The Biggest Problem With Nvidia's Stock That Everyone Is Missing

seekingalpha10-13

Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, ...

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Marcooseee
10-14
Marcooseee
FUD generating posts [LOL]
OngJH
10-14
OngJH
Repeat same things for every stock just to stay relevant.

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GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4533","symbol_name":"AQR资本管理(全球第二大对冲基金)","start_time":0,"source_url":"https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing","article_id":"2475499088","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2475499088","pubTimestamp":1728814500,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, 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growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, impacting Nvidia's ability to maintain its high market cap.Analysts' price targets may be unrealistic without either multiple expansion or significant revenue upgrades, which seems unlikely given current trends.Future stock performance hinges on Nvidia exceeding lofty expectations amid slowing growth, making current valuations challenging to justify.   BING-JHEN HONG While Nvidia (NASDAQ:NVDA) remains all the rage these days, with investors hoping to see continued strong growth and soaring revenue with the release of its news Blackwell GPU, most investors forget the most critical piece of a stock price: what the market is willing to pay for it. Tesla (TSLA) is a perfect example. Despite massive revenue growth, its stock price has fallen sharply from its peak because its growth rate slowed. This led to lower valuations as the market became less willing to pay high multiples.   Bloomberg High Valuation Faces Slowing Growth Nvidia faces a similar risk as the production cycle matures. Because the market has assigned such a high valuation to the stock, it is highly probable that, over time, growth slows the sales multiple contracts. Many investors today tend to think that things like fundamentals do not matter. On a day-to-day basis, they do not. But over more extended time frames, they do tend to matter. Tesla has been a prime example of this, and Nvidia could face a similar fate. Revenue Is Just A Number The expected revenue outlook isn't currently driving the stock price. Plenty of companies in the S&P 500 are projected to have revenue of about $200 billion per year, yet not all have a roughly $3 trillion market cap. Ultimately, what makes Nvidia worth $3 trillion is the amount investors are willing to pay for that revenue—currently, based on sales estimates over the next twelve months, the stock trades at roughly 20 times sales. This multiple is lower than what investors were willing to pay in August when it was almost 22, and June when it was around 24. So, one reason the stock hasn't advanced since June despite some positive news and hopes of higher revenue growth is that the sales multiple is starting to contract.   Bloomberg The Growth Rate Drives The Valuation The sales multiple is starting to contract because the sales growth rate appears to be slowing. We have seen this time and time again in this stock over time. It happened in 2018 and 2021, even going back to the mid-2000s. Historically, when the sales growth rate has increased, the price-to-sales multiple has expanded, and when the growth rate slows, the multiple contracts.   Bloomberg Based on current analysts' estimates, growth is expected to slow dramatically in the coming quarters, which would likely suggest that sales multiples will continue to contract over time. Therefore, even if the company reaches all of the targets that analysts have laid out for futures and sales estimates are active, the stock price may not only not rise but could even decline.   Bloomberg The revenue growth rate must accelerate for the stock price to continue rising. This will allow the multiple to grow again and, more importantly, drive higher revenue targets. But what has been happening is that revenue revisions on a rolling 30-day basis have been seeing positive revisions slow, and as a result, the growth rate in those revisions is falling.   Bloomberg More importantly, the stock price fluctuates with the rolling 30-day sales estimates changes. The sales multiple is falling because the change in those sales estimates is slowing. Despite the positive revisions, the stock price has been moving sideways because the positive revisions aren't enough to lift the growth rate presently.   Bloomberg However, as we continue to move forward, sales growth slows further, and the revisions potentially become smaller simply due to the law of large numbers; the rising sales estimates will no longer offset the contraction in the multiple. Analysts Expectations Seem Misaligned Analysts have a 12-month price target on the stock of about $148 per share, an increase in value of about 10% of its current price, implying that the stock's market cap will rise to around $3.6 trillion from its current $3.3 trillion. However, analysts estimate show revenue rising to around $164 billion, but at its current sales multiple of 20.2, to reach that valuation, the multiple would need to expand to around 22, or the company would need revenue to climb to $178 billion, or about 9% higher than current estimates. With this price target, it isn't clear if analysts are expecting the multiple to expand or forecast revenue upgrades.   Bloomberg It is possible that there could be an upside to analysts' current revenue estimates. After all, Nvidia has consistently beaten analysts' forecasts over the past number of quarters and then raised future guidance. But even the beat rate has been slowing in recent quarters, which is something else that will affect future valuations.   