Lenaz的个人主页 - 老虎社区

Lenaz

Lenaz

Long term investor.

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2022-01-22

Pls like and comment, thank you :))

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2022-01-21

Great ariticle, would you like to share it?

Nio Has Big Plans for 2022, But the Nio Stock Recovery Might Take Longer<blockquote>蔚来对 2022 年有宏伟计划，但蔚来股市复苏可能需要更长时间</blockquote>

2022-01-16

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@特斯拉:特斯拉2021年成绩单请查收

2021-11-13

Positive outlook, keep a lookout for $PLTR

Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</blockquote>

2021-11-08

Drop more so I can top it up!!

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2021-11-07

Pls comment & like, thank you :)

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2021-10-30

Thanks for the pov.

Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来是一如既往的绝佳投资机会</blockquote>

2021-10-30

Great ariticle, would you like to share it?

@小虎活动:[Halloween Game] Trade or Treat!

2021-10-29

Great ariticle, would you like to share it?

@小虎活动:[Halloween Game] Trade or Treat!

2021-10-21

This is interesting :))

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2021-10-21

Crazy

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2021-10-01

Pls like & comment, thanks :)

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2021-09-20

Wow

Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>

2021-09-20

Pls like and comment, thank you 😊

4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote>

2021-09-17

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AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote>

2021-09-10

Pls like thank you 😊

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2021-08-15

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AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>

2021-08-09

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AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote>

2021-08-06

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The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强大--但这些 “内部因素 ”远没有那么积极</blockquote>

