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2021-06-24

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2021-06-23

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2021-06-23

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2021-06-22

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These 3 Dow Stocks Are Set to Soar in 2021's Second Half

2021-06-21

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2021-06-18

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The Trade Desk Stock Split: Time to Buy?

2021-06-18

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2021-06-18

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Hong Kong to Begin Handing Out HK$5,000 Vouchers in August

2021-06-17

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2021-06-17

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2021-06-17

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Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth

2021-06-17

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2021-06-17

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2021-06-16

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2021-06-16

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S&P 500 is flat near a record with all eyes on Federal Reserve’s update

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18:15","market":"us","language":"en","title":"These 3 Dow Stocks Are Set to Soar in 2021's Second Half","url":"https://stock-news.laohu8.com/highlight/detail?id=2145056554","media":"Motley Fool","summary":"Here are the companies investors are most excited about -- and why.","content":"<p>The <b>Dow Jones Industrial Average </b>(DJINDICES:^DJI) has had a solid year so far in 2021. Gains of 9% might not seem like all that much compared to the double-digit percentage gains we've seen in past years. But given everything that's happening in the economy, it's not surprising to see investors rein in their expectations somewhat on some of the top-performing stocks in the market.</p>\n<p>Yet even with the gains the overall market has seen, there are still some Dow stocks that haven't climbed as far as they might. In particular, analysts looking at three stocks among the Dow Jones Industrials see the potential for substantial gains in the second half of 2021 and beyond. Below, we'll look at these three companies to see what it'll take for them to produce the big returns that investors want right now.</p>\n<h3>UnitedHealth: 34% upside</h3>\n<p><b>UnitedHealth Group </b>(NYSE:UNH) has already put in a reasonable performance in the Dow so far this year. The health insurance giant's stock is up about 11% year to date, outpacing the broader average very slightly.</p>\n<p>Yet investors see a lot more upside for the healthcare giant. The top price target among Wall Street analysts for UnitedHealth is $522 per share, which implies roughly a 34% gain from current levels.</p>\n<p>UnitedHealth has done an excellent job of navigating the ever-changing landscape of the healthcare and health insurance industries. As the largest health insurance company in the world, UnitedHealth offers coverage not just for private businesses but also for those eligible for government programs like Medicare and Medicaid.</p>\n<p>Indeed, UnitedHealth's handling of plans under the Affordable Care Act has been masterful, with the company having participated in the program better known as Obamacare while not overcommitting to it. With the Supreme Court having recently upheld the validity of the Affordable Care Act, UnitedHealth finds itself in a strong position to keep benefiting from its mix of business.</p>\n<p><img src=\"https://static.tigerbbs.com/ffe66b7aafd67e07dd42007f2b60d638\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p>Yet many overlook the value of UnitedHealth's Optum health services unit. By aiming to help providers encourage health and wellness, Optum generates higher-margin revenue while often producing better outcomes for patients and members. With both growth drivers pushing the company forward, UnitedHealth looks well poised to keep climbing.</p>\n<h3>Goldman Sachs: 36% upside</h3>\n<p>Wall Street has enjoyed the bull market in stocks, and that's been a blessing for investment bank <b>Goldman Sachs </b>(NYSE:GS). The perennial financial giant has seen its stock rise 34% so far in 2021 after less impressive performance during 2020.</p>\n<p>On <a href=\"https://laohu8.com/S/AONE\">one</a> hand, Goldman has reflected the broader performance of financial stocks across the market. Interest rates have generally been on the rise, and that's bolstered the prospects for more net-interest income from retail banking operations. Goldman lags behind its big-bank peers on the consumer banking front, but its relatively new Marcus unit has done a good job of attracting capital thus far.</p>\n<p>On the other hand, Goldman continues to rely on its investment banking operations, and strong activity levels among initial public offerings and mergers and acquisitions (M&amp;A) have fed the company's coffers nicely. Financing remains relatively easy to get, and that could spur more M&amp;A activity that in turn could keep growing revenue for Goldman's investment banking division. Add to that possible tailwinds from macroeconomic factors, and it is in a solid position to climb as high as the $484 per share that represents the top price target among those following the financial stock.</p>\n<h3>Apple: 42% upside</h3>\n<p>Lastly, <b>Apple </b>(NASDAQ:AAPL) rounds out this list. Recently fetching $130 per share, some see the iPhone maker's stock climbing to $185. That'd be a 42% jump to help Apple recover from its 2% loss so far in 2021.</p>\n<p>Apple's gains have continued to impress. Revenue jumped 54% in its most recent quarter, with sales of the iPhone 12 and various other products and accessories continuing to drive sales for the company. Returning capital to shareholders via dividends and stock buybacks has had a substantial impact on financial performance, especially with the number of outstanding shares having plunged by roughly 35% in just the past decade.</p>\n<p>Many fear that Apple hasn't generated the innovative product lines that drove its success in the mid-2000s. However, at least for now, consumers seem content with iterations on existing product lines, and as long as that remains a successful strategy, further gains for the stock seem realistic.</p>\n<h3>Further to run?</h3>\n<p>Even with solid gains for the Dow in 2021, the long-term trajectory for stocks remains upward. That's a big part of why Apple, Goldman Sachs, and UnitedHealth Group look as promising as they do. Smart investors should at least keep an eye on these three stocks to see if they can live up to their full potential.</p>","source":"fool_stock","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>These 3 Dow Stocks Are Set to Soar in 2021's Second Half</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThese 3 Dow Stocks Are Set to Soar in 2021's Second Half\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 18:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/22/these-3-dow-stocks-set-to-soar-2021s-second-half/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Dow Jones Industrial Average (DJINDICES:^DJI) has had a solid year so far in 2021. Gains of 9% might not seem like all that much compared to the double-digit percentage gains we've seen in past ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/22/these-3-dow-stocks-set-to-soar-2021s-second-half/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛","09086":"华夏纳指-U","UNH":"联合健康","03086":"华夏纳指","AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/06/22/these-3-dow-stocks-set-to-soar-2021s-second-half/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145056554","content_text":"The Dow Jones Industrial Average (DJINDICES:^DJI) has had a solid year so far in 2021. Gains of 9% might not seem like all that much compared to the double-digit percentage gains we've seen in past years. But given everything that's happening in the economy, it's not surprising to see investors rein in their expectations somewhat on some of the top-performing stocks in the market.\nYet even with the gains the overall market has seen, there are still some Dow stocks that haven't climbed as far as they might. In particular, analysts looking at three stocks among the Dow Jones Industrials see the potential for substantial gains in the second half of 2021 and beyond. Below, we'll look at these three companies to see what it'll take for them to produce the big returns that investors want right now.\nUnitedHealth: 34% upside\nUnitedHealth Group (NYSE:UNH) has already put in a reasonable performance in the Dow so far this year. The health insurance giant's stock is up about 11% year to date, outpacing the broader average very slightly.\nYet investors see a lot more upside for the healthcare giant. The top price target among Wall Street analysts for UnitedHealth is $522 per share, which implies roughly a 34% gain from current levels.\nUnitedHealth has done an excellent job of navigating the ever-changing landscape of the healthcare and health insurance industries. As the largest health insurance company in the world, UnitedHealth offers coverage not just for private businesses but also for those eligible for government programs like Medicare and Medicaid.\nIndeed, UnitedHealth's handling of plans under the Affordable Care Act has been masterful, with the company having participated in the program better known as Obamacare while not overcommitting to it. With the Supreme Court having recently upheld the validity of the Affordable Care Act, UnitedHealth finds itself in a strong position to keep benefiting from its mix of business.\n\nImage source: Getty Images.\nYet many overlook the value of UnitedHealth's Optum health services unit. By aiming to help providers encourage health and wellness, Optum generates higher-margin revenue while often producing better outcomes for patients and members. With both growth drivers pushing the company forward, UnitedHealth looks well poised to keep climbing.\nGoldman Sachs: 36% upside\nWall Street has enjoyed the bull market in stocks, and that's been a blessing for investment bank Goldman Sachs (NYSE:GS). The perennial financial giant has seen its stock rise 34% so far in 2021 after less impressive performance during 2020.\nOn one hand, Goldman has reflected the broader performance of financial stocks across the market. Interest rates have generally been on the rise, and that's bolstered the prospects for more net-interest income from retail banking operations. Goldman lags behind its big-bank peers on the consumer banking front, but its relatively new Marcus unit has done a good job of attracting capital thus far.\nOn the other hand, Goldman continues to rely on its investment banking operations, and strong activity levels among initial public offerings and mergers and acquisitions (M&A) have fed the company's coffers nicely. Financing remains relatively easy to get, and that could spur more M&A activity that in turn could keep growing revenue for Goldman's investment banking division. Add to that possible tailwinds from macroeconomic factors, and it is in a solid position to climb as high as the $484 per share that represents the top price target among those following the financial stock.\nApple: 42% upside\nLastly, Apple (NASDAQ:AAPL) rounds out this list. Recently fetching $130 per share, some see the iPhone maker's stock climbing to $185. That'd be a 42% jump to help Apple recover from its 2% loss so far in 2021.\nApple's gains have continued to impress. Revenue jumped 54% in its most recent quarter, with sales of the iPhone 12 and various other products and accessories continuing to drive sales for the company. Returning capital to shareholders via dividends and stock buybacks has had a substantial impact on financial performance, especially with the number of outstanding shares having plunged by roughly 35% in just the past decade.\nMany fear that Apple hasn't generated the innovative product lines that drove its success in the mid-2000s. However, at least for now, consumers seem content with iterations on existing product lines, and as long as that remains a successful strategy, further gains for the stock seem realistic.\nFurther to run?\nEven with solid gains for the Dow in 2021, the long-term trajectory for stocks remains upward. That's a big part of why Apple, Goldman Sachs, and UnitedHealth Group look as promising as they do. Smart investors should at least keep an eye on these three stocks to see if they can live up to their full potential.","news_type":1},"isVote":1,"tweetType":1,"viewCount":490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167688484,"gmtCreate":1624265283848,"gmtModify":1634008697887,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167688484","repostId":"2145108800","repostType":4,"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166400375,"gmtCreate":1624020591397,"gmtModify":1634024027877,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166400375","repostId":"1167089681","repostType":4,"repost":{"id":"1167089681","pubTimestamp":1623996062,"share":"https://www.laohu8.com/m/news/1167089681?lang=&edition=full","pubTime":"2021-06-18 14:01","market":"us","language":"en","title":"The Trade Desk Stock Split: Time to Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1167089681","media":"Motley Fool","summary":"The stock is still down about 36% from recent highs.","content":"<p>Shares of data-driven advertising company&nbsp;<b>The Trade Desk</b>&nbsp;(NASDAQ:TTD)&nbsp;jumped sharply on Thursday, following their 10-for-1 split. Today marks the first day that the company's stock is trading on a split basis.</p>\n<p>Stock splits in and of themselves don't do anything to make shares better investments. But The Trade Desk's split -- following massive shareholder value creation since its initial public offering in 2016 -- does highlight management's consistent ability to grow revenue and earnings, something likely to persist in the coming years.</p>\n<p>This 10-for-1 split, therefore, is a good reminder of what an incredible business The Trade Desk is.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/50e503a653795bb7465c0aa43050307a\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>Business momentum</b></p>\n<p>The&nbsp;tech stock's split follows a period of incredible growth for The Trade Desk, and management says the move reflects its confidence in the company's prospects.</p>\n<p>\"The Trade Desk has consistently delivered strong top line growth and&nbsp;GAAP&nbsp;profitability as a publicly traded company,\" CEO Jeff Green said in a press release about the stock split. \"In that time, we have emerged as the default demand side advertising platform for the open internet, and we continue to invest to build on that leadership position.\"</p>\n<p>Over the past four years, The Trade Desk's revenue has risen more than fourfold and its net income has increased 12-fold.</p>\n<p>Even in 2020 -- when digital advertising took a temporary hit as uncertainties surrounding COVID-19 led some ad buyers to reduce spend or even pause their campaigns -- The Trade Desk saw its revenue increase 26% year over year. And as the year ended, its momentum picked up sharply. \"Those brands spending more than $1 million on our platform in 2020 more than doubled from a year ago,\" The Trade Desk said in its&nbsp;fourth-quarter 2020 earnings call.</p>\n<p>Adjusting for U.S. political ad spend, The Trade Desk's top-line revenue growth accelerated further in the first quarter of 2021 compared to its impressive momentum at the end of last year.</p>\n<p>\"Excluding political spend related to the U.S. elections last year, which represented a mid-single-digit percent share of our business in Q1 of 2020, revenue increased around 42% year over year in Q1 of this year,\" CFO Blake Grayson said in the company's first-quarter earnings release. \"This represents a material acceleration on a sequential basis from Q4 of 2020 after excluding election spend.\"</p>\n<p>Furthermore, Grayson said the company saw broad-based strong growth across every region and channel during the quarter. In fact, ad spend on its platform accelerated in every one of its major geographic regions, management said.</p>\n<p><b>A buying opportunity</b></p>\n<p>Though The Trade Desk's stock split might be drawing attention to the stock on Thursday, the company's fundamentals and recent sell-off are what make it seem like an attractive long-term investment.</p>\n<p>Even though shares are up sharply today, they are still notably far below a split-adjusted all-time high of $97.28. Shares were slammed earlier this year along with many other growth stocks -- and The Trade Desk has been slow to recover, still trading 36% below a 52-week high.</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>The Trade Desk Stock Split: Time to Buy?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 Trade Desk Stock Split: Time to Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 14:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/17/the-trade-desk-stock-jumps-following-stock-split/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of data-driven advertising company The Trade Desk (NASDAQ:TTD) jumped sharply on Thursday, following their 10-for-1 split. Today marks the first day that the company's stock is trading on a ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/17/the-trade-desk-stock-jumps-following-stock-split/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TTD":"Trade Desk Inc."},"source_url":"https://www.fool.com/investing/2021/06/17/the-trade-desk-stock-jumps-following-stock-split/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167089681","content_text":"Shares of data-driven advertising company The Trade Desk (NASDAQ:TTD) jumped sharply on Thursday, following their 10-for-1 split. Today marks the first day that the company's stock is trading on a split basis.\nStock splits in and of themselves don't do anything to make shares better investments. But The Trade Desk's split -- following massive shareholder value creation since its initial public offering in 2016 -- does highlight management's consistent ability to grow revenue and earnings, something likely to persist in the coming years.\nThis 10-for-1 split, therefore, is a good reminder of what an incredible business The Trade Desk is.\nIMAGE SOURCE: GETTY IMAGES.\nBusiness momentum\nThe tech stock's split follows a period of incredible growth for The Trade Desk, and management says the move reflects its confidence in the company's prospects.\n\"The Trade Desk has consistently delivered strong top line growth and GAAP profitability as a publicly traded company,\" CEO Jeff Green said in a press release about the stock split. \"In that time, we have emerged as the default demand side advertising platform for the open internet, and we continue to invest to build on that leadership position.\"\nOver the past four years, The Trade Desk's revenue has risen more than fourfold and its net income has increased 12-fold.\nEven in 2020 -- when digital advertising took a temporary hit as uncertainties surrounding COVID-19 led some ad buyers to reduce spend or even pause their campaigns -- The Trade Desk saw its revenue increase 26% year over year. And as the year ended, its momentum picked up sharply. \"Those brands spending more than $1 million on our platform in 2020 more than doubled from a year ago,\" The Trade Desk said in its fourth-quarter 2020 earnings call.\nAdjusting for U.S. political ad spend, The Trade Desk's top-line revenue growth accelerated further in the first quarter of 2021 compared to its impressive momentum at the end of last year.\n\"Excluding political spend related to the U.S. elections last year, which represented a mid-single-digit percent share of our business in Q1 of 2020, revenue increased around 42% year over year in Q1 of this year,\" CFO Blake Grayson said in the company's first-quarter earnings release. \"This represents a material acceleration on a sequential basis from Q4 of 2020 after excluding election spend.\"\nFurthermore, Grayson said the company saw broad-based strong growth across every region and channel during the quarter. In fact, ad spend on its platform accelerated in every one of its major geographic regions, management said.\nA buying opportunity\nThough The Trade Desk's stock split might be drawing attention to the stock on Thursday, the company's fundamentals and recent sell-off are what make it seem like an attractive long-term investment.\nEven though shares are up sharply today, they are still notably far below a split-adjusted all-time high of $97.28. Shares were slammed earlier this year along with many other growth stocks -- and The Trade Desk has been slow to recover, still trading 36% below a 52-week high.","news_type":1},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166577675,"gmtCreate":1624020529497,"gmtModify":1634024028560,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166577675","repostId":"1181667218","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166578041,"gmtCreate":1624020231283,"gmtModify":1634024032940,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166578041","repostId":"1164089282","repostType":4,"repost":{"id":"1164089282","pubTimestamp":1624007666,"share":"https://www.laohu8.com/m/news/1164089282?lang=&edition=full","pubTime":"2021-06-18 17:14","market":"hk","language":"en","title":"Hong Kong to Begin Handing Out HK$5,000 Vouchers in August","url":"https://stock-news.laohu8.com/highlight/detail?id=1164089282","media":"bloomberg","summary":"Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help bo","content":"<p>Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help boost consumption in the pandemic-hit economy.</p>\n<p>Those eligible will be able to register for the vouchers from July 4 to Aug. 14, Financial Secretary Paul Chan said at a briefing Friday. The vouchers, available through payment systems such as theOctopustransit card, Alipay and WeChat Pay, will be usable to pay for things such as retail shopping and public transport.</p>\n<p>The funds will be paid out in three installments starting from as soon as Aug. 1.</p>\n<p>The spending vouchers were first announced by Chan in hisbudgetspeech in February along with plans to provide loans for the unemployed to stimulate consumption as the city gradually begins recovering from the pandemic. While theeconomyended its record recession in the first quarter andjoblessnessis declining, retail spending remains weak.</p>","source":"lsy1584095487587","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>Hong Kong to Begin Handing Out HK$5,000 Vouchers in August</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nHong Kong to Begin Handing Out HK$5,000 Vouchers in August\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 17:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-18/hong-kong-to-begin-handing-out-hk-5-000-vouchers-in-august><strong>bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help boost consumption in the pandemic-hit economy.\nThose eligible will be able to register for the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-18/hong-kong-to-begin-handing-out-hk-5-000-vouchers-in-august\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-18/hong-kong-to-begin-handing-out-hk-5-000-vouchers-in-august","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164089282","content_text":"Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help boost consumption in the pandemic-hit economy.\nThose eligible will be able to register for the vouchers from July 4 to Aug. 14, Financial Secretary Paul Chan said at a briefing Friday. The vouchers, available through payment systems such as theOctopustransit card, Alipay and WeChat Pay, will be usable to pay for things such as retail shopping and public transport.\nThe funds will be paid out in three installments starting from as soon as Aug. 1.\nThe spending vouchers were first announced by Chan in hisbudgetspeech in February along with plans to provide loans for the unemployed to stimulate consumption as the city gradually begins recovering from the pandemic. While theeconomyended its record recession in the first quarter andjoblessnessis declining, retail spending remains weak.","news_type":1},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161567588,"gmtCreate":1623935595544,"gmtModify":1634025677002,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161567588","repostId":"1104709957","repostType":4,"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161564154,"gmtCreate":1623935547678,"gmtModify":1634025678377,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161564154","repostId":"2143794095","repostType":4,"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161565149,"gmtCreate":1623935520481,"gmtModify":1634025679289,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Go!","listText":"Go!","text":"Go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161565149","repostId":"1152604932","repostType":4,"repost":{"id":"1152604932","pubTimestamp":1623895461,"share":"https://www.laohu8.com/m/news/1152604932?lang=&edition=full","pubTime":"2021-06-17 10:04","market":"us","language":"en","title":"Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1152604932","media":"seekingalpha","summary":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give","content":"<p>Summary</p>\n<ul>\n <li>Apple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.</li>\n <li>The dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.</li>\n <li>I lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.</li>\n <li>With the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d06df668b5536634ebfca099d90d9852\" tg-width=\"1536\" tg-height=\"988\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The Long-Term Apple Thesis</b></p>\n<p>I write a lot about Apple (AAPL), 15% of&nbsp;my articles&nbsp;here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the&nbsp;implications for Apple&nbsp;should they be forced to back off their App Store rules, whether through courts or regulation.</p>\n<p>Almost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.</p>\n<p>I was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:</p>\n<ol>\n <li>They have the most complete and unique tech stack in the world.</li>\n <li>They have the best product development process.</li>\n <li>They have the best corporate organization.</li>\n <li>They are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.</li>\n <li>ESG focus years ahead of everyone else.</li>\n <li>The Apple brand</li>\n <li>While the sum of their parts is impressive, the Apple ecosystem makes it so much more.</li>\n <li>When everything is taken into account, iPhone gives a lot of value for the price.</li>\n <li>A cash pile and cash flows to back up their ambitions.</li>\n</ol>\n<p>What it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.</p>\n<p><b>The Tech Stack</b></p>\n<p>One of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.</p>\n<p>The most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.</p>\n<p><b>Chip Design</b></p>\n<p>Custom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.</p>\n<p>The first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.</p>\n<p>The A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.</p>\n<p>The work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c99acb1ab262241f7195d5ef491c64ac\" tg-width=\"640\" tg-height=\"361\"><span>Annotated Apple video screenshot.</span></p>\n<p>By switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. </p>\n<p><b>The Operating Systems</b></p>\n<p>When Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.