Bloomberg Plus, with a slowing growth rate, it isn't clear that the price-to-sales multiple should be expanding now; the more likely case is that it should be contracting. For the stock to achieve the path analysts have laid out, Nvidia must exceed those estimates. It is also noticeable that shifts in valuation occur around earnings releases, which again is a sign that the market is using the company's guidance and results to plot a path for its projected growth rate. That would mean the next opportunity for a change in the stock's valuation may come in November. If the beat rate were to slow again, and revisions that followed resulted in a lower revision rate, it would strengthen the case for a lower multiple on the stock. It is quite possible that even if the company achieves all of the lofty expectations that have been placed on it due to its recent success, the stock may struggle to rise from its current levels. Not because it has fallen short or because the business isn't good, but simply because the growth rate is slowing from a very high level, resulting in a lower valuation. This means that to be a buyer of Nvidia at current valuations implies that you think the company will be able to meet expectations and, more importantly, exceed them.  It is not an easy game.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport,analysis","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":359982103593144,"gmtCreate":1728894259001,"gmtModify":1728894262803,"author":{"id":"3576206717161677","authorId":"3576206717161677","name":"Marcooseee","avatar":"https://static.tigerbbs.com/0bf5b103cb16fd1aaf5b58f29f34e20f","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3576206717161677","authorIdStr":"3576206717161677"},"htmlText":"FUD generating posts&nbsp;[LOL]&nbsp;&nbsp;","listText":"FUD generating posts&nbsp;[LOL]&nbsp;&nbsp;","text":"FUD generating posts [LOL]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359982103593144","repostId":2475499088,"repostType":2,"repost":{"id":"2475499088","kind":"highlight","pubTimestamp":1728814500,"share":"https://ttm.financial/m/news/2475499088?lang=&edition=fundamental","pubTime":"2024-10-13 18:15","market":"hk","language":"en","title":"The Biggest Problem With Nvidia's Stock That Everyone Is Missing","url":"https://stock-news.laohu8.com/highlight/detail?id=2475499088","media":"seekingalpha","summary":"Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, impac","content":"<html><body><ul><li>Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.</li><li>The stock's sales multiple is contracting due to slowing sales growth, impacting Nvidia's ability to maintain its high market cap.</li><li>Analysts' price targets may be unrealistic without either multiple expansion or significant revenue upgrades, which seems unlikely given current trends.</li><li>Future stock performance hinges on Nvidia exceeding lofty expectations amid slowing growth, making current valuations challenging to justify.</li></ul><p><figure><picture> <img fetchpriority=\"high\" height=\"1024px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w240 240w\" width=\"1536px\"/> </picture><figcaption> <p>BING-JHEN HONG</p></figcaption></figure></p> <p>While Nvidia (<span>NASDAQ:NVDA</span>) remains all the rage these days, with investors hoping to see continued strong growth and soaring revenue with the release of its news Blackwell GPU, most investors forget the most critical piece of a stock<span> price: what the market is willing to pay for it.</span></p> <p>Tesla (TSLA) is a perfect example. Despite massive revenue growth, its stock price has fallen sharply from its peak because its growth rate slowed. This led to lower valuations as the market became less willing to pay high multiples.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287451199564283.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <h2>High Valuation Faces Slowing Growth</h2> <p>Nvidia faces a similar risk as the production cycle matures. Because the market has assigned such a high valuation to the stock, it is highly probable that, over time, growth slows the sales multiple contracts.</p> <p>Many investors today tend to think that things like fundamentals do not matter. On a day-to-day basis, they do not. But over more extended time frames, they do tend to matter. Tesla has been a prime example of this, and Nvidia could face a similar fate.</p> <h2>Revenue Is Just A Number</h2> <p>The expected revenue outlook isn't currently driving the stock price. Plenty of companies in the S&amp;P 500 are projected to have revenue of about $200 billion per year, yet not all have a roughly $3 trillion market cap.</p> <p>Ultimately, what makes Nvidia worth $3 trillion is the amount investors are willing to pay for that revenue—currently, based on sales estimates over the next twelve months, the stock trades at roughly 20 times sales. This multiple is lower than what investors were willing to pay in August when it was almost 22, and June when it was around 24. So, one reason the stock hasn't advanced since June despite some positive news and hopes of higher revenue growth is that the sales multiple is starting to contract.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287420509282055.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <h2>The Growth Rate Drives The Valuation</h2> <p>The sales multiple is starting to contract because the sales growth rate appears to be slowing. We have seen this time and time again in this stock over time. It happened in 2018 and 2021, even going back to the mid-2000s. Historically, when the sales growth rate has increased, the price-to-sales multiple has expanded, and when the growth rate slows, the multiple contracts.