blockquote></p><p> At <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>’s&nbsp;AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”</p><p><blockquote>在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>周四晚些时候，自称Technoking Musk的马斯克表示，该公司正在开发一款人形机器人，因为“特斯拉可以说是世界上最大的机器人公司，因为我们的汽车就像轮子上的半感知机器人。”</blockquote></p><p> After a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.</p><p><blockquote>在一名身穿白色西装的人类为观众和直播中的信徒跳了一支简短的舞蹈后，马斯克走上舞台，只展示了一个5英尺8英寸的人形机器人的计算机生成图像，马斯克声称特斯拉将在明年的某个时候生产出一个原型。他推断它可以用于制造或无聊的重复性任务，例如杂货店购物，并且将配备全自动驾驶计算机。</blockquote></p><p> As always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.</p><p><blockquote>和马斯克和特斯拉一样，对于任何对相关技术有基本了解的人来说，时间表都是非常值得怀疑的。幸运的是，这些滑稽动作并没有愚弄华尔街的所有人，其中一些人可能已经厌倦了他的恶作剧。</blockquote></p><p> “Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this&nbsp;Tesla&nbsp;Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for&nbsp;Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.</p><p><blockquote>“不幸的是，正如我们在机器人出租车和马斯克未来的其他科幻项目中所看到的那样，我们认为这款特斯拉机器人绝对令人挠头，在华尔街对电动汽车竞争和安全日益担忧之际，它将进一步激怒投资者。特斯拉的问题，”韦德布什证券分析师Dan Ives在周五早些时候给客户的一份报告中表示。</blockquote></p><p> The safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.</p><p><blockquote>艾夫斯提到的安全问题是投资者现在应该关注的问题，因为政府似乎终于站出来并注意到本专栏长期以来指出的一个问题：马斯克一再高估其汽车自动驾驶先进技术的当前和近期潜力。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>在周四“人工智能日”奇观的前一天，两名美国参议员要求联邦贸易委员会调查特斯拉和马斯克在特斯拉“全自动驾驶”产品营销方面“一再夸大其车辆功能”的行为。特斯拉对远未完全自动驾驶的软件在购买时收取数千美元（或每月低至100美元）的费用，这种做法已经导致加州机动车辆管理局最近进行审查，德国裁定特斯拉不能销售该产品本身。</blockquote></p><p> “Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at <a href=\"https://laohu8.com/S/AFG\">American</a> University in <a href=\"https://laohu8.com/S/WASH\">Washington</a> DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”</p><p><blockquote>“语言很重要，”塞利卡·塔尔博特(Selika Talbott)说。<a href=\"https://laohu8.com/S/AFG\">美国的</a>大学在<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>直流电。“这个术语的使用是错误的、误导性的，对公众来说是不安全的。辅助驾驶和自动驾驶汽车的概念及其区别并没有被公众完全理解。”</blockquote></p><p> “Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.</p><p><blockquote>塔尔博特说：“特斯拉在他们的车辆中配备了高度辅助技术，但任何驾驶人员都不应该认为车辆可以自动驾驶，因为它不能。”</blockquote></p><p> The week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The <a href=\"https://laohu8.com/S/NHLD\">National</a> <a href=\"https://laohu8.com/S/HIHO\">Highway</a> Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with <a href=\"https://laohu8.com/S/AEIS\">Advanced</a> Driver Assistance Systems (ADAS) and tractor-trailers.</p><p><blockquote>本周伊始，有消息称，使用该功能的汽车撞上了停下来的紧急车辆，联邦政府对特斯拉的自动驾驶系统进行了调查。<a href=\"https://laohu8.com/S/NHLD\">国家的</a><a href=\"https://laohu8.com/S/HIHO\">公路</a>交通安全管理局正在调查一系列启用了高级驾驶员辅助系统的特斯拉汽车发生的撞车事故。NHTSA表示，已对11起涉及紧急车辆的特斯拉事故展开调查，同时仍在调查一系列涉及启用紧急车辆的汽车的碰撞事故<a href=\"https://laohu8.com/S/AEIS\">先进的</a>驾驶员辅助系统（ADAS）和牵引车拖车。</blockquote></p><p> The latest outcry on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a> follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.</p><p><blockquote>国会大厦的最新抗议<a href=\"https://laohu8.com/S/HIL\">山丘</a>关注一系列新闻报道和/或社交媒体帖子和YouTube视频，这些视频显示司机在测试特斯拉的所谓自动驾驶功能时做出了极其危险的行为。今年5月，加利福尼亚州丰塔纳市35岁的两个孩子的父亲Steven Michael Hendrickson在他的特斯拉撞上一辆翻倒的半挂卡车时死亡。早些时候，他发布了在高速公路上双手不放在方向盘上驾驶的视频，但NHTSA仍在调查自动驾驶仪在事故中的作用。</blockquote></p><p> “The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”</p><p><blockquote>“特斯拉正在生产的车辆是驾驶辅助系统，”麻省理工学院运输和物流中心的研究科学家布莱恩·赖默说。“他们在协助司机，司机需要保持警惕。”</blockquote></p><p></p><p> It is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”</p><p><blockquote>值得注意的是，特斯拉具有误导性名称的双产品之间的差异。“Autopilot”是一种ADAS系统，是一种高度先进的巡航控制版本，适用于高速公路驾驶，使“您的汽车能够在您的主动监督下在车道内自动转向、加速和制动，协助驾驶中最繁重的部分”。特斯拉的网站。特斯拉还提供“FSD”套餐，现在每月订阅费用为99至199美元，其将其描述为“访问一套更先进的驾驶员辅助功能，旨在在您的主动监督下提供更主动的指导和辅助驾驶。”</blockquote></p><p> If only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.</p><p><blockquote>要是马斯克用和官网类似的方式描述这些系统就好了。在评级分析师会议上以及特斯拉向其粉丝群进行的长达数小时的演示中，马斯克一直宣称，有了这款软件，完全自主指日可待。</blockquote></p><p> “We&nbsp;basically&nbsp;have&nbsp;to&nbsp;solve&nbsp;real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over <a href=\"https://laohu8.com/S/AONE.U\">one</a> million cars on the road that are collecting data… But I am highly confident that we&nbsp;will&nbsp;get&nbsp;this&nbsp;done.”</p><p><blockquote>“我们基本上必须解决现实世界的视觉人工智能，我们确实做到了，”他在4月份的财报看涨期权上表示。“解决这个问题的关键还在于拥有一些大规模的数据集。所以只要有足够的数据集<a href=\"https://laohu8.com/S/AONE.U\">一</a>道路上有数百万辆汽车正在收集数据……但我非常有信心我们能够完成这项工作。”</blockquote></p><p> But for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.</p><p><blockquote>但尽管马斯克夸夸其谈，拥有庞大的粉丝群，但投资者开始注意到，与其他正在测试自动驾驶汽车的公司相比，该公司涉及全自动驾驶技术的策略是危险的。</blockquote></p><p> For example, <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.</p><p><blockquote>例如，<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>Inc.旗下的GOOGGOOGLWaymo是自动驾驶汽车时间最长的公司，目前正在亚利桑那州凤凰城周围人口不稠密的地区运营小规模机器人出租车服务，没有人类司机。这是美国唯一一家此类公司。在加利福尼亚州，Waymo获得了DMV的许可，可以在人类驾驶员驾驶的情况下进行AV测试。