2021-08-03

Pls like & comment, thankss 😊

EV stocks tumbled in morning trading<blockquote>电动汽车股票早盘交易中暴跌</blockquote>

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On Feb. 10, 2021, NIO stock hit a peak of $64.60 — a price that...</p><p><blockquote><div>中国电动汽车（EV）集团蔚来（纽约证券交易所股票代码：NIO）股票的投资者在长达一年的下跌中一直挠头。2021年2月10日，蔚来股票达到64.60美元的峰值——这个价格……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Has Big Plans for 2022, But the Nio Stock Recovery Might Take Longer<blockquote>蔚来对 2022 年有宏伟计划，但蔚来股市复苏可能需要更长时间</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Has Big Plans for 2022, But the Nio Stock Recovery Might Take Longer<blockquote>蔚来对 2022 年有宏伟计划，但蔚来股市复苏可能需要更长时间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investorplace</strong><span class=\"h-time small\">2022-01-21 13:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Investors in the Chinese electric vehicle (EV) group Nio (NYSE:NIO) stock have been scratching their heads amidst the year-long decline. On Feb. 10, 2021, NIO stock hit a peak of $64.60 — a price that...</p><p><blockquote><div>中国电动汽车（EV）集团蔚来（纽约证券交易所股票代码：NIO）股票的投资者在长达一年的下跌中一直挠头。2021年2月10日，蔚来股票达到64.60美元的峰值——这个价格……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/\">investorplace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/01/nio-has-big-plans-for-2022-but-the-nio-stock-recovery-might-take-longer/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121102846","content_text":"Investors in the Chinese electric vehicle (EV) group Nio (NYSE:NIO) stock have been scratching their heads amidst the year-long decline. On Feb. 10, 2021, NIO stock hit a peak of $64.60 — a price that is now in the rearview mirror.Then, Nio shares saw a 52-week low of $27.52 in late December and closed at $29.12 on Jan. 20, down 48% in the last 12 months and 4.5% year-to-date (YTD). By comparison, the S&P Kensho Electric Vehicles Index has dropped 21.6% in the past 52 weeks and 6.8% YTD.Despite the decline in shares of many EV names, the industry is growing. For instance, new-energy vehicles (NEV) sales in China, the largest EV market in the world, is expected to exceed 5 million units in 2022. And EV sales should comprise over 30% of the nation’s auto market, reaching at least 7 million units, by 2025.Meanwhile, Chinese authorities are reducing EV subsidies for 2022 and will withdraw them completely in 2023. Moreover, the government has recently removed a long-standing mandate and now allows for “full foreign ownership of passenger car manufacturing” in China.Puzzled by the extended downtrend, investors of NIO stock wonder what could be in store for the company in 2022. Despite the positive industry outlook, fierce competition and stringent regulations could create further headwinds for NIO. Thus, investors might want to wait on the sidelines for the short-term.Nio’s Q3 PerformanceFounded in 2014, the China-based EV group Nio aims to differentiate itself through its battery swapping solutions, Battery as a Service (BaaS) and Autonomous Driving as a Service (ADaaS).Management issued Q3 financial results in early November. Revenue soared 116.6% year-over-year (YoY) to 9,805.3 million RMB, or $1.5 billion. Total EV deliveries reached 24,439 vehicles, up 100.2% compared to year-ago quarter.Net loss attributable to NIO’s ordinary shareholders came in at 2.86 billion RMB (or $443.7 million). It went up by over 140%, mainly due to the increase in operating expenses. Cash and equivalents were 47 billion RMB, or $7.3 billion at quarter end.On these metrics, CEO William Bin Li said, “Despite the continued supply chain volatilities, our teams and partners are working closely together to secure the supply and production for the fourth quarter of 2021.”Meanwhile, recent delivery figures point to a record delivery of 25,034 vehicles in Q4, up 44.3% YOY. Total deliveries ended 2021 with 91,429 vehicles, up 109.1% YOY. Nio is expected to report Q4 earnings in late February.Adding NIO Stock to PortfoliosAmong 26 analysts polled, NIO stock has a consensus buy rating. Also, the consensus of 25 analysts for a 12-month median price target stands around $58.43, implying an upside potential of 95% from current levels. The 12-month price estimates for the stock range between $37.74 and $87.64.Its trailing price-to-book (P/B) and price-to-sales (P/S) ratios stand at 11.9 and 8.5, respectively. By comparison, these metrics for Tesla (NASDAQ:TSLA) are a P/B of 37.8 and a P/S of 24.7.Put another way, despite the recent decline, NIO shares still look frothy by traditional valuation metrics. The same holds true for TSLA stock as well.Yet the company gets significant attention due to its growth potential. Thus, despite the ongoing negative market sentiment, investors might want to keep the stock on their radars with a view to buy around $29, or even below.Meanwhile, interested readers could also consider investing in an exchange-traded fund (ETF) that also holds NIO stock. Examples include the First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN), the Invesco PureBeta FTSE Emerging Markets ETF (BATS:PBEE), the KraneShares MSCI China Clean Technology ETF (NYSEARCA:KGRN) or the VanEck Vectors Low Carbon Energy ETF (NYSEARCA:SMOG).Bottom Line on NIO StockCurrently, NIO is one of the top-selling EV manufacturers in China. It sells a number of car models including a coupe sports car and three SUV models. Since last September, Nio has been selling its ES8 model in Norway as well. The company plans to expand into five more countries in Europe in 2022 and more than 25 countries worldwide by 2025.Also, this year management is launching two new models. The luxury sedan ET7, will be available for orders as of Jan. 20. Deliveries are expected to start by late-March. The other new model, the ET5, is a midsize premium smart electric sedan. Deliveries are anticipated to commence in September 2022.As part of these expansion plans, a second manufacturing plant is being built at NeoPark in Hefei. The facility, which will help meet the growing demand, is expected to become operational around September 2022.In summary, Nio has a solid product line and offers tangible growth strategies. However, NIO shares could continue to come under pressure in 2022, in part due to tougher competition, higher operational costs and regulatory risks. Given the upcoming tightening moves by the Federal Reserve, investors are also taking money off the table. Therefore, NIO stock could easily continue to slip further below $30. Long-term investors might still need to be patient.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":3535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697331381,"gmtCreate":1642265528107,"gmtModify":1642265528399,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697331381","repostId":"692440566","repostType":1,"repost":{"id":692440566,"gmtCreate":1641187914401,"gmtModify":1641228025702,"author":{"id":"3562909664933798","authorId":"3562909664933798","name":"特斯拉","avatar":"https://static.tigerbbs.com/c97d09ce1f3268f15e9bd8d11f045f8c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562909664933798","authorIdStr":"3562909664933798"},"themes":[],"title":"特斯拉2021年成绩单请查收","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>&nbsp;2021年成绩单请查收📩☝🏻我们始终从第一性原理出发，致力于打造更好的产品和服务，不负每位车主的信任。🌟我们坚信产品会说话，坚持做正确的事，用行动加速世界向可持续能源的转变。🚗2022 初心不变，加电出发！","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$</a>&nbsp;2021年成绩单请查收📩☝🏻我们始终从第一性原理出发，致力于打造更好的产品和服务，不负每位车主的信任。🌟我们坚信产品会说话，坚持做正确的事，用行动加速世界向可持续能源的转变。🚗2022 初心不变，加电出发！","text":"$特斯拉(TSLA)$ 2021年成绩单请查收📩☝🏻我们始终从第一性原理出发，致力于打造更好的产品和服务，不负每位车主的信任。🌟我们坚信产品会说话，坚持做正确的事，用行动加速世界向可持续能源的转变。🚗2022 初心不变，加电出发！","images":[{"img":"https://static.tigerbbs.com/cd38feeca8f4448cd65d9b97a3817bbf"},{"img":"https://static.tigerbbs.com/2910277135ea3709a0d87758904bb744"},{"img":"https://static.tigerbbs.com/4ad6a4d98415de8ef9814495ac2abc56"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692440566","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873073657,"gmtCreate":1636813796714,"gmtModify":1636813796830,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Positive outlook, keep a lookout for $PLTR","listText":"Positive outlook, keep a lookout for $PLTR","text":"Positive outlook, keep a lookout for $PLTR","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873073657","repostId":"1129543601","repostType":4,"repost":{"id":"1129543601","kind":"news","pubTimestamp":1636770982,"share":"https://www.laohunote.com/m/news/1129543601?lang=zh_CN&edition=full","pubTime":"2021-11-13 10:36","market":"us","language":"en","title":"Palantir: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129543601","media":"Seeking Alpha","summary":"Summary\n\nPalantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.</li>  <li>Palantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.</li>  <li>Palantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.</li>  <li>Palantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3fd5d395baf412802ef5e554f0efa64b\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>Palantir 的收入环比增长 36%，同时产生 1.19 亿美元的自由现金流，利润率为 30%。</li><li>Palantir 第三季度商业收入增长 37%，政府收入同比增长 34%，显示出强劲的前瞻性增长趋势。</li><li>Palantir在2021年第三季度完成了54笔交易，合同价值至少为100万美元，其中33笔价值超过500万美元，18笔价值超过1000万美元。</li><li>Palantir 再次上调指引，预计收入同比增长 40%，达到 15.27 亿美元，自由现金流较之前的 3 亿美元增长 4 亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> Some investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.</p><p><blockquote>一些投资者喜欢讨厌 Palantir (PLTR)，该公司过去被戏称为黑盒公司，而另一些投资者则绝对喜欢它，因为他们相信 PLTR 的软件是未来。在我之前关于 PLTR 的文章中，我表示，根据 PLTR 目前的收入趋势，他们计划在第三季度实现 3.9941 亿美元的收入，在第四季度实现 4.2322 亿美元的收入。第三季度的共识数字是3.8656亿美元的收入，PLTR在2021年第四季度实现了3.921亿美元的收入，预计为4.18亿美元。随着 PLTR 大幅下跌，盘前市场的反应只不过是一片红海，每次试图填补缺口时，螺旋式下降的下一阶段就开始了。这个消息甚至还没有被消化，但人们决定要么获利了结，要么平仓，要么对 PLTR 失去信心。</blockquote></p><p> What wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.</p><p><blockquote>财报发布有什么不妥之处导致抛售一直徘徊在-9.03%的范围内？PLTR 收入同比增长 36%，第三季度新增 34 名客户，并完成 54 笔价值 100 万美元或以上的交易。PLTR 的剩余交易价值同比增长 50%，达到 36 亿美元，并交付了 1.01 亿美元的运营现金（利润率为 26%）和 1.99 亿美元的自由现金流（利润率为 30%）。PLTR 还提高了 2021 年的指引，因为他们现在预计收入同比增长 40%，而之前预测为 30%，并将自由现金流的预测从 3 亿美元上调至 4 亿美元。除了这些数字之外，PLTR 还宣布了新的产品平台和用例，这些平台和用例在未来具有推动收入和自由现金流的巨大潜力。我相信这次抛售是短暂的，我将其视为买入机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cfe1dd0e9b2c6a24ce3cb94bcfda56c\" tg-width=\"640\" tg-height=\"341\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Palantir's revenue continues to expand on both the commercial and government side</b></p><p><blockquote><b>Palantir 的商业和政府收入持续增长</b></blockquote></p><p> Quarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.</p><p><blockquote>自PLTR上市以来，他们的商业业务一个又一个季度地扩大。上市五个季度后，PLTR的季度商业收入增加了6200万美元，增幅达55.36%。2021 年第三季度，PLTR 的商业运营收入为 1.74 亿美元，占其季度收入 3.921 亿美元的 44.38%。过去两年，PLTR的第三季度收入增长了85.11%，2020年第三季度同比增长35.11%，2021年第三季度又同比增长37.01%。PLTR 的商业剩余交易价值同比增长 101%，从 2020 年第三季度的 11 亿美元增至 2021 年第三季度的 22 亿美元。商业客户正在邀请PLTR展示他们的软件解决方案，PLTR正在赢得他们的业务。2021 年第三季度，PLTR 净增 34 家新客户，商业客户群环比增长 20%，达到 203 家。过去一年，PLTR 的商业客户群增长了 46.04%，客户数量从 139 家增加到 203 家，增加了 64 家。任何仍然将 PLTR 归类为黑匣子的人都是不准确的，因为商业市场正在了解 PLTR 的软件平台并实施其解决方案以改善运营。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4084630f4e4be30a41c925c5a3fd0a\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> Since Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.</p><p><blockquote>自2020年Q1以来，PLTR的季度收入增加了1.631亿美元（71.23%），平均季度增长率为9.43%。2021 年第三季度，这一趋势保持不变，收入环比增长 1610 万美元，增幅为 4.28%。虽然与 2021 年第二季度的 10.26% 相比，季度收入增长环比略有放缓，但 PLTR 预计其 2021 年第四季度收入将为 4.18 亿美元。PLTR 预计将创造另一项公司纪录，并在年底实现 2590 万美元 (6.61%) 的环比增长。</blockquote></p><p></p><p> The same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)</p><p><blockquote>同样的增长故事也适用于他们过去12个月的总收入（TTM）。过去六个季度，PLTR 的 TTM 收入增加了 6.206 亿美元（76.55%），从 8.106 亿美元增至 14.3 亿美元。平均而言，PLTR 的 TTM 收入增长环比增长 1.0342 亿美元（9.94%）。在2020年第一季度至2020年第三季度，他们的平均环比收入增长为9403万美元，这一数字大幅增长，因为过去三个季度的环比收入都至少增长了1.05亿美元。2021 年第三季度，PLTR 的 TTM 收入增至 14.3 亿美元，环比收入增长 1.068 亿美元（8.06%）。与季度指标一样，PLTR 的 TTM 预计将环比额外增长 9590 万美元，达到 15.27 亿美元，而市场普遍预期为 15.1 亿美元。这将使 PLTR 的年收入同比增长远远超过 30% 的预测，因为到 2021 年，他们的收入将增加 4.3430 亿美元 (39.75%)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0ec6211d7ecb04785f406c7661c9124\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> I am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.</p><p><blockquote>我很震惊PLTR仍然处于亏损状态。PLTR 是一家高增长公司，目前 FCF 为正，并正在扩大其指标。在 2020 年前 9 个月，PLTR 产生了 2.85 亿美元的自由现金流，在 2021 年前 9 个月末，PLTR 交付了 6.05 亿美元的波动，年初至今已产生 3.2 亿美元的自由现金流。PLTR 此前将 2021 年自由现金流指引提高到 300 美元，现在又将其再次提高到 4 亿多美元。在三个月的时间里，PLTR将其自由现金流预测额外增加了33.33%。第三季度，PLTR 的自由现金流利润率为 30%，他们预计 2021 年自由现金流利润率将超过 4 亿美元。至少，这意味着他们将在 2021 年额外增加 8000 万美元的自由现金流。如果 PLTR 实现 15.27 亿美元的收入和 4 亿美元的自由现金流，其 2021 年自由现金流利润率将为 26.2%。PLTR 仍预计到 2025 年年收入同比增长 30%，基于 2021 年 1527 美元的预测，他们 2025 年收入将达到 43.6 亿美元。按照 PLTR 目前的自由现金流利润率，他们将在 2025 年产生 11.4 亿美元的自由现金流。考虑到 PLTR 目前的趋势，如果他们超出预期并同比增长 35%，那么他们 2025 年收入将达到 50.7 亿美元。按照目前的自由现金流利润率，到 2025 年，他们将产生 13.3 亿美元的自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87cff0d5c5ef70ea6926a1323c77bfe4\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>(Source: PLTR)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：PLTR）</span></p></blockquote></p><p> PLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.</p><p><blockquote>PLTR正在全力以赴。同比，他们的第三季度收入增长了 36%，他们第二次将自由现金流的指导从 3 亿美元提高到 4 亿多美元，并将年收入增长指导从 30% 提高到约 40%。PLTR 仍维持其未来同比增长 30% 的收入前景，并创造了一些令人印象深刻的利润率。PLTR 第三季度商业收入同比增长 37%，政府收入同比增长 34%。PLTR 在第三季度完成了至少 54 笔价值至少 100 万美元的交易，其中 33 笔收入至少为 500 万美元，18 笔收入至少为 1000 万美元。PLTR 的增长指标令人印象深刻，我预计他们未来将低于承诺并超额完成。</blockquote></p><p> <b>Palantir is entering two new sectors that are going to be huge, carbon emissions, and crypto</b></p><p><blockquote><b>Palantir 正在进入两个巨大的新领域：碳排放和加密货币</b></blockquote></p><p> In the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.</p><p><blockquote>过去，我写过关于政府、亚马逊（纳斯达克股票代码：AMZN）和国际商业机器公司（纽约证券交易所股票代码：IBM）未来机会的文章。在今天的财报看涨期权上，PLTR 介绍了有关他们将为碳排放和加密提供的两种新产品的重要信息。</blockquote></p><p></p><p> There has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as&nbsp;Exxon Mobil(NYSE:XOM)&nbsp;are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to&nbsp;scrub emissions out of the air&nbsp;and carbonate fuel cells&nbsp;to capture industrial emissions&nbsp;from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.</p><p><blockquote>美国在气候问题上发生了根本性的转变，拜登总统重新加入了《巴黎协定》，重新参与应对气候变化。到2050年实现整个经济净零排放计划的一部分。最近，拜登总统在苏格兰格拉斯哥举行的联合国气候峰会上承诺，将与欧盟和其他数十个国家合作，到2030年将全球甲烷排放总量减少30%。无论你对气候的立场是什么，都有许多人认为我们需要降低排放，许多国家正在努力实现一个目标。为了遵守规定，埃克森美孚（纽约证券交易所股票代码：XOM）等公司正在与外部组织一起对几项有前途的创新进行长期研究，包括用于清除空气中排放物的直接空气捕获技术和用于捕获工业排放物的碳酸盐燃料电池来自发电厂或制造设施的烟气流。碳排放管理已经是一项蓬勃发展的业务，PLTR 正在 Foundry 上创建一个模块，以显示单个窗格来查看收入、利润率、产量和所有排放，以便公司可以更有效地管理结果。就我个人而言，我相信这对于推动 PLTR 未来的收入具有巨大的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2386d938e7f452a340dbb130de508f6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> The second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN)&nbsp;is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.</p><p><blockquote>PLTR讨论的第二个巨大前景是加密铸造。看起来PLTR正在利用他们的反洗钱和了解客户的专业知识。多年来，PLTR 与多个政府合作，发现全球最大银行的合规问题，并帮助这些银行做出回应并加强其合规计划。这是完全有道理的，当你回到合同时，PLTR已经被美国国税局和美国证券交易委员会授予了（在以前的文章中讨论过）。仅在第三季度，PLTR 就与美国国税局签署了 6 份合同。如果让我猜的话，PLTR的软件会被政府方面的国税局和美国证券交易委员会使用，并被银行和加密货币交易所采用。目前，在过去24小时内，比特币基地（纳斯达克股票代码：COIN）显示比特币（BTC-USD）的交易量为438亿美元。我认为 PLTR 最终将推动其加密货币代工厂的政府和商业合同的未来收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53c762e27799c80dbaa9914bb98a6a10\" tg-width=\"624\" tg-height=\"234\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：Steven Fiorillo）（数据来源：联邦采购数据库）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/005d57c6c5c926b35eac100fa35c7415\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.</p><p><blockquote>PLTR已经成为市场误解其盈利并在消息大好时抛售消息的又一统计数据。还有人希望PLTR做什么？这是一个出色的季度，第三季度收入同比增长 36%，FCF 达到 1.19 亿美元，利润率为 30%，PLTR 完成了 54 笔交易，每笔交易价值超过 100 万美元。PLTR 超出收入预期，第二次上调全年收入指引，上调自由现金流指引。这是一个关于所有积极因素的卖出消息，这创造了一个买入机会。我将长期持有 PLTR，并计划如果抛售继续的话加仓。</blockquote></p><p> <b>Seeking Alpha Marketplace</b></p><p><blockquote><b>寻求阿尔法市场</b></blockquote></p><p> I will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&amp;A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.</p><p><blockquote>我将在Seeking Alpha市场上推出一项名为Barbell Capital的订阅服务。杠铃资本将为其成员提供独家研究、模型投资组合、投资工具、问答会议、观察列表和附加功能。我还将有一个实时投资组合，专门用于通过交易、出售看跌期权和出售备兑评级来产生资本。利润将被分配到未来的资本增值投资和股息投资中，以便在我们睡觉时产生收入。</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: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</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: Q3 Beat, Increased FCF, Raises Guidance But Sells Off Creating An Opportunity<blockquote>Palantir：第三季度超出预期，自由现金流增加，提高指引，但抛售创造机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-13 10:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.</li>  <li>Palantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.</li>  <li>Palantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.</li>  <li>Palantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3fd5d395baf412802ef5e554f0efa64b\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>Palantir 的收入环比增长 36%，同时产生 1.19 亿美元的自由现金流，利润率为 30%。</li><li>Palantir 第三季度商业收入增长 37%，政府收入同比增长 34%，显示出强劲的前瞻性增长趋势。</li><li>Palantir在2021年第三季度完成了54笔交易，合同价值至少为100万美元，其中33笔价值超过500万美元，18笔价值超过1000万美元。</li><li>Palantir 再次上调指引，预计收入同比增长 40%，达到 15.27 亿美元，自由现金流较之前的 3 亿美元增长 4 亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> Some investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.</p><p><blockquote>一些投资者喜欢讨厌 Palantir (PLTR)，该公司过去被戏称为黑盒公司，而另一些投资者则绝对喜欢它，因为他们相信 PLTR 的软件是未来。在我之前关于 PLTR 的文章中，我表示，根据 PLTR 目前的收入趋势，他们计划在第三季度实现 3.9941 亿美元的收入，在第四季度实现 4.2322 亿美元的收入。第三季度的共识数字是3.8656亿美元的收入，PLTR在2021年第四季度实现了3.921亿美元的收入，预计为4.18亿美元。随着 PLTR 大幅下跌，盘前市场的反应只不过是一片红海，每次试图填补缺口时，螺旋式下降的下一阶段就开始了。这个消息甚至还没有被消化，但人们决定要么获利了结，要么平仓，要么对 PLTR 失去信心。</blockquote></p><p> What wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.</p><p><blockquote>财报发布有什么不妥之处导致抛售一直徘徊在-9.03%的范围内？PLTR 收入同比增长 36%，第三季度新增 34 名客户，并完成 54 笔价值 100 万美元或以上的交易。PLTR 的剩余交易价值同比增长 50%，达到 36 亿美元，并交付了 1.01 亿美元的运营现金（利润率为 26%）和 1.99 亿美元的自由现金流（利润率为 30%）。PLTR 还提高了 2021 年的指引，因为他们现在预计收入同比增长 40%，而之前预测为 30%，并将自由现金流的预测从 3 亿美元上调至 4 亿美元。除了这些数字之外，PLTR 还宣布了新的产品平台和用例，这些平台和用例在未来具有推动收入和自由现金流的巨大潜力。我相信这次抛售是短暂的，我将其视为买入机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8cfe1dd0e9b2c6a24ce3cb94bcfda56c\" tg-width=\"640\" tg-height=\"341\" width=\"100%\" height=\"auto\"><span>(Source: Seeking Alpha)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Seeking Alpha）</span></p></blockquote></p><p> <b>Palantir's revenue continues to expand on both the commercial and government side</b></p><p><blockquote><b>Palantir 的商业和政府收入持续增长</b></blockquote></p><p> Quarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.</p><p><blockquote>自PLTR上市以来，他们的商业业务一个又一个季度地扩大。上市五个季度后，PLTR的季度商业收入增加了6200万美元，增幅达55.36%。2021 年第三季度，PLTR 的商业运营收入为 1.74 亿美元，占其季度收入 3.921 亿美元的 44.38%。过去两年，PLTR的第三季度收入增长了85.11%，2020年第三季度同比增长35.11%，2021年第三季度又同比增长37.01%。PLTR 的商业剩余交易价值同比增长 101%，从 2020 年第三季度的 11 亿美元增至 2021 年第三季度的 22 亿美元。商业客户正在邀请PLTR展示他们的软件解决方案，PLTR正在赢得他们的业务。2021 年第三季度，PLTR 净增 34 家新客户，商业客户群环比增长 20%，达到 203 家。过去一年，PLTR 的商业客户群增长了 46.04%，客户数量从 139 家增加到 203 家，增加了 64 家。任何仍然将 PLTR 归类为黑匣子的人都是不准确的，因为商业市场正在了解 PLTR 的软件平台并实施其解决方案以改善运营。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4084630f4e4be30a41c925c5a3fd0a\" tg-width=\"640\" tg-height=\"374\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> Since Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.</p><p><blockquote>自2020年Q1以来，PLTR的季度收入增加了1.631亿美元（71.23%），平均季度增长率为9.43%。2021 年第三季度，这一趋势保持不变，收入环比增长 1610 万美元，增幅为 4.28%。虽然与 2021 年第二季度的 10.26% 相比，季度收入增长环比略有放缓，但 PLTR 预计其 2021 年第四季度收入将为 4.18 亿美元。PLTR 预计将创造另一项公司纪录，并在年底实现 2590 万美元 (6.61%) 的环比增长。</blockquote></p><p></p><p> The same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)</p><p><blockquote>同样的增长故事也适用于他们过去12个月的总收入（TTM）。过去六个季度，PLTR 的 TTM 收入增加了 6.206 亿美元（76.55%），从 8.106 亿美元增至 14.3 亿美元。平均而言，PLTR 的 TTM 收入增长环比增长 1.0342 亿美元（9.94%）。在2020年第一季度至2020年第三季度，他们的平均环比收入增长为9403万美元，这一数字大幅增长，因为过去三个季度的环比收入都至少增长了1.05亿美元。2021 年第三季度，PLTR 的 TTM 收入增至 14.3 亿美元，环比收入增长 1.068 亿美元（8.06%）。与季度指标一样，PLTR 的 TTM 预计将环比额外增长 9590 万美元，达到 15.27 亿美元，而市场普遍预期为 15.1 亿美元。这将使 PLTR 的年收入同比增长远远超过 30% 的预测，因为到 2021 年，他们的收入将增加 4.3430 亿美元 (39.75%)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b0ec6211d7ecb04785f406c7661c9124\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Steven Fiorillo）（数据来源：Palantir）</span></p></blockquote></p><p> I am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.</p><p><blockquote>我很震惊PLTR仍然处于亏损状态。PLTR 是一家高增长公司，目前 FCF 为正，并正在扩大其指标。在 2020 年前 9 个月，PLTR 产生了 2.85 亿美元的自由现金流，在 2021 年前 9 个月末，PLTR 交付了 6.05 亿美元的波动，年初至今已产生 3.2 亿美元的自由现金流。PLTR 此前将 2021 年自由现金流指引提高到 300 美元，现在又将其再次提高到 4 亿多美元。在三个月的时间里，PLTR将其自由现金流预测额外增加了33.33%。第三季度，PLTR 的自由现金流利润率为 30%，他们预计 2021 年自由现金流利润率将超过 4 亿美元。至少，这意味着他们将在 2021 年额外增加 8000 万美元的自由现金流。如果 PLTR 实现 15.27 亿美元的收入和 4 亿美元的自由现金流，其 2021 年自由现金流利润率将为 26.2%。PLTR 仍预计到 2025 年年收入同比增长 30%，基于 2021 年 1527 美元的预测，他们 2025 年收入将达到 43.6 亿美元。按照 PLTR 目前的自由现金流利润率，他们将在 2025 年产生 11.4 亿美元的自由现金流。考虑到 PLTR 目前的趋势，如果他们超出预期并同比增长 35%，那么他们 2025 年收入将达到 50.7 亿美元。按照目前的自由现金流利润率，到 2025 年，他们将产生 13.3 亿美元的自由现金流。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87cff0d5c5ef70ea6926a1323c77bfe4\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>(Source: PLTR)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：PLTR）</span></p></blockquote></p><p> PLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.</p><p><blockquote>PLTR正在全力以赴。同比，他们的第三季度收入增长了 36%，他们第二次将自由现金流的指导从 3 亿美元提高到 4 亿多美元，并将年收入增长指导从 30% 提高到约 40%。PLTR 仍维持其未来同比增长 30% 的收入前景，并创造了一些令人印象深刻的利润率。PLTR 第三季度商业收入同比增长 37%，政府收入同比增长 34%。PLTR 在第三季度完成了至少 54 笔价值至少 100 万美元的交易，其中 33 笔收入至少为 500 万美元，18 笔收入至少为 1000 万美元。PLTR 的增长指标令人印象深刻，我预计他们未来将低于承诺并超额完成。</blockquote></p><p> <b>Palantir is entering two new sectors that are going to be huge, carbon emissions, and crypto</b></p><p><blockquote><b>Palantir 正在进入两个巨大的新领域：碳排放和加密货币</b></blockquote></p><p> In the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.</p><p><blockquote>过去，我写过关于政府、亚马逊（纳斯达克股票代码：AMZN）和国际商业机器公司（纽约证券交易所股票代码：IBM）未来机会的文章。在今天的财报看涨期权上，PLTR 介绍了有关他们将为碳排放和加密提供的两种新产品的重要信息。</blockquote></p><p></p><p> There has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as&nbsp;Exxon Mobil(NYSE:XOM)&nbsp;are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to&nbsp;scrub emissions out of the air&nbsp;and carbonate fuel cells&nbsp;to capture industrial emissions&nbsp;from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.</p><p><blockquote>美国在气候问题上发生了根本性的转变，拜登总统重新加入了《巴黎协定》，重新参与应对气候变化。到2050年实现整个经济净零排放计划的一部分。最近，拜登总统在苏格兰格拉斯哥举行的联合国气候峰会上承诺，将与欧盟和其他数十个国家合作，到2030年将全球甲烷排放总量减少30%。无论你对气候的立场是什么，都有许多人认为我们需要降低排放，许多国家正在努力实现一个目标。为了遵守规定，埃克森美孚（纽约证券交易所股票代码：XOM）等公司正在与外部组织一起对几项有前途的创新进行长期研究，包括用于清除空气中排放物的直接空气捕获技术和用于捕获工业排放物的碳酸盐燃料电池来自发电厂或制造设施的烟气流。碳排放管理已经是一项蓬勃发展的业务，PLTR 正在 Foundry 上创建一个模块，以显示单个窗格来查看收入、利润率、产量和所有排放，以便公司可以更有效地管理结果。就我个人而言，我相信这对于推动 PLTR 未来的收入具有巨大的潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2386d938e7f452a340dbb130de508f6\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> The second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN)&nbsp;is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.</p><p><blockquote>PLTR讨论的第二个巨大前景是加密铸造。看起来PLTR正在利用他们的反洗钱和了解客户的专业知识。多年来，PLTR 与多个政府合作，发现全球最大银行的合规问题，并帮助这些银行做出回应并加强其合规计划。这是完全有道理的，当你回到合同时，PLTR已经被美国国税局和美国证券交易委员会授予了（在以前的文章中讨论过）。仅在第三季度，PLTR 就与美国国税局签署了 6 份合同。如果让我猜的话，PLTR的软件会被政府方面的国税局和美国证券交易委员会使用，并被银行和加密货币交易所采用。目前，在过去24小时内，比特币基地（纳斯达克股票代码：COIN）显示比特币（BTC-USD）的交易量为438亿美元。我认为 PLTR 最终将推动其加密货币代工厂的政府和商业合同的未来收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/53c762e27799c80dbaa9914bb98a6a10\" tg-width=\"624\" tg-height=\"234\" width=\"100%\" height=\"auto\"><span>(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：Steven Fiorillo）（数据来源：联邦采购数据库）</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/005d57c6c5c926b35eac100fa35c7415\" tg-width=\"640\" tg-height=\"360\" width=\"100%\" height=\"auto\"><span>(Source: Palantir)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Palantir）</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.</p><p><blockquote>PLTR已经成为市场误解其盈利并在消息大好时抛售消息的又一统计数据。还有人希望PLTR做什么？这是一个出色的季度，第三季度收入同比增长 36%，FCF 达到 1.19 亿美元，利润率为 30%，PLTR 完成了 54 笔交易，每笔交易价值超过 100 万美元。PLTR 超出收入预期，第二次上调全年收入指引，上调自由现金流指引。这是一个关于所有积极因素的卖出消息，这创造了一个买入机会。我将长期持有 PLTR，并计划如果抛售继续的话加仓。</blockquote></p><p> <b>Seeking Alpha Marketplace</b></p><p><blockquote><b>寻求阿尔法市场</b></blockquote></p><p> I will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&amp;A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.</p><p><blockquote>我将在Seeking Alpha市场上推出一项名为Barbell Capital的订阅服务。杠铃资本将为其成员提供独家研究、模型投资组合、投资工具、问答会议、观察列表和附加功能。我还将有一个实时投资组合，专门用于通过交易、出售看跌期权和出售备兑评级来产生资本。利润将被分配到未来的资本增值投资和股息投资中，以便在我们睡觉时产生收入。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4468059-palantir-q3-beat-creating-an-opportunity\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4468059-palantir-q3-beat-creating-an-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129543601","content_text":"Summary\n\nPalantir delivered revenue growth QoQ of 36% while generating $119 million in FCF creating a 30% margin.\nPalantir's commercial revenue increased 37%, and government revenue grew by 34% YoY in Q3 showing strong forward growth trends.\nPalantir closed 54 deals in Q3 2021 with at least $1 million in contract value with 33 valued at $5+ million and 18 at $10+ million.\nPalantir increases guidance again and expects 40% revenue growth YoY at $1.527 billion and $400 million in FCF up from the previous guidance increase of $300 million.\n\nAndreas Rentz/Getty Images Entertainment\nSome investors love to hate Palantir (PLTR), which was nicknamed a black box company in the past, while others absolutely love it because they believe PLTR's software is the future. In my previous article on PLTR, I stated that based on PLTR's current revenue trend, they were setting up to deliver $399.41 million in revenue for Q3 and $423.22 million of revenue in Q4. The consensus number was $386.56 million of revenue in Q3, and PLTR delivered $392.1 million and forecasted $418 million in Q4 2021. The reaction in premarket as the earnings call was being conducted was nothing but a sea of red as PLTR sharply declined, and each time a gap tried to fill, the next leg on the downward spiral started. The news wasn't even digested, yet people decided to either take profits, exit their position or lost faith in PLTR.\nWhat wasn't there to like in the earnings release to cause the sell-off that has been hovering in the -9.03% range? PLTR delivered 36% YoY revenue growth, added 34 new customers in Q3, and closed 54 deals worth $1 million or more. PLTR increased their remaining deal value by 50% YoY to $3.6 billion and delivered $101 million in cash from operations (26% margin), and $199 million in free cash flow (30% margin). PLTR also increased guidance for 2021 as they now expect revenue growth of 40% YoY compared to their previous projection of 30% and increased their projection in FCF to $400 million from $300 million. In addition to the numbers, PLTR announced new product platforms and use cases that have tremendous potential to drive revenue and FCF in the future. I believe this sell-off will be short-lived and I am looking at it as a buying opportunity.\n(Source: Seeking Alpha)\nPalantir's revenue continues to expand on both the commercial and government side\nQuarter after Quarter since PLTR went public, their commercial business has expanded. After five quarters of going public, PLTR's quarterly commercial revenue has increased by $62 million or 55.36%. In Q3 2021, PLTR delivered $174 million in revenue from its commercial operations, which accounted for 44.38% of its $392.1 million quarterly revenue. Over the previous two years, PLTR's Q3 revenue has increased by 85.11% as it grew by 35.11% in Q3 2020 YoY and by another 37.01% YoY in Q3 of 2021. PLTR's commercial remaining deal value increased by 101% YoY from $1.1 billion in Q3 2020 to $2.2 billion in Q3 2021. Commercial customers are inviting PLTR to present their software solutions, and PLTR is winning their business. In Q3 2021, PLTR added 34 net new customers increasing their commercial customer base by 20% QoQ to 203. Over the past year, PLTR has seen its commercial customer base expand by 46.04% as it has grown by 64 clients from 139 to 203. Anyone who still classifies PLTR as a black box is not being accurate as the commercial market is learning about PLTR's software platforms and implementing their solutions to improve their operations.