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287423272983592.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>Based on current analysts' estimates, growth is expected to slow dramatically in the coming quarters, which would likely suggest that sales multiples will continue to contract over time. Therefore, even if the company reaches all of the targets that analysts have laid out for futures and sales estimates are active, the stock price may not only not rise but could even decline.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-1728742440154051.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>The revenue growth rate must accelerate for the stock price to continue rising. This will allow the multiple to grow again and, more importantly, drive higher revenue targets. But what has been happening is that revenue revisions on a rolling 30-day basis have been seeing positive revisions slow, and as a result, the growth rate in those revisions is falling.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287429848378944.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>More importantly, the stock price fluctuates with the rolling 30-day sales estimates changes. The sales multiple is falling because the change in those sales estimates is slowing. Despite the positive revisions, the stock price has been moving sideways because the positive revisions aren't enough to lift the growth rate presently.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-172874318210379.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>However, as we continue to move forward, sales growth slows further, and the revisions potentially become smaller simply due to the law of large numbers; the rising sales estimates will no longer offset the contraction in the multiple.</p> <h2>Analysts Expectations Seem Misaligned</h2> <p>Analysts have a 12-month price target on the stock of about $148 per share, an increase in value of about 10% of its current price, implying that the stock's market cap will rise to around $3.6 trillion from its current $3.3 trillion. However, analysts estimate show revenue rising to around $164 billion, but at its current sales multiple of 20.2, to reach that valuation, the multiple would need to expand to around 22, or the company would need revenue to climb to $178 billion, or about 9% higher than current estimates.</p> <p>With this price target, it isn't clear if analysts are expecting the multiple to expand or forecast revenue upgrades.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287465557996092.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>It is possible that there could be an upside to analysts' current revenue estimates. After all, Nvidia has consistently beaten analysts' forecasts over the past number of quarters and then raised future guidance. But even the beat rate has been slowing in recent quarters, which is something else that will affect future valuations.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-1728745881284706.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>Plus, with a slowing growth rate, it isn't clear that the price-to-sales multiple should be expanding now; the more likely case is that it should be contracting. For the stock to achieve the path analysts have laid out, Nvidia must exceed those estimates.</p> <p>It is also noticeable that shifts in valuation occur around earnings releases, which again is a sign that the market is using the company's guidance and results to plot a path for its projected growth rate. That would mean the next opportunity for a change in the stock's valuation may come in November. If the beat rate were to slow again, and revisions that followed resulted in a lower revision rate, it would strengthen the case for a lower multiple on the stock.</p> <p>It is quite possible that even if the company achieves all of the lofty expectations that have been placed on it due to its recent success, the stock may struggle to rise from its current levels. Not because it has fallen short or because the business isn't good, but simply because the growth rate is slowing from a very high level, resulting in a lower valuation.</p> <p>This means that to be a buyer of Nvidia at current valuations implies that you think the company will be able to meet expectations and, more importantly, exceed them.</p> <div></div> <p>It is not an easy game.</p></body></html>","source":"seekingalpha","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 Biggest Problem With Nvidia's Stock That Everyone Is Missing</title>\n<style 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}\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 Biggest Problem With Nvidia's Stock That Everyone Is Missing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-13 18:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4587":"ChatGPT概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) 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ClearBridge - US Appreciation A Acc USD","L":"洛斯公司","BK4549":"软银资本持仓","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4534":"瑞士信贷持仓","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","BK4529":"IDC概念","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","BK4567":"ESG概念","NVDA":"英伟达","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4585":"ETF&股票定投概念","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc"},"source_url":"https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2475499088","content_text":"Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, impacting Nvidia's ability to maintain its high market cap.Analysts' price targets may be unrealistic without either multiple expansion or significant revenue upgrades, which seems unlikely given current trends.Future stock performance hinges on Nvidia exceeding lofty expectations amid slowing growth, making current valuations challenging to justify.   