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joyATM
2024-07-13
这篇文章不错,转发给大家看看
史上最大泡沫的半导体公司
joyATM
2023-07-28
$Bionano Genomics(BNGO)$
真是个人才,哈哈哈😄
joyATM
2023-06-27
$Bionano Genomics(BNGO)$
三年,五毛到五毛,历史在轮回😳
joyATM
2023-05-22
$Faraday Future(FFIE)$
joyATM
2023-04-21
$Bionano Genomics(BNGO)$
难以置信
joyATM
2023-03-29
$Bionano Genomics(BNGO)$
过山车
joyATM
2022-03-14
$Bionano Genomics(BNGO)$
惨,不忍睹
joyATM
2022-03-08
$Bionano Genomics(BNGO)$
切肤之痛
joyATM
2022-01-25
$Bionano Genomics(BNGO)$
天道轮回呀
joyATM
2022-01-22
$Asensus Surgical, Inc.(ASXC)$
无语
joyATM
2022-01-21
$Asensus Surgical, Inc.(ASXC)$
刺激呀
joyATM
2022-01-20
$Asensus Surgical, Inc.(ASXC)$
初试身手
joyATM
2022-01-19
$Bionano Genomics(BNGO)$
涨了个锤子,一步一步逼近成本线!
joyATM
2022-01-14
$Bionano Genomics(BNGO)$
从2400%跌到了400%,这是啥道理呀?
joyATM
2022-01-07
$Asensus Surgical, Inc.(ASXC)$
CTND,每天都创新低!
joyATM
2021-11-18
$Bionano Genomics(BNGO)$
聊表安慰
joyATM
2021-09-23
$Sonim Technologies Inc(SONM)$
脸都绿了
joyATM
2021-09-16
$Bionano Genomics(BNGO)$
人生赢家?
joyATM
2021-09-16
$Sonim Technologies Inc(SONM)$
老虎忽悠人啦
joyATM
2021-09-16
$Sonim Technologies Inc(SONM)$
NNND, kill without bleeding.
去老虎APP查看更多动态
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17:21","market":"us","language":"zh","title":"史上最大泡沫的半导体公司","url":"https://stock-news.laohu8.com/highlight/detail?id=1190539978","media":"格隆汇","summary":"软银成最大赢家谁是全球最大泡沫的半导体公司?如果对比另外一个半导体公司,英伟达的估值可以说低得可怜。ARM的商业模式较为独特,主要通过授权半导体公司、原始设备制造商等使用其架构来设计和制造芯片,即销售IP核,收取授权许可费和版税。这一新规实质上要求这些客户在现用的解决方案和ARM之间二选一。加上去年9月才上市,目前流通盘非常低,占总股本的比例约12%。","content":"<html><head></head><body><blockquote><p>软银成最大赢家</p></blockquote><p>谁是全球最大泡沫的半导体公司?</p><p>有人说是<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>。</p><p>但是,英伟达的动态估值只有60倍,以它仍然无懈可击的GPU产品,以及垄断市场的地位,你很难说这个估值高得离谱,何况,AI未来是何等的星辰大海。</p><p>更重要的是,英伟达完全能够交得出业绩,90%的毛利率,50%的净利率,一年<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元的净利润,距离<a href=\"https://laohu8.com/S/MSFT\">微软</a>的水平也不是很遥远,你可以说英伟达的估值不便宜,但说是泡沫,似乎也不妥。</p><p>如果对比另外一个半导体公司,英伟达的估值可以说低得可怜。</p><p>因为那家半导体公司的动态PE,是英伟达的10倍。不到一年时间,它的市值暴涨4倍,接近2000亿美元。<strong>而一年的营收,在30亿美元的水平,净利润只有区区3亿美元,算下来,PE接近600倍。</strong></p><p>这家公司叫ARM。</p><h3 id=\"id_1021445343\" style=\"text-align: left;\">01、走向垄断?