</blockquote></p><p> “Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of <a href=\"https://laohu8.com/S/AMSWA\">American</a> University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”</p><p><blockquote>“Waymo不能开始向任何人出售他们的自动驾驶汽车，他们也不能只是在道路上驾驶它们，我们的监管体系不允许这样做，”<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>大学表示。“你可以测试它们，但市场上没有公开的自动驾驶汽车可供购买，因为它不存在。”</blockquote></p><p> With FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.</p><p><blockquote>随着FSD测试在现实世界中由未经训练的驾驶员进行，特斯拉正在进行相当于新药临床试验的试验，而无需对患者进行任何专业的每小时或每天监测。</blockquote></p><p> “They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.</p><p><blockquote>“他们称之为测试版，这是一个测试版系统，他们让人们面临重大风险，”赖默说。</blockquote></p><p> Musk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.</p><p><blockquote>马斯克的最新机器人是另一个干扰，就像他的Boring Company在2018年出售的火焰喷射器、他试图帮助被困在泰国洞穴中的男孩的不必要的帮助以及其他项目一样。投资者不应该让这些干扰妨碍马斯克似乎拒绝承认的真正问题，因为他继续夸大公司的技术能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/ignore-elon-musks-dancing-distraction-and-face-the-dangers-ahead-for-tesla-11629488276?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107075259","content_text":"Investigations into automated-driving systems and the statements made about it by the electric-car company and its chief executive deserve more attention than their latest fanciful technology aspirations and timelines.\n\nInvestors should ignore Elon Musk’s latest dance and focus instead on the growing issues Tesla is facing because of its chief executive’s exaggerated claims about his company’s technological capabilities.\nAt Tesla Motors’s AI Day late Thursday, self-named Technoking Musk said that the company is working on a humanoid robot as “Tesla is arguably the world’s biggest robotics company because our cars are like semi-sentient robots on wheels.”\nAfter a white-suited human did a brief dance for the believers in the audience and on a livestream, Musk came on the stage and showed only computer-generated images of a 5’8″ humanoid robot thathe claimed Tesla will produce a prototype of sometime next year. He inferred it could be used for manufacturing or boring repetitive tasks, like grocery shopping and will have a full self-driving computer.\nAs always with Musk and Tesla, the timeline is highly doubtful to anyone with basic knowledge of the technology in question. Fortunately, the antics did not fool everyone on Wall Street, some of whom may be getting tired of his shenanigans.\n“Unfortunately, as we have seen with robotaxis and other future sci-fi projects for Musk, we view this Tesla Bot as an absolute head scratcher that will further agitate investors at a time the Street is showing growing concern around rising EV competition and safety issues for Tesla,” said Dan Ives, a Wedbush Securities analyst, in a note to clients early Friday.\nThe safety issues Ives mentions are what investors should be attuned to right now, because it appears the government is finally stepping up and taking note of a problem this column has long pointed out: Musk repeatedly oversells the current and near-term potential for his automotive autonomy advanced technology.\nJust a day before Thursday’s “AI Day” spectacle,two U.S. senators asked the Federal Trade Commission to investigate both Tesla’s and Musk’s “repeated overstatements of their vehicles’ capabilities”in regards to the marketing of Tesla’s “Full Self Driving” product. Tesla charges thousands of dollars at purchase (or as little as $100 a month) for software that is nowhere near full self-driving, a practice that has already led toa recent review by California Department of Motor Vehiclesanda German ruling that Tesla could not market the product as such.\n“Language matters,” said Selika Talbott, a professorial lecturer in the department of public administration and policy at American University in Washington DC. “The use of this terminology is false and misleading and unsafe for the general public. The notions of assisted driving and autonomous vehicles and their differences are not fully understood by the general public.”\n“Tesla has highly assisted technology in their vehicle, but at no point should anyone behind the wheel think that vehicle can drive itself, because it can’t,” Talbott said.\nThe week began with news of a federal investigation into Tesla’s Autopilot system after cars using the feature crashed into stopped emergency vehicles.The National Highway Traffic Safety Administration is looking into a series of crashesby Tesla cars that had the advanced driver-assistance system enabled. NHTSA said that itopened an inquiry into 11 Tesla crashesthat involved emergency vehicles, while still investigating a series of collisions involving cars enabled with Advanced Driver Assistance Systems (ADAS) and tractor-trailers.