</p>\n<p>OS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.</p>\n<p>NextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.</p>\n<p>So at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.</p>\n<p>A good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.</p>\n<p><b>The Rest</b></p>\n<p>On top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that&nbsp;patented a pizza box&nbsp;which is only used in Apple’s&nbsp;Caffe Macs&nbsp;employee cafeterias. But these are the parts where we see continuous development every year.</p>\n<ul>\n <li>The location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.</li>\n <li>Voice recognition.</li>\n <li>AR.</li>\n <li>On-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.</li>\n <li>Audio/video/photo. Again, both hardware and software.</li>\n <li>Maybe their own 5G radio chip. We’ll see.</li>\n</ul>\n<p><b>What This All Means For 2025</b></p>\n<p>What this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.</p>\n<p>Let’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.</p>\n<p>But beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.</p>\n<p><b>Product Development</b></p>\n<p>Apple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.</p>\n<p>My favorite example here is a negative one, the&nbsp;ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.</p>\n<p>But it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:</p>\n<ol>\n <li>Focus entirely on the customer experience.</li>\n <li>Don’t let anyone else get in between you and the customer.</li>\n <li>People often don’t know what they want until you show it to them.</li>\n <li>Don’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.</li>\n <li>Don’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.</li>\n <li>Find a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.</li>\n <li>Have relatively few SKUs. Keep the product lines relatively simple.</li>\n <li>Don’t be afraid to ditch old but popular technologies.</li>\n <li>As much as possible, own all the key technologies in your devices.</li>\n <li>Hardware and software development are concurrent and work together.</li>\n <li>Do not worry that a new product is displacing another source of revenue.</li>\n</ol>\n<p>Sometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.</p>\n<p>But as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.</p>\n<p><img src=\"https://static.tigerbbs.com/b90176b70c1560583646501f52a11f06\" tg-width=\"640\" tg-height=\"683\"></p>\n<p>Bertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.</p>\n<p>The timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.</p>\n<p>This email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.</p>\n<p>Most of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.</p>\n<p><b>Organization</b></p>\n<p>One of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:</p>\n<ul>\n <li>SVP of Software Engineering, Craig Federighi.</li>\n <li>SVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.</li>\n <li>SVP of Services, Eddie Cue.</li>\n</ul>\n<p>This is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.</p>\n<p>But as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.</p>\n<p>When Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.</p>\n<p>We now see this collaborative organization and culture expressed as architecture in Apple Park.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51642a2ed19cf03d32baea87ed1d839f\" tg-width=\"640\" tg-height=\"409\"><span>Apple Maps screenshot</span></p>\n<p>At a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.</p>\n<p>Apple did not build this so people could&nbsp;work from home.</p>\n<p><b>The Ecosystem</b></p>\n<p>Before we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the&nbsp;2021 Fortune 500&nbsp;as stand-alones (by revenue)</p>\n<ul>\n <li>iPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).</li>\n <li>Services at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).</li>\n <li>Wearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.</li>\n <li>Mac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).</li>\n <li>iPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).</li>\n</ul>\n<p>Apple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.</p>\n<p>Of course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.</p>\n<p>The Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.</p>\n<p>The foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.</p>\n<p>Every year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.</p>\n<p>But beyond that, the Apple ecosystem is entirely unique</p>\n<ul>\n <li>Microsoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.</li>\n <li>Samsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.</li>\n <li>Google (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.</li>\n <li>Amazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.</li>\n</ul>\n<p>Only Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.</p>\n<p><b>Privacy, Security And ESG</b></p>\n<p>I’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.</p>\n<p>I don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.</p>\n<p>But let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.</p>\n<p>Here’s a quick list of the security and privacy enhancements they just announced at WWDC:</p>\n<ul>\n <li>iCloud VPN at no extra cost to paid iCloud accounts.</li>\n <li>On-device speech recognition.</li>\n <li>Third party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.</li>\n <li>Further support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.</li>\n <li>House keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.</li>\n <li>A new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.</li>\n <li>After grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.</li>\n <li>Securely and privately share health data with a provider.</li>\n <li>Protection from email tracking pixels.</li>\n</ul>\n<p>That was just what they announced this year.</p>\n<p>So let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:</p>\n<ul>\n <li>The iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.</li>\n <li>Similarly, all their attempts at adding social media features have failed for the same reason.</li>\n <li>Siri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.</li>\n <li>It is harder for them to build massive centralized AI models like Google and Facebook.</li>\n <li>The engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.</li>\n <li>They don’t trade user data like other credit card companies.</li>\n</ul>\n<p>Then there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.</p>\n<p>They currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.</p>\n<p>When we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.</p>\n<p>In 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.</p>\n<p><b>The Brand</b></p>\n<p>Security, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but&nbsp;Interbrand&nbsp;put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.</p>\n<blockquote>\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n</blockquote>\n<p>It’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.</p>\n<p><b>The iPhone Value Proposition</b></p>\n<p>Apple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.</p>\n<p>I joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:</p>\n<ul>\n <li>$399 iPhone SE 2nd generation base model</li>\n <li>Paid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.</li>\n <li>Include AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.</li>\n <li>That’s $19.91 a month for the first 24 months, and $3.29 thereafter.</li>\n <li>Discount future payments by 1.75% a year for inflation.</li>\n <li>Since the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.</li>\n</ul>\n<p>For 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from&nbsp;Samsung,OnePlus, and&nbsp;Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.</p>\n<p>Turning to the flagship models:</p>\n<p><img src=\"https://static.tigerbbs.com/a08bc783267a97e370e0a432f3ca6dcf\" tg-width=\"640\" tg-height=\"390\"></p>\n<p>Apple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.</p>\n<p>Only the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.</p>\n<ul>\n <li>The best smartphone chip.</li>\n <li>Hardware and software developed together.</li>\n <li>Tight integration with PC, tablet, watch and wireless headphones.</li>\n <li>Far better malware security in App Store.</li>\n <li>Most new apps start on iOS, so Apple users get first crack.</li>\n <li>Native productivity suite.</li>\n <li>Native audio and video editing with surprising capability for phone apps.</li>\n <li>No tracking of location and other data by Google unless you use Google services.</li>\n <li>Convenient service and free classes at an Apple Store near you.</li>\n</ul>\n<p>Apple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.</p>\n<p><b>Risks To The Story</b></p>\n<p>There are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.</p>\n<p><b>China</b></p>\n<p>US-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.</p>\n<p>Apple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.</p>\n<blockquote>\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n</blockquote>\n<blockquote>\n - Apple annual report “Risk Factors”\n</blockquote>\n<p>From the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.</p>\n<p><img src=\"https://static.tigerbbs.com/2f3a5e0338dac745a79fb9839439fa60\" tg-width=\"640\" tg-height=\"375\"></p>\n<p><b>Antitrust</b></p>\n<p>I’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.</p>\n<p>In contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.</p>\n<p>Based on the comments in my articles on the&nbsp;Epic trial, I think Apple shareholders are also underestimating the probability of this happening.</p>\n<p><b>Tall Poppy Syndrome</b></p>\n<p>This is a phrase I just learned from an Australian friend. Wikipedia&nbsp;defines&nbsp;it as</p>\n<blockquote>\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n</blockquote>\n<p>That’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.</p>\n<p>For example, Washington Post ran an article as I was writing this section that talked about&nbsp;18 scam apps&nbsp;that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c268692981ac4739fd7390468e487103\" tg-width=\"640\" tg-height=\"137\"><span>Washington Post screenshot</span></p>\n<p>Apple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims&nbsp;they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.</p>\n<p>To be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.</p>\n<p>This is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.</p>\n<p>This is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.</p>\n<p><b>Apple Stock Price Model: Four Scenarios</b></p>\n<p><i>Many of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.</i></p>\n<p>So let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.</p>\n<p>The recent&nbsp;Tesla model from ARK Investment&nbsp;should stand as a cautionary tale for everyone. Anyway, I have posted&nbsp;Excel worksheets&nbsp;to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.</p>\n<p>Let’s first look at some assumptions common to all four:</p>\n<ul>\n <li>iPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.</li>\n <li>Services growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.</li>\n <li>Wearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.</li>\n <li>Mac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a&nbsp;big surge&nbsp;from work-from-home.</li>\n <li>Fiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.</li>\n <li>Other assumptions are in the Excel sheets.</li>\n</ul>\n<p>Scenarios:</p>\n<ol>\n <li>Large, the most optimistic.</li>\n <li>Medium, my base case.</li>\n <li>Small is what Apple looks like if they come off the growth rates of the last 4-6 years.</li>\n <li>Tiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.</li>\n</ol>\n<p>In Medium:</p>\n<ul>\n <li>We’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.</li>\n <li>Services growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.</li>\n <li>The rest, as above.</li>\n</ul>\n<p>Large and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:</p>\n<ul>\n <li>Boost in fiscal 2022-2025 for iPhone on 5G adoption.</li>\n <li>Apple Silicon Macs gain Apple some PC market share.</li>\n <li>The AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.</li>\n</ul>\n<p>Tiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.</p>\n<p><b>Is Apple Stock A Buy Now?</b></p>\n<p><i>Just to double up on the warning: you should treat all models of the future with skepticism, including this one.</i></p>\n<p>This table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.</p>\n<p><img src=\"https://static.tigerbbs.com/4f5cc7ac9dba0aa62b43bacac07a51c1\" tg-width=\"640\" tg-height=\"164\"></p>\n<p>As you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.</p>\n<p>But the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:</p>\n<p><img src=\"https://static.tigerbbs.com/f0dd5f3db1dee545821469b11fb4f01d\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>That chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.</p>\n<p><img src=\"https://static.tigerbbs.com/25ce181f892fdb01ae176c551fa19ec2\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>Even Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.</p>\n<p><b>Apple Stock Forecast For 2025</b></p>\n<p>Let’s zoom into each a bit, starting with the base case, Medium.</p>\n<p><img src=\"https://static.tigerbbs.com/b54f0f55b2d743586b10fdcfb3c4bbd1\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>I've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.</p>\n<p>But then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.</p>\n<p>Of course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.</p>\n<p><img src=\"https://static.tigerbbs.com/7f1cb197112556270cfdbb2d293c0082\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>To be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.</p>\n<p><img src=\"https://static.tigerbbs.com/25c9feb0f396334a8c46a983c8191e37\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>This model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.</p>\n<p><img src=\"https://static.tigerbbs.com/bc10da2578deb47fb83ad5c2497fa16f\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>Tiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.</p>\n<p>So there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:</p>\n<ol>\n <li>Except in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.</li>\n <li>But absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.</li>\n</ol>\n<p>Seven thousand words summed up in two bullets.</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>Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nApple Stock Forecast For 2025: A Slow Start, Then Strong Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435098-apple-stock-forecast-2025><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out...</p>\n\n<a href=\"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152604932","content_text":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.\nI lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.\nWith the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.\n\nNikada/iStock Unreleased via Getty Images\nThe Long-Term Apple Thesis\nI write a lot about Apple (AAPL), 15% of my articles here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the implications for Apple should they be forced to back off their App Store rules, whether through courts or regulation.\nAlmost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.\nI was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:\n\nThey have the most complete and unique tech stack in the world.\nThey have the best product development process.\nThey have the best corporate organization.\nThey are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.\nESG focus years ahead of everyone else.\nThe Apple brand\nWhile the sum of their parts is impressive, the Apple ecosystem makes it so much more.\nWhen everything is taken into account, iPhone gives a lot of value for the price.\nA cash pile and cash flows to back up their ambitions.\n\nWhat it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.\nThe Tech Stack\nOne of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.\nThe most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.\nChip Design\nCustom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.\nThe first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.\nThe A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.\nThe work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.\nAnnotated Apple video screenshot.\nBy switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. \nThe Operating Systems\nWhen Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.\nOS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.\nNextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.\nSo at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.\nA good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.\nThe Rest\nOn top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that patented a pizza box which is only used in Apple’s Caffe Macs employee cafeterias. But these are the parts where we see continuous development every year.\n\nThe location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.\nVoice recognition.\nAR.\nOn-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.\nAudio/video/photo. Again, both hardware and software.\nMaybe their own 5G radio chip. We’ll see.\n\nWhat This All Means For 2025\nWhat this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.\nLet’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.\nBut beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.\nProduct Development\nApple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.\nMy favorite example here is a negative one, the ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.\nBut it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:\n\nFocus entirely on the customer experience.\nDon’t let anyone else get in between you and the customer.\nPeople often don’t know what they want until you show it to them.\nDon’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.\nDon’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.\nFind a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.\nHave relatively few SKUs. Keep the product lines relatively simple.\nDon’t be afraid to ditch old but popular technologies.\nAs much as possible, own all the key technologies in your devices.\nHardware and software development are concurrent and work together.\nDo not worry that a new product is displacing another source of revenue.\n\nSometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.\nBut as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.\n\nBertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.\nThe timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.\nThis email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.\nMost of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.\nOrganization\nOne of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:\n\nSVP of Software Engineering, Craig Federighi.\nSVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.\nSVP of Services, Eddie Cue.\n\nThis is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.\nBut as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.\nWhen Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.\nWe now see this collaborative organization and culture expressed as architecture in Apple Park.\nApple Maps screenshot\nAt a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.\nApple did not build this so people could work from home.\nThe Ecosystem\nBefore we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the 2021 Fortune 500 as stand-alones (by revenue)\n\niPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).\nServices at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).\nWearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.\nMac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).\niPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).\n\nApple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.\nOf course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.\nThe Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.\nThe foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.\nEvery year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.\nBut beyond that, the Apple ecosystem is entirely unique\n\nMicrosoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.\nSamsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.\nGoogle (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.\nAmazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.\n\nOnly Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.\nPrivacy, Security And ESG\nI’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.\nI don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.\nBut let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.\nHere’s a quick list of the security and privacy enhancements they just announced at WWDC:\n\niCloud VPN at no extra cost to paid iCloud accounts.\nOn-device speech recognition.\nThird party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.\nFurther support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.\nHouse keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.\nA new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.\nAfter grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.\nSecurely and privately share health data with a provider.\nProtection from email tracking pixels.\n\nThat was just what they announced this year.\nSo let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:\n\nThe iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.\nSimilarly, all their attempts at adding social media features have failed for the same reason.\nSiri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.\nIt is harder for them to build massive centralized AI models like Google and Facebook.\nThe engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.\nThey don’t trade user data like other credit card companies.\n\nThen there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.\nThey currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.\nWhen we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.\nIn 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.\nThe Brand\nSecurity, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but Interbrand put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.\n\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n\nIt’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.\nThe iPhone Value Proposition\nApple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.\nI joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:\n\n$399 iPhone SE 2nd generation base model\nPaid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.\nInclude AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.\nThat’s $19.91 a month for the first 24 months, and $3.29 thereafter.\nDiscount future payments by 1.75% a year for inflation.\nSince the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.\n\nFor 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from Samsung,OnePlus, and Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.\nTurning to the flagship models:\n\nApple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.\nOnly the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.\n\nThe best smartphone chip.\nHardware and software developed together.\nTight integration with PC, tablet, watch and wireless headphones.\nFar better malware security in App Store.\nMost new apps start on iOS, so Apple users get first crack.\nNative productivity suite.\nNative audio and video editing with surprising capability for phone apps.\nNo tracking of location and other data by Google unless you use Google services.\nConvenient service and free classes at an Apple Store near you.\n\nApple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.\nRisks To The Story\nThere are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.\nChina\nUS-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.\nApple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.\n\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n\n\n - Apple annual report “Risk Factors”\n\nFrom the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.\n\nAntitrust\nI’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.\nIn contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.\nBased on the comments in my articles on the Epic trial, I think Apple shareholders are also underestimating the probability of this happening.\nTall Poppy Syndrome\nThis is a phrase I just learned from an Australian friend. Wikipedia defines it as\n\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n\nThat’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.\nFor example, Washington Post ran an article as I was writing this section that talked about 18 scam apps that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.\nWashington Post screenshot\nApple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.\nTo be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.\nThis is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.\nThis is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.\nApple Stock Price Model: Four Scenarios\nMany of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.\nSo let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.\nThe recent Tesla model from ARK Investment should stand as a cautionary tale for everyone. Anyway, I have posted Excel worksheets to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.\nLet’s first look at some assumptions common to all four:\n\niPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.\nServices growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.\nWearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.\nMac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a big surge from work-from-home.\nFiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.\nOther assumptions are in the Excel sheets.\n\nScenarios:\n\nLarge, the most optimistic.\nMedium, my base case.\nSmall is what Apple looks like if they come off the growth rates of the last 4-6 years.\nTiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.\n\nIn Medium:\n\nWe’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.\nServices growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.\nThe rest, as above.\n\nLarge and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:\n\nBoost in fiscal 2022-2025 for iPhone on 5G adoption.\nApple Silicon Macs gain Apple some PC market share.\nThe AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.\n\nTiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.\nIs Apple Stock A Buy Now?\nJust to double up on the warning: you should treat all models of the future with skepticism, including this one.\nThis table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.\n\nAs you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.\nBut the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:\n\nThat chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.\n\nEven Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.\nApple Stock Forecast For 2025\nLet’s zoom into each a bit, starting with the base case, Medium.\n\nI've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.\nBut then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.\nOf course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.\n\nTo be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.\n\nThis model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.\n\nTiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.\nSo there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:\n\nExcept in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.\nBut absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.