</h3><p>一门生意赚不赚钱,<strong>商业模式</strong>是一个决定性因素。</p><p>比如垄断型的商业模式,就能够创造惊人的利润,英伟达、微软、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>等大型科技公司,或多或少都属于垄断行业,至少他们所在的领域,基本看不到竞争对手能够挑战他们的地位。</p><p>虽然会面临反垄断的监管风险,但如果是因为竞争对手确实无力挑战它,这种垄断其实无需担心,大不了定时支付罚款就是了,美国的大型科技公司基本都是如此。</p><p><strong>ARM的商业模式较为独特,主要通过授权半导体公司、原始设备制造商(OEM)等使用其架构来设计和制造芯片,即销售IP核(指令集+微架构),收取授权许可费和版税。</strong></p><p>虽然没有直接设计芯片,但ARM提供的公版架构,让芯片开发门槛大大降低,又保留了一定的研发空间,下游芯片设计厂商可自研提升芯片性能上限,加之兼具高性能低功耗的特点。因此众多的芯片公司都在使用ARM的架构,包括<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/QCOM\">高通</a>、英伟达。</p><p><strong>目前,智能手机的基带芯片,99%都是采用ARM架构进行设计的,这个风潮是由苹果牵起的。</strong></p><p>而随着苹果在PC芯片上、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>在IDC服务器芯片采用ARM架构,ARM开始走出智能手机领域,向着<a href=\"https://laohu8.com/S/INTC\">英特尔</a>、AMD的后院发起冲击,并且已经取得了一定的成绩。</p><p>上个月初,微软在build大会上,宣布将推出更多的windows on ARM的产品,ARM达到了有史以来最辉煌的时刻。</p><p>加上在AI时代,电力短缺的问题已经摆上台面,所以有声音认为,ARM凭借看家本领--<strong>低功耗</strong>,大有将英特尔、AMD的x86架构挤出市场,一统天下的趋势。</p><p>然而,这种说法太乐观了,因为ARM很可能走不到垄断这一步。</p><h3 id=\"id_4124079166\" style=\"text-align: left;\">02、老对手反击</h3><p>传统的PC芯片厂,英特尔、AMD也在发力AI PC。</p><p>ARM可能在功耗方面仍然有优势,但PC不是手机,PC可以连接电源,所以对于功耗的需求没有手机那么高,仅仅因为低功耗就想把x86架构扫地出门,比较难。实际上,如果有更好的代工工艺,x86架构的功耗未必完全没有还手之力。</p><p>在软件生态上,ARM还无法和x86相比,因为x86是从1980年代开始积累。而ARM是从苹果M1芯片开始,才正式建立pc软件生态。</p><p>ARM会在PC领域占据一定的份额,这份额还相当可观。Counterpoint预测,基于ARM的笔记本电脑的份额将在25年增加到21%,在27年增加到25%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7199b07cf321bf85dc68bb6c76366d8\" tg-height=\"529\" tg-width=\"732\"/></p><p>现在,消费电子如PC、手机,整体销量都处于饱和状态,虽然有AI加持,但只是结构性的替换,不是总量的翻倍。</p><p>ARM确定性比较高的增量市场,其实是来自windows on ARM,而且微软和高通已经推出相应的产品。具体能够增长多少,就取决于这类AI PC的出货量。</p><p>但是,仅仅依靠如上图这种的蚕食速度,想要盈利翻几倍,还很难。</p><p><strong>如果盈利无法快速翻倍,ARM又如何能说服市场,600倍的估值并不高?</strong></p><p>ARM过去几年的营收和利润增速表现,增速是有的,但很难说得上是爆发式,未来它又如何证明自己会有逆天的表现?</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8add1f45ff2f7ecf0dbdd5fd8c24f511\" tg-height=\"472\" tg-width=\"729\"/></p><p>我们再仔细拆解一下ARM的主要收入来源:</p><p><strong>第一,是许可收入。</strong>客户支付费用以获得ARM产品的许可,进而开发基于ARM架构的处理器。根据ARM官网披露,其最新的收费计划是:芯片厂商可以选择每年支付7.5万美元或者20万美元的访问权限费(access fee),从而获得ARM的一款或者全部设计方案投产芯片。</p><p><strong>第二,是版税收入。