\nThe latest outcry on Capitol Hill follows a stream of news reports and/or social media posts and YouTube videos of drivers engaging in extremely risky behavior while testing the so-called self-driving features of their Tesla. In May, Steven Michael Hendrickson,a 35-year-old father of two in Fontana, Calif., died when his Tesla hit an overturned semitruck. Earlier he had posted videos of driving without his hands on the wheel of his car on the freeway, but the NHTSA was still investigating the role of Autopilot in the crash.\n“The vehicles that Tesla is producing are driver-assisted systems,” said Bryan Reimer, a research scientist at the MIT Center for Transportation and Logistics. “They are assisting the driver, and the driver needs to maintain vigilance.”\nIt is important to note the difference between Tesla’s dual products with misleading names. “Autopilot” is an ADAS system, a highly advanced version of cruise control meant for highway driving that enables “your car to steer, accelerate and brake automatically within its lane under your active supervision, assisting with the most burdensome parts of driving,” according to Tesla’s website. Tesla also offers the “FSD” package, now available by a subscription of $99 to $199 a month, which it describes as “access to a suite of more advanced driver assistance features, designed to provide more active guidance and assisted driving under your active supervision.”\nIf only Musk described these systems in a similar manner to the official website. In analyst conference calls and in Tesla’s multi-hour long presentations to its fan base, Musk has been proclaiming that with this software, full autonomy is around the corner.\n“We basically have to solve real-world vision AI and we are,” he said in an earnings call in April. “And the key to solving this is also having some massive data set. So just having well over one million cars on the road that are collecting data… But I am highly confident that we will get this done.”\nBut for all of Musk’s bluster and huge fan base, investors are starting to note that the company’s tactics involving full self-driving technology are dangerous, as opposed to the other companies that are testing autonomous vehicles.\nFor example, Alphabet Inc.’sGOOGGOOGLWaymo, the company with the most hours of autonomous vehicle driving, is currently operating a small scale robotaxi service in parts of Arizona around Phoenix that are not densely populated, without human drivers. It is the only one of its kind in the U.S. In California, Waymo has permits from the DMV to conduct AV testing with a human driver behind the wheel.\n“Waymo cannot just start selling their AVs to anyone, and they can’t just drive them on the roadway, our regulatory system does not allow for that,” Talbott of American University said. “You can test them but no publicly available self-driving car is on the market for purchase because it doesn’t exist.”\nWith FSD testing being done in the real world with untrained drivers, Tesla is conducting the equivalent of clinical trials of a new drug without any professional hourly or daily monitoring of the patient.\n“They are calling it beta, it is a beta system, they are exposing people to substantive risk,” Reimer said.\nMusk’s latest bot is yet another distraction, much like the flame thrower in 2018 sold by his Boring Company, his unwanted assistance to try and help the boys stuck in a cave in Thailand, and other projects. Investors should not let these distractions get in the way of the real issues that Musk seems to be refusing to acknowledge as he continues to oversell his company’s technological abilities.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832912489,"gmtCreate":1629558594941,"gmtModify":1633684048868,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832912489","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOGL":"谷歌A","SSNLF":"三星电子","TSM":"台积电","SNPS":"新思科技","NVDA":"英伟达","SOXX":"iShares费城交易所半导体ETF","ASML":"阿斯麦","CDNS":"铿腾电子","ON":"安森美半导体","AMZN":"亚马逊","GOOG":"谷歌","AAPL":"苹果","QCOM":"高通"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"ON":0.9,"SSNLF":0.9,"AMZN":0.9,"AAPL":0.9,"CDNS":0.9,"GOOG":0.9,"ASML":0.9,"NVDA":0.9,"QCOM":0.9,"SOXX":0.9,"GOOGL":0.9,"TSM":0.9,"SNPS":0.9}},"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832912200,"gmtCreate":1629558542500,"gmtModify":1633684049112,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/6eade73a6746503a38966f01f320aae4","width":"1080","height":"2528"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832912200","isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":836034840,"gmtCreate":1629436159980,"gmtModify":1633684826789,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/17194a6661bb7842d897aebe17877347","width":"1080","height":"2528"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836034840","isVote":1,"tweetType":1,"viewCount":493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":838748594,"gmtCreate":1629432313318,"gmtModify":1633684857891,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838748594","repostId":"1190139269","repostType":4,"repost":{"id":"1190139269","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":1629431602,"share":"https://www.laohu8.com/m/news/1190139269?lang=zh_CN&edition=full","pubTime":"2021-08-20 11:53","market":"us","language":"en","title":"Palantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190139269","media":"Benzinga","summary":"Cathie Wood-led Ark Invest continues to pile up shares in Palantir Technologies Inc.