\n\nSeven thousand words summed up in two bullets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161562508,"gmtCreate":1623935492504,"gmtModify":1634025679634,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161562508","repostId":"1117650695","repostType":4,"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161561353,"gmtCreate":1623935403372,"gmtModify":1634025682819,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Powell...","listText":"Powell...","text":"Powell...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161561353","repostId":"1191285596","repostType":4,"isVote":1,"tweetType":1,"viewCount":92,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163998492,"gmtCreate":1623855550216,"gmtModify":1634026979997,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Higher","listText":"Higher","text":"Higher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163998492","repostId":"2143179480","repostType":4,"isVote":1,"tweetType":1,"viewCount":34,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163074638,"gmtCreate":1623854954824,"gmtModify":1634026989664,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569218356856953","authorIdStr":"3569218356856953"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/163074638","repostId":"1118154026","repostType":2,"repost":{"id":"1118154026","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":1623850220,"share":"https://www.laohu8.com/m/news/1118154026?lang=&edition=full","pubTime":"2021-06-16 21:30","market":"us","language":"en","title":"S&P 500 is flat near a record with all eyes on Federal Reserve’s update","url":"https://stock-news.laohu8.com/highlight/detail?id=1118154026","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nTh","content":"<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p> \n<p>The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p> \n<p>Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p> \n<p>Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p> \n<p>The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p> \n<p>The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p> \n<p>The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p> \n<p>\"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p> \n<p>The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p> \n<p>\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p> \n<p>Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p> \n<p>On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</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>S&P 500 is flat near a record with all eyes on Federal Reserve’s update</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nS&P 500 is flat near a record with all eyes on Federal Reserve’s update\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-06-16 21:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p> \n<p>The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p> \n<p>Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p> \n<p>Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p> \n<p>The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p> \n<p>The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p> \n<p>The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p> \n<p>\"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p> \n<p>The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p> \n<p>\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p> \n<p>Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p> \n<p>On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118154026","content_text":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nThe Dow Jones Industrial Average traded 20 points higher. The S&P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.\nLarge tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.\nStocks pulled back from record levels duringTuesday’s trading session, with the S&P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.\nThe Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.\nThe Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.\nThe meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\n\"I still think equities are going higher,\" BlackRock global bond chief Rick Rieder said on CNBC's \"Squawk Box\" on Wednesday. \"If we don't hear anything different, then I worry a little bit about risk the system creates — you can create asset bubbles you can create leverage. We've seen markets that are a little bit concerning with literally zero spread to them for risk assets.\"\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nMinutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":161562508,"gmtCreate":1623935492504,"gmtModify":1634025679634,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161562508","repostId":"1117650695","repostType":4,"repost":{"id":"1117650695","pubTimestamp":1623902228,"share":"https://www.laohu8.com/m/news/1117650695?lang=&edition=full","pubTime":"2021-06-17 11:57","market":"us","language":"en","title":"Shopify: Valuation Should Not Be A Concern","url":"https://stock-news.laohu8.com/highlight/detail?id=1117650695","media":"seekingalpha","summary":"Shopify is a leading merchant platform empowering mostly small online retailers.Shopify is set to grow revenues to $5b by 2023.Fulfillment center strategy makes Shopify a long-term threat to Amazon.Shopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.Shopify  is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shopify is a leading merchant platform empowering mostly small online retailers.</li>\n <li>Shopify is set to grow revenues to $5b by 2023.</li>\n <li>Fulfillment center strategy makes Shopify a long-term threat to Amazon.</li>\n <li>Shopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b5f3ab455f8b2c1956c4124771b084d9\" tg-width=\"768\" tg-height=\"400\"><span>ipopba/iStock via Getty Images</span></p>\n<p>Shopify (SHOP) is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify is on its way to becoming a $5b annual revenue company and its fulfillment center strategy provides fertile ground for stock price appreciation. Amazon(NASDAQ:AMZN)should be worried.</p>\n<p><b>Why Shopify is a strong buy</b></p>\n<p>Shopify enables people to start an online business relatively fast and with very little cost. Itse-commerce platform offers a suite of integrated products and apps that includes marketing functionality, payment processing and customer engagement tools. Shopify’s core services are paid for on a subscription basis with the most basic plan starting at $29-month.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0e35fa316c0fd7e939400d53fd623fb\" tg-width=\"1280\" tg-height=\"266\"><span>(Source: Shopify)</span></p>\n<p>Thee-commerce market is booming, not just because of the pandemic. The ease of shopping and the wide distribution of mobile devices made online shopping popular even before COVID-19 emerged. Globale-commerce sales are expected to rise in the future with some estimates calling for global online sales of $4.9 trillion in 2021... with sales growing 30% to $6.4 trillion by 2024.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9918556cae0d9e7fdb0e58780b922413\" tg-width=\"907\" tg-height=\"460\"><span>(Source:Oberlo)</span></p>\n<p>Online sales are not only expected to grow in absolute terms but also relatively: E-Commerce is taking an ever-growing share of retail sales, a trend that accelerated during the 2020 pandemic year. Thee-commerce share of retail sales in 2020 was 18% and is projected to grow to 21.8% by 2024.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c7297749c9cb665e56f89bb920507e5\" tg-width=\"905\" tg-height=\"463\"><span>(Source:Oberlo)</span></p>\n<p>Growth ine-commerce and merchandise volumes are not dependent on one particular category either. People buy everything from fashion items to personal care products online. According to Hootsuite’sDigital 2021 Global Overview Report, money spent on travel and accommodation cratered 51% due to the pandemic but all other categories grew sales by at least 18% Y/Y.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd515034ac6d1ea79da171cca44eacb0\" tg-width=\"1232\" tg-height=\"682\"><span>(Source: Digital 2021Global Overview Report)</span></p>\n<p>Shopify also saw a year of revenue acceleration during the pandemic… just like Amazon did. As people lost their jobs because of COVID-19 and remote working became the new standard, Shopify’s merchant platform gained in popularity, too. The pandemic also helped shift a lot of purchasing power online as retail stores and small businesses shut their doors. Shopify benefited from these unfortunate trends by experiencing a surge in revenues as more retailers built online stores and processed transactions through Shopify. Shopify’s revenues surged 86% to $2.9b in FY 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47be367ae30fc395bd0cf9f998f5efc0\" tg-width=\"1106\" tg-height=\"574\"><span>(Source:Shopify)</span></p>\n<p>Shopify’s revenues can be broken down into two parts, subscriptions and merchant solutions. Subscriptions include the payments for monthly plans and merchant solutions include additional costs for doing business through Shopify, such as payment processing fees and costs associated with Shopify Shipping and point-of-sale terminals. Revenues from merchant solutions have become more important for Shopify over time as the platform developed its ecosystem and created new apps and products for its merchants to use.</p>\n<p>2020 was a banner year for Shopify and its merchants. The gross merchandise value, the amount cumulatively sold through Shopify, doubled from $61.1b before the pandemic to $119.6b a year later. While 2020 growth rates will likely decline in 2021 as normal retail businesses open their doors again, merchandise volumes will continue to grow as thee-commerce market expands. I estimate that Shopify’s GMV will reach $210b for FY 2021 and $340b next year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/845466a2e9dd8dcae9d4d3c4542611c9\" tg-width=\"938\" tg-height=\"546\"><span>(Source: Shopify)</span></p>\n<p>Shopify’s FY 2020 gross profits also saw rapid growth. Gross profits surged 78% to $1.6b with more growth expected in FY 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c2530faf2d14eb2bb0f90d05694eba0b\" tg-width=\"904\" tg-height=\"544\"><span>(Source: Shopify)</span></p>\n<p><b>Taking on Amazon</b></p>\n<p>Shopify’s merchant platform shows healthy growth in subscriber and merchant revenues and merchant revenues are going to continue to grow in importance as Shopify signs up new partners and develops its apps suite. This is quite predictable.</p>\n<p>Longer term, however, Shopify should emerge as a growing threat to Amazon because of its investments in fulfillment centers. Entering the physical space is the next step in Shopify’s evolution and Amazon should be worried. Amazon is still the largeste-commerce platform, by far, but Shopify’s move into fulfillment centers is set to narrow this existing gap between the two companies. Amazon’s share of US retaile-commerce share is 4.5 times larger than Shopify’s giving Shopify a lot of potential to catch up...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5108b1c5dead03ebaec97df972ed74f7\" tg-width=\"891\" tg-height=\"600\"><span>(Source: Shopify)</span></p>\n<p>Building its own fulfillment centers makes strategic sense for Shopify since it solves problems that a lot of online retailers have. Fulfillment centers, as the same implies, take over the function of fulfillment. This means a merchant that sells on Shopify sends goods to a warehouse and Shopify takes over order processing and shipping in return for a fee. The benefit for the retailer is obvious: Reduced shipping times and optimized inventory management.</p>\n<p>The benefit for Shopify: It can collect more revenues by controlling the fulfillment part of the sales process. While Shopify will build new fulfillment centers in the US as part of a $1b investment plan, it also provides Shopify with the option to use its US fulfillment network as a springboard to enter markets outside the US and drive its international expansion.</p>\n<p>Shopify is cashed up after the pandemic year and has more than enough cash to finance its expansion which in the future will likely include the expansion into international fulfillment markets. Shopify’s balance sheet is healthy enough to support the platform’s growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b284d5316a0604662b9dd5af30215f3f\" tg-width=\"640\" tg-height=\"542\"><span>(Source:Shopify)</span></p>\n<p>If Shopify and Amazon were to go toe-to-toe, Amazon would have a distinct advantage… because it is so much bigger than Shopify and because its website is drawing the most traffic as the number onee-commerce platform in the US. Amazon is about ten times bigger than Shopify regarding market value and Amazon has sales that are more than one hundred times larger than Shopify’s… so the battle between these twoe-commerce companies can be seen as a battle between David and Goliath, with Amazon being the Goliath.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5d0d062b9a02247c1e38dc5b0c23343\" tg-width=\"635\" tg-height=\"500\"><span>Data by YCharts</span></p>\n<p>But Shopify is growing its merchant platform fast and operates from a much smaller revenue base, which is easier to scale. Shopify has more than 1.7m merchants signed on to its platform from 175 countries and continually develops news complementary sources of revenues. In its latestproduct news, Shopify announced that it will make its “one-click checkout” available to all merchants selling on Facebook(NASDAQ:FB)&nbsp;and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)using Shop Pay. The integration is set to lower the “abandoned card” problem many retailers have which is customers not completing the checkout process. Shop Pay could provide a remedy to this problem by making the checkout process easier and more efficient.</p>\n<p><b>Risks</b></p>\n<p>Margins ine-commerce are very thin and growing competition in the industry will make things worse long term. The easy and relatively low-cost entry into thee-commerce market could also turn out to be a problem longer term. Companies that win ine-commerce are companies like Shopify with their own ecosystems that create a moat and protect against competition. Slowing revenue growth and an overblown valuation may be the two biggest risks for Shopify.</p>\n<p><b>You pay for Shopify's growth...</b></p>\n<p>By the end of next year Shopify should be a $5b annual revenue company, but the critical revenue milestone could be reached much sooner if Shopify manages to grow as fast as it did during the pandemic. The expectation is for Shopify to earn $4.35-share on revenues of $4.4b in FY 2021 with revenues scaling to ten-fold to $42b this decade. I believe fulfillment centers alone represent a $1b annual revenue opportunity for Shopify long term. Revenues for FY 2022 should also be closer to $6.5b with the consensus calling for revenues of \"only\" $5.9b.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/add63adc4e771f68c7aa36779607334d\" tg-width=\"640\" tg-height=\"286\"><span>(Source: Seeking Alpha)</span></p>\n<p>Amazon still has a big lead on Shopify, but the twoe-commerce companies are set to go toe-to-toe long term. Every new product that Shopify rolls out and every new fulfillment center it builds brings Shopify one step closer to taking Amazon head-on. Although Shopify is more expensive than Amazon on a per-dollar-of-revenue basis, the merchant platform clearly has the stature and ambition to take on Amazon.</p>\n<p>Shopify trades at a P-S ratio of 28, but you pay for growth...</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2f713ad31e8c26c8d670a737c252cdb\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p>\n<p><b>Final thoughts</b></p>\n<p>Shopify has an incredible long-term growth opportunity and Amazon should be worried.</p>\n<p>Shopify has proven to be a real innovator in the industry and constantly develops new products that make online shopping easier for both the online retailer and the merchant.</p>\n<p>Although Shopify has a much higher P-S ratio than Amazon, Shopify has more potential to grow because of its relatively smaller revenue base and market cap.</p>\n<p>The fulfillment center strategy makes a lot of strategic sense and will fortify Shopify's position in the e-commerce market. It can also fuel Shopify's international expansion.</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>Shopify: Valuation Should Not Be A Concern</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nShopify: Valuation Should Not Be A Concern\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShopify is a leading merchant platform empowering mostly small online retailers.\nShopify is set to grow revenues to $5b by 2023.\nFulfillment center strategy makes Shopify a long-term threat ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4435237-shopify-set-to-fly-as-it-takes-on-amazon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117650695","content_text":"Summary\n\nShopify is a leading merchant platform empowering mostly small online retailers.\nShopify is set to grow revenues to $5b by 2023.\nFulfillment center strategy makes Shopify a long-term threat to Amazon.\nShopify is taking a larger bite out of the e-commerce market and the price is justified given Shopify's potential for rapid revenue growth.\n\nipopba/iStock via Getty Images\nShopify (SHOP) is a strong buy as the merchant platform takes a bigger and bigger bite out of the expanding e-commerce market and revenues are growing rapidly. Shopify is on its way to becoming a $5b annual revenue company and its fulfillment center strategy provides fertile ground for stock price appreciation. Amazon(NASDAQ:AMZN)should be worried.\nWhy Shopify is a strong buy\nShopify enables people to start an online business relatively fast and with very little cost. Itse-commerce platform offers a suite of integrated products and apps that includes marketing functionality, payment processing and customer engagement tools. Shopify’s core services are paid for on a subscription basis with the most basic plan starting at $29-month.\n(Source: Shopify)\nThee-commerce market is booming, not just because of the pandemic. The ease of shopping and the wide distribution of mobile devices made online shopping popular even before COVID-19 emerged. Globale-commerce sales are expected to rise in the future with some estimates calling for global online sales of $4.9 trillion in 2021... with sales growing 30% to $6.4 trillion by 2024.\n(Source:Oberlo)\nOnline sales are not only expected to grow in absolute terms but also relatively: E-Commerce is taking an ever-growing share of retail sales, a trend that accelerated during the 2020 pandemic year. Thee-commerce share of retail sales in 2020 was 18% and is projected to grow to 21.8% by 2024.\n(Source:Oberlo)\nGrowth ine-commerce and merchandise volumes are not dependent on one particular category either. People buy everything from fashion items to personal care products online. According to Hootsuite’sDigital 2021 Global Overview Report, money spent on travel and accommodation cratered 51% due to the pandemic but all other categories grew sales by at least 18% Y/Y.\n(Source: Digital 2021Global Overview Report)\nShopify also saw a year of revenue acceleration during the pandemic… just like Amazon did. As people lost their jobs because of COVID-19 and remote working became the new standard, Shopify’s merchant platform gained in popularity, too. The pandemic also helped shift a lot of purchasing power online as retail stores and small businesses shut their doors. Shopify benefited from these unfortunate trends by experiencing a surge in revenues as more retailers built online stores and processed transactions through Shopify. Shopify’s revenues surged 86% to $2.9b in FY 2020.\n(Source:Shopify)\nShopify’s revenues can be broken down into two parts, subscriptions and merchant solutions. Subscriptions include the payments for monthly plans and merchant solutions include additional costs for doing business through Shopify, such as payment processing fees and costs associated with Shopify Shipping and point-of-sale terminals. Revenues from merchant solutions have become more important for Shopify over time as the platform developed its ecosystem and created new apps and products for its merchants to use.\n2020 was a banner year for Shopify and its merchants. The gross merchandise value, the amount cumulatively sold through Shopify, doubled from $61.1b before the pandemic to $119.6b a year later. While 2020 growth rates will likely decline in 2021 as normal retail businesses open their doors again, merchandise volumes will continue to grow as thee-commerce market expands. I estimate that Shopify’s GMV will reach $210b for FY 2021 and $340b next year.\n(Source: Shopify)\nShopify’s FY 2020 gross profits also saw rapid growth. Gross profits surged 78% to $1.6b with more growth expected in FY 2021.\n(Source: Shopify)\nTaking on Amazon\nShopify’s merchant platform shows healthy growth in subscriber and merchant revenues and merchant revenues are going to continue to grow in importance as Shopify signs up new partners and develops its apps suite. This is quite predictable.\nLonger term, however, Shopify should emerge as a growing threat to Amazon because of its investments in fulfillment centers. Entering the physical space is the next step in Shopify’s evolution and Amazon should be worried. Amazon is still the largeste-commerce platform, by far, but Shopify’s move into fulfillment centers is set to narrow this existing gap between the two companies. Amazon’s share of US retaile-commerce share is 4.5 times larger than Shopify’s giving Shopify a lot of potential to catch up...\n(Source: Shopify)\nBuilding its own fulfillment centers makes strategic sense for Shopify since it solves problems that a lot of online retailers have. Fulfillment centers, as the same implies, take over the function of fulfillment. This means a merchant that sells on Shopify sends goods to a warehouse and Shopify takes over order processing and shipping in return for a fee. The benefit for the retailer is obvious: Reduced shipping times and optimized inventory management.\nThe benefit for Shopify: It can collect more revenues by controlling the fulfillment part of the sales process. While Shopify will build new fulfillment centers in the US as part of a $1b investment plan, it also provides Shopify with the option to use its US fulfillment network as a springboard to enter markets outside the US and drive its international expansion.\nShopify is cashed up after the pandemic year and has more than enough cash to finance its expansion which in the future will likely include the expansion into international fulfillment markets. Shopify’s balance sheet is healthy enough to support the platform’s growth.\n(Source:Shopify)\nIf Shopify and Amazon were to go toe-to-toe, Amazon would have a distinct advantage… because it is so much bigger than Shopify and because its website is drawing the most traffic as the number onee-commerce platform in the US. Amazon is about ten times bigger than Shopify regarding market value and Amazon has sales that are more than one hundred times larger than Shopify’s… so the battle between these twoe-commerce companies can be seen as a battle between David and Goliath, with Amazon being the Goliath.\nData by YCharts\nBut Shopify is growing its merchant platform fast and operates from a much smaller revenue base, which is easier to scale. Shopify has more than 1.7m merchants signed on to its platform from 175 countries and continually develops news complementary sources of revenues. In its latestproduct news, Shopify announced that it will make its “one-click checkout” available to all merchants selling on Facebook(NASDAQ:FB) and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)using Shop Pay. The integration is set to lower the “abandoned card” problem many retailers have which is customers not completing the checkout process. Shop Pay could provide a remedy to this problem by making the checkout process easier and more efficient.\nRisks\nMargins ine-commerce are very thin and growing competition in the industry will make things worse long term. The easy and relatively low-cost entry into thee-commerce market could also turn out to be a problem longer term. Companies that win ine-commerce are companies like Shopify with their own ecosystems that create a moat and protect against competition. Slowing revenue growth and an overblown valuation may be the two biggest risks for Shopify.\nYou pay for Shopify's growth...\nBy the end of next year Shopify should be a $5b annual revenue company, but the critical revenue milestone could be reached much sooner if Shopify manages to grow as fast as it did during the pandemic. The expectation is for Shopify to earn $4.35-share on revenues of $4.4b in FY 2021 with revenues scaling to ten-fold to $42b this decade. I believe fulfillment centers alone represent a $1b annual revenue opportunity for Shopify long term. Revenues for FY 2022 should also be closer to $6.5b with the consensus calling for revenues of \"only\" $5.9b.\n(Source: Seeking Alpha)\nAmazon still has a big lead on Shopify, but the twoe-commerce companies are set to go toe-to-toe long term. Every new product that Shopify rolls out and every new fulfillment center it builds brings Shopify one step closer to taking Amazon head-on. Although Shopify is more expensive than Amazon on a per-dollar-of-revenue basis, the merchant platform clearly has the stature and ambition to take on Amazon.\nShopify trades at a P-S ratio of 28, but you pay for growth...\nData by YCharts\nFinal thoughts\nShopify has an incredible long-term growth opportunity and Amazon should be worried.\nShopify has proven to be a real innovator in the industry and constantly develops new products that make online shopping easier for both the online retailer and the merchant.\nAlthough Shopify has a much higher P-S ratio than Amazon, Shopify has more potential to grow because of its relatively smaller revenue base and market cap.\nThe fulfillment center strategy makes a lot of strategic sense and will fortify Shopify's position in the e-commerce market. It can also fuel Shopify's international expansion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163074638,"gmtCreate":1623854954824,"gmtModify":1634026989664,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Comment","listText":"Comment","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/163074638","repostId":"1118154026","repostType":2,"repost":{"id":"1118154026","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":1623850220,"share":"https://www.laohu8.com/m/news/1118154026?lang=&edition=full","pubTime":"2021-06-16 21:30","market":"us","language":"en","title":"S&P 500 is flat near a record with all eyes on Federal Reserve’s update","url":"https://stock-news.laohu8.com/highlight/detail?id=1118154026","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nTh","content":"<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p> \n<p>The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p> \n<p>Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p> \n<p>Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p> \n<p>The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p> \n<p>The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p> \n<p>The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p> \n<p>\"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p> \n<p>The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p> \n<p>\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p> \n<p>Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p> \n<p>On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</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>S&P 500 is flat near a record with all eyes on Federal Reserve’s update</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nS&P 500 is flat near a record with all eyes on Federal Reserve’s update\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-06-16 21:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p> \n<p>The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p> \n<p>Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p> \n<p>Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p> \n<p>The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p> \n<p>The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p> \n<p>The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p> \n<p>\"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p> \n<p>The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p> \n<p>\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p> \n<p>Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p> \n<p>On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118154026","content_text":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nThe Dow Jones Industrial Average traded 20 points higher. The S&P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.