\n(Source: Steven Fiorillo) (Data Source: Palantir)\nSince Q1 of 2020, PLTR has increased its quarterly revenue by $163.1 million (71.23%) at an average quarterly growth rate of 9.43% QoQ. In Q3 of 2021, this trend stayed intact as revenue increased by $16.1 million QoQ or 4.28%. While the quarterly revenue growth slowed a bit QoQ compared to 10.26% in Q2 2021, PLTR is projecting its Q4 2021 revenue will be $418 million. PLTR is expecting to deliver another company record and generate $25.9 million (6.61%) in QoQ growth to close out the year.\nThe same growth story applies to their total revenue in the trailing twelve months (TTM) as well. Over the last six quarters, PLTR's TTM revenue has increased by $620.6 million (76.55%) from $810.6 million to $1.43 billion. On average, PLTR's TTM revenue growth has increased by $103.42 million (9.94%) QoQ. In Q1 2020 - Q3 2020, their average QoQ revenue growth was $94.03 million, and this has increased substantially as the past three quarters have all increased by at least $105 million QoQ. In Q3 2021, PLTR increased its TTM revenue to $1.43 billion as it added $106.8 million (8.06%) in QoQ revenue growth. Just like the quarterly metric, PLTR's TTM is expected to grow QoQ by an additional $95.9 million to $1.527 billion compared to $1.51 billion in the consensus estimate. This would place PLTR's annual revenue growth YoY well ahead of their 30% projection as they would finish 2021 having increased its revenue by $434.30 million (39.75%)\n(Source: Steven Fiorillo) (Data Source: Palantir)\nI am shocked PLTR is still in the red. PLTR is a high-growth company that is now FCF positive and expanding its metrics. In the first nine months of 2020, PLTR generated -$285 million in FCF, and at the end of the first nine months of 2021, PLTR has delivered a $605 million swing as it has produced $320 million in FCF YTD. PLTR previously increased their 2021 FCF guidance to $300, and they just increased it again to $400+ million. In the span of three months, PLTR increased its FCF projection by an additional 33.33%. In Q3, PLTR's FCF margin was 30%, and they are projecting $400+ million in FCF for 2021. At the very minimum, this would mean they will tack on an additional $80 million in FCF for 2021. If PLTR delivers $1.527 billion in revenue and $400 million in FCF, its 2021 FCF margin would be 26.2%. PLTR is still projecting 30% annual revenue growth YoY thru 2025, which would place their 2025 revenue at $4.36 billion based on their projection of $1.527 for 2021. At PLTR's current FCF margin, they would generate $1.14 billion in FCF in 2025. Considering PLTR's current trends, if they exceeded their projections and grew at 35% YoY, it would place their 2025 revenue at $5.07 billion. At their current FCF margin, they would then generate $1.33 billion in FCF in 2025.\n(Source: PLTR)\nPLTR is firing on all cylinders. YoY, their Q3 revenue grew by 36%, they raised guidance on their FCF for a 2nd time from $300 million to $400+ million and have increased their annual revenue growth guidance from 30% to roughly 40%. PLTR is still maintaining its future revenue outlook of 30% annually YoY and is creating some impressive margins. PLTR's commercial revenue grew YoY by 37%, and their government revenue grew by 34% YoY in Q3. PLTR closed at least 54 deals worth at least $1 million during Q3, and 33 of those were at least $5 million in revenue, and 18 were at least $10 million in revenue. PLTR's growth metrics are impressive, and I am expecting them to under promise and over deliver going forward.\nPalantir is entering two new sectors that are going to be huge, carbon emissions, and crypto\nIn the past, I have written about future opportunities with the government, Amazon(NASDAQ:AMZN), and International Business Machines(NYSE:IBM). On today's earnings call, PLTR introduced significant information surrounding two new products they will be offering for carbon emissions and crypto.\nThere has been a fundamental shift in the USA over climate, and President Biden rejoined the Paris Agreement to reengage in tackling climate change. Part ofthe planis to reach a net-zero emission economy-wide by 2050. Recently President Biden at the United Nations climate summit in Glasgow, Scotland, pledged to work with the European Union and dozens of other nations to reduce overall methane emissions worldwide by 30% by 2030. No matter what your stance on climate is, there are many who believe we need to lower emissions, and many nations are working on a goal. To comply, companies such as Exxon Mobil(NYSE:XOM) are conducting longer-term research on several promising innovations with outside organizations, including direct air capture technology to scrub emissions out of the air and carbonate fuel cells to capture industrial emissions from flue gas streams of power plants or manufacturing facilities. Carbon emissions management is already a booming business, and PLTR is creating a module on Foundry to present a single pane to view revenue, margin, production, and all emissions so companies can manage outcomes more efficiently. Personally, I believe this has enormous potential to drive revenue for PLTR in the future.\n(Source: Palantir)\nThe second huge prospect that PLTR discussed was Foundry for crypto. It looks like PLTR is leveraging their anti-money laundering and know-your-customer expertise. PLTR has worked with several governments over the years to find compliance issues with the world's largest banks and help those banks respond and strengthen their compliance programs. This makes complete sense, and when you go back to the contracts, PLTR has been awarded from the IRS and SEC (discussed in previous articles). In Q3 alone, PLTR inked 6 contracts with the IRS. If I had to guess, PLTR's software would be utilized by the IRS and the SEC on the government side and adopted on the commercial side by banks and crypto exchanges. Currently, in the past 24 hours,Coinbase(NASDAQ:COIN) is showing that Bitcoin (BTC-USD) has incurred a trading volume of $43.8 billion. I think PLTR will end up driving future revenue from both government and commercial contracts from its Foundry for Crypto.\n(Source: Steven Fiorillo) (Data Source: Federal Procurement Database)\n(Source: Palantir)\nConclusion\nPLTR has become another statistic of the market misunderstanding its earnings and selling the news when the news was great. What more does anyone want PLTR to do? This was an excellent quarter with revenue increasing 36% YoY in Q3, FCF came in at $119 million with a 30% margin, and PLTR closed 54 deals worth more than $1 million each. PLTR beats revenue estimates, increases guidance for its full-year revenue than for the 2nd time, increases its FCF guidance. This was a sell the news on all positive factors, which is creating a buying opportunity. I am staying long on PLTR and plan to add to my position if the sell-off continues.\nSeeking Alpha Marketplace\nI will be launching a subscription service called Barbell Capital on the Seeking Alpha Marketplace. Barbell Capital will provide exclusive research, model portfolios, investment tools, Q&A sessions, watchlists, and additional features for its members. I will also have a live portfolio dedicated to generating capital from trading, selling puts and selling covered calls. The profits will be allocated to future capital appreciating investments and investing in dividend investments to generate income while we sleep.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":2550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844043349,"gmtCreate":1636380221748,"gmtModify":1636380294592,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Drop more so I can top it up!!&nbsp;","listText":"Drop more so I can top it up!!&nbsp;","text":"Drop more so I can top it up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/844043349","repostId":"2181773705","repostType":4,"isVote":1,"tweetType":1,"viewCount":3041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845105597,"gmtCreate":1636296413321,"gmtModify":1636296413697,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls comment &amp; like, thank you :)&nbsp;","listText":"Pls comment &amp; like, thank you :)&nbsp;","text":"Pls comment & like, thank you :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/845105597","repostId":"2181074782","repostType":4,"isVote":1,"tweetType":1,"viewCount":3011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857265392,"gmtCreate":1635531021687,"gmtModify":1635531021790,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Thanks for the pov.&nbsp;","listText":"Thanks for the pov.&nbsp;","text":"Thanks for the pov.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857265392","repostId":"1196513869","repostType":2,"repost":{"id":"1196513869","kind":"news","pubTimestamp":1635490949,"share":"https://www.laohunote.com/m/news/1196513869?lang=zh_CN&edition=full","pubTime":"2021-10-29 15:02","market":"us","language":"en","title":"Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来是一如既往的绝佳投资机会</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196513869","media":"InvestorPlace","summary":"In my estimation, investing in Nio(NYSE:NIO) stock remains an excellent opportunity. I don’t say tha","content":"<p>In my estimation, investing in&nbsp;<b>Nio</b>(NYSE:<b>NIO</b>) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.</p><p><blockquote>在我看来，投资于<b>蔚来</b>（纽约证券交易所：<b>蔚来</b>) 股票仍然是一个绝佳的机会。我这么说并不是因为过去两周它的价格上涨了 20%。事实上，我并不热衷于股价在不久的将来会继续上涨。事实证明，蔚来在过去一年中一直不稳定。它是一家电动汽车制造商，也是一家中国公司，因此它完全有机会保持波动。</blockquote></p><p> But the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.</p><p><blockquote>但长期前景是清晰的。蔚来前途光明。虽然估值担忧依然存在，但这些担忧被夸大了。电动汽车股票不是化石燃料汽车股票，它们永远不会以类似的方式交易。</blockquote></p><p> The reasons that investors should consider Nio remain the same: growth and position.</p><p><blockquote>投资者应该考虑蔚来的原因保持不变：增长和头寸。</blockquote></p><p> <b>Losses are Paramount</b></p><p><blockquote><b>损失是至关重要的</b></blockquote></p><p> Naysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.</p><p><blockquote>反对者经常出于各种原因挑剔蔚来。这是一家年轻的公司，最近的季度收入为 12.25 亿美元，利润达到 2.438 亿美元。对于这样一家年轻的公司来说，这些数字是惊人的。然而，凭借强劲的销售数据，蔚来在第二季度仍然录得 9090 万美元的净亏损。</blockquote></p><p> If we compare those net losses to&nbsp;<b>Tesla’s</b>(NASDAQ:<b>TSLA</b>), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.</p><p><blockquote>如果我们将这些净亏损与<b>特斯拉的</b>（纳斯达克：<b>特斯拉</b>），蔚来看起来还不错。从2015年到2019年，特斯拉每年的净亏损都超过5亿美元。2017年，这些损失接近20亿美元。而这些亏损直到2020年才变成净收益。</blockquote></p><p> That should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.</p><p><blockquote>这应该会缓解蔚来股票投资者的担忧。如果我们假设蔚来会步特斯拉的后尘，那么亏损变成收益的转折点显然就在眼前。</blockquote></p><p> In my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.</p><p><blockquote>在我看来，亏损是看蔚来时要考虑的最重要的数字之一。运营效率不可能一蹴而就。但任何积极的投资者都必须想象净收益对公司来说是不可避免的。</blockquote></p><p> Nio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.</p><p><blockquote>蔚来将继续增加交付数量，同时寻找新的效率。转折点很快就会出现。最近的一篇文章表明，威洛库尔将在 2023 年提出这一点。</blockquote></p><p> For now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.</p><p><blockquote>目前，面对全球半导体短缺和供应链中断，投资者应该对蔚来的交付数据感到满意。</blockquote></p><p> <b>Deliveries Equally Paramount</b></p><p><blockquote><b>交付同样重要</b></blockquote></p><p> In Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车。从不同的角度来看，这令人失望。与去年同期相比，这是一个非常强劲的数字。这些交付量比 2020 年第二季度的 10,331 辆增加了 112%。</blockquote></p><p> However, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.</p><p><blockquote>然而，按顺序来看，有理由感到担忧。蔚来第一季度交付了 20,060 辆汽车。目前，9.15% 的交付增长率对蔚来来说还远远不够。这一事实导致蔚来股价在第二季度财报公布后立即下跌 15%。</blockquote></p><p> So it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:</p><p><blockquote>因此，蔚来希望公众了解它希望增加交付量也就不足为奇了。最近的一份新闻稿显示：</blockquote></p><p>   “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”  We can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.</p><p><blockquote>“在蔚来团队和供应链合作伙伴的共同努力下，蔚来于 2021 年 9 月在全球交付了 10,628 辆汽车，创下历史最高月度纪录，同比强劲增长 125.7%。”我们可以假设，如果供应链问题正常，蔚来在第二季度会交付更多的汽车。然而，他们并没有。蔚来指出，与其供应链合作伙伴的共同努力导致了创纪录的 9 月份交付数字。换句话说，尽管存在问题，它还是努力推动交付量上升。</blockquote></p><p> The company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.</p><p><blockquote>该公司还指出，截至 9 月份的三个月内交付了 24,439 辆汽车。这表明增长更符合投资者的预期，并且该公司正在解决供应链问题。</blockquote></p><p> <b>What to Do</b></p><p><blockquote><b>怎么办</b></blockquote></p><p> I remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.</p><p><blockquote>尽管蔚来的宏观环境包括严重的逆风，但我仍然是它的粉丝。鉴于中国努力控制经济，作为一家中国公司会让蔚来面临更大的风险。半导体供应链也特别困难。</blockquote></p><p> But Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.</p><p><blockquote>但蔚来将在第三季度再创历史新高。蔚来作为全球电动汽车竞争对手的未来是确定的。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来是一如既往的绝佳投资机会</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Is the Same Great Investment Opportunity It Always Was<blockquote>蔚来是一如既往的绝佳投资机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-10-29 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In my estimation, investing in&nbsp;<b>Nio</b>(NYSE:<b>NIO</b>) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.</p><p><blockquote>在我看来，投资于<b>蔚来</b>（纽约证券交易所：<b>蔚来</b>) 股票仍然是一个绝佳的机会。我这么说并不是因为过去两周它的价格上涨了 20%。事实上，我并不热衷于股价在不久的将来会继续上涨。事实证明，蔚来在过去一年中一直不稳定。它是一家电动汽车制造商，也是一家中国公司，因此它完全有机会保持波动。</blockquote></p><p> But the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.</p><p><blockquote>但长期前景是清晰的。蔚来前途光明。虽然估值担忧依然存在，但这些担忧被夸大了。电动汽车股票不是化石燃料汽车股票，它们永远不会以类似的方式交易。</blockquote></p><p> The reasons that investors should consider Nio remain the same: growth and position.</p><p><blockquote>投资者应该考虑蔚来的原因保持不变：增长和头寸。</blockquote></p><p> <b>Losses are Paramount</b></p><p><blockquote><b>损失是至关重要的</b></blockquote></p><p> Naysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.</p><p><blockquote>反对者经常出于各种原因挑剔蔚来。这是一家年轻的公司，最近的季度收入为 12.25 亿美元，利润达到 2.438 亿美元。对于这样一家年轻的公司来说，这些数字是惊人的。然而，凭借强劲的销售数据，蔚来在第二季度仍然录得 9090 万美元的净亏损。</blockquote></p><p> If we compare those net losses to&nbsp;<b>Tesla’s</b>(NASDAQ:<b>TSLA</b>), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.</p><p><blockquote>如果我们将这些净亏损与<b>特斯拉的</b>（纳斯达克：<b>特斯拉</b>），蔚来看起来还不错。从2015年到2019年，特斯拉每年的净亏损都超过5亿美元。2017年，这些损失接近20亿美元。而这些亏损直到2020年才变成净收益。</blockquote></p><p> That should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.</p><p><blockquote>这应该会缓解蔚来股票投资者的担忧。如果我们假设蔚来会步特斯拉的后尘，那么亏损变成收益的转折点显然就在眼前。</blockquote></p><p> In my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.</p><p><blockquote>在我看来，亏损是看蔚来时要考虑的最重要的数字之一。运营效率不可能一蹴而就。但任何积极的投资者都必须想象净收益对公司来说是不可避免的。</blockquote></p><p> Nio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.</p><p><blockquote>蔚来将继续增加交付数量，同时寻找新的效率。转折点很快就会出现。最近的一篇文章表明，威洛库尔将在 2023 年提出这一点。</blockquote></p><p> For now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.</p><p><blockquote>目前，面对全球半导体短缺和供应链中断，投资者应该对蔚来的交付数据感到满意。</blockquote></p><p> <b>Deliveries Equally Paramount</b></p><p><blockquote><b>交付同样重要</b></blockquote></p><p> In Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车。从不同的角度来看，这令人失望。与去年同期相比，这是一个非常强劲的数字。这些交付量比 2020 年第二季度的 10,331 辆增加了 112%。</blockquote></p><p> However, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.</p><p><blockquote>然而，按顺序来看，有理由感到担忧。蔚来第一季度交付了 20,060 辆汽车。目前，9.15% 的交付增长率对蔚来来说还远远不够。这一事实导致蔚来股价在第二季度财报公布后立即下跌 15%。</blockquote></p><p> So it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:</p><p><blockquote>因此，蔚来希望公众了解它希望增加交付量也就不足为奇了。最近的一份新闻稿显示：</blockquote></p><p>   “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”  We can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.</p><p><blockquote>“在蔚来团队和供应链合作伙伴的共同努力下，蔚来于 2021 年 9 月在全球交付了 10,628 辆汽车，创下历史最高月度纪录，同比强劲增长 125.7%。”我们可以假设，如果供应链问题正常，蔚来在第二季度会交付更多的汽车。然而，他们并没有。蔚来指出，与其供应链合作伙伴的共同努力导致了创纪录的 9 月份交付数字。换句话说，尽管存在问题，它还是努力推动交付量上升。</blockquote></p><p> The company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.</p><p><blockquote>该公司还指出，截至 9 月份的三个月内交付了 24,439 辆汽车。这表明增长更符合投资者的预期，并且该公司正在解决供应链问题。</blockquote></p><p> <b>What to Do</b></p><p><blockquote><b>怎么办</b></blockquote></p><p> I remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.</p><p><blockquote>尽管蔚来的宏观环境包括严重的逆风，但我仍然是它的粉丝。鉴于中国努力控制经济，作为一家中国公司会让蔚来面临更大的风险。半导体供应链也特别困难。</blockquote></p><p> But Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.</p><p><blockquote>但蔚来将在第三季度再创历史新高。蔚来作为全球电动汽车竞争对手的未来是确定的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/nio-same-great-investment-opportunity-100041924.html\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://finance.yahoo.com/news/nio-same-great-investment-opportunity-100041924.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196513869","content_text":"In my estimation, investing in Nio(NYSE:NIO) stock remains an excellent opportunity. I don’t say that only because it has risen by 20% in price over the past two weeks. In fact, I’m not very enthusiastic that share prices will continue to rise in the immediate future. Nio has proven volatile over the year. It’s an EV maker and a Chinese firm, so it has every chance to remain volatile.\nBut the longer-term picture is clear. Nio has a bright future ahead. And while valuation concerns persist, they’re overblown. EV stocks are not fossil fuel vehicles stocks and they will never trade similarly.\nThe reasons that investors should consider Nio remain the same: growth and position.\nLosses are Paramount\nNaysayers often find fault in Nio for any number of reasons. It’s a young company which most recently recorded$1.225 billion in quarterly revenues, reaching $243.8 million in profits. Those are phenomenal numbers for such a young company. However, Nio still managed to record a net loss of $90.9 million in Q2 on those strong sales numbers.\nIf we compare those net losses to Tesla’s(NASDAQ:TSLA), Nio doesn’t look bad. From 2015 to 2019 Tesla recordedannual net losses exceeding $500 millionin each year. In 2017, those losses approached $2 billion. And those losses only became net gains in 2020.\nThat should ease the worries of Nio stock investors. If we assume Nio will follow Tesla’s footsteps, then a turning point where losses become gains is clearly ahead.\nIn my mind, losses are one of the most important numbers to consider when looking at Nio. Operational efficiency can’t happen overnight. But any positive investor has to imagine that net gains are an inevitability for the firm.\nNio is going to continue to increase its delivery numbers while finding new efficiencies. A turning point will occur sometime soon. A recent article suggests that point willoccur in 2023.\nFor now, investors should be satisfied with Nio’s delivery numbers in the face of a global semiconductor shortage and disrupted supply chains.\nDeliveries Equally Paramount\nIn Q2, Nio delivered 21,896 vehicles. Depending on one’s perspective, that was disappointing. On a year-over-year basis it was a very strong number. Those deliveries represented a 112% delivery increase from 10,331 in Q2 ‘20.\nHowever, on a sequential basis, there was reason for some concern. Nio delivered 20,060 vehicles in Q1. And 9.15% delivery growth simply isn’t enough for Nio at this point. That truth factored into NIO stock sliding 15% immediately following Q2 earnings.\nSo it is no surprise that Nio wants the public to understand that it expects to increase those deliveries.A recent press release shows as much:\n\n “With the concerted efforts of NIO teams and supply chain partners, NIO delivered 10,628 vehicles globally in September 2021, an all-time high monthly record representing a robust growth of 125.7% year-over-year.”\n\nWe can assume that Nio would have delivered far more vehicles in Q2 were supply chain issues normal. However, they weren’t. Nio noted that concerted efforts with its supply chain partners have resulted in that record September delivery figure. In other words, it pressed hard despite the issues so that deliveries would rise.\nThe company also noted that it delivered 24,439 vehicles in the three months ended September. That indicates growth more in line with what investors expect and that the firm is solving supply chain issues.\nWhat to Do\nI remain a fan of Nio despite its macro environment—which includes severe headwinds. Being a Chinese firm makes Nio riskier given China’s efforts to control its economy. The semiconductor supply chain is notably difficult as well.\nBut Nio will post another record quarter in Q3. And the future is certain for Nio as a global EV competitor.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857269635,"gmtCreate":1635530439291,"gmtModify":1635530439393,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857269635","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857681665,"gmtCreate":1635521714567,"gmtModify":1635521714676,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857681665","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4087,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853997448,"gmtCreate":1634751093922,"gmtModify":1634751094337,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"This is interesting :))&nbsp;","listText":"This is interesting :))&nbsp;","text":"This is interesting :))","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853997448","repostId":"1181418547","repostType":4,"isVote":1,"tweetType":1,"viewCount":4133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853994168,"gmtCreate":1634750769485,"gmtModify":1634750769866,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Crazy","listText":"Crazy","text":"Crazy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/853994168","repostId":"1181418547","repostType":4,"isVote":1,"tweetType":1,"viewCount":1472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865724204,"gmtCreate":1633024181284,"gmtModify":1633024181655,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment, thanks :)&nbsp;","listText":"Pls like &amp; comment, thanks :)&nbsp;","text":"Pls like & comment, thanks :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865724204","repostId":"1143063659","repostType":4,"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860130022,"gmtCreate":1632144797266,"gmtModify":1632802564934,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860130022","repostId":"1194891884","repostType":4,"repost":{"id":"1194891884","kind":"news","pubTimestamp":1632091615,"share":"https://www.laohunote.com/m/news/1194891884?lang=zh_CN&edition=full","pubTime":"2021-09-20 06:46","market":"us","language":"en","title":"Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194891884","media":"Barrons","summary":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also","content":"<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</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>Nike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNike, Costco, FedEx, Salesforce, and Other Stocks for Investors to Watch This Week<blockquote>耐克、好市多、联邦快递、Salesforce 和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-20 06:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.</p><p><blockquote>本周的重头戏将是美联储 9 月份的政策会议。投资者还将关注多项企业财报发布、投资者日和最新经济数据。</blockquote></p><p> Lennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report&nbsp;on Thursday. Investor days this week include&nbsp;Biogen on Tuesday,&nbsp;Weyerhaeuser on Wednesday, and&nbsp;Salesforce.com on Thursday.</p><p><blockquote>Lennar 将于周一公布季度收益，随后 Adobe、AutoZone 和 FedEx 将于周二公布业绩。通用磨坊周三发布报告，耐克、埃森哲、好市多批发和达顿餐厅周四发布报告。本周的投资者日包括周二的百健、周三的惠好和周四的 Salesforce.com。</blockquote></p><p> The Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely&nbsp;to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s&nbsp;press conference with Fed chair Jerome Powell will be closely&nbsp;watched.</p><p><blockquote>美联储货币政策委员会将于本周二和周三召开会议。央行不太可能改变其目标利率区间，但可能会更新其开始减少每月资产购买的计划。周三下午美联储主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会将受到密切关注。</blockquote></p><p> Economic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’&nbsp;existing-home sales for August on Wednesday.</p><p><blockquote>本周公布的经济数据包括世界大型企业联合会周四公布的 8 月份领先经济指数。美国房地产市场还将发布多项最新消息，包括周一公布的全国房屋建筑商协会（National Association of Home Builders）9 月份住房市场指数、周二公布的人口普查局（Census Bureau）8 月份新住宅建设数据以及周三公布的全国房地产经纪人协会（National Association of Realtors）8 月份成屋销售数据。</blockquote></p><p> <b>Monday 9/20</b></p><p><blockquote><b>9/20星期一</b></blockquote></p><p> Lennar reports third-quarter fiscal-2021 results.</p><p><blockquote>Lennar 报告 2021 财年第三季度业绩。</blockquote></p><p> Merck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.</p><p><blockquote>默克公司在欧洲肿瘤医学学会 2021 年大会上展示了其癌症药物组合的数据。</blockquote></p><p> <b>The National Association</b>&nbsp;of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.</p><p><blockquote><b>全国协会</b>Home Builders 发布 9 月份房地产市场指数。经济学家预测读数为 73，比 8 月份的数字低 2 个百分点，8 月份是一年多来的最低值。</blockquote></p><p> <b>Tuesday 9/21</b></p><p><blockquote><b>9月21日星期二</b></blockquote></p><p> Adobe, AutoZone, and FedEx release earnings.</p><p><blockquote>Adobe、AutoZone 和联邦快递发布财报。</blockquote></p><p> Biogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.</p><p><blockquote>百健举办投资者日活动，讨论其神经科学疗法管道。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.</p><p><blockquote><b>人口普查局</b>8月份新住宅建设报告。普遍估计，经季节性调整后的新屋开工年率为 155 万套，比 7 月份的水平高出 1%。新屋开工率低于今年 3 月达到的金融危机后峰值 172.5 万套。</blockquote></p><p> <b>Wednesday 9/22</b></p><p><blockquote><b>9月22日星期三</b></blockquote></p><p> <b>The FOMC announces</b>&nbsp;its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.</p><p><blockquote><b>联邦公开市场委员会宣布</b>其货币政策决定。美联储可能会将联邦基金利率维持在接近于零的水平不变，但可能会暗示将在今年晚些时候削减资产购买。</blockquote></p><p> General Mills reports first-quarter fiscal-2022 results.</p><p><blockquote>通用磨坊公布 2022 财年第一季度业绩。</blockquote></p><p> Boston Scientific,Weyerhaeuser, and&nbsp;Yum China Holdings&nbsp;host their 2021 investor days.</p><p><blockquote>波士顿科学、惠好和百胜中国控股公司举办 2021 年投资者日。</blockquote></p><p> <b>TheBank of Japan</b>&nbsp;announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.</p><p><blockquote><b>日本银行</b>宣布货币政策决定。人们普遍预计日本央行将维持其关键短期利率在负0.1%不变，因为由于新冠肺炎德尔塔变异毒株，东京都和其他地区在9月底前仍处于紧急状态。</blockquote></p><p> <b>The National Association</b>&nbsp;of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5%&nbsp;from July’s 599,000.</p><p><blockquote><b>全国协会</b>房地产经纪人报告8月份的现房销售情况。经季节性调整后，预计全年售出房屋57.8万套，比7月份的59.9万套下降3.5%。</blockquote></p><p> <b>Thursday 9/23</b></p><p><blockquote><b>9月23日星期四</b></blockquote></p><p> Accenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.</p><p><blockquote>埃森哲、好市多批发、达顿餐厅和耐克公司在评级举行会议，讨论他们的季度业绩。</blockquote></p><p> Salesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.</p><p><blockquote>Salesforce.com 举办 2021 年投资者日。首席执行官马克·贝尼奥夫和Slack首席执行官斯图尔特·巴特菲尔德将出席。Salesforce 今年夏天完成了对 Slack 的 280 亿美元收购。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.</p><p><blockquote><b>会议委员会</b>发布8月份领先经济指数。经济学家预测，继 7 月份上涨 0.9% 之后，环比上涨 0.5%。世界大型企业联合会目前预计 2021 年国内生产总值增长 6%，2022 年增长 4%。</blockquote></p><p> <b>Friday 9/24</b></p><p><blockquote><b>9月24日星期五</b></blockquote></p><p> Kansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.</p><p><blockquote>堪萨斯城南方公司召开特别股东大会，就与加拿大太平洋铁路公司的合并提案进行投票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COST":"好市多","CRM":"赛富时","NKE":"耐克",".IXIC":"NASDAQ Composite","ADBE":"Adobe",".SPX":"S&P 500 Index",".DJI":"道琼斯","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-costco-fedex-salesforce-and-other-stocks-for-investors-to-watch-this-week-51632078208?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194891884","content_text":"The main event this week will be the Federal Reserve’s September policy meeting. Investors will also be watching for several corporate earnings releases, investor days, and the latest economic data.\nLennar reports quarterly earnings on Monday, followed by results from Adobe, AutoZone, and FedEx on Tuesday. General Mills goes on Wednesday, then Nike, Accenture, Costco Wholesale, and Darden Restaurants report on Thursday. Investor days this week include Biogen on Tuesday, Weyerhaeuser on Wednesday, and Salesforce.com on Thursday.\nThe Federal Reserve’s monetary policy committee meets on Tuesday and Wednesday this week. The central bank is unlikely to change its target interest rate range, but could give an update on its plans to begin reducing its monthly asset purchases. Wednesday afternoon’s press conference with Fed chair Jerome Powell will be closely watched.\nEconomic data out this week include the Conference Board’s Leading Economic Index for August on Thursday. There will also be several updates on the U.S. housing market including the National Association of Home Builders’ Housing Market Index for September on Monday, the Census Bureau’s new residential construction data for August on Tuesday, and the National Association of Realtors’ existing-home sales for August on Wednesday.\nMonday 9/20\nLennar reports third-quarter fiscal-2021 results.\nMerck presents data on its portfolio of cancer drugs, in conjunction with the European Society for Medical Oncology’s 2021 Congress.