\nThe popular mon","content":"<p><b>Cathie Wood</b>-led Ark Invest continues to pile&nbsp;up shares in&nbsp;<b>Palantir Technologies Inc</b>.</p><p><blockquote><b>凯西·伍德</b>以Ark Invest为首的继续增持股票<b>Palantir技术公司</b>.</blockquote></p><p> The popular money managing firm on Thursday bought another 368,411 shares shares in the&nbsp;<b>Peter Thiel</b>-co-founded data analytics company on the dip,&nbsp;estimated to be worth about $8.9 million.</p><p><blockquote>这家受欢迎的资金管理公司周四又购买了368,411股股票<b>彼得·蒂尔</b>-在dip上共同创立了数据分析公司，估计价值约890万美元。</blockquote></p><p> Palantir shares&nbsp;closed 4.43% lower at $24.16 on Thursday.</p><p><blockquote>Palantir股价周四收盘下跌4.43%，至24.16美元。</blockquote></p><p> Including Thursday’s buys, Ark Invest has bought a total of 10.27 million shares in Palantir in just about a week after it&nbsp;reported second-quarter earnings&nbsp;and shares had jumped 11%.</p><p><blockquote>包括周四的买入在内，Ark Invest在Palantir公布第二季度财报后的短短一周内总共买入了1027万股，股价上涨了11%。</blockquote></p><p> Ark Invest owns Palantir via all of its six active exchange-traded funds but deployed the&nbsp;<b>Ark Fintech Innovation ETF</b>&nbsp;and the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>&nbsp;to buy the shares on Thursday.</p><p><blockquote>Ark Invest通过其所有六只活跃交易所交易基金拥有Palantir，但部署了<b>方舟金融科技创新ETF</b>和<b>方舟太空探索与创新ETF</b>周四购买股票。</blockquote></p><p> The six ETFs held a total of 35.77 million shares, worth $904.29 million, in Palantir, ahead of Thursday’s trade.</p><p><blockquote>在周四交易之前，这六只ETF总共持有Palantir 3577万股，价值9.0429亿美元。</blockquote></p><p> Here are some of the other key trades for Ark on Thursday:</p><p><blockquote>以下是Ark周四的其他一些关键交易：</blockquote></p><p> <ul>  <li>Shed 41,400 shares, estimated to be worth $10.65 million, in&nbsp;<b>Jack Dorsey</b>-led&nbsp;<b>Square Inc</b>. Square share closed 0.89% lower at $257.35 on Thursday.</li>  <li>Snapped up 343,796 shares, estimated to be worth $5.85 million, in&nbsp;<b>Genius Sports Ltd</b>&nbsp;on the day shares of the sports data and technology company closed 1.33% lower at $17.02.</li>  <li>Bought 109,777 shares – estimated to be worth about $1.08 million in&nbsp;<b>Zymergen Inc</b>.</li> </ul> </p><p><blockquote><ul><li>减持41,400股，估计价值1,065万美元<b>杰克·多西</b>-led<b>广场公司</b>.Square股价周四收跌0.89%，报257.35美元。</li><li>抢购343,796股，估计价值585万美元<b>天才体育有限公司</b>当天，这家体育数据和技术公司的股价收盘下跌1.33%，至17.02美元。</li><li>购买了109,777股——估计价值约108万美元<b>Zymergen公司</b>.</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</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; 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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\">\nPalantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-20 11:53</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>-led Ark Invest continues to pile&nbsp;up shares in&nbsp;<b>Palantir Technologies Inc</b>.</p><p><blockquote><b>凯西·伍德</b>以Ark Invest为首的继续增持股票<b>Palantir技术公司</b>.</blockquote></p><p> The popular money managing firm on Thursday bought another 368,411 shares shares in the&nbsp;<b>Peter Thiel</b>-co-founded data analytics company on the dip,&nbsp;estimated to be worth about $8.9 million.</p><p><blockquote>这家受欢迎的资金管理公司周四又购买了368,411股股票<b>彼得·蒂尔</b>-在dip上共同创立了数据分析公司，估计价值约890万美元。</blockquote></p><p> Palantir shares&nbsp;closed 4.43% lower at $24.16 on Thursday.</p><p><blockquote>Palantir股价周四收盘下跌4.43%，至24.16美元。</blockquote></p><p> Including Thursday’s buys, Ark Invest has bought a total of 10.27 million shares in Palantir in just about a week after it&nbsp;reported second-quarter earnings&nbsp;and shares had jumped 11%.</p><p><blockquote>包括周四的买入在内，Ark Invest在Palantir公布第二季度财报后的短短一周内总共买入了1027万股，股价上涨了11%。</blockquote></p><p> Ark Invest owns Palantir via all of its six active exchange-traded funds but deployed the&nbsp;<b>Ark Fintech Innovation ETF</b>&nbsp;and the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>&nbsp;to buy the shares on Thursday.</p><p><blockquote>Ark Invest通过其所有六只活跃交易所交易基金拥有Palantir，但部署了<b>方舟金融科技创新ETF</b>和<b>方舟太空探索与创新ETF</b>周四购买股票。</blockquote></p><p> The six ETFs held a total of 35.77 million shares, worth $904.29 million, in Palantir, ahead of Thursday’s trade.