BING-JHEN HONG While Nvidia (NASDAQ:NVDA) remains all the rage these days, with investors hoping to see continued strong growth and soaring revenue with the release of its news Blackwell GPU, most investors forget the most critical piece of a stock price: what the market is willing to pay for it. Tesla (TSLA) is a perfect example. Despite massive revenue growth, its stock price has fallen sharply from its peak because its growth rate slowed. This led to lower valuations as the market became less willing to pay high multiples.   Bloomberg High Valuation Faces Slowing Growth Nvidia faces a similar risk as the production cycle matures. Because the market has assigned such a high valuation to the stock, it is highly probable that, over time, growth slows the sales multiple contracts. Many investors today tend to think that things like fundamentals do not matter. On a day-to-day basis, they do not. But over more extended time frames, they do tend to matter. Tesla has been a prime example of this, and Nvidia could face a similar fate. Revenue Is Just A Number The expected revenue outlook isn't currently driving the stock price. Plenty of companies in the S&P 500 are projected to have revenue of about $200 billion per year, yet not all have a roughly $3 trillion market cap. Ultimately, what makes Nvidia worth $3 trillion is the amount investors are willing to pay for that revenue—currently, based on sales estimates over the next twelve months, the stock trades at roughly 20 times sales. This multiple is lower than what investors were willing to pay in August when it was almost 22, and June when it was around 24. So, one reason the stock hasn't advanced since June despite some positive news and hopes of higher revenue growth is that the sales multiple is starting to contract.   Bloomberg The Growth Rate Drives The Valuation The sales multiple is starting to contract because the sales growth rate appears to be slowing. We have seen this time and time again in this stock over time. It happened in 2018 and 2021, even going back to the mid-2000s. Historically, when the sales growth rate has increased, the price-to-sales multiple has expanded, and when the growth rate slows, the multiple contracts.   Bloomberg Based on current analysts' estimates, growth is expected to slow dramatically in the coming quarters, which would likely suggest that sales multiples will continue to contract over time. Therefore, even if the company reaches all of the targets that analysts have laid out for futures and sales estimates are active, the stock price may not only not rise but could even decline.   Bloomberg The revenue growth rate must accelerate for the stock price to continue rising. This will allow the multiple to grow again and, more importantly, drive higher revenue targets. But what has been happening is that revenue revisions on a rolling 30-day basis have been seeing positive revisions slow, and as a result, the growth rate in those revisions is falling.   Bloomberg More importantly, the stock price fluctuates with the rolling 30-day sales estimates changes. The sales multiple is falling because the change in those sales estimates is slowing. Despite the positive revisions, the stock price has been moving sideways because the positive revisions aren't enough to lift the growth rate presently.   Bloomberg However, as we continue to move forward, sales growth slows further, and the revisions potentially become smaller simply due to the law of large numbers; the rising sales estimates will no longer offset the contraction in the multiple. Analysts Expectations Seem Misaligned Analysts have a 12-month price target on the stock of about $148 per share, an increase in value of about 10% of its current price, implying that the stock's market cap will rise to around $3.6 trillion from its current $3.3 trillion. However, analysts estimate show revenue rising to around $164 billion, but at its current sales multiple of 20.2, to reach that valuation, the multiple would need to expand to around 22, or the company would need revenue to climb to $178 billion, or about 9% higher than current estimates. With this price target, it isn't clear if analysts are expecting the multiple to expand or forecast revenue upgrades.   Bloomberg It is possible that there could be an upside to analysts' current revenue estimates. After all, Nvidia has consistently beaten analysts' forecasts over the past number of quarters and then raised future guidance. But even the beat rate has been slowing in recent quarters, which is something else that will affect future valuations.   