\nLarge tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.\nStocks pulled back from record levels duringTuesday’s trading session, with the S&P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.\nThe Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.\nThe Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.\nThe meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\n\"I still think equities are going higher,\" BlackRock global bond chief Rick Rieder said on CNBC's \"Squawk Box\" on Wednesday. \"If we don't hear anything different, then I worry a little bit about risk the system creates — you can create asset bubbles you can create leverage. We've seen markets that are a little bit concerning with literally zero spread to them for risk assets.\"\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nMinutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121952526,"gmtCreate":1624451301365,"gmtModify":1634005993940,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Sweet","listText":"Sweet","text":"Sweet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121952526","repostId":"1129501512","repostType":4,"repost":{"id":"1129501512","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":1624445859,"share":"https://www.laohu8.com/m/news/1129501512?lang=&edition=full","pubTime":"2021-06-23 18:57","market":"us","language":"en","title":"Most of Chinese stocks rose in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1129501512","media":"Tiger Newspress","summary":"(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading.","content":"<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/2a04e4e2ba7a7f17339ad05fbc516ad4\" tg-width=\"284\" tg-height=\"403\"></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>Most of Chinese stocks rose in premarket trading</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMost of Chinese stocks rose in premarket trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-06-23 18:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese&nbsp;stocks&nbsp;rose&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/2a04e4e2ba7a7f17339ad05fbc516ad4\" tg-width=\"284\" tg-height=\"403\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","TIGR":"老虎证券","BABA":"阿里巴巴","PDD":"拼多多","BILI":"哔哩哔哩","BIDU":"百度"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129501512","content_text":"(June 23) Most of Chinese stocks rose in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166577675,"gmtCreate":1624020529497,"gmtModify":1634024028560,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166577675","repostId":"1181667218","repostType":4,"repost":{"id":"1181667218","pubTimestamp":1624008124,"share":"https://www.laohu8.com/m/news/1181667218?lang=&edition=full","pubTime":"2021-06-18 17:22","market":"us","language":"en","title":"ChargePoint’s Network Effects Will Make It the Next ‘Shell’","url":"https://stock-news.laohu8.com/highlight/detail?id=1181667218","media":"investorplace","summary":"ChargePoint (NYSE:CHPT) stock took a bit hit in March and April but has bounced back nicely in May a","content":"<p><b>ChargePoint</b>&nbsp;(NYSE:<b><u>CHPT</u></b>) stock took a bit hit in March and April but has bounced back nicely in May and June. It’s now pushing its way towards all-time highs.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed420b8993199e014fc4d87c875c9dd5\" tg-width=\"300\" tg-height=\"169\"><span>Source: YuniqueB / Shutterstock.com</span></p>\n<p>The catalyst? There are a few of them —</p>\n<ul>\n <li>Recharged growth trade on lower bond yields</li>\n <li>Reinvigorated optimism about EVs and the charging network buildout</li>\n <li>New, rather impressive products from ChargePoint</li>\n</ul>\n<p>This will all last. EVs will take over the world, charging stations will replace gas pumps and ChargePoint will be the biggest charging company in the world when all is said and done.</p>\n<p>Here’s why.</p>\n<p>ChargePoint is North America’s largest operator of electric vehicle charging stations. It should be able to leverage their early entry into the market as well as its size. Thanks to network effects, it could turn into the EV version of<b>Shell</b>(NYSE:<b><u>RDS-A</u></b>, NYSE:<b><u>RDS-B</u></b>) or<b>Exxon</b>(NYSE:<b><u>XOM</u></b>) by 2030.</p>\n<p>On the surface, this company looks like all other EV charging companies.</p>\n<p>ChargePoint operate on the standard hardware-plus-software model — selling both physical EV charging ports and end-to-end software platforms to manage them. Its assortment of chargers includes L2 chargers and a smattering of DC fast chargers. And it costs money, around $2 to $5, to use these chargers.</p>\n<p>Basically, ChargePoint is doing what everyone else is doing, but there’s so much more to it than that …</p>\n<p>CHPT Stock: Network Effects Set ChargePoint Apart</p>\n<p>Where ChargePoint shines is in its unparalleled size and dominance in the EV charging station market.</p>\n<p>It’s seven times larger than its nearest competitor, with over 100,000 charging ports and 73% of L2 EV charging stations.</p>\n<p>Its size is especially significant because of network effects.</p>\n<p>Of ChargePoint’s commercial clients, more than 60% of&nbsp;<b>Fortune 500</b>&nbsp;companies employ ChargePoint charging stations at their corporate offices. If companies such as<b>Facebook</b>(NASDAQ:<b><u>FB</u></b>),<b>Netflix</b>(NASDAQ:<b><u>NFLX</u></b>),<b>Salesforce</b>(NYSE:<b><u>CRM</u></b>),<b>Microsoft</b>(NASDAQ:<b><u>MSFT</u></b>) and<b>Adobe</b>(NASDAQ:<b><u>ADBE</u></b>) already utilize ChargePoint chargers — which shows other companies who to turn to when they want to install their own EV charging stations — ChargePoint should be able to leverage this array of existing customers to win more and more big-name contracts.</p>\n<p>ChargePoint is on its way to dominating the commercial workplace vertical of the EV market for the near- to long-term future.</p>\n<p>From a consumer-facing perspective, ChargePoint is also setting itself up for future success.</p>\n<p>The company hasteamed up with auto makerslike Mercedes-owner&nbsp;<b>Daimler AG</b>(OTCMKTS:<b><u>DMLRY</u></b>) and<b>BMW</b>(OTC:<b><u>BMWYY</u></b>) tointegrate the locations of its charging stationsinto in-car navigation systems.</p>\n<p>ChargePoint also offers a popular app that enables drivers to locate its charging stations, see if they’re currently in-use or not and check prices. The app keeps ChargePoint on consumers’ minds, which will help the company dominate the at-home, residential EV-charging market.</p>\n<p>Again, it all comes down to ChargePoint’s unmatched network effects.</p>\n<p>Which is why I believe that, as EVs gradually replace gas cars, ChargePoint has the potential to replace Shell as the leading operator of “refueling” stations.</p>\n<p>Naturally, that would mean huge upside potential for CHPT stock.</p>\n<p>Which is why CHPT is one of my top picks in EV charging. And long-term, you can bet that CHPT stock will score investors massive returns.</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>ChargePoint’s Network Effects Will Make It the Next ‘Shell’</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nChargePoint’s Network Effects Will Make It the Next ‘Shell’\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 17:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/hypergrowthinvesting/2021/06/chargepoints-network-effects-will-make-them-the-next-shell/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ChargePoint (NYSE:CHPT) stock took a bit hit in March and April but has bounced back nicely in May and June. It’s now pushing its way towards all-time highs.\nSource: YuniqueB / Shutterstock.com\nThe ...</p>\n\n<a href=\"https://investorplace.com/hypergrowthinvesting/2021/06/chargepoints-network-effects-will-make-them-the-next-shell/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHPT":"ChargePoint Holdings Inc."},"source_url":"https://investorplace.com/hypergrowthinvesting/2021/06/chargepoints-network-effects-will-make-them-the-next-shell/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181667218","content_text":"ChargePoint (NYSE:CHPT) stock took a bit hit in March and April but has bounced back nicely in May and June. It’s now pushing its way towards all-time highs.\nSource: YuniqueB / Shutterstock.com\nThe catalyst? There are a few of them —\n\nRecharged growth trade on lower bond yields\nReinvigorated optimism about EVs and the charging network buildout\nNew, rather impressive products from ChargePoint\n\nThis will all last. EVs will take over the world, charging stations will replace gas pumps and ChargePoint will be the biggest charging company in the world when all is said and done.\nHere’s why.\nChargePoint is North America’s largest operator of electric vehicle charging stations. It should be able to leverage their early entry into the market as well as its size. Thanks to network effects, it could turn into the EV version ofShell(NYSE:RDS-A, NYSE:RDS-B) orExxon(NYSE:XOM) by 2030.\nOn the surface, this company looks like all other EV charging companies.\nChargePoint operate on the standard hardware-plus-software model — selling both physical EV charging ports and end-to-end software platforms to manage them. Its assortment of chargers includes L2 chargers and a smattering of DC fast chargers. And it costs money, around $2 to $5, to use these chargers.\nBasically, ChargePoint is doing what everyone else is doing, but there’s so much more to it than that …\nCHPT Stock: Network Effects Set ChargePoint Apart\nWhere ChargePoint shines is in its unparalleled size and dominance in the EV charging station market.\nIt’s seven times larger than its nearest competitor, with over 100,000 charging ports and 73% of L2 EV charging stations.\nIts size is especially significant because of network effects.\nOf ChargePoint’s commercial clients, more than 60% of Fortune 500 companies employ ChargePoint charging stations at their corporate offices. If companies such asFacebook(NASDAQ:FB),Netflix(NASDAQ:NFLX),Salesforce(NYSE:CRM),Microsoft(NASDAQ:MSFT) andAdobe(NASDAQ:ADBE) already utilize ChargePoint chargers — which shows other companies who to turn to when they want to install their own EV charging stations — ChargePoint should be able to leverage this array of existing customers to win more and more big-name contracts.\nChargePoint is on its way to dominating the commercial workplace vertical of the EV market for the near- to long-term future.\nFrom a consumer-facing perspective, ChargePoint is also setting itself up for future success.\nThe company hasteamed up with auto makerslike Mercedes-owner Daimler AG(OTCMKTS:DMLRY) andBMW(OTC:BMWYY) tointegrate the locations of its charging stationsinto in-car navigation systems.\nChargePoint also offers a popular app that enables drivers to locate its charging stations, see if they’re currently in-use or not and check prices. The app keeps ChargePoint on consumers’ minds, which will help the company dominate the at-home, residential EV-charging market.\nAgain, it all comes down to ChargePoint’s unmatched network effects.\nWhich is why I believe that, as EVs gradually replace gas cars, ChargePoint has the potential to replace Shell as the leading operator of “refueling” stations.\nNaturally, that would mean huge upside potential for CHPT stock.\nWhich is why CHPT is one of my top picks in EV charging. And long-term, you can bet that CHPT stock will score investors massive returns.","news_type":1},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161564154,"gmtCreate":1623935547678,"gmtModify":1634025678377,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161564154","repostId":"2143794095","repostType":4,"repost":{"id":"2143794095","pubTimestamp":1623892525,"share":"https://www.laohu8.com/m/news/2143794095?lang=&edition=full","pubTime":"2021-06-17 09:15","market":"us","language":"en","title":"Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought","url":"https://stock-news.laohu8.com/highlight/detail?id=2143794095","media":"Motley Fool","summary":"ARK Invest's star stock picker is scooping up promising stocks that are trading well below recent highs.","content":"<p>No one consistently lit up the market the way ARK Invest's Cathie Wood did last year. The ace stock picker saw her exchange-traded funds (ETFs) soar in 2020, but her collection of disruptive growth stocks has fallen out of favor since mid-February.</p>\n<p>Wood is making the most of the correction in dynamic companies. On Tuesday she increased her positions in <b>DraftKings</b> (NASDAQ:DKNG), <b>JD.com</b> (NASDAQ:JD), and <b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b>&nbsp;(NYSE:PATH). Let's take a closer look at her shopping list.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1cff5e8a545a25eace4bc6b4d22b6ac5\" tg-width=\"700\" tg-height=\"467\"><span>Image source: Getty Images.</span></p>\n<h2>DraftKings</h2>\n<p>Fantasy sports is a gateway drug to real-money wagering, and no <a href=\"https://laohu8.com/S/AONE.U\">one</a> is playing this game better than DraftKings. The platform that offers cash prizes for picking optimal starting league lineups is also using its popularity with competitive sports fans to prop up its growing sportsbook operations.</p>\n<p>Revenue rose 90% last year, a pretty amazing feat in a pandemic year where many seasons were delayed and shortened. Revenue soared 253% in the first quarter of this year, better-than-expected results even if the comparisons were going to be kind given the sporting world calamity that started in March of last year.</p>\n<p>DraftKings stock tumbled as much as 12% on Tuesday -- recovering to a more acceptable 4% decline by the close -- after becoming the latest short target of noted worrywart Hindenburg Research. The negative report alleges that one of the merger partners behind DraftKings hitting the market last year has a history of black-market gaming, money laundering, and organized crime. It could prove problematic if still relevant, but Wood apparently added to her DraftKings position during Tuesday's down day.</p>\n<h2>JD.com</h2>\n<p>Wood has been trimming her exposure to many of China's best-known growth stocks, but JD.com has been the exception. She has added to China's largest online retailer (in terms of revenue) on back-to-back trading days. It goes to show that investing in Chinese stocks&nbsp;isn't simply a matter of yes or no, as it's a more nuanced decision.</p>\n<p>Revenue growth decelerated to a 25% clip in 2019, but JD.com is starting to press down on the accelerator. Net revenue rose 29% last year, soaring 39% through the first three months of 2021. It's the kind of momentum you like to see in any growth stocks, and this is a good sign that -- despite unloading a lot of shares of Chinese growth stocks through May -- she's not giving up on the world's most populous nation.</p>\n<h2>UiPath</h2>\n<p>There are a couple of names scattered among Wood's ETFs that weren't even public when the year began. ARK Invest isn't afraid to buy into new issues while they still have that new stock smell, and that's where UiPath comes in. The provider of enterprise software for robotics went public at $56 just two months ago. The stock closed at $70 on Tuesday, but it was trading as high as $90 just three weeks ago. Wood doesn't let downticks sway her from investing in promising companies, and UiPath fits that bill.</p>\n<p>Revenue rose 81% in fiscal 2021, climbing 65% in the first quarter of fiscal 2022. UiPath isn't expected to turn a profit until 2024 at the earliest, but flush with nearly $1.9 billion in cash after its springtime IPO it has more than enough dry powder to stay in the fight until it gets there.</p>","source":"fool_stock","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>Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nCathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/16/cathie-wood-goes-bargain-hunting-3-stocks-she-just/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>No one consistently lit up the market the way ARK Invest's Cathie Wood did last year. The ace stock picker saw her exchange-traded funds (ETFs) soar in 2020, but her collection of disruptive growth ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/16/cathie-wood-goes-bargain-hunting-3-stocks-she-just/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath","JD":"京东","DKNG":"DraftKings Inc."},"source_url":"https://www.fool.com/investing/2021/06/16/cathie-wood-goes-bargain-hunting-3-stocks-she-just/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143794095","content_text":"No one consistently lit up the market the way ARK Invest's Cathie Wood did last year. The ace stock picker saw her exchange-traded funds (ETFs) soar in 2020, but her collection of disruptive growth stocks has fallen out of favor since mid-February.\nWood is making the most of the correction in dynamic companies. On Tuesday she increased her positions in DraftKings (NASDAQ:DKNG), JD.com (NASDAQ:JD), and UiPath (NYSE:PATH). Let's take a closer look at her shopping list.\nImage source: Getty Images.\nDraftKings\nFantasy sports is a gateway drug to real-money wagering, and no one is playing this game better than DraftKings. The platform that offers cash prizes for picking optimal starting league lineups is also using its popularity with competitive sports fans to prop up its growing sportsbook operations.\nRevenue rose 90% last year, a pretty amazing feat in a pandemic year where many seasons were delayed and shortened. Revenue soared 253% in the first quarter of this year, better-than-expected results even if the comparisons were going to be kind given the sporting world calamity that started in March of last year.\nDraftKings stock tumbled as much as 12% on Tuesday -- recovering to a more acceptable 4% decline by the close -- after becoming the latest short target of noted worrywart Hindenburg Research. The negative report alleges that one of the merger partners behind DraftKings hitting the market last year has a history of black-market gaming, money laundering, and organized crime. It could prove problematic if still relevant, but Wood apparently added to her DraftKings position during Tuesday's down day.\nJD.com\nWood has been trimming her exposure to many of China's best-known growth stocks, but JD.com has been the exception. She has added to China's largest online retailer (in terms of revenue) on back-to-back trading days. It goes to show that investing in Chinese stocks isn't simply a matter of yes or no, as it's a more nuanced decision.\nRevenue growth decelerated to a 25% clip in 2019, but JD.com is starting to press down on the accelerator. Net revenue rose 29% last year, soaring 39% through the first three months of 2021. It's the kind of momentum you like to see in any growth stocks, and this is a good sign that -- despite unloading a lot of shares of Chinese growth stocks through May -- she's not giving up on the world's most populous nation.\nUiPath\nThere are a couple of names scattered among Wood's ETFs that weren't even public when the year began. ARK Invest isn't afraid to buy into new issues while they still have that new stock smell, and that's where UiPath comes in. The provider of enterprise software for robotics went public at $56 just two months ago. The stock closed at $70 on Tuesday, but it was trading as high as $90 just three weeks ago. Wood doesn't let downticks sway her from investing in promising companies, and UiPath fits that bill.\nRevenue rose 81% in fiscal 2021, climbing 65% in the first quarter of fiscal 2022. UiPath isn't expected to turn a profit until 2024 at the earliest, but flush with nearly $1.9 billion in cash after its springtime IPO it has more than enough dry powder to stay in the fight until it gets there.","news_type":1},"isVote":1,"tweetType":1,"viewCount":244,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126160163,"gmtCreate":1624547738952,"gmtModify":1634004513356,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Yeah!","listText":"Yeah!","text":"Yeah!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126160163","repostId":"1188931868","repostType":2,"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121922904,"gmtCreate":1624450680508,"gmtModify":1634006000625,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121922904","repostId":"2145918810","repostType":2,"repost":{"id":"2145918810","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1624446060,"share":"https://www.laohu8.com/m/news/2145918810?lang=&edition=full","pubTime":"2021-06-23 19:01","market":"us","language":"en","title":"The 2021 most 'American-made' auto is a first-timer in top spot","url":"https://stock-news.laohu8.com/highlight/detail?id=2145918810","media":"Dow Jones","summary":"MW The 2021 most 'American-made' auto is a first-timer in top spot\n\n\n  Rachel Koning Beals \n\n\n  Cars","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW The 2021 most 'American-made' auto is a first-timer in top spot\n</p>\n<p>\n  Rachel Koning Beals \n</p>\n<p>\n  Cars.com's American-Made Index places the Tesla Model 3 atop a list of 90, a first for an all-electric vehicle \n</p>\n<p>\n  The most American-made vehicle for 2021 is the Tesla Model 3, according to a long-running  index, the first time that an all-electric auto has claimed the top spot. \n</p>\n<p>\n  Ford<a href=\"https://laohu8.com/S/F\">$(F)$</a>, Jeep, GM's Chevrolet<a href=\"https://laohu8.com/S/GM\">$(GM)$</a> and Honda nameplates also earned high marks for their U.S.-based production, which remains an important consideration for a rising number of U.S. buyers. \n</p>\n<p>\n  The Cars.com American-Made Index,  first created in 2006 and released Wednesday, ranks vehicles based on criteria ranging from number of U.S. factory jobs to location of manufacturing plants to parts sourcing. View the complete list . \n</p>\n<p>\n  \"Tesla has now cemented itself firmly on Cars.com's American Made-Index, with the Model 3 and the Model Y taking the No. 1 and No. 3 spots, respectively,\" said Kelsey Mays, assistant managing editor at Cars.com. \n</p>\n<p>\n  Tesla<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> only recently began supplying the information that needs to be included in the index. \n</p>\n<p>\n  Last year, Tesla's EVs took three spots in the top 10 for the first time, out-performing brands like Jeep and Chevrolet which normally dominate the list. In 2020, the Michigan-built Ford Ranger, resurrected for the U.S. market in 2019, ranked first. \n</p>\n<p>\n  Barron's : Electric Vehicles Will Rule the World By 2040. The Winners and Losers  \n</p>\n<p>\n  A total of 90 models qualified for this year's AMI. That's out of 344 cars on the market in 2021. GM led the way with 19 cars on the index, followed by Honda at 13, Toyota with 12 and Ford at 11. \n</p>\n<p>\n  Tracking consumer habits, nearly 50% of the vehicles on the index are SUVs, followed by sedans at 28% and pick-up trucks at 17%. \n</p>\n<p>\n  According to new research from Cars.com, 72% of shoppers consider a car's U.S. economic impact a significant or deciding factor in their vehicle purchase, up from 70% who indicated the same in 2020. \n</p>\n<p>\n  Even as the pandemic threat wanes, a third of respondents in 2021 still say COVID-19 has made them more likely to buy an American-built vehicle. Up from just a quarter of respondents in 2020, 29% this year say that it's \"unpatriotic\" to purchase a non-American made vehicle. \n</p>\n<p>\n  The Biden administration has made the push toward EV adoption a priority , part of a broader policy favoring a shift to renewable energy and reaching net-zero emissions by 2050. \n</p>\n<p>\n  For now, inventory and parts shortages, as well as the surging price of used vehicles, have been factors in a post-COVID recovery. \n</p>\n<p>\n  \"The 2021 AMI arrives against a backdrop of scarce inventory amid a microchip shortage, and heightened consumer demand,\" said Mays. \"Despite this, there remains a high consumer focus on buying American-made vehicles as the economy is still emerging from the effects of the pandemic.\" \n</p>\n<p>\n  Parts shortages emerged in Tesla's latest earnings round , reported in April. The Silicon Valley EV maker reported mixed first-quarter earnings then, with sales slightly below Wall Street's expectations though rising 74% to $10.39 billion, from $5.99 billion a year earlier. \n</p>\n<p>\n  Tesla's share price is down 11% so far in 2021, just trimming its more than 220% <a href=\"https://laohu8.com/S/AONE\">one</a>-year surge. The S&amp;P 500 is up 13% in the year to date. \n</p>\n<p>\n  Read:Why this Tesla taxi fleet won't be allowed to operate in NYC  \n</p>\n<p>\n  -Rachel Koning Beals; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  June 23, 2021 07:01 ET (11:01 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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 2021 most 'American-made' auto is a first-timer in top spot</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 2021 most 'American-made' auto is a first-timer in top spot\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-23 19:01</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW The 2021 most 'American-made' auto is a first-timer in top spot\n</p>\n<p>\n  Rachel Koning Beals \n</p>\n<p>\n  Cars.com's American-Made Index places the Tesla Model 3 atop a list of 90, a first for an all-electric vehicle \n</p>\n<p>\n  The most American-made vehicle for 2021 is the Tesla Model 3, according to a long-running  index, the first time that an all-electric auto has claimed the top spot. \n</p>\n<p>\n  Ford<a href=\"https://laohu8.com/S/F\">$(F)$</a>, Jeep, GM's Chevrolet<a href=\"https://laohu8.com/S/GM\">$(GM)$</a> and Honda nameplates also earned high marks for their U.S.