</strong>当基于ARM产品的处理器设计完成并开始生产时,ARM会从客户那里收取一笔IP授权费,并在后续按芯片颗数收取版税,通常为芯片售价的1%-2%,FY23平均费率为芯片定价的2.7%。</p><p>因此,ARM想要提升收入,有两条路,<strong>一条是收获更多的芯片设计厂商</strong>,这样许可收入和IP授权费就会更多,<strong>另一条是设计厂商卖出更多的基于ARM架构的芯片,</strong>这样按芯片数收取的版税就更多。</p><p>现在看,这两条路都是可行的。</p><p>ARM的授权伙伴以每年30-40家的速度增加。而随着苹果基于ARM架构的PC的成功,以及微软的加入,会带动一批PC厂商采用ARM架构的CPU。</p><p>换言之,会有更多的基于ARM的PC出货。</p><p>但是,老对手也在奋力反击,胜利并未一边倒在ARM这边。</p><h3 id=\"id_3112482315\" style=\"text-align: left;\">03、新对手追赶</h3><p>2023年,ARM的一个新对手出现了。</p><p>起因是ARM过于激进的增收手段。</p><p>2022年,ARM提出新规,从2024年开始,如果使用ARM公版CPU,必须搭配使用ARM公版GPU、NPU以及ISP。这一新规实质上要求这些客户在现用的解决方案和ARM之间二选一。要么放弃ARM,寻找新的CPU架构,要么换掉所有自研或第三方的芯片,全部改为ARM公版架构。</p><p>2023年3月,ARM计划改变授权模式,效仿高通把定价基础从芯片售价变成终端售价,<strong>每台手机收取其售价1-2%的授权费用,虽然比例没变,但实际上涨价幅度达到十倍左右。</strong></p><p>但这触动了用户的核心利益,特别是涨价10倍,没有哪个客户能够忍受这种做法。</p><p>于是,<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>组建了自研CPU内核架构的团队,准备于2027年在手机和笔记本电脑产品中将ARM芯片替换为自研的Galaxy Chip;高通也加速了离开ARM的决定,准备最快在下一代骁龙8 Gen4中使用自研架构Nuvia。高通收购的Nuvia,本身已购买过ARM部分IP,双方因Nuvia的IP是否还需要向ARM支付授权费而展开诉讼。</p><p><strong>而最为激进的应对,是2023年6月,基于精简指令集的RISC-V软件生态系统(RISE)成立。</strong></p><p>成员包括谷歌、英特尔、联发科、英伟达、高通、三星等。合资公司成立于德国,旨在加速基于开源RISC-V架构未来产品的商业化。最初的应用重点将是汽车,但最终将扩展到移动设备和物联网。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36b9b1e600b5acd9e4905f4cff414b40\" tg-height=\"455\" tg-width=\"951\"/></p><p>和ARM不一样的,是RISC-V兼有开源的优点,不属于任何一个公司,或任何一个国家。</p><p>目前,RISC-V出货的芯片数量已经达到100亿,相比ARM累积出货量2500亿颗还很小,但增速非常快。RISC-V国际基金会预计,RISC-V处理器IP渗透率将从 2022年的1%增长至2027年的16%。</p><p>可以说,ARM的激进,逼出了一个强大的竞争对手。</p><p>前有老对手的反击,后有新对手的追赶,ARM要面对的问题,会越来越棘手。</p><h3 id=\"id_1695585561\" style=\"text-align: left;\">04、软银控盘?</h3><p>基本面以外,很多都发现了一个支撑ARM股价上涨的关键因素。</p><p><strong>ARM的持股结构中,软银占据了88.7%。加上去年9月才上市,目前流通盘非常低,占总股本的比例约12%。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3de04835d4f808510442e42102a23ad2\" tg-height=\"402\" tg-width=\"733\"/></p><p>这引发了市场的质疑,软银在故意控盘。因为在金融市场上,有很多的类似的案例。</p><p>比如港股的<a href=\"https://laohu8.com/S/00708\">恒大汽车</a>,还有纳斯达克电动车公司vinfast。这些公司的经历非常类似,都是大股东持股很高,股价短期内大幅拉升数10倍之后,突然暴跌9成,甚至更多,最后留下一地鸡毛。</p><p>但是,ARM已经有成熟的产品、商业模式和业绩,不像这两个汽车公司一样,拿个车壳就说自己是造车新势力,纯粹画大饼割韭菜。</p><p>而且,软银的孙正义也不是许家印这流,人家可是全球著名的科技投资公司老板,做的都是正经生意,绝非刻意,也不需要通过资本市场割韭菜发大财。