</p><p><blockquote>在周四交易之前，这六只ETF总共持有Palantir 3577万股，价值9.0429亿美元。</blockquote></p><p> Here are some of the other key trades for Ark on Thursday:</p><p><blockquote>以下是Ark周四的其他一些关键交易：</blockquote></p><p> <ul>  <li>Shed 41,400 shares, estimated to be worth $10.65 million, in&nbsp;<b>Jack Dorsey</b>-led&nbsp;<b>Square Inc</b>. Square share closed 0.89% lower at $257.35 on Thursday.</li>  <li>Snapped up 343,796 shares, estimated to be worth $5.85 million, in&nbsp;<b>Genius Sports Ltd</b>&nbsp;on the day shares of the sports data and technology company closed 1.33% lower at $17.02.</li>  <li>Bought 109,777 shares – estimated to be worth about $1.08 million in&nbsp;<b>Zymergen Inc</b>.</li> </ul> </p><p><blockquote><ul><li>减持41,400股，估计价值1,065万美元<b>杰克·多西</b>-led<b>广场公司</b>.Square股价周四收跌0.89%，报257.35美元。</li><li>抢购343,796股，估计价值585万美元<b>天才体育有限公司</b>当天，这家体育数据和技术公司的股价收盘下跌1.33%，至17.02美元。</li><li>购买了109,777股——估计价值约108万美元<b>Zymergen公司</b>.</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","GENI":"Genius Sports Ltd","ARKF":"ARK Fintech Innovation ETF","PLTR":"Palantir Technologies Inc.","ARKG":"ARK Genomic Revolution ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190139269","content_text":"Cathie Wood-led Ark Invest continues to pile up shares in Palantir Technologies Inc.\nThe popular money managing firm on Thursday bought another 368,411 shares shares in the Peter Thiel-co-founded data analytics company on the dip, estimated to be worth about $8.9 million.\nPalantir shares closed 4.43% lower at $24.16 on Thursday.\nIncluding Thursday’s buys, Ark Invest has bought a total of 10.27 million shares in Palantir in just about a week after it reported second-quarter earnings and shares had jumped 11%.\nArk Invest owns Palantir via all of its six active exchange-traded funds but deployed the Ark Fintech Innovation ETF and the Ark Space Exploration & Innovation ETF to buy the shares on Thursday.\nThe six ETFs held a total of 35.77 million shares, worth $904.29 million, in Palantir, ahead of Thursday’s trade.\nHere are some of the other key trades for Ark on Thursday:\n\nShed 41,400 shares, estimated to be worth $10.65 million, in Jack Dorsey-led Square Inc. Square share closed 0.89% lower at $257.35 on Thursday.\nSnapped up 343,796 shares, estimated to be worth $5.85 million, in Genius Sports Ltd on the day shares of the sports data and technology company closed 1.33% lower at $17.02.\nBought 109,777 shares – estimated to be worth about $1.08 million in Zymergen Inc.","news_type":1,"symbols_score_info":{"PLTR":0.9,"ARKF":0.9,"GENI":0.9,"SQ":0.9,"ARKK":0.9,"ZY":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838741531,"gmtCreate":1629432249123,"gmtModify":1633684858641,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Share&nbsp;","listText":"Share&nbsp;","text":"Share","images":[{"img":"https://static.tigerbbs.com/b95e78a4846556f48be99fd49a86d39e","width":"1080","height":"2528"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838741531","isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":838847239,"gmtCreate":1629387409921,"gmtModify":1633685202207,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/ba99600ca2b6f6efc5986a35491b1dfd","width":"1080","height":"2429"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838847239","isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":838845011,"gmtCreate":1629387259533,"gmtModify":1633685203411,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838845011","repostId":"1150522255","repostType":4,"repost":{"id":"1150522255","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629386895,"share":"https://www.laohu8.com/m/news/1150522255?lang=zh_CN&edition=full","pubTime":"2021-08-19 23:28","market":"us","language":"en","title":"NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150522255","media":"Tiger Newspress","summary":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's","content":"<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8月19日）英伟达（纳斯达克：NVDA）股价周四上涨超过6%，创历史新高，此前该芯片制造商公布了第二季度业绩，凸显了该公司数据中心业务的实力。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长35%，达到23.7亿美元。美国银行证券分析师Vivek Arya表示，就其数据中心产品而言，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA)在超大规模、垂直市场和高性能计算方面表现出增长，Arya表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长30%。Arya对Nvidia(NVDA)股票给予买入评级和每股260美元的目标价。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏在公司收入中所占份额最大。游戏总收入为30.6亿美元，同比增长85%，主要是对GeForce图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银(UBS)的蒂莫西·阿库里(Timothy Arcuri)表示，英伟达(NVDA)的游戏业务“趋势更加一致”，进入该公司通常强劲的秋季季度。Arcuri对这家芯片制造商的股票给予买入评级和每股230美元的目标价。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>英伟达(NVDA)报告本季度每股利润为1.04美元，总收入为65.1亿美元。