-based production, which remains an important consideration for a rising number of U.S. buyers. \n</p>\n<p>\n  The Cars.com American-Made Index,  first created in 2006 and released Wednesday, ranks vehicles based on criteria ranging from number of U.S. factory jobs to location of manufacturing plants to parts sourcing. View the complete list . \n</p>\n<p>\n  \"Tesla has now cemented itself firmly on Cars.com's American Made-Index, with the Model 3 and the Model Y taking the No. 1 and No. 3 spots, respectively,\" said Kelsey Mays, assistant managing editor at Cars.com. \n</p>\n<p>\n  Tesla<a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> only recently began supplying the information that needs to be included in the index. \n</p>\n<p>\n  Last year, Tesla's EVs took three spots in the top 10 for the first time, out-performing brands like Jeep and Chevrolet which normally dominate the list. In 2020, the Michigan-built Ford Ranger, resurrected for the U.S. market in 2019, ranked first. \n</p>\n<p>\n  Barron's : Electric Vehicles Will Rule the World By 2040. The Winners and Losers  \n</p>\n<p>\n  A total of 90 models qualified for this year's AMI. That's out of 344 cars on the market in 2021. GM led the way with 19 cars on the index, followed by Honda at 13, Toyota with 12 and Ford at 11. \n</p>\n<p>\n  Tracking consumer habits, nearly 50% of the vehicles on the index are SUVs, followed by sedans at 28% and pick-up trucks at 17%. \n</p>\n<p>\n  According to new research from Cars.com, 72% of shoppers consider a car's U.S. economic impact a significant or deciding factor in their vehicle purchase, up from 70% who indicated the same in 2020. \n</p>\n<p>\n  Even as the pandemic threat wanes, a third of respondents in 2021 still say COVID-19 has made them more likely to buy an American-built vehicle. Up from just a quarter of respondents in 2020, 29% this year say that it's \"unpatriotic\" to purchase a non-American made vehicle. \n</p>\n<p>\n  The Biden administration has made the push toward EV adoption a priority , part of a broader policy favoring a shift to renewable energy and reaching net-zero emissions by 2050. \n</p>\n<p>\n  For now, inventory and parts shortages, as well as the surging price of used vehicles, have been factors in a post-COVID recovery. \n</p>\n<p>\n  \"The 2021 AMI arrives against a backdrop of scarce inventory amid a microchip shortage, and heightened consumer demand,\" said Mays. \"Despite this, there remains a high consumer focus on buying American-made vehicles as the economy is still emerging from the effects of the pandemic.\" \n</p>\n<p>\n  Parts shortages emerged in Tesla's latest earnings round , reported in April. The Silicon Valley EV maker reported mixed first-quarter earnings then, with sales slightly below Wall Street's expectations though rising 74% to $10.39 billion, from $5.99 billion a year earlier. \n</p>\n<p>\n  Tesla's share price is down 11% so far in 2021, just trimming its more than 220% <a href=\"https://laohu8.com/S/AONE\">one</a>-year surge. The S&amp;P 500 is up 13% in the year to date. \n</p>\n<p>\n  Read:Why this Tesla taxi fleet won't be allowed to operate in NYC  \n</p>\n<p>\n  -Rachel Koning Beals; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  June 23, 2021 07:01 ET (11:01 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车","HMC":"本田汽车","F":"福特汽车","TSLA":"特斯拉","03160":"华夏日股对冲"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145918810","content_text":"MW The 2021 most 'American-made' auto is a first-timer in top spot\n\n\n  Rachel Koning Beals \n\n\n  Cars.com's American-Made Index places the Tesla Model 3 atop a list of 90, a first for an all-electric vehicle \n\n\n  The most American-made vehicle for 2021 is the Tesla Model 3, according to a long-running  index, the first time that an all-electric auto has claimed the top spot. \n\n\n  Ford$(F)$, Jeep, GM's Chevrolet$(GM)$ and Honda nameplates also earned high marks for their U.S.-based production, which remains an important consideration for a rising number of U.S. buyers. \n\n\n  The Cars.com American-Made Index,  first created in 2006 and released Wednesday, ranks vehicles based on criteria ranging from number of U.S. factory jobs to location of manufacturing plants to parts sourcing. View the complete list . \n\n\n  \"Tesla has now cemented itself firmly on Cars.com's American Made-Index, with the Model 3 and the Model Y taking the No. 1 and No. 3 spots, respectively,\" said Kelsey Mays, assistant managing editor at Cars.com. \n\n\n  Tesla$(TSLA)$ only recently began supplying the information that needs to be included in the index. \n\n\n  Last year, Tesla's EVs took three spots in the top 10 for the first time, out-performing brands like Jeep and Chevrolet which normally dominate the list. In 2020, the Michigan-built Ford Ranger, resurrected for the U.S. market in 2019, ranked first. \n\n\n  Barron's : Electric Vehicles Will Rule the World By 2040. The Winners and Losers  \n\n\n  A total of 90 models qualified for this year's AMI. That's out of 344 cars on the market in 2021. GM led the way with 19 cars on the index, followed by Honda at 13, Toyota with 12 and Ford at 11. \n\n\n  Tracking consumer habits, nearly 50% of the vehicles on the index are SUVs, followed by sedans at 28% and pick-up trucks at 17%. \n\n\n  According to new research from Cars.com, 72% of shoppers consider a car's U.S. economic impact a significant or deciding factor in their vehicle purchase, up from 70% who indicated the same in 2020. \n\n\n  Even as the pandemic threat wanes, a third of respondents in 2021 still say COVID-19 has made them more likely to buy an American-built vehicle. Up from just a quarter of respondents in 2020, 29% this year say that it's \"unpatriotic\" to purchase a non-American made vehicle. \n\n\n  The Biden administration has made the push toward EV adoption a priority , part of a broader policy favoring a shift to renewable energy and reaching net-zero emissions by 2050. \n\n\n  For now, inventory and parts shortages, as well as the surging price of used vehicles, have been factors in a post-COVID recovery. \n\n\n  \"The 2021 AMI arrives against a backdrop of scarce inventory amid a microchip shortage, and heightened consumer demand,\" said Mays. \"Despite this, there remains a high consumer focus on buying American-made vehicles as the economy is still emerging from the effects of the pandemic.\" \n\n\n  Parts shortages emerged in Tesla's latest earnings round , reported in April. The Silicon Valley EV maker reported mixed first-quarter earnings then, with sales slightly below Wall Street's expectations though rising 74% to $10.39 billion, from $5.99 billion a year earlier. \n\n\n  Tesla's share price is down 11% so far in 2021, just trimming its more than 220% one-year surge. The S&P 500 is up 13% in the year to date. \n\n\n  Read:Why this Tesla taxi fleet won't be allowed to operate in NYC  \n\n\n  -Rachel Koning Beals; 415-439-6400; AskNewswires@dowjones.com \n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  June 23, 2021 07:01 ET (11:01 GMT)\n\n\n  Copyright (c) 2021 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129233329,"gmtCreate":1624373249761,"gmtModify":1634007069917,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129233329","repostId":"2145056554","repostType":4,"repost":{"id":"2145056554","pubTimestamp":1624356900,"share":"https://www.laohu8.com/m/news/2145056554?lang=&edition=full","pubTime":"2021-06-22 18:15","market":"us","language":"en","title":"These 3 Dow Stocks Are Set to Soar in 2021's Second Half","url":"https://stock-news.laohu8.com/highlight/detail?id=2145056554","media":"Motley Fool","summary":"Here are the companies investors are most excited about -- and why.","content":"<p>The <b>Dow Jones Industrial Average </b>(DJINDICES:^DJI) has had a solid year so far in 2021. Gains of 9% might not seem like all that much compared to the double-digit percentage gains we've seen in past years. But given everything that's happening in the economy, it's not surprising to see investors rein in their expectations somewhat on some of the top-performing stocks in the market.</p>\n<p>Yet even with the gains the overall market has seen, there are still some Dow stocks that haven't climbed as far as they might. In particular, analysts looking at three stocks among the Dow Jones Industrials see the potential for substantial gains in the second half of 2021 and beyond. Below, we'll look at these three companies to see what it'll take for them to produce the big returns that investors want right now.</p>\n<h3>UnitedHealth: 34% upside</h3>\n<p><b>UnitedHealth Group </b>(NYSE:UNH) has already put in a reasonable performance in the Dow so far this year. The health insurance giant's stock is up about 11% year to date, outpacing the broader average very slightly.</p>\n<p>Yet investors see a lot more upside for the healthcare giant. The top price target among Wall Street analysts for UnitedHealth is $522 per share, which implies roughly a 34% gain from current levels.</p>\n<p>UnitedHealth has done an excellent job of navigating the ever-changing landscape of the healthcare and health insurance industries. As the largest health insurance company in the world, UnitedHealth offers coverage not just for private businesses but also for those eligible for government programs like Medicare and Medicaid.</p>\n<p>Indeed, UnitedHealth's handling of plans under the Affordable Care Act has been masterful, with the company having participated in the program better known as Obamacare while not overcommitting to it. With the Supreme Court having recently upheld the validity of the Affordable Care Act, UnitedHealth finds itself in a strong position to keep benefiting from its mix of business.</p>\n<p><img src=\"https://static.tigerbbs.com/ffe66b7aafd67e07dd42007f2b60d638\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p>Yet many overlook the value of UnitedHealth's Optum health services unit. By aiming to help providers encourage health and wellness, Optum generates higher-margin revenue while often producing better outcomes for patients and members. With both growth drivers pushing the company forward, UnitedHealth looks well poised to keep climbing.</p>\n<h3>Goldman Sachs: 36% upside</h3>\n<p>Wall Street has enjoyed the bull market in stocks, and that's been a blessing for investment bank <b>Goldman Sachs </b>(NYSE:GS). The perennial financial giant has seen its stock rise 34% so far in 2021 after less impressive performance during 2020.</p>\n<p>On <a href=\"https://laohu8.com/S/AONE\">one</a> hand, Goldman has reflected the broader performance of financial stocks across the market. Interest rates have generally been on the rise, and that's bolstered the prospects for more net-interest income from retail banking operations. Goldman lags behind its big-bank peers on the consumer banking front, but its relatively new Marcus unit has done a good job of attracting capital thus far.</p>\n<p>On the other hand, Goldman continues to rely on its investment banking operations, and strong activity levels among initial public offerings and mergers and acquisitions (M&amp;A) have fed the company's coffers nicely. Financing remains relatively easy to get, and that could spur more M&amp;A activity that in turn could keep growing revenue for Goldman's investment banking division. Add to that possible tailwinds from macroeconomic factors, and it is in a solid position to climb as high as the $484 per share that represents the top price target among those following the financial stock.</p>\n<h3>Apple: 42% upside</h3>\n<p>Lastly, <b>Apple </b>(NASDAQ:AAPL) rounds out this list. Recently fetching $130 per share, some see the iPhone maker's stock climbing to $185. That'd be a 42% jump to help Apple recover from its 2% loss so far in 2021.</p>\n<p>Apple's gains have continued to impress. Revenue jumped 54% in its most recent quarter, with sales of the iPhone 12 and various other products and accessories continuing to drive sales for the company. Returning capital to shareholders via dividends and stock buybacks has had a substantial impact on financial performance, especially with the number of outstanding shares having plunged by roughly 35% in just the past decade.</p>\n<p>Many fear that Apple hasn't generated the innovative product lines that drove its success in the mid-2000s. However, at least for now, consumers seem content with iterations on existing product lines, and as long as that remains a successful strategy, further gains for the stock seem realistic.</p>\n<h3>Further to run?</h3>\n<p>Even with solid gains for the Dow in 2021, the long-term trajectory for stocks remains upward. That's a big part of why Apple, Goldman Sachs, and UnitedHealth Group look as promising as they do. Smart investors should at least keep an eye on these three stocks to see if they can live up to their full potential.</p>","source":"fool_stock","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>These 3 Dow Stocks Are Set to Soar in 2021's Second Half</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThese 3 Dow Stocks Are Set to Soar in 2021's Second Half\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 18:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/22/these-3-dow-stocks-set-to-soar-2021s-second-half/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Dow Jones Industrial Average (DJINDICES:^DJI) has had a solid year so far in 2021. Gains of 9% might not seem like all that much compared to the double-digit percentage gains we've seen in past ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/22/these-3-dow-stocks-set-to-soar-2021s-second-half/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛","09086":"华夏纳指-U","UNH":"联合健康","03086":"华夏纳指","AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2021/06/22/these-3-dow-stocks-set-to-soar-2021s-second-half/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145056554","content_text":"The Dow Jones Industrial Average (DJINDICES:^DJI) has had a solid year so far in 2021. Gains of 9% might not seem like all that much compared to the double-digit percentage gains we've seen in past years. But given everything that's happening in the economy, it's not surprising to see investors rein in their expectations somewhat on some of the top-performing stocks in the market.\nYet even with the gains the overall market has seen, there are still some Dow stocks that haven't climbed as far as they might. In particular, analysts looking at three stocks among the Dow Jones Industrials see the potential for substantial gains in the second half of 2021 and beyond. Below, we'll look at these three companies to see what it'll take for them to produce the big returns that investors want right now.\nUnitedHealth: 34% upside\nUnitedHealth Group (NYSE:UNH) has already put in a reasonable performance in the Dow so far this year. The health insurance giant's stock is up about 11% year to date, outpacing the broader average very slightly.\nYet investors see a lot more upside for the healthcare giant. The top price target among Wall Street analysts for UnitedHealth is $522 per share, which implies roughly a 34% gain from current levels.\nUnitedHealth has done an excellent job of navigating the ever-changing landscape of the healthcare and health insurance industries. As the largest health insurance company in the world, UnitedHealth offers coverage not just for private businesses but also for those eligible for government programs like Medicare and Medicaid.\nIndeed, UnitedHealth's handling of plans under the Affordable Care Act has been masterful, with the company having participated in the program better known as Obamacare while not overcommitting to it. With the Supreme Court having recently upheld the validity of the Affordable Care Act, UnitedHealth finds itself in a strong position to keep benefiting from its mix of business.\n\nImage source: Getty Images.\nYet many overlook the value of UnitedHealth's Optum health services unit. By aiming to help providers encourage health and wellness, Optum generates higher-margin revenue while often producing better outcomes for patients and members. With both growth drivers pushing the company forward, UnitedHealth looks well poised to keep climbing.\nGoldman Sachs: 36% upside\nWall Street has enjoyed the bull market in stocks, and that's been a blessing for investment bank Goldman Sachs (NYSE:GS). The perennial financial giant has seen its stock rise 34% so far in 2021 after less impressive performance during 2020.\nOn one hand, Goldman has reflected the broader performance of financial stocks across the market. Interest rates have generally been on the rise, and that's bolstered the prospects for more net-interest income from retail banking operations. Goldman lags behind its big-bank peers on the consumer banking front, but its relatively new Marcus unit has done a good job of attracting capital thus far.\nOn the other hand, Goldman continues to rely on its investment banking operations, and strong activity levels among initial public offerings and mergers and acquisitions (M&A) have fed the company's coffers nicely. Financing remains relatively easy to get, and that could spur more M&A activity that in turn could keep growing revenue for Goldman's investment banking division. Add to that possible tailwinds from macroeconomic factors, and it is in a solid position to climb as high as the $484 per share that represents the top price target among those following the financial stock.\nApple: 42% upside\nLastly, Apple (NASDAQ:AAPL) rounds out this list. Recently fetching $130 per share, some see the iPhone maker's stock climbing to $185. That'd be a 42% jump to help Apple recover from its 2% loss so far in 2021.\nApple's gains have continued to impress. Revenue jumped 54% in its most recent quarter, with sales of the iPhone 12 and various other products and accessories continuing to drive sales for the company. Returning capital to shareholders via dividends and stock buybacks has had a substantial impact on financial performance, especially with the number of outstanding shares having plunged by roughly 35% in just the past decade.\nMany fear that Apple hasn't generated the innovative product lines that drove its success in the mid-2000s. However, at least for now, consumers seem content with iterations on existing product lines, and as long as that remains a successful strategy, further gains for the stock seem realistic.\nFurther to run?\nEven with solid gains for the Dow in 2021, the long-term trajectory for stocks remains upward. That's a big part of why Apple, Goldman Sachs, and UnitedHealth Group look as promising as they do. Smart investors should at least keep an eye on these three stocks to see if they can live up to their full potential.","news_type":1},"isVote":1,"tweetType":1,"viewCount":490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167688484,"gmtCreate":1624265283848,"gmtModify":1634008697887,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167688484","repostId":"2145108800","repostType":4,"repost":{"id":"2145108800","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624251179,"share":"https://www.laohu8.com/m/news/2145108800?lang=&edition=full","pubTime":"2021-06-21 12:52","market":"hk","language":"en","title":"JD.com's HK shares fall most in six weeks on logistics unit stake dilution","url":"https://stock-news.laohu8.com/highlight/detail?id=2145108800","media":"Reuters","summary":"** Hong Kong shares of Chinese e-commerce firm JD.com Inc fall 3.8% to HK$275.60, marking their bigg","content":"<p>** Hong Kong shares of Chinese e-commerce firm JD.com Inc&nbsp;fall 3.8% to HK$275.60, marking their biggest intraday percentage decline since May 11</p>\n<p>** Stock is set to snap two straight sessions of gains and is the fourth-biggest percentage decliner in the Hang Seng Tech Index</p>\n<p>** JD.com says its unit JD Logistics has issued an additional 91.37 mln shares at HK$40.36 each to cover an over-allotment option in its Hong Kong IPO, raising a further HK$3.63 bln ($467.5 mln) in net proceeds to upgrade and expand logistics networks ()</p>\n<p>** Says its stake in JD Logistics is diluted to 63.46% after the deal, from 64.42%</p>\n<p>** Shares of JD Logistics fall 3.3% to HK$40.50, their lowest since May 31</p>\n<p>** The Hong Kong Hang Seng Commerce &amp; Industry Index slides 0.7%, and the Hang Seng Tech Index falls 1.6%</p>\n<p>** The Hang Seng China enterprises index slips 1.1%, and the benchmark index drops 1.4%</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>JD.com's HK shares fall most in six weeks on logistics unit stake dilution</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nJD.com's HK shares fall most in six weeks on logistics unit stake dilution\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-21 12:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>** Hong Kong shares of Chinese e-commerce firm JD.com Inc&nbsp;fall 3.8% to HK$275.60, marking their biggest intraday percentage decline since May 11</p>\n<p>** Stock is set to snap two straight sessions of gains and is the fourth-biggest percentage decliner in the Hang Seng Tech Index</p>\n<p>** JD.com says its unit JD Logistics has issued an additional 91.37 mln shares at HK$40.36 each to cover an over-allotment option in its Hong Kong IPO, raising a further HK$3.63 bln ($467.5 mln) in net proceeds to upgrade and expand logistics networks ()</p>\n<p>** Says its stake in JD Logistics is diluted to 63.46% after the deal, from 64.42%</p>\n<p>** Shares of JD Logistics fall 3.3% to HK$40.50, their lowest since May 31</p>\n<p>** The Hong Kong Hang Seng Commerce &amp; Industry Index slides 0.7%, and the Hang Seng Tech Index falls 1.6%</p>\n<p>** The Hang Seng China enterprises index slips 1.1%, and the benchmark index drops 1.4%</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","09618":"京东集团-SW","QNETCN":"纳斯达克中美互联网老虎指数","02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145108800","content_text":"** Hong Kong shares of Chinese e-commerce firm JD.com Inc fall 3.8% to HK$275.60, marking their biggest intraday percentage decline since May 11\n** Stock is set to snap two straight sessions of gains and is the fourth-biggest percentage decliner in the Hang Seng Tech Index\n** JD.com says its unit JD Logistics has issued an additional 91.37 mln shares at HK$40.36 each to cover an over-allotment option in its Hong Kong IPO, raising a further HK$3.63 bln ($467.5 mln) in net proceeds to upgrade and expand logistics networks ()\n** Says its stake in JD Logistics is diluted to 63.46% after the deal, from 64.42%\n** Shares of JD Logistics fall 3.3% to HK$40.50, their lowest since May 31\n** The Hong Kong Hang Seng Commerce & Industry Index slides 0.7%, and the Hang Seng Tech Index falls 1.6%\n** The Hang Seng China enterprises index slips 1.1%, and the benchmark index drops 1.4%","news_type":1},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166400375,"gmtCreate":1624020591397,"gmtModify":1634024027877,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166400375","repostId":"1167089681","repostType":4,"repost":{"id":"1167089681","pubTimestamp":1623996062,"share":"https://www.laohu8.com/m/news/1167089681?lang=&edition=full","pubTime":"2021-06-18 14:01","market":"us","language":"en","title":"The Trade Desk Stock Split: Time to Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1167089681","media":"Motley Fool","summary":"The stock is still down about 36% from recent highs.","content":"<p>Shares of data-driven advertising company&nbsp;<b>The Trade Desk</b>&nbsp;(NASDAQ:TTD)&nbsp;jumped sharply on Thursday, following their 10-for-1 split. Today marks the first day that the company's stock is trading on a split basis.</p>\n<p>Stock splits in and of themselves don't do anything to make shares better investments. But The Trade Desk's split -- following massive shareholder value creation since its initial public offering in 2016 -- does highlight management's consistent ability to grow revenue and earnings, something likely to persist in the coming years.</p>\n<p>This 10-for-1 split, therefore, is a good reminder of what an incredible business The Trade Desk is.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/50e503a653795bb7465c0aa43050307a\" tg-width=\"2000\" tg-height=\"1333\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p><b>Business momentum</b></p>\n<p>The&nbsp;tech stock's split follows a period of incredible growth for The Trade Desk, and management says the move reflects its confidence in the company's prospects.</p>\n<p>\"The Trade Desk has consistently delivered strong top line growth and&nbsp;GAAP&nbsp;profitability as a publicly traded company,\" CEO Jeff Green said in a press release about the stock split. \"In that time, we have emerged as the default demand side advertising platform for the open internet, and we continue to invest to build on that leadership position.\"</p>\n<p>Over the past four years, The Trade Desk's revenue has risen more than fourfold and its net income has increased 12-fold.</p>\n<p>Even in 2020 -- when digital advertising took a temporary hit as uncertainties surrounding COVID-19 led some ad buyers to reduce spend or even pause their campaigns -- The Trade Desk saw its revenue increase 26% year over year. And as the year ended, its momentum picked up sharply. \"Those brands spending more than $1 million on our platform in 2020 more than doubled from a year ago,\" The Trade Desk said in its&nbsp;fourth-quarter 2020 earnings call.</p>\n<p>Adjusting for U.S. political ad spend, The Trade Desk's top-line revenue growth accelerated further in the first quarter of 2021 compared to its impressive momentum at the end of last year.</p>\n<p>\"Excluding political spend related to the U.S. elections last year, which represented a mid-single-digit percent share of our business in Q1 of 2020, revenue increased around 42% year over year in Q1 of this year,\" CFO Blake Grayson said in the company's first-quarter earnings release. \"This represents a material acceleration on a sequential basis from Q4 of 2020 after excluding election spend.\"</p>\n<p>Furthermore, Grayson said the company saw broad-based strong growth across every region and channel during the quarter. In fact, ad spend on its platform accelerated in every one of its major geographic regions, management said.</p>\n<p><b>A buying opportunity</b></p>\n<p>Though The Trade Desk's stock split might be drawing attention to the stock on Thursday, the company's fundamentals and recent sell-off are what make it seem like an attractive long-term investment.</p>\n<p>Even though shares are up sharply today, they are still notably far below a split-adjusted all-time high of $97.28. Shares were slammed earlier this year along with many other growth stocks -- and The Trade Desk has been slow to recover, still trading 36% below a 52-week high.</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>The Trade Desk Stock Split: Time to Buy?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 Trade Desk Stock Split: Time to Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 14:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/17/the-trade-desk-stock-jumps-following-stock-split/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Shares of data-driven advertising company The Trade Desk (NASDAQ:TTD) jumped sharply on Thursday, following their 10-for-1 split. Today marks the first day that the company's stock is trading on a ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/17/the-trade-desk-stock-jumps-following-stock-split/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TTD":"Trade Desk Inc."},"source_url":"https://www.fool.com/investing/2021/06/17/the-trade-desk-stock-jumps-following-stock-split/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167089681","content_text":"Shares of data-driven advertising company The Trade Desk (NASDAQ:TTD) jumped sharply on Thursday, following their 10-for-1 split. Today marks the first day that the company's stock is trading on a split basis.\nStock splits in and of themselves don't do anything to make shares better investments. But The Trade Desk's split -- following massive shareholder value creation since its initial public offering in 2016 -- does highlight management's consistent ability to grow revenue and earnings, something likely to persist in the coming years.\nThis 10-for-1 split, therefore, is a good reminder of what an incredible business The Trade Desk is.\nIMAGE SOURCE: GETTY IMAGES.\nBusiness momentum\nThe tech stock's split follows a period of incredible growth for The Trade Desk, and management says the move reflects its confidence in the company's prospects.