Bloomberg Plus, with a slowing growth rate, it isn't clear that the price-to-sales multiple should be expanding now; the more likely case is that it should be contracting. For the stock to achieve the path analysts have laid out, Nvidia must exceed those estimates. It is also noticeable that shifts in valuation occur around earnings releases, which again is a sign that the market is using the company's guidance and results to plot a path for its projected growth rate. That would mean the next opportunity for a change in the stock's valuation may come in November. If the beat rate were to slow again, and revisions that followed resulted in a lower revision rate, it would strengthen the case for a lower multiple on the stock. It is quite possible that even if the company achieves all of the lofty expectations that have been placed on it due to its recent success, the stock may struggle to rise from its current levels. Not because it has fallen short or because the business isn't good, but simply because the growth rate is slowing from a very high level, resulting in a lower valuation. This means that to be a buyer of Nvidia at current valuations implies that you think the company will be able to meet expectations and, more importantly, exceed them.  It is not an easy game.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":359967585321120,"gmtCreate":1728890613659,"gmtModify":1728890617447,"author":{"id":"4164272763224692","authorId":"4164272763224692","name":"OngJH","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4164272763224692","authorIdStr":"4164272763224692"},"htmlText":"Repeat same things for every stock just to stay relevant.","listText":"Repeat same things for every stock just to stay relevant.","text":"Repeat same things for every stock just to stay relevant.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359967585321120","repostId":2475499088,"repostType":2,"repost":{"id":"2475499088","kind":"highlight","pubTimestamp":1728814500,"share":"https://ttm.financial/m/news/2475499088?lang=&edition=fundamental","pubTime":"2024-10-13 18:15","market":"hk","language":"en","title":"The Biggest Problem With Nvidia's Stock That Everyone Is Missing","url":"https://stock-news.laohu8.com/highlight/detail?id=2475499088","media":"seekingalpha","summary":"Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, impac","content":"<html><body><ul><li>Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.</li><li>The stock's sales multiple is contracting due to slowing sales growth, impacting Nvidia's ability to maintain its high market cap.</li><li>Analysts' price targets may be unrealistic without either multiple expansion or significant revenue upgrades, which seems unlikely given current trends.</li><li>Future stock performance hinges on Nvidia exceeding lofty expectations amid slowing growth, making current valuations challenging to justify.</li></ul><p><figure><picture> <img fetchpriority=\"high\" height=\"1024px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg?io=getty-c-w240 240w\" width=\"1536px\"/> </picture><figcaption> <p>BING-JHEN HONG</p></figcaption></figure></p> <p>While Nvidia (<span>NASDAQ:NVDA</span>) remains all the rage these days, with investors hoping to see continued strong growth and soaring revenue with the release of its news Blackwell GPU, most investors forget the most critical piece of a stock<span> price: what the market is willing to pay for it.</span></p> <p>Tesla (TSLA) is a perfect example. Despite massive revenue growth, its stock price has fallen sharply from its peak because its growth rate slowed. This led to lower valuations as the market became less willing to pay high multiples.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287451199564283.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <h2>High Valuation Faces Slowing Growth</h2> <p>Nvidia faces a similar risk as the production cycle matures. Because the market has assigned such a high valuation to the stock, it is highly probable that, over time, growth slows the sales multiple contracts.</p> <p>Many investors today tend to think that things like fundamentals do not matter. On a day-to-day basis, they do not. But over more extended time frames, they do tend to matter. Tesla has been a prime example of this, and Nvidia could face a similar fate.</p> <h2>Revenue Is Just A Number</h2> <p>The expected revenue outlook isn't currently driving the stock price. Plenty of companies in the S&amp;P 500 are projected to have revenue of about $200 billion per year, yet not all have a roughly $3 trillion market cap.</p> <p>Ultimately, what makes Nvidia worth $3 trillion is the amount investors are willing to pay for that revenue—currently, based on sales estimates over the next twelve months, the stock trades at roughly 20 times sales. This multiple is lower than what investors were willing to pay in August when it was almost 22, and June when it was around 24. So, one reason the stock hasn't advanced since June despite some positive news and hopes of higher revenue growth is that the sales multiple is starting to contract.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287420509282055.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <h2>The Growth Rate Drives The Valuation</h2> <p>The sales multiple is starting to contract because the sales growth rate appears to be slowing. We have seen this time and time again in this stock over time. It happened in 2018 and 2021, even going back to the mid-2000s. Historically, when the sales growth rate has increased, the price-to-sales multiple has expanded, and when the growth rate slows, the multiple contracts.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287423272983592.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>Based on current analysts' estimates, growth is expected to slow dramatically in the coming quarters, which would likely suggest that sales multiples will continue to contract over time. Therefore, even if the company reaches all of the targets that analysts have laid out for futures and sales estimates are active, the stock price may not only not rise but could even decline.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-1728742440154051.