华尔街分析师此前预测这家芯片制造商的销售额为63.4亿美元，每股收益为1.02美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></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>NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</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\">\nNVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-19 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8月19日）英伟达（纳斯达克：NVDA）股价周四上涨超过6%，创历史新高，此前该芯片制造商公布了第二季度业绩，凸显了该公司数据中心业务的实力。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长35%，达到23.7亿美元。美国银行证券分析师Vivek Arya表示，就其数据中心产品而言，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA)在超大规模、垂直市场和高性能计算方面表现出增长，Arya表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长30%。Arya对Nvidia(NVDA)股票给予买入评级和每股260美元的目标价。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏在公司收入中所占份额最大。游戏总收入为30.6亿美元，同比增长85%，主要是对GeForce图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银(UBS)的蒂莫西·阿库里(Timothy Arcuri)表示，英伟达(NVDA)的游戏业务“趋势更加一致”，进入该公司通常强劲的秋季季度。Arcuri对这家芯片制造商的股票给予买入评级和每股230美元的目标价。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>英伟达(NVDA)报告本季度每股利润为1.04美元，总收入为65.1亿美元。华尔街分析师此前预测这家芯片制造商的销售额为63.4亿美元，每股收益为1.02美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150522255","content_text":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.\nData center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, NVIDIA Corp (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.\nBut, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.\nTimothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.\nFor the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831393231,"gmtCreate":1629285933923,"gmtModify":1633685984696,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/8d22c4722c5095ef689af9d191454ec1","width":"1080","height":"2429"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831393231","isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":839941119,"gmtCreate":1629119677931,"gmtModify":1633687282347,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088391628153520","idStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839941119","repostId":"1105856708","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":838748594,"gmtCreate":1629432313318,"gmtModify":1633684857891,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838748594","repostId":"1190139269","repostType":4,"repost":{"id":"1190139269","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":1629431602,"share":"https://www.laohu8.com/m/news/1190139269?lang=zh_CN&edition=full","pubTime":"2021-08-20 11:53","market":"us","language":"en","title":"Palantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190139269","media":"Benzinga","summary":"Cathie Wood-led Ark Invest continues to pile up shares in Palantir Technologies Inc.\nThe popular mon","content":"<p><b>Cathie Wood</b>-led Ark Invest continues to pile&nbsp;up shares in&nbsp;<b>Palantir Technologies Inc</b>.</p><p><blockquote><b>凯西·伍德</b>以Ark Invest为首的继续增持股票<b>Palantir技术公司</b>.</blockquote></p><p> The popular money managing firm on Thursday bought another 368,411 shares shares in the&nbsp;<b>Peter Thiel</b>-co-founded data analytics company on the dip,&nbsp;estimated to be worth about $8.9 million.</p><p><blockquote>这家受欢迎的资金管理公司周四又购买了368,411股股票<b>彼得·蒂尔</b>-在dip上共同创立了数据分析公司，估计价值约890万美元。</blockquote></p><p> Palantir shares&nbsp;closed 4.43% lower at $24.16 on Thursday.</p><p><blockquote>Palantir股价周四收盘下跌4.43%，至24.16美元。</blockquote></p><p> Including Thursday’s buys, Ark Invest has bought a total of 10.27 million shares in Palantir in just about a week after it&nbsp;reported second-quarter earnings&nbsp;and shares had jumped 11%.</p><p><blockquote>包括周四的买入在内，Ark Invest在Palantir公布第二季度财报后的短短一周内总共买入了1027万股，股价上涨了11%。</blockquote></p><p> Ark Invest owns Palantir via all of its six active exchange-traded funds but deployed the&nbsp;<b>Ark Fintech Innovation ETF</b>&nbsp;and the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>&nbsp;to buy the shares on Thursday.</p><p><blockquote>Ark Invest通过其所有六只活跃交易所交易基金拥有Palantir，但部署了<b>方舟金融科技创新ETF</b>和<b>方舟太空探索与创新ETF</b>周四购买股票。</blockquote></p><p> The six ETFs held a total of 35.77 million shares, worth $904.29 million, in Palantir, ahead of Thursday’s trade.</p><p><blockquote>在周四交易之前，这六只ETF总共持有Palantir 3577万股，价值9.0429亿美元。</blockquote></p><p> Here are some of the other key trades for Ark on Thursday:</p><p><blockquote>以下是Ark周四的其他一些关键交易：</blockquote></p><p> <ul>  <li>Shed 41,400 shares, estimated to be worth $10.65 million, in&nbsp;<b>Jack Dorsey</b>-led&nbsp;<b>Square Inc</b>. Square share closed 0.89% lower at $257.35 on Thursday.</li>  <li>Snapped up 343,796 shares, estimated to be worth $5.85 million, in&nbsp;<b>Genius Sports Ltd</b>&nbsp;on the day shares of the sports data and technology company closed 1.33% lower at $17.02.</li>  <li>Bought 109,777 shares – estimated to be worth about $1.08 million in&nbsp;<b>Zymergen Inc</b>.</li> </ul> </p><p><blockquote><ul><li>减持41,400股，估计价值1,065万美元<b>杰克·多西</b>-led<b>广场公司</b>.Square股价周四收跌0.89%，报257.35美元。