\nThe National Association of Home Builders releases its Housing Market Index for September. Economists forecast a 73 reading, two points below August’s figure, which was the lowest in more than a year.\nTuesday 9/21\nAdobe, AutoZone, and FedEx release earnings.\nBiogen hosts an investor day to discuss its pipeline of neuroscience therapeutics.\nThe Census Bureau reports on new residential construction for August. Consensus estimate is for a seasonally adjusted annual rate of 1.55 million housing starts, 1% higher than the July level. Housing starts are down from their post–financial crisis peak of 1.725 million, reached in March of this year.\nWednesday 9/22\nThe FOMC announces its monetary-policy decision. The Federal Reserve is likely to keep the federal-funds rate unchanged at near zero, but might signal that it will pare its asset purchases later this year.\nGeneral Mills reports first-quarter fiscal-2022 results.\nBoston Scientific,Weyerhaeuser, and Yum China Holdings host their 2021 investor days.\nTheBank of Japan announces its monetary-policy decision. The BOJ is widely expected to keep its key short-term interest rate unchanged at minus 0.1%, as Tokyo and other regions remain in a state of emergency through the end of September due to the Covid-19 Delta variant.\nThe National Association of Realtors reports existing-home sales for August. Expectations are for a seasonally adjusted annual rate of 578,000 homes sold, down 3.5% from July’s 599,000.\nThursday 9/23\nAccenture, Costco Wholesale, Darden Restaurants, and Nike hold conference calls to discuss their quarterly results.\nSalesforce.com holds its 2021 investor day. CEO Marc Benioff and Slack CEO Stewart Butterfield will be among the participants. Salesforce completed its $28 billion acquisition of Slack this summer.\nThe Conference Board releases its Leading Economic Index for August. Economists forecast a 0.5% month-over-month rise, after a 0.9% increase in July. The Conference Board currently projects 6% gross-domestic-product growth for 2021, and 4% for 2022.\nFriday 9/24\nKansas City Southernhosts a special shareholder meeting to vote on a proposed merger withCanadian Pacific Railway.","news_type":1,"symbols_score_info":{"NKE":0.9,"COST":0.9,".SPX":0.9,"ADBE":0.9,".IXIC":0.9,"CRM":0.9,"FDX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860197206,"gmtCreate":1632144754305,"gmtModify":1632802565296,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like and comment, thank you 😊&nbsp;","listText":"Pls like and comment, thank you 😊&nbsp;","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860197206","repostId":"1131742866","repostType":4,"repost":{"id":"1131742866","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632143946,"share":"https://www.laohunote.com/m/news/1131742866?lang=zh_CN&edition=full","pubTime":"2021-09-20 21:19","market":"us","language":"en","title":"4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131742866","media":"Benzinga Earnings","summary":"When insiders sell shares, it indicates their concern in the company’s prospects or that they view t","content":"<p>When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.</p><p><blockquote>当内部人士出售股票时，表明他们对公司的前景感到担忧，或者认为股票定价过高。无论哪种方式，这都预示着做空该股票的机会。内幕销售不应被视为做出投资或交易决定的唯一指标。充其量，它可以让卖出决定充满信心。</blockquote></p><p> Below is a look at a few recent notable insider sales.</p><p><blockquote>下面是最近一些值得注意的内部销售。</blockquote></p><p> <b>International Money Express</b></p><p><blockquote><b>国际货币快报</b></blockquote></p><p> <b>The Trade:International Money <a href=\"https://laohu8.com/S/EXPR\">Express, Inc.</a></b>&nbsp;IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincon<i>disposed a total of 57719 shares</i>at an average price of $17.01. The insider received $981,903.03 as a result of the transaction.</p><p><blockquote><b>贸易：国际货币<a href=\"https://laohu8.com/S/EXPR\">快递公司。</a></b>IMXI+undefined%（获取 IMXI 的免费警报）导演 John Rincon<i>出售合共57719股股份</i>平均价格为17.01美元。该内部人士因交易获得了981,903.03美元。</blockquote></p><p> <b>What’s Happening:</b>International Money Express, last month announced a $40 million buyback program.</p><p><blockquote><b>发生了什么：</b>《国际货币快报》上个月宣布了一项4000万美元的回购计划。</blockquote></p><p> <b>What International Money Express Does:</b>International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).</p><p><blockquote><b>国际货币快报的功能：</b>国际货币快递是美国到拉丁美洲走廊（LAC）的汇款服务处理商。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> </b></p><p><blockquote><b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a></b></blockquote></p><p> <b>The Trade:Skechers U.S.A., Inc.</b>&nbsp;SKX+0.02%Director Jeffrey Greenberg<i>sold a total of 50000 shares</i>at an average price of $45.38. The insider received $2,269,140.00 from selling those shares.</p><p><blockquote><b>贸易：斯凯奇美国公司。</b>SKX+0.02%董事杰弗里·格林伯格<i>共出售50000股股份</i>平均价格为 45.38 美元。该内部人士从出售这些股票中获得了 2,269,140.00 美元。</blockquote></p><p> <b>What’s Happening:</b>The company, in July, said it swung to a profit for the second quarter.</p><p><blockquote><b>发生了什么：</b>该公司7月份表示，第二季度扭亏为盈。</blockquote></p><p> <b>What Skechers Does:</b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> is a lifestyle footwear company under the Skechers GO brand name.</p><p><blockquote><b>斯凯奇做什么：</b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a>是一家斯凯奇GO品牌下的生活方式鞋类公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CROX\">Crocs</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/CROX\">洞洞鞋</a></b></blockquote></p><p> <b>The Trade:Crocs, Inc.</b>&nbsp;CROX+0.02%Director Ronald Frasch<i>sold a total of 33000 shares</i>at an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.</p><p><blockquote><b>贸易：Crocs, Inc.</b>CROX+0.02%董事Ronald Frasch<i>共出售33000股股份</i>平均价格为153.92美元。该内部人士因交易获得了 5,079,387.66 美元。</blockquote></p><p> <b>What’s Happening:</b>Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.</p><p><blockquote><b>发生了什么：</b>Crocs 首席执行官 Andrew Rees 最近表示，到 2026 年，Crocs 品牌的销售额预计将增长到 50 亿美元以上。</blockquote></p><p> <b>What Crocs Does:</b>Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.</p><p><blockquote><b>鳄鱼做什么：</b>Crocs从事男士、女士和儿童休闲生活方式鞋类配件的设计、开发、营销、分销和销售。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <b>The Trade:Workday, Inc.</b>&nbsp;WDAY+0.02%Director David Duffield<i>sold a total of 108900 shares</i>at an average price of $269.37. The insider received $29,334,827.31 from selling those shares.</p><p><blockquote><b>贸易：Workday, Inc.</b>WDAY+0.02%导演大卫·达菲尔德<i>合共出售108,900股股份</i>平均价格为 269.37 美元。该内部人士从出售这些股票中获得了 29,334,827.31 美元。</blockquote></p><p> <b>What’s Happening:</b>Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.</p><p><blockquote><b>发生了什么：</b>巴克莱银行周五维持工作日跑赢大盘，并将目标价从 309 美元上调至 340 美元。</blockquote></p><p> <b>What Workday Does:</b>Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.</p><p><blockquote><b>工作日做什么：</b>Workday是一家提供人力资本管理（HCM）、财务管理和业务规划解决方案的软件公司。Workday 以纯云软件提供商而闻名，总部位于加利福尼亚州普莱森顿。</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>4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-20 21:19</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.</p><p><blockquote>当内部人士出售股票时，表明他们对公司的前景感到担忧，或者认为股票定价过高。无论哪种方式，这都预示着做空该股票的机会。内幕销售不应被视为做出投资或交易决定的唯一指标。充其量，它可以让卖出决定充满信心。</blockquote></p><p> Below is a look at a few recent notable insider sales.</p><p><blockquote>下面是最近一些值得注意的内部销售。</blockquote></p><p> <b>International Money Express</b></p><p><blockquote><b>国际货币快报</b></blockquote></p><p> <b>The Trade:International Money <a href=\"https://laohu8.com/S/EXPR\">Express, Inc.</a></b>&nbsp;IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincon<i>disposed a total of 57719 shares</i>at an average price of $17.01. The insider received $981,903.03 as a result of the transaction.</p><p><blockquote><b>贸易：国际货币<a href=\"https://laohu8.com/S/EXPR\">快递公司。</a></b>IMXI+undefined%（获取 IMXI 的免费警报）导演 John Rincon<i>出售合共57719股股份</i>平均价格为17.01美元。该内部人士因交易获得了981,903.03美元。</blockquote></p><p> <b>What’s Happening:</b>International Money Express, last month announced a $40 million buyback program.</p><p><blockquote><b>发生了什么：</b>《国际货币快报》上个月宣布了一项4000万美元的回购计划。</blockquote></p><p> <b>What International Money Express Does:</b>International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).</p><p><blockquote><b>国际货币快报的功能：</b>国际货币快递是美国到拉丁美洲走廊（LAC）的汇款服务处理商。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> </b></p><p><blockquote><b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a></b></blockquote></p><p> <b>The Trade:Skechers U.S.A., Inc.</b>&nbsp;SKX+0.02%Director Jeffrey Greenberg<i>sold a total of 50000 shares</i>at an average price of $45.38. The insider received $2,269,140.00 from selling those shares.</p><p><blockquote><b>贸易：斯凯奇美国公司。</b>SKX+0.02%董事杰弗里·格林伯格<i>共出售50000股股份</i>平均价格为 45.38 美元。该内部人士从出售这些股票中获得了 2,269,140.00 美元。</blockquote></p><p> <b>What’s Happening:</b>The company, in July, said it swung to a profit for the second quarter.</p><p><blockquote><b>发生了什么：</b>该公司7月份表示，第二季度扭亏为盈。</blockquote></p><p> <b>What Skechers Does:</b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> is a lifestyle footwear company under the Skechers GO brand name.</p><p><blockquote><b>斯凯奇做什么：</b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a>是一家斯凯奇GO品牌下的生活方式鞋类公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CROX\">Crocs</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/CROX\">洞洞鞋</a></b></blockquote></p><p> <b>The Trade:Crocs, Inc.</b>&nbsp;CROX+0.02%Director Ronald Frasch<i>sold a total of 33000 shares</i>at an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.</p><p><blockquote><b>贸易：Crocs, Inc.</b>CROX+0.02%董事Ronald Frasch<i>共出售33000股股份</i>平均价格为153.92美元。该内部人士因交易获得了 5,079,387.66 美元。</blockquote></p><p> <b>What’s Happening:</b>Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.</p><p><blockquote><b>发生了什么：</b>Crocs 首席执行官 Andrew Rees 最近表示，到 2026 年，Crocs 品牌的销售额预计将增长到 50 亿美元以上。</blockquote></p><p> <b>What Crocs Does:</b>Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.</p><p><blockquote><b>鳄鱼做什么：</b>Crocs从事男士、女士和儿童休闲生活方式鞋类配件的设计、开发、营销、分销和销售。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <b>The Trade:Workday, Inc.</b>&nbsp;WDAY+0.02%Director David Duffield<i>sold a total of 108900 shares</i>at an average price of $269.37. The insider received $29,334,827.31 from selling those shares.</p><p><blockquote><b>贸易：Workday, Inc.</b>WDAY+0.02%导演大卫·达菲尔德<i>合共出售108,900股股份</i>平均价格为 269.37 美元。该内部人士从出售这些股票中获得了 29,334,827.31 美元。</blockquote></p><p> <b>What’s Happening:</b>Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.</p><p><blockquote><b>发生了什么：</b>巴克莱银行周五维持工作日跑赢大盘，并将目标价从 309 美元上调至 340 美元。</blockquote></p><p> <b>What Workday Does:</b>Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.</p><p><blockquote><b>工作日做什么：</b>Workday是一家提供人力资本管理（HCM）、财务管理和业务规划解决方案的软件公司。Workday 以纯云软件提供商而闻名，总部位于加利福尼亚州普莱森顿。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CORX":"2x Corn ETF","SKX":"斯凯奇","WDAY":"Workday","EXPR":"Express, Inc.","IMXI":"国际货币快递"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131742866","content_text":"When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.\nBelow is a look at a few recent notable insider sales.\nInternational Money Express\nThe Trade:International Money Express, Inc. IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincondisposed a total of 57719 sharesat an average price of $17.01. The insider received $981,903.03 as a result of the transaction.\nWhat’s Happening:International Money Express, last month announced a $40 million buyback program.\nWhat International Money Express Does:International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).\nSkechers USA \nThe Trade:Skechers U.S.A., Inc. SKX+0.02%Director Jeffrey Greenbergsold a total of 50000 sharesat an average price of $45.38. The insider received $2,269,140.00 from selling those shares.\nWhat’s Happening:The company, in July, said it swung to a profit for the second quarter.\nWhat Skechers Does:Skechers USA is a lifestyle footwear company under the Skechers GO brand name.\nCrocs\nThe Trade:Crocs, Inc. CROX+0.02%Director Ronald Fraschsold a total of 33000 sharesat an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.\nWhat’s Happening:Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.\nWhat Crocs Does:Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.\nWorkday\nThe Trade:Workday, Inc. WDAY+0.02%Director David Duffieldsold a total of 108900 sharesat an average price of $269.37. The insider received $29,334,827.31 from selling those shares.\nWhat’s Happening:Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.\nWhat Workday Does:Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.","news_type":1,"symbols_score_info":{"WDAY":0.9,"EXPR":0.9,"CORX":0.9,"IMXI":0.9,"SKX":0.9}},"isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884866462,"gmtCreate":1631879915756,"gmtModify":1632805631360,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment, thank you 😊&nbsp;","listText":"Pls like &amp; comment, thank you 😊&nbsp;","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/884866462","repostId":"1101041809","repostType":4,"repost":{"id":"1101041809","kind":"news","pubTimestamp":1631878190,"share":"https://www.laohunote.com/m/news/1101041809?lang=zh_CN&edition=full","pubTime":"2021-09-17 19:29","market":"us","language":"en","title":"AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101041809","media":"Seeking Alpha","summary":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD 在过去几年中改变了其业务和财务状况，现在是半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要得益于其产品组合，使 AMD 能够报告创纪录的收入和盈利。</li><li>与 Nvidia 或 ASML 相比，它的估值较低，到 2024 年底，我的目标价是每股 215 美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微器件</b>(AMD) 在长期半导体增长主题中表现出色，因为其强劲的增长、与在各自细分市场中处于领先地位的其他公司相比的合理估值以及未来三年强劲的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元（APU）和图形处理单元（GPU）提供微处理器。其主要竞争对手是<b>英特尔</b>（INTC）和<b>英伟达</b>（NVDA），历史上一直是各自细分市场（CPU 和 GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有人占其年收入的10%以上，超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年 10 月，AMD 达成协议收购<b>赛灵思</b>(XLNX)，当时价值 350 亿美元的全股票交易。此次收购的战略理由是提升AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，将带来成本协同效应以及更强的创新和产品差异化，预示着AMD未来的增长和盈利能力。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD 的增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持整个行业未来多年的增长。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据 MarketWatch 的数据，预计 2021-28 年期间半导体行业的复合年增长率 (CAGR) 将达到 8.6%，其中逻辑细分市场是主要增长动力，这对 AMD 的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力外，AMD 还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位已显着提高。虽然英特尔多年来一直是个人电脑领域领先的芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD 现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏领域崛起的主要参与者，这些市场都是不断增长的市场，而 AMD 的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的总潜在市场约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中都有大量的增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD跨越多个应用的产品组合的支持，这些应用目前在性能方面处于领先地位，性能是个人和企业客户在决定购买PC时的一个关键因素，以及对数据中心客户更重要的能效。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD 的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对 AMD 近期的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领先地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着 AMD 处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于 2023 年进入高性能计算 CPU 市场），因此行业格局可能会迅速变化，任何参与者都不应认为它能够在长期内拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了数据中心、个人电脑和游戏领域的增长机会外，AMD 在汽车行业也拥有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA) 作为 Model S/X 信息娱乐系统的客户超过英特尔，尽管其在汽车行业的存在仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强 AMD 在汽车等新行业的地位，AMD 大约一年前同意收购赛灵思，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使 AMD 的总潜在市场增加到约 1100 亿美元，预计在产生协同效应之前将产生财务增值，这使得这笔交易对 AMD 来说非常有趣。目前尚不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会欢迎这笔交易。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD 财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>关于其财务业绩，AMD 有着非常好的历史，尤其是在过去几年中。在公司产品组合改进的支持下，AMD 的收入和盈利显着增长，该公司去年报告了创纪录的业绩。尽管如此，AMD 的收入从 2016 年到 2020 年以 22% 的复合年增长率增长，表明 AMD 能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD 确认了与递延所得税资产相关的 13 亿美元税收收益，因此其“净”净利润接近 12 亿美元，与 2019 年（净利润 3.41 亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其大部分收入增长来自计算和图形业务量的增加，这得益于 2020 年推出的多款产品，但也来自疫情导致对消费电子产品和游戏产品的需求增加，以及数据中心部门收入的增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年的前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下新的季度记录，毛利率增至48%，净利润达到7.1亿美元（同比增长350%），自由现金流达到新纪录本季度8.88亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的表现是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长 160%，表明 AMD 的产品组合质量上乘，正在赢得市场份额超过其竞争对手，尤其是在数据中心细分市场。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>鉴于 AMD 显然比其主要竞争对手英特尔拥有技术领先优势，而这在我看来与台积电强大的制造能力密不可分，数据中心领域的这种强劲增长预计不会很快改变。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电目前是业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在其技术发展方面遭遇了几次挫折，即7nm工艺延迟，预计在未来2-3年内无法与台积电平起平坐。此外，台积电已经在研究3nm工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5nm工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中显而易见，AMD 在数据中心领域的收入增长使英特尔相形见绌，而数据中心领域在过去几年中一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”上讨论的那样，英特尔最近关于其产品组合的声明并没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非其竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>展望未来，随着年度比较变得更加困难，AMD 的增长率应该会开始有所下降，但其中期增长前景仍然相当不错。事实上，根据分析师的估计，AMD 2021年的收入预计约为156亿美元（同比增长60%），而未来四年的年增长率应降至15-20%之间，到2025年收入约为280亿美元。这意味着未来四年的CAGR约为16%，这仍然相当不错。然而，这些预期不包括即将进行的与赛灵思的合并，如果交易进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长外，AMD 的利润率预计也将提高，因为其 2020 年的毛利率为 45%，并且在 2023 年后应持续高于 50%。这意味着在此期间盈利增长应略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本增长速度应低于收入，而且其利润率甚至可能高于目前的预期通过集成赛灵思实现的协同效应。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD 资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至 6 月底，AMD 拥有 37.9 亿美元的现金和现金等价物，而其总债务仅为 3.13 亿美元，AMD 的状况非常好。与几年前相比，这一财务状况有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思还拥有强劲的净现金状况，合并后公司的现金流产生将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着 AMD 目前处于有利地位，可以为股东提供强劲的资本回报，而过去其股东薪酬政策一直较弱。AMD 不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>不过，我认为未来几年分配股息是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是 AMD 管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为它将吸引更多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD 最近的增长令人印象深刻，其财务状况相当稳健，与几年前相比发生了巨大的转变。AMD 在半导体行业拥有强大的产品组合和良好的竞争地位，处于非常有利的地位，能够在未来十年内顺应该行业预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，但 AMD 未来 12 个月的市盈率约为预期的 36 倍，低于 Nvidia 等半导体行业其他长期成长型公司<b>阿斯麦</b>(ASML) 的远期市盈率接近 50 倍，因此在相对基础上具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，在绝对基础上，我的估值方法是研究未来几年的收入和盈利，而不仅仅是关注今年或明年，看看股票在2-4年的时间范围内是否有上涨潜力。因此，我将对 2025 年进行预测，看看 AMD 目前是否被低估，以及基于未来 12 个月收益（混合远期收益）的过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为 42 倍，考虑到 2025 年每股收益预期为 5.06 美元，我到 2024 年底的目标价为每股 215 美元，仅是 AMD 目前股价的两倍多。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-17 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD 在过去几年中改变了其业务和财务状况，现在是半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要得益于其产品组合，使 AMD 能够报告创纪录的收入和盈利。</li><li>与 Nvidia 或 ASML 相比，它的估值较低，到 2024 年底，我的目标价是每股 215 美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微器件</b>(AMD) 在长期半导体增长主题中表现出色，因为其强劲的增长、与在各自细分市场中处于领先地位的其他公司相比的合理估值以及未来三年强劲的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元（APU）和图形处理单元（GPU）提供微处理器。其主要竞争对手是<b>英特尔</b>（INTC）和<b>英伟达</b>（NVDA），历史上一直是各自细分市场（CPU 和 GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有人占其年收入的10%以上，超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年 10 月，AMD 达成协议收购<b>赛灵思</b>(XLNX)，当时价值 350 亿美元的全股票交易。此次收购的战略理由是提升AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，将带来成本协同效应以及更强的创新和产品差异化，预示着AMD未来的增长和盈利能力。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD 的增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持整个行业未来多年的增长。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据 MarketWatch 的数据，预计 2021-28 年期间半导体行业的复合年增长率 (CAGR) 将达到 8.6%，其中逻辑细分市场是主要增长动力，这对 AMD 的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力外，AMD 还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位已显着提高。虽然英特尔多年来一直是个人电脑领域领先的芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD 现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏领域崛起的主要参与者，这些市场都是不断增长的市场，而 AMD 的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的总潜在市场约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中都有大量的增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD跨越多个应用的产品组合的支持，这些应用目前在性能方面处于领先地位，性能是个人和企业客户在决定购买PC时的一个关键因素，以及对数据中心客户更重要的能效。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD 的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对 AMD 近期的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领先地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着 AMD 处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于 2023 年进入高性能计算 CPU 市场），因此行业格局可能会迅速变化，任何参与者都不应认为它能够在长期内拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了数据中心、个人电脑和游戏领域的增长机会外，AMD 在汽车行业也拥有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA) 作为 Model S/X 信息娱乐系统的客户超过英特尔，尽管其在汽车行业的存在仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强 AMD 在汽车等新行业的地位，AMD 大约一年前同意收购赛灵思，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使 AMD 的总潜在市场增加到约 1100 亿美元，预计在产生协同效应之前将产生财务增值，这使得这笔交易对 AMD 来说非常有趣。目前尚不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会欢迎这笔交易。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD 财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>关于其财务业绩，AMD 有着非常好的历史，尤其是在过去几年中。在公司产品组合改进的支持下，AMD 的收入和盈利显着增长，该公司去年报告了创纪录的业绩。尽管如此，AMD 的收入从 2016 年到 2020 年以 22% 的复合年增长率增长，表明 AMD 能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD 确认了与递延所得税资产相关的 13 亿美元税收收益，因此其“净”净利润接近 12 亿美元，与 2019 年（净利润 3.41 亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其大部分收入增长来自计算和图形业务量的增加，这得益于 2020 年推出的多款产品，但也来自疫情导致对消费电子产品和游戏产品的需求增加，以及数据中心部门收入的增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年的前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下新的季度记录，毛利率增至48%，净利润达到7.1亿美元（同比增长350%），自由现金流达到新纪录本季度8.88亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的表现是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长 160%，表明 AMD 的产品组合质量上乘，正在赢得市场份额超过其竞争对手，尤其是在数据中心细分市场。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>鉴于 AMD 显然比其主要竞争对手英特尔拥有技术领先优势，而这在我看来与台积电强大的制造能力密不可分，数据中心领域的这种强劲增长预计不会很快改变。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电目前是业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在其技术发展方面遭遇了几次挫折，即7nm工艺延迟，预计在未来2-3年内无法与台积电平起平坐。此外，台积电已经在研究3nm工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5nm工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中显而易见，AMD 在数据中心领域的收入增长使英特尔相形见绌，而数据中心领域在过去几年中一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”上讨论的那样，英特尔最近关于其产品组合的声明并没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非其竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>展望未来，随着年度比较变得更加困难，AMD 的增长率应该会开始有所下降，但其中期增长前景仍然相当不错。事实上，根据分析师的估计，AMD 2021年的收入预计约为156亿美元（同比增长60%），而未来四年的年增长率应降至15-20%之间，到2025年收入约为280亿美元。这意味着未来四年的CAGR约为16%，这仍然相当不错。然而，这些预期不包括即将进行的与赛灵思的合并，如果交易进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长外，AMD 的利润率预计也将提高，因为其 2020 年的毛利率为 45%，并且在 2023 年后应持续高于 50%。这意味着在此期间盈利增长应略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本增长速度应低于收入，而且其利润率甚至可能高于目前的预期通过集成赛灵思实现的协同效应。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD 资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至 6 月底，AMD 拥有 37.9 亿美元的现金和现金等价物，而其总债务仅为 3.13 亿美元，AMD 的状况非常好。与几年前相比，这一财务状况有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思还拥有强劲的净现金状况，合并后公司的现金流产生将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着 AMD 目前处于有利地位，可以为股东提供强劲的资本回报，而过去其股东薪酬政策一直较弱。AMD 不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>不过，我认为未来几年分配股息是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是 AMD 管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为它将吸引更多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD 最近的增长令人印象深刻，其财务状况相当稳健，与几年前相比发生了巨大的转变。AMD 在半导体行业拥有强大的产品组合和良好的竞争地位，处于非常有利的地位，能够在未来十年内顺应该行业预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，但 AMD 未来 12 个月的市盈率约为预期的 36 倍，低于 Nvidia 等半导体行业其他长期成长型公司<b>阿斯麦</b>(ASML) 的远期市盈率接近 50 倍，因此在相对基础上具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，在绝对基础上，我的估值方法是研究未来几年的收入和盈利，而不仅仅是关注今年或明年，看看股票在2-4年的时间范围内是否有上涨潜力。因此，我将对 2025 年进行预测，看看 AMD 目前是否被低估，以及基于未来 12 个月收益（混合远期收益）的过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为 42 倍，考虑到 2025 年每股收益预期为 5.06 美元，我到 2024 年底的目标价为每股 215 美元，仅是 AMD 目前股价的两倍多。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101041809","content_text":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.\nIts recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.\nIt is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.\n\nJHVEPhoto/iStock Editorial via Getty Images\nAdvanced Micro Devices(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.\nAMD Overview\nAMD is a semiconductor company offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are Intel(INTC) and Nvidia(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.\nAMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the Taiwan Semiconductor Manufacturing Company(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.\nLast October, AMD entered intoan agreement to acquire Xilinx(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.\nAMD's Growth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.\nIndeed, according to MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.\nBeyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.\nAMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.\nSource: AMD.\nThis is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.\nDuring 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.\nThis bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.\nFor long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.\nBeyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain Tesla(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.\nTo strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.\nSource: AMD.\nAMD Financial Performance\nRegarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.\nIn 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).\nMost of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.\nDuring the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.\nSource: AMD.\nThis outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.\nThis strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.\nOn the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.\nThis competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.\nMore recently, there were some rumors about possible price cuts from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.\nGoing forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.\nBeyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.\nAMD Balance Sheet & Capital Returns\nRegarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.\nThis means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.\nHowever, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.\nBottom Line\nAMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.\nDespite these strong fundamentals, AMD is tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or ASML(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.\nMoreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).\nIts historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883529343,"gmtCreate":1631256942582,"gmtModify":1631891351851,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like thank you 😊&nbsp;","listText":"Pls like thank you 😊&nbsp;","text":"Pls like thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/883529343","repostId":"2166120346","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830152441,"gmtCreate":1629035550083,"gmtModify":1631891351854,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830152441","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohunote.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898743506,"gmtCreate":1628524298405,"gmtModify":1631891351875,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/898743506","repostId":"1159439117","repostType":4,"repost":{"id":"1159439117","kind":"news","pubTimestamp":1628519565,"share":"https://www.laohunote.com/m/news/1159439117?lang=zh_CN&edition=full","pubTime":"2021-08-09 22:32","market":"us","language":"en","title":"AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159439117","media":"Thestreet","summary":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted the","content":"<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微器件（<b>AMD</b>) 周一交易走高，此前蒙特利尔银行资本市场 (BMO Capital Markets) 分析师上调了这家芯片制造商的评级和目标价，原因是盈利背景改善且市场份额较竞争对手有所增长。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO 资本市场分析师 Ambrish Srivastava 将 AMD 的评级提高了一级，达到“跑赢大盘”，并将目标价提高了 30 美元，达到每股 110 美元，理由是估值有所提高，2022 年盈利增长好于预期，并且与主要竞争对手英特尔 INTC 相比，市场份额持续上涨。