\n\"The Trade Desk has consistently delivered strong top line growth and GAAP profitability as a publicly traded company,\" CEO Jeff Green said in a press release about the stock split. \"In that time, we have emerged as the default demand side advertising platform for the open internet, and we continue to invest to build on that leadership position.\"\nOver the past four years, The Trade Desk's revenue has risen more than fourfold and its net income has increased 12-fold.\nEven in 2020 -- when digital advertising took a temporary hit as uncertainties surrounding COVID-19 led some ad buyers to reduce spend or even pause their campaigns -- The Trade Desk saw its revenue increase 26% year over year. And as the year ended, its momentum picked up sharply. \"Those brands spending more than $1 million on our platform in 2020 more than doubled from a year ago,\" The Trade Desk said in its fourth-quarter 2020 earnings call.\nAdjusting for U.S. political ad spend, The Trade Desk's top-line revenue growth accelerated further in the first quarter of 2021 compared to its impressive momentum at the end of last year.\n\"Excluding political spend related to the U.S. elections last year, which represented a mid-single-digit percent share of our business in Q1 of 2020, revenue increased around 42% year over year in Q1 of this year,\" CFO Blake Grayson said in the company's first-quarter earnings release. \"This represents a material acceleration on a sequential basis from Q4 of 2020 after excluding election spend.\"\nFurthermore, Grayson said the company saw broad-based strong growth across every region and channel during the quarter. In fact, ad spend on its platform accelerated in every one of its major geographic regions, management said.\nA buying opportunity\nThough The Trade Desk's stock split might be drawing attention to the stock on Thursday, the company's fundamentals and recent sell-off are what make it seem like an attractive long-term investment.\nEven though shares are up sharply today, they are still notably far below a split-adjusted all-time high of $97.28. Shares were slammed earlier this year along with many other growth stocks -- and The Trade Desk has been slow to recover, still trading 36% below a 52-week high.","news_type":1},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166578041,"gmtCreate":1624020231283,"gmtModify":1634024032940,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166578041","repostId":"1164089282","repostType":4,"repost":{"id":"1164089282","pubTimestamp":1624007666,"share":"https://www.laohu8.com/m/news/1164089282?lang=&edition=full","pubTime":"2021-06-18 17:14","market":"hk","language":"en","title":"Hong Kong to Begin Handing Out HK$5,000 Vouchers in August","url":"https://stock-news.laohu8.com/highlight/detail?id=1164089282","media":"bloomberg","summary":"Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help bo","content":"<p>Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help boost consumption in the pandemic-hit economy.</p>\n<p>Those eligible will be able to register for the vouchers from July 4 to Aug. 14, Financial Secretary Paul Chan said at a briefing Friday. The vouchers, available through payment systems such as theOctopustransit card, Alipay and WeChat Pay, will be usable to pay for things such as retail shopping and public transport.</p>\n<p>The funds will be paid out in three installments starting from as soon as Aug. 1.</p>\n<p>The spending vouchers were first announced by Chan in hisbudgetspeech in February along with plans to provide loans for the unemployed to stimulate consumption as the city gradually begins recovering from the pandemic. While theeconomyended its record recession in the first quarter andjoblessnessis declining, retail spending remains weak.</p>","source":"lsy1584095487587","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>Hong Kong to Begin Handing Out HK$5,000 Vouchers in August</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nHong Kong to Begin Handing Out HK$5,000 Vouchers in August\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 17:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-18/hong-kong-to-begin-handing-out-hk-5-000-vouchers-in-august><strong>bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help boost consumption in the pandemic-hit economy.\nThose eligible will be able to register for the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-18/hong-kong-to-begin-handing-out-hk-5-000-vouchers-in-august\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-18/hong-kong-to-begin-handing-out-hk-5-000-vouchers-in-august","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164089282","content_text":"Hong Kong will begin handing out HK$5,000 ($644)spending vouchersto residents from August to help boost consumption in the pandemic-hit economy.\nThose eligible will be able to register for the vouchers from July 4 to Aug. 14, Financial Secretary Paul Chan said at a briefing Friday. The vouchers, available through payment systems such as theOctopustransit card, Alipay and WeChat Pay, will be usable to pay for things such as retail shopping and public transport.\nThe funds will be paid out in three installments starting from as soon as Aug. 1.\nThe spending vouchers were first announced by Chan in hisbudgetspeech in February along with plans to provide loans for the unemployed to stimulate consumption as the city gradually begins recovering from the pandemic. While theeconomyended its record recession in the first quarter andjoblessnessis declining, retail spending remains weak.","news_type":1},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161567588,"gmtCreate":1623935595544,"gmtModify":1634025677002,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161567588","repostId":"1104709957","repostType":4,"repost":{"id":"1104709957","pubTimestamp":1623893470,"share":"https://www.laohu8.com/m/news/1104709957?lang=&edition=full","pubTime":"2021-06-17 09:31","market":"us","language":"en","title":"China launches first astronauts to its space station","url":"https://stock-news.laohu8.com/highlight/detail?id=1104709957","media":"CNBC","summary":"KEY POINTS\n\nChina launched the first astronauts to its self-developed space station on Thursday.\nThe","content":"<div>\n<p>KEY POINTS\n\nChina launched the first astronauts to its self-developed space station on Thursday.\nThe three astronauts — Nie Haisheng, Liu Boming and Tang Hongbo — were taken up on a Shenzhou-12 ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/17/china-launches-first-astronauts-to-its-self-developed-space-station.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>China launches first astronauts to its space station</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nChina launches first astronauts to its space station\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 09:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/17/china-launches-first-astronauts-to-its-self-developed-space-station.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nChina launched the first astronauts to its self-developed space station on Thursday.\nThe three astronauts — Nie Haisheng, Liu Boming and Tang Hongbo — were taken up on a Shenzhou-12 ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/17/china-launches-first-astronauts-to-its-self-developed-space-station.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://www.cnbc.com/2021/06/17/china-launches-first-astronauts-to-its-self-developed-space-station.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1104709957","content_text":"KEY POINTS\n\nChina launched the first astronauts to its self-developed space station on Thursday.\nThe three astronauts — Nie Haisheng, Liu Boming and Tang Hongbo — were taken up on a Shenzhou-12 spacecraft which was launched atop a Long March 2F rocket at around 9:22 a.m. China time.\nBeijing has made space exploration a top priority as China looks to challenge the U.S. in a number of areas of technology.\n\nAstronauts (L-R) Tang Hongbo, Nie Haisheng, and Liu Boming depart for the launch site of the Senzhou-12 spacecraft at the Jiuquan Satellite Launch Center on June 17, 2021 in Jiuquan, Gansu Province, China.\nGUANGZHOU, China — China launched the first astronauts to its self-developed space station on Thursday.\nThe move marks a major step as the world’s second-largest economy looks to boost its space capabilities and challenge the U.S.\nThe three astronauts — Nie Haisheng, Liu Boming and Tang Hongbo — were taken up on a Shenzhou-12 spacecraft which was launched atop a Long March 2F rocket at around 9:22 a.m. China time. It took off from the Jiuquan Satellite Launch Center, in northwest of the country.\nIt’s the first time China has sent a manned mission to space since 2016. If successful, it will be a major point of pride as Beijing prepares for the 100 year anniversary of the founding of the Communist party.\nBeijing has made space exploration a top priority as China looks to challenge the U.S. in a number of areas of technology.\nChina expects its three-module self-developed space station to be fully operational by 2022.\nIn April, it launched one of the modules that will make up the space station called “Tianhe”, which will be the living quarters for the astronauts. And last month, China sent the Tianzhou-2 cargo spacecraft to dock with Tianhe. This spacecraft contains supplies for the astronauts such as food.\nChina will carry out 11 missions this year and next to complete the construction of the space station, including four manned missions.\nThe three astronauts sent to the space station on Thursday will spend three months there, testing the technologies required for the construction and operation of the space station such as life support mechanisms and in-orbit maintenance and also carry out space walks.\nThe space station will have separate sleeping areas as well as space-to-ground communications.\nChina is barred from sending its astronauts to the International Space Station, which is a co-operative effort between the United States, Russia, Europe, Japan, and Canada. That has fueled its ambition to make its own space station, which is expected to remain in operation for at least 10 years. The ISS, meanwhile, could be retired in 2024.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161565149,"gmtCreate":1623935520481,"gmtModify":1634025679289,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Go!","listText":"Go!","text":"Go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161565149","repostId":"1152604932","repostType":4,"repost":{"id":"1152604932","pubTimestamp":1623895461,"share":"https://www.laohu8.com/m/news/1152604932?lang=&edition=full","pubTime":"2021-06-17 10:04","market":"us","language":"en","title":"Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1152604932","media":"seekingalpha","summary":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give","content":"<p>Summary</p>\n<ul>\n <li>Apple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.</li>\n <li>The dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.</li>\n <li>I lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.</li>\n <li>With the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d06df668b5536634ebfca099d90d9852\" tg-width=\"1536\" tg-height=\"988\"><span>Nikada/iStock Unreleased via Getty Images</span></p>\n<p><b>The Long-Term Apple Thesis</b></p>\n<p>I write a lot about Apple (AAPL), 15% of&nbsp;my articles&nbsp;here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the&nbsp;implications for Apple&nbsp;should they be forced to back off their App Store rules, whether through courts or regulation.</p>\n<p>Almost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.</p>\n<p>I was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:</p>\n<ol>\n <li>They have the most complete and unique tech stack in the world.</li>\n <li>They have the best product development process.</li>\n <li>They have the best corporate organization.</li>\n <li>They are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.</li>\n <li>ESG focus years ahead of everyone else.</li>\n <li>The Apple brand</li>\n <li>While the sum of their parts is impressive, the Apple ecosystem makes it so much more.</li>\n <li>When everything is taken into account, iPhone gives a lot of value for the price.</li>\n <li>A cash pile and cash flows to back up their ambitions.</li>\n</ol>\n<p>What it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.</p>\n<p><b>The Tech Stack</b></p>\n<p>One of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.</p>\n<p>The most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.</p>\n<p><b>Chip Design</b></p>\n<p>Custom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.</p>\n<p>The first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.</p>\n<p>The A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.</p>\n<p>The work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c99acb1ab262241f7195d5ef491c64ac\" tg-width=\"640\" tg-height=\"361\"><span>Annotated Apple video screenshot.</span></p>\n<p>By switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. </p>\n<p><b>The Operating Systems</b></p>\n<p>When Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.</p>\n<p>OS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.</p>\n<p>NextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.</p>\n<p>So at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.</p>\n<p>A good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.</p>\n<p><b>The Rest</b></p>\n<p>On top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that&nbsp;patented a pizza box&nbsp;which is only used in Apple’s&nbsp;Caffe Macs&nbsp;employee cafeterias. But these are the parts where we see continuous development every year.</p>\n<ul>\n <li>The location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.</li>\n <li>Voice recognition.</li>\n <li>AR.</li>\n <li>On-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.</li>\n <li>Audio/video/photo. Again, both hardware and software.</li>\n <li>Maybe their own 5G radio chip. We’ll see.</li>\n</ul>\n<p><b>What This All Means For 2025</b></p>\n<p>What this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.</p>\n<p>Let’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.</p>\n<p>But beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.</p>\n<p><b>Product Development</b></p>\n<p>Apple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.</p>\n<p>My favorite example here is a negative one, the&nbsp;ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.</p>\n<p>But it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:</p>\n<ol>\n <li>Focus entirely on the customer experience.</li>\n <li>Don’t let anyone else get in between you and the customer.</li>\n <li>People often don’t know what they want until you show it to them.</li>\n <li>Don’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.</li>\n <li>Don’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.</li>\n <li>Find a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.</li>\n <li>Have relatively few SKUs. Keep the product lines relatively simple.</li>\n <li>Don’t be afraid to ditch old but popular technologies.</li>\n <li>As much as possible, own all the key technologies in your devices.</li>\n <li>Hardware and software development are concurrent and work together.</li>\n <li>Do not worry that a new product is displacing another source of revenue.</li>\n</ol>\n<p>Sometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.</p>\n<p>But as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.</p>\n<p><img src=\"https://static.tigerbbs.com/b90176b70c1560583646501f52a11f06\" tg-width=\"640\" tg-height=\"683\"></p>\n<p>Bertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.</p>\n<p>The timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.</p>\n<p>This email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.</p>\n<p>Most of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.</p>\n<p><b>Organization</b></p>\n<p>One of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:</p>\n<ul>\n <li>SVP of Software Engineering, Craig Federighi.</li>\n <li>SVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.</li>\n <li>SVP of Services, Eddie Cue.</li>\n</ul>\n<p>This is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.</p>\n<p>But as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.</p>\n<p>When Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.</p>\n<p>We now see this collaborative organization and culture expressed as architecture in Apple Park.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51642a2ed19cf03d32baea87ed1d839f\" tg-width=\"640\" tg-height=\"409\"><span>Apple Maps screenshot</span></p>\n<p>At a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.</p>\n<p>Apple did not build this so people could&nbsp;work from home.</p>\n<p><b>The Ecosystem</b></p>\n<p>Before we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the&nbsp;2021 Fortune 500&nbsp;as stand-alones (by revenue)</p>\n<ul>\n <li>iPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).</li>\n <li>Services at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).</li>\n <li>Wearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.</li>\n <li>Mac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).</li>\n <li>iPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).</li>\n</ul>\n<p>Apple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.</p>\n<p>Of course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.</p>\n<p>The Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.</p>\n<p>The foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.</p>\n<p>Every year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.</p>\n<p>But beyond that, the Apple ecosystem is entirely unique</p>\n<ul>\n <li>Microsoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.</li>\n <li>Samsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.</li>\n <li>Google (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.</li>\n <li>Amazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.</li>\n</ul>\n<p>Only Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.</p>\n<p><b>Privacy, Security And ESG</b></p>\n<p>I’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.</p>\n<p>I don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.</p>\n<p>But let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.</p>\n<p>Here’s a quick list of the security and privacy enhancements they just announced at WWDC:</p>\n<ul>\n <li>iCloud VPN at no extra cost to paid iCloud accounts.</li>\n <li>On-device speech recognition.</li>\n <li>Third party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.</li>\n <li>Further support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.</li>\n <li>House keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.</li>\n <li>A new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.</li>\n <li>After grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.</li>\n <li>Securely and privately share health data with a provider.</li>\n <li>Protection from email tracking pixels.</li>\n</ul>\n<p>That was just what they announced this year.</p>\n<p>So let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:</p>\n<ul>\n <li>The iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.</li>\n <li>Similarly, all their attempts at adding social media features have failed for the same reason.</li>\n <li>Siri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.</li>\n <li>It is harder for them to build massive centralized AI models like Google and Facebook.</li>\n <li>The engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.</li>\n <li>They don’t trade user data like other credit card companies.</li>\n</ul>\n<p>Then there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.</p>\n<p>They currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.</p>\n<p>When we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.</p>\n<p>In 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.</p>\n<p><b>The Brand</b></p>\n<p>Security, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but&nbsp;Interbrand&nbsp;put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.</p>\n<blockquote>\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n</blockquote>\n<p>It’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.</p>\n<p><b>The iPhone Value Proposition</b></p>\n<p>Apple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.</p>\n<p>I joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:</p>\n<ul>\n <li>$399 iPhone SE 2nd generation base model</li>\n <li>Paid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.</li>\n <li>Include AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.</li>\n <li>That’s $19.91 a month for the first 24 months, and $3.29 thereafter.</li>\n <li>Discount future payments by 1.75% a year for inflation.</li>\n <li>Since the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.</li>\n</ul>\n<p>For 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from&nbsp;Samsung,OnePlus, and&nbsp;Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.</p>\n<p>Turning to the flagship models:</p>\n<p><img src=\"https://static.tigerbbs.com/a08bc783267a97e370e0a432f3ca6dcf\" tg-width=\"640\" tg-height=\"390\"></p>\n<p>Apple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.</p>\n<p>Only the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.</p>\n<ul>\n <li>The best smartphone chip.</li>\n <li>Hardware and software developed together.</li>\n <li>Tight integration with PC, tablet, watch and wireless headphones.</li>\n <li>Far better malware security in App Store.</li>\n <li>Most new apps start on iOS, so Apple users get first crack.</li>\n <li>Native productivity suite.</li>\n <li>Native audio and video editing with surprising capability for phone apps.</li>\n <li>No tracking of location and other data by Google unless you use Google services.</li>\n <li>Convenient service and free classes at an Apple Store near you.</li>\n</ul>\n<p>Apple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.</p>\n<p><b>Risks To The Story</b></p>\n<p>There are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.</p>\n<p><b>China</b></p>\n<p>US-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.</p>\n<p>Apple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.</p>\n<blockquote>\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n</blockquote>\n<blockquote>\n - Apple annual report “Risk Factors”\n</blockquote>\n<p>From the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.</p>\n<p><img src=\"https://static.tigerbbs.com/2f3a5e0338dac745a79fb9839439fa60\" tg-width=\"640\" tg-height=\"375\"></p>\n<p><b>Antitrust</b></p>\n<p>I’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.</p>\n<p>In contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.</p>\n<p>Based on the comments in my articles on the&nbsp;Epic trial, I think Apple shareholders are also underestimating the probability of this happening.</p>\n<p><b>Tall Poppy Syndrome</b></p>\n<p>This is a phrase I just learned from an Australian friend. Wikipedia&nbsp;defines&nbsp;it as</p>\n<blockquote>\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n</blockquote>\n<p>That’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.</p>\n<p>For example, Washington Post ran an article as I was writing this section that talked about&nbsp;18 scam apps&nbsp;that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c268692981ac4739fd7390468e487103\" tg-width=\"640\" tg-height=\"137\"><span>Washington Post screenshot</span></p>\n<p>Apple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims&nbsp;they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.</p>\n<p>To be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.</p>\n<p>This is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.</p>\n<p>This is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.</p>\n<p><b>Apple Stock Price Model: Four Scenarios</b></p>\n<p><i>Many of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.</i></p>\n<p>So let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.</p>\n<p>The recent&nbsp;Tesla model from ARK Investment&nbsp;should stand as a cautionary tale for everyone. Anyway, I have posted&nbsp;Excel worksheets&nbsp;to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.</p>\n<p>Let’s first look at some assumptions common to all four:</p>\n<ul>\n <li>iPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.</li>\n <li>Services growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.</li>\n <li>Wearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.</li>\n <li>Mac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a&nbsp;big surge&nbsp;from work-from-home.</li>\n <li>Fiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.</li>\n <li>Other assumptions are in the Excel sheets.</li>\n</ul>\n<p>Scenarios:</p>\n<ol>\n <li>Large, the most optimistic.</li>\n <li>Medium, my base case.</li>\n <li>Small is what Apple looks like if they come off the growth rates of the last 4-6 years.</li>\n <li>Tiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.</li>\n</ol>\n<p>In Medium:</p>\n<ul>\n <li>We’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.</li>\n <li>Services growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.</li>\n <li>The rest, as above.</li>\n</ul>\n<p>Large and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:</p>\n<ul>\n <li>Boost in fiscal 2022-2025 for iPhone on 5G adoption.</li>\n <li>Apple Silicon Macs gain Apple some PC market share.</li>\n <li>The AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.</li>\n</ul>\n<p>Tiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.</p>\n<p><b>Is Apple Stock A Buy Now?</b></p>\n<p><i>Just to double up on the warning: you should treat all models of the future with skepticism, including this one.</i></p>\n<p>This table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.</p>\n<p><img src=\"https://static.tigerbbs.com/4f5cc7ac9dba0aa62b43bacac07a51c1\" tg-width=\"640\" tg-height=\"164\"></p>\n<p>As you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.</p>\n<p>But the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:</p>\n<p><img src=\"https://static.tigerbbs.com/f0dd5f3db1dee545821469b11fb4f01d\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>That chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.</p>\n<p><img src=\"https://static.tigerbbs.com/25ce181f892fdb01ae176c551fa19ec2\" tg-width=\"640\" tg-height=\"347\"></p>\n<p>Even Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.</p>\n<p><b>Apple Stock Forecast For 2025</b></p>\n<p>Let’s zoom into each a bit, starting with the base case, Medium.</p>\n<p><img src=\"https://static.tigerbbs.com/b54f0f55b2d743586b10fdcfb3c4bbd1\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>I've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.</p>\n<p>But then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.</p>\n<p>Of course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.</p>\n<p><img src=\"https://static.tigerbbs.com/7f1cb197112556270cfdbb2d293c0082\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>To be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.</p>\n<p><img src=\"https://static.tigerbbs.com/25c9feb0f396334a8c46a983c8191e37\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>This model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.</p>\n<p><img src=\"https://static.tigerbbs.com/bc10da2578deb47fb83ad5c2497fa16f\" tg-width=\"640\" tg-height=\"366\"></p>\n<p>Tiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.</p>\n<p>So there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:</p>\n<ol>\n <li>Except in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.</li>\n <li>But absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.</li>\n</ol>\n<p>Seven thousand words summed up in two bullets.