</p><p>ARM的暴涨,也有客观因素,比如AI实在太火热,资本炒作的热情实在太高,见到个AI沾边的票就疯炒。</p><p>所以,ARM股价暴涨,归罪于孙正义故意控盘,有失偏颇,实际上,他什么都不用做,任由市场疯炒即可。</p><p>2月份的时候,有观点认为软银持股解禁,出于回笼资金的需要,孙正义有可能大幅抛售ARM,结果到现在也没有出现。</p><p><strong>可能的原因,是孙正义不像两年前那么缺钱。既然如此,就无需大幅抛售,因为ARM明显继续受益于AI热潮。</strong></p><p>谁会在这个时候跟钱过不去呢?</p><p>再说,即使有资金需求,孙正义通过ARM持股回笼资金的方式也很多,比如质押、远期合约等等,无需直接在二级市场上抛售,引发股价波动。</p><p>作为资本市场的老手,孙正义比任何人都清楚这些道理。</p><h3 id=\"id_4285672767\" style=\"text-align: left;\">05、结语</h3><p>美股市场依然很火热,单就行情而言,很难说短期内会崩盘。</p><p>因为支撑美股市场的几个重要因素,都看不到有利空。宏观经济数据很好,流动性又有降息预期,AI的赚钱效应也很旺盛,资金做多热情很高。</p><p>事实上,只要资金仍然扎堆AI,ARM也会分到一杯羹,加上流通盘比较小。即使它继续上涨,市值到2500亿,甚至更高,我都不觉得奇怪。</p><p>因为牛市就是这样,历史上发生过无数次。</p><p>我们只是想提醒投资者,当估值被炒到600倍的时候,你就不应该单纯地被市场上拼命让你all in的声音牵着鼻子走,而应该静下心来想一想,这到底合理吗?有没有可能存在巨大的泡沫?</p><p>就如巴老所说,<strong>别人疯狂我恐惧。</strong></p><p>这可能会让你少赚一些钱,但如果将来可以避免更大的损失,那也是值得的。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>史上最大泡沫的半导体公司</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n史上最大泡沫的半导体公司\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/24397cd0a72f485e9734d658c5a0841d);background-size:cover;\"></div>\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇 </p>\n<p class=\"h-time\">2024-07-13 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<blockquote><p>软银成最大赢家</p></blockquote><p>谁是全球最大泡沫的半导体公司?</p><p>有人说是<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>。</p><p>但是,英伟达的动态估值只有60倍,以它仍然无懈可击的GPU产品,以及垄断市场的地位,你很难说这个估值高得离谱,何况,AI未来是何等的星辰大海。</p><p>更重要的是,英伟达完全能够交得出业绩,90%的毛利率,50%的净利率,一年<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元的净利润,距离<a href=\"https://laohu8.com/S/MSFT\">微软</a>的水平也不是很遥远,你可以说英伟达的估值不便宜,但说是泡沫,似乎也不妥。</p><p>如果对比另外一个半导体公司,英伟达的估值可以说低得可怜。</p><p>因为那家半导体公司的动态PE,是英伟达的10倍。不到一年时间,它的市值暴涨4倍,接近2000亿美元。<strong>而一年的营收,在30亿美元的水平,净利润只有区区3亿美元,算下来,PE接近600倍。</strong></p><p>这家公司叫ARM。</p><h3 id=\"id_1021445343\" style=\"text-align: left;\">01、走向垄断?</h3><p>一门生意赚不赚钱,<strong>商业模式</strong>是一个决定性因素。</p><p>比如垄断型的商业模式,就能够创造惊人的利润,英伟达、微软、<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>等大型科技公司,或多或少都属于垄断行业,至少他们所在的领域,基本看不到竞争对手能够挑战他们的地位。</p><p>虽然会面临反垄断的监管风险,但如果是因为竞争对手确实无力挑战它,这种垄断其实无需担心,大不了定时支付罚款就是了,美国的大型科技公司基本都是如此。</p><p><strong>ARM的商业模式较为独特,主要通过授权半导体公司、原始设备制造商(OEM)等使用其架构来设计和制造芯片,即销售IP核(指令集+微架构),收取授权许可费和版税。