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为随着今年的进展，会有持续的上升趋势。特别是当 AMD 开始扩大其在数据中心方面已经赢得的设计，从 HPC 到企业级，包括 CPU 和 GPU，”xxxx 说。“虽然在预料之中，但我们认为这些胜利并没有适当反映当前的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>“关于 CPU 相对于英特尔的份额增长，我们仍然相信，随着英特尔在其 Icelake 平台上进行开发并推出 Sapphire Rapids，明年的份额增长率将相对于英特尔放缓，”他补充道。“然而，AMD 现在的执行和交付已经达到了一定程度，在可预见的未来，它已经作为英特尔的可行替代品占据了一席之地。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD 股价在周一早盘交易中上涨 0.5%，而纳斯达克股价下跌 0.05%，以每股 110.75 美元易手，此举将使该股今年迄今的涨幅扩大至 20.7% 左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD 公布第二季度收入同比增长 99%，每股 63 美分的利润强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖 GPU 和 PC CPU 销售，总收入为 22.5 亿美元，在客户端和图形处理器销量增长的推动下，同比增长 65%，环比增长 7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为 16 亿美元，同比增长 183%，环比增长 19%。该公司表示，增长是由 EPYC 处理器收入和半定制产品销售的增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>受所有业务强劲增长的推动，AMD 目前预计 2021 年全年收入增长约 60%，高于之前约 50% 的指导。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-09 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微器件（<b>AMD</b>) 周一交易走高，此前蒙特利尔银行资本市场 (BMO Capital Markets) 分析师上调了这家芯片制造商的评级和目标价，原因是盈利背景改善且市场份额较竞争对手有所增长。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO 资本市场分析师 Ambrish Srivastava 将 AMD 的评级提高了一级，达到“跑赢大盘”，并将目标价提高了 30 美元，达到每股 110 美元，理由是估值有所提高，2022 年盈利增长好于预期，并且与主要竞争对手英特尔 INTC 相比，市场份额持续上涨。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为随着今年的进展，会有持续的上升趋势。特别是当 AMD 开始扩大其在数据中心方面已经赢得的设计，从 HPC 到企业级，包括 CPU 和 GPU，”xxxx 说。“虽然在预料之中，但我们认为这些胜利并没有适当反映当前的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>“关于 CPU 相对于英特尔的份额增长，我们仍然相信，随着英特尔在其 Icelake 平台上进行开发并推出 Sapphire Rapids，明年的份额增长率将相对于英特尔放缓，”他补充道。“然而，AMD 现在的执行和交付已经达到了一定程度，在可预见的未来，它已经作为英特尔的可行替代品占据了一席之地。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD 股价在周一早盘交易中上涨 0.5%，而纳斯达克股价下跌 0.05%，以每股 110.75 美元易手，此举将使该股今年迄今的涨幅扩大至 20.7% 左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD 公布第二季度收入同比增长 99%，每股 63 美分的利润强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖 GPU 和 PC CPU 销售，总收入为 22.5 亿美元，在客户端和图形处理器销量增长的推动下，同比增长 65%，环比增长 7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为 16 亿美元，同比增长 183%，环比增长 19%。该公司表示，增长是由 EPYC 处理器收入和半定制产品销售的增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>受所有业务强劲增长的推动，AMD 目前预计 2021 年全年收入增长约 60%，高于之前约 50% 的指导。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159439117","content_text":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.\nIn what he described as a 'mea culpa' note on the chipmaker, BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.\n\"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"\n\"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"\nAMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.\nLast month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.\nThe computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.\nEnterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.\nFor the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893908894,"gmtCreate":1628225928018,"gmtModify":1631891351861,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment, thank you 😊","listText":"Pls like &amp; comment, thank you 😊","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893908894","repostId":"1199377263","repostType":4,"repost":{"id":"1199377263","kind":"news","pubTimestamp":1628222564,"share":"https://www.laohunote.com/m/news/1199377263?lang=zh_CN&edition=full","pubTime":"2021-08-06 12:02","market":"us","language":"en","title":"The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强大--但这些 “内部因素 ”远没有那么积极</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199377263","media":"MarketWatch","summary":"The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered ","content":"<p>The S&amp;P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.</p><p><blockquote>标普500指数继续加速上行。周二创下历史收盘新高。然而，市场的 “内部因素 ”仍然处于糟糕得多的状态。这种情况已经持续了一段时间（至少从6月11日开始），而且这种情况可能会持续一段时间。</blockquote></p><p> But as long as the S&amp;P&nbsp;chart is positive and above support, a “core” long position is recommended.</p><p><blockquote>但只要标准普尔图表为正值且高于支撑位，就建议持有 “核心 ”多头头寸。</blockquote></p><p> The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.</p><p><blockquote>第一个支撑位现在大约是4370。这是 SPX 最近两天抛售然后反弹的低点——7 月 27 日和周二（是的，就是 SPX 从该水平反弹然后收于历史新高的同一天）。由于它已经过双重测试，这使得它成为一个可行的支持级别。盘中历史高点4430点存在阻力。</blockquote></p><p> You can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.</p><p><blockquote>你可以从随附的图表中看到，自7月23日以来，SPX一直处于相当正确的交易状态——在4370到4430之间。</blockquote></p><p> A breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.</p><p><blockquote>突破该范围将意义重大。如果它向下突破，这将对 SPX 图表产生负面影响。在该处下方，4233 处存在一个主要支撑区域，在跌破 4370 后可能会很快受到测试。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fde9899a8fd1227a022dfe59858d4c5\" tg-width=\"699\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p> So the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).</p><p><blockquote>因此，SPX 图表仍然为正值，但有一个麦克米伦波动率波段 (MVB) 卖出信号（图表上的绿色 “S”）。</blockquote></p><p> Now let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.</p><p><blockquote>现在，让我们来看看包含大量股票的一些指标。你会发现他们远没有那么积极。首先是纯股票看跌看涨期权比率。这些价格已经上涨了一个月，这意味着它们在此期间一直处于卖出信号。相对于看涨期权成交量，看跌期权成交量一直很大，这就是导致这些比率上升的原因。标准比率的图表似乎有轻微的 “波动”，但计算机分析程序说这并不明显。</blockquote></p><p> The larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.</p><p><blockquote>更大的情况是，随着许多股票的下跌，期权交易者一直在购买这些股票的看跌期权，迫使这些纯股票的看跌期权与看涨期权比率走高。只要比率上升，他们就会保持卖出信号。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87099f2be31d9ce51b1b0c4708a9f046\" tg-width=\"699\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f08da61f702fd9abb483cd1d8f5b4ba\" tg-width=\"700\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p> Market breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).</p><p><blockquote>自 6 月中旬以来，市场广度（涨幅减去跌幅）一直很糟糕。也就是说，大多数股票都在下跌，尽管 SPX 正在上涨。事实上，推动这个市场的是少数纳斯达克大盘股（FAANG股票加微软是最强的股票）。</blockquote></p><p> Things have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.</p><p><blockquote>过去几周情况有所改善，因此我们的宽度振荡器处于买入信号，但仍处于负值区域。通常情况下，当SPX创下历史新高时，宽度振荡指标将进入正值区域，反映出整体市场强劲。但现在情况并非如此。</blockquote></p><p> Moreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.</p><p><blockquote>此外，累计宽度（每日涨幅减去跌幅的运行总和）自6月11日以来没有创下历史新高。此后，SPX 已连续 19 个交易日创下收盘或盘中新高。这是一个巨大的负面市场背离，但这本身并不是卖出信号。相反，这是一个强烈的警告，要保持警惕——避免自满。</blockquote></p><p> New 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.</p><p><blockquote>纽约证券交易所52周新高继续创下52周新低。最近，使用纳斯达克或 “仅股票 ”数据时，有一些孤立的日子出现了新低超过新高的情况，但使用纽约证券交易所数据时不会出现这种情况。这意味着该指标仍然看好股票。如果纽约证券交易所新低超过新高并且足够大，它就会变成负值，但这种情况还没有发生。</blockquote></p><p> There is a realized volatility sell signal in place, as well. That occurred when the S&amp;P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).</p><p><blockquote>还有一个已实现的波动率卖出信号。当标准普尔的 20 天历史波动率先跌破 8%（6 月中旬），随后又升至 11%（7 月下旬）以上时，就发生了这种情况。</blockquote></p><p> Implied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.</p><p><blockquote>另一方面，就股市而言，隐含波动率仍处于看涨状态。7 月 20 日的 VIX “尖峰 ”买入信号仍然有效。此外，VIX 200日移动平均线仍在下降，并且远高于VIX的价格。VIX 指数在过去一个月里从 15 点缓慢 “爬升 ”至 19 点，但这似乎并不是一个明显的趋势变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3501a851250cf90d4f08e0152a5d9a9\" tg-width=\"700\" tg-height=\"524\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p></p><p> Finally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.</p><p><blockquote>最后，波动性衍生品的结构对股市仍然有利。VIX 期货的交易价格高于 VIX，并且这些 VIX 期货和芝加哥期权交易所波动率指数的期限结构呈上升趋势。</blockquote></p><p> The SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.</p><p><blockquote>SPX图表仍然是积极的。这是最重要的事实。在这种情况改变之前，建议做多“核心”头寸。围绕这一点，人们可以交易确认的信号——买入和卖出。SPX 突破 4370 区域将使情况发生负面变化，但突破 4430 上方的历史新高将加强看涨理由。</blockquote></p><p> <b>New recommendation: Conditional SPX sell signal</b></p><p><blockquote><b>新建议：有条件 SPX 卖出信号</b></blockquote></p><p> Based on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:</p><p><blockquote>根据上述文章，我们将列出一些关于在 SPX 支撑位被突破时采取看跌头寸的参数：</blockquote></p><p> <b>IF SPX trades below 4370 and stays there for an hour,</b></p><p><blockquote><b>如果SPX交易价格低于4370并在那里停留一个小时，</b></blockquote></p><p> <b>THEN buy 1 SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>然后购买 1 SPDR标普500指数ETF 8 月（27 日）实值看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以惊人的低25点的价格卖出1个SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> In addition,</p><p><blockquote>此外，</blockquote></p><p> <b>IF SPX closes below 4370,</b></p><p><blockquote><b>如果 SPX 收盘低于 4370，</b></blockquote></p><p> <b>THEN buy another bear spread:</b></p><p><blockquote><b>然后再买一个熊市价差：</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy 1 (more) SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>购买 1（更多）SPDR标普500指数ETF 8 月（27 日）实值看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并卖出 1（更多）SPDR标普500指数ETF 8 月（27 日）看跌期权，价格低 25 点。</b></blockquote></p><p> Note that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.</p><p><blockquote>请注意，在不满足第一个条件的情况下，第二个条件（收盘价低于 4370）可能会出现（如果 SPX 在交易日晚些时候跌破 4370）。如果是这样的话，那么在收盘时买入其中的两个价差。</blockquote></p><p> Finally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.</p><p><blockquote>最后，如果这些价差成立，当SPX收盘价高于4430时，停止所有这些熊市价差。</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>The S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强大--但这些 “内部因素 ”远没有那么积极</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe S&P 500 looks strong — but these ‘internals’ are far less positive<blockquote>标普500看起来很强大--但这些 “内部因素 ”远没有那么积极</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-06 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.</p><p><blockquote>标普500指数继续加速上行。周二创下历史收盘新高。然而，市场的 “内部因素 ”仍然处于糟糕得多的状态。这种情况已经持续了一段时间（至少从6月11日开始），而且这种情况可能会持续一段时间。</blockquote></p><p> But as long as the S&amp;P&nbsp;chart is positive and above support, a “core” long position is recommended.</p><p><blockquote>但只要标准普尔图表为正值且高于支撑位，就建议持有 “核心 ”多头头寸。</blockquote></p><p> The first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.</p><p><blockquote>第一个支撑位现在大约是4370。这是 SPX 最近两天抛售然后反弹的低点——7 月 27 日和周二（是的，就是 SPX 从该水平反弹然后收于历史新高的同一天）。由于它已经过双重测试，这使得它成为一个可行的支持级别。盘中历史高点4430点存在阻力。</blockquote></p><p> You can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.</p><p><blockquote>你可以从随附的图表中看到，自7月23日以来，SPX一直处于相当正确的交易状态——在4370到4430之间。</blockquote></p><p> A breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.</p><p><blockquote>突破该范围将意义重大。如果它向下突破，这将对 SPX 图表产生负面影响。在该处下方，4233 处存在一个主要支撑区域，在跌破 4370 后可能会很快受到测试。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8fde9899a8fd1227a022dfe59858d4c5\" tg-width=\"699\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p> So the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).</p><p><blockquote>因此，SPX 图表仍然为正值，但有一个麦克米伦波动率波段 (MVB) 卖出信号（图表上的绿色 “S”）。</blockquote></p><p> Now let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.</p><p><blockquote>现在，让我们来看看包含大量股票的一些指标。你会发现他们远没有那么积极。首先是纯股票看跌看涨期权比率。这些价格已经上涨了一个月，这意味着它们在此期间一直处于卖出信号。相对于看涨期权成交量，看跌期权成交量一直很大，这就是导致这些比率上升的原因。标准比率的图表似乎有轻微的 “波动”，但计算机分析程序说这并不明显。</blockquote></p><p> The larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.</p><p><blockquote>更大的情况是，随着许多股票的下跌，期权交易者一直在购买这些股票的看跌期权，迫使这些纯股票的看跌期权与看涨期权比率走高。只要比率上升，他们就会保持卖出信号。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87099f2be31d9ce51b1b0c4708a9f046\" tg-width=\"699\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f08da61f702fd9abb483cd1d8f5b4ba\" tg-width=\"700\" tg-height=\"523\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p> Market breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).</p><p><blockquote>自 6 月中旬以来，市场广度（涨幅减去跌幅）一直很糟糕。也就是说，大多数股票都在下跌，尽管 SPX 正在上涨。事实上，推动这个市场的是少数纳斯达克大盘股（FAANG股票加微软是最强的股票）。</blockquote></p><p> Things have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.</p><p><blockquote>过去几周情况有所改善，因此我们的宽度振荡器处于买入信号，但仍处于负值区域。通常情况下，当SPX创下历史新高时，宽度振荡指标将进入正值区域，反映出整体市场强劲。但现在情况并非如此。</blockquote></p><p> Moreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.</p><p><blockquote>此外，累计宽度（每日涨幅减去跌幅的运行总和）自6月11日以来没有创下历史新高。此后，SPX 已连续 19 个交易日创下收盘或盘中新高。这是一个巨大的负面市场背离，但这本身并不是卖出信号。相反，这是一个强烈的警告，要保持警惕——避免自满。</blockquote></p><p> New 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.</p><p><blockquote>纽约证券交易所52周新高继续创下52周新低。最近，使用纳斯达克或 “仅股票 ”数据时，有一些孤立的日子出现了新低超过新高的情况，但使用纽约证券交易所数据时不会出现这种情况。这意味着该指标仍然看好股票。如果纽约证券交易所新低超过新高并且足够大，它就会变成负值，但这种情况还没有发生。</blockquote></p><p> There is a realized volatility sell signal in place, as well. That occurred when the S&amp;P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).</p><p><blockquote>还有一个已实现的波动率卖出信号。当标准普尔的 20 天历史波动率先跌破 8%（6 月中旬），随后又升至 11%（7 月下旬）以上时，就发生了这种情况。</blockquote></p><p> Implied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.</p><p><blockquote>另一方面，就股市而言，隐含波动率仍处于看涨状态。7 月 20 日的 VIX “尖峰 ”买入信号仍然有效。此外，VIX 200日移动平均线仍在下降，并且远高于VIX的价格。VIX 指数在过去一个月里从 15 点缓慢 “爬升 ”至 19 点，但这似乎并不是一个明显的趋势变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3501a851250cf90d4f08e0152a5d9a9\" tg-width=\"700\" tg-height=\"524\" width=\"100%\" height=\"auto\"><span>LAWRENCE MCMILLAN</span></p><p><blockquote><p class=\"t-img-caption\"><span>劳伦斯·麦克米伦</span></p></blockquote></p><p></p><p> Finally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.</p><p><blockquote>最后，波动性衍生品的结构对股市仍然有利。VIX 期货的交易价格高于 VIX，并且这些 VIX 期货和芝加哥期权交易所波动率指数的期限结构呈上升趋势。</blockquote></p><p> The SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.</p><p><blockquote>SPX图表仍然是积极的。这是最重要的事实。在这种情况改变之前，建议做多“核心”头寸。围绕这一点，人们可以交易确认的信号——买入和卖出。SPX 突破 4370 区域将使情况发生负面变化，但突破 4430 上方的历史新高将加强看涨理由。</blockquote></p><p> <b>New recommendation: Conditional SPX sell signal</b></p><p><blockquote><b>新建议：有条件 SPX 卖出信号</b></blockquote></p><p> Based on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:</p><p><blockquote>根据上述文章，我们将列出一些关于在 SPX 支撑位被突破时采取看跌头寸的参数：</blockquote></p><p> <b>IF SPX trades below 4370 and stays there for an hour,</b></p><p><blockquote><b>如果SPX交易价格低于4370并在那里停留一个小时，</b></blockquote></p><p> <b>THEN buy 1 SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>然后购买 1 SPDR标普500指数ETF 8 月（27 日）实值看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并以惊人的低25点的价格卖出1个SPDR标普500指数ETF 8月（27日）看跌期权。</b></blockquote></p><p> In addition,</p><p><blockquote>此外，</blockquote></p><p> <b>IF SPX closes below 4370,</b></p><p><blockquote><b>如果 SPX 收盘低于 4370，</b></blockquote></p><p> <b>THEN buy another bear spread:</b></p><p><blockquote><b>然后再买一个熊市价差：</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buy 1 (more) SPY Aug (27th) at-the-money put</b></p><p><blockquote><b>购买 1（更多）SPDR标普500指数ETF 8 月（27 日）实值看跌期权</b></blockquote></p><p> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.</b></p><p><blockquote><b>并卖出 1（更多）SPDR标普500指数ETF 8 月（27 日）看跌期权，价格低 25 点。</b></blockquote></p><p> Note that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.</p><p><blockquote>请注意，在不满足第一个条件的情况下，第二个条件（收盘价低于 4370）可能会出现（如果 SPX 在交易日晚些时候跌破 4370）。如果是这样的话，那么在收盘时买入其中的两个价差。</blockquote></p><p> Finally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.</p><p><blockquote>最后，如果这些价差成立，当SPX收盘价高于4430时，停止所有这些熊市价差。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-s-p-500-looks-strong-but-these-internals-are-far-less-positive-01628176855?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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/the-s-p-500-looks-strong-but-these-internals-are-far-less-positive-01628176855?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199377263","content_text":"The S&P 500 index continues to accelerate to the upside. A new all-time closing high was registered on Tuesday. Yet, the “internals” of the market remain in a far worse state. This has been the case for some time (since June 11, at least), and it may continue to be the case for a while longer.\nBut as long as the S&P chart is positive and above support, a “core” long position is recommended.\nThe first support level is now roughly 4370. That was the low on the two most recent days on which SPX sold off and then rebounded – July 27 and Tuesday (yes, the same day that SPX bounced back from that level and then closed at a new all-time high). Since it has been doubly tested, that makes it a viable support level. There is resistance at 4430, the all-time intraday high.\nYou can see from the accompanying chart that SPX has been in a rather right trading since July 23 – between 4370 and 4430.\nA breakout from that range will be significant. If it were to break to the downside, that would be a negative for the SPX chart. Below there, a major support area exists at 4233, and it would likely be tested quickly after a break below 4370.\nLAWRENCE MCMILLAN\nSo the SPX chart is still positive, but there is a McMillan Volatility Band (MVB) sell signal in place (green “S” on chart).\nNow let’s look at some of the indicators that encompass a larger number of stocks. You will see that they are far less positive. First are the equity-only put-call ratios. These have been rising for a month, meaning they have been on sell signals during that time. Put volume has been heavy, relative to call volume, and that is what is causing these ratios to rise. It looks like there is a slight “wiggle” in the standard ratio’s chart, but the computer analysis programs say that is not significant.\nThe larger picture here is that as many stocks have been declining, option traders have been buying puts on those stocks, forcing these equity-only put-call ratios higher. As long as the ratios are rising, they will remain on sell signals.\nLAWRENCE MCMILLAN\nLAWRENCE MCMILLAN\nMarket breadth (advances minus declines) has been woeful since mid-June. That is, most stocks are going down, even though SPX is going up. In fact, what is driving this market is a handful of large-cap NASDAQ stocks (the FAANG stocks plus Microsoft are the strongest stocks).\nThings have improved a little in the last couple of weeks, and so our breadth oscillators are on buy signals, but they are still in negative territory. Normally when SPX is making new all-time highs, the breadth oscillators are will into positive territory, reflecting a strong overall market. But that is not the case now.\nMoreover, cumulative breadth (the running total of daily advances minus declines) has not made a new all-time high since June 11. SPX has made a new closing or intraday high on 19 separate trading days since then. That is a huge, negative market divergence, but it alone is not a sell signal. Rather, it is a strong warning to be alert – to avoid complacency.\nNew 52-week highs on the NYSE continue to lead new 52-week lows. Recently, there have been some isolated days where new lows exceeded new highs using NASDAQ or “stocks only” data, but not when using NYSE data. That means this indicator remains bullish for stocks. It would turn negative if NYSE new lows exceeded new highs and were sufficiently large, but that has not happened.\nThere is a realized volatility sell signal in place, as well. That occurred when the S&P’s 20-day historical volatility first fell below 8% (in mid-June) and then later rose above 11% (in late July).\nImplied volatility, on the other hand, remains in a bullish state, as far the stock market is concerned. The VIX “spike peak” buy signal of July 20 remains in place. Moreover, the VIX 200-day moving average is still declining and is well above the price of VIX.There has been a slow “creep” upward by VIX, from 15 to 19 over the last month, but that doesn’t appear to be a significant change of trend.\nLAWRENCE MCMILLAN\nFinally, the construct of volatility derivatives remains positive for the stock market. The VIX futures are trading at a premium to VIX, and the term structures of those VIX futures and the CBOE Volatility Indices slope upward.\nThe SPX chart is still positive. That is the most important fact. Until that changes, a long “core” position is recommended. Around that, one can trade confirmed signals – both buy and sell. A violation of the 4370 area by SPX would change things for the negative, but a breakout to new all-time highs above 4430 would reinforce the bullish case.\nNew recommendation: Conditional SPX sell signal\nBased on the above article, we are going to lay out some parameters regarding taking a bearish position should SPX support be broken:\nIF SPX trades below 4370 and stays there for an hour,\nTHEN buy 1 SPY Aug (27th) at-the-money put\n            And sell 1 SPY Aug (27th) put with a striking price 25 points lower.\nIn addition,\nIF SPX closes below 4370,\nTHEN buy another bear spread:\n            Buy 1 (more) SPY Aug (27th) at-the-money put\n            And sell 1 (more) SPY Aug (27th) put with a striking price 25 points lower.\nNote that it is possible that the second condition (close below 4370) could occur without the first condition being satisfied (if SPX breaks below 4370 late in a trading day). If that is the case, then buy 2 of these spreads on the close.\nFinally, if these spreads are established, stop yourself out of all of these bear spreads on an SPX close above 4430.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807360186,"gmtCreate":1628000852845,"gmtModify":1631891351886,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment, thankss 😊","listText":"Pls like &amp; comment, thankss 😊","text":"Pls like & comment, thankss 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807360186","repostId":"1181392592","repostType":4,"repost":{"id":"1181392592","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":1627999893,"share":"https://www.laohunote.com/m/news/1181392592?lang=zh_CN&edition=full","pubTime":"2021-08-03 22:11","market":"us","language":"en","title":"EV stocks tumbled in morning trading<blockquote>电动汽车股票早盘交易中暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181392592","media":"Tiger Newspress","summary":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","content":"<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉下跌0.22%，蔚来下跌3.45%，李下跌近5%，小鹏下跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV stocks tumbled in morning trading<blockquote>电动汽车股票早盘交易中暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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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\">\nEV stocks tumbled in morning trading<blockquote>电动汽车股票早盘交易中暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 22:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉下跌0.22%，蔚来下跌3.45%，李下跌近5%，小鹏下跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181392592","content_text":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":898743506,"gmtCreate":1628524298405,"gmtModify":1631891351875,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/898743506","repostId":"1159439117","repostType":4,"repost":{"id":"1159439117","kind":"news","pubTimestamp":1628519565,"share":"https://www.laohunote.com/m/news/1159439117?lang=zh_CN&edition=full","pubTime":"2021-08-09 22:32","market":"us","language":"en","title":"AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159439117","media":"Thestreet","summary":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted the","content":"<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微器件（<b>AMD</b>) 周一交易走高，此前蒙特利尔银行资本市场 (BMO Capital Markets) 分析师上调了这家芯片制造商的评级和目标价，原因是盈利背景改善且市场份额较竞争对手有所增长。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO 资本市场分析师 Ambrish Srivastava 将 AMD 的评级提高了一级，达到“跑赢大盘”，并将目标价提高了 30 美元，达到每股 110 美元，理由是估值有所提高，2022 年盈利增长好于预期，并且与主要竞争对手英特尔 INTC 相比，市场份额持续上涨。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为随着今年的进展，会有持续的上升趋势。特别是当 AMD 开始扩大其在数据中心方面已经赢得的设计，从 HPC 到企业级，包括 CPU 和 GPU，”xxxx 说。“虽然在预料之中，但我们认为这些胜利并没有适当反映当前的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>“关于 CPU 相对于英特尔的份额增长，我们仍然相信，随着英特尔在其 Icelake 平台上进行开发并推出 Sapphire Rapids，明年的份额增长率将相对于英特尔放缓，”他补充道。“然而，AMD 现在的执行和交付已经达到了一定程度，在可预见的未来，它已经作为英特尔的可行替代品占据了一席之地。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD 股价在周一早盘交易中上涨 0.5%，而纳斯达克股价下跌 0.05%，以每股 110.75 美元易手，此举将使该股今年迄今的涨幅扩大至 20.7% 左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD 公布第二季度收入同比增长 99%，每股 63 美分的利润强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖 GPU 和 PC CPU 销售，总收入为 22.5 亿美元，在客户端和图形处理器销量增长的推动下，同比增长 65%，环比增长 7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为 16 亿美元，同比增长 183%，环比增长 19%。该公司表示，增长是由 EPYC 处理器收入和半定制产品销售的增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>受所有业务强劲增长的推动，AMD 目前预计 2021 年全年收入增长约 60%，高于之前约 50% 的指导。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock Moves Higher After BMO Capital Boosts Rating, Price Target<blockquote>BMO Capital 上调评级和目标价后 AMD 股价走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-08-09 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Advanced Micro Devices&nbsp;(<b>AMD</b>) &nbsp;traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.</p><p><blockquote>先进微器件（<b>AMD</b>) 周一交易走高，此前蒙特利尔银行资本市场 (BMO Capital Markets) 分析师上调了这家芯片制造商的评级和目标价，原因是盈利背景改善且市场份额较竞争对手有所增长。</blockquote></p><p> In what he described as a 'mea culpa' note on the chipmaker,&nbsp;BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.</p><p><blockquote>BMO 资本市场分析师 Ambrish Srivastava 将 AMD 的评级提高了一级，达到“跑赢大盘”，并将目标价提高了 30 美元，达到每股 110 美元，理由是估值有所提高，2022 年盈利增长好于预期，并且与主要竞争对手英特尔 INTC 相比，市场份额持续上涨。</blockquote></p><p> \"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"</p><p><blockquote>“更重要的是，就估计而言，我们还认为随着今年的进展，会有持续的上升趋势。特别是当 AMD 开始扩大其在数据中心方面已经赢得的设计，从 HPC 到企业级，包括 CPU 和 GPU，”xxxx 说。“虽然在预料之中，但我们认为这些胜利并没有适当反映当前的估计。”</blockquote></p><p> \"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"</p><p><blockquote>“关于 CPU 相对于英特尔的份额增长，我们仍然相信，随着英特尔在其 Icelake 平台上进行开发并推出 Sapphire Rapids，明年的份额增长率将相对于英特尔放缓，”他补充道。“然而，AMD 现在的执行和交付已经达到了一定程度，在可预见的未来，它已经作为英特尔的可行替代品占据了一席之地。”</blockquote></p><p> AMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.</p><p><blockquote>AMD 股价在周一早盘交易中上涨 0.5%，而纳斯达克股价下跌 0.05%，以每股 110.75 美元易手，此举将使该股今年迄今的涨幅扩大至 20.7% 左右。</blockquote></p><p> Last month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.</p><p><blockquote>上个月，AMD 公布第二季度收入同比增长 99%，每股 63 美分的利润强于预期。</blockquote></p><p> The computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.</p><p><blockquote>计算和图形部门涵盖 GPU 和 PC CPU 销售，总收入为 22.5 亿美元，在客户端和图形处理器销量增长的推动下，同比增长 65%，环比增长 7%。</blockquote></p><p> Enterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.</p><p><blockquote>企业、嵌入式和半定制部门收入为 16 亿美元，同比增长 183%，环比增长 19%。该公司表示，增长是由 EPYC 处理器收入和半定制产品销售的增加推动的。</blockquote></p><p> For the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.</p><p><blockquote>受所有业务强劲增长的推动，AMD 目前预计 2021 年全年收入增长约 60%，高于之前约 50% 的指导。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.thestreet.com/investing/amd-stock-higher-after-bmo-capital-boosts-rating-price-target","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159439117","content_text":"Advanced Micro Devices (AMD)  traded higher Monday after analysts at BMO Capital Markets boosted their rating and target price for the chipamaker amid an improving earnings backdrop and market share gains against its rival.\nIn what he described as a 'mea culpa' note on the chipmaker, BMO Capital Markets analyst Ambrish Srivastava raised his rating on AMD by one notch, to 'outperform' and boosted his price target by $30, to $110 per share, citing an improved valuation, better-than-expected 2022 earnings growth and consistent market shares gains against its main rival Intel INTC.\n\"More importantly, with respect to estimates, we also believe there is continued upward bias as we go through the year. Especially as AMD starts to ramp designs it has already won on the datacenter side, from the HPC to enterprise, including CPUs and GPUs,\" said xxxx. \"While anticipated, we do not believe these wins are appropriately reflected incurrent estimates.\"\n\"With respect to share gains in CPU vs. Intel, we still believe that the rate of share gains will moderate next year vs. Intel, as Intel builds on its Icelake platform and rolls out Sapphire Rapids,\" he added. \"However, AMD has now executed and delivered to a point that it has carved out a position as a viable alternative to Intel for the foreseeable future.\"\nAMD shares were marked 0.5% higher in early trading Monday, against a 0.05% move lower for the Nasdaq, to change hands at $110.75 each, a move that would extend the stock's year-to-date gain to around 20.7%.\nLast month, AMD posted a99% year-on-year surge in second quarter revenuesthat drove a stronger-than-expected bottom line of 63 cents per share.\nThe computing and graphics segment, which covers GPU and PC CPU sales, saw revenue total $2.25 billion, up 65% year-over-year and 7% quarter-over-quarter driven by higher client and graphics processor sales.\nEnterprise, embedded and semi-custom segment revenue was $1.60 billion, up 183% year-over-year and 19% quarter-over-quarter. The increases were driven by higher EPYC processor revenue and semi-custom product sales, the company said.\nFor the full year 2021, AMD now expects revenue growth of about 60%, up from prior guidance of roughly 50%, driven by strong growth across all businesses.