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>The revenue growth rate must accelerate for the stock price to continue rising. This will allow the multiple to grow again and, more importantly, drive higher revenue targets. But what has been happening is that revenue revisions on a rolling 30-day basis have been seeing positive revisions slow, and as a result, the growth rate in those revisions is falling.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287429848378944.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>More importantly, the stock price fluctuates with the rolling 30-day sales estimates changes. The sales multiple is falling because the change in those sales estimates is slowing. Despite the positive revisions, the stock price has been moving sideways because the positive revisions aren't enough to lift the growth rate presently.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-172874318210379.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>However, as we continue to move forward, sales growth slows further, and the revisions potentially become smaller simply due to the law of large numbers; the rising sales estimates will no longer offset the contraction in the multiple.</p> <h2>Analysts Expectations Seem Misaligned</h2> <p>Analysts have a 12-month price target on the stock of about $148 per share, an increase in value of about 10% of its current price, implying that the stock's market cap will rise to around $3.6 trillion from its current $3.3 trillion. However, analysts estimate show revenue rising to around $164 billion, but at its current sales multiple of 20.2, to reach that valuation, the multiple would need to expand to around 22, or the company would need revenue to climb to $178 billion, or about 9% higher than current estimates.</p> <p>With this price target, it isn't clear if analysts are expecting the multiple to expand or forecast revenue upgrades.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-17287465557996092.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>It is possible that there could be an upside to analysts' current revenue estimates. After all, Nvidia has consistently beaten analysts' forecasts over the past number of quarters and then raised future guidance. But even the beat rate has been slowing in recent quarters, which is something else that will affect future valuations.</p> <p><figure contenteditable=\"false\"><picture> <span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/12/26750043-1728745881284706.png\"/></span> </picture><figcaption><p><span>Bloomberg</span></p></figcaption></figure></p> <p>Plus, with a slowing growth rate, it isn't clear that the price-to-sales multiple should be expanding now; the more likely case is that it should be contracting. For the stock to achieve the path analysts have laid out, Nvidia must exceed those estimates.</p> <p>It is also noticeable that shifts in valuation occur around earnings releases, which again is a sign that the market is using the company's guidance and results to plot a path for its projected growth rate. That would mean the next opportunity for a change in the stock's valuation may come in November. If the beat rate were to slow again, and revisions that followed resulted in a lower revision rate, it would strengthen the case for a lower multiple on the stock.</p> <p>It is quite possible that even if the company achieves all of the lofty expectations that have been placed on it due to its recent success, the stock may struggle to rise from its current levels. Not because it has fallen short or because the business isn't good, but simply because the growth rate is slowing from a very high level, resulting in a lower valuation.</p> <p>This means that to be a buyer of Nvidia at current valuations implies that you think the company will be able to meet expectations and, more importantly, exceed them.</p> <div></div> <p>It is not an easy game.</p></body></html>","source":"seekingalpha","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 Biggest Problem With Nvidia's Stock That Everyone Is Missing</title>\n<style 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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 Biggest Problem With Nvidia's Stock That Everyone Is Missing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-13 18:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1412721464/image_1412721464.jpg","relate_stocks":{"BK4533":"AQR资本管理(全球第二大对冲基金)","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4587":"ChatGPT概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) 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Acc"},"source_url":"https://seekingalpha.com/article/4726425-nvidia-stock-biggest-problem-everyone-missing","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2475499088","content_text":"Nvidia's high valuation faces risk as growth slows, similar to Tesla's past stock performance despite strong revenue growth.The stock's sales multiple is contracting due to slowing sales growth, impacting Nvidia's ability to maintain its high market cap.Analysts' price targets may be unrealistic without either multiple expansion or significant revenue upgrades, which seems unlikely given current trends.Future stock performance hinges on Nvidia exceeding lofty expectations amid slowing growth, making current valuations challenging to justify.   BING-JHEN HONG While Nvidia (NASDAQ:NVDA) remains all the rage these days, with investors hoping to see continued strong growth and soaring revenue with the release of its news Blackwell GPU, most investors forget the most critical piece of a stock price: what the market is willing to pay for it. Tesla (TSLA) is a perfect example. Despite massive revenue growth, its stock price has fallen sharply from its peak because its growth rate slowed. This led to lower valuations as the market became less willing to pay high multiples.   