</strong></p><p>虽然没有直接设计芯片,但ARM提供的公版架构,让芯片开发门槛大大降低,又保留了一定的研发空间,下游芯片设计厂商可自研提升芯片性能上限,加之兼具高性能低功耗的特点。因此众多的芯片公司都在使用ARM的架构,包括<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/QCOM\">高通</a>、英伟达。</p><p><strong>目前,智能手机的基带芯片,99%都是采用ARM架构进行设计的,这个风潮是由苹果牵起的。</strong></p><p>而随着苹果在PC芯片上、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>在IDC服务器芯片采用ARM架构,ARM开始走出智能手机领域,向着<a href=\"https://laohu8.com/S/INTC\">英特尔</a>、AMD的后院发起冲击,并且已经取得了一定的成绩。</p><p>上个月初,微软在build大会上,宣布将推出更多的windows on ARM的产品,ARM达到了有史以来最辉煌的时刻。</p><p>加上在AI时代,电力短缺的问题已经摆上台面,所以有声音认为,ARM凭借看家本领--<strong>低功耗</strong>,大有将英特尔、AMD的x86架构挤出市场,一统天下的趋势。</p><p>然而,这种说法太乐观了,因为ARM很可能走不到垄断这一步。</p><h3 id=\"id_4124079166\" style=\"text-align: left;\">02、老对手反击</h3><p>传统的PC芯片厂,英特尔、AMD也在发力AI PC。</p><p>ARM可能在功耗方面仍然有优势,但PC不是手机,PC可以连接电源,所以对于功耗的需求没有手机那么高,仅仅因为低功耗就想把x86架构扫地出门,比较难。实际上,如果有更好的代工工艺,x86架构的功耗未必完全没有还手之力。</p><p>在软件生态上,ARM还无法和x86相比,因为x86是从1980年代开始积累。而ARM是从苹果M1芯片开始,才正式建立pc软件生态。</p><p>ARM会在PC领域占据一定的份额,这份额还相当可观。Counterpoint预测,基于ARM的笔记本电脑的份额将在25年增加到21%,在27年增加到25%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7199b07cf321bf85dc68bb6c76366d8\" tg-height=\"529\" tg-width=\"732\"/></p><p>现在,消费电子如PC、手机,整体销量都处于饱和状态,虽然有AI加持,但只是结构性的替换,不是总量的翻倍。</p><p>ARM确定性比较高的增量市场,其实是来自windows on ARM,而且微软和高通已经推出相应的产品。具体能够增长多少,就取决于这类AI PC的出货量。</p><p>但是,仅仅依靠如上图这种的蚕食速度,想要盈利翻几倍,还很难。</p><p><strong>如果盈利无法快速翻倍,ARM又如何能说服市场,600倍的估值并不高?</strong></p><p>ARM过去几年的营收和利润增速表现,增速是有的,但很难说得上是爆发式,未来它又如何证明自己会有逆天的表现?</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8add1f45ff2f7ecf0dbdd5fd8c24f511\" tg-height=\"472\" tg-width=\"729\"/></p><p>我们再仔细拆解一下ARM的主要收入来源:</p><p><strong>第一,是许可收入。</strong>客户支付费用以获得ARM产品的许可,进而开发基于ARM架构的处理器。根据ARM官网披露,其最新的收费计划是:芯片厂商可以选择每年支付7.5万美元或者20万美元的访问权限费(access fee),从而获得ARM的一款或者全部设计方案投产芯片。</p><p><strong>第二,是版税收入。</strong>当基于ARM产品的处理器设计完成并开始生产时,ARM会从客户那里收取一笔IP授权费,并在后续按芯片颗数收取版税,通常为芯片售价的1%-2%,FY23平均费率为芯片定价的2.7%。</p><p>因此,ARM想要提升收入,有两条路,<strong>一条是收获更多的芯片设计厂商</strong>,这样许可收入和IP授权费就会更多,<strong>另一条是设计厂商卖出更多的基于ARM架构的芯片,</strong>这样按芯片数收取的版税就更多。</p><p>现在看,这两条路都是可行的。</p><p>ARM的授权伙伴以每年30-40家的速度增加。而随着苹果基于ARM架构的PC的成功,以及微软的加入,会带动一批PC厂商采用ARM架构的CPU。</p><p>换言之,会有更多的基于ARM的PC出货。