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860197206,"gmtCreate":1632144754305,"gmtModify":1632802565296,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like and comment, thank you 😊&nbsp;","listText":"Pls like and comment, thank you 😊&nbsp;","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/860197206","repostId":"1131742866","repostType":4,"repost":{"id":"1131742866","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632143946,"share":"https://www.laohunote.com/m/news/1131742866?lang=zh_CN&edition=full","pubTime":"2021-09-20 21:19","market":"us","language":"en","title":"4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131742866","media":"Benzinga Earnings","summary":"When insiders sell shares, it indicates their concern in the company’s prospects or that they view t","content":"<p>When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.</p><p><blockquote>当内部人士出售股票时，表明他们对公司的前景感到担忧，或者认为股票定价过高。无论哪种方式，这都预示着做空该股票的机会。内幕销售不应被视为做出投资或交易决定的唯一指标。充其量，它可以让卖出决定充满信心。</blockquote></p><p> Below is a look at a few recent notable insider sales.</p><p><blockquote>下面是最近一些值得注意的内部销售。</blockquote></p><p> <b>International Money Express</b></p><p><blockquote><b>国际货币快报</b></blockquote></p><p> <b>The Trade:International Money <a href=\"https://laohu8.com/S/EXPR\">Express, Inc.</a></b>&nbsp;IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincon<i>disposed a total of 57719 shares</i>at an average price of $17.01. The insider received $981,903.03 as a result of the transaction.</p><p><blockquote><b>贸易：国际货币<a href=\"https://laohu8.com/S/EXPR\">快递公司。</a></b>IMXI+undefined%（获取 IMXI 的免费警报）导演 John Rincon<i>出售合共57719股股份</i>平均价格为17.01美元。该内部人士因交易获得了981,903.03美元。</blockquote></p><p> <b>What’s Happening:</b>International Money Express, last month announced a $40 million buyback program.</p><p><blockquote><b>发生了什么：</b>《国际货币快报》上个月宣布了一项4000万美元的回购计划。</blockquote></p><p> <b>What International Money Express Does:</b>International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).</p><p><blockquote><b>国际货币快报的功能：</b>国际货币快递是美国到拉丁美洲走廊（LAC）的汇款服务处理商。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> </b></p><p><blockquote><b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a></b></blockquote></p><p> <b>The Trade:Skechers U.S.A., Inc.</b>&nbsp;SKX+0.02%Director Jeffrey Greenberg<i>sold a total of 50000 shares</i>at an average price of $45.38. The insider received $2,269,140.00 from selling those shares.</p><p><blockquote><b>贸易：斯凯奇美国公司。</b>SKX+0.02%董事杰弗里·格林伯格<i>共出售50000股股份</i>平均价格为 45.38 美元。该内部人士从出售这些股票中获得了 2,269,140.00 美元。</blockquote></p><p> <b>What’s Happening:</b>The company, in July, said it swung to a profit for the second quarter.</p><p><blockquote><b>发生了什么：</b>该公司7月份表示，第二季度扭亏为盈。</blockquote></p><p> <b>What Skechers Does:</b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> is a lifestyle footwear company under the Skechers GO brand name.</p><p><blockquote><b>斯凯奇做什么：</b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a>是一家斯凯奇GO品牌下的生活方式鞋类公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CROX\">Crocs</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/CROX\">洞洞鞋</a></b></blockquote></p><p> <b>The Trade:Crocs, Inc.</b>&nbsp;CROX+0.02%Director Ronald Frasch<i>sold a total of 33000 shares</i>at an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.</p><p><blockquote><b>贸易：Crocs, Inc.</b>CROX+0.02%董事Ronald Frasch<i>共出售33000股股份</i>平均价格为153.92美元。该内部人士因交易获得了 5,079,387.66 美元。</blockquote></p><p> <b>What’s Happening:</b>Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.</p><p><blockquote><b>发生了什么：</b>Crocs 首席执行官 Andrew Rees 最近表示，到 2026 年，Crocs 品牌的销售额预计将增长到 50 亿美元以上。</blockquote></p><p> <b>What Crocs Does:</b>Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.</p><p><blockquote><b>鳄鱼做什么：</b>Crocs从事男士、女士和儿童休闲生活方式鞋类配件的设计、开发、营销、分销和销售。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <b>The Trade:Workday, Inc.</b>&nbsp;WDAY+0.02%Director David Duffield<i>sold a total of 108900 shares</i>at an average price of $269.37. The insider received $29,334,827.31 from selling those shares.</p><p><blockquote><b>贸易：Workday, Inc.</b>WDAY+0.02%导演大卫·达菲尔德<i>合共出售108,900股股份</i>平均价格为 269.37 美元。该内部人士从出售这些股票中获得了 29,334,827.31 美元。</blockquote></p><p> <b>What’s Happening:</b>Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.</p><p><blockquote><b>发生了什么：</b>巴克莱银行周五维持工作日跑赢大盘，并将目标价从 309 美元上调至 340 美元。</blockquote></p><p> <b>What Workday Does:</b>Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.</p><p><blockquote><b>工作日做什么：</b>Workday是一家提供人力资本管理（HCM）、财务管理和业务规划解决方案的软件公司。Workday 以纯云软件提供商而闻名，总部位于加利福尼亚州普莱森顿。</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>4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Stocks Insiders Are Selling<blockquote>内部人士正在出售 4 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-20 21:19</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.</p><p><blockquote>当内部人士出售股票时，表明他们对公司的前景感到担忧，或者认为股票定价过高。无论哪种方式，这都预示着做空该股票的机会。内幕销售不应被视为做出投资或交易决定的唯一指标。充其量，它可以让卖出决定充满信心。</blockquote></p><p> Below is a look at a few recent notable insider sales.</p><p><blockquote>下面是最近一些值得注意的内部销售。</blockquote></p><p> <b>International Money Express</b></p><p><blockquote><b>国际货币快报</b></blockquote></p><p> <b>The Trade:International Money <a href=\"https://laohu8.com/S/EXPR\">Express, Inc.</a></b>&nbsp;IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincon<i>disposed a total of 57719 shares</i>at an average price of $17.01. The insider received $981,903.03 as a result of the transaction.</p><p><blockquote><b>贸易：国际货币<a href=\"https://laohu8.com/S/EXPR\">快递公司。</a></b>IMXI+undefined%（获取 IMXI 的免费警报）导演 John Rincon<i>出售合共57719股股份</i>平均价格为17.01美元。该内部人士因交易获得了981,903.03美元。</blockquote></p><p> <b>What’s Happening:</b>International Money Express, last month announced a $40 million buyback program.</p><p><blockquote><b>发生了什么：</b>《国际货币快报》上个月宣布了一项4000万美元的回购计划。</blockquote></p><p> <b>What International Money Express Does:</b>International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).</p><p><blockquote><b>国际货币快报的功能：</b>国际货币快递是美国到拉丁美洲走廊（LAC）的汇款服务处理商。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> </b></p><p><blockquote><b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a></b></blockquote></p><p> <b>The Trade:Skechers U.S.A., Inc.</b>&nbsp;SKX+0.02%Director Jeffrey Greenberg<i>sold a total of 50000 shares</i>at an average price of $45.38. The insider received $2,269,140.00 from selling those shares.</p><p><blockquote><b>贸易：斯凯奇美国公司。</b>SKX+0.02%董事杰弗里·格林伯格<i>共出售50000股股份</i>平均价格为 45.38 美元。该内部人士从出售这些股票中获得了 2,269,140.00 美元。</blockquote></p><p> <b>What’s Happening:</b>The company, in July, said it swung to a profit for the second quarter.</p><p><blockquote><b>发生了什么：</b>该公司7月份表示，第二季度扭亏为盈。</blockquote></p><p> <b>What Skechers Does:</b><a href=\"https://laohu8.com/S/SKX\">Skechers USA</a> is a lifestyle footwear company under the Skechers GO brand name.</p><p><blockquote><b>斯凯奇做什么：</b><a href=\"https://laohu8.com/S/SKX\">美国斯凯奇</a>是一家斯凯奇GO品牌下的生活方式鞋类公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/CROX\">Crocs</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/CROX\">洞洞鞋</a></b></blockquote></p><p> <b>The Trade:Crocs, Inc.</b>&nbsp;CROX+0.02%Director Ronald Frasch<i>sold a total of 33000 shares</i>at an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.</p><p><blockquote><b>贸易：Crocs, Inc.</b>CROX+0.02%董事Ronald Frasch<i>共出售33000股股份</i>平均价格为153.92美元。该内部人士因交易获得了 5,079,387.66 美元。</blockquote></p><p> <b>What’s Happening:</b>Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.</p><p><blockquote><b>发生了什么：</b>Crocs 首席执行官 Andrew Rees 最近表示，到 2026 年，Crocs 品牌的销售额预计将增长到 50 亿美元以上。</blockquote></p><p> <b>What Crocs Does:</b>Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.</p><p><blockquote><b>鳄鱼做什么：</b>Crocs从事男士、女士和儿童休闲生活方式鞋类配件的设计、开发、营销、分销和销售。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/WDAY\">Workday</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/WDAY\">工作日</a></b></blockquote></p><p> <b>The Trade:Workday, Inc.</b>&nbsp;WDAY+0.02%Director David Duffield<i>sold a total of 108900 shares</i>at an average price of $269.37. The insider received $29,334,827.31 from selling those shares.</p><p><blockquote><b>贸易：Workday, Inc.</b>WDAY+0.02%导演大卫·达菲尔德<i>合共出售108,900股股份</i>平均价格为 269.37 美元。该内部人士从出售这些股票中获得了 29,334,827.31 美元。</blockquote></p><p> <b>What’s Happening:</b>Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.</p><p><blockquote><b>发生了什么：</b>巴克莱银行周五维持工作日跑赢大盘，并将目标价从 309 美元上调至 340 美元。</blockquote></p><p> <b>What Workday Does:</b>Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.</p><p><blockquote><b>工作日做什么：</b>Workday是一家提供人力资本管理（HCM）、财务管理和业务规划解决方案的软件公司。Workday 以纯云软件提供商而闻名，总部位于加利福尼亚州普莱森顿。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CORX":"2x Corn ETF","SKX":"斯凯奇","WDAY":"Workday","EXPR":"Express, Inc.","IMXI":"国际货币快递"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131742866","content_text":"When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.\nBelow is a look at a few recent notable insider sales.\nInternational Money Express\nThe Trade:International Money Express, Inc. IMXI+undefined%(Get Free Alerts for IMXI)Director John Rincondisposed a total of 57719 sharesat an average price of $17.01. The insider received $981,903.03 as a result of the transaction.\nWhat’s Happening:International Money Express, last month announced a $40 million buyback program.\nWhat International Money Express Does:International Money Express is a processor of money transfer services in the USA to the Latin America corridor (LAC).\nSkechers USA \nThe Trade:Skechers U.S.A., Inc. SKX+0.02%Director Jeffrey Greenbergsold a total of 50000 sharesat an average price of $45.38. The insider received $2,269,140.00 from selling those shares.\nWhat’s Happening:The company, in July, said it swung to a profit for the second quarter.\nWhat Skechers Does:Skechers USA is a lifestyle footwear company under the Skechers GO brand name.\nCrocs\nThe Trade:Crocs, Inc. CROX+0.02%Director Ronald Fraschsold a total of 33000 sharesat an average price of $153.92. The insider received $5,079,387.66 as a result of the transaction.\nWhat’s Happening:Crocs CEO Andrew Rees recently said Crocs brand is expected to grow to over $5 billion in sales by 2026.\nWhat Crocs Does:Crocs is engaged in the design, development, marketing, distribution, and sale of casual lifestyle footwear accessories for men, women, and children.\nWorkday\nThe Trade:Workday, Inc. WDAY+0.02%Director David Duffieldsold a total of 108900 sharesat an average price of $269.37. The insider received $29,334,827.31 from selling those shares.\nWhat’s Happening:Barclays, on Friday, maintained Workday with an Overweight and raised the price target from $309 to $340.\nWhat Workday Does:Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.","news_type":1,"symbols_score_info":{"WDAY":0.9,"EXPR":0.9,"CORX":0.9,"IMXI":0.9,"SKX":0.9}},"isVote":1,"tweetType":1,"viewCount":1003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884866462,"gmtCreate":1631879915756,"gmtModify":1632805631360,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment, thank you 😊&nbsp;","listText":"Pls like &amp; comment, thank you 😊&nbsp;","text":"Pls like & comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/884866462","repostId":"1101041809","repostType":4,"repost":{"id":"1101041809","kind":"news","pubTimestamp":1631878190,"share":"https://www.laohunote.com/m/news/1101041809?lang=zh_CN&edition=full","pubTime":"2021-09-17 19:29","market":"us","language":"en","title":"AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101041809","media":"Seeking Alpha","summary":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD 在过去几年中改变了其业务和财务状况，现在是半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要得益于其产品组合，使 AMD 能够报告创纪录的收入和盈利。</li><li>与 Nvidia 或 ASML 相比，它的估值较低，到 2024 年底，我的目标价是每股 215 美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微器件</b>(AMD) 在长期半导体增长主题中表现出色，因为其强劲的增长、与在各自细分市场中处于领先地位的其他公司相比的合理估值以及未来三年强劲的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元（APU）和图形处理单元（GPU）提供微处理器。其主要竞争对手是<b>英特尔</b>（INTC）和<b>英伟达</b>（NVDA），历史上一直是各自细分市场（CPU 和 GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有人占其年收入的10%以上，超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年 10 月，AMD 达成协议收购<b>赛灵思</b>(XLNX)，当时价值 350 亿美元的全股票交易。此次收购的战略理由是提升AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，将带来成本协同效应以及更强的创新和产品差异化，预示着AMD未来的增长和盈利能力。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD 的增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持整个行业未来多年的增长。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据 MarketWatch 的数据，预计 2021-28 年期间半导体行业的复合年增长率 (CAGR) 将达到 8.6%，其中逻辑细分市场是主要增长动力，这对 AMD 的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力外，AMD 还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位已显着提高。虽然英特尔多年来一直是个人电脑领域领先的芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD 现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏领域崛起的主要参与者，这些市场都是不断增长的市场，而 AMD 的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的总潜在市场约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中都有大量的增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD跨越多个应用的产品组合的支持，这些应用目前在性能方面处于领先地位，性能是个人和企业客户在决定购买PC时的一个关键因素，以及对数据中心客户更重要的能效。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD 的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对 AMD 近期的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领先地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着 AMD 处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于 2023 年进入高性能计算 CPU 市场），因此行业格局可能会迅速变化，任何参与者都不应认为它能够在长期内拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了数据中心、个人电脑和游戏领域的增长机会外，AMD 在汽车行业也拥有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA) 作为 Model S/X 信息娱乐系统的客户超过英特尔，尽管其在汽车行业的存在仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强 AMD 在汽车等新行业的地位，AMD 大约一年前同意收购赛灵思，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使 AMD 的总潜在市场增加到约 1100 亿美元，预计在产生协同效应之前将产生财务增值，这使得这笔交易对 AMD 来说非常有趣。目前尚不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会欢迎这笔交易。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD 财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>关于其财务业绩，AMD 有着非常好的历史，尤其是在过去几年中。在公司产品组合改进的支持下，AMD 的收入和盈利显着增长，该公司去年报告了创纪录的业绩。尽管如此，AMD 的收入从 2016 年到 2020 年以 22% 的复合年增长率增长，表明 AMD 能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD 确认了与递延所得税资产相关的 13 亿美元税收收益，因此其“净”净利润接近 12 亿美元，与 2019 年（净利润 3.41 亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其大部分收入增长来自计算和图形业务量的增加，这得益于 2020 年推出的多款产品，但也来自疫情导致对消费电子产品和游戏产品的需求增加，以及数据中心部门收入的增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年的前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下新的季度记录，毛利率增至48%，净利润达到7.1亿美元（同比增长350%），自由现金流达到新纪录本季度8.88亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的表现是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长 160%，表明 AMD 的产品组合质量上乘，正在赢得市场份额超过其竞争对手，尤其是在数据中心细分市场。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>鉴于 AMD 显然比其主要竞争对手英特尔拥有技术领先优势，而这在我看来与台积电强大的制造能力密不可分，数据中心领域的这种强劲增长预计不会很快改变。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电目前是业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在其技术发展方面遭遇了几次挫折，即7nm工艺延迟，预计在未来2-3年内无法与台积电平起平坐。此外，台积电已经在研究3nm工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5nm工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中显而易见，AMD 在数据中心领域的收入增长使英特尔相形见绌，而数据中心领域在过去几年中一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”上讨论的那样，英特尔最近关于其产品组合的声明并没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非其竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>展望未来，随着年度比较变得更加困难，AMD 的增长率应该会开始有所下降，但其中期增长前景仍然相当不错。事实上，根据分析师的估计，AMD 2021年的收入预计约为156亿美元（同比增长60%），而未来四年的年增长率应降至15-20%之间，到2025年收入约为280亿美元。这意味着未来四年的CAGR约为16%，这仍然相当不错。然而，这些预期不包括即将进行的与赛灵思的合并，如果交易进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长外，AMD 的利润率预计也将提高，因为其 2020 年的毛利率为 45%，并且在 2023 年后应持续高于 50%。这意味着在此期间盈利增长应略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本增长速度应低于收入，而且其利润率甚至可能高于目前的预期通过集成赛灵思实现的协同效应。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD 资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至 6 月底，AMD 拥有 37.9 亿美元的现金和现金等价物，而其总债务仅为 3.13 亿美元，AMD 的状况非常好。与几年前相比，这一财务状况有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思还拥有强劲的净现金状况，合并后公司的现金流产生将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着 AMD 目前处于有利地位，可以为股东提供强劲的资本回报，而过去其股东薪酬政策一直较弱。AMD 不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>不过，我认为未来几年分配股息是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是 AMD 管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为它将吸引更多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD 最近的增长令人印象深刻，其财务状况相当稳健，与几年前相比发生了巨大的转变。AMD 在半导体行业拥有强大的产品组合和良好的竞争地位，处于非常有利的地位，能够在未来十年内顺应该行业预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，但 AMD 未来 12 个月的市盈率约为预期的 36 倍，低于 Nvidia 等半导体行业其他长期成长型公司<b>阿斯麦</b>(ASML) 的远期市盈率接近 50 倍，因此在相对基础上具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，在绝对基础上，我的估值方法是研究未来几年的收入和盈利，而不仅仅是关注今年或明年，看看股票在2-4年的时间范围内是否有上涨潜力。因此，我将对 2025 年进行预测，看看 AMD 目前是否被低估，以及基于未来 12 个月收益（混合远期收益）的过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为 42 倍，考虑到 2025 年每股收益预期为 5.06 美元，我到 2024 年底的目标价为每股 215 美元，仅是 AMD 目前股价的两倍多。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Stock: One Of The Best Secular Growth Plays In The Semiconductor Industry<blockquote>AMD 股票：半导体行业长期增长最好的股票之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-17 19:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.</li>  <li>Its recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.</li>  <li>It is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD 在过去几年中改变了其业务和财务状况，现在是半导体行业增长最好的公司之一。</li><li>其最近的增长令人印象深刻，这主要得益于其产品组合，使 AMD 能够报告创纪录的收入和盈利。</li><li>与 Nvidia 或 ASML 相比，它的估值较低，到 2024 年底，我的目标价是每股 215 美元。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Advanced Micro Devices</b>(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.</p><p><blockquote><b>先进微器件</b>(AMD) 在长期半导体增长主题中表现出色，因为其强劲的增长、与在各自细分市场中处于领先地位的其他公司相比的合理估值以及未来三年强劲的上涨潜力。</blockquote></p><p> <b>AMD Overview</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> AMD is a&nbsp;semiconductor company&nbsp;offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are&nbsp;<b>Intel</b>(INTC) and&nbsp;<b>Nvidia</b>(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.</p><p><blockquote>AMD是一家半导体公司，为加速处理单元（APU）和图形处理单元（GPU）提供微处理器。其主要竞争对手是<b>英特尔</b>（INTC）和<b>英伟达</b>（NVDA），历史上一直是各自细分市场（CPU 和 GPU）的领先公司。AMD成立于1969年，在纳斯达克上市，目前市值约为1270亿美元。</blockquote></p><p> AMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the&nbsp;<b>Taiwan Semiconductor Manufacturing Company</b>(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.</p><p><blockquote>AMD是一家无晶圆厂公司，这意味着它设计自己的芯片，但没有自己的生产设施，生产阶段依赖第三方，其主要供应商是<b>台积电公司</b>（TSM）。AMD拥有多元化的客户群，没有人占其年收入的10%以上，超过75%的收入来自国际，这表明AMD是一家全球性公司。</blockquote></p><p> Last October, AMD entered intoan agreement to acquire&nbsp;<b>Xilinx</b>(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.</p><p><blockquote>去年 10 月，AMD 达成协议收购<b>赛灵思</b>(XLNX)，当时价值 350 亿美元的全股票交易。此次收购的战略理由是提升AMD在行业中的地位，尤其是在高性能计算领域。这笔交易预计将于2021年底完成，将带来成本协同效应以及更强的创新和产品差异化，预示着AMD未来的增长和盈利能力。</blockquote></p><p> <b>AMD's Growth</b></p><p><blockquote><b>AMD 的增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中所分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持整个行业未来多年的增长。</blockquote></p><p> Indeed, according to&nbsp;MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.</p><p><blockquote>事实上，根据 MarketWatch 的数据，预计 2021-28 年期间半导体行业的复合年增长率 (CAGR) 将达到 8.6%，其中逻辑细分市场是主要增长动力，这对 AMD 的增长前景来说是个好兆头。</blockquote></p><p> Beyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.</p><p><blockquote>除了积极的行业推动力外，AMD 还因基本面改善而拥有良好的增长前景，因为与历史相比，该公司在行业中的竞争地位已显着提高。虽然英特尔多年来一直是个人电脑领域领先的芯片公司，但近年来新技术和芯片应用的兴起改变了行业格局。</blockquote></p><p> AMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.</p><p><blockquote>AMD 现在处于非常有利的地位，可以成为高性能计算、人工智能和游戏领域崛起的主要参与者，这些市场都是不断增长的市场，而 AMD 的市场份额仍然相对较低。据该公司称，数据中心、个人电脑和游戏的总潜在市场约为790亿美元，因此AMD从整体行业增长和竞争对手的市场份额增长中都有大量的增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52dec6c4eb951df3dc84d1e011c77073\" tg-width=\"640\" tg-height=\"326\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.</p><p><blockquote>这得到了AMD跨越多个应用的产品组合的支持，这些应用目前在性能方面处于领先地位，性能是个人和企业客户在决定购买PC时的一个关键因素，以及对数据中心客户更重要的能效。</blockquote></p><p> During 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.</p><p><blockquote>2020年，AMD发布了多款基于7纳米（nm）先进技术的产品，包括用于台式机的锐龙、用于游戏的镭龙，并扩展了专用于数据中心的EPYC处理器系列。AMD 的这一推动使其与英特尔和英伟达都极具竞争力，并在最近几个季度带来了出色的收入增长，表明逻辑领域的需求主要来自卓越的技术而不是定价。</blockquote></p><p> This bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.</p><p><blockquote>这对 AMD 近期的收入增长来说是个好兆头，因为英特尔一直在努力开发具有竞争力的新产品，其最近的产品路线图似乎更多的是追赶竞争对手，而不是重返领先地位。</blockquote></p><p></p><p> For long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.</p><p><blockquote>对于长期投资者来说，这意味着 AMD 处于有利地位，可以从半导体行业的长期增长趋势中受益，尽管行业竞争激烈，英特尔和英伟达也在不断创新并向市场推出新产品（例如，英伟达预计将于 2023 年进入高性能计算 CPU 市场），因此行业格局可能会迅速变化，任何参与者都不应认为它能够在长期内拥有无可争议的技术领先地位。</blockquote></p><p> Beyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain&nbsp;<b>Tesla</b>(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.</p><p><blockquote>除了数据中心、个人电脑和游戏领域的增长机会外，AMD 在汽车行业也拥有良好的前景，即为信息娱乐系统提供芯片。例如，该公司能够获得<b>特斯拉</b>(TSLA) 作为 Model S/X 信息娱乐系统的客户超过英特尔，尽管其在汽车行业的存在仍然有限。</blockquote></p><p> To strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.</p><p><blockquote>为了加强 AMD 在汽车等新行业的地位，AMD 大约一年前同意收购赛灵思，这一合并将进一步实现其业务多元化，并加强其在数据中心的地位。这将使 AMD 的总潜在市场增加到约 1100 亿美元，预计在产生协同效应之前将产生财务增值，这使得这笔交易对 AMD 来说非常有趣。目前尚不确定该交易是否会在所有国家获得批准（中国可能更难获得监管部门的批准），但如果获得“绿灯”，市场很可能会欢迎这笔交易。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f725d555c6b55cdc023f034573abc1\" tg-width=\"640\" tg-height=\"285\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> <b>AMD Financial Performance</b></p><p><blockquote><b>AMD 财务业绩</b></blockquote></p><p> Regarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.</p><p><blockquote>关于其财务业绩，AMD 有着非常好的历史，尤其是在过去几年中。在公司产品组合改进的支持下，AMD 的收入和盈利显着增长，该公司去年报告了创纪录的业绩。尽管如此，AMD 的收入从 2016 年到 2020 年以 22% 的复合年增长率增长，表明 AMD 能够在过去几年中持续增加收入。</blockquote></p><p> In 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).</p><p><blockquote>2020年，AMD的收入增长了45%，达到98亿美元，毛利率提高到45%，AMD的净利润接近25亿美元。然而，AMD 确认了与递延所得税资产相关的 13 亿美元税收收益，因此其“净”净利润接近 12 亿美元，与 2019 年（净利润 3.41 亿美元）相比仍有很大改善。</blockquote></p><p> Most of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.</p><p><blockquote>其大部分收入增长来自计算和图形业务量的增加，这得益于 2020 年推出的多款产品，但也来自疫情导致对消费电子产品和游戏产品的需求增加，以及数据中心部门收入的增加。</blockquote></p><p> During the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the&nbsp;second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.</p><p><blockquote>在2021年的前六个月，AMD在其产品组合的推动下保持了非常强劲的运营势头。2021年第二季度，AMD报告收入为38.5亿美元（同比增长99%），创下新的季度记录，毛利率增至48%，净利润达到7.1亿美元（同比增长350%），自由现金流达到新纪录本季度8.88亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da23f4eb115916382eacd26ea68c89a4\" tg-width=\"595\" tg-height=\"295\" width=\"100%\" height=\"auto\"><span>Source: AMD.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：AMD。</span></p></blockquote></p><p> This outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.</p><p><blockquote>这一出色的表现是由其所有细分市场推动的，但企业、嵌入式和半定制细分市场表现出色，收入同比增长 160%，表明 AMD 的产品组合质量上乘，正在赢得市场份额超过其竞争对手，尤其是在数据中心细分市场。</blockquote></p><p> This strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.</p><p><blockquote>鉴于 AMD 显然比其主要竞争对手英特尔拥有技术领先优势，而这在我看来与台积电强大的制造能力密不可分，数据中心领域的这种强劲增长预计不会很快改变。鉴于AMD是一家无晶圆厂公司，它严重依赖台积电的生产能力，而台积电目前是业内最先进的。</blockquote></p><p> On the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.</p><p><blockquote>另一方面，英特尔在其技术发展方面遭遇了几次挫折，即7nm工艺延迟，预计在未来2-3年内无法与台积电平起平坐。此外，台积电已经在研究3nm工艺，AMD有可能利用该工艺进一步改进其服务器芯片，并在未来几年保持对英特尔的优势，尽管未来几个月其新产品预计将使用5nm工艺生产。</blockquote></p><p></p><p> This competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.</p><p><blockquote>这种竞争动态在过去几个季度中显而易见，AMD 在数据中心领域的收入增长使英特尔相形见绌，而数据中心领域在过去几年中一直是英特尔的主要增长领域。正如我最近在“英特尔没有提供太多价值”上讨论的那样，英特尔最近关于其产品组合的声明并没有给市场留下深刻印象，它似乎也不会改变游戏规则，因此AMD预计将在未来2-3年内继续获得市场份额。</blockquote></p><p> More recently, there were some&nbsp;rumors about possible price cuts&nbsp;from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.</p><p><blockquote>最近，有一些传言称英特尔可能会降价以提高竞争力，但在我看来，这是错误的做法，因为这是一个性能和能效比定价更重要的细分市场，因此AMD的地位预计不会改变，除非其竞争对手的新产品能够在这些指标上击败AMD的EPYC处理器。</blockquote></p><p> Going forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to&nbsp;analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.</p><p><blockquote>展望未来，随着年度比较变得更加困难，AMD 的增长率应该会开始有所下降，但其中期增长前景仍然相当不错。事实上，根据分析师的估计，AMD 2021年的收入预计约为156亿美元（同比增长60%），而未来四年的年增长率应降至15-20%之间，到2025年收入约为280亿美元。这意味着未来四年的CAGR约为16%，这仍然相当不错。然而，这些预期不包括即将进行的与赛灵思的合并，如果交易进行，AMD未来五年的年收入增长可能接近20%。</blockquote></p><p> Beyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.</p><p><blockquote>除了强劲的收入增长外，AMD 的利润率预计也将提高，因为其 2020 年的毛利率为 45%，并且在 2023 年后应持续高于 50%。这意味着在此期间盈利增长应略高于收入增长，这是有道理的，因为公司变得更加高效，因为成本增长速度应低于收入，而且其利润率甚至可能高于目前的预期通过集成赛灵思实现的协同效应。</blockquote></p><p> <b>AMD Balance Sheet &amp; Capital Returns</b></p><p><blockquote><b>AMD 资产负债表和资本回报</b></blockquote></p><p> Regarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.</p><p><blockquote>关于其资产负债表，考虑到截至 6 月底，AMD 拥有 37.9 亿美元的现金和现金等价物，而其总债务仅为 3.13 亿美元，AMD 的状况非常好。与几年前相比，这一财务状况有了很大改善，如果赛灵思交易获得批准，预计不会改变，因为赛灵思还拥有强劲的净现金状况，合并后公司的现金流产生将得到改善。</blockquote></p><p> This means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.</p><p><blockquote>这意味着 AMD 目前处于有利地位，可以为股东提供强劲的资本回报，而过去其股东薪酬政策一直较弱。AMD 不支付股息，但进行了股票回购，我预计这仍然是短期内向股东返还资本的首选方式。</blockquote></p><p> However, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.</p><p><blockquote>不过，我认为未来几年分配股息是可能的，因为该公司近年来的财务状况有了很大改善，并且有足够的能力长期分配可持续的股息。这将是 AMD 管理层对公司长期基本面充满信心的一个非常积极的信号，也可能对其股价产生积极影响，因为它将吸引更多元化的股东基础。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> AMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.</p><p><blockquote>AMD 最近的增长令人印象深刻，其财务状况相当稳健，与几年前相比发生了巨大的转变。AMD 在半导体行业拥有强大的产品组合和良好的竞争地位，处于非常有利的地位，能够在未来十年内顺应该行业预期的长期增长趋势。</blockquote></p><p> Despite these strong fundamentals, AMD is&nbsp;tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or&nbsp;<b>ASML</b>(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.</p><p><blockquote>尽管基本面强劲，但 AMD 未来 12 个月的市盈率约为预期的 36 倍，低于 Nvidia 等半导体行业其他长期成长型公司<b>阿斯麦</b>(ASML) 的远期市盈率接近 50 倍，因此在相对基础上具有吸引力。</blockquote></p><p> Moreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).</p><p><blockquote>此外，在绝对基础上，我的估值方法是研究未来几年的收入和盈利，而不仅仅是关注今年或明年，看看股票在2-4年的时间范围内是否有上涨潜力。因此，我将对 2025 年进行预测，看看 AMD 目前是否被低估，以及基于未来 12 个月收益（混合远期收益）的过去几年的历史估值。</blockquote></p><p></p><p> Its historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.</p><p><blockquote>根据彭博社数据，其历史估值在过去两年中平均约为 42 倍，考虑到 2025 年每股收益预期为 5.06 美元，我到 2024 年底的目标价为每股 215 美元，仅是 AMD 目前股价的两倍多。这表明AMD在未来三年具有强大的上涨潜力，目前对于希望接触半导体行业增长最快的公司的长期投资者来说是一个很好的选择。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4455588-amd-one-of-the-best-secular-growth-plays-in-the-semiconductor-industry","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101041809","content_text":"Summary\n\nAMD has transformed its business and financial profile in the past few years, being now one of the best growth plays in the semiconductor industry.\nIts recent growth has been impressive, driven mainly by its product portfolio that has enabled AMD to report record revenues and earnings.\nIt is trading at a lower valuation compared to Nvidia or ASML and my price target is $215 per share by the end-2024.\n\nJHVEPhoto/iStock Editorial via Getty Images\nAdvanced Micro Devices(AMD) is a good play in the secular semiconductor growth theme, due to strong growth, a reasonable valuation compared to other companies with leading positions in their respective segment and strong upside potential over the next three years.\nAMD Overview\nAMD is a semiconductor company offering microprocessors for accelerated processing units (APUs) and for graphic processing units (GPUs). Its main competitors are Intel(INTC) and Nvidia(NVDA), which historically have been the leading companies in its respective segments (CPUs and GPUs). AMD was founded in 1969 and trades on the NASDAQ and has nowadays a market value of about $127 billion.\nAMD is a fabless company, which means that it designs its chips but does not have its own production facilities, relying on third-parties for the production phase of which its main supplier is the Taiwan Semiconductor Manufacturing Company(TSM). AMD has a diversified customer base, with no one representing more than 10% of its annual revenues, and more than 75% of its revenues are generated internationally showing that AMD is a global company.\nLast October, AMD entered intoan agreement to acquire Xilinx(XLNX), in an all-stock deal valued at $35 billion at the time. The strategic rationale of this acquisition is to enhance AMD's position in the industry, especially in the high performance computing segment. This deal is expected to close by the end of 2021 and should lead to cost synergies and stronger innovation and product differentiation, boding well for AMD's growth and profitability in the future.