Bloomberg High Valuation Faces Slowing Growth Nvidia faces a similar risk as the production cycle matures. Because the market has assigned such a high valuation to the stock, it is highly probable that, over time, growth slows the sales multiple contracts. Many investors today tend to think that things like fundamentals do not matter. On a day-to-day basis, they do not. But over more extended time frames, they do tend to matter. Tesla has been a prime example of this, and Nvidia could face a similar fate. Revenue Is Just A Number The expected revenue outlook isn't currently driving the stock price. Plenty of companies in the S&P 500 are projected to have revenue of about $200 billion per year, yet not all have a roughly $3 trillion market cap. Ultimately, what makes Nvidia worth $3 trillion is the amount investors are willing to pay for that revenue—currently, based on sales estimates over the next twelve months, the stock trades at roughly 20 times sales. This multiple is lower than what investors were willing to pay in August when it was almost 22, and June when it was around 24. So, one reason the stock hasn't advanced since June despite some positive news and hopes of higher revenue growth is that the sales multiple is starting to contract.   Bloomberg The Growth Rate Drives The Valuation The sales multiple is starting to contract because the sales growth rate appears to be slowing. We have seen this time and time again in this stock over time. It happened in 2018 and 2021, even going back to the mid-2000s. Historically, when the sales growth rate has increased, the price-to-sales multiple has expanded, and when the growth rate slows, the multiple contracts.   Bloomberg Based on current analysts' estimates, growth is expected to slow dramatically in the coming quarters, which would likely suggest that sales multiples will continue to contract over time. Therefore, even if the company reaches all of the targets that analysts have laid out for futures and sales estimates are active, the stock price may not only not rise but could even decline.   Bloomberg The revenue growth rate must accelerate for the stock price to continue rising. This will allow the multiple to grow again and, more importantly, drive higher revenue targets. But what has been happening is that revenue revisions on a rolling 30-day basis have been seeing positive revisions slow, and as a result, the growth rate in those revisions is falling.   Bloomberg More importantly, the stock price fluctuates with the rolling 30-day sales estimates changes. The sales multiple is falling because the change in those sales estimates is slowing. Despite the positive revisions, the stock price has been moving sideways because the positive revisions aren't enough to lift the growth rate presently.   Bloomberg However, as we continue to move forward, sales growth slows further, and the revisions potentially become smaller simply due to the law of large numbers; the rising sales estimates will no longer offset the contraction in the multiple. Analysts Expectations Seem Misaligned Analysts have a 12-month price target on the stock of about $148 per share, an increase in value of about 10% of its current price, implying that the stock's market cap will rise to around $3.6 trillion from its current $3.3 trillion. However, analysts estimate show revenue rising to around $164 billion, but at its current sales multiple of 20.2, to reach that valuation, the multiple would need to expand to around 22, or the company would need revenue to climb to $178 billion, or about 9% higher than current estimates. With this price target, it isn't clear if analysts are expecting the multiple to expand or forecast revenue upgrades.   Bloomberg It is possible that there could be an upside to analysts' current revenue estimates. After all, Nvidia has consistently beaten analysts' forecasts over the past number of quarters and then raised future guidance. But even the beat rate has been slowing in recent quarters, which is something else that will affect future valuations.   Bloomberg Plus, with a slowing growth rate, it isn't clear that the price-to-sales multiple should be expanding now; the more likely case is that it should be contracting. For the stock to achieve the path analysts have laid out, Nvidia must exceed those estimates. It is also noticeable that shifts in valuation occur around earnings releases, which again is a sign that the market is using the company's guidance and results to plot a path for its projected growth rate. That would mean the next opportunity for a change in the stock's valuation may come in November. If the beat rate were to slow again, and revisions that followed resulted in a lower revision rate, it would strengthen the case for a lower multiple on the stock. It is quite possible that even if the company achieves all of the lofty expectations that have been placed on it due to its recent success, the stock may struggle to rise from its current levels. Not because it has fallen short or because the business isn't good, but simply because the growth rate is slowing from a very high level, resulting in a lower valuation. This means that to be a buyer of Nvidia at current valuations implies that you think the company will be able to meet expectations and, more importantly, exceed them.  It is not an easy game.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1,"commentSize":2,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2475499088"}