</p><p>但是,老对手也在奋力反击,胜利并未一边倒在ARM这边。</p><h3 id=\"id_3112482315\" style=\"text-align: left;\">03、新对手追赶</h3><p>2023年,ARM的一个新对手出现了。</p><p>起因是ARM过于激进的增收手段。</p><p>2022年,ARM提出新规,从2024年开始,如果使用ARM公版CPU,必须搭配使用ARM公版GPU、NPU以及ISP。这一新规实质上要求这些客户在现用的解决方案和ARM之间二选一。要么放弃ARM,寻找新的CPU架构,要么换掉所有自研或第三方的芯片,全部改为ARM公版架构。</p><p>2023年3月,ARM计划改变授权模式,效仿高通把定价基础从芯片售价变成终端售价,<strong>每台手机收取其售价1-2%的授权费用,虽然比例没变,但实际上涨价幅度达到十倍左右。</strong></p><p>但这触动了用户的核心利益,特别是涨价10倍,没有哪个客户能够忍受这种做法。</p><p>于是,<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>组建了自研CPU内核架构的团队,准备于2027年在手机和笔记本电脑产品中将ARM芯片替换为自研的Galaxy Chip;高通也加速了离开ARM的决定,准备最快在下一代骁龙8 Gen4中使用自研架构Nuvia。高通收购的Nuvia,本身已购买过ARM部分IP,双方因Nuvia的IP是否还需要向ARM支付授权费而展开诉讼。</p><p><strong>而最为激进的应对,是2023年6月,基于精简指令集的RISC-V软件生态系统(RISE)成立。</strong></p><p>成员包括谷歌、英特尔、联发科、英伟达、高通、三星等。合资公司成立于德国,旨在加速基于开源RISC-V架构未来产品的商业化。最初的应用重点将是汽车,但最终将扩展到移动设备和物联网。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36b9b1e600b5acd9e4905f4cff414b40\" tg-height=\"455\" tg-width=\"951\"/></p><p>和ARM不一样的,是RISC-V兼有开源的优点,不属于任何一个公司,或任何一个国家。</p><p>目前,RISC-V出货的芯片数量已经达到100亿,相比ARM累积出货量2500亿颗还很小,但增速非常快。RISC-V国际基金会预计,RISC-V处理器IP渗透率将从 2022年的1%增长至2027年的16%。</p><p>可以说,ARM的激进,逼出了一个强大的竞争对手。</p><p>前有老对手的反击,后有新对手的追赶,ARM要面对的问题,会越来越棘手。</p><h3 id=\"id_1695585561\" style=\"text-align: left;\">04、软银控盘?</h3><p>基本面以外,很多都发现了一个支撑ARM股价上涨的关键因素。</p><p><strong>ARM的持股结构中,软银占据了88.7%。加上去年9月才上市,目前流通盘非常低,占总股本的比例约12%。</strong></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3de04835d4f808510442e42102a23ad2\" tg-height=\"402\" tg-width=\"733\"/></p><p>这引发了市场的质疑,软银在故意控盘。因为在金融市场上,有很多的类似的案例。</p><p>比如港股的<a href=\"https://laohu8.com/S/00708\">恒大汽车</a>,还有纳斯达克电动车公司vinfast。这些公司的经历非常类似,都是大股东持股很高,股价短期内大幅拉升数10倍之后,突然暴跌9成,甚至更多,最后留下一地鸡毛。</p><p>但是,ARM已经有成熟的产品、商业模式和业绩,不像这两个汽车公司一样,拿个车壳就说自己是造车新势力,纯粹画大饼割韭菜。</p><p>而且,软银的孙正义也不是许家印这流,人家可是全球著名的科技投资公司老板,做的都是正经生意,绝非刻意,也不需要通过资本市场割韭菜发大财。</p><p>ARM的暴涨,也有客观因素,比如AI实在太火热,资本炒作的热情实在太高,见到个AI沾边的票就疯炒。</p><p>所以,ARM股价暴涨,归罪于孙正义故意控盘,有失偏颇,实际上,他什么都不用做,任由市场疯炒即可。</p><p>2月份的时候,有观点认为软银持股解禁,出于回笼资金的需要,孙正义有可能大幅抛售ARM,结果到现在也没有出现。</p><p><strong>可能的原因,是孙正义不像两年前那么缺钱。既然如此,就无需大幅抛售,因为ARM明显继续受益于AI热潮。</strong></p><p>谁会在这个时候跟钱过不去呢?</p><p>再说,即使有资金需求,孙正义通过ARM持股回笼资金的方式也很多,比如质押、远期合约等等,无需直接在二级市场上抛售,引发股价波动。</p><p>作为资本市场的老手,孙正义比任何人都清楚这些道理。