\nAMD's Growth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road across the industry.\nIndeed, according to MarketWatch, the semiconductor industry is projected to grow at a compounded annual growth rate (CAGR) of 8.6% during 2021-28, with the Logic segment being the major growth driver, which bodes quite well for AMD's growth prospects.\nBeyond positive industry tailwinds, AMD also has good growth prospects from improved fundamentals, as the company has improved significantly its competitive position in the industry compared to its history. While Intel was the leading chip company for many years in the PC segment, the rise of new technologies and chip applications in recent years has changed the industry landscape.\nAMD is now in a very good position to be a major player in the rise of high performance computing, artificial intelligence and gaming, which are growing markets and where AMD's market share is still relatively low. According to the company, total addressable market for data center, PCs and gaming is about $79 billion, thus AMD has plenty of growth opportunities both from overall industry growth and market share gains from its competitors.\nSource: AMD.\nThis is supported by AMD's product portfolio across several applications that is currently in a leadership position regarding performance, which is a critical factor for both individual and corporate customers when deciding to buy PCs for instance, and also power efficiency which is more important for data center customers.\nDuring 2020, AMD released multiple products based in advanced technologies of 7 nanometer (nm), including Ryzen for desktops, Radeon for gaming and expanded its EPYC processor family dedicated to data centers. This push from AMD has made it very competitive both with Intel and NVIDIA and has led to outstanding revenue growth in recent quarters, showing that demand in the Logic segment comes mainly from superior technology rather than pricing.\nThis bodes well for AMD's revenue growth in the near future as Intel has struggled to develop new products that are competitive and its recent product roadmap seems to be more of a catch-up to competitors, rather than returning to a leadership position.\nFor long-term investors, this means that AMD is well positioned to benefit from secular growth trends in the semiconductor industry, even though competition in the industry is fierce and Intel and NVIDIA are also constantly innovating and delivering new products into the market (NVIDIA is expected to enter the CPU market for high performance computing in 2023, for example) so the industry landscape can change quite rapidly and no player should assume that is capable to have an undisputed technological leadership over the long term.\nBeyond its growth opportunities in data center, PCs and gaming, AMD also has good prospects in the automotive industry, namely in supplying chips for infotainment systems. For instance, the company was able to gain Tesla(TSLA) as a customer over Intel in the Model S/X infotainment systems, even though its presence in the automotive industry remains limited.\nTo strengthen AMD's position into new industries, such as automotive, AMD agreed almost one year ago to buy Xilinx, a combination that would diversify further its business and also strengthen its position in data centers. This would increase AMD's total addressable market to about $110 billion and is expected to be financially accretive before synergies, making this deal very interesting for AMD. It is not certain that the deal will be approved in all countries (with China possibly being the more difficult to get regulatory approval), but if it gets the 'green light' the market will, most likely, receive well this deal.\nSource: AMD.\nAMD Financial Performance\nRegarding its financial performance, AMD has a very good history especially over the past couple of years. Supported by the company's improved product portfolio, AMD's revenues and earnings increased markedly, with the company reporting record results in the last year. Nevertheless, AMD's revenues increased at a CAGR of 22% from 2016 to 2020, showing that AMD was able to increase revenues consistently over the past few years.\nIn 2020, AMD's revenues increased by 45% to $9.8 billion, its gross margin improved to 45% and AMD's net income was close to $2.5 billion. However, AMD recognized a $1.3 billion tax gain related to deferred tax assets, thus its 'clean' net income was close to $1.2 billion, which was nonetheless a big improvement compared to 2019 (net income of $341 million).\nMost of its revenue growth came from higher volumes in the computing and graphics business, which were boosted by several product launches during 2020, but also from the pandemic that led to higher demand for consumer electronics and gaming products, but also from higher revenue in the data center segment.\nDuring the first six months of 2021, AMD maintained a very strong operating momentum, boosted by its product portfolio. In the second quarter of 2021, AMD reported revenues of $3.85 billion (+99% YoY) to a new quarterly record, its gross margin increased to 48%, net income amounted to $710 million (+350% YoY) and free cash flow reached a new record of $888 million in the quarter.\nSource: AMD.\nThis outstanding performance was driven by all of its segments, but the Enterprise, Embedded and Semi-Custom segment had a stellar performance with revenues up by 160% YoY, showing that AMD's product portfolio is of great quality and is winning market share over its competitors, especially in the data center segment.\nThis strong growth in data center is not expected to change soon, given that AMD has clearly a technological leadership over its main competitor Intel, which in my opinion can't be separated from TSMC's strong manufacturing capacities. Given that AMD is a fabless company, it relies heavily on TSMC's production capabilities, which are currently the most advanced in the industry.\nOn the other hand, Intel has had several setbacks in its technological developments, namely the 7nm process delays and is not expected to be on par with TSMC in the next 2-3 years. Moreover, TSMC is already working on the 3nm process, which AMD can potentially use to improve even further its server's chips and maintain an edge over Intel in the coming years, even though in the coming months its new products are expected to be produced using the 5nm process.\nThis competitive dynamic has been evident over the past few quarters, with AMD's revenue growth dwarfing Intel in the data center segment, which over the past few years has been the major growth area for Intel. As I've discussed recently on \"Intel Doesn't Offer Much Value\", Intel's recent announcement regarding its product portfolio didn't impress the market and it doesn't appear to be a game changer and therefore AMD is expected to continue to gain market share over the next 2-3 years.\nMore recently, there were some rumors about possible price cuts from Intel to be more competitive, but in my opinion, this is the wrong approach because this is a segment where performance and energy efficiency are more important than just pricing, thus AMD's position is not expected to change unless new products from its competitors can beat AMD's EPYC processors on these measures.\nGoing forward, AMD's growth rates should start to decrease somewhat as annual comparisons become tougher, but nevertheless its growth prospects over the medium term are quite good. Indeed, according to analysts' estimates, AMD's revenues are expected to be about $15.6 billion in 2021 (+60% YoY), while the annual growth rate should decrease to between 15-20% in the following four years, to revenues of about $28 billion by 2025. This represents a CAGR of around 16% over the next four years, which is still quite good. However, these expectations don't include the pending merger with Xilinx and if the deal goes ahead, AMD's annual revenue growth over the next five years may be close to 20%.\nBeyond strong revenue growth, AMD's margins are also expected to improve given that its gross margin was 45% in 2020 and should be above consistently above 50% after 2023. This means that earnings growth should be somewhat higher than revenue growth during this period, which makes sense as the company becomes more efficient as costs should increase at a lower rate than revenues, plus its margins can be even higher than currently expected through synergies achieve from the integration of Xilinx.\nAMD Balance Sheet & Capital Returns\nRegarding its balance sheet, AMD has a very good position considering that at the end of June it had $3.79 billion in cash and cash equivalents, while its total debt was only $313 million. This financial profile is much improved from a few years ago and is not expected to change if the Xilinx deal is approved, as Xilinx also has a strong net cash position and cash flow generation will be improved for the combined companies.\nThis means that AMD is nowadays in a good position to deliver strong capital returns to shareholders, while in the past its shareholder remuneration policy has been weaker. AMD does not pay dividends, but has done share buybacks, which I expect to remain the preferred way to return capital to shareholders in the short term.\nHowever, I think that a dividend distribution is possible over the next few years as the company has improved a lot its financial profile in recent years and has plenty of capacity to distribute a sustainable dividend over the long term. This would be a very positive signal from AMD's management about its confidence in the company's long-term fundamentals and could also be positive for its share price because it would attract a more diverse shareholder base.\nBottom Line\nAMD's recent growth has been impressive and its financial profile is quite robust, a huge transformation from a few years ago. AMD has a strong product portfolio and a good competitive position in the semiconductor industry, being very well positioned to ride the secular growth trend expected in this industry over the next decade.\nDespite these strong fundamentals, AMD is tradingat about 36x its earnings expected over the coming 12 months, at a discount to other secular growth companies in the semiconductor industry, such as Nvidia or ASML(ASML) that trade closer to 50x forward earnings, being therefore attractive on a relative basis.\nMoreover, on an absolute basis my valuation approach is to look into the next few years of revenues and earnings rather than just focus on this year or the next, to see if the stock has upside potential over a time frame of 2-4 years. Therefore, I'll 2025 estimates to see if AMD is currently undervalued or not and its historical valuation over the past couple of years based on earnings for the next 12 months (blended forward earnings).\nIts historical valuation, based on Bloomberg data, has been on average about 42x over the past two years, and taking into account 2025 EPS estimate of $5.06, my price target for end-2024 is $215 per share, which is only more than double AMD's current share price. This shows that AMD has strong upside potential over the next three years and is currently a great play for long-term investors that want to be exposed to the fastest growing companies in the semiconductor industry.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883529343,"gmtCreate":1631256942582,"gmtModify":1631891351851,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like thank you 😊&nbsp;","listText":"Pls like thank you 😊&nbsp;","text":"Pls like thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/883529343","repostId":"2166120346","repostType":4,"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807360186,"gmtCreate":1628000852845,"gmtModify":1631891351886,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment, thankss 😊","listText":"Pls like &amp; comment, thankss 😊","text":"Pls like & comment, thankss 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807360186","repostId":"1181392592","repostType":4,"repost":{"id":"1181392592","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":1627999893,"share":"https://www.laohunote.com/m/news/1181392592?lang=zh_CN&edition=full","pubTime":"2021-08-03 22:11","market":"us","language":"en","title":"EV stocks tumbled in morning trading<blockquote>电动汽车股票早盘交易中暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181392592","media":"Tiger Newspress","summary":"(Aug 3) Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.","content":"<p>(Aug&nbsp;3)&nbsp;Tesla fell 0.22%, NIO was down 3.45%, Li slid nearly 5%, Xpeng fell 2.67%.</p><p><blockquote>（8月3日）特斯拉下跌0.22%，蔚来下跌3.45%，李下跌近5%，小鹏下跌2.67%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/00cbe46f4bdb1df7e952efb0bc171a96\" tg-width=\"375\" tg-height=\"208\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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like, thank you :)&nbsp;","listText":"Pls comment &amp; like, thank you :)&nbsp;","text":"Pls comment & like, thank you :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/845105597","repostId":"2181074782","repostType":4,"isVote":1,"tweetType":1,"viewCount":3011,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853994168,"gmtCreate":1634750769485,"gmtModify":1634750769866,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Crazy","listText":"Crazy","text":"Crazy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/853994168","repostId":"1181418547","repostType":4,"isVote":1,"tweetType":1,"viewCount":1472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":830152441,"gmtCreate":1629035550083,"gmtModify":1631891351854,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like and comment, thank you 😊","listText":"Pls like and comment, thank you 😊","text":"Pls like and comment, thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/830152441","repostId":"1138705612","repostType":4,"repost":{"id":"1138705612","kind":"news","pubTimestamp":1628995730,"share":"https://www.laohunote.com/m/news/1138705612?lang=zh_CN&edition=full","pubTime":"2021-08-15 10:48","market":"us","language":"en","title":"AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138705612","media":"seekingalpha","summary":"AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.This left ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD, Intel, And Nvidia: Which Is The Best Chip Stock?<blockquote>AMD、英特尔和英伟达：哪只芯片股票最好？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-15 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.</li>  <li>AMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.</li>  <li>Even so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&amp;D, marketing, and pricing.</li>  <li>Nvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a8f0aee0f3d10db76a1ee18fe604b40\" tg-width=\"1536\" tg-height=\"864\" referrerpolicy=\"no-referrer\"><span>Andy/iStock via Getty Images</span></p><p><blockquote><ul><li>AMD 最近的 CPU 和 GPU 产品与英特尔和英伟达的产品相比更具竞争力。</li><li>事实证明，AMD 的 EPYC 服务器芯片可与某些英特尔芯片媲美甚至更胜一筹，并帮助 AMD 获得了服务器 CPU 市场份额。</li><li>即便如此，英特尔仍然是处理器市场的领导者，在研发、营销和定价方面长期保持着相对于AMD的优势。</li><li>英伟达在 GPU 技术方面领先于 AMD，并正在利用其 GPU 进入人工智能等邻近终端市场。</li></ul><p class=\"t-img-caption\"><span>安迪/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Intel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.</p><p><blockquote>英特尔（INTC）曾经是微芯片行业的罗兹巨像，是摩尔定律力量的丰碑。然而，该公司在 10 纳米工艺方面遇到了困难，最近宣布其 7 纳米工艺将推迟到 2023 年。</blockquote></p><p> This left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.</p><p><blockquote>这为 Advanced Micro Devices Inc. (AMD) 敞开了大门，该公司充分利用了这个机会。AMD 已经占据了 CPU 市场的很大份额，并正在进军曾经几乎难以渗透的服务器市场。</blockquote></p><p> AMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.</p><p><blockquote>AMD 现已连续七个季度实现两位数收入增长，而且该公司似乎正在获得动力：管理层目前预计全年收入增长 60%，高于上一季度预测的 50%。</blockquote></p><p> However, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.</p><p><blockquote>然而，AMD 还与英伟达公司（NVDA）竞争，后者的 GPU 技术正在抢走市场份额。NVDA 还成功凭借其 GPU 进入邻近市场，尤其是人工智能和汽车市场。</blockquote></p><p> <b>The Ins And Outs of Intel</b></p><p><blockquote><b>英特尔的来龙去脉</b></blockquote></p><p> An understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.</p><p><blockquote>了解英特尔还可以深入了解 AMD。这是由于两家公司之间的重叠，特别是在x86芯片方面。英特尔在1978年开发了x86芯片。为了满足IBM的要求，即英特尔不会成为芯片的唯一供应商，INTC向AMD提供了x86指令集架构许可。</blockquote></p><p> Consequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.</p><p><blockquote>因此，英特尔和AMD在PC和服务器市场占据双头垄断地位，因为几乎所有的计算机软件都是为x86架构编写的。结果是，两者都有一条与x86生态系统相关的宽阔护城河。</blockquote></p><p> Gaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.</p><p><blockquote>游戏机尤其基于x86架构，因为这些平台通常提供具有多个计算核心的更强大的CPU和GPU。像个人电脑一样，游戏机运行使用基于x86软件的游戏。这再次扼杀了基于ARM的设备的潜在竞争。</blockquote></p><p> Until fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.</p><p><blockquote>直到最近，作为x86芯片的供应商，AMD还远远落后于INTC。然而，AMD 与台积电（纽约证券交易所股票代码：TSM）合作，利用该制造商的 7 纳米工艺在工艺技术上超越了 INTC。再加上 AMD 开发新的创新芯片设计，这种一举两得的打击导致 INTC 失去了大量市场份额。</blockquote></p><p> At the end of Q1, AMD held 19.30% of the x86 desktop&nbsp;market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5%&nbsp;market&nbsp;share in Q4 of 2019.</p><p><blockquote>Q1末，AMD占据x86台式机市场19.30%的份额，同比增长70个基点。第二季度，AMD占据了服务器市场8%的份额，高于2019年第四季度5%的市场份额。</blockquote></p><p> Despite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU&nbsp;market.</p><p><blockquote>尽管遭遇了这些挫折，但将英特尔视为一家垂死的企业似乎还为时过早。INTC是世界上最大的半导体公司之一。该公司主导着服务器市场，仍然占据全球x86 CPU市场60%的份额。</blockquote></p><p> The company has an enormous R&amp;D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.</p><p><blockquote>该公司拥有巨额研发预算，并通过收购 Habana Labs、Altera、Movidius 和 Mobileye，正在扩展到新市场，主要是人工智能、现场可编程门阵列芯片和汽车产品。</blockquote></p><p> Investors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.</p><p><blockquote>投资者不应仅仅因为 7 优于 10 就声称英特尔的新 10 纳米芯片不如 7 纳米。虽然它曾经被用来表示芯片设计的技术水平，但它已经被滥用到毫无用处的地步。</blockquote></p><p> However, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.</p><p><blockquote>然而，必须承认一些关切。英特尔在智能手机市场落后于竞争对手。随着消费者转向移动设备，随着智能手机取代个人电脑，这可能会导致持续的逆风。另一方面，应该承认的是，随着移动设备和云计算的激增，INTC 的服务器处理器业务也取得了增长。</blockquote></p><p> Intel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.</p><p><blockquote>英特尔在数据中心领域还面临着来自 AMD 的日益激烈的竞争，以及客户为 CPU 开发自己的基于 ARM 的芯片。</blockquote></p><p> <b>An Overview of AMD</b></p><p><blockquote><b>AMD概述</b></blockquote></p><p> In years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.</p><p><blockquote>在过去的几年里，INTC 占据了 x86 市场的最大份额。这在一定程度上要归功于英特尔领先的制造技术，以及 AMD 与不太出色的 GlobalFoundries 签订的晶圆供应协议。</blockquote></p><p></p><p> However, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.</p><p><blockquote>然而，由于三个因素发生了翻天覆地的变化：在创新设计的推动下，AMD将有竞争力的产品推向市场，AMD转向台积电进行生产，英特尔面临反复的制造延迟。下面的两个图表记录了公司取得的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/903df41d5400c9807ff487a75a7e5450\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/331cd14b666f520a62d0746d5fadfa5b\" tg-width=\"1280\" tg-height=\"989\" referrerpolicy=\"no-referrer\"><span>Source:Q2 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：第二季度收益演示</span></p></blockquote></p><p> Like Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.</p><p><blockquote>与英特尔一样，AMD 的主要产品也是 CPU 和 GPU。AMD 的芯片专为 PC、游戏机、服务器和区块链应用而设计。与 INTC 一样，AMD 的产品在很大程度上免受竞争影响，因为 PC 和服务器软件大多是为 x86 架构设计的。</blockquote></p><p> AMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.</p><p><blockquote>AMD 的强劲增长在很大程度上是以牺牲英特尔为代价的，因为 AMD 一直在稳步蚕食英特尔的 CPU 市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7f8fbcab5da8a24d01d2b6408bd5686\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Seeking Alpha</span></p></blockquote></p><p> AMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.</p><p><blockquote>AMD 专注于 CPU 和 GPU 半定制处理器应用，这使得它们在微软 Xbox 和索尼 PlayStation 游戏机中得到应用。</blockquote></p><p> In regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.</p><p><blockquote>在 PC 集成 GPU 方面，AMD 与 NVIDIA 大致持平，而 INTC 则以约 68% 的市场份额占据主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67a0fe74d986cf882623a8f39587d0d8\" tg-width=\"544\" tg-height=\"394\" referrerpolicy=\"no-referrer\"><span>Source:tom'sHARDWARE</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：汤姆硬件</span></p></blockquote></p><p> However, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.</p><p><blockquote>然而，英伟达以80%以上的市场份额主导着独立GPU领域，AMD横扫了剩下的市场。英伟达的独立 GPU 可以说优于 AMD（稍后会详细介绍）；因此，投资者不应在这里寻求增长。</blockquote></p><p> Although AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.</p><p><blockquote>虽然 AMD 的 EPYC 服务器 CPU 产品与竞争对手相比具有竞争力，但该公司最初依靠激进的定价来推广其第一代 EPYC 产品。然而，EPYC系列已经获得了更广泛的认可，随着米兰处理器的推出，该公司正在获得市场份额。由于服务器 CPU 的利润率高于公司的其他产品，因此向该领域的扩张将有助于推动收入增长。</blockquote></p><p> Late last year,AMD entered intoa deal&nbsp;to acquire&nbsp;Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.</p><p><blockquote>去年年底，AMD 达成收购现场可编程门阵列 (FPGA) 芯片领导者赛灵思 (XLNX) 的交易。FPGA可用于各种各样的应用。由于转向竞争的 FPGA 供应商需要对工程师进行软件和设计工具方面的再培训，因此客户不愿意转向竞争供应商。因此，如果赛灵思交易成功，AMD 将获得广泛的护城河业务。交易完成后 18 个月内运营效率管理指南约为 3 亿美元。</blockquote></p><p> The Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.</p><p><blockquote>收购赛灵思将有助于增强 AMD 的数据中心和人工智能业务。</blockquote></p><p> AMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.</p><p><blockquote>AMD 同意以 350 亿美元的全股票交易收购赛灵思。</blockquote></p><p> <b>A Survey of NVIDIA</b></p><p><blockquote><b>英伟达调查</b></blockquote></p><p> NVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.</p><p><blockquote>NVDA 对图形处理单元市场的关注使该公司在独立 GPU 领域占据了主导地位。该公司是计算平台（尤其是游戏机）分立 GPU 领域的领导者。英特尔从英伟达获得知识产权，将GPU集成到其PC芯片组中，这一事实证明了该公司保持的领先地位。</blockquote></p><p> The chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.</p><p><blockquote>下图记录了该公司在过去五年中能够控制的蓬勃发展的ASP，从2016年的Pascal架构开始，从图灵到安培。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/04fb1d71f9df02f6c63907fe784b2fd8\" tg-width=\"1280\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><span>Source:AMD Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 投资者演示</span></p></blockquote></p><p> The firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.</p><p><blockquote>该公司的芯片也应用于许多高端个人电脑中，NVDA 在新兴的人工智能和自动驾驶汽车市场尤其具有实力。</blockquote></p><p> GPUs are being teamed with CPUs to&nbsp;enhance&nbsp;computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to&nbsp;autonomous&nbsp;vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud</p><p><blockquote>GPU正在与CPU合作，以增强计算工作负载。这一策略旨在增强人工智能系统执行计算密集型任务的能力。与自动驾驶汽车相关的人工智能是英伟达不断发展的优势。该公司在云计算领域崭露头角的另一个领域</blockquote></p><p> AI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.</p><p><blockquote>人工智能和数据中心是 NVDA 最有可能的增长途径。为了巩固其在这两项业务中的地位，该公司去年以 400 亿美元从母公司软银手中收购了 ARM Holdings (ARMHF)。</blockquote></p><p> ARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.</p><p><blockquote>ARM 是全球最大的芯片设计许可商。它的芯片无处不在，可以在手机、智能电视和平板电脑中找到。使用ARM设计已经制造了1600亿个芯片。</blockquote></p><p></p><p> Perhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.</p><p><blockquote>也许同样重要的是，1300万开发者使用ARM设备。从上下文来看，NVDA 有 200 万开发人员在其设备阵列上工作。</blockquote></p><p> Unfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.</p><p><blockquote>对投资者来说不幸的是，据报道，中国和theU.K.都不愿批准这笔交易。</blockquote></p><p> <b>Head-To-Head Comparisons</b></p><p><blockquote><b>头对头比较</b></blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> The following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.</p><p><blockquote>下图提供了与每只股票估值相关的各种指标。所有标有“远期”字样的数据都是分析师对下一财年的一致估计。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1bdeabcd2ea473601fbaaaa03235de77\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> Next, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.</p><p><blockquote>接下来，我用一张图表来提供这三家公司的 PEG 比率。由于分析师的输入会导致 PEG 比率出现相当大的差异，因此当我发现比率存在较大差异时，我更希望读者能够获得多个来源。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/884fc2142d97afcc9e2308e50058dd45\" tg-width=\"576\" tg-height=\"336\" referrerpolicy=\"no-referrer\"><span>Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>作者图表</span></p></blockquote></p><p> Note that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.</p><p><blockquote>请注意，Seeking Alpha提供了三到五年的挂钩，Schwab只是将其指标列为挂钩比率，而Yahoo!财务计算五年比率。这可以解释所提供数字的一些差异。</blockquote></p><p> Perusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.</p><p><blockquote>仔细阅读第一张图表，很明显 NVDA 被高估了。同样有趣的是，在当前的市盈率和远期价格/现金流估计中，AMD 的估值接近行业中位数。</blockquote></p><p> Count me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.</p><p><blockquote>把我算作一个非常重视股票挂钩比率的投资者。查看第二张图表，AMD 是三家公司中最好的。我还注意到，每个消息来源的分析师都计算出 AMD 的 PEG 比率好于行业中位数。</blockquote></p><p> Do not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.</p><p><blockquote>不要曲解我的发现。虽然 INTC 在许多方面的估值较低，但当考虑其他因素时，我对 AMD 的总体评价较高。换句话说，这不是最便宜的估值，而是最好的估值，因为缺乏更好的方法来表达我的观点。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> <b>Analysts’ Price Targets</b></p><p><blockquote><b>分析师的目标价</b></blockquote></p><p> NVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.</p><p><blockquote>英伟达股价目前交易价格为 202.95 美元。33 位分析师的 12 个月平均目标价为 186.49 美元。最新收益报告发布后对该股进行评级的 17 位分析师的平均目标价为 210.53 美元，比该股当前价格高出约 3.7%。</blockquote></p><p> AMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.</p><p><blockquote>AMD 股价目前交易价格为 107.58 美元。28 位分析师的 12 个月平均目标价为 108.56 美元。最新收益报告发布后对该股进行评级的 11 位分析师的平均目标价为 117.27 美元，比当前股价高出约 9%。</blockquote></p><p> Intel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.</p><p><blockquote>英特尔股价目前交易价格为 54.05 美元。34 位分析师的 12 个月平均目标价为 59.86 美元。最新收益报告发布后，对该股进行评级的 16 位分析师的平均目标价为 58.97 美元，比当前股价溢价 9%。</blockquote></p><p> Investors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.</p><p><blockquote>投资者应该意识到，距离 NVDA 发布季度收益以及 INTC 和 AMD 最近发布季度收益已经近三个月了。</blockquote></p><p> <b>=Tie AMD/INTC</b></p><p><blockquote><b>=平局AMD/INTC</b></blockquote></p><p> <b>Growth Rates</b></p><p><blockquote><b>增长率</b></blockquote></p><p> The next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.</p><p><blockquote>下图提供了增长率的数据。除非另有说明，这些指标反映了分析师的平均两年预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8ae1b79b3731a985fc209e626ca4886\" tg-width=\"577\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>Source:Seeking Alpha Premium/ Chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Seeking Alpha Premium/作者图表</span></p></blockquote></p><p> While investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.</p><p><blockquote>虽然熟悉这三家公司的投资者预计 INTC 在增长方面的表现将不如 NVDA 和 AMD，但在某些情况下，英特尔预计将出现负增长。</blockquote></p><p> Advanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.</p><p><blockquote>Advanced Micro Devices 的预计增长在每个类别中都领先于 NVIDIA，有时甚至领先于 NVIDIA。</blockquote></p><p> <b>=Advantage AMD</b></p><p><blockquote><b>=优势AMD</b></blockquote></p><p> I considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.</p><p><blockquote>我考虑提供一张图表，概述每家公司的盈利能力；然而，可以说，每一个都是高利润的，这三个并置将导致平局。</blockquote></p><p> I often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.</p><p><blockquote>我经常提供一个细分股息指标的比较，但 AMD 不支付股息，而 NVDA 的收益率也很低。INTC 目前的收益率约为 2.6%。股息资金充足。</blockquote></p><p> <b>Debt Metrics</b></p><p><blockquote><b>债务指标</b></blockquote></p><p> NVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.</p><p><blockquote>英伟达上季度末拥有 126.7 亿美元现金和 59.6 亿美元现金。如果 ARM 收购获得批准，该交易的结构将使 400 亿美元收购价格中的 210 亿美元将有库存。</blockquote></p><p> AMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.</p><p><blockquote>AMD 重组了债务，降低了利息成本。截至最近一个季度末，AMD 拥有约 38 亿美元现金和 3.13 亿美元长期债务。</blockquote></p><p> Intel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.</p><p><blockquote>英特尔拥有可靠的投资级信用评级。截至上季度末，该公司持有近248.6亿美元现金，长期债务为317亿美元。</blockquote></p><p></p><p> All three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.</p><p><blockquote>这三家公司都拥有雄厚的财务状况。权衡 NVDA 和 AMD 可能因潜在收购而增加债务的可能性，我对这三家公司的评级为同等。</blockquote></p><p> <b>R&amp;D Budgets</b></p><p><blockquote><b>研发预算</b></blockquote></p><p> This is the first time I have&nbsp;compared&nbsp;the R&amp;D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.</p><p><blockquote>这是我第一次对企业的研发预算进行针锋相对的对决。然而，在半导体行业，这可能至关重要。</blockquote></p><p> Last fiscal year, Intel devoted over $13.5 billion to R&amp;D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.</p><p><blockquote>上一财年，英特尔研发投入超过135亿美元，NVDA花费近28.3亿美元，AMD研发预算略高于19亿美元。</blockquote></p><p> AMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&amp;D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.</p><p><blockquote>AMD处于明显的劣势，这种弱点被放大了，因为它经常在不同的领域与INTC和NVDA竞争。值得注意的是，英特尔的部分研发资金流向了代工业务。然而，它是这里明显的赢家，而AMD是明显的输家。</blockquote></p><p> I should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&amp;D budgets.</p><p><blockquote>我还应该补充一点，NVDA 正在蚕食 AMD 在独立 GPU 市场的份额，我相信这一趋势还会继续下去，部分原因是研发预算的差异。</blockquote></p><p> <b>=Advantage INTC</b></p><p><blockquote><b>=优势INTC</b></blockquote></p><p> <b>Bottom Line: Which Is The Best Chip Stock?