</li><li>抢购343,796股，估计价值585万美元<b>天才体育有限公司</b>当天，这家体育数据和技术公司的股价收盘下跌1.33%，至17.02美元。</li><li>购买了109,777股——估计价值约108万美元<b>Zymergen公司</b>.</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</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; 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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\">\nPalantir, Square, Genius Sports, Zymergen — Stocks Cathie Wood's Ark Bought Or Sold Thursday<blockquote>Palantir、Square、Genius Sports、Zymergen-Cathie Wood's Ark周四买卖的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-08-20 11:53</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>-led Ark Invest continues to pile&nbsp;up shares in&nbsp;<b>Palantir Technologies Inc</b>.</p><p><blockquote><b>凯西·伍德</b>以Ark Invest为首的继续增持股票<b>Palantir技术公司</b>.</blockquote></p><p> The popular money managing firm on Thursday bought another 368,411 shares shares in the&nbsp;<b>Peter Thiel</b>-co-founded data analytics company on the dip,&nbsp;estimated to be worth about $8.9 million.</p><p><blockquote>这家受欢迎的资金管理公司周四又购买了368,411股股票<b>彼得·蒂尔</b>-在dip上共同创立了数据分析公司，估计价值约890万美元。</blockquote></p><p> Palantir shares&nbsp;closed 4.43% lower at $24.16 on Thursday.</p><p><blockquote>Palantir股价周四收盘下跌4.43%，至24.16美元。</blockquote></p><p> Including Thursday’s buys, Ark Invest has bought a total of 10.27 million shares in Palantir in just about a week after it&nbsp;reported second-quarter earnings&nbsp;and shares had jumped 11%.</p><p><blockquote>包括周四的买入在内，Ark Invest在Palantir公布第二季度财报后的短短一周内总共买入了1027万股，股价上涨了11%。</blockquote></p><p> Ark Invest owns Palantir via all of its six active exchange-traded funds but deployed the&nbsp;<b>Ark Fintech Innovation ETF</b>&nbsp;and the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>&nbsp;to buy the shares on Thursday.</p><p><blockquote>Ark Invest通过其所有六只活跃交易所交易基金拥有Palantir，但部署了<b>方舟金融科技创新ETF</b>和<b>方舟太空探索与创新ETF</b>周四购买股票。</blockquote></p><p> The six ETFs held a total of 35.77 million shares, worth $904.29 million, in Palantir, ahead of Thursday’s trade.</p><p><blockquote>在周四交易之前，这六只ETF总共持有Palantir 3577万股，价值9.0429亿美元。</blockquote></p><p> Here are some of the other key trades for Ark on Thursday:</p><p><blockquote>以下是Ark周四的其他一些关键交易：</blockquote></p><p> <ul>  <li>Shed 41,400 shares, estimated to be worth $10.65 million, in&nbsp;<b>Jack Dorsey</b>-led&nbsp;<b>Square Inc</b>. Square share closed 0.89% lower at $257.35 on Thursday.</li>  <li>Snapped up 343,796 shares, estimated to be worth $5.85 million, in&nbsp;<b>Genius Sports Ltd</b>&nbsp;on the day shares of the sports data and technology company closed 1.33% lower at $17.02.</li>  <li>Bought 109,777 shares – estimated to be worth about $1.08 million in&nbsp;<b>Zymergen Inc</b>.</li> </ul> </p><p><blockquote><ul><li>减持41,400股，估计价值1,065万美元<b>杰克·多西</b>-led<b>广场公司</b>.Square股价周四收跌0.89%，报257.35美元。</li><li>抢购343,796股，估计价值585万美元<b>天才体育有限公司</b>当天，这家体育数据和技术公司的股价收盘下跌1.33%，至17.02美元。</li><li>购买了109,777股——估计价值约108万美元<b>Zymergen公司</b>.</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","GENI":"Genius Sports Ltd","ARKF":"ARK Fintech Innovation ETF","PLTR":"Palantir Technologies Inc.","ARKG":"ARK Genomic Revolution ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190139269","content_text":"Cathie Wood-led Ark Invest continues to pile up shares in Palantir Technologies Inc.\nThe popular money managing firm on Thursday bought another 368,411 shares shares in the Peter Thiel-co-founded data analytics company on the dip, estimated to be worth about $8.9 million.\nPalantir shares closed 4.43% lower at $24.16 on Thursday.\nIncluding Thursday’s buys, Ark Invest has bought a total of 10.27 million shares in Palantir in just about a week after it reported second-quarter earnings and shares had jumped 11%.\nArk Invest owns Palantir via all of its six active exchange-traded funds but deployed the Ark Fintech Innovation ETF and the Ark Space Exploration & Innovation ETF to buy the shares on Thursday.\nThe six ETFs held a total of 35.77 million shares, worth $904.29 million, in Palantir, ahead of Thursday’s trade.\nHere are some of the other key trades for Ark on Thursday:\n\nShed 41,400 shares, estimated to be worth $10.65 million, in Jack Dorsey-led Square Inc. Square share closed 0.89% lower at $257.35 on Thursday.\nSnapped up 343,796 shares, estimated to be worth $5.85 million, in Genius Sports Ltd on the day shares of the sports data and technology company closed 1.33% lower at $17.02.