</p><h3 id=\"id_4285672767\" style=\"text-align: left;\">05、结语</h3><p>美股市场依然很火热,单就行情而言,很难说短期内会崩盘。</p><p>因为支撑美股市场的几个重要因素,都看不到有利空。宏观经济数据很好,流动性又有降息预期,AI的赚钱效应也很旺盛,资金做多热情很高。</p><p>事实上,只要资金仍然扎堆AI,ARM也会分到一杯羹,加上流通盘比较小。即使它继续上涨,市值到2500亿,甚至更高,我都不觉得奇怪。</p><p>因为牛市就是这样,历史上发生过无数次。</p><p>我们只是想提醒投资者,当估值被炒到600倍的时候,你就不应该单纯地被市场上拼命让你all in的声音牵着鼻子走,而应该静下心来想一想,这到底合理吗?有没有可能存在巨大的泡沫?</p><p>就如巴老所说,<strong>别人疯狂我恐惧。</strong></p><p>这可能会让你少赚一些钱,但如果将来可以避免更大的损失,那也是值得的。</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"ARM":"ARM Holdings"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190539978","content_text":"软银成最大赢家谁是全球最大泡沫的半导体公司?有人说是英伟达。但是,英伟达的动态估值只有60倍,以它仍然无懈可击的GPU产品,以及垄断市场的地位,你很难说这个估值高得离谱,何况,AI未来是何等的星辰大海。更重要的是,英伟达完全能够交得出业绩,90%的毛利率,50%的净利率,一年数百亿美元的净利润,距离微软的水平也不是很遥远,你可以说英伟达的估值不便宜,但说是泡沫,似乎也不妥。如果对比另外一个半导体公司,英伟达的估值可以说低得可怜。因为那家半导体公司的动态PE,是英伟达的10倍。不到一年时间,它的市值暴涨4倍,接近2000亿美元。而一年的营收,在30亿美元的水平,净利润只有区区3亿美元,算下来,PE接近600倍。这家公司叫ARM。01、走向垄断?一门生意赚不赚钱,商业模式是一个决定性因素。比如垄断型的商业模式,就能够创造惊人的利润,英伟达、微软、谷歌等大型科技公司,或多或少都属于垄断行业,至少他们所在的领域,基本看不到竞争对手能够挑战他们的地位。虽然会面临反垄断的监管风险,但如果是因为竞争对手确实无力挑战它,这种垄断其实无需担心,大不了定时支付罚款就是了,美国的大型科技公司基本都是如此。ARM的商业模式较为独特,主要通过授权半导体公司、原始设备制造商(OEM)等使用其架构来设计和制造芯片,即销售IP核(指令集+微架构),收取授权许可费和版税。虽然没有直接设计芯片,但ARM提供的公版架构,让芯片开发门槛大大降低,又保留了一定的研发空间,下游芯片设计厂商可自研提升芯片性能上限,加之兼具高性能低功耗的特点。因此众多的芯片公司都在使用ARM的架构,包括苹果、高通、英伟达。目前,智能手机的基带芯片,99%都是采用ARM架构进行设计的,这个风潮是由苹果牵起的。而随着苹果在PC芯片上、亚马逊在IDC服务器芯片采用ARM架构,ARM开始走出智能手机领域,向着英特尔、AMD的后院发起冲击,并且已经取得了一定的成绩。上个月初,微软在build大会上,宣布将推出更多的windows on ARM的产品,ARM达到了有史以来最辉煌的时刻。加上在AI时代,电力短缺的问题已经摆上台面,所以有声音认为,ARM凭借看家本领--低功耗,大有将英特尔、AMD的x86架构挤出市场,一统天下的趋势。然而,这种说法太乐观了,因为ARM很可能走不到垄断这一步。02、老对手反击传统的PC芯片厂,英特尔、AMD也在发力AI PC。ARM可能在功耗方面仍然有优势,但PC不是手机,PC可以连接电源,所以对于功耗的需求没有手机那么高,仅仅因为低功耗就想把x86架构扫地出门,比较难。实际上,如果有更好的代工工艺,x86架构的功耗未必完全没有还手之力。在软件生态上,ARM还无法和x86相比,因为x86是从1980年代开始积累。而ARM是从苹果M1芯片开始,才正式建立pc软件生态。ARM会在PC领域占据一定的份额,这份额还相当可观。Counterpoint预测,基于ARM的笔记本电脑的份额将在25年增加到21%,在27年增加到25%。现在,消费电子如PC、手机,整体销量都处于饱和状态,虽然有AI加持,但只是结构性的替换,不是总量的翻倍。ARM确定性比较高的增量市场,其实是来自windows on ARM,而且微软和高通已经推出相应的产品。具体能够增长多少,就取决于这类AI PC的出货量。但是,仅仅依靠如上图这种的蚕食速度,想要盈利翻几倍,还很难。如果盈利无法快速翻倍,ARM又如何能说服市场,600倍的估值并不高?ARM过去几年的营收和利润增速表现,增速是有的,但很难说得上是爆发式,未来它又如何证明自己会有逆天的表现?我们再仔细拆解一下ARM的主要收入来源:第一,是许可收入。