</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>Apple Stock Forecast For 2025: A Slow Start, Then Strong Growth</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nApple Stock Forecast For 2025: A Slow Start, Then Strong Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435098-apple-stock-forecast-2025><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out...</p>\n\n<a href=\"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435098-apple-stock-forecast-2025","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152604932","content_text":"Summary\n\nApple is the products company most prepared for the future, whatever that may bring. I give you nine reasons.\nThe dangers to Apple’s long-term prospects are mostly event-based, and mostly out of their control.\nI lay out four scenarios and DCF models. You should treat DCF models with the skepticism they deserve.\nWith the exception of the best case, they show the stock trading sideways or down through the end of fiscal 2022, then growing fast thereafter.\n\nNikada/iStock Unreleased via Getty Images\nThe Long-Term Apple Thesis\nI write a lot about Apple (AAPL), 15% of my articles here at Seeking Alpha since I started in 2018. Mostly, I write about what is happening now. For example, the last one was about the implications for Apple should they be forced to back off their App Store rules, whether through courts or regulation.\nAlmost a year ago, I began breaking my conclusions about Apple stock into two sections: one for investors who are into Apple for the long haul like I am, and a section for those whose time horizons are much shorter than “I hope to die with these shares.” This article is for the Die With These Shares Crowd.\nI was first an Apple shareholder in 1982, but I sold those shares when Steve Jobs sold his. Since 2005, I have been a continuous shareholder and have never sold a share. Like I said, I hope to die with them. Over the years, the reasons I remain an Apple shareholder have grown:\n\nThey have the most complete and unique tech stack in the world.\nThey have the best product development process.\nThey have the best corporate organization.\nThey are the only megacap who sees privacy and security as a differentiator and marketable feature, not as a cost-center.\nESG focus years ahead of everyone else.\nThe Apple brand\nWhile the sum of their parts is impressive, the Apple ecosystem makes it so much more.\nWhen everything is taken into account, iPhone gives a lot of value for the price.\nA cash pile and cash flows to back up their ambitions.\n\nWhat it adds up to is a company that is prepared for the future, whatever that may bring. Success in tech is notoriously hard to maintain. IBM (IBM) dominated computers and high end office equipment for 80 years until they didn’t. Sitting here today in 2021, I have a very high level of confidence that this will not be happening to Apple any time soon.\nThe Tech Stack\nOne of my favorite factoids about Apple is that despite the fact that their intangible assets would be the most of anyone, they do not list any on their balance sheet. This is where IP and brands go. We’ll get to the brand in a moment, but the core of what makes Apple so durable is their tech stack, now higher and more complete than anyone’s.\nThe most important things in the stack are at the base — the Apple chip design unit, which went from nothing to the best in the world in about a decade, and the operating systems, which at their root are all the same thing. They are the only company that designs products and the chips and operating systems that run them, though it looks like Microsoft (MSFT) would like to join them.\nChip Design\nCustom chip design is becoming more and more important. Apple was one of the first to recognize the importance of this in making products that are unique in a crowded marketplace. The first iPhone came with a Samsung ARM-based system-on-a-chip (SoC). Less than a year later, Apple bought PA Semi, a low-power SoC designer, for $278 million in cash. Other than the NeXT acquisition that brought back Steve Jobs, this was the best investment Apple ever made.\nThe first Apple-designed chip to show up in a product was the A4 in iPhone 4, only two years after the PA Semi acquisition. Quickly, the reaction went from “Apple thinks they can make a SoC?” to “Hey, these things are pretty good.” Now the A-series is widely regarded as the best smartphone SoC.\nThe A-series is the most important, but that is only the beginning. There is also the S-series for Apple Watch, H-series for headphones, W-series for wireless connectivity, U-series, which enables AirTags features, and the new M-series for Macs. Within a couple of years, all Apple devices, from AirPods to the Mac Pro will run on Apple Silicon.\nThe work they have done here is really showing up in the new M1 Macs, because we have something to compare to — the previous generation of the same model with Intel’s hardware.\nAnnotated Apple video screenshot.\nBy switching to their own silicon, Apple was able to make the same computer, but with a tablet-sized motherboard, a larger screen, and very low power requirements, while still being much faster than the Intel alternative. Already, the next version of macOS will not support some features on Intel Macs, because they lack the machine learning cores. \nThe Operating Systems\nWhen Apple was developing iPhone there was two ways to go for the operating system: build up from iPod, or shrink Mac OS X. There was an internal contest along parallel tracks, and the shrunken Mac won out. Because of this decision, all the operating systems are essentially the same thing.\nOS X came from NextStep which was the reason for the NeXT acquisition. Apple had not been able to move past what became known as Mac OS Classic with its own internal project, Copeland, and they needed help. Also, the deal came with Steve Jobs.\nNextStep was the first attempt to take a UNIX operating system and put a friendly graphical user interface on top of it. At the core is a UNIX microkernel. As the name implies, this is a small bit of software that manages the most basic functions of the software/hardware interface. Everything else is built in modular blocks of code layered on each other. Each device gets the blocks it needs, and excludes the ones it doesn’t.\nSo at root, the microkernel and the core blocks of the operating systems have a ton of overlap, and are very much the same. The original iPhone OS and OS X were so similar that even before Apple released their official iPhone software development kit, or SDK, developers were already making iPhone apps using a slightly modified Mac SDK.\nA good example is networking. All the devices share the same basic networking software, but macOS has wired connection drivers the others don’t. iOS 14 has 5G drivers the others don’t.\nThe Rest\nOn top of that rock-solid foundation sits the rest of it. The list is too long to go through entirely. This is a company that patented a pizza box which is only used in Apple’s Caffe Macs employee cafeterias. But these are the parts where we see continuous development every year.\n\nThe location/orientation sensor package. Originally for iPhone, this now includes accelerometers, gyroscopes, GPS, altimeters, and the newest additions, LiDAR and the U1 chip, which makes AirTags possible, with more coming. With this combination, Apple devices know where they are in 3D space, orientation, and where they are relative to other objects, especially ones that also have the U1 chip.\nVoice recognition.\nAR.\nOn-device machine learning. This includes continuous work on both hardware and software. The A-series and M-series SoCs come loaded with ML cores.\nAudio/video/photo. Again, both hardware and software.\nMaybe their own 5G radio chip. We’ll see.\n\nWhat This All Means For 2025\nWhat this means is that when Apple is setting out to build a new device, they begin halfway to the finish line. The basics are there already, and they get to spend their time and energy focusing on the parts that make each device unique. And as we’ll look at in the next section, they still spend more time sweating that last mile than anyone else.\nLet’s look at Apple’s current Big Idea, which is augmenting or replacing the venerable graphical user interface with a combination of AR and voice control, AKA Siri. Apple just hit a big milestone in that journey with the announcement of on-device voice recognition in iOS 15 coming this fall. This is key to their thinking in whatever they are doing with a car, and also of course in AR/VR products. According to rumors, we should see at least some aspects of both of these by the end of 2025.\nBut beyond the AR-voice package, each device will get a chip specifically designed for that device, unlike most others who will be using chips designed for a wide range of OEMs. It will overlap a lot with other Apple SoCs, but it will contain a unique combination of units chosen just for that device. When the software team is working on the operating system and apps, most of the under-the-hood work is done. They get to focus on making the unique interface they want for that product. The sensor package will come into the design of either a car or AR glasses, as will all the rest of it.\nProduct Development\nApple approaches product development differently than every other company. In the first place, they say “no” to many things, even deep into the development process, most we never get to hear about. This allows them to focus on what they do make, and make their products unique, even when competing a crowded space.\nMy favorite example here is a negative one, the ill-fated AirPower charging mat. Apple wanted to make a unique offering that was specifically designed around Apple products, but they could not pull off the dual-coil design without overheating. Instead of releasing an undifferentiated product, they killed it, even though it had been pre-announced. This sort of thing happens internally all the time. We got to see the sausage made, just this once.\nBut it goes beyond just saying “no” a lot. Apple approaches almost everything in a very slow, deliberate manner:\n\nFocus entirely on the customer experience.\nDon’t let anyone else get in between you and the customer.\nPeople often don’t know what they want until you show it to them.\nDon’t compete directly against successful incumbents, but figure out what Apple’s unique contribution is, focused on the entire ecosystem.\nDon’t release a new product or feature until you are ready to, no matter what analysts or the tech press say you should do.\nFind a way to dip your toe into the market first, gauge customer reaction, and slowly keep adding year after year.\nHave relatively few SKUs. Keep the product lines relatively simple.\nDon’t be afraid to ditch old but popular technologies.\nAs much as possible, own all the key technologies in your devices.\nHardware and software development are concurrent and work together.\nDo not worry that a new product is displacing another source of revenue.\n\nSometimes this can hurt an Apple product relative to competition. The HomePod is a good example here. Because of their relative lack of data collection, Siri will never be as capable as Alexa or Google Assistant. So when designing a “smart speaker,” Apple focused more on the speaker part, because they have handicapped themselves on the smart part. This led to an expensive device that didn’t have as much functionality as competing products. But it sounded great. This is a tradeoff they are willing to make, because security and privacy in the ecosystem is a higher level goal than having a smart speaker.\nBut as careful and deliberate as Apple is, they can also act blazingly fast when they think they need to. This letter, recently served up by one of my favorite Twitter accounts,Internal Tech Emails,kind of blew my mind.\n\nBertrand Serlet was the SVP of Software Engineering (“SWE” in the email) at the time. Scott Forstall was the lead on iOS. Steve Jobs you know. What you see here is the birth of the App Store, now worth $16 billion a year in net sales to Apple, decided in an email exchange in less than an hour.\nThe timeline here is that iPhone was released in June 2007. In September 2007, the first easily installed app store for jailbroken iPhones, Cydia, was released. It was a warning to Apple that they had to release their own App Store, along with developer tools like they had on the Mac, or risk losing control of the device. Too many people looked at this “phone” and saw a pocket computer.\nThis email exchange happened less than a month after Cydia. Serlet laid out everything the App Store was and still is in four quick bullets, made a request for a large amount of resources to pull it off (“whoever we need in SWE”), and asked for a yes-or-no decision. Jobs replied less than an hour later with an absurd timeline (it came out in March, but was announced in January), and approved a now-$16 billion a year business in a single sentence.\nMost of the time they move very slowly and deliberately, making sure everything is exactly right before release. But they can also push something out quickly if it is of strategic importance like App Store. This can also fall on its face at launch, like Apple Maps, which is why Apple prefers to move slowly, all else being equal.\nOrganization\nOne of the key foundations of Apple’s success is their amorphous org chart which promotes collaboration and prevents turf wars. On paper, there are three key technical function-based Senior VPs below CEO Tim Cook:\n\nSVP of Software Engineering, Craig Federighi.\nSVP of Hardware Engineering. This is now John Ternus, after longtime SVP of Hardware, Dan Riccio, moved over to shepherd AR/VR devices full time, underlining their importance.\nSVP of Services, Eddie Cue.\n\nThis is supplemented by the SVP of Worldwide Marketing position, now filled by Greg Joswiak, after Apple lifer Phil Schiller moved on to semi-retirement as an “Apple Fellow,” whatever that is. The Epic trial made clear that Schiller is very much still involved. Joswiak and Schiller are sort of Ministers-Without-Portfolio, who dip in on all strategic questions, and the guardians of the brand. VP of Environment, Policy and Social Initiatives, Lisa Jackson, has a growing voice in big decisions.\nBut as became apparent in a lot of the Apple corporate emails that Epic presented at trial, these people and their main lieutenants are constantly up in each other’s business, and that is by design. The walls between the SVPs are very thin, and no one gets to that position unless they understand that turf wars don’t happen at Apple. But the function-based organization sort of prevents it in the first place.\nWhen Apple decided to make iPhone, iPod was 35% of Apple’s revenue. But in meetings and email exchanges, there was no SVP of iPod to object loudly that their ox was being gored. There are many companies that would have killed iPhone because of this. Hardware, Software and Services all have big roles in all Apple products, whether it’s iPod, iPhone or anything that has followed. In that email in the previous section, Bertrand Serlet asks for whomever he needs to meet a fast timeline. That means he was pulling people off the Mac OS X team to work on the iPhone SDK and App Store, of course, in concert with Services and Hardware. Phil Schiller also had a lot to say. Again, there was no SVP of Mac to loudly object.\nWe now see this collaborative organization and culture expressed as architecture in Apple Park.\nApple Maps screenshot\nAt a cost of $4-$5 billion, Apple built a new campus entirely designed around the idea of encouraging collaboration across groups, and random encounters between people who normally would not be interacting. The parking lots are to south out of frame of that screenshot, and everyone enters and exits on those footpaths. Along the way, they have to pass by lots of other offices and groups, or go through the center courtyard, a central place to hang out.\nApple did not build this so people could work from home.\nThe Ecosystem\nBefore we talk about the sum of the parts, let’s start with the parts. These are the rankings that Apple product segments would have had in the 2021 Fortune 500 as stand-alones (by revenue)\n\niPhone at $166 billion in TTM net sales would place at number 12, between Costco (COST) and Cigna (CI).\nServices at $60 billion would place 52 between Albertsons (ACI) and Valero (VLO). That’s about a third of all Google’s revenue (number 9), and about 70% of Facebook’s revenue (number 34).\nWearables, Home, and Accessories at $35 billion would place at 89 between Deere (DE) and Abbott Labs (ABT). Apple is the largest maker of both watches and headphones now. For comparison, Swatch’s (OTCPK:SWGAF) TTM revenues were $6.3 billion.\nMac at $34 billion would place at 90 between Abbott and Northwestern Mutual. This is about a third of Dell’s (DELL) revenue (number 28).\niPad's $30 billion would be the only segment outside the Fortune 100 at number 101, between Tesla (TSLA) and Philip Morris (PM).\n\nApple consolidated comes in third by revenue behind Walmart (WMT) and Amazon (AMZN), but first in profits, 30% higher than number two Microsoft.\nOf course the ecosystem is what feeds this sales machine. Apple Watch is so popular, in part, because of its tie-in to iPhone and the suite of services, especially now with Fitness+. Apple Music as a stand-alone may not have survived without the tie in to all the rest of Apple. I could keep going on, but the success of everything rests on top of everything else.\nThe Walled Garden is a metaphor that people have used to describe the Apple family of products and services. Some, like Apple, put the emphasis on the garden. Others, like Epic, put the emphasis on the walls, like the ones in a prison. But whether people stay in the ecosystem because it’s hard to leave, or just because they like it there is a little immaterial until we get to antitrust, which we’ll talk about in a little bit. It’s a bit of both, of course, that make Apple products so sticky.\nThe foundation of this is the wide-and-tall tech stack that lets Apple be the only company that makes PCs, tablets, smartphones, smartwatches and headphones, the SoCs that run them, and also every line of code these devices ship with. These devices can seamlessly work with each other in ways the Windows/Android alternative cannot. Another one of these features is coming with the fall OS updates, Universal Control.\nEvery year at WWDC, Apple updates the software part of this, and the deep integration of services also gives Apple an advantage over competitors, which has become an antitrust focus, especially for Spotify (SPOT) in Europe.\nBut beyond that, the Apple ecosystem is entirely unique\n\nMicrosoft makes PC operating systems and software that sell well, and devices that sell poorly. They have some good consumer services like Xbox gaming, but not many. They are reportedly working on a chip for their Surface products.\nSamsung (OTC:SSNLF) makes a wide range of devices, but not operating systems (unless you count Tizen, now merging with Google's WearOS), or any notable apps or services. They design their own chips, but often use competitors’ in products.\nGoogle (GOOGL) has a very popular operating system and apps, and is the king of services, but their devices sell poorly. They make data center chips for their own use, but not for consumers.\nAmazon and Facebook (FB) are starting from the bottom-up. Both tried and failed with phones. Amazon has a fork of Android, and low-cost tablets that sell reasonably well. Amazon’s Echo products do well, Facebook’s hardware less so. Both do well with services and apps. The recent Amazon Sidewalk launch with Tile is Amazon trying to build up that ecosystem infrastructure. Amazon has a chip unit for AWS, but neither company has consumer chip design.\n\nOnly Apple has the complete package. But there are threats to the ecosystem, and I believe Apple is very likely to have to give up some control, especially with regard to App Store. By 2025 we should expect Apple’s App Store commission rate to drop, but the rest should remain very strong.\nPrivacy, Security And ESG\nI’m lumping these together, because they add up to the same thing: Apple has been able to skate to where the puck is going on important societal issues. They see these things not as costs, but marketable features that burnish the Apple brand.\nI don’t think there’s any reason for me to belabor the security and privacy comparison with Windows and especially Android. Like everyone, Apple does not have a perfect record, and we’ll talk some more in a moment about that.\nBut let’s return to that 2007 email, which is like an Apple Rosetta Stone. Serlet's first two bullets are about limits Apple is going to place on developers with the goals of “protect the user,” and “protect the networks.” Only after that does he get to what developers get access to. That’s indicative of all their thinking. Securing the user and networks is the first order priority.\nHere’s a quick list of the security and privacy enhancements they just announced at WWDC:\n\niCloud VPN at no extra cost to paid iCloud accounts.\nOn-device speech recognition.\nThird party Siri devices that do not give those third parties access to your commands. Common commands will execute without leaving the house.\nFurther support for iCloud home security video, which does image analysis on-device, and only uploads encrypted video to the cloud.\nHouse keys and state ID support in Wallet. TSA will accept digital IDs when it becomes available.\nA new App Privacy Report with details on what all apps are doing with their permissions. Google just announced something very similar for Android 12.\nAfter grimly reminding us that we will all die someday, iOS 15 allows adding of legacy contact who can access your account after you are gone.\nSecurely and privately share health data with a provider.\nProtection from email tracking pixels.\n\nThat was just what they announced this year.\nSo let’s turn it around and talk about what these things cost Apple. The biggest costs are not direct ones but opportunity costs from their relative lack of data collection. Their services suffer because of this:\n\nThe iAd ad network never got off the ground because it denied advertisers the data they were getting elsewhere.\nSimilarly, all their attempts at adding social media features have failed for the same reason.\nSiri lags Alexa and Google Assistant, and this also hurt them in the smart speaker space.\nIt is harder for them to build massive centralized AI models like Google and Facebook.\nThe engagement and targeting algorithms for App Store, News, Music, TV+, Stocks, Arcade and ads would all be better. Apple has tried to be unique here with added human curation.\nThey don’t trade user data like other credit card companies.\n\nThen there are the direct costs, which we have little insight into, but certainly stretches into the billions of dollars. Some of the key parts come under the chip design unit: the Secure Enclave and the machine learning cores. Along with the supporting software these are key units in the A and M series SoCs.\nThey currently already do a lot of work in keeping data analysis on-device, leveraging those machine learning cores, and only uploading encrypted data to the cloud using the secure enclave. But the eventual goal I believe is to have all Siri interactions happen on-device, which minimizes what Apple collects about users. As noted, they just took a major step in that direction with on-device voice recognition. To me, that was the single biggest announcement at WWDC. I thought Apple was maybe two years from announcing that.\nWhen we talk about ESG, the direct Capex costs are growing there. Apple Park is the largest LEED Platinum office building in North America. They are currently working through $4.7 billion in green bonds, building solar, wind and battery storage. Apple currently has all of Apple worldwide corporate operations carbon neutral. But the big, costly project is getting the entire supply chain to carbon neutral. They claim they will do that by 2030.\nIn 2021, this is a very effective marketing narrative, and it will only become more so over time. In 2025 these issues will resonate even more deeply.\nThe Brand\nSecurity, privacy and ESG burnish the brand, but the products are the core of it. Again, Apple does not list intangibles, but Interbrand put the value of the Apple brand at $323 billion in 2020. Amazon was number two at $201 billion. Here’s how Interbrand put it.\n\n Ultimately, Apple’s distinctiveness – or, in fact, uniqueness – isn’t a result of what the brand says, but what it does. It’s Apple’s products, technologies and stores that speak to the organisation’s philosophy of beautiful simplicity and individual empowerment – much more than any campaign could ever do. Inasmuch as many talk about the brand’s aura, Apple has consistently changed what was in people’s minds by changing what was in their hands.\n\nIt’s amazing what 25 years of making great products will do. This is important because a strong brand can buoy a company through bad weather. Apple’s brand can weather a long storm.\nThe iPhone Value Proposition\nApple products are notoriously expensive. But are they? Mac is expensive when you compare to alternatives, but iPhone turns out to be a pretty good value. To begin with, iPhone gets many years of operating system support, in contrast to Android products outside of Google’s poorly-selling Pixel. I have a friend who can afford any phone he wants, but he likes small phones, and hated Jony Ive’s rounded edges. He bought an iPhone SE in March 2016 for $399, and held on to until last December when he traded it in for an iPhone 12 mini. When he traded it in, it was running the current version, iOS 14. If he still owned it, he would be able to upgrade it to iOS 15 in the fall.\nI joke with him that he really extracted maximum value from that iPhone SE, but let’s look at what that looks like for someone in 2021 who is budget conscious. Forgetting about any trade-in subsidies:\n\n$399 iPhone SE 2nd generation base model\nPaid for with Apple Card. That gets a 3% discount on price, and 24 months of 0% interest.\nInclude AppleCare+ for product life to account for an inevitable battery replacement and unforeseeables.\nThat’s $19.91 a month for the first 24 months, and $3.29 thereafter.\nDiscount future payments by 1.75% a year for inflation.\nSince the phone is already a year old, we’ll shave a year off operating system support, so that’s 6 years.\n\nFor 6 years of worry-free ownership and operating system updates, that’s $599 in 2021 dollars. If you wanted to risk it and not get AppleCare+, it’s only $381 paid over 2 years. This is very comparable to similar offerings from Samsung,OnePlus, and Google. Only Google’s Pixel gets guaranteed OS updates beyond that first year.\nTurning to the flagship models:\n\nApple has the most expensive flagship but not by much. The Google Pixel 5 seems like a great deal to me, and I remain surprised at how poorly the Pixels have sold. Also, looking at the green bars, the iPhone 12 Pro Max looks like the best deal of the bunch.\nOnly the Pixel gets guaranteed updates beyond that first year. Apple is still supporting 5 models released in the Obama administration. But there’s a lot more that comes with iPhone that doesn’t come with any Android phone.\n\nThe best smartphone chip.\nHardware and software developed together.\nTight integration with PC, tablet, watch and wireless headphones.\nFar better malware security in App Store.\nMost new apps start on iOS, so Apple users get first crack.\nNative productivity suite.\nNative audio and video editing with surprising capability for phone apps.\nNo tracking of location and other data by Google unless you use Google services.\nConvenient service and free classes at an Apple Store near you.