\nBought 109,777 shares – estimated to be worth about $1.08 million in Zymergen Inc.","news_type":1,"symbols_score_info":{"PLTR":0.9,"ARKF":0.9,"GENI":0.9,"SQ":0.9,"ARKK":0.9,"ZY":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838845011,"gmtCreate":1629387259533,"gmtModify":1633685203411,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/838845011","repostId":"1150522255","repostType":4,"repost":{"id":"1150522255","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629386895,"share":"https://www.laohu8.com/m/news/1150522255?lang=zh_CN&edition=full","pubTime":"2021-08-19 23:28","market":"us","language":"en","title":"NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150522255","media":"Tiger Newspress","summary":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's","content":"<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8月19日）英伟达（纳斯达克：NVDA）股价周四上涨超过6%，创历史新高，此前该芯片制造商公布了第二季度业绩，凸显了该公司数据中心业务的实力。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长35%，达到23.7亿美元。美国银行证券分析师Vivek Arya表示，就其数据中心产品而言，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA)在超大规模、垂直市场和高性能计算方面表现出增长，Arya表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长30%。Arya对Nvidia(NVDA)股票给予买入评级和每股260美元的目标价。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏在公司收入中所占份额最大。游戏总收入为30.6亿美元，同比增长85%，主要是对GeForce图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银(UBS)的蒂莫西·阿库里(Timothy Arcuri)表示，英伟达(NVDA)的游戏业务“趋势更加一致”，进入该公司通常强劲的秋季季度。Arcuri对这家芯片制造商的股票给予买入评级和每股230美元的目标价。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>英伟达(NVDA)报告本季度每股利润为1.04美元，总收入为65.1亿美元。华尔街分析师此前预测这家芯片制造商的销售额为63.4亿美元，每股收益为1.02美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></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>NVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</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\">\nNVDA soars over 6% in morning trading<blockquote>NVDA早盘飙升逾6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-19 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8月19日）英伟达（纳斯达克：NVDA）股价周四上涨超过6%，创历史新高，此前该芯片制造商公布了第二季度业绩，凸显了该公司数据中心业务的实力。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长35%，达到23.7亿美元。美国银行证券分析师Vivek Arya表示，就其数据中心产品而言，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA)在超大规模、垂直市场和高性能计算方面表现出增长，Arya表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长30%。Arya对Nvidia(NVDA)股票给予买入评级和每股260美元的目标价。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏在公司收入中所占份额最大。游戏总收入为30.6亿美元，同比增长85%，主要是对GeForce图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银(UBS)的蒂莫西·阿库里(Timothy Arcuri)表示，英伟达(NVDA)的游戏业务“趋势更加一致”，进入该公司通常强劲的秋季季度。Arcuri对这家芯片制造商的股票给予买入评级和每股230美元的目标价。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>英伟达(NVDA)报告本季度每股利润为1.04美元，总收入为65.1亿美元。华尔街分析师此前预测这家芯片制造商的销售额为63.4亿美元，每股收益为1.02美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150522255","content_text":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.\nData center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, NVIDIA Corp (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.\nBut, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.\nTimothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.\nFor the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892442609,"gmtCreate":1628686876401,"gmtModify":1633745144257,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892442609","repostId":"2158425286","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898155734,"gmtCreate":1628479951428,"gmtModify":1633746829559,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898155734","repostId":"1136322726","repostType":4,"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839941119,"gmtCreate":1629119677931,"gmtModify":1633687282347,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/839941119","repostId":"1105856708","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897941333,"gmtCreate":1628870605322,"gmtModify":1633688830878,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897941333","repostId":"2159218651","repostType":4,"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891740978,"gmtCreate":1628434896694,"gmtModify":1633747161127,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891740978","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":430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893758890,"gmtCreate":1628302457310,"gmtModify":1633751825972,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893758890","repostId":"1119792130","repostType":4,"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802416738,"gmtCreate":1627794880324,"gmtModify":1633756294812,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802416738","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832915840,"gmtCreate":1629558621680,"gmtModify":1633684048282,"author":{"id":"4088391628153520","authorId":"4088391628153520","name":"Dommm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088391628153520","authorIdStr":"4088391628153520"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832915840","repostId":"1114812009","repostType":4,"isVote":1,"tweetType":1,"viewCount":2017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}