</b></p><p><blockquote><b>一句话：哪只芯片股最好？</b></blockquote></p><p> To arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.</p><p><blockquote>要得出答案，很大程度上取决于英伟达能否完成对ARM的收购。</blockquote></p><p> Because ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.</p><p><blockquote>由于 ARM 处理器比 x86 芯片更强大、更具成本效益，NVDA 可以在数据中心领域获得市场份额。由于英特尔约三分之一的收入来自数据中心，这可能会给 INTC 带来阻力，而给 NVDA 带来利好。然而，这笔交易很有可能无法完成。</blockquote></p><p> The degree of success Intel finds as its&nbsp;planned&nbsp;foundries come online is another factor that should be weighed.</p><p><blockquote>英特尔计划中的代工厂上线后取得的成功程度是另一个需要权衡的因素。</blockquote></p><p> A development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.</p><p><blockquote>一个需要权衡的发展是，就其产品质量而言，AMD现在已经在PC市场与INTC平起平坐。此外，AMD正在服务器市场获得市场份额，我预计这一趋势将继续下去。</blockquote></p><p> On the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.</p><p><blockquote>另一方面，AMD 正在将独立 GPU 市场的份额输给 NVDA。NVDA 在该领域拥有技术领先地位，这种领先地位可能会持续下去。</blockquote></p><p> While AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.</p><p><blockquote>虽然 AMD 和 NVDA 被视为增长机器，但我们不应忽视英特尔的物联网业务在上一季度增长了 47%。Mobileye 的增长也激增，收入增长了 124%。尽管这些业务的总收入只有13亿美元，只是英特尔185亿美元总收入的一小部分，但它们仍然代表着高增长的领域。</blockquote></p><p> However, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.</p><p><blockquote>但请注意，标题指的是 “芯片库存”。因此，技术优势只是难题的一部分。任何投资决策都必须考虑当前估值和未来增长率。</blockquote></p><p> With that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.</p><p><blockquote>考虑到这一点，由于当前的估值和增长预期，我必须将英伟达评级为持有。请注意，我的评级是基于股票的当前估值。我感谢公司的模范领导，并相信该股的长期前景非常好。</blockquote></p><p> I also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.</p><p><blockquote>我还将 INTC 评级为持有。我之前将该公司评级为买入。虽然我仍然相信该公司将为长期投资者提供良好的服务，但我现在相信其复苏将在很长一段时间内展开，并且还有更好的机会。</blockquote></p><p> I rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.</p><p><blockquote>我将 AMD 评级为买入。这是基于本文中概述的当前估值和增长率。我还要补充一点，我认为随着英特尔努力复苏，AMD 很可能会蚕食市场份额，这也支撑了这些指标。</blockquote></p><p> For additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA&nbsp;contributor&nbsp;Keyanoush Razavidinani.</p><p><blockquote>要进一步了解AMD和INTC投资的技术方面，我推荐SA撰稿人Keyanoush Razavidinani的一篇优秀文章。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4448637-amd-intel-nvidia-best-chip-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138705612","content_text":"Summary\n\nAMD's recent CPU and GPU offerings have been more competitive with Intel and NVIDIA's products.\nAMD’s EPYC server chips have proved to be comparable or even superior to certain Intel chips and have led to AMD gaining server CPU market share.\nEven so, Intel is the leader in the processor market and holds long-term advantages over AMD in R&D, marketing, and pricing.\nNvidia is ahead of AMD in GPU technology and is leveraging its GPUs into adjacent end markets such as artificial intelligence.\n\nAndy/iStock via Getty Images\nIntel (INTC) was once the microchip industry equivalent of the Colossus of Rhodes, a monument to the power of Moore’s law. However, the firm stumbled with its 10-nanometer process, and recently announced its 7-nm process will be delayed until 2023.\nThis left the door open to Advanced Micro Devices Inc. (AMD), and that firm has taken full advantage of the opportunity. AMD has taken a large share of the CPU market and is making inroads into the once nearly impenetrable server market.\nAMD now has seven consecutive quarters of double-digit revenue growth under its belt, and it appears the firm is gaining momentum: management now guides for 60% revenue growth for the full year, up from the 50% forecast provided in the previous quarter.\nHowever, AMD also competes with NVIDIA Corporation (NVDA), and the latter company’s GPU technology is stealing market share. NVDA has also been successful in gaining access to adjacent markets with its GPUs, especially AI and automotive markets.\nThe Ins And Outs of Intel\nAn understanding of Intel also provides insights into AMD. This is due to the overlap between the two companies, particularly in regards to x86 chips. Intel developed the x86 chip in 1978. To satisfy demands by IBM that Intel would not be the sole supplier of the chips, INTC provided x86 instruction set architecture licensing to AMD.\nConsequently, Intel and AMD have a duopoly position in the PC and server markets, as nearly all computer software is written for x86 architecture. The result is that both have a wide moat related to the x86 ecosystem.\nGaming consoles in particular are based on x86 architecture due to those platforms generally providing more powerful CPUs and GPUs with multiple compute cores. Like PCs, consoles operate with games that use x86 based software. Once again, this stifles potential competition from ARM-based devices.\nUntil fairly recently, AMD was a distant second to INTC as a supplier of x86 chips. However, AMD teamed with Taiwan Semiconductor(NYSE:TSM)to use that manufacturer’s 7nm process to surpass INTC in process technology. Combined with AMD’s developing new innovative chip designs, this one-two punch resulted in INTC losing significant market share.\nAt the end of Q1, AMD held 19.30% of the x86 desktop market, a 70 basis point gain year-over-year. In Q2 AMD corralled 8% of the server market, up from a 5% market share in Q4 of 2019.\nDespite these setbacks, it seems premature to view Intel as a moribund business. INTC is one of the largest semiconductor companies in the world. The firm dominates the server market, and still holds 60% of the global x86 CPU market.\nThe company has an enormous R&D budget, and it is expanding into new markets, primarily Artificial Intelligence, Field-Programmable Gate Array chips, and automotive offerings, through its acquisitions of Habana Labs, Altera, Movidius, and Mobileye.\nInvestors should not be swayed by the claim that Intel’s new 10nm chips are inferior to 7nm solely on the basis that 7 is superior to 10. While once used to denote the technology level of a chip design, it has been misused to the point of being useless.\nHowever, there are a number of concerns that must be acknowledged. Intel lags competitors in the smartphone market. As consumers shift to mobile devices, this could result in a sustained headwind as smartphones take the place of PCs. On the other hand, it should be acknowledged that INTC’s server processor business has seen growth associated with the surge in mobile devices and cloud computing.\nIntel also faces increased competition from AMD in the data center space, as well as customers developing their own ARM-based chips for CPUs.\nAn Overview of AMD\nIn years past, INTC held the lion’s share of the x86 market. This was due in part to Intel’s leading-edge manufacturing combined with AMD’s wafer supply agreements with less than stellar GlobalFoundries.\nHowever, a seismic shift occurred due to three factors: driven by innovative designs, AMD brought competitive products to market, AMD shifted to TSMC for production, and Intel faced repeated manufacturing delays. The two charts below document the progress the company has made.\nSource:Q2 Earnings Presentation\nSource:Q2 Earnings Presentation\nLike Intel, AMD’s primary products are CPUs and GPUs. AMD’s chips are designed for PCs, game consoles, servers, and blockchain applications. And like INTC, AMD’s offerings are largely protected from competition due to the preponderance of software for PCs and servers being designed for x86 architecture.\nAMD’s strong growth has largely come at the expense of Intel as AMD has steadily chipped away at the former company’s CPU market share.\nSource:Seeking Alpha\nAMD’s focus on CPU and GPU semi-custom processor applications has resulted in their use in Microsoft Xbox and Sony PlayStation game consoles.\nIn regards to PC integrated GPUs, AMD is roughly in parity with NVIDIA while INTC dominates with roughly 68% of the market.\nSource:tom'sHARDWARE\nHowever, NVIDIA dominates the discrete GPU space with an 80% plus market share with AMD sweeping up what is left. NVIDIA’s discrete GPUs are arguably superior to AMD’s (more on that later); therefore, investors should not look for growth here.\nAlthough AMD’s EPYC server CPU products were competitive with that of rivals, initially the company relied on aggressive pricing to promote its first generation of EPYC offerings. However, the EPYC line has gained wider acceptance, and with the Milan processors, the company is gaining market share. As server CPUs provide a better profit margin than the company’s other products, expansion into that space should aid in driving revenue.\nLate last year,AMD entered intoa deal to acquire Xilinx (XLNX), a leader in field programmable gate array (FPGA) chips. FPGAs can be used for a wide variety of applications. Because shifting to a competing FPGA provider requires retraining of engineers in software and design tools, customers are loath to make a switch to a competing vendor. Consequently, if the Xilinx deal goes through, AMD will have acquired a wide moat business. Management guides for operational efficiencies of approximately $300 million within 18 months of closing the transaction.\nThe Xilinx acquisition should bolster AMD’s data center and artificial intelligence businesses.\nAMD agreed to acquire Xilinx for $35 billion in an all-stock transaction.\nA Survey of NVIDIA\nNVDA's focus on the graphics processing units market has led the company to a dominant position in the discrete GPU space. The firm is the leader in discrete GPUs for computing platforms, especially gaming consoles. The fact that Intel licensed intellectual property from NVIDIA to integrate GPUs into its PC chipset testifies to the lead the company maintains.\nThe chart below provides a record of the burgeoning ASP the company has been able to command over the last half decade, beginning with the Pascal architecture in 2016, and progressing through Turing to Ampere.\nSource:AMD Investor Presentation\nThe firm’s chips are also found in many high-end PCs, and NVDA has particular strength in the incipient AI and self-driving vehicle markets.\nGPUs are being teamed with CPUs to enhance computation workloads. This stratagem is designed to bolster the ability of AI systems to perform computationally intensive tasks. AI related to autonomous vehicles is a developing strength for NVIDIA. Another arena in which the firm is making its mark is in cloud\nAI and data centers pose the most likely avenue of growth for NVDA. To strengthen its position in both businesses, the company moved last year to acquire ARM Holdings (ARMHF) from parent company Softbank for $40 billion.\nARM is the globe’s largest licensor of chip designs. Its chips are ubiquitous and can be found in mobile phones, smart TVs, and tablet computers. 160 billion chips have been made using ARM designs.\nPerhaps of equal importance is that 13 million developers work with ARM devices. To place that in context, NVDA has 2 million developers working on its array of devices.\nUnfortunately for investors, bothChinaand theU.K.are reportedly balking at approving the deal.\nHead-To-Head Comparisons\nValuation Metrics\nThe following chart provides a variety of metrics related to each stock's valuation. All data labeled forward is analysts’ next fiscal year consensus estimate.\nSource:Seeking Alpha Premium/ chart by author\nNext, I’m using a graph to provide PEG ratios for the three companies. As there can be fairly wide variations in PEG ratios due to analysts’ inputs, I prefer that readers have access to multiple sources when I find wide variance in the ratio.\nChart by author\nNote that Seeking Alpha provides a three to five-year PEG, Schwab simply lists its metric as a PEG ratio, while Yahoo! Finance calculates a five-year ratio. This could explain some of the variance in the numbers provided.\nPerusing the first chart, it is obvious that NVDA is the most overvalued. It is also interesting to note that in the current P/E and the forward price/cash flow estimates show AMD as valued near the sector median.\nCount me as an investor that places great emphasis on a stocks PEG Ratio. Viewing the second chart, AMD has the best PEG of the three companies. I also note that analysts from each source calculated AMD’s PEG ratio as better than the sector median.\nDo not misinterpret my findings. While INTC has a lower valuation in many respects, when considering other factors, I rate AMD higher overall. In other words, it is not the cheapest valuation but the best valuation, for lack of a better means to articulate my view.\n=Advantage AMD\nAnalysts’ Price Targets\nNVIDIA shares currently trade for $202.95. The average 12-month price target of 33 analysts is $186.49. The average price target of the 17 analysts that rated the stock following the latest earnings report is $210.53, about 3.7% above the current price of the stock.\nAMD shares currently trade for $107.58. The average 12-month price target of 28 analysts is $108.56. The average price target of the 11 analysts that rated the stock following the latest earnings report is $117.27, roughly 9% above the prevailing share price.\nIntel shares currently trade for $54.05. The average 12-month price target of 34 analysts is $59.86. The average price target of the 16 analysts that rated the stock following the latest earnings report is $58.97, a 9% premium over the current share price.\nInvestors should be aware that it has been nearly three months since NVDA posted quarterly earnings while INTC and AMD reported recently.\n=Tie AMD/INTC\nGrowth Rates\nThe next chart provides data for growth rates. Unless otherwise noted, the metrics reflect analysts' average two-year forecasts.\nSource:Seeking Alpha Premium/ Chart by author\nWhile investors familiar with these three companies would expect INTC to perform poorly in relation to NVDA and AMD in regarding growth, in several cases Intel is projected to experience negative growth rates.\nAdvanced Micro Devices projected growth leads that of NVIDIA in every category, and at times by very wide margins.\n=Advantage AMD\nI considered providing a chart outlining the profitability of each company; however, suffice it to say that each is highly profitable, and that a juxtaposition of the three would result in a tie.\nI often provide a comparison that breaks down dividend metrics, but AMD does not pay a dividend, and NVDA has an anemic yield. INTC currently yields about 2.6%. The dividend is well funded.\nDebt Metrics\nNVIDIA had $12.67 billion in cash and $5.96 billion at the end of the last quarter. Should the ARM acquisition meet approval, the deal is structured so that $21 billion of the $40 billion purchase price will be in stock.\nAMD has restructured its debt resulting in reduced interest costs. AMD had about $3.8 billion in cash and $313 million in long-term debt at the end of the most recent quarter.\nIntel's has solid investment-grade credit ratings. The company held nearly $24.86 billion cash at the end of the last quarter and had $31.7 billion long-term debt.\nAll three firms have strong financial positions. Weighing the possibility that NVDA and AMD may add debt due to prospective acquisitions, I am rating the three firms as equals.\nR&D Budgets\nThis is the first time I have compared the R&D budgets of companies for a head-to-head showdown. However, in the semiconductor industry, that can be of pivotal importance.\nLast fiscal year, Intel devoted over $13.5 billion to R&D, NVDA spent nearly $2.83 billion, and AMD budgeted a bit over $1.9 billion on research and development.\nAMD is at a clear disadvantage, and that weakness is magnified because it often competes against INTC and NVDA in different arenas. It should be noted that a portion of Intel’s R&D is funneled to its foundry business. Nevertheless, it is the clear winner here, and AMD is the obvious loser.\nI should add that NVDA is chipping away at AMD’s share of the discrete GPU market, and I believe that trend will continue, in part due to the disparity in R&D budgets.\n=Advantage INTC\nBottom Line: Which Is The Best Chip Stock?\nTo arrive at an answer, much depends on whether NVIDIA can complete its acquisition of ARM.\nBecause ARM processors are more power and cost-efficient than x86 chips, NVDA could gain market share in the data center space. Since around a third of Intel’s revenue flows from data centers, that could represent a headwind for INTC and a positive for NVDA. However, there is a good chance the deal will fail to close.\nThe degree of success Intel finds as its planned foundries come online is another factor that should be weighed.\nA development to be weighed is that AMD has now reached parity with INTC in the PC market in terms of the quality of its products. Furthermore, AMD is gaining market share in the server market, and I expect that trend to continue.\nOn the other hand, AMD is losing share in the discrete GPU market to NVDA. NVDA has a technological lead in that space which will probably continue.\nWhile AMD and NVDA are seen as growth machines, one should not ignore that Intel’s Internet of Things business increased by 47% in the last quarter. Mobileye also saw a surge in growth with revenue increasing 124%. Although these businesses only totaled $1.3 billion in revenue, a fraction of Intel's total revenue of $18.5 billion, they still represent areas of high growth.\nHowever, note the header refers to “chip stock.” Consequently, technological advantages are but one part of the puzzle. Any investment decision must take current valuations and prospective growth rates into account.\nWith that in mind, I must rate NVIDIA as a HOLD due to current valuation and growth estimates. Note my rating is based on the current valuation of the stock. I acknowledge the exemplary leadership of the company and believe the long-term prospect for the stock is excellent.\nI also rate INTC as a HOLD. I previously rated the company as a buy. While I still believe the firm will serve long-term investors well, I now believe its recovery will unfold over a long time span, and better opportunities are available.\nI rate AMD as a BUY. This is based on the current valuations and growth rates outlined in this article. I’ll add that those metrics are buttressed by my perception that as Intel works on its recovery, AMD is likely to chip away at market share.\nFor additional insights into the technological aspects of an investment in AMD and INTC, I recommend an excellent article by SA contributor Keyanoush Razavidinani.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355372665,"gmtCreate":1617031656457,"gmtModify":1634523003203,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Hold strong and for the long term 💪🙌","listText":"Hold strong and for the long term 💪🙌","text":"Hold strong and for the long term 💪🙌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/355372665","repostId":"1192930137","repostType":4,"repost":{"id":"1192930137","kind":"news","pubTimestamp":1617021734,"share":"https://www.laohunote.com/m/news/1192930137?lang=zh_CN&edition=full","pubTime":"2021-03-29 20:42","market":"us","language":"en","title":"ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192930137","media":"Barron's","summary":"Pretty much everything changed in 2020—some things more than others.The ARK Innovation exchange-trad","content":"<p>Pretty much everything changed in 2020—some things more than others.</p><p><blockquote>2020年几乎一切都变了——有些事情比其他事情更大。</blockquote></p><p>The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.</p><p><blockquote>ARK Innovation 交易所交易基金（股票代码：ARKK）从 2019 年回报率为 36% 的有点昏昏欲睡的主动管理基金，到 2020 年表现最佳，回报率为 153%，并使其经理 ARK Investment 创始人 Cathie Wood 家喻户晓。但 ARK Innovation 正在经历艰难的 2021 年：在 2 月中旬又上涨 26% 后，这只价值 220 亿美元的 ETF 在过去六周内暴跌，今年迄今已下跌 9%。投资者需要了解过去一年中发生的巨大变化，才能了解自己拥有什么，并确定基金在其投资组合中的作用。</blockquote></p><p>For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.</p><p><blockquote>首先：一年前，ARK Innovation 是一家小公司基金。如今，该公司已成为稳固的中型股，51% 的资产投资于大型公司股票。其持股的平均市值已从去年3月的50亿美元增加到2月底的390亿美元。这在很大程度上是由于持股数量增加所致。值得注意的是，即使在最近回调之后，top holdingTesla (TSLA) 过去一年的回报率也达到了 500%。</blockquote></p><p>Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”</p><p><blockquote>许多主动型基金对其可以购买和继续持有的公司规模有限制。方舟创新没有这样的限制。从 5940 亿美元的特斯拉到 10 亿美元的 CERU（CERU），它对资本化范围内的股票开放。“我们并不真正关注市值。我们对此一无所知，”ARK 的客户投资组合经理 Ren Leggi 说。“我们正在关注创新将我们引向何方”。</blockquote></p><p>The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).</p><p><blockquote>现有持股的增长只是该基金倾向于大盘股的部分原因。在过去的几个月里，ARK Innovation 还一直在出售小型公司的股票，其中许多是生物技术公司，包括 Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Compugen (CGEN) 和 Deditas Medicine（编辑）。</blockquote></p><p>Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.</p><p><blockquote>与此同时，该基金增持了大量大型互联网股票，如PayPal Holdings (PYPL)、Shopify (SHOP)、Zoom Video通信 (ZM)；以及腾讯控股控股 (TCEHY)、百度 (BIDU)、Sea (SE) 和任天堂 (NTDOY) 等外国公司。去年 7 月，该 ETF 不拥有这些名称。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e1bf566255ea478e6111c62695a5ade\" tg-width=\"677\" tg-height=\"357\" referrerpolicy=\"no-referrer\">The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.</p><p><blockquote>最近的交易也改变了方舟创新公司的行业构成。2020年3月，生物技术和诊断是该基金最大的行业，分别占投资组合的22%和15%。截至2月底，生物技术仅占14%，诊断占8%。</blockquote></p><p>Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.</p><p><blockquote>与此同时，ARK Innovation 增加了互联网和软件股票的资产——从 2020 年 3 月的 6% 增加到 2 月份的 15% 和 9%。截至去年 10 月，Shopify 还没有进入 ARK Innovation，现在是该基金的第八大股票，权重为 3.1%。</blockquote></p><p>Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.</p><p><blockquote>晨星投资组合策略师艾米·阿诺特 (Amy Arnott) 表示，尽管如此，与中型增长类别的同行相比，ARK Innovation 相对侧重于医疗保健，而侧重于技术。</blockquote></p><p>Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.</p><p><blockquote>有人怀疑，向大公司的转变是方舟创新公司空前增长的结果。该基金去年吸引了160亿美元的新资产。如果这笔钱投资于规模较小的公司，方舟在这些公司的股份可能会迅速增加到危险的水平。从这个角度来看，将这笔钱投入流动性更强的大盘股似乎是一个更安全的选择。“阿诺特说：”他们的规模越大，就越难在小盘股中建立有意义的头寸。</blockquote></p><p>ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.</p><p><blockquote>ARK否认最近的交易决策与产能有任何关系，称这些举动是由信念、估值和战术考虑驱动的。例如，ARK Innovation 退出了 DNA 测序公司 firmIllumina (ILMN)（曾经仅次于特斯拉的第二大控股公司），并增加了竞争对手 Pacific Biosciences of California (PACB)，因为它看到了从短读基因组测序到长读基因组测序的颠覆性转变。它出售了其他名称，因为与同行相比，这些名称变得太贵了。</blockquote></p><p>The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.</p><p><blockquote>莱吉表示，该公司自去年以来也一直在为市场调整做准备，大盘股的增加旨在提供下行保护和类似现金的储备，以便在经济低迷时期以低价购买高信誉的股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0c6368f23c2e33e58f63f2868e48ee2b\" tg-width=\"644\" tg-height=\"344\" referrerpolicy=\"no-referrer\">A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.</p><p><blockquote>投资组合特征的转变——从小盘股到中盘股，从更多的医疗保健到更多的互联网——意味着方舟创新未来的波动性可能会更小。许多生物技术公司在获得产品批准之前缺乏现金流或收入，而互联网公司通常在市场上有一些产品或服务。</blockquote></p><p>This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”</p><p><blockquote>这可能意味着 ARK 今年的表现将更像 2019 年，而不是 2020 年。“阿诺特说：”它仍然是一只非常积极的成长型基金，“但随着基金资产的增加，要保持其业绩优势可能会更加困难。”</blockquote></p><p></p><p>Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.</p><p><blockquote>Leggi 说，公司越大并不一定意味着增长越少： ARK 刚刚发布了到 2025 年对特斯拉的最新目标价为 3000 美元，比现在的价格高出 385%。莱吉表示，事实上，在某些较早、规模更大的颠覆者已经站稳脚跟的行业中，小型竞争对手很难竞争。</blockquote></p><p>“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”</p><p><blockquote>“他说：”已经有一些规模较小的电动汽车（电动汽车）制造商通过 SPAC 上市，”他指的是特殊目的收购公司，本质上是用来将私营公司上市的空壳公司。“我们不投资它们，因为我们认为它们不适合成为新的领导者，因为它们的资本密集型程度非常高。特斯拉遥遥领先。我们的投资组合中不太可能出现像几年前那样多的小盘股。”</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</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\">\nARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-03-29 20:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pretty much everything changed in 2020—some things more than others.</p><p><blockquote>2020年几乎一切都变了——有些事情比其他事情更大。</blockquote></p><p>The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.</p><p><blockquote>ARK Innovation 交易所交易基金（股票代码：ARKK）从 2019 年回报率为 36% 的有点昏昏欲睡的主动管理基金，到 2020 年表现最佳，回报率为 153%，并使其经理 ARK Investment 创始人 Cathie Wood 家喻户晓。但 ARK Innovation 正在经历艰难的 2021 年：在 2 月中旬又上涨 26% 后，这只价值 220 亿美元的 ETF 在过去六周内暴跌，今年迄今已下跌 9%。投资者需要了解过去一年中发生的巨大变化，才能了解自己拥有什么，并确定基金在其投资组合中的作用。</blockquote></p><p>For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.</p><p><blockquote>首先：一年前，ARK Innovation 是一家小公司基金。如今，该公司已成为稳固的中型股，51% 的资产投资于大型公司股票。其持股的平均市值已从去年3月的50亿美元增加到2月底的390亿美元。这在很大程度上是由于持股数量增加所致。值得注意的是，即使在最近回调之后，top holdingTesla (TSLA) 过去一年的回报率也达到了 500%。</blockquote></p><p>Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”</p><p><blockquote>许多主动型基金对其可以购买和继续持有的公司规模有限制。方舟创新没有这样的限制。从 5940 亿美元的特斯拉到 10 亿美元的 CERU（CERU），它对资本化范围内的股票开放。“我们并不真正关注市值。我们对此一无所知，”ARK 的客户投资组合经理 Ren Leggi 说。“我们正在关注创新将我们引向何方”。</blockquote></p><p>The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).</p><p><blockquote>现有持股的增长只是该基金倾向于大盘股的部分原因。在过去的几个月里，ARK Innovation 还一直在出售小型公司的股票，其中许多是生物技术公司，包括 Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Compugen (CGEN) 和 Deditas Medicine（编辑）。</blockquote></p><p>Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.</p><p><blockquote>与此同时，该基金增持了大量大型互联网股票，如PayPal Holdings (PYPL)、Shopify (SHOP)、Zoom Video通信 (ZM)；以及腾讯控股控股 (TCEHY)、百度 (BIDU)、Sea (SE) 和任天堂 (NTDOY) 等外国公司。去年 7 月，该 ETF 不拥有这些名称。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e1bf566255ea478e6111c62695a5ade\" tg-width=\"677\" tg-height=\"357\" referrerpolicy=\"no-referrer\">The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.</p><p><blockquote>最近的交易也改变了方舟创新公司的行业构成。2020年3月，生物技术和诊断是该基金最大的行业，分别占投资组合的22%和15%。截至2月底，生物技术仅占14%，诊断占8%。</blockquote></p><p>Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.</p><p><blockquote>与此同时，ARK Innovation 增加了互联网和软件股票的资产——从 2020 年 3 月的 6% 增加到 2 月份的 15% 和 9%。截至去年 10 月，Shopify 还没有进入 ARK Innovation，现在是该基金的第八大股票，权重为 3.1%。</blockquote></p><p>Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.</p><p><blockquote>晨星投资组合策略师艾米·阿诺特 (Amy Arnott) 表示，尽管如此，与中型增长类别的同行相比，ARK Innovation 相对侧重于医疗保健，而侧重于技术。</blockquote></p><p>Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.</p><p><blockquote>有人怀疑，向大公司的转变是方舟创新公司空前增长的结果。该基金去年吸引了160亿美元的新资产。如果这笔钱投资于规模较小的公司，方舟在这些公司的股份可能会迅速增加到危险的水平。从这个角度来看，将这笔钱投入流动性更强的大盘股似乎是一个更安全的选择。“阿诺特说：”他们的规模越大，就越难在小盘股中建立有意义的头寸。</blockquote></p><p>ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.</p><p><blockquote>ARK否认最近的交易决策与产能有任何关系，称这些举动是由信念、估值和战术考虑驱动的。例如，ARK Innovation 退出了 DNA 测序公司 firmIllumina (ILMN)（曾经仅次于特斯拉的第二大控股公司），并增加了竞争对手 Pacific Biosciences of California (PACB)，因为它看到了从短读基因组测序到长读基因组测序的颠覆性转变。它出售了其他名称，因为与同行相比，这些名称变得太贵了。</blockquote></p><p>The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.</p><p><blockquote>莱吉表示，该公司自去年以来也一直在为市场调整做准备，大盘股的增加旨在提供下行保护和类似现金的储备，以便在经济低迷时期以低价购买高信誉的股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/0c6368f23c2e33e58f63f2868e48ee2b\" tg-width=\"644\" tg-height=\"344\" referrerpolicy=\"no-referrer\">A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.</p><p><blockquote>投资组合特征的转变——从小盘股到中盘股，从更多的医疗保健到更多的互联网——意味着方舟创新未来的波动性可能会更小。许多生物技术公司在获得产品批准之前缺乏现金流或收入，而互联网公司通常在市场上有一些产品或服务。</blockquote></p><p>This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”</p><p><blockquote>这可能意味着 ARK 今年的表现将更像 2019 年，而不是 2020 年。“阿诺特说：”它仍然是一只非常积极的成长型基金，“但随着基金资产的增加，要保持其业绩优势可能会更加困难。”</blockquote></p><p></p><p>Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.</p><p><blockquote>Leggi 说，公司越大并不一定意味着增长越少： ARK 刚刚发布了到 2025 年对特斯拉的最新目标价为 3000 美元，比现在的价格高出 385%。莱吉表示，事实上，在某些较早、规模更大的颠覆者已经站稳脚跟的行业中，小型竞争对手很难竞争。</blockquote></p><p>“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”</p><p><blockquote>“他说：”已经有一些规模较小的电动汽车（电动汽车）制造商通过 SPAC 上市，”他指的是特殊目的收购公司，本质上是用来将私营公司上市的空壳公司。“我们不投资它们，因为我们认为它们不适合成为新的领导者，因为它们的资本密集型程度非常高。特斯拉遥遥领先。我们的投资组合中不太可能出现像几年前那样多的小盘股。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/ark-innovation-fund-has-reshuffled-its-holdings-what-that-means-for-investors-51616800226?mod=mw_more_headlines\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/articles/ark-innovation-fund-has-reshuffled-its-holdings-what-that-means-for-investors-51616800226?mod=mw_more_headlines","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192930137","content_text":"Pretty much everything changed in 2020—some things more than others.The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806646741,"gmtCreate":1627655237483,"gmtModify":1631891351889,"author":{"id":"3577623438086474","authorId":"3577623438086474","name":"Lenaz","avatar":"https://static.tigerbbs.com/9d6947ddc69b05ee238b54beeb22cdd7","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577623438086474","authorIdStr":"3577623438086474"},"themes":[],"title":"","htmlText":"Pls like &amp; comment thank you 😊","listText":"Pls like &amp; comment thank you 😊","text":"Pls like & comment thank you 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/806646741","repostId":"1157771608","repostType":4,"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}