\n\nApple users give up a little bit of freedom, mostly in App Store, for all this, but I think it’s a tradeoff everyone understands at this point. As time wears on, it has become harder and harder for other phone manufacturers to keep up with Apple on both price and features. By 2025, it will be even harder.\nRisks To The Story\nThere are three big threats to the rosy picture I am painting. One is geopolitical, one is regulatory, and one is social.\nChina\nUS-China relations are at their lowest ebb since Mao hosted Nixon in 1972. The Biden Administration has pulled back from some of the excesses of the previous Administration, but we seem to be on a long march towards, at a minimum, a bifurcation of the technology world. I do not view this as a positive development for many reasons, but it hits Apple hard.\nApple is pretty unique in the scale of their dependence on China from both the supply side and the demand side. Let’s start on the supply side.\n\n Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia. A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.\n\n\n - Apple annual report “Risk Factors”\n\nFrom the demand side, it fluctuates, but in the current 3-year iPhone supercycle period, Apple is averaging 16.8% of net sales from Greater China, which includes Taiwan and Hong Kong.\n\nAntitrust\nI’m not going to dwell on this, since everyone is better acquainted with this threat because of the Epic trial. But there is a movement afoot to refashion antitrust law in a way that would not be favorable to Apple, with the amount of control they like to exercise over the ecosystem. This is in the US courts now, but legislative and regulatory bodies in the US and Europe are turning towards iOS, especially App Store. The threat is not open-ended like it is for Google and Facebook, as it is contained to App Store, 28% of Services net sales and 5.4% of consolidated Apple. But that second number, small as it is, has been growing quickly.\nIn contrast to China, I view some sort of reduced take from App Store as inevitable, and the only question is the scale of the reduction. Already, according to Epic trial filings, Apple’s take is probably between 25% and 26% on App Store, not 30% as it is always reported. That is going lower.\nBased on the comments in my articles on the Epic trial, I think Apple shareholders are also underestimating the probability of this happening.\nTall Poppy Syndrome\nThis is a phrase I just learned from an Australian friend. Wikipedia defines it as\n\n a cultural phenomenon of jealous people holding back or directly attacking those who are perceived to be better than the norm, \"cutting down the tall poppy\".\n\nThat’s roughly how my Aussie friend described it to me. People love a comeback story, and that was the Apple narrative for a long time. But Apple is now far too profitable for too long to be the Comeback Kid anymore. Now there seems to be an appetite in the media and society for cutting Apple down to size.\nFor example, Washington Post ran an article as I was writing this section that talked about 18 scam apps that were in the top 1000 grossing apps on the day Apple was testifying in front of the Senate about App Store.\nWashington Post screenshot\nApple needs to do better. But there is no control group. The article never asks how many scam apps they stopped that day, or how many scam apps were on the Google Play Store or other Android stores that day.Apple claims they stopped $1.5 billion in fraudulent transaction in 2020, 2.4% of all App Store transactions.\nTo be clear, the Washington Post article is claiming that Apple is not really curating App Store based on their one-day survey. The total net sales to Apple for these apps was $8.3 million before Apple axed them. Apple is a company that will have around $350 billion in net sales in fiscal 2021, and had something like $16 billion from App Store in calendar 2020. They are not sandbagging their hard-earned reputation over $8.3 million.\nThis is sometimes called the “Five Nines Problem.” Five nines is 99.999%, and is sort of the standard for “almost perfect” in a lot of tech. But tech companies like Apple, Google, Facebook, etc. operate at massive scale and they need more nines. App Store has 1.8 million apps, and five nines means 180 malicious apps get through, and maybe 10% of those wind up in the top 1000 grossers. The good news is that Apple does not need the Washington Post to tell them they need to get better at this, but it is not easy.\nThis is a more nebulous threat than the others, but the last time I felt like this was when the narrative on Microsoft turned sharply after Windows 95. That ended up in a long battle with the Department of Justice that sucked corporate focus for years.\nApple Stock Price Model: Four Scenarios\nMany of the assumptions for these models are all based off of my deep dives on Apple quarters after they report. The last of them on 2021 Q2is here.\nSo let’s take all that qualitative data, and try and stuff it through a revenue and DCF model. I recommend you be very skeptical of all models of the future, and think a lot about the underlying assumptions. Models are generally an expression of the author’s biases with math laid over it. You have the 6,000 words above if you would like to know mine.\nThe recent Tesla model from ARK Investment should stand as a cautionary tale for everyone. Anyway, I have posted Excel worksheets to GitHub with the model, and all the major assumptions are modifiable. Each scenario is a separate worksheet.\nLet’s first look at some assumptions common to all four:\n\niPhone continues to exhibit a 3-year cyclical pattern. Fiscal 2021 is the high year, so 2024 is the next one.\nServices growth comes off to some extent in all scenarios from reduced App Store growth from legal or regulatory action in the US and Europe.\nWearables, etc. remains on its strong growth path on Apple Watch, AirPods, and at least one new product category, a VR headset.\nMac and iPad return roughly to their pre-pandemic patterns. Like all PC makes, Apple saw a big surge from work-from-home.\nFiscal 2021 is half-reported, so all scenarios assume that it will complete along Apple’s average seasonal pattern from 2016-2019.\nOther assumptions are in the Excel sheets.\n\nScenarios:\n\nLarge, the most optimistic.\nMedium, my base case.\nSmall is what Apple looks like if they come off the growth rates of the last 4-6 years.\nTiny is the same as Small through 2023, and then we’re going to throw some real problems at Apple.\n\nIn Medium:\n\nWe’ll model the iPhone cycle with the average growth rates of the 2015 and 2018 cycles.\nServices growth comes off of 2016-2020 trajectory because of legal or regulatory action on App Store by 2 pp.\nThe rest, as above.\n\nLarge and Small will, respectively, add and subtract from these growth rates in Medium. In addition, Large assumes:\n\nBoost in fiscal 2022-2025 for iPhone on 5G adoption.\nApple Silicon Macs gain Apple some PC market share.\nThe AR glasses come out in the middle of fiscal 2025. To be clear, I view that as an unlikely timeline, but it does not have a large effect on the model since it comes 6 months from the end of our interval.\n\nTiny is a special event-based scenario where we will throw the two worst plausible scenarios we can at Apple. It starts with a huge reduction in App Store revenues due to antitrust action in the US and Europe at the end of fiscal 2023, and getting kicked out of China at the end of fiscal 2024. The former will be modeled as a sharp downturn in Services revenue in fiscal 2024. The China expulsion will lead to a 15% drop in top line revenue, and a decrease in products gross margin by 5 pp in 2025. I don’t view either of these as particularly likely, but this is the worst it can get.\nIs Apple Stock A Buy Now?\nJust to double up on the warning: you should treat all models of the future with skepticism, including this one.\nThis table summarizes the results. Please hit up those Excel sheets if you’d like to frisk the math, or play around with your own assumptions.\n\nAs you can see, even Small doesn’t do so badly by 2025, and Tiny ends up almost in the green, since the bad events come towards the end. If they were to come earlier, those growth rates would be lower in Tiny.\nBut the year-by-year results get to something I’ve been trying to tell Apple shareholders for almost a year now:\n\nThat chart will explain to you why I started breaking my Apple recommendations down between long and short term. Since the price hit $130 last summer, it was pretty clear to me that except in a best-case scenario, the gains of fiscal 2021 and 2022 were already baked in.\n\nEven Large only shows a marginal gain by the end of the fiscal year 2021, and Medium and Small are flat or down through the end of 2022. I’ve used the phrase, “if your time horizon with Apple is short, now is a good time to take profits,” very frequently in the past 8 months. I still mean it.\nApple Stock Forecast For 2025\nLet’s zoom into each a bit, starting with the base case, Medium.\n\nI've included actual price growth for fiscal 2020 so you can see how we got here. In this view we can think of slow fair value growth from today to the end of fiscal 2022 as averaging out fiscal 2020. If we look at 2019-2022, that’s a 27% CAGR, much more in line with the growth rates in the out years of the model. The model is simply predicting that 2021 and 2022 are baked into today’s price.\nBut then you see that the model really picks up steam on the out-years, as Apple’s free cash flow, growing at a 15% 5-year CAGR in Medium, catches up with the price. All together, that’s a 13.8% CAGR over the four and a third years of the model, with a terminal value of $222.\nOf course Large is larger, with an enhanced iPhone cycle from 5G adoption and a little extra boost from the AR glasses at the end of fiscal 2025.\n\nTo be clear, I view this scenario as plausible, but not that likely, somewhere around the 25th percentile. In this scenario, 2022 does not show the flat or negative growth rates in 2022 like the others, and this is due to the 5G adoption part of our assumptions. That’s a 20.2% CAGR, and a terminal value of $283.\n\nThis model starts off very slowly, with only an 11% 2019-2022 CAGR compared to 27% for Medium, and down in 2022. But even the Small scenario picks up steam beginning in 2023. That’s an 18% CAGR from 2023-2025. But over the life of the model it is less than half that, 7.9%, a $184 terminal value.\n\nTiny is the same as Small until the events kick in beginning fiscal 2024. 2024 price growth comes way off Small, and takes a dive in 2025. Keep in mind, we are talking about the fair value a year after the event, so the price would likely go down much further first. Anyway, this one winds up roughly at the June 11 close over four years later.\nSo there it is: the thing I’ve been telling you for a while now, except with some modeling and pretty charts:\n\nExcept in our best case, Apple is likely to trade sideways for a while as cash flows catch up with the share price.\nBut absent some very bad events out of Apple’s control, the long term view is still very, very bright, even if they slow down.\n\nSeven thousand words summed up in two bullets.","news_type":1},"isVote":1,"tweetType":1,"viewCount":137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161561353,"gmtCreate":1623935403372,"gmtModify":1634025682819,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Powell...","listText":"Powell...","text":"Powell...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161561353","repostId":"1191285596","repostType":4,"repost":{"id":"1191285596","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623908375,"share":"https://www.laohu8.com/m/news/1191285596?lang=&edition=full","pubTime":"2021-06-17 13:39","market":"us","language":"en","title":"As Fed taper inches closer, investors prepare for volatility ahead","url":"https://stock-news.laohu8.com/highlight/detail?id=1191285596","media":"Reuters","summary":"NEW YORK, June 17 (Reuters) - As the Federal Reserve takes initial steps toward removing its massive","content":"<p>NEW YORK, June 17 (Reuters) - As the Federal Reserve takes initial steps toward removing its massively accommodative policy, investors are preparing for the main show ahead.</p>\n<p>Fed officials on Wednesday penciled in&nbsp;two potential rate hikes in 2023, sooner than policymakers had previously projected, and Chair Jerome Powell edged closer to unveiling plans to taper the Fed’s $120 billion a month of bond purchases. Powell went so far as to describe the two-day gathering as the “talking-about talking-about meeting,” a glib reference to his protestations earlier this year that he and his colleagues were not even “talking about talking about” tighter policy.</p>\n<p>\"The Fed is making it clear that they will wait and wade through a noisy summer of data to see a trend before they make a decision about liftoff,\" said Jason England, global bonds portfolio manager at Janus Henderson.</p>\n<p>England expects to see greater bond market volatility leading up to the central bankers' confab in Jackson Hole, Wyoming, in late August and remains focused on shorter-duration bonds in anticipation of a sustained economic recovery.</p>\n<p>The question of when exactly the Fed will pull back has hung over financial markets. Stocks&nbsp;edged lower and the dollar spiked&nbsp;on Wednesday while benchmark yields rose.</p>\n<p>\"The logical response to today’s information is that interest rates are going to go higher, and they will probably be going higher faster than people may have thought,\" said Marcus Moore, assistant portfolio manager at Zeo Capital Advisors.</p>\n<p>A more extreme reaction could lay ahead if signs appear of stronger-than-expected inflation and other factors that could push the Fed to taper faster than anticipated, some market participants said. Powell said policymakers are not facing a situation where they are \"behind the curve.\"</p>\n<p>“We have become more defensive because we don’t think the bond market should have so much apathy to inflation,” said Thanos Bardas, co-head of global investment grade and senior portfolio manager at Neuberger Berman.</p>\n<p>Consumer prices jumped 5% in May, the largest annual jump in 13 years, while supply bottlenecks recently pushed lumber prices to all-time highs before tumbling 40% from their records.</p>\n<p>The Fed’s projections show&nbsp;inflation exceeding the Fed’s 2% target&nbsp;by a wide margin of 3.5% this year.</p>\n<p>Todd Thompson, managing director at Reams Asset Management, said wage pressures from a record number of 9.3 million job openings will force the Fed to move more quickly than many in the market anticipate given that real interest rates remain negative.</p>\n<p>\"With the economy running at a galloping pace, negative real interest rates are a disconnect to reality and that has to be reconciled\" through rate hikes, Thompson said.</p>\n<p>Ten-year Treasuries, which reflect gains after inflation, trade at a real rate of negative 0.75%.</p>\n<p>Douglas Duncan, chief economist at Fannie Mae, said he “would have thought there would have been more commentary” on the Fed’s monthly purchases of $40 billion in mortgage-backed-securities. A recent&nbsp;Reuters poll&nbsp;showed economists expect the Fed could taper those purchases faster than its Treasuries purchases given the red-hot housing market.</p>\n<p>Tiffany Wilding, North American economist at PIMCO, said the message from Wednesday's meeting was that the Fed is \"shifting away from managing downside risk to the economy to upside risk to inflation expectations.\"</p>\n<p>\"One thing that came out of this is that maybe their tolerance for above-target inflation is a bit less than we thought,\" Wilding said.</p>\n<p><b>RISKS AS TAPER NEARS</b></p>\n<p>The current climate is stirring recollections of 2013 when investors felt blind-sided when then-Chairman Ben Bernanke, in an announcement, raised the idea of a gradual taper. Bond yields spiraled higher, with benchmark 10-year yields surging from around 2% when Bernanke made the comments on May 23 to 3% in early September.</p>\n<p>Many don't expect another tantrum.</p>\n<p>Rick Rieder, chief investment officer of global fixed income at BlackRock, wrote that he doesn't think tapering will create \"tangible stress to the economy or markets.\" The biggest risk to markets, he said, \"would be an overheating paradigm where it is hard to predict how high input, or wage costs, could get.\"</p>\n<p>While Wilding sees the possibility of \"a tapering type of announcement as early as September,\" she doesn't see a repeat of the 2013 tantrum.</p>\n<p>\"That's not to say that the bond market won't sell off but we are not worried about a violent selloff,\" Wilding said.</p>\n<p>For John Lekas, president of Leader Capital, the worry is that the rebound in the U.S. economy may peter out some time next year.</p>\n<p>At end of the year we might be entering a tougher economy,” he said. “I think their (the Fed’s) wait-and-see approach makes sense.”</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>As Fed taper inches closer, investors prepare for volatility ahead</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAs Fed taper inches closer, investors prepare for volatility ahead\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-17 13:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK, June 17 (Reuters) - As the Federal Reserve takes initial steps toward removing its massively accommodative policy, investors are preparing for the main show ahead.</p>\n<p>Fed officials on Wednesday penciled in&nbsp;two potential rate hikes in 2023, sooner than policymakers had previously projected, and Chair Jerome Powell edged closer to unveiling plans to taper the Fed’s $120 billion a month of bond purchases. Powell went so far as to describe the two-day gathering as the “talking-about talking-about meeting,” a glib reference to his protestations earlier this year that he and his colleagues were not even “talking about talking about” tighter policy.</p>\n<p>\"The Fed is making it clear that they will wait and wade through a noisy summer of data to see a trend before they make a decision about liftoff,\" said Jason England, global bonds portfolio manager at Janus Henderson.</p>\n<p>England expects to see greater bond market volatility leading up to the central bankers' confab in Jackson Hole, Wyoming, in late August and remains focused on shorter-duration bonds in anticipation of a sustained economic recovery.</p>\n<p>The question of when exactly the Fed will pull back has hung over financial markets. Stocks&nbsp;edged lower and the dollar spiked&nbsp;on Wednesday while benchmark yields rose.</p>\n<p>\"The logical response to today’s information is that interest rates are going to go higher, and they will probably be going higher faster than people may have thought,\" said Marcus Moore, assistant portfolio manager at Zeo Capital Advisors.</p>\n<p>A more extreme reaction could lay ahead if signs appear of stronger-than-expected inflation and other factors that could push the Fed to taper faster than anticipated, some market participants said. Powell said policymakers are not facing a situation where they are \"behind the curve.\"</p>\n<p>“We have become more defensive because we don’t think the bond market should have so much apathy to inflation,” said Thanos Bardas, co-head of global investment grade and senior portfolio manager at Neuberger Berman.</p>\n<p>Consumer prices jumped 5% in May, the largest annual jump in 13 years, while supply bottlenecks recently pushed lumber prices to all-time highs before tumbling 40% from their records.</p>\n<p>The Fed’s projections show&nbsp;inflation exceeding the Fed’s 2% target&nbsp;by a wide margin of 3.5% this year.</p>\n<p>Todd Thompson, managing director at Reams Asset Management, said wage pressures from a record number of 9.3 million job openings will force the Fed to move more quickly than many in the market anticipate given that real interest rates remain negative.</p>\n<p>\"With the economy running at a galloping pace, negative real interest rates are a disconnect to reality and that has to be reconciled\" through rate hikes, Thompson said.</p>\n<p>Ten-year Treasuries, which reflect gains after inflation, trade at a real rate of negative 0.75%.</p>\n<p>Douglas Duncan, chief economist at Fannie Mae, said he “would have thought there would have been more commentary” on the Fed’s monthly purchases of $40 billion in mortgage-backed-securities. A recent&nbsp;Reuters poll&nbsp;showed economists expect the Fed could taper those purchases faster than its Treasuries purchases given the red-hot housing market.</p>\n<p>Tiffany Wilding, North American economist at PIMCO, said the message from Wednesday's meeting was that the Fed is \"shifting away from managing downside risk to the economy to upside risk to inflation expectations.\"</p>\n<p>\"One thing that came out of this is that maybe their tolerance for above-target inflation is a bit less than we thought,\" Wilding said.</p>\n<p><b>RISKS AS TAPER NEARS</b></p>\n<p>The current climate is stirring recollections of 2013 when investors felt blind-sided when then-Chairman Ben Bernanke, in an announcement, raised the idea of a gradual taper. Bond yields spiraled higher, with benchmark 10-year yields surging from around 2% when Bernanke made the comments on May 23 to 3% in early September.</p>\n<p>Many don't expect another tantrum.</p>\n<p>Rick Rieder, chief investment officer of global fixed income at BlackRock, wrote that he doesn't think tapering will create \"tangible stress to the economy or markets.\" The biggest risk to markets, he said, \"would be an overheating paradigm where it is hard to predict how high input, or wage costs, could get.\"</p>\n<p>While Wilding sees the possibility of \"a tapering type of announcement as early as September,\" she doesn't see a repeat of the 2013 tantrum.</p>\n<p>\"That's not to say that the bond market won't sell off but we are not worried about a violent selloff,\" Wilding said.</p>\n<p>For John Lekas, president of Leader Capital, the worry is that the rebound in the U.S. economy may peter out some time next year.</p>\n<p>At end of the year we might be entering a tougher economy,” he said. “I think their (the Fed’s) wait-and-see approach makes sense.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191285596","content_text":"NEW YORK, June 17 (Reuters) - As the Federal Reserve takes initial steps toward removing its massively accommodative policy, investors are preparing for the main show ahead.\nFed officials on Wednesday penciled in two potential rate hikes in 2023, sooner than policymakers had previously projected, and Chair Jerome Powell edged closer to unveiling plans to taper the Fed’s $120 billion a month of bond purchases. Powell went so far as to describe the two-day gathering as the “talking-about talking-about meeting,” a glib reference to his protestations earlier this year that he and his colleagues were not even “talking about talking about” tighter policy.\n\"The Fed is making it clear that they will wait and wade through a noisy summer of data to see a trend before they make a decision about liftoff,\" said Jason England, global bonds portfolio manager at Janus Henderson.\nEngland expects to see greater bond market volatility leading up to the central bankers' confab in Jackson Hole, Wyoming, in late August and remains focused on shorter-duration bonds in anticipation of a sustained economic recovery.\nThe question of when exactly the Fed will pull back has hung over financial markets. Stocks edged lower and the dollar spiked on Wednesday while benchmark yields rose.\n\"The logical response to today’s information is that interest rates are going to go higher, and they will probably be going higher faster than people may have thought,\" said Marcus Moore, assistant portfolio manager at Zeo Capital Advisors.\nA more extreme reaction could lay ahead if signs appear of stronger-than-expected inflation and other factors that could push the Fed to taper faster than anticipated, some market participants said. Powell said policymakers are not facing a situation where they are \"behind the curve.\"\n“We have become more defensive because we don’t think the bond market should have so much apathy to inflation,” said Thanos Bardas, co-head of global investment grade and senior portfolio manager at Neuberger Berman.\nConsumer prices jumped 5% in May, the largest annual jump in 13 years, while supply bottlenecks recently pushed lumber prices to all-time highs before tumbling 40% from their records.\nThe Fed’s projections show inflation exceeding the Fed’s 2% target by a wide margin of 3.5% this year.\nTodd Thompson, managing director at Reams Asset Management, said wage pressures from a record number of 9.3 million job openings will force the Fed to move more quickly than many in the market anticipate given that real interest rates remain negative.\n\"With the economy running at a galloping pace, negative real interest rates are a disconnect to reality and that has to be reconciled\" through rate hikes, Thompson said.\nTen-year Treasuries, which reflect gains after inflation, trade at a real rate of negative 0.75%.\nDouglas Duncan, chief economist at Fannie Mae, said he “would have thought there would have been more commentary” on the Fed’s monthly purchases of $40 billion in mortgage-backed-securities. A recent Reuters poll showed economists expect the Fed could taper those purchases faster than its Treasuries purchases given the red-hot housing market.\nTiffany Wilding, North American economist at PIMCO, said the message from Wednesday's meeting was that the Fed is \"shifting away from managing downside risk to the economy to upside risk to inflation expectations.\"\n\"One thing that came out of this is that maybe their tolerance for above-target inflation is a bit less than we thought,\" Wilding said.\nRISKS AS TAPER NEARS\nThe current climate is stirring recollections of 2013 when investors felt blind-sided when then-Chairman Ben Bernanke, in an announcement, raised the idea of a gradual taper. Bond yields spiraled higher, with benchmark 10-year yields surging from around 2% when Bernanke made the comments on May 23 to 3% in early September.\nMany don't expect another tantrum.\nRick Rieder, chief investment officer of global fixed income at BlackRock, wrote that he doesn't think tapering will create \"tangible stress to the economy or markets.\" The biggest risk to markets, he said, \"would be an overheating paradigm where it is hard to predict how high input, or wage costs, could get.\"\nWhile Wilding sees the possibility of \"a tapering type of announcement as early as September,\" she doesn't see a repeat of the 2013 tantrum.\n\"That's not to say that the bond market won't sell off but we are not worried about a violent selloff,\" Wilding said.\nFor John Lekas, president of Leader Capital, the worry is that the rebound in the U.S. economy may peter out some time next year.\nAt end of the year we might be entering a tougher economy,” he said. “I think their (the Fed’s) wait-and-see approach makes sense.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":92,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163998492,"gmtCreate":1623855550216,"gmtModify":1634026979997,"author":{"id":"3569218356856953","authorId":"3569218356856953","name":"xinhui","avatar":"https://static.tigerbbs.com/844fa40b77848232407427eb24e76f4f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569218356856953","idStr":"3569218356856953"},"themes":[],"htmlText":"Higher","listText":"Higher","text":"Higher","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163998492","repostId":"2143179480","repostType":4,"isVote":1,"tweetType":1,"viewCount":34,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}