客户支付费用以获得ARM产品的许可,进而开发基于ARM架构的处理器。根据ARM官网披露,其最新的收费计划是:芯片厂商可以选择每年支付7.5万美元或者20万美元的访问权限费(access fee),从而获得ARM的一款或者全部设计方案投产芯片。第二,是版税收入。当基于ARM产品的处理器设计完成并开始生产时,ARM会从客户那里收取一笔IP授权费,并在后续按芯片颗数收取版税,通常为芯片售价的1%-2%,FY23平均费率为芯片定价的2.7%。因此,ARM想要提升收入,有两条路,一条是收获更多的芯片设计厂商,这样许可收入和IP授权费就会更多,另一条是设计厂商卖出更多的基于ARM架构的芯片,这样按芯片数收取的版税就更多。现在看,这两条路都是可行的。ARM的授权伙伴以每年30-40家的速度增加。而随着苹果基于ARM架构的PC的成功,以及微软的加入,会带动一批PC厂商采用ARM架构的CPU。换言之,会有更多的基于ARM的PC出货。但是,老对手也在奋力反击,胜利并未一边倒在ARM这边。03、新对手追赶2023年,ARM的一个新对手出现了。起因是ARM过于激进的增收手段。2022年,ARM提出新规,从2024年开始,如果使用ARM公版CPU,必须搭配使用ARM公版GPU、NPU以及ISP。这一新规实质上要求这些客户在现用的解决方案和ARM之间二选一。要么放弃ARM,寻找新的CPU架构,要么换掉所有自研或第三方的芯片,全部改为ARM公版架构。2023年3月,ARM计划改变授权模式,效仿高通把定价基础从芯片售价变成终端售价,每台手机收取其售价1-2%的授权费用,虽然比例没变,但实际上涨价幅度达到十倍左右。但这触动了用户的核心利益,特别是涨价10倍,没有哪个客户能够忍受这种做法。于是,三星组建了自研CPU内核架构的团队,准备于2027年在手机和笔记本电脑产品中将ARM芯片替换为自研的Galaxy Chip;高通也加速了离开ARM的决定,准备最快在下一代骁龙8 Gen4中使用自研架构Nuvia。高通收购的Nuvia,本身已购买过ARM部分IP,双方因Nuvia的IP是否还需要向ARM支付授权费而展开诉讼。而最为激进的应对,是2023年6月,基于精简指令集的RISC-V软件生态系统(RISE)成立。成员包括谷歌、英特尔、联发科、英伟达、高通、三星等。合资公司成立于德国,旨在加速基于开源RISC-V架构未来产品的商业化。最初的应用重点将是汽车,但最终将扩展到移动设备和物联网。和ARM不一样的,是RISC-V兼有开源的优点,不属于任何一个公司,或任何一个国家。目前,RISC-V出货的芯片数量已经达到100亿,相比ARM累积出货量2500亿颗还很小,但增速非常快。RISC-V国际基金会预计,RISC-V处理器IP渗透率将从 2022年的1%增长至2027年的16%。可以说,ARM的激进,逼出了一个强大的竞争对手。前有老对手的反击,后有新对手的追赶,ARM要面对的问题,会越来越棘手。04、软银控盘?基本面以外,很多都发现了一个支撑ARM股价上涨的关键因素。ARM的持股结构中,软银占据了88.7%。加上去年9月才上市,目前流通盘非常低,占总股本的比例约12%。这引发了市场的质疑,软银在故意控盘。因为在金融市场上,有很多的类似的案例。比如港股的恒大汽车,还有纳斯达克电动车公司vinfast。这些公司的经历非常类似,都是大股东持股很高,股价短期内大幅拉升数10倍之后,突然暴跌9成,甚至更多,最后留下一地鸡毛。但是,ARM已经有成熟的产品、商业模式和业绩,不像这两个汽车公司一样,拿个车壳就说自己是造车新势力,纯粹画大饼割韭菜。而且,软银的孙正义也不是许家印这流,人家可是全球著名的科技投资公司老板,做的都是正经生意,绝非刻意,也不需要通过资本市场割韭菜发大财。ARM的暴涨,也有客观因素,比如AI实在太火热,资本炒作的热情实在太高,见到个AI沾边的票就疯炒。所以,ARM股价暴涨,归罪于孙正义故意控盘,有失偏颇,实际上,他什么都不用做,任由市场疯炒即可。2月份的时候,有观点认为软银持股解禁,出于回笼资金的需要,孙正义有可能大幅抛售ARM,结果到现在也没有出现。可能的原因,是孙正义不像两年前那么缺钱。既然如此,就无需大幅抛售,因为ARM明显继续受益于AI热潮。谁会在这个时候跟钱过不去呢?再说,即使有资金需求,孙正义通过ARM持股回笼资金的方式也很多,比如质押、远期合约等等,无需直接在二级市场上抛售,引发股价波动。作为资本市场的老手,孙正义比任何人都清楚这些道理。05、结语美股市场依然很火热,单就行情而言,很难说短期内会崩盘。因为支撑美股市场的几个重要因素,都看不到有利空。宏观经济数据很好,流动性又有降息预期,AI的赚钱效应也很旺盛,资金做多热情很高。事实上,只要资金仍然扎堆AI,ARM也会分到一杯羹,加上流通盘比较小。即使它继续上涨,市值到2500亿,甚至更高,我都不觉得奇怪。因为牛市就是这样,历史上发生过无数次。我们只是想提醒投资者,当